More On Silicon Valley Bank

Mar 11, 2023

Welcome to the latest edition of our tech newsletter! In this fast-paced world of technology, it can be challenging to stay up-to-date with the latest trends and developments. That's where we come in - our newsletter is here to bring you the most significant tech news and insights from around the globe.

In today’s edition, we have:

Silicon Valley Bank's Troubles Threaten Chinese Startups' Access to US Investors

Silicon Valley Bank's financial troubles have caused panic in both the US and China. SVB was one of the first banks to cater to Chinese startups and was instrumental in helping these companies work with offshore investors. The bank's financial health came into question when it announced that it would try to raise billions of dollars in a new share offering, disclosing that it had lost $1.8 billion by selling bonds hurt by last year's sharp rise in interest rates. News of this caused a rush by US startups to pull their money out of the bank, causing SVB's stock to plummet. This situation could make it difficult for Chinese startups to raise money from US investors, as SVB's problems may cause investors to become wary of investing in Chinese startups.

Andela Acquires Qualified

Andela, a global network for remote technical talent, has acquired Qualified, a technical skills assessment platform, to improve its talent sourcing and assessment capabilities. The acquisition will expand Andela's talent community and improve its successful placement rate, which was 96% in 2021. The acquisition also includes Codewars, an online community for technical talent to compete and improve their practical coding skills in gamified challenges. The expanded platform will provide companies with a predictive hiring process for software engineers and offer the growing tech community a bigger, broader, and better opportunity to connect globally.

WhatsApp To Leave UK Over Encryption Concerns Under Online Safety Bill

WhatsApp's head, Will Cathcart, has warned that the messaging app will leave the UK if it is required to weaken its encryption standards under the upcoming Online Safety Bill. The bill requires companies to use "accredited technology" to scan users' messages for child sexual abuse material, a measure that would be impossible to implement without breaking end-to-end encryption. WhatsApp's warning follows similar threats from encrypted messaging app Signal. The UK's Online Safety Bill has been criticized for embodying fuzzy distinctions between illegal and unwanted content and will drastically expand the government's powers to moderate online platforms.

GitHub Makes 2FA Mandatory

GitHub is introducing mandatory two-factor authentication (2FA) on all accounts by the end of 2023. Initially, small groups of developers and administrators will be notified of the change, with everyone eventually being enrolled in 2FA. Users will have 45 days to set up 2FA after receiving an email and will be blocked from their account's full functionality if they haven't activated it by then. GitHub will keep users updated on how long they have left. The move follows GitHub's efforts to enhance its security measures.

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