Hi Guys! It’s the end of another busy week in the world of tech. From Paypal’s fundraising and rise in valuation to Signal’s reported clampdown in China, the week was packed with lots of news and surprises.
Here is a quick roundup of some of the major stories around the globe you might have missed.
Uber classify UK drivers as workers
This week, Uber announced that drivers in the U.K. will now be treated as workers. This comes in the wake of the U.K.’s Supreme Court ruling, which reaffirmed that drivers using the app are workers and not independent contractors.
This latest development brings a unique turn to Uber’s fight over worker classification in the U.K. since 2016.
As Uber’s gig model unravels and the new worker’s system takes effect, drives in the UK will now be entitled to some benefits such as holiday pay and pension.
They will also be paid at least the minimum wage (called the National Living Wage) after accepting a trip request and after expenses.
Signal is down in China
Rising encrypted messaging app, Signal is down in China. Users of the app in the country reported some difficulty using the app earlier this week.
This is not entirely surprising as the app has been banned in mainland China since March 15, according to censorship-tracking website Greatfire.org.
The WhatsApp rival was one of the few social media networks that remains accessible in China without a VPN. The country has long been known for its censorship of foreign apps. The like of Facebook, Twitter and Instagram have long been blocked.
With the latest development, it appears that Signal too has entered into the blacklist.
India plans to make owning cryptocurrency illegal
India is reportedly planning a ban on cryptocurrencies. According to Reuters, a bill has been introduced to criminalize trading, mining, issuing, transferring, or possessing cryptocurrency.
Under the bill, people who own these digital assets would have six months to liquidate their holdings. Although there’s no strict timeline for introducing the bill, sources close to the development reveal that discussions are at the final stages.
If passed, India will become the largest country with the strictest crypto restriction. Even China, which has some of the harshest policies, only banned trading cryptocurrency but does not prohibit owning them.
Elon Musk crown’s himself ‘Technoking of Tesla’
Does being the billionaire owner of a billion-dollar company make you King. Well, earlier this week, Tesla founder, Elon Musk dropped his chief executive job title and crowned himself “Technoking of Tesla”.
He also gave Tesla’s chief financial officer, Zach Kirkhorn, a new title of Master of Coin.
This probably refers to the company’s $1.5bn (£1.1bn) purchase of Bitcoin this year.
Elon hasn’t elaborated on the meanings of the new titles but he apparently still retains his executive powers within the company, according to the US Securities and Exchange Commission (SEC) filing.
Stripe raises $600M, now valued at $95B
Paystack’s parent company, Stripe has raised $600 million in new funding at a $95 billion valuation. According to the company, the new funds will be used to expand into Europe while also growing its global payments and treasury network.
The latest round’s primary investors include Allianz X, Axa, Ireland’s National Treasure Management Agency, and others.
According to a CB Insights report, Stripe is currently the most valuable startup in the US, even overtaking Elon Musk’s SpaceX.
Stripe is now working with more than 50 companies that are each processing more than $1 billion annually.
According to the president and co-founder John Collison, there is incredible growth opportunity for the company in the European digital economy.
You can check out other news that happened during the week here. Have a nice weekend!!
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