WhatsApp Business has announced that the application is now catering to more than 200 million users according to Meta Group CEO, Mark Zuckerberg. Meta Platforms’ WhatsApp Business application is now catering to more than 200 million users on its platform, a fourfold jump from about three years ago.
The increase in user base comes as Meta shifts focus to the development of business messaging, as an uncertain economy slows down its core advertising business.
Facebook founder Mark Zuckerberg
Meta said it would shortly begin testing features which will help small businesses run ads that click to the messaging platform without the need for a Facebook account.
Small and medium businesses would be able to send personalised messages such as appointment reminders and updates on a holiday sale to their customers for a fee.
Meta has been working to monetise its messaging apps, WhatsApp and Messenger, as CEO Zuckerberg sees business messaging as the company’s next pillar.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
In a most unexpected show of confidence, Bitcoin has rallied on news of crypto initiatives involving major players from the traditional financial sector. Bitcoin climbed to the highest level since early May, buoyed by crypto initiatives involving major players from the traditional financial sector.
The largest digital asset rose as much as 3% and traded at US$28 720 in Singapore on Wednesday, lifting the token’s rebound this year to 74%. Smaller coins such as ether, cardano and solana also posted gains.
Crypto investors have drawn succour from the start of digital-asset exchange EDX Markets, backed by firms including Citadel Securities, Fidelity Digital Assets and Charles Schwab. Separately, BlackRock and WisdomTree have applied in quick succession to launch spot US Bitcoin exchange-traded funds.
Bitcoin
The moves dissipated some of the gloom caused by a US SEC crypto crackdown
Those moves dissipated some of the gloom caused by a US Securities and Exchange Commission crypto crackdown that includes lawsuits against exchange operators Binance Holdings and Coinbase Global. The agency in the process designated a raft of digital tokens as unregistered securities.
“The rally is backed by institutional demand,” said Hayden Hughes, co-founder of social-trading platform Alpha Impact. “The BlackRock announcement on a bitcoin ETF, plus EDX Markets, gave bitcoin a boost on hopes that traditional institutions will add depth to the crypto market.”
WisdomTree is trying again for permission to start a spot US bitcoin ETF after being rebuffed in the past. BlackRock made its filing on 15 June. The SEC has resisted allowing such spot funds but BlackRock’s attempt carries the heft of the world’s largest asset manager and its track record of winning approvals.
‘Changed everything’
“The BlackRock filing changed everything; that reignited the race,” said Eric Balchunas, senior ETF analyst at Bloomberg Intelligence. BlackRock’s application landed amid Grayscale Investments LLC’s legal battle with the SEC to convert the Grayscale Bitcoin Trust into a physically backed ETF. The trust’s discount to net asset value has narrowed sharply on speculation that BlackRock’s step could end up bolstering Grayscale’s case.
Meanwhile in Europe, Deutsche Bank has applied for regulatory permission to operate a custody service for digital assets.
“It is extremely unlikely it would go through the cost of doing this unless it had received sufficient expressions of interest from its large clients,” wrote Noelle Acheson, author of the Crypto Is Macro Now newsletter.
Markets are also being shaped by macro forces, including the outlook for further US monetary tightening after the Federal Reserve paused interest-rate hikes this month. Some onlookers expect a hawkish tone from Fed chair Jerome Powell in an upcoming report.
Traders are waiting for more clarity, too, on the scale of expected economic stimulus in China, where the central bank recently cut borrowing costs. The potential China stimulus impact on bitcoin isn’t “getting enough airplay”, said Tony Sycamore, a market analyst at IG Australia.
A rout in crypto last year erased $1.5-trillion and contributed to blowups such as the bankruptcy of the FTX exchange. Bitcoin remains far below its pandemic-era, liquidity-fuelled 2021 peak of almost $69 000.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Sign-ups for Netflix jumped after the streaming giant’s password-sharing crackdown came into effect. This comes as the daily US sign-ups for Netflix have jumped in the first few days after the streaming giant’s password-sharing crackdown came into effect on 23 May, data from research firm Antenna showed.
Looking for new ways to make money in a saturating market and a tough economy, Netflix moved to regulate the sharing of account passwords with friends and family — a drastic turnaround for a company that had once tweeted “Love is sharing a password”.
