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Silicon Valley billionaires are lining up to condemn racism. But the tech and VC industry has a shameful, decades-long history of ignoring and perpetuating inequality. (AAPL, CRM, GOOG, FB, NFLX, INTC)

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  • In memos to employees and public social media posts, Silicon Valley leaders voiced support for the call for social justice in the wake of the death of George Floyd in Minneapolis.
  • But their expressed concern for systemic mistreatment of blacks by police stands in contrast to the relatively little they’ve done to address endemic inequality in their own industry.
  • More than 20 years after the Rev. Jesse Jackson called out Silicon Valley for having few blacks and Latinos among its employees, executives and board members, such groups remain underrepresented, in many cases egregiously so.
  • The venture capital and startup ecosystem is particularly lacking in diversity; just 4% of all venture firm employees and just 1% of all founders of venture-backed startups are black.
  • Those exceedingly low numbers risk perpetuating the problem, because today’s startups and founders are tomorrow’s tech giants and venture investors.
  • Visit Business Insider’s homepage for more stories.

Silicon Valley would like you to know that it’s very concerned with racism — at least when it pertains to the killing and brutalizing of black people by police.

Over the weekend and on into this week, CEOs of tech companies big and small, investors, and everyday employees spoke out on social platforms against the death of George Floyd and in favor of the idea that Black Lives Matter. Many companies and top leaders pledged support to social justice organizations and to do what they could to push for reform.

These declarations — as impassioned and righteous as they are — ring a bit hollow. You see, for literally decades the tech industry has done little to address a systemic racial injustice that’s much closer to home. More than 20 years after the Rev. Jesse Jackson first came to Silicon Valley to highlight the lack of diversity in tech boardrooms and campuses, black and Latino people are still a rarity in the tech industry. And the responsibility for that falls on the shoulders of many of the people who have been speaking out about the injustice in recent days.

Take Apple. In a memo sent to the company’s employees over the weekend, CEO Tim Cook spoke eloquently about the legacy of racial injustice and the pain and fear black and brown people feel on a daily basis. He committed Apple to making donations to the Equal Justice Initiative and other groups fighting against racial injustice and pledged support to employees of color.

What he didn’t do was pledge to do something that’s fully within his control and would arguably make an even bigger difference — hire more black and Latino people.

Apple was actually one of the companies that Jackson targeted when he came to the Valley in 1999. He noted at the time that while the company, in its “Think Different” ad campaign, touted people of different ethnic and racial backgrounds, it had no black or Latino people on its board and relatively few such people among its rank-and-file employees.

Of 123 top managers at Apple, only one is black

Twenty-one years later, Apple hasn’t changed all that much. Sure, unlike then, one of its seven current board members — James Bell — is black. But out of the 123 people in the company’s executive and senior ranks in 2018 — the last year for which it has disclosed the demographics of its workforce — only one was black.

Tim Cook, chief executive officer of Apple, attends the annual Allen & Company Sun Valley Conference, July 12, 2019 in Sun Valley, Idaho. Every July, some of the world's most wealthy and powerful businesspeople from the media, finance, and technology spheres converge at the Sun Valley Resort for the exclusive weeklong conference.

In the wake of the protests about George Floyd’s death, Apple CEO Tim Cook spoke out against racial discrimination. But his company has made little progress on becoming more diverse. Drew Angerer/Getty Images Overall, just 3% of Apple’s top leaders were African-American, which was the same proportion as it was in 2014, the first year the company started releasing its diversity numbers. Among the company’s tech workers — usually the highest paid group of non-management employees at Silicon Valley companies — only 6% are black, which, again, is the same percentage as in 2014.

The company has done only a slightly better job at employing Latinos. They comprised 7% of its leadership ranks and 8% of its tech workers, up 1 percentage point each from 2014.

But it’s not just Apple. Other big tech companies are usually just as bad, if not worse.

