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<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Veterans Day, and thanks to all those who have served! Diet starts Monday, as they say, so why not take some advice from Super Bowl-winning quarterback Drew Brees. He spoke to Business Insider about <a target="_blank" rel="noopener" href="https://www.businessinsider.com/drew-brees-simple-wellness-rules-2024-11">five simple wellness rules he lives by</a>.In today's big story, Silicon Valley is getting excited about what Donald Trump's second term <a target="_blank" href="https://www.businessinsider.com/elon-musk-could-help-deregulate-tech-amid-a-trump-victory-2024-11">could mean for its businesses</a>.What's on deck:<ul><li>Markets: The Wall Streeters advising Trump's transition team <a target="_blank" href="https://www.businessinsider.com/wall-street-advisor-trump-lutnick-schwarzman-warsh-federal-reserve-2024-11">on key economic appointments</a>.</li><li>Tech: Check out our Tesla salary database that shows how Elon Musk courts 'hardcore' workers <a target="_blank" href="https://www.businessinsider.com/tesla-salary-database-elon-musk-pay-strategy-2024-11">with potentially lucrative stock grants</a>.</li><li>Business: The anxiety over high prices has <a target="_blank" href="https://www.businessinsider.com/retirement-saving-inflation-cost-of-living-crisis-investing-401k-pensions-2024-11">some Americans oversaving</a>.</li></ul>But first, time to get things going again.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">United States of Startups</h2><div type="image" title="Photo illustration of laptop, stacks of coins, stars and stripes" height="960" width="1920" msid="115186105" hostid="261" sizebytes="101980"></div>The startup community is ready to be let off its leash.VCs and founders are hopeful about what they anticipate to be a much looser environment for building and dealmaking under President-elect Donald Trump.Tech was always viewed as a beneficiary of the deregulation expected in Trump's second term. But Elon Musk potentially playing a role in the Trump administration means <a target="_blank" href="https://www.businessinsider.com/elon-musk-could-help-deregulate-tech-amid-a-trump-victory-2024-11">Silicon Valley could benefit even more</a>, writes Business Insider's Samantha Stokes, Riddhi Kanetkar, and Helen Li.One VC compared Musk streamlining the government to a "chainsaw through calcified butter."Even those who weren't rooting for Trump <a target="_blank" href="https://www.businessinsider.com/silicon-valley-trump-return-startups-venture-capital-2024-11">see benefits to a potential hands-off approach to their space</a>, which has faced turmoil in recent years.After years of big funding rounds, high-profile deals, and flashy IPOs, the startup environment has been much more rocky recently. There are many reasons for that — high interest rates, an uncertain economy, the market being somewhat overvalued — but a Biden administration that took a hard line on M&amp;A played a key role.FTC commissioner Lina Khan's attempt to block multiple deals has chilled the industry. Acquisitions are startups' most viable exit opportunity with the IPO window largely closed.The industry became somewhat stuck in place. Money tied up in startups couldn't be reinvested, and employees working at young companies waited for a liquidity event.<div type="image" title="Trump in shadow" height="1279" width="1920" msid="115186097" hostid="261" sizebytes="20896"></div>Trump's impact on the industry's hottest segment — artificial intelligence — isn't as clear.The space is already evolving as some of the biggest companies in the world are picking sides and consolidating power with partnerships and investments in high-profile startups. That was evident last week with a report that Amazon <a target="_blank" rel="noopener" href="https://www.businessinsider.com/anthropic-gaining-on-openai-ai-market-2024-11">was considering investing in Anthropic again</a>.The US is already investigating Microsoft and Nvidia over their AI dealings. Trump's deregulation approach could free up the space.But regulators launched investigations and filed lawsuits against Big Tech during Trump's first term. The president-elect also has a <a target="_blank" href="https://www.businessinsider.com/donald-trump-presidency-affect-big-tech-2024-11">complicated relationship with tech giants</a>, even threatening to <a target="_blank" href="https://www.businessinsider.com/donald-trump-mark-zuckerberg-sent-prison-elected-truth-social-2024-7">send Meta's Mark Zuckerberg to jail</a>. And Vice President-elect JD Vance previously said Khan is "doing a pretty good job" in her antitrust enforcement.Musk has also had run-ins with Zuckerberg, Amazon's Jeff Bezos, and OpenAI's Sam Altman, and his AI startup, xAI, is looking to compete in the space.And then there's Trump's immigration policy. The president-elect pledged to conduct mass deportations of undocumented immigrants. It's unclear if and how he might reshape the legal immigration system <a target="_blank" href="https://www.businessinsider.com/trump-immigration-policy-ai-tech-worker-shortage-2024-11">that places high-skilled workers from outside the US in tech jobs</a>, including those in AI.