Stories by Kia Kokalitcheva

A startup shuts down and other crypto news this week

Illustration: Sarah Grillo/Axios

BusinessWeek put bitcoin on the cover of its magazine this week, wondering whether "crypto [has] hit the fan." We'd say that still remains to be seen, but in the meantime, here are other important news from this week.

Catch up quick: Bain-backed crypto startup Basis closed; Facebook’s blockchain group is on a hiring spree to reinvent money; and the Securities and Exchange Commission’s crypto czar signaled some flexibility on token offerings.

VC funds want new rules on investing in unicorns and tokens

Unicorn with a dollar bill sign.
Illustration: Lazaro Gamio / Axios

Venture capitalists want more flexibility in what sorts of investments they can make, according to a letter recently sent by the National Venture Capital Association to the U.S. Securities and Exchange Commission.

Why it matters: Qualifying as a "venture capital fund" comes with benefits like fewer reporting guidelines than other types of private investment funds, but the definitions were written when companies didn't stay private quite so long, and before the advent of digital tokens.

Uber expands car rental partnership for drivers

Uber's logo
Photo: Smith Collection/Gado via Getty Images

Uber and Getaround, a startup known for its peer-to-peer car rental service, are extending a partnership that rents cars to ride-hailing drivers. The joint effort, which debuted in the Bay Area last year, is expanding to Los Angeles and San Diego, and soon to D.C. and Philadelphia.

The big picture: Driver supply has long been a problem for Uber. The company has experimented with various ways to provide vehicles to potential drivers, including its now-defunct car leasing division and its partnerships with Hertz, General Motors and Getaround.

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