Netflix co-CEO Ted Sarandos
Netflix had estimated that more than a 100 million households had supplied their login credentials to people outside their homes. Under the new rules, US users can add a member outside of their homes for an additional fee of $8/month.
The company recorded nearly 100 000 daily sign-ups on both 26 and 27 May, according to Antenna. Its calculations seem to have paid off as the company recorded nearly 100 000 daily sign-ups on both 26 and 27 May, according to Antenna.
Netflix, which has expanded its crackdown to more than 100 other countries, did not immediately respond to a request for comment.
The streaming video pioneer saw its four largest days of US user acquisition after the change came into effect in the four-and-a-half years that Antenna has been covering the company.
The recent spike also exceeded levels seen during the initial US Covid-19 lockdowns in March and April 2020, according to Antenna, which sources data from third-party data collectors that track online purchase receipts, credit, debit and banking data details with permissions.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
The Pan-African tech group, Liquid Technologies through its subsidiary Liquid Dataport, has entered into agreement with Angola Telecom, the leading fixed network operator in Angola to lay a new terrestrial fibre route between Luanda, Angola to Johannesburg, South Africa, via DRC, Zambia and Zimbabwe.
The addition of this route to Liquid’s regional fibre backbone is a significant addition to its existing 110,000 km network, providing its regional customers’ access to high-speed connectivity at affordable costs.
Nic Rudnick, Group Chief Executive Officer, Liquid Intelligent Technologies
Hon. Mário Oliveira, Minister of Telecommunications, Information Technologies and Social Communication, said, “We have made significant investments in our telecommunications sector over the last 25 years, which includes terrestrial, submarine and even satellite connectivity. We understand the crucial role played by Public-Private Partnerships, and that is why we have new laws in place that support and offer attractive incentives for international players like Liquid Dataport that help drive our national focus towards the IT-driven modernisation of Angola. The partnership between Angola Telecom and Liquid Dataport has also allowed us to enjoy seamless connectivity with other countries in COMESA and South Africa, supporting long-term growth in our economies”.
With this investment, Liquid Dataport and Angola Telecom have allowed organisations and people in Angola access to high-speed connectivity, offering numerous advantages and fostering direct commerce corridors. This route traverses through Angola, the Democratic Republic of Congo (DR Congo), Zimbabwe, Zambia, and South Africa.
While the route caters to the high demand from wholesale customers, Liquid Dataport has partnered with Angola Telecom to provide enterprises and SMEs in the country with access to high-speed connectivity and even direct connectivity to data centres in Johannesburg.
Adilson Dos Santos, CEO of Angola Telecom, says, “There is a conscious drive towards making the internet more popular, as currently, the internet penetration in Angola is only 5 million people. Angola Telecom and Liquid Dataport have been able to work seamlessly for over two years with each other as we are working towards a common goal. Through our National Rural Telecommunication Plan, we want to ensure that connectivity is available to citizens in the remotest parts of the country. We are excited to see the fruits of this partnership lead to increased contribution of the ICT sector to national GDP”.
Liquid Dataport’s investment in this cutting-edge route aligns with its broader vision of establishing an extensive network of fibre routes throughout Africa. With an impressive network spanning multiple countries, including South Africa, Kenya, Zimbabwe, and Nigeria, the company is working towards a connected Africa that fuels innovation, drives economic growth, and fosters socio-economic development that leaves no one behind.
The investment in infrastructure and strategic alliances ensures that Liquid remains at the forefront of driving technological advancement and innovation across the African continent. “Our continuous investment into our ‘One Africa Digital Network’ provides customers with access to major data centres in South Africa, Kenya, Nigeria and now Angola, ensuring that African data never has to leave our shores. Our unwavering dedication to expanding the horizons of connectivity in Africa will empower businesses to unlock unprecedented opportunities for growth, collaborate on a global scale, and harness the immense potential of digital technologies,” concluded David Eurin, CEO of Liquid Dataport.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Realtek Semiconductor sued rival Taiwanese chip maker MediaTek in a US federal court on Tuesday, claiming MediaTek paid a company that sues over patents a “secret litigation bounty” to file meritless lawsuits in the US to disrupt its business.
The lawsuit accuses MediaTek of conspiring with IPValue Management in an effort to drive Realtek out of the market and monopolise the industry for chips used in smart televisions and set-top boxes.