Blacks comprised just 3.7% of Alphabet’s employees

Like Tim Cook, Alphabet CEO Sundar Pichai sent out a memo to employees pledging to match their donations to racial justice organizations and to support black and other employees who were upset by the recent events. Like Cook, Pichai left unmentioned what Alphabet would do to address its own racial inequities.

Blacks comprised just 3.7% of Alphabet’s workforce last year and Latino people just 5.9%, according to the company’s latest diversity report. Among its leadership ranks, those numbers were 2.6% and 3.7%, respectively. And of its tech workers, blacks made up 2.7% and Latinos 4.8%.

Sundar Pichai

Alphabet CEO Sundar Pichai likewise spoke out to support company employees who were upset by Floyd’s death and the protests, but his company, like many others in Silicon Valley, has few black or Latino workers. Stephanie Keith/Getty Images

To be sure, Alphabet’s made some progress — nearly all of those numbers are up at least a percentage point since 2014. But they remain pathetically low relative to the company having a workforce that looks anything like the demographic makeup of this country.

Pretty much wherever you look in the tech industry — at least among the companies that have released their numbers — the story is the same. At Salesforce, Facebook, Netflix, even Intel, whose former CEO, Brian Krzanich, pledged to Jackson that he’d diversify his workforce, the percentage of employees who are African-American or Latino — particularly in tech and leadership positions, but even overall — remains egregiously low, according to the companies’ own publicly released numbers.

Venture firms have done an even worse job

The situation is even worse when it comes to the venture capital and startup wing of the tech industry.

Like the tech companies and their CEOs, venture firms ranging from Spark Capital to Kleiner Perkins announced their support for social justice causes and joined the chorus of support for Black Lives Matter. Prominent venture capitalists, including Bill Gurley and Chamath Palihapitiya tweeted or retweeted similar sentiments.

But those statements contrast sharply with the venture industry’s own hiring and funding practices.

The venture-startup ecosystem has long been a white man’s club. Oh sure, there are now quite a few Asian founders and VCs, and a small, but growing number of women in both roles. But when it comes to African-Americans or Latinos in either position, you’d be hard pressed to find more than a handful.

jesse jackson

More than 20 years ago, the Rev. Jesse Jackson came to Silicon Valley to bring attention to its lack of diversity and call on companies to hire black and Latino people. Getty Images/Scott Olson Spark Capital doesn’t appear to have a single black person on its team, at least according to its list of members on its website. The only black member of Kleiner Perkins’ team seems to be former Secretary of State Colin Powell, who serves in an advisory, not investment role.

On Tuesday, a VC industry group devoted to the advancement of black people in the venture business, wrote a blog post calling the VC industry a “homogenous and exclusive” group.

“Venture Capital is one of these unjust systems. It is a system of funding entrepreneurs that has routinely overlooked talented Black founders and investors, squashing promising businesses and dreams as a result. It is time for venture to face the ugly reality that it is a system perpetuating the institutional racism that plagues our society,” the post by BLCK VC said.

Industrywide, just 4% of all employees of venture funds are black and only 5% are Latino, according to a study released by Deloitte and the National Venture Capital Association, the venture industry’s own trade group. Among those with any kind of role in making investments, 3% were black and 5% were Latino. African-Americans and Latinos each made up just 3% of all investment partners.

And those numbers look good when compared with the entrepreneurs that get venture funding. Just 1% of all founders of venture-backed startups were black and only 1.8% were Latino, according to a study released last year by RateMyInvestor and Diversity VC.

The industry’s lack of diversity perpetuates itself

That’s a problem, because that’s the tech industry’s future. Some of these companies are tomorrow’s Apples and Alphabets and Amazons. If funding diverse groups of founders isn’t a priority today, you can’t expect the next tech giants to have particularly diverse workforces.

Worse, though, is that it risks perpetuating the situation. Venture firms often invest in founders that look like them and hire new investors from the ranks of former founders. The paucity of blacks and Latinos among venture-backed founders today will likely mean that venture firms will remain largely diversity-free zones into the future and their investments will too.

This long-standing lack of diversity in the tech industry represents failure of leadership, if not outright hypocrisy. It’s also a huge business problem.

