Netflix layoffs 70 more staff as Iran joins the crypto club + other stories

This week has a number of interesting news.

Last week, we reported that Russia was adopting the use of crypto in facilitating international trade. This week, Iran surprisingly became the next country to approve the use of crypto in what could be described as a contrast to the decision by the UK to shut down two crypto companies.

Well, if you missed out on the major tech updates across the world, this week, don’t worry. We have got you covered. Here is a roundup of major Global Tech news from across the world.

Here is a summary of the bulletin:

• Netflix cuts 30 employees off its payroll
• Nike becomes the highest-earning brand from NFT
• Iran Approves Use of Crypto
• Balon d’Or winners to receive NFTs as FIFA launches NFT
• United Kingdom shuts down crypto companies
• Elon Musk sends another notice on the Twitter deal

Netflix continues layoff

Yet another round of layoffs at Netflix will affect 30 animation employees. Deadline first reported the news a few days ago and Netflix has confirmed to TechCrunch that the company is downsizing.

Earlier this year, Netflix brought on Karen Toliver as vice president of Animation Film Content and Traci Balthazor as vice president of Animation Film Production. The company said that the idea is to downsize so the animation film production arm is better organized under a central leader — Balthazor.

Reportedly, the new changes could impact around 70 employees in the animation division.

Earlier this year, the streaming service laid off over 450 employees in a major workforce reduction. This was owing to slow revenue growth. The streaming giant lost 970,000 subscribers in July, adding to the loss of 200,000 subs in April.

Read more: Again, Netflix sacks 150 full employees amidst revenue, subscription decline

Nike become top earner from NFTs

Despite the fact that the trading volume of Non-Fungible Tokens (NFTs) in Q2 2022 dropped by 40%, global sports brand Nike has found itself profiting from the digital tokens market.

According to Dune data shared by Noah Levine on Monday, since launching, Nike’s NFT-related projects have made the company over $185 million in revenue, positioning it as the biggest earning brand from NFTs.

Dolce & Gabbana, Tiffany, Gucci, and Adidas made up the top five brands.

Although 2021 was a good year for NFTs, natural curiosity has waned, and crypto users appear not as interested in this new technology as they were a year earlier.

Read also: Global Tech Roundup; Nike to sell virtual sneakers in the metaverse and others

UK clamps down on crypto companies

Last week, the United Kingdom government announced that an Insolvency inquiry into Micasa WW Ltd and Remultex Ltd showed that the companies engaged in bitcoin fraud, transferring close to £1.3 million through their accounts without a trace between February 2019 and December 2020.

In a press release, the United Kingdom says the two companies made a mistake during interrogation about the unrecorded hefty transfers forcing the High Court to order liquidation and close of their accounts on grounds of lack of accountability:

Investigators who led the probe found that the companies transferred a £50,000 bounce-back loan and there was a single record or documentation showing they abided by the rules while moving the lump sum of cash. Remultex had a bounce-back loan in the amount of £30,000, even when its account didn’t qualify to receive the funds.

The press release announced:

“The company had been identified as potentially involved in a cryptocurrency scam, although the lack of accounting records meant it was not possible to verify whether its business was legitimate trading activity. Investigators did identify that it had secured a £50,000 Bounce Back Loan (BBL), although there was also no evidence that the company was eligible under the scheme rules”

A Manchester High Court Judge, Woodward ruled that it is in the best interest of the public to shut down the companies given the fact that they are violating the trade policies and are operating without a commercial “probity” which had led to illicit money transfers.

Russia first…Iran next

After reporting last week that Russia may adopt the use of cryptos for facilitating international trade payments due to economic sanctions that have continually rendered the economy on a downward trend, Iran has followed suit.

According to an announcement by Prague-based media firm, Radio Liberty on Monday, Iran is turning to cryptocurrencies as the nation’s international trades experience major setbacks owing to United States sanctions.

According to the report, the Iranian authorities officially approved the establishment of a set of crypto regulatory measures. The use of digital assets for imports is part of the new measures. These measures will serve as a foundation for further regulatory moves on cryptocurrency activities in the country.

Seyed Reza Fatemi Amin, Iran’s Minister of Industry, Mines and Trade, highlighted the move’s significance. He noted that the regulatory framework addresses all contemporary issues that pertain to cryptocurrencies. Such issues as “how to provide fuel and energy for mining them, and how to grant licenses.”

This approval comes three weeks after the country placed its first import order funded with cryptocurrency.

Recall that on August 8, Alireza Peymanpak—Deputy Minister of Iran’s Ministry of Industry, Mines and Trade—took to Twitter to announce that the country had concluded a foreign transaction trade paid for with crypto.

Read also: Russia to legalize crypto, Apple launches iPhone 14 + other major tech stories last week

FIFA rewards tangible talents with tangible funds

In a related development, FIFA will release a digital collectables project on the Algorand blockchain ahead of November’s World Cup, according to an announcement on Friday. FIFA+ Collect will launch later this month and allow soccer fans to own and trade “moments in time” featuring the greatest goals, saves, celebrations and more from World Cup and Women’s World Cup history, FIFA said.

The FIFA World Cup NFT clips will be connected to the Algorand blockchain as part of a deal cemented back in May to be a Qatar 2022 blockchain partner and wallet provider.

This exciting announcement makes FIFA collectibles available to any football fan, democratizing the ability to own a part of the FIFA World Cup, Just like sports memorabilia and stickers, this is an accessible opportunity for fans around the world to engage with their favorite players, moments and more on new platforms.

FIFA Chief Business Officer Romy Gai

Sean Ford, the interim CEO of Algorand W says:

“FIFA’s platform – through a truly decentralized and scalable public blockchain – is the first tangible representation of the recently announced technical partnership between FIFA and Algorand. FIFA’s commitment to the bridge to Web3 enabled by Algorand is a testament to its innovative spirit and its desire to seamlessly and directly engage soccer fans around the world.”

Another week, Another Musk – Twitter update

This week, we bring you the latest on the ongoing row between Elon Musk and the global social media platform, Twitter.

Elon Musk has sent a third letter to Twitter attempting to terminate his $44 billion acquisition of the company. Musk’s legal team cited Twitter’s multimillion-dollar severance payment to former security chief and whistleblower Peiter Zatko as a violation of the merger agreement and a reason to end the deal.

The letter, dated September 9th, was sent to Twitter’s chief legal officer Vijaya Gadde and was included in a filing Twitter made with the SEC last week, The Verge reports.

Last month, Zatko made headlines by accusing Twitter of misleading investors about the number of bots on the service, failing to delete users’ data, and having poor security practices, among other things. Musk jumped on the accusations, citing them in his second termination letter and subpoenaing Zatko to testify in the lawsuit. Zatko was set to be deposed last week.

Elon Musk sent his first letter of termination in July, saying that Twitter mislead him about the number of bots on its platform and that the company wouldn’t give him access to the information he need to make his own determinations.

This is despite the fact that he was given access to the “firehose” API that contains every tweet.