MediaTek owns nearly 60% of the global market share for television chips, the lawsuit said. The ITC called the agreement ‘alarming’ and said it ‘may well be untoward and actionable’
Realtek said in a statement that it filed the lawsuit to “protect free and fair competition in the industry” and “prevent further harm to the public”. MediaTek declined comment, citing the ongoing litigation. IPValue did not immediately respond to a request for comment on the lawsuit.
FILE PHOTO: MediaTek chips are seen on a development board at the MediaTek booth during the 2015 Computex exhibition in Taipei, Taiwan, June 3, 2015. REUTERS/Pichi Chuang
Realtek said MediaTek signed a patent licensing agreement with IPValue subsidiary Future Link Systems in 2019 that included the secret “bounty” agreement.
The agreement was revealed last year in patent litigation involving Future Link in West Texas federal court and at the US International Trade Commission (ITC), according to the lawsuit. Realtek said Future Link has kept details of the agreement “buried under confidentiality obligations and protective orders”.
‘Alarming’
The ITC called the agreement “alarming” and said it “may well be untoward and actionable”, while the West Texas court said it was “improper” and “should be discouraged as a matter of public policy”.
Future Link settled several other patent cases against tech companies including MediaTek competitor Amlogic soon after the ITC criticised it, Realtek said.
Realtek said MediaTek has used the patent lawsuits, which seek to take its allegedly infringing chips off the market, to suggest to customers that Realtek may be an “unreliable supplier” for the television chip industry. Realtek asked the court to order the companies to end the alleged conspiracy and requested an unspecified amount of money damages.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Recent events within the crypto inductsy seem to have led to Bitcoin stabilising above US$25 000 on Tuesday after a steep dive overnight, as investors grappled with news that the US securities regulator sued crypto exchange Binance, dealing a severe blow to the industry.
Bitcoin, the world’s largest cryptocurrency, was last at $25 797, up 0.2% in Asian trade on Tuesday, pinned near a more than two-month low. It had slumped more than 5% in the previous session, the largest daily decline since 19 April.
The US Securities and Exchange Commission late on Monday sued Binance, the world’s largest cryptocurrency exchange, and its CEO Changpeng Zhao for secretly controlling Binance.US as part of a “web of deception” to evade US laws, among other charges.
Changpeng Zhao, CEO of Binance
Binance’s cyptocurrency was at a near three-month low of $277.07, after a 9.2% plunge on Monday
“It’s another blow to the crypto industry and the crypto exchanges of the world,” said Tony Sycamore, market analyst at IG Markets. “If what [the SEC is] alleging is true … well, Binance is the biggest, and if this is going on at the biggest, what’s happening at the smallest? That is the natural link. It doesn’t fill investors with confidence.”
Binance’s cyptocurrency was at a near three-month low of $277.07, after a 9.2% plunge on Monday.
Reuters earlier reported that Binance controlled its US affiliate’s bank accounts, despite claiming it was independent.
In statements, Binance said it had been cooperating with the SEC’s probes and had “worked hard to answer their questions and address their concerns” including by trying to reach a negotiated settlement.
The 24-hour trading volume on Binance spiked in Asia hours on Tuesday and more than doubled to $12.48-billion, based on analytics site CoinMarketCap.
Sweeping crackdown
The lawsuit against Binance marks the latest development in the SEC’s sweeping crackdown on the crypto industry following FTX’s implosion last year, which has since prompted some crypto companies to increase compliance measures, spike products and expand outside the US.
“This case is significant, and the crypto and fintech industries should pay close attention to its impact,” said Wayne Huang, co-founder and CEO of XREX, a blockchain-enabled financial institution operating the XREX USD-crypto exchange.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
A leading pan-African fintech and cryptocurrency exchange Yellow Card has partnered with Tether, the world’s largest stablecoin provider, to announce the successful completion of Phase 1 of their strategic collaboration across three key African markets. The two-month collaboration focused on raising awareness, providing education and driving adoption of USD₮, Tether’s stablecoin, among students and young professionals in Nigeria, Kenya and Ghana.
Activities included Financial Literacy Tours in universities and a canvassing campaign which involved Yellow Cards Brand Ambassadors engaging with individuals across major cities in the three countries.