Diversity is good for business — for revenue, profits, and return on investment — as numerous studies have shown. Having people with different life perspectives in the room, designing products and setting the direction of corporations helps companies find use cases for their products they wouldn’t have otherwise recognized, identify customers they likely would have ignored, and address needs they might not realize existed.

Ultimately what the people in the streets are protesting is not just police brutality, although that’s obviously central. It’s an entire racist system that’s not and never has given black and brown people a fair shake.

Condemning police brutality from the confines of a corporate office doesn’t take a lot of courage or leadership — especially when you’re just joining the chorus. Doing something about your own company’s role in perpetuating systemic discrimination takes a lot more leadership and effort, which, in Silicon Valley, has has been sorely lacking for far too long.

Got a tip about the tech industry? Contact Troy Wolverton via email at twolverton@businessinsider.com, message him on Twitter @troywolv, or send him a secure message through Signal at 415.515.5594. You can also contact Business Insider securely via SecureDrop.

Source: https://www.businessinsider.com/silicon-valley-has-its-own-long-standing-systemic-racial-problem-2020-6

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Genesis Celebrates Official Launch In China, Unveiling Its All-new Vision Of Automotive Luxury To Chinese Consumers

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  • Genesis announced its arrival in China with an extraordinary event, introducing the brand to a new generation of Chinese consumers seeking true distinction in luxury
  • Athletic Elegance, the distinctive Genesis design philosophy was showcased with an unveiling of the Genesis G80 and Genesis GV80
  • To deliver the unique Genesis Experience, a new business model will be introduced in China aiming to design authentic relationships with Chinese consumers

SHANGHAI, April 3, 2021 /PRNewswire/ — Global luxury automotive brand Genesis marked its official entry into China with a spectacular Brand Night held on April 2 at Shanghai’s International Cruise Terminal, where Genesis showcased its unique Genesis brand identity, design and experience philosophy. With a stunning drone show titled the “Genesis of Genesis” sweeping over the Bund, Genesis signified its exceptional beginning in the Chinese market.

Genesis performing dazzling drone show, titled with “Genesis of You”

Jaehoon (Jay) Chang, Global Head of Genesis, said, “Today marks the beginning of another audacious chapter for Genesis. The Chinese market serves a critical role in the development of our global business, and we are very excited to present the next generation luxury for China.”

“We are excited to showcase our globally recognized products, Genesis G80 and Genesis GV80, known for the highest quality and distinctive design. We are driven by a purpose to design authentic relationships with Chinese consumers. This is our promise and our differentiator in China to deliver meaningful and stress-free experiences,” said Markus Henne, Chief Executive Officer of Genesis Motor China. “To do that, we will be implementing an all-new business model that will bring our commitments to life.”

New Luxury Defined by A Unique Brand Identity and Design Philosophy

Genesis is a brand that aspires to make true positive impact in our customers’ lives. With a fresh perspective, Genesis audaciously challenges expectations and brings a progressive attitude in order to build emotional bonds with customers based on new ideas in design and innovation. Genesis also desires to provide customers with a sense of thoughtful hospitality throughout the entire journey. More than an automotive brand, Genesis represents a lifestyle and an experience.

Every Genesis presents an intimate opportunity to explore the extraordinary Genesis vision. The distinctive design of Genesis was showcased through a special Brand Night unveiling of the Genesis G80, its mid-sized luxury sedan, and Genesis GV80, the first SUV in the lineup. Defined by their symbolic Two Lines architecture, both models are the expression of Athletic Elegance, Genesis’ design philosophy that achieves the perfect balance between two opposing characteristics: Athleticism and Elegance. Inside the cabin, the Beauty of White Space philosophy is expressed through a harmony of personal space and state-of-the-art technology.

