Also, Tencent leads US$115M investment into music-streaming service Gaana
Rakuten to launch cryptocurrency called Rakuten Coin — [TechCrunch]
The Japanese e-commerce company Rakuten has officially positioned itself as a company on the cutting edge of integrating blockchain into their business model. According to TechCrunch, Rakuten plans to transition its loyalty programme from digital points to crypto-coins.
Dubbed Rakuten Coins, the company hopes the move will increase enthusiasm around its loyalty programme and also help people purchase goods across Rakuten’s various platforms.
If Rakuten moves all of its Super Points to Rakuten Coins, the amount of net-worth that will shift is equivalent to about US$9.1 billion.
This decision was facilitated by an acquisition of a bitcoin-wallet called Bitnet.
Tencent leads US$115 million investment in Indian music-streaming service Gaana — [e27]
Gaana is one of the oldest, and largest, digital music service in India (founded seven years ago), and it is comparable to India’s Spotify. The company announced today it has raised US$115 million led by Tencent.
The money will be used to further develop Gaana’s artificial intelligence capabilities so it’s algorithm provides a better customer service. It also wants to improve its services for its paid members.
Gaana also operates JOOX Music, which is Southeast Asia’s top locally-born streaming service.
Chinese co-working space ucommune invests in Beiwen — [Press release]
ucommune, known as UrWork (Beijing) in China, has invested in Beiwen Times (Beijing) Media Cultural Co. Ltd, a company that runs cultural-based working communities and is behind the Beijing Film Academy Park.
The Park has attracted 200 companies across 40 sub-sectors in the film industry.
“Ucommune has extended its footprint into adjacent industries significantly over the past 3 years via equity investments. We have built strong ties within the education, high-end medical treatment, online sports, cultural and media industries,” said Dr. Mao Daqing, the Founder and Chairman of ucommune in a statement.
Sea’s Group President and Director Nicholas A. Nash to step down — [e27]
Announced as part of Sea Group’s annual report was the news that Nick Nash, the company’s President, will be leaving the company at the end of 2018.
Nash retired from the board last week. Group CFO Tony Tianyu Hou has replaced Nash as the new Director of Sea Group.
Before Nash leaves, he will continue to advice Sea CEO Forrest Li regarding the long-term direction of the company.
Uber culture guru is leaving the company — [Recode]
Frances Frei, the woman who was in charge of revitilising the toxic corporate culture that took down Founding CEO Travis Kalanick, has left the company, according to Recode.
The next step for her is to lead a professional leadership course targetted at women and minorities. Afterwards, she will return to Harvard Business School (where she was originally hired from).
The next time someone uses the term, “throw them into the fire”, it would be wise to think of Frei. She was hired last June, as Kalanick’s control in Uber was reaching the breaking point, to manage Kalanick and, thus, save his job.
While she could not pull off the impossible and save Kalanick, she did work with 6,000 Uber employees and instituted an executive education programme she developed at Harvard.
Frei will continue to advise Uber in the future.
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