FTX insolvent, Binance to the rescue / Databricks and Canva on the CNBC Top 25 Startups for the Enterprise / Stripe lays off 14% of staff

FTX. Binance, a crypto exchange, has signed a letter of intent to acquire FTX. Terms of the deal have yet to be announced. FTX was experiencing a “severe liquidity crunch”. Binance CEO, said, “To protect users, we signed a non-binding LOI, intending to fully acquire FTX and help cover the liquidity crunch. We will be conducting a full DD in the coming days.”

Databricks and Canva. Both companies were named to the CNBC Top 25 Startups for the Enterprise. This is the first time CNBC has published the list. The list consists of “up-and-coming companies built by ambitious, creative, and innovative entrepreneurs who specifically set out to develop the latest technology in business intelligence, IT, cloud, big data, and cybersecurity as companies in all sectors of the economy allocate increasing levels of spending to technology.”

Stripe. The company laid off 14% of workers, or 1100 people. A memo from Patrick Collison – Stripe’s CEO – said the cuts were necessary amid rising inflation, fears of a looming recession, higher interest rates, energy shocks, tighter investment budgets and sparser startup funding.