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>The coming <a target="_blank" href="https://www.businessinsider.com/coming-reign-only-child-americans-fewer-babies-siblings-costs-2024-11">reign of the only child</a>.</li><li>Elon Musk has named his <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-pushes-rick-scott-for-senate-majority-leader-2024-11">top choice for Senate majority leader</a>.</li><li>Forget swing states. Here's how the generations <a target="_blank" rel="noopener" href="https://www.businessinsider.com/how-generations-voted-trump-harris-gen-z-gen-x-boomers-2024-11">flipped on Election Day</a>.</li><li>What needs to go right for Intel, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/intel-dow-jones-ai-chip-lag-2024-11">and what happens if it doesn't</a>.</li><li>Trump's plan for Social Security will help baby boomers in the short run and <a target="_blank" href="https://www.businessinsider.com/trump-tax-cuts-social-security-boomers-benefit-fund-depletion-2024-11">cut benefits for anyone younger</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Donald Trump and the Wall St. sign" height="1500" width="2000" msid="115186103" hostid="261" sizebytes="227372"></div><ol><li>Who Trump is turning to on Wall Street for advice. Cantor Fitzgerald CEO Howard Lutnick is co-chair of Donald Trump's transition team, and he's looking to his Wall Street peers for help. Apollo CEO Marc Rowan, Blackstone CEO Steve Schwarzman, and Charles Schwab are reportedly <a target="_blank" href="https://www.businessinsider.com/wall-street-advisor-trump-lutnick-schwarzman-warsh-federal-reserve-2024-11">some of the people lending their expertise to Lutnick</a>.</li><li>Citadel Securities just poached a 20-year Microsoft vet. Herb Sutter is joining Ken Griffin's market maker <a target="_blank" rel="noopener" href="https://www.businessinsider.com/why-citadel-securities-hired-coding-expert-microsoft-herb-sutter-2024-11">in a new tech leadership role</a>. Sutter is an expert in C++, the coding language that underpins most of Citadel Securities' technology.</li><li>Bitcoin's big hopes for Trump 2.0. The self-described "crypto president" flipped from cynic to cheerleader during his campaign. Now that he's headed back to the White House, crypto supporters hope for <a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-industry-donald-trump-election-reserve-regulation-sec-2024-11">regulatory overhaul and an expanded mainstream role</a> for the digital currency.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Elon Musk" height="1500" width="2000" msid="115186106" hostid="261" sizebytes="652194"></div><ol><li>Inside Tesla's high-risk, high-reward compensation strategy. BI secured access to an internal Tesla salary database covering nearly 100,000 employees as of December 2021. The data reveals Elon Musk's pay strategy: <a target="_blank" href="https://www.businessinsider.com/tesla-salary-database-elon-musk-pay-strategy-2024-11">Lower salaries, bigger stock grants</a>.</li><li>How Reddit went mainstream. Not long ago, Reddit wasn't for everyone. It was a dark, weird little corner that prided itself on free speech but could quickly get ugly for users. Today, Reddit's community-driven content attracts users who would rather rely on human input than AI. <a target="_blank" href="https://www.businessinsider.com/reddit-mainstream-google-traffic-stock-revenue-human-users-2024-11">In that sense, it's a bit like the new Google</a>.</li><li>Behind Nvidia's plans to build robot brains. Nvidia robotics executive Rev Lebaredian told BI about the chipmaker's plans to tackle its newest frontier, bridging generative AI and physical robotics. The secret? <a target="_blank" href="https://www.businessinsider.com/rev-lebaredian-spearheads-nvidias-omniverse-push-in-ai-and-robotics-2024-11">Visualize the future, then build it</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="woman anxious in a pile of money with a house on top." height="846" width="1128" msid="115186104" hostid="261" sizebytes="133984"></div><ol><li>The high cost-of-living has some Americans going overboard with saving. Plenty of people in the US live paycheck to paycheck, but a growing cohort is doing the opposite. Despite having solid finances, anxiety about high prices has them <a target="_blank" href="https://www.businessinsider.com/retirement-saving-inflation-cost-of-living-crisis-investing-401k-pensions-2024-11">saving more than is recommended</a>. Stockpiling cash could ultimately cost them as they miss out on investment gains.