This is a daily newsletter that covers trending business, tech and finance stories. If you enjoyed the newsletter, please share it with a friend who’d find it useful.
Or… invite friends to the newsletter through our referral program for Amazon gift cards.
Instagram to Start Testing 🧪 NFTs This Week
Instagram will start testing the integration of non-fungible tokens (NFTs) on the platform starting this week, Meta CEO Mark Zuckerberg said in a video post.
Instagram head Adam Mosseri said that the platform is going to start testing NFTs with select creators in the United States this week.
“NFTs on Instagram. This week we’re beginning to test digital collectibles with a handful of US creators and collectors who will be able to share NFTs on Instagram. There will be no fees associated with posting or sharing a digital collectible on IG,” said Mosseri in a Twitter post.
At launch, Instagram will support Ethereum and Polygon blockchains for showcasing NFTs, with the support for Flow and Solana to follow soon.
The platform will support third-party wallets such as MetaMask, Rainbow, and Trust Wallet at launch, with Coinbase, Dapper, and Phantom coming soon.
Creators and users who are part of the test can share NFTs that they’ve made or that they’ve bought. In addition, you can also share NFTs in the main Instagram Feed, in Stories, or in messages.
Bollinger Motors 🚗 Chooses Roush as Manufacturing Supplier
U.S.-based EV manufacturer Bollinger Motors has selected Roush Industries as the contract manufacturer to assemble its line of all-electric platforms and chassis cabs for its medium-duty Class 3–6 commercial vehicles.
The EV startup will source and provide all materials for Roush to assemble its all-electric vehicle platforms and chassis cabs in a fully staffed, operational, and scalable facility in Livonia, Michigan — within 20 miles of Bollinger’s Oak Park headquarters.
“We will be building state-of-the-art vehicles from day one right here in Michigan,” said Robert Bollinger, founder, and CEO of Bollinger Motors.
He added saying, “Roush has significant engineering and assembly history, and we’re excited to work with them to provide our commercial fleet customers with exceptional electric vehicles.”
Besides this, the company will also work closely with Roush on assembling pre-production units and performing validation testing ahead of the ramp-up to production.
Bollinger selected Roush because of its knowledge base and track record in working with both startups and established OEMs, as it believes that Roush will help it to achieve quality and production targets confidently.
El Salvador 🇸🇻 Buys 500 More Bitcoins amid Prices Drop
El Salvador has cashed on the dipped prices of bitcoin as the country has added 500 more Bitcoins to its central reserve.
Since El Salvador adopted the cryptocurrency as legal tender in September last year, the Salvadoran government has purchased 2,301 bitcoins altogether.
In a Twitter post, President Nayib Bukele said, “El Salvador just bought the dip! 500 coins at an average USD price of ~$30,744.”
The president has been a constant dip buyer over the past few months as he foresees good long-term prospects for bitcoin.
The Central American country adopted bitcoin as a legal tender on September 7, 2021, and since then, the country has been purchasing bitcoin periodically. In addition, the country also plans to issue a $1 billion, 10-year bitcoin bond this year.
While El Salvador’s total bitcoin holdings have lost over $30 million in value, the country’s President is still bullish about BTC, expecting the price of bitcoin to reach record-high levels this year.
Payment Startup Paymob Nabs $50 Million in Series B Funding 💰
Paymob, an Egypt-based digital payments service provider, has raised $50 million in its Series B funding round, reportedly the largest such funding for a Fintech startup in that country.
The funding was led by PayPal Ventures (global corporate venture arm of PayPal), Kora Capital, and Clay Point.
The round also saw participation from several new investors such as Helios Digital Ventures, British International Investment (formerly the CDC Group), Nclude, the venture fund launched by Global Ventures, and three Egyptian banks.
Existing investors A15, FMO, and Global Ventures also participated in the round.
Founded in 2015 by Alain El Hajj, Islam Shawky, and Mostafa Menessy, Paymob is a digital payments provider that helps small and large enterprises accept payments online and in-store.
The company is bridging the financial inclusion gap in the MEA region by enabling businesses of all sizes to benefit from the power of digital payments.
Paymob plans to use the fresh capital to expand its product range and enter into new markets throughout the Middle East and African regions.
Around the Web 🌐
Japan’s SBI Group to Adopt Bitcoin And XRP Payments: SBI Motor Japan, a subsidiary of SBI Africa Co. Ltd., has started accepting cryptocurrency payments for used cars. The e-commerce platform said that its customers can now make payments for used cars using Bitcoin (BTC) and Ripple (XRP).
If you like the content in this newsletter, there’s a pretty good chance you’ll like my podcast, “Success Story”, where I unpack the playbooks of entrepreneurs, executives and other high performing individuals.
Latest Episode 👇
If you enjoyed the newsletter, please share it with a friend who’d find it useful.