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Imzy, a Utah-based startup that wanted to create a friendlier online community—a "nice Reddit"—said on Wednesday that it's shutting down just two years after its founding, and only seven months after opening its website to the public. The company's final day will be June 23.

"Unfortunately, we were not able to find our place in the market. We still feel that the internet deserves better and hope that we see more teams take on this challenge in the future," co-founder and CEO Dan McComas wrote in a blog post announcing the shutdown.

Backstory: Dan McComas and Jessica Moreno left their jobs at Reddit in 2015 to form Imzy. They aimed to create a safer and more inclusive site whose rules banned hate speech. It claimed to have amassed tens of thousands of users with over 6,000 Imzy communities, and had raised $8 million in funding led by Index Ventures.

Go deeper

Pacific Northwest soon to be ground zero for record-shattering heat

Computer model projection showing the unusually strong heat dome over the Pacific Northwest on Sunday. (PivotalWeather).

A heat wave is bringing unprecedented high temperatures to the Pacific Northwest — a region of the country typically cooled by the ocean, rather than central air conditioning. The heat will begin Friday and last into early next week.

Why it matters: The heat wave will shatter monthly and all-time temperature records in the Pacific Northwest. Some of the records could break the old milestones by several degrees.

Dan Primack, author of Pro Rata
9 mins ago - Economy & Business

The crypto kings

Illustration: Shoshana Gordon/Axios

Bitcoin is largely a wash for 2021, but that isn't dimming crypto optimism among venture capitalists or their deep-pocketed limited partners.

Driving the news: Andreessen Horowitz this morning announced that it's raised $2.2 billion for its third crypto-focused fund.

BuzzFeed announces plans to go public via SPAC

Photo: Nicholas Hunt/Getty Images

BuzzFeed said Thursday it plans to go public via a special purpose acquisition company (SPAC). The company is targeting a $1.5 billion valuation upon combining with 890 Fifth Avenue Partners, Inc., a blank-check company.

Driving the news: As part of the transaction, Buzzfeed said it plans to acquire Complex Networks, a lifestyle and entertainment media company, for $300 million in cash and stock.