</li><li>Don't poll the election; bet on it. In the weeks leading up to his victory, polls showed a virtual tie between Donald Trump and Kamala Harris. Yet prediction markets showed a solid Trump lead, proving what proponents have long argued: they can be more accurate than traditional polling. <a target="_blank" href="https://www.businessinsider.com/betting-markets-polls-trump-election-win-polymarket-kalshi-2024-11">Prediction markets' biggest cheerleaders explained why</a>.</li><li>Economists say Trump will give Americans the very thing they voted against. High prices helped Trump get elected. Experts say his proposals of <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-win-high-inflation-risk-tariffs-deportations-taxes-2024-11">lower taxes, higher tariffs, and mass deportations will be inflationary</a>. It could also make the Fed's recent rate-cut relief painfully short-lived if it's forced to hike rates again in response.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>It's Veterans Day. The nation's largest commemorative parade takes place in New York City.</li><li>The World Meteorological Organization releases the "State of the Climate" update at the UN's climate-change summit in Azerbaijan.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Hallam Bullock, senior editor, in London. Ella Hopkins, associate editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Startups are ready to thrive under Trump, but some uncertainty remains in a key corner of the space

Is it Friday yet? <a href="https://twitter.com/dandefrancesco">Dan DeFrancesco</a> in NYC. What a week it's been already for Wall Street. Fortunately, it seems like things are finally starting to calm down.It's also good to see the world goes on despite how crazy it might seem in our little bubble. Like this guy <a href="https://www.insider.com/man-sues-buffalo-wild-wings-says-boneless-wings-are-nuggets-2023-3">who's bringing a lawsuit against Buffalo Wild Wings.</a>Today, we've got stories on <a href="https://www.businessinsider.com/silicon-valley-banks-ends-plan-to-pay-employees-15-salary-2023-3">why SVB employees can't catch a break</a>, the <a href="https://www.businessinsider.com/gpt-4-openai-model-api-details-2023-3">newest edition of ChatGPT</a>, and a <a href="https://www.insider.com/penuma-implant-penis-enlargement-enhancement-surgery-james-elist-2023-3">cosmetic surgery that is bound to grab your attention</a>. But first, how's your credit?If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/private-credit-shadow-banking-silicon-valley-bank-collapse-lending-2023-3"></a>1. What can you lend?For every action, there is a reaction. So, too, it goes on Wall Street, where one firm's downfall is another's opportunity.It's a lesson the tech community is learning the hard way in the wake of the implosion of Silicon Valley Bank.Already, there has been a mad dash among big banks and fintechs <a href="https://www.businessinsider.com/jpmorgan-big-banks-benefit-from-silicon-valley-bank-collapse-2023-3">to capture the more than $200 billion in deposits</a> housed at SVB and Signature Bank.However, SVB's relationship with the tech community wasn't just about being a place for them to park their cash. Arguably its greatest service to startups was as a lender.New companies, especially ones that don't make any money are "pre-revenue," as VCs like to say, aren't easy to lend to. How do you underwrite a loan for a company that didn't exist six months ago? What's the credit worthiness of a business that hasn't produced a product yet?As Insider's Rebecca Ungarino and Dakin Campbell reported, <a href="https://www.businessinsider.com/private-credit-shadow-banking-silicon-valley-bank-collapse-lending-2023-3">a new group has emerged looking to fill that role</a>. Private-credit firms, which include private-equity and alternative asset management firms, are <a href="https://www.businessinsider.com/private-credit-shadow-banking-silicon-valley-bank-collapse-lending-2023-3">offering loans to startups looking for help in the wake of SVB's crash</a>.What's interesting about this group is they operate outside the guardrails of traditional lending. These so-called "shadow bankers" are much less transparent than their big-bank counterparts. And while there are benefits to their discreetness — would you like everyone to know when you take out a loan? — there are also risks to letting investment firms lend billions of dollars without much oversight. This latest opportunity comes off the back of a massive 2022 for private credit, <a href="https://www.businessinsider.com/private-debt-credit-market-risks-outlook-2023-2022-11">as Rebecca has previously reported.