China-tailored Strategy to Provide An All-New Experience

Genesis intends to inspire its customers of what new luxury can be. It addresses what the brand calls Generation Genesis, a generation with bold new perspectives in style and everyday life, whose refined taste in aesthetics and appreciation for distinctive design cultivates resonance with the brand spirit of Genesis. To underline this, Genesis unveiled its brand manifesto at the heart of which sits the  “Genesis of You” message-Every touchpoint with Genesis is designed to fuel the confidence of these consumers, as they embark on new beginnings, break boundaries and progress in their every endeavor. 

Genesis is establishing an all-new business model for the Chinese market, aiming to design authentic relationships with Generation Genesis and deliver meaningful, stress-free experiences centered on human-touch, convenience, trust and transparency. Genesis will gradually develop its presence in China through an omnichannel approach based on direct sales, supported by trusted agents and online sales. 

Furthermore, Genesis will ensure that every person interested in the brand receives the best one-to-one experience from a dedicated companion with the introduction of the Genesis Partner Concept. 

A transparent pricing model under the Genesis One Price Promise will be implemented to ensure a unified price across all sales channels. This unique and uncompromising brand experience will be enabled by the Genesis Digital Ecosystem.

Focus on Brand Building and Designing Genesis Experience

An essential part of the Genesis is lifestyle. Aesthetic ambition with the love for beautiful things are at the core of the brand. That’s the reason Genesis is never compromising anything on design and open to collaborate on a variety of canvases, where the Generation Genesis can be naturally met.

One of these forthcoming brand experiences, for instance, will be held in collaboration with the Shanghai Fashion Week, to create an elevated and in-depth exploration of progressive luxury style through world-class fashion concepts. Comprehensive and touchable Genesis Experience will come to life at Genesis Studios, a luxury lifestyle oasis where people can experience our cars, the arts and culture combined with Genesis hospitality. The first of Genesis Studio will soon launch in downtown Shanghai.

Markus Henne, Chief Executive Officer of Genesis Motor China, added, “Launching the brand in China represents a significant, perhaps the most important, new chapter in our brand’s history. Genesis will focus on brand building in the early stage. We will continue to reveal more highlights of how we plan to appeal to our Chinese audience. I am confident to deliver this promise and invite everyone to be a part of this journey.”

About Genesis

Genesis is a global luxury automotive brand that delivers the highest standards of performance, design, safety, and innovation. The Genesis brand is one of the highest-ranked brands in the automotive industry by respected, third-party experts including North American Car of the Year, Consumer Reports and J.D. Power and more. For more information on Genesis and its new definition of luxury, please visit https://www.genesis.com.cn

Speech of Markus Henne, CEO of Genesis Motor China, at Genesis Brand Night

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SHAREHOLDER ALERT: Monteverde & Associates PC Announces an Investigation of Qell Acquisition Corp. – QELL

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NEW YORK, April 2, 2021 /PRNewswire/ — Juan Monteverde, founder and managing partner at Monteverde & Associates PC, a national securities firm rated Top 50 in the 2018 and 2019 ISS Securities Class Action Services Report and headquartered at the Empire State Building in New York City, is investigating Qell Acquisition Corp. (“QELL” or the “Company”) (QELL) relating to its proposed merger with by Lilium GmbH. Under the terms of the agreement, QELL will acquire Lilium through a reverse merger, with Lilium emerging as a publicly traded company.

The investigation focuses on whether Qell Acquisition Corp. and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company by 1) failing to conduct a fair process, and 2) whether the transaction is properly valued.

Click here for more information: https://monteverdelaw.com/case/qell-acquisition-corp. It is free and there is no cost or obligation to you.

Monteverde & Associates PC Logo

About Monteverde & Associates PC

We are a national class action securities litigation law firm that has recovered millions of dollars and is committed to protecting shareholders from corporate wrongdoing. We were listed in the Top 50 in the 2018 and 2019 ISS Securities Class Action Services Report. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. Mr. Monteverde is recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013, 2017-2019, an award given to less than 2.5% of attorneys in a particular field. He has also been selected by Martindale-Hubbell as a 2017-2019 Top Rated Lawyer. Our firm’s recent successes include changing the law in a significant victory that lowered the standard of liability under Section 14(e) of the Exchange Act in the Ninth Circuit. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). Also, in 2019 we recovered or secured six cash common funds for shareholders in mergers & acquisitions class action cases.

