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Here’s whats happening:

  • The global Bitcoin payments market sees a positive growth
  • Check out Hyundai Motors’ third-quarter earnings
  • This telehealth unicorn is laying off 20% of its staff
  • Merge API secures funding to speed up software integration
  • Google Chrome to drop support for Windows 7 in 2023

Global Bitcoin Payments Market Sees Positive Growth 📈

The global bitcoin (BTC) payments market will reach $3.7 billion by 2031, according to research by Allied Market Research.

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Quick Takeaways:

  • The global BTC payments market will reach $3.7 billion by 2031, registering a compound annual growth rate (CAGR) of 16.3% from 2022 to 2031.
  • Some major factors supporting BTC payments growth in the sector in the coming years include operational demand for efficiency & transparency in payments systems, data security services growth, and a surge in demand for remittances in emerging economies.
  • According to the report, in 2021, the private keys segment accounted for three-fourths of the overall Bitcoin payments market share in, and the segment is expected to maintain its dominant position throughout the forecast period, with nearly 20.3% of CAGR until 2031.

Challenges:

Referring to the restraints in the space, the report says that high deployment costs and low global awareness about the use of Bitcoin and blockchain technologies can hinder the sector’s progress.

Check Out Hyundai Motors’ Third-Quarter Earnings 💰

Hyundai reported worse-than-expected third-quarter results, as the South Korean automaker had to set aside nearly $1 billion to deal with the repair of faulty engines on some older cars.

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Here’s how the company did:

  • Hyundai’s revenue in the July-September period rose more than 30% year-over-year to KRW 37.7 trillion ($26.3 billion).
  • The company sold 1,025,008 units, a 14% increase from a year earlier.
  • Net profit dropped to 1.27 trillion won ($883.39 million) for the third quarter compared with 1.31 trillion won a year earlier.
  • Operating profit dropped 3.4% to 1.55 trillion won ($1.0 billion) from 1.60 trillion won ($1.1 billion) during the same period a year earlier.

Looking Ahead:

Despite Hyundai’s disappointing third-quarter results, the automaker is still on track to make a record-breaking profit this year overall and said its renewed focus on electric vehicles and luxury SUVs on the back of improving chip supplies would fuel a bigger future.

This Telehealth Unicorn is Laying Off 20% of Its Staff ✂️

Cerebral, the telehealth startup focused on mental health care, is cutting 20% of its workforce as the broader health tech industry struggles to readjust from a pandemic boom.

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Key Details:

  • The job cuts would reportedly affect employees across the company, including at headquarters and among clinical care staff and support workers.
  • The move marks the company’s second major round of layoffs this year.
  • In June, the startup confirmed it would institute layoffs soon after news surfaced that the company was under investigation by the U.S. Department of Justice for its prescribing practices of controlled substances.

Statement from Cerebral:

“Today’s changes are part of Cerebral’s ongoing transformation program, which drives to create more sustainable growth and stability while further delivering our mission to democratize access to high-quality mental health care for all,” a Cerebal spokesperson said.

“These changes are focused specifically on realizing operational efficiencies while prioritizing clinical quality and safety across the organization,” the spokesperson added.

Merge API Secures Funding to Speed up Software Integration ⚡️

Merge API, a startup making it easier for companies to integrate their software with third-party applications, has raised $55 million in its Series B funding round.

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The Investors:

The funding was led by Accel, along with participation from existing investors New Enterprise Associates (NEA) and Addition.

What will Merge do with the capital?

Merge plans to use the fresh proceeds to hire more employees. The startup will expand its product development and go-to-market teams to grow its workforce to more than 100 employees over the next year.

It also plans to use the funds to expand its enterprise offerings, including an on-premise version.

About Merge:

Merge provides the tools to transform how B2B companies realize customer-facing integrations.

With Merge’s Unified API, developers can provide their customers access to more than 150 HR Information Systems (HRIS), Applicant Tracking Systems (ATS), Accounting, CRM integrations, etc.

Google Chrome to Drop Support For Windows 7 in 2023 📞

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Google Chrome web browser will end support for Windows 7 and 8.1 early next year. The tech giant will end support for Windows 7 and Windows 8.1 on February 7, 2023, when Chrome 110 is expected to be released.

Users need to ensure their device is running Windows 10 or higher versions to continue receiving future Chrome updates.

That’s a wrap for today, ladies & gents. See ya tomorrow!


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This is a daily newsletter that covers the top business, tech and finance stories for today.

Subscribe to get this newsletter in your inbox, every morning.

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