</a> (<a href="https://www.businessinsider.com/private-credit-power-players-debt-executives-blackstone-kkr-ares-2022">She also mapped out the top players in the space, which is definitely worth a read.</a>)So we have investment firms lending billions of dollars to mostly unprofitable startups in a shroud of darkness.What could possibly go wrong?Call me paranoid. Call me pessimistic. Call me a socialist. Something just doesn't sit well with me about private-credit firms picking up where SVB left off. Do we honestly think this will end well? Insider's Darius Rafieyan, <a href="https://www.businessinsider.com/silicon-valley-bank-startup-debt-2023-3">who also reported on the rise of private credit looking to tap into venture debt</a>, noted in his story that SVB built a reputation for being willing to work with founders going through a tough time. (<a href="https://www.businessinsider.com/venture-capitalists-tech-founders-turned-on-silicon-valley-bank-2023-3">A courtesy the bank was not afforded in return.</a>)But maybe that's the point. SVB got into trouble because it didn't rule with an iron fist. And perhaps private-credit firms will provide the tough love the industry needs.Whatever happens, just don't ask for another bailout. <a href="https://www.businessinsider.com/private-credit-shadow-banking-silicon-valley-bank-collapse-lending-2023-3">Private-credit firms are looking to fill the lending gap left by Silicon Valley Bank's downfall.</a><a href="https://www.businessinsider.com/silicon-valley-bank-startup-debt-2023-3">Inside Silicon Valley Bank's $70 billion loan portfolio that's now up for grabs.</a>In other news:<a href="https://www.businessinsider.com/eggs-price-bacon-milk-cheaper-inflation-bird-flu-chickens-groceries-2023-3"></a><div type="image" title="Eggs, bacon, French toast" height="1333" width="1778" msid="98664840" hostid="261" sizebytes="164852"></div>2. More bad news for SVB employees. As if things weren't bad enough, the bank is walking back a previous offer to keep employees for 45 days and pay them 1.5 times their current salary. <a href="https://www.businessinsider.com/silicon-valley-banks-ends-plan-to-pay-employees-15-salary-2023-3">More on what that means, along with the internal memo announcing the news to staff.</a>3. Wall Street weighs in on SVB. Citadel's Ken Griffin said letting SVB fail without a bailout would have been "a great lesson in moral hazard," but instead US capitalism is "<a href="https://markets.businessinsider.com/news/stocks/citadel-ken-griffin-svb-rescue-capitalism-breaking-down-moral-hazard-2023-3?_gl=1*1e36kjj*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY3ODgwMzQ2OC40ODYuMS4xNjc4ODA1NTk1LjAuMC4w">breaking down before our eyes.</a>" Meanwhile, Bridgewater Associates founder Ray Dalio said the bank's failure was a "<a href="https://markets.businessinsider.com/news/stocks/ray-dalio-silicon-valley-bank-failure-markets-economy-fed-rates-2023-3?_gl=1*1x1l1rm*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY3ODgxNjczMi40ODkuMS4xNjc4ODIyMDcyLjAuMC4w">canary in the coal mine</a>" moment for the financial world. 4. I am a libertarian!* (*Some restrictions may apply.) The tech execs and VCs who long fought against government intervention were singing a different tune over the weekend as they looked for help getting their deposits out. <a href="https://www.businessinsider.com/silicon-valley-bank-fdic-bailout-regulations-2023-3">More on why the tech elites don't mind the government's help when it suits them.</a>5. Robots for the rich! Morgan Stanley wants to use an OpenAI-powered chatbot to help its 16,000 financial advisors, <a href="https://www.cnbc.com/2023/03/14/morgan-stanley-testing-openai-powered-chatbot-for-its-financial-advisors.html">CNBC reported.</a> The chatbot is built on GPT-4, which is the latest iteration of the AI model that was just unveiled. More on the newest tech that can "<a href="https://www.businessinsider.com/gpt-4-openai-model-api-details-2023-3">pass a bar exam and score a 5 on several AP exams.</a>"6. Inside a 21st century bank run. SVB's collapse demonstrated how quickly panic can spread amongst a community thanks to social media. <a href="https://www.businessinsider.com/silicon-valley-bank-svb-first-social-media-bank-run-2023-3">Here's why the SVB crisis changed the banking industry forever.