If you own common stock in Qell Acquisition Corp. and wish to obtain additional information and protect your investments free of charge, please visit our website or contact Juan E. Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan E. Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4405
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2021 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

 

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SHAREHOLDER ALERT: Monteverde & Associates PC Announces an Investigation of BowX Acquisition Corp. – BOWX

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NEW YORK, April 2, 2021 /PRNewswire/ — Juan Monteverde, founder and managing partner at Monteverde & Associates PC, a national securities firm rated Top 50 in the 2018 and 2019 ISS Securities Class Action Services Report and headquartered at the Empire State Building in New York City, is investigating BowX Acquisition Corp. (“BOWX” or the “Company”) (BOWX) relating to its proposed merger with WeWork. Under the terms of the agreement, BOWX will acquire WeWork through a reverse merger, with WeWork emerging as a publicly traded company.

The investigation focuses on whether BowX Acquisition Corp. and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company by 1) failing to conduct a fair process, and 2) whether the transaction is properly valued.

Click here for more information: https://monteverdelaw.com/case/bowx-acquisition-corp. It is free and there is no cost or obligation to you.

Monteverde & Associates PC Logo

About Monteverde & Associates PC

We are a national class action securities litigation law firm that has recovered millions of dollars and is committed to protecting shareholders from corporate wrongdoing. We were listed in the Top 50 in the 2018 and 2019 ISS Securities Class Action Services Report. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. Mr. Monteverde is recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013, 2017-2019, an award given to less than 2.5% of attorneys in a particular field. He has also been selected by Martindale-Hubbell as a 2017-2019 Top Rated Lawyer. Our firm’s recent successes include changing the law in a significant victory that lowered the standard of liability under Section 14(e) of the Exchange Act in the Ninth Circuit. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). Also, in 2019 we recovered or secured six cash common funds for shareholders in mergers & acquisitions class action cases.

If you own common stock in BowX Acquisition Corp. and wish to obtain additional information and protect your investments free of charge, please visit our website or contact Juan E. Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan E. Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4405
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2021 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

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SHAREHOLDER ALERT: Monteverde & Associates PC Announces an Investigation of Millendo Therapeutics, Inc. – MLND

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NEW YORK, April 2, 2021 /PRNewswire/ — Juan Monteverde, founder and managing partner at Monteverde & Associates PC, a national securities firm rated Top 50 in the 2018 and 2019 ISS Securities Class Action Services Report and headquartered at the Empire State Building in New York City, is investigating Millendo Therapeutics, Inc. (“MLND” or the “Company”) (MLND) relating to its proposed merger with Tempest Therapeutics, Inc. Under the terms of the agreement, MLND shareholders are expected to own 18.5% of the combined company.

The investigation focuses on whether Millendo Therapeutics, Inc. and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company by 1) failing to conduct a fair process, and 2) whether the transaction is properly valued.

Click here for more information: https://monteverdelaw.com/case/millendo-therapeutics-inc. It is free and there is no cost or obligation to you.

Monteverde & Associates PC Logo

About Monteverde & Associates PC

We are a national class action securities litigation law firm that has recovered millions of dollars and is committed to protecting shareholders from corporate wrongdoing. We were listed in the Top 50 in the 2018 and 2019 ISS Securities Class Action Services Report. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. Mr. Monteverde is recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013, 2017-2019, an award given to less than 2.5% of attorneys in a particular field. He has also been selected by Martindale-Hubbell as a 2017-2019 Top Rated Lawyer. Our firm’s recent successes include changing the law in a significant victory that lowered the standard of liability under Section 14(e) of the Exchange Act in the Ninth Circuit. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). Also, in 2019 we recovered or secured six cash common funds for shareholders in mergers & acquisitions class action cases.

If you own common stock in Millendo Therapeutics, Inc. and wish to obtain additional information and protect your investments free of charge, please visit our website or contact Juan E. Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan E. Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4405
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2021 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

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