Today’s tech news roundup: Genesis and Gemini returned over $2B in crypto. BlackRock’s IBIT is now the largest bitcoin ETF. AWS and Orange to offer cloud services in Morocco and Senegal. Google is building an undersea cable from Africa to Australia. Nvidia’s market value surged close to Apple’s.
Fintech
1. UK challenger bank Monzo nabs another $190M as US expansion beckons
Monzo has raised an additional £150 million ($190 million), aiming to expand internationally, particularly in the U.S. This follows a £340 million ($425 million) raise two months prior, bringing its 2024 total to over $610 million. Monzo’s valuation now stands at £4.1 billion ($5.2 billion), with strong investor interest underscoring its growth potential. (Tech Crunch)
Crypto
2. Gemini customers get back over $2 billion in crypto from Genesis bankruptcy
Genesis and Gemini have returned over $2 billion in crypto to 232,000 Gemini Earn customers, achieving a 242% return on locked assets since January 2023. Customers will receive 97% of repayments immediately, with the remainder within 12 months. (Yahoo!Finance)
3. BlackRock’s ETF becomes largest bitcoin fund in world, Bloomberg News reports
BlackRock’s spot bitcoin ETF, IBIT, has become the largest of its kind, surpassing Grayscale’s GBTC after a $102 million inflow. IBIT now holds nearly $20 billion worth of bitcoin. (CoinDesk)
Internet governance
4. In remembrance – Erik Bais
Erik Bais, a cherished member of the RIPE community, passed away on 28 May 2024. Serving as the Chair of the Address Policy Working Group since 2018, Erik’s contributions and mentorship were invaluable. (RIPE NCC)
IT infrastructure
5. Data centres could use 9% of US electricity by 2030, research institute says
Data centers could consume up to 9% of U.S. electricity by 2030, more than doubling their current usage, according to the Electric Power Research Institute. The growth, driven by technologies like generative AI, could result in annual electricity use increasing between 3.7% and 15% through 2030. (U.S. News)
6. AWS, Orange to offer cloud computing in Morocco, Senegal
Amazon Web Services (AWS) will offer cloud computing in Morocco and Senegal via its AWS Wavelength platform, partnered with Orange. Increased demand from banks, telecom, and healthcare firms is driving Africa’s cloud market, projected to reach $18 billion by 2028. (Aol.)
7. Google launches first direct Africa to Australia subsea cable
Alphabet Inc.’s Google is constructing Umoja, the first undersea fiber optic cable directly connecting Africa with Australia, enhancing internet access in underserved regions. Starting in Kenya, the cable will traverse several African countries before reaching Australia, following Google’s Equiano cable linking Africa with Europe. (Bloomberg)
8. Exa opens cable landing station in Genoa
Exa Infrastructure has upgraded its Genoa network facility to a fully open cable landing station (CLS) to meet future subsea cable demands. The new open CLS will provide diverse connectivity options, linking five European transmission routes, promoting competition and innovation. (Capacity)
9. Orbus Software launches new Qatar-based node for OrbusInfinity
Orbus Software has launched a new Qatar-based node for its OrbusInfinity SaaS platform, enabling users to connect to Qatar’s Azure Data Centre. This ensures compliance with local data sovereignty and residency requirements. (Capacity)
AI
10. Meta identifies networks pushing deceptive content likely generated