</a>7. I've got some eggcellent news! The cost of two breakfast staples — eggs and bacon — are finally falling. Here's why you <a href="https://www.businessinsider.com/eggs-price-bacon-milk-cheaper-inflation-bird-flu-chickens-groceries-2023-3">can afford to get a BECSPK at your local deli without having to take out a loan.</a> (If you're not familiar with that acronym, step your game up.)8. Everything you need to know about that weight-loss drug people keep talking about. Ozempic, which is traditionally used for diabetes treatment, is also helping people shed pounds. <a href="https://www.businessinsider.com/weight-loss-drugs-craze-healthcare-weight-watchers-ozempic-2023-3">More on the buzzy drug here.</a>9. Are penis-enlargement implants the new breast implants? Yes, you read that correctly. A urologist wants to make his procedure the new norm, but it comes with risks. If you're interested in learning more about how men are *ahem* upgrading their member, <a href="https://www.insider.com/penuma-implant-penis-enlargement-enhancement-surgery-james-elist-2023-3">click here for more.</a> 10. The mystery of MH370 nine years on. It's been almost a decade since flight MH370 vanished with 239 people on board. <a href="https://www.businessinsider.com/mh370-theories-dead-ends-unanswered-questions-ahead-of-major-new-report-2018-7">Here's a rundown of all the theories on what could have happened.</a>Curated by Dan DeFrancesco in New York. Feedback or tips? Email <a href="mailto:ddefrancesco@insider.com">ddefrancesco@insider.com</a>, tweet <a href="https://twitter.com/dandefrancesco">@dandefrancesco</a>, or <a href="https://affiliate.insider.com?h=b83e78f6bb45aba7034c3baf1ec66d1b6c1d3afa26264bdb8604d5b9f2351262&amp;postID=6410875616ce4f28393fb98b&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fdan-defrancesco-29b12449%2F">connect on LinkedIn</a>. Edited by Jeffrey Cane (tweet <a href="https://twitter.com/jeffrey_cane">@jeffrey_cane</a>) in New York and Nathan Rennolds (tweet <a href="https://twitter.com/ncrennolds?lang=en">@ncrennolds</a>) and Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

What we lend in the shadows

<ul class="summary-list"><li>Cryptocurrency lending is becoming big business as investors search for strong returns.</li><li><keyword id="11486125" type="UNKNOWN" weightage="60" keywordseo="amber-group">Amber Group</keyword> has been a big winner, reaching a valuation of $1 billion in just four years.</li><li>It trades crypto but makes most of its money like a bank: lending for more than it borrows.</li></ul>The <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-today-broader-crypto-sell-off-drag-ether-dogecoin-2021-7">recent plunge</a> in <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> has sent investors searching elsewhere in the digital universe for sky-high returns.Many of them are getting into the fast-growing sector of <keyword id="9825993" type="UNKNOWN" weightage="60" keywordseo="Crypto-lending">crypto lending</keyword>, which can net investors returns far above the measly 0.05% or so that banks offer on deposits.Retail investors can get crypto "savings" accounts that typically offer annualized returns of between 5% and 12%. Braver braver souls can lend to <keyword id="11094379" type="UNKNOWN" weightage="60" keywordseo="decentralized-finance">decentralized finance</keyword> projects in the wilder corners of the market and earn several thousand percent.One beneficiary of the crypto lending boom has been Amber Group, a Hong Kong-based startup that has <a href="https://markets.businessinsider.com/currencies/news/amber-group-bitcoin-crypto-startup-investment-tiger-global-coinbase-2021-6">become worth $1 billion</a> after a June fundraising round - and after just four years in existence.Amber offers high-frequency and algorithmic trading, derivatives and various other fancy products. But, like many crypto lenders, its core business model is simple. It takes crypto from "savers" who want to lend, and lends crypto to institutions or people that want to borrow it, for example hedge funds shorting bitcoin.Read more: <a href="https://www.businessinsider.com/how-to-find-the-best-yields-crypto-lending-defi-monica-2021-6">The co-founder of the first federally chartered crypto bank shares his favorite strategy for finding the best yields in crypto lending - including specific 'low-hanging fruit' for traders</a>Its products offer returns ranging from 3% and 40% or above. Focused on Asia, it mainly serves institutions, but is expanding its offering to retail customers."What we are doing essentially is similar to a bank," Amber's chief