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August 30, 2019

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Early Coinbase backer Garry Tan is keeping the “vast majority” of his shares because of this deal

A week after the cryptocurrency exchange Coinbase staged a direct listing, much of the focus remains on the wealth that the listing generated for executives at the company, its board members, and its private investors. Citing data from Capital Market Laboratories, Cointelegraph on Monday noted, for example, that 12,965,079 shares worth close to $5 billion at the time had been sold by insiders by the close of stock market on Friday. One early investor who sold some of those shares is Garry Tan of the venture firm Initialized Capital. Tan worked previously as a partner with Y Combinator, where he helped ensure that Coinbase was accepted into the program and he remained the primary contact for founder and CEO Brian Armstrong, backing Armstrong three more times with seed checks after launching Initialized Capital with two other YC alums: Alexis Ohanian and Harjeet Taggar. Before the listing, Initialized still owned .08% of Coinbase, which currently boasts a market cap of $64 billion. We...

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This Week in Apps: OnlyFans bans sexual content, SharePlay delayed, TikTok questioned over biometric data collection

Welcome back to This Week in Apps, the weekly TechCrunch series that recaps the latest in mobile OS news, mobile applications and the overall app economy. The app industry continues to grow, with a record 218 billion downloads and $143 billion in global consumer spend in 2020. Consumers last year also spent 3.5 trillion minutes using apps on Android devices alone. And in the U.S., app usage surged ahead of the time spent watching live TV. Currently, the average American watches 3.7 hours of live TV per day, but now spends four hours per day on their mobile devices. Apps aren’t just a way to pass idle hours — they’re also a big business. In 2019, mobile-first companies had a combined $544 billion valuation, 6.5x higher than those without a mobile focus. In 2020, investors poured $73 billion in capital into mobile companies — a figure that’s up 27% year-over-year. This Week in Apps offers a way to keep up with this fast-movin...

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