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FCC Announces $1.2 Billion Funds 💰 For Rural Broadband Deployment
The Federal Communications Commission (FCC) has announced over $1.2 billion in funding for expanding broadband service across 32 states in the United States. The FCC will fund the program through the Rural Digital Opportunity Fund.
The FCC says that 23 broadband companies will provide service to more than one million new areas. It also notes that it is the largest funding round to date.
Additionally, the FCC has also introduced the Rural Broadband Accountability Plan. Under this program, the number of audits and verifications performed in 2022 will be doubled as compared to 2021.
Furthermore, this program will also need the FCC to make the results of verifications, audits, speed, and latency tests public on the website of Universal Service Administrative Company’s (USAC).
In a Twitter post, Jessica Rosenworcel, chairwoman of FCC said, “The new Rural Broadband Accountability Plan will streamline our audit and verification processes while also making the results of verifications, audits, and latency testing publicly available for the first time. These safeguards will ensure that program providers do their jobs.”
Nigerian Fintech Startup Bamboo Raises $15 Million in Funding 💵
Bamboo, a brokerage startup that allows Africans to buy and trade U.S. stocks in real-time, has raised $15 million in its Series A funding round.
The funding round was led by Greycroft and Tiger Global. The round also saw participation from Saison Capital, Motley Fool Ventures, Chrysalis Capital, Y-Combinator CEO Michael Seibel, among other investors.
Founded in 2019 by Richmond Bassey and Yanmo Omorogbe, Bamboo is an investment platform that provides Africans real-time access to dollar-denominated assets through its platform.
With Bamboo, users get access to over 3,000 stocks listed on the U.S. stock exchange right from their mobile phone or computer.
The startup also allows fintech companies, asset managers, among other consumer-facing platforms, and financial institutions to use an API solution to connect Bamboo’s API and provide global access to their users.
Bamboo will use the fresh funds to accelerate its expansion by doubling down on expanding into new areas and developing new goods.
Meta to Apply For Trademark Registration (™️) in Brazil 🇧🇷 For Crypto Services
Meta (formerly Facebook) has applied for trademark registration with the Brazilian authorities to design, develop, and provide software/hardware for a wide range of crypto-related services.
The social media giant has filed a trademark registration with the Brazilian National Institute of Industrial Property (INPI) on October 5, 2021, for providing crypto products and services related to trading, wallets, and exchanges platforms.
On January 25, Meta published the application for registration. The company is currently awaiting opposition before INPI approval.
Ever since the company has rebranded to Meta, it has shifted its focus on Web3.0 and the Metaverse, with an aim to overcome the challenges it faced previously in trying to create a mainstream stablecoin.
Additionally, the company is also testing the use of non-fungible tokens (NFTs) for its Facebook and Instagram platform.
Overall the company’s move into Metaverse has forced several companies to look for prospects in the growing crypto industry.
This has also resulted in several crypto projects linked to the Metaverse gaining solid traction in recent months.
U.S. Treasury Yield Curve Flatten as Investors Look Ahead 👀 to Jobs Data
The U.S. Treasury yield saw a very little movement on the morning of January 31, as investors are likely to look closely at the swing in jobs data releases that are due this week.
The Treasury yield on the benchmark 10-year Treasury note increased less than a basis point to 1.784%, while the yield on the 30-year Treasury bond also increased slightly, to 2.091%.
As there are no important economic data releases planned to be announced on Monday, investors will most likely keep a watch on the major pieces of employment data that are due to be published this week.
Earlier the Federal Reserve had said that it is looking for the labor market to recover completely. This will help its timeline for tightening monetary policy.
But the growing inflation has also been a severe concern for the central bank. The Federal Reserve conducted its latest policy meeting in the last week and has indicated that it could start increasing interest rates in March this year, to fight pricing pressures.
Around the Web 🌐
NLRB Alleges Amazon Violated Labour Laws With Anti-Labor Action: The National Labor Relations Board (NLRB) has filed a complaint against Amazon, accusing the company of breaking the law with anti-labor action. The retail giant has been accused of illegally threatening, surveilling, and interrogating workers who were trying to start a union at its Staten Island, New York facility.
E-Commerce Platform Brimore Raises $25 Million In Funding: Brimore, an Egyptian-based social commerce platform, has raised $25 million in its Series A funding round. The funding was led by the International Finance Corporation (IFC) and Endure Capital and also saw participation from Fawry, Flourish, Endeavor Catalyst Fund, along with existing investors Algebra Ventures, Disruptech, Khawarizmi Ventures, and Vision Ventures.
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