executive officer Michal Wu told Insider this week. "Of course, we do take a bit of interest margin on that ourselves."That interest margin accounts for 70% to 80% of Amber's revenues, which could be around $500 million in 2021. The business, which has about $1.5 billion under management, has attracted investment from the likes of crypto exchange <a href="https://markets.businessinsider.com/stocks/coin-stock">Coinbase</a> and hedge fund Tiger Global Management.Coinbase is itself getting in on the lending game. The biggest US crypto exchange announced at the end of June that it's launching a crypto savings account that offers 4% annualized interest. Gemini, Bitfinex and BlockFi are among the numerous other companies offering similar products.So what's the catch? Well, if a return is much higher than on a standard savings account, it must be a much riskier investment.The chief danger for retail investors is that these savings products have no federal deposit insurance. Investors are handing over control of their crypto to relatively new companies, who could <a href="https://markets.businessinsider.com/currencies/news/south-african-brothers-billions-bitcoin-disapper-crypto-heist-2021-6">run off with it</a> or go bust.David Grider of research house Fundstrat said in a recent note: "If the lender's assets become impaired somehow during a sell-off, where liquidated collateral doesn't cover loans issued, or during a hack lose funds... or due to improper management of the business - users can lose a substantial portion of their funds."Coinbase has sought to calm investors' nerves by assuring them that it doesn't lend to unauthorized third parties. And Wu says Amber Group only lends to institutions on an over-collateralized basis, meaning borrowers have to stump up more of one asset than they're borrowing of another.Wu says crypto finance's promise of steady returns is drawing in large numbers of new investors, including retail traders and the uber-wealthy - and even traditionally conservative family investment offices.Like many more financially minded crypto advocates, Wu says he welcomes <a href="https://www.businessinsider.com/britain-bans-cryptocurrency-exchange-binance-from-operating-in-uk-2021-6#:~:text=Markets-,Britain%20bans%20cryptocurrency%20exchange%20Binance%20from,the%20UK%20without%20'written%20consent'&amp;text=Britain's%20financial%20regulator%20has%20ordered,regulated%20activity%20in%20the%20UK.&amp;text=Binance's%20CEO%20has%20previously%20said,stories%20on%20Insider's%20business%20page.der's%20business%20page.">tougher regulation</a>. "There are a lot of bad actors in this industry, let's be honest," he says. "It's actually better for the regulators to be more involved early on… the [companies] that can both innovate and also be compliant and really deal with global regulation will prevail."

Crypto lending is booming as investors hunt for yield. It turned this company from niche startup to $1 billion unicorn in just 4 years.

<ul class="summary-list"><li>UK-based Greensill is facing bankruptcy after <keyword id="48085" type="CITY" weightage="60" keywordseo="Credit-Suisse">Credit Suisse</keyword> froze $10 billion in funds tied to the firm.</li><li>Credit Suisse had grown concerned over Greensill's ties to steel magnate, Sanjeev Gupta, the Wall Street Journal reported.</li><li>A second Swiss <keyword id="6412746" type="UNKNOWN" weightage="60" keywordseo="lender">lender</keyword>, GAM Holding, also suspended an investment fund connected to the <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> firm.</li></ul>SoftBank-backed Greensill Capital is facing bankruptcy after Credit Suisse froze $10 billion worth of <keyword id="511322" type="PERSON" weightage="60" keywordseo="investment-funds">investment funds</keyword> linked to the UK-based lender, the <a href="https://www.wsj.com/articles/credit-suisse-suspends-funds-tied-to-softbank-backed-greensill-11614599752">Wall Street Journal reported</a>.The <a href="https://www.credit-suisse.com/about-us-news/en/articles/media-releases/csam-suspends-supply-chain-finance-funds-202103.html">Swiss bank said on Monday</a> it suspended the funds because some assets in them are "currently subject to considerable uncertainties with respect to their accurate valuation."Greensill has appointed Grant Thornton to guide it through possible restructuring, and it could file for insolvency within days, WSJ said, citing sources. The lender is also exploring a potential sale of its operating business for $100 million, representing a fraction of its peak valuation of $4 billion, to private-equity firm Apollo Global Management.The lender was founded in 2011 by 44-year-old Lex Greensill, a