Chris Maurice, co-founder and chief executive officer (CEO) of Yellow Card
Over 10,000 young people were reached – including students drawn from the six universities where the Financial Literacy Tour events were held among them University of Nairobi in Kenya, University of Benin in Nigeria and Kwame Nkrumah University of Science and Technology in Ghana. Those who attended the events received insights into the mechanics of stablecoins, gained a deeper understanding of the blockchain technology and also learned about the importance of responsible financial decision-making. In addition, they each received their first USD₮ (https://usdt.YellowCard.io/) on the Yellow Card platform.
“Our collaboration with Tether has provided us with a remarkable opportunity to witness the profound impact that financial education has on the youth. This collaboration aligns seamlessly with our overarching mission to promote financial freedom for all, which encompasses our other initiatives like the Financial Literacy Tour (https://apo-opa.info/43nIgDq) and the YC Academy. As crypto adoption grows in Africa so does the need for financial education,” said Peter Mureu, Director of Marketing at Yellow Card.
Between 2021 and 2022, cryptocurrency adoption in Africa surged by 1200% , necessitating a rapid increase in education. Despite the potential for cryptocurrencies to play a vital role in the future, there remains considerable hesitancy among companies and individuals to embrace this emerging currency. This reluctance can be attributed to a widespread lack of awareness and understanding of cryptocurrencies and blockchain technology. The Yellow Card and Tether collaboration aims to play a pivotal role in bridging this knowledge gap.
Stablecoins, such as USD₮, address unique challenges in Africa by offering practical solutions. Given the substantial remittances African countries receive from the diaspora populations working abroad, Tether provides a convenient and cost-effective method for cross-border payments, reducing reliance on traditional channels with high fees and delays. Moreover, USD₮ empowers gig economy workers to receive fast and secure payments instantly across borders, bypassing intermediaries like banks or payment processors.
“We recognize Africa as a pivotal player in the cryptocurrency and stablecoin market,” said Paolo Ardoino, CTO of Tether. “The continent has demonstrated remarkable potential for growth and innovation in the digital currency space. Africa’s increasing cryptocurrency adoption and the demand for stablecoins highlight the need for accessible and efficient financial solutions. Tether is committed to addressing the unique challenges faced by African communities through our collaboration with Yellow Card. Our stablecoin, USD₮, provides practical solutions for cross-border payments and empowers individuals, including gig economy workers, to receive fast and secure transactions, bypassing traditional intermediaries.”
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Bybit, the world’s third most visited crypto exchange, announced a 50% increase in its global user base, growing from 10 million users in Q3, 2022 to 15 million to date. Bybit has released next-level products to create a winning streak — just like the Oracle Red Bull Racing car showpiece in its new Dubai office.
Bybit announced the grand opening of its global headquarters in Dubai on April 18th, signaling its large investment in the Middle East and North Africa (MENA) region. The opening of the new headquarters is part of the company’s broader strategy to build on its position as the second-largest crypto exchange in the region.
Ben Zhou, co-founder and CEO of Bybit
Bybit has attracted new users through a range of products, suiting all types of investors. Those more interested in earning yield can now take advantage of Bybit Lending, which launched May 2 and has seen lenders earn triple-digit APR. And lenders’ capital is protected as all borrowers must post collateral equal to or greater than the loan amount.
Given the innovation at Bybit, it’s no wonder Sui chose the exchange’s new token sale platform, ByStarter, as one of only three exchanges to host the crowd sale of its highly anticipated SUI token. And Bybit recently unveiled its AI program: Tools Discovery, which provides personalized product and strategy recommendations tailored to individual trading habits and preferences.
Top traders love the exchange’s new Position Builder, which allows clients to build positions easily using the full range of derivative products and trading strategies. Bybit also expanded its partnership with Paradigm, the fastest-growing crypto derivatives trading platform, to launch delta-1 spreads trading on USDT-margined instruments.
“Our team has worked tirelessly to make Bybit a top-performing crypto exchange with next-level opportunities from passive income to derivatives trading,” said Ben Zhou co-founder and CEO. “We are thrilled that our efforts have paid off, with Bybit hitting 15 million users globally just as we opened our global headquarters in Dubai. We are excited to demonstrate our commitment to innovation and growth, solidifying our position as a heavyweight player in the global crypto exchange market.”
