Beta Bytes: Week of October 31st

Snippets of financial news calibrated to science, technology, and engineering companies as well as our client’s interests.

PayPal Enabling Users to Buy, Hold and Sell Cryptocurrency

• PayPal just joined the cryptocurrency market and are allowing customers to buy, sell and hold bitcoin (and other virtual coins) using digital online wallets.

• Other mainstream FinTech companies like Square Inc and Robinhood Markets Inc, allow users to buy and sell cryptocurrencies.

• PayPal also signaled its plans to significantly increase cryptocurrency's utility by making it available as a funding source for purchases at its 26 million merchants worldwide.

Facebook Dating Launches in Europe After Lengthy Delay

• The Europe launch was originally planned for February, but had to push it back as companies launching such products must undergo a review called a Data Processing Impact Assessment (DPIA) under the European Union’s GDPR protections, and Facebook reportedly informed regulators too late of its plans, raising concerns about data privacy compliance.

• With the launch of this feature, Facebook thrusts itself into the $3 billion dating industry with stiff competition from apps such as OKCupid, Tinder and Bumble.

• Facebook enters with the unique advantage of being able to tap into an estimated 221 million U.S. users (Tinder, by comparison, only has 3.8)

Bay Area Companies are Moving to Utah 

• A multitude of Bay Area startups are now laying claim to the Silicon Slopes, due to a great talent base with strong universities, a very driven and friendly culture, accessible location, and a cost of living that is significantly less than cities such as SF.

•  Several companies are splitting their time between California and Utah, as the Bay Area’s tenure in tech has created a concentration of talented engineers and Utah has an abundance of quality salespeople.

• Notable companies making the switch or taking a hybrid approach include Bungalow, Paystand, and IsoTalent.

Postmates Teams up With Retailers on Delivery in Los Angeles Leading up to the Holidays

• Postmates is launching a new retail platform ahead of the holidays in Los Angeles, with the intent of expanding to other cities next year.

• Postmates seeks to offer customers instant delivery from clothing, home, beauty and wellness retailers, allowing the delivery company to broaden its reach.

• The launch also pushes Postmates, which is in the process of being acquired by Uber, further into Amazon’s territory by offering customers an appealing alternative to the online retailer’s Prime shipping: Instant delivery.