former Citigroup and Morgan Stanley financier. The former banker from Australia, who is also a client of Credit Suisse's private bank, established his billionaire status when <keyword id="163404" type="COMPANY" weightage="60" keywordseo="Softbank">SoftBank</keyword> plowed $1.5 billion of funding into his company in 2019, according to the <a href="https://www.ft.com/content/52957c7d-c6ae-45de-904d-eaed3036c83f">Financial Times</a>. Greensill did not immediately respond to Insider's request for comment.The <keyword id="138263" type="PERSON" weightage="60" keywordseo="startup">startup</keyword> specializes in supply-chain finance that allows businesses to lengthen the time to make payments to their suppliers. Greensill packages these short-term cash advances into bond-like securities to sell to investors that would then get a higher return than they would from bank deposits. Credit Suisse, its key source of financing, was a major buyer of Greensill's securities.Problems began when the Swiss bank grew concerned over Greensill's ties to UK-based steel tycoon Sanjeev Gupta, a former shareholder in the British startup, WSJ reported. Greensill supplied financing to Gupta, who was then able to build a metals empire by procuring failed steel mills and other distressed industrial businesses. Another reason that led to Credit Suisse's suspension is that Greensill's insurance policies, which were a key factor behind investor comfort, expired recently, according to WSJ's sources.Another Swiss fund manager, GAM Holding, also <a href="https://www.gam.com/en/news-articles/press-releases/corporate/gam-to-initiate-orderly-wind-down-of-gam-greensill-supply-chain-finance-fund">froze an investment fund</a> linked to Greensill on Tuesday due to "recent market developments and resulting media coverage."

SoftBank-backed startup Greensill faces bankruptcy after Credit Suisse freezes $10 billion in funds over asset values, report says

<ul><li><keyword id="2181438" type="PERSON" weightage="20" keywordseo="Aye-Finance">Aye Finance</keyword>, the lending startup for micro, small and medium enterprises, has roped in former <keyword id="1391131" type="COMPANY" weightage="20" keywordseo="Hero-FinCorp">Hero Fincorp</keyword> Chief Business Officer <keyword id="252940" type="PERSON" weightage="20" keywordseo="Samir-Mehta">Samir Mehta</keyword> as its deputy CEO. </li><li>Mehta will focus on scaling up Aye’s business and will implement strategies to enhance the MSME lenders’ performance and capability.</li><li>Recently, in June, Aye Finance had raised ₹210 crore from CapitalG – Google’s parent company Alphabet’s growth fund. </li></ul>Aye Finance, the lending startup for micro, small and medium enterprises, has roped in former Hero Fincorp Chief Business Officer Samir Mehta as its deputy CEO. Mehta comes with 22-year experience in BFSI, and at Aye Finance, he will focus on scaling up Aye’s business and will implement strategies to enhance the MSME lenders’ performance and capability. “Aye provides much-needed financial services to India’s micro-scale informal businesses and the entrepreneurs who run them – a critical, but often overlooked and underserved population,” Mehta said about joining the startup. “He adds further strength to our team, as we successfully negotiate the times of this economic disruption. Samir’s expertise in P&amp;L management of large businesses and in scaling up lending to the SME segment will be very valuable as we emerge from this period,” said Sanjay Sharma, Managing Director of Aye Finance. Recently, in June, Aye Finance had raised ₹210 crore from CapitalG – Google’s parent company Alphabet’s growth fund. The Series E round also saw participation from GT Lightstone, Falcon Edge Capital, A91 Partners, and MAJ Invest. Aye Finance, founded in 2014, has disbursed loans worth ₹3000 crores to over 200,000 businesses in six years. In November last year, the startup had raised ₹125 crores from the Dutch entrepreneurial development bank – FMO. The company also recently ranked 14 in India’s best places to work by Great Place to Work Institute. The six-year-old Aye Finance is getting aggressive on its focus sector – the <keyword id="6393272" type="UNKNOWN" weightage="20" keywordseo="MSMEs">MSMEs</keyword>, given the government push for the growth of India’s small businesses. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/masayoshi-son-best-bet-for-future-profit-is-paypay-in-japan-built-on-vijay-shekhar-sharma-paytm-model-in-india/articleshow/77518892.cms">Masayoshi Son’s best bet for future profit is PayPay in Japan⁠ — built on Vijay Shekhar Sharma’s Paytm model in India</a>

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