Meta to Shut Down 🔒 Its Digital Wallet Novi in September

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.

Share Scott D. Clary’s Newsletter

Or… invite friends to the newsletter through our referral program for Amazon gift cards.

Get a Referral Link

– Scott


Meta to Shut Down 🔒 Its Digital Wallet Novi in September

(Image Source)

Meta’s money-transfer service that uses the company`s own cryptocurrency digital wallet ‘Novi pilot’ is shutting down on September 1.

Facebook-parent Meta launched the digital wallet in 2021 with much fanfare. However, the tech giant is feeling the effects of the recent crypto crash and has decided to shut down its digital wallet.

The company took to its website to announce the news.

“Both the Novi app and Novi on WhatsApp will no longer be available starting September 1, 2022. When the pilot ends, you will not be able to log in and access your Novi account,” the company said on its website. Meta has asked users to withdraw their funds “as soon as possible.”

Novi wallet users will lose access to their accounts in September, and will no longer be able to add money to Novi starting 21 July.

If any user fails to withdraw their remaining balance, the company will attempt to transfer their funds to the bank account or debit card added to the service.

Tesla Delivered 254,695 Cars 🚗 in Q2 2022

(Image Source)

Tesla delivered 254,695 electric vehicles globally in Q2 2022, a nearly 18% decline from the previous quarter as supply chain challenges, China’s extended coronavirus lockdown, and constraints around opening manufacturing facilities in Austin and Berlin took their impact on the EV maker.

While the automaker has posted record deliveries every quarter since the third quarter of 2020, weathering pandemic and supply-chain constraints, this is the first time in two years that car deliveries of the company, which were 310,048 in the first quarter this year, have dropped quarter over quarter.

For the second quarter, Tesla’s Model 3/Y deliveries accounted for 238,533, while the combined Model S and Model X deliveries reached just 16,162.

On the manufacturing front, the overall production figure hit 258,580 in the second quarter. The production breakdown lists Model 3/Y at 242,169 of the total production figures, leaving Model S/X at 16,411.

As legacy automakers and startups continue to offer newer electric vehicles, Tesla’s share of the global and domestic EV market is expected to decline but remain substantial.

Ethereum Transaction Fees Dropped 🔽 to 0.0016 Ether

(Image Source)

Ethereum gas fees hit their lowest point since November 2020 on July 2, as the average network fee fell to $1.67 or 0.0016 Ether per transfer, according to data from BitInfoCharts.

Basically, the transaction fee or gas fee is the amount of Ethereum required to drive a transaction on the blockchain network. ETH gas fees compensate the network’s mining participants for validating transfers.

Between July 2016 and May 2017, Ethereum gas fees ranged from $0.01 to $0.10 per transfer.

But since January 2021, Ethereum’s gas fees have increased, owing to the hype around decentralized finance (DeFi), non-fungible tokens (NFTs), and a bullish market.

Since last August and February 2022, each transfer was costing at least $20.

During this time, the fee sometimes increased by $30, $40, or more per transaction. However, on July 2, the average transaction fee hit a low of $1.67 per transfer.

Currently, the Ethereum average network fee is significantly less compared to other transaction rates.

This comes amid the bearish crypto market and massive fall in all activities related to the crypto industry.

Edtech Startup AlGooru Raises $1.8 Million in Seed Funding 💰

(Image Source)

AlGooru, an edtech-platform based in the Kingdom of Saudi Arabia, has secured $1.8 million in a seed funding round.

The funding saw participation from RAZ Group, RZM Investment, 100 Ventures, RAY Investment, and esteemed angels from Oqal Angel Investors.

Founded by Khalid Abou Kassem, AlGooru is a tutoring network marketplace that connects students with qualified tutors on a mobile app.

The platform offers students a facilitating method of connecting with specialized tutors.

AlGooru helps students to find reliable and best tutors in all fields. The platform allows tutors to manage their sessions & price their own rates.

Since its inception, the company has recruited more than 450 vetted private tutors, covering more than 210 academic and non-academic teaching subjects.

It aims to further connect with a wider network of partners that will allow the exchange of best practice knowledge to improve.

The startup plans to use the fresh capital to expand its offerings in the edtech sector by widening its network of A-class partners in Saudi Arabia.

Around the Web 🌐

Crypto Scammers Hack British Army’s Social Media Accounts: The official social media accounts of the British Army were breached on July 3 for almost four hours, advertising fake non-fungible token (NFT) collections and cryptocurrency scams. The United Kingdom Ministry of Defence (MOD) confirmed the same saying its official Twitter, Facebook, and YouTube accounts were infiltrated and that they were investigating.


Podcast

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.

Check Out The Podcast

Latest Episode 👇


If you enjoyed the newsletter, please share it with a friend who’d find it useful.

