Defi GodFather Andre Cronje Exits 👋 DeFi And Announces Closure 🔐 of Several DApps

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Defi GodFather Andre Cronje Exits 👋 DeFi And Announces Closure 🔐 of Several DApps

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Andre Cronje, who is also known as the ‘godfather’ of DeFi, has called it quits from decentralized finance (DeFi).

The technical advisor of Fantom Foundation and founder of Yearn Finance has left the DeFi space reeling after deactivating his Twitter account.

The news got public attention when Cronje’s long-time colleague at the Fantom Foundation Anton Nell announced in a Twitter post that he and Cronje were leaving the crypto space completely. He also said that 25 apps on the Fantom platform would shut down on April 3 this year.

“Andre and I have decided that we are closing the chapter of contributing to the defi/crypto space. There are around ~25 apps and services that we are terminating on 03 April 2022,” said Nell in a tweet.

With Cronje quitting the space, a big question arises- what will be the future of Fantom and the other 25 apps that are supposedly closing in April.

After a tweet from Nell about them quitting the crypto space, several investors felt the heat when token prices and TVL started falling.

Aston Martin to Develop High-Performance EV Batteries 🔋 With Britishvolt

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British luxury carmaker Aston Martin is partnering with Britishvolt to develop high-performance battery cells.

The partnership, which is formalized in a Memorandum of Understanding, will support the carmaker’s plan to launch its first battery-electric vehicle in 2025.

Aston Martin’s partnership with Britishvolt, the UK’s leading investor in lithium-ion battery cell technologies, will bring together engineering leaders in the UK to develop the next generation of cell and battery technology designed specifically for high-performance cars.

A joint R&D team from both companies will design, develop, and industrialize battery packs, including bespoke modules and a battery management system.

Both the firms will work together to maximize the capability of special cylindrical high-performance cells being developed by Britishvolt for use in high-performance Aston Martin electric vehicles.

Aston Martin’s first plug-in hybrid – the mid-engine supercar Valhalla will start deliveries in early 2024.

By 2026, all new product lines of the company will have an electrified powertrain option, with a target for its core portfolio to be fully electrified by 2030.

Seafood Marketplace Captain Fresh Raises $50 Million in Series C Funding 💰

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Captain Fresh, an Indian-based business-to-business (B2B) seafood marketplace, has raised $50 million in its Series C funding round at a valuation of $500 million.

The funding was co-led by Prosus Ventures and Tiger Global. Existing investors Accel India, Matrix Partners India, Ankur Capital, and Incubate Fund also participated in the funding round.

Founded in 2019, Captain Fresh is a seafood marketplace leveraging technology to deliver the fastest harvest-to-retail in the industry.

The startup focuses on aggregating the fragmented retail demand and linking it to the small fishermen and farmers.

Captain Fresh wants to help farmers generate more revenue and businesses by supplying fresh seafood to customers.

The company does this by leveraging its bid engine, proprietary quality inspection, and satellite technology to ensure match-making of demand and supply.

The startup plans to use the fresh funds to expand its presence into Africa, the Middle East, and other parts of Asia. Additionally, it will use the capital for some inorganic growth via acquisitions.

China 🇨🇳 to Raise Defense Spending by 7.1% ⏫ in 2022

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China is increasing its defense spending this year by 7.1% to $299 billion, up from 6.8% raise in 2021, according to the Ministry of Finance.

The announcement takes forward the country’s year-on-year robust spending on increasing its military power and dominance in the Indo-Pacific region.

China has the world’s second-largest defense budget after the United States, which allows it to uphold the largest standing military with 3 million personnel, in addition to advanced weaponry, aircraft carriers, stealth fighters, nuclear-powered submarines, and more.

This year’s defense budget increase surpasses the 6.8% rise from last year, showing the country’s determination to maintain the drive to expand and modernize its armed forces despite high levels of government debt and a slowing economy. In comparison, the U.S. increased its defense spending by about 2% in 2022 to $768.2 billion.

China plans to use the budget towards improving the welfare of troops. The budget excludes much of the country’s spending on weaponry, as most of it is developed domestically.

Around the Web 🌐 

Fintech Startup CredAvenue Raises $137 Million in Series B: CredAvenue, an Indian-based all-in-1 debt marketplace, has raised $137 million in its Series B funding round to reach a $1 billion valuation in nearly 18 months since the company was founded. The funding was led by Insight Partners, B Capital Group, and Dragoneer.


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