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Truecaller will soon start making its caller identification service available over WhatsApp and other messaging apps to help users spot potential spam calls over the internet. The feature, currently in beta phase, will be rolled out globally later in May, Truecaller CEO Alan Mamedi said.
Telemarketing and scamming calls have been on the rise in countries like India, where users get about 17 spam calls per month on average, according to a 2021 report by Truecaller.
Truecaller CEO Alan Mamedi
India’s telecommunications regulator in February directed carriers like Jio and Airtel to start blocking telemarketing calls over their networks using artificial intelligence filters. Truecaller has said it is in discussions with telecoms operators to implement such a solution.
“Over the last two weeks, we have seen a spike in user reports from India about spam calls over WhatsApp,” Mamedi said, noting that telemarketers switching to internet calling was fairly new to the market.
WhatsApp is the most used messaging platform in India. The company says it uses spam detection technology to spot and take action on accounts engaging in abnormal behaviour and lets users block and report problematic accounts.
For Truecaller, India is its biggest market with 250 million users. It has 350 million users globally and earns its revenue from advertising, subscription services and verified listings from businesses.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Meta Platforms has hired an Oslo-based team that until late last year was building artificial intelligence networking technology at British chip unicorn Graphcore. A Meta spokesman confirmed the hirings in response to a request for comment, after Reuters identified 10 people whose LinkedIn profiles said they worked at Graphcore until December 2022 or January 2023 and subsequently joined Meta in February or March of this year.
“We recently welcomed a number of highly specialised engineers in Oslo to our infrastructure team at Meta. They bring deep expertise in the design and development of supercomputing systems to support AI and machine learning at scale in Meta’s data centres,” said Jon Carvill, the Meta spokesman.
They bring deep expertise in the design and development of supercomputing systems to support AI
Facebook founder Mark Zuckerberg
The move brings additional muscle to the social media giant’s bid to improve how its data centres handle AI work, as it races to cope with demand for AI-orientated infrastructure from teams across the company looking to build new features.
Meta, which owns Facebook and Instagram, has become increasingly reliant on AI technology to target advertising, select posts for its apps’ feeds and purge banned content from its platforms.
On top of that, it is now rushing to join competitors such as Microsoft and Google in releasing generative AI products capable of creating human-like writing, art and other content, which investors see as the next big growth area for tech companies.
The 10 employees’ job descriptions on LinkedIn indicated the team had worked on AI-specific networking technology at Graphcore, which develops computer chips and systems optimised for AI work.
Graphcore closed its Oslo office as part of a broader restructuring announced in October last year, a spokesman for the start-up said, as it struggled to make inroads against US-based firms such as Nvidia and AMD, which dominate the market for AI chips.
Meta already has an in-house unit designing several kinds of chips aimed at speeding up and maximising efficiency for its AI work, including a network chip that performs a sort of air traffic control function for servers, two sources said.
Efficient networking is especially useful for modern AI systems like those behind chatbot ChatGPT or image-generation tool Dall-E, which are far too large to fit onto a single computing chip and must instead be split up over many chips strung together.
A new category of network chip has emerged to help keep data moving smoothly within those computing clusters. Nvidia, AMD and Intel all make such network chips.
In addition to its network chip, Meta is also designing a complex computing chip to both train AI models and perform inference, a process in which the trained models make judgments and generate responses to prompts, although it does not expect that chip to be ready until around 2025.
Graphcore, one of the UK’s most valuable tech start-ups, once was seen by investors like Microsoft and venture capital firm Sequoia as a promising potential challenger to Nvidia’s commanding lead in the market for AI chip systems.
However, it faced a setback in 2020 when Microsoft scrapped an early deal to buy Graphcore’s chips for its Azure cloud computing platform, according to a report by UK newspaper The Times. Microsoft instead used Nvidia’s GPUs to build the massive infrastructure powering ChatGPT developer OpenAI, which Microsoft also backs.
Sequoia has since written down its investment in Graphcore to zero, although it remains on the company’s board, according to a source familiar with the relationship.
The Graphcore spokesman confirmed the setbacks, but said the company was “perfectly positioned” to take advantage of accelerating commercial adoption of AI. Graphcore was last valued at US$2.8-billion after raising $222-million in its most recent investment round in 2020.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
