5 things you need to know in Australian tech today

Atlassian co-founder Scott Farquhar. Image: Supplied.

Welcome to Thursday. Here’s what you need to know.

1. One of the perks of this job is I get to talk to people about what they’re passionate about. Yesterday I was lucky enough to chat with Atlassian co-founder Scott Farquhar about his passion project. About 10 years ago Atlassian decided to pledge 1% of its profits, equity, employee time and product to charitable causes. That 1% wasn’t worth much back then but today it has grown to be worth about $40 million. The full story is here.

2. MYOB has been investing heavily in its cloud-accounting products. This morning it released its results and posted a NPAT loss of $21.3 million. But there’s one chart in the investor presentation which clearly explains why the cloud war is so valuable: The value of a customer increases over their lifetime. More here.

3. Bitcoin can now be used to buy anything in Australia – but all people are getting with it is groceries. Launching today, Coinjar’s Swipe converts the cryptocurrency into Australian dollars so people can make everyday purchases. It has been trialed over the past five months by 61 users who made nearly $30,000 worth of transactions. More here.

4. Adventure Capital has officially started its search for up to $60 million in funding to launch its second investment pool which it wants to target at financial technology and industrial internet startups. More here.

5. Sydney is getting a co-working space with an age limit of 28 years old. Yep, if you’re 30, you’re not welcome. Not-for-profit youth organisation Vibewire has run a co-working space in Ultimo since 2006 but from March it’s revamping and will be exclusively for the use of entrepreneurs in their twenties. A desk at the Common Room, which used to be called Innovation Lab, will cost $50 a month.

Have an awesome day! I’m on Twitter.

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