-Scott

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.

Share Scott D. Clary’s Newsletter

Or… invite friends to the newsletter through our referral program for Amazon gift cards.

Get a Referral Link

– Scott


Meta Warns Employees ⚠️ of Rough H2 in Internal Memo 📝

(Image Source)

Meta has warned employees to expect a tougher second half of the year as the company continues to weather challenges related to its core online advertising business amid a weaker economic environment.

The message comes in an internal memo from Meta’s chief product officer Chris Cox in which he detailed key priorities and challenges to its business going forward.

“I have to underscore that we are in serious times here and the headwinds are fierce,” Cox wrote in the memo.

“We need to execute flawlessly in an environment of slower growth, where teams should not expect vast influxes of new engineers and budgets,” he added.

To offset challenges related to the online advertising business, Cox said the company is pushing hard to make money from Instagram Reels and also investing in AI to drive content recommendations.

Additionally, the company also plans to invest in features that would make it easier for retailers to show ads to customers on its family of apps and for employees to communicate with businesses through messaging.

FCC Approves SpaceX’s Starlink Internet Service For Use in Vehicles in Motion 🚗

(Image Source)

The Federal Communications Commission has granted SpaceX to provide Starlink satellite internet in moving vehicles, including cars, trucks, boats, and aircraft, providing a key step for the company to further expand the service.

“Authorizing a brand unusual class of [customer] terminals for SpaceX’s satellite TV for laptop machine will amplify the vary of broadband capabilities to meet the rising user demands that now require connectivity while on the hump, whether driving an RV across the country, shifting a freighter from Europe to a U.S. port or while on a domestic or global flight,” FCC global bureau chief Tom Sullivan wrote within the authorization posted on June 30.

SpaceX requested regulatory approval from the FCC in March 2021 to allow Earth Stations in Motion (ESIM) Starlink terminals to be used for vehicles in motion.

The authorization will now allow the company to provide mobile Starlink service to consumers, businesses, and more.

To receive broadband internet coverage, customers must purchase a personal user terminal or ground-based antenna, which is designed to connect with any orbiting Starlink satellites.

EU 🇪🇺 Agrees on Rules to Crack Down ⚡ on Wild West Crypto Market

(Image Source)

The European Union officials have reached a landmark agreement for regulating the cryptocurrency industry, the first major regulatory framework for the digital asset industry.

The EU lawmakers, European Commission, and member states reached a deal in Brussels after hours of negotiations.

This move comes a day after the three key institutions finalized measures aimed at dealing with money laundering in the crypto market.

Dubbed as Markets in Crypto-Assets (MiCA) framework, the provisional agreement includes guidelines covering issuers of unbacked crypto assets, trading platforms, stablecoins, and wallets in which crypto-assets are held.

Under the new rules, stablecoins like USDC and Tether will have to maintain sufficient reserves to meet redemption requests in the occurrence of mass withdrawals.

MiCA will also address environmental concerns within the crypto industry and will ask companies to disclose their energy consumption as well as the impact of digital assets on the environment, among other issues.

This landmark regulation will try to put an end to the crypto wild west, confirming the EU’s role as a standard-setter for digital assets.

Medical Diagnostic Company Visby Medical Nabs $35M in Series E Expansion 💰

(Image Source)

Visby Medical, a U.S.-based medical diagnostic company, expanded its Series E funding round to include an additional $35 million for a total of over $135 million funding in the round.

The expanded funding was led by Lightrock, along with participation from existing Series E investors, including John Doerr, Cedars Sinai Medical Center, ND Capital, Artiman Ventures, Pitango Venture Capital, Blue Water Life Science Advisors, and J Ventures.

Visby Medical is a medical diagnostic company that develops PCR-based diagnostic tests for the detection of infectious diseases.

The company’s proprietary technology development program culminated in the world’s first instrument-free, single-use PCR platform that fits in the palm of your hand and tests for serious infections.

Visby’s technology is also helping to fight the global pandemic via the Visby Medical COVID-19 Test, and its pipeline includes tests for other infectious diseases.

The company plans to use the additional funds to scale production capacity, further expand the product menu to include advanced respiratory health tests & antimicrobial resistance panels, and deliver the power of PCR diagnostics to consumers at home.

Around the Web 🌐

Crypto Exchange FTX Close To Buying BlockFi, Say Reports: Cryptocurrency exchange FTX is near purchasing digital asset lender BlockFi’s remaining assets for $25 million. According to confidential sources, the term sheet is almost over the finish line and expected to be signed by the end of the week.


Podcast

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.

Check Out The Podcast

Latest Episode 👇


If you enjoyed the newsletter, please share it with a friend who’d find it useful.

-Scott

New podcasts & articles to your inbox.

No Spam. Promise.

Pin It on Pinterest

Skip to content