🗳️ Facebook is Reportedly Thinking About Forming an Election Commission

07/26/2021

This installment of my newsletter is free for everyone. I send this email daily.

If you would also like to receive it every morning, join the 40,000 other people who care about Business, Tech & Growth, by clicking the button below or share it with a friend who’d find it useful.

-Scott

Subscribe now

Facebook is Reportedly Thinking About Forming an Election Commission

(Image Source)

According to a report by The New York Times, social media giant Facebook is reportedly considering creating a new commission to weigh in on issues related to elections.

For its election commission, Facebook has approached academics and policy experts, and the proposed body could decide on matters such as political ads and their viability and concerns around election-related misinformation, the report added.

The announcement on the election commission could come this fall before the 2022 midterm elections, cautioning such efforts were preliminary and could still fall apart.

In recent years, social media companies have struggled with how to handle leaders, politicians, and political parties who violate their guidelines.

During the run-up to the US presidential election, Facebook was criticized for its lack of control over election-related misinformation.

However, this strategy of Facebook to form an expert body for advice on election-related matters could help the company to tackle the criticism it gets on biased decisions.

11% of Young Americans Have Bought Cryptocurrencies With Their Stimulus Checks

(Image Source)

A majority of American citizens aged between 18 to 34, who received money from the US government to withstand the COVID-19 pandemic, used some of those funds to buy stocks and cryptocurrencies.

The survey conducted by CNBC and analysis agency Momentive had asked 5,530 adults and found that 11% of survey contributors had purchased cryptocurrency with their stimulus money.

Additionally, the report also found that 9% of survey respondents invested in mutual funds, and 10% bought exchange-traded funds.

25% of survey participants said that they started investing within the last 18 months, and about 73% began in 2019 or earlier.

Interestingly, a majority of young Americans seem to be bullish on the prospects of cryptocurrency, as 60% of the survey respondents say they see cryptocurrency as a long-term investment option.

On the other hand, 21% of survey participants said cryptocurrency is a short-term investment option, while 26% said they are investing out of excitement.

Overall, the report indicates that the hunger for crypto among young Americans is growing, and they will invest more into digital assets in the future.

Xiaomi Acquires an Autonomous Driving Based Startup Deepmotion

(Image Source)

Xiaomi, the Chinese electronics company, has acquired an autonomous driving-based start-up to enhance the technological competitiveness of its electric car business.

The acquisition deal will amount to around $77.4M and comes at the time when the company seeks to make inroads in the electric vehicle market.

In March 2021, the company had announced its plans to launch an electric vehicle business and make investments of $10 billion over the next decade.

Additionally, the tech giant is also set to make heavy investments into the electric vehicle market through its own R&D and manufacturing to construct its first self-branded electric car. And, the acquisition of Deepmotion could only help it get ahead with its goals.

Deepmotion’s acquisition could also assist Xiaomi to carry autonomous driving options, a feature that is being developed by many vehicle manufacturers for next-generation electric vehicles.

Moreover, with the move, Xiaomi is also set to become a competitor to other electric car and autonomous driving companies including, companies like Tesla, Baidu, Huawei, Nio, among others.

With $157 Billion Locked in Value, Decentralized Finance Sets a New Record

(Image Source)

The DeFi market has made a great recovery, going as far as breaking its all-time high record after surpassing $157 billion.

In the past year, DeFi has been on a roll as decentralized finance (DeFi) tokens with strong financial utilities have achieved remarkable market share.

As the DeFi market continues to expand, the TVL (total value locked) in the decentralized finance space has reached a record high level of $157 billion.

Apart from this, interoperability-focused projects offering cross-chain bridges and profitable liquidity mining pools have seen a major influx of funds.

The past month’s data shows that many of the top-10 DeFi tokens have seen a bullish run on the market and have gained more than 20% in the last 30 days.

Ethereum still holds the major share when it comes to TVL and hosting applications. However, over the past three months, several new DeFi protocols like DinoSwap, Avalanche, etc., have emerged in the DeFi ecosystem, eating into the market share of Ethereum.

Around the Web

🎥 YouTube Music for Wear OS has finally arrived: Almost a year after Google retired its Play Music feature in favor of YouTube Music, the company has finally released a Wear OS app for YouTube Music. For now, the app can only be enjoyed by those who have a Samsung Galaxy Watch 4 or Galaxy Watch 4 Classic.

🍻 Budweiser spends $120K to purchase ‘fan art’ NFT and Beer.eth domain: Budweiser, a subsidiary of Anheuser-Busch InBev, has bought a Budweiser-branded Rocketship NFT on August 24 for 8 Ether (ETH), or about $25,704. Early in this month, on August 11, the company had purchased the domain name Beer.eth through the Ethereum Name Service on OpenSea for 30 ETH or roughly $96,000.

New podcasts & articles to your inbox.

No Spam. Promise.

Pin It on Pinterest