Hi there 👋. This is a daily newsletter that covers the top business, tech and finance stories for today.
- China tests magnet-powered ‘floating’ car
- Apple iPhone 15 series will support the much-publicized “Dynamic Island” feature
- Binance teams up with Ukrainian supermarket VARUS
- Metaverse-based LootMogul secures funding
- Lynk gets FCC approval for satellite-to-phone service
China Tests Magnet-Powered 🧲 ‘Floating’ Car 🚗
Chinese researchers have reportedly conducted road tests on a car fitted with magnets that floats 35 mm above a road laid with good conductors.
- The researchers equipped the cars with powerful magnets on the vehicle floors, allowing them to levitate nearly five miles in length over a conductor rail.
- The researchers tested eight cars in total, with one of the sedans reaching roughly 143 miles per hour (230 km per hour).
Reason for the tests:
According to the Chinese state news agency Xinhua, the Chinese government transportation authorities conducted the tests to study safety measures for high-speed driving.
However, according to Deng Zigang, a university professor who worked on the development of the vehicles, the tests were performed to learn how adopting magnetic levitation for passenger cars may help provide greater range and lower energy consumption.
Why does this matter?
The development of maglev (magnetic levitation) could be useful for electric vehicles that are facing issues with providing a greater range for their vehicles.
Apple iPhone 15 Series Will Support the Much-publicized “Dynamic Island” Feature📱
iPhone maker Apple recently introduced its latest range of iPhone 14 series models, and speculations about the next-generation iPhones have already started to make rounds on the web.
Apple’s Dynamic Island feature, which is currently available on Apple iPhone 14 Pro and Pro Max, is one of the major highlights of the phone. The latest buzz is that the company will make this new feature available on all the upcoming iPhone 15 models.
The latest information came to light when analyst Ross Young made a tweet suggesting that all iPhone 15 models will come with Dynamic Island.
What is Dynamic Island? 🤔
The Dynamic Island is the black, pill-shaped cutout at the top of the iPhone 14 Pro that house’s the phone’s camera array. The company has smartly blended the cutout with the rest of the UI using animations that make the Dynamic Island appear bigger when you interact with it.
The Dynamic Island feature also displays notifications and will allow users to monitor Live Activities, like sports scores, and more from the top of their screen.
Binance Teams up With Ukrainian Supermarket VARUS 🤝
Cryptocurrency exchange Binance has announced a partnership with Ukrainian supermarket chain VARUS, intending to enable cryptocurrency payments for grocery purchases through its wallet.
This is important because the grocery chain is one of Ukraine’s largest companies, with over 100 stores across 28 cities.
The partnership will allow customers to make instant crypto payments and get fast delivery of grocery purchases in nine Ukrainian cities- the capital Kyiv, Dnipro Nikopol, Vyshhorod, Kamianske, Kryvyi Rih, Zaporizhzhia, Brovary, and Pavlograd.
How to make the payments?
To take advantage of the new payment feature, crypto users will have to download and install the Binance app on their Android or iOS devices.
Next, they can go to the Varus website, select the products they want to purchase, and make the payment from the Binance Pay wallet.
Besides this, the companies have also announced a “reward fund promotion” where customers ordering anything from the Varus Delivery program worth over UAH 500 using Binance Pay will be rewarded with UAH 100.
Metaverse-Based LootMogul Secures Funding 💰
Sports metaverse startup LootMogul has raised $200 million in its latest funding round.
The company secured the funding from Gem Global Yield LLC SCS (GGY), part of GEM, that will accelerate the adoption of blockchain gaming for athletes & sports organizations to deliver an immersive sports fans experience.
LootMogul will get a share subscription facility of up to $200 million from GEM for 36 months following an equity exchange listing. This will help the startup to draw down its funds by issuing equity shares to GEM.
Why does this funding matter?
The strategic capital will provide financial flexibility to LootMogul in its development plans for expanding its metaverse-focused products.
LootMogul is a sports metaverse gaming community designed and led by athletes, fans, and brands powered by virtual real estate, training academies, blockchain games, and meta shops for brands and athletes with in-real-life (IRL) rewards.
The startup is expanding the web3 community by bringing web2 gamers and sports fanatics to the metaverse.
Lynk Gets FCC Approval For Satellite-to-Phone Service 🛰
Lynk Global, Inc. (Lynk), a leading satellite-direct-to-standard-phone telecoms firm, has received its first-ever commercial license from the Federal Communications Commission (FCC) for a satellite-direct-to-standard-mobile-phone service.
This is important because the FCC license enables Lynk to launch commercial services for its global constellation of satellites later this year, paving the way for universal mobile connectivity.
That’s a wrap for today, ladies & gents. See ya next week!
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This is a daily newsletter that covers the top business, tech and finance stories for today.