million

Coronavirus: Amazon, Microsoft each donate $1 million to response

  • Amazon and Microsoft are each donating $1 million to a fund for Seattle-area rapid response to the coronavirus outbreak.
  • The COVID-19 Response Fund will dole out one-time grants to local nonprofits working with “disproportionately affected communities” that will be the most economically impacted by the coronavirus outbreak.
  • Both Amazon and Microsoft are based in Washington, where 19 people have died and nearly 150 have tested positive for coronavirus.
  • Visit Business Insider’s homepage for more stories.

Microsoft and Amazon, two major Seattle-based tech companies, are giving $1 million each to a fund designed to mitigate the economic loss felt in the local area in light of the coronavirus outbreak.

The COVID-19 Response Fund launched Monday with more than $2.5 million in donations, which will go to one-time grants doled out to local community organizations. The response fund is not designed to fund medical response and health measures: Instead, funds are intended

Read More

DeFi Startup Compound Finance Raises $25 Million Series A Led by A16z

Lending protocol Compound Finance just raised $25 million in a round led by Andreessen Horowitz’s a16z crypto fund, marking one of the largest venture capital investments in a decentralized finance (DeFi) startup to date.

According to DeFi Pulse, Compound has nearly $103 million worth of crypto locked up in its automated system, which can generate returns for users comparable to interest. Today’s announcement of the Series A follows Compound’s $8.2 million seed round in 2018.

Much like MakerDAO’s loans, users can take collateralized loans with ethereum-based tokens, with the locked assets automatically liquidating if an independent “oracle” determines the price has dropped too low.

Unlike MakerDAO loans, however, the Compound protocol supports multiple assets and allows people to lock up assets without borrowing. Because these assets are stored in a shared pool, even someone with liquidated collateral could claim tokens if they are able to repay the general pool.

Compound

Read More

U.S. weekly jobless claims top 6 million amid coronavirus pandemic – National

The number of Americans filing claims for unemployment benefits last week shot to a record high for a second week in a row — topping 6 million — as more jurisdictions enforced stay-at-home measures to curb the coronavirus pandemic, which economists say has pushed the economy into recession.

READ MORE: The Canada Emergency Response Benefit for COVID-19 — who’s eligible and how to apply

Thursday’s weekly jobless claims report from the Labor Department, the most timely data on the economy’s health, reinforced economists’ views that the longest employment boom in U.S. history probably ended in March.






Coronavirus outbreak: Trump says there’s plenty of ventilators, big order of medical supplies made to Walmart


Coronavirus outbreak: Trump says there’s plenty of ventilators, big order of medical supplies made to Walmart

Initial claims for state unemployment benefits surged 3.3 million to a seasonally adjusted 6.6 million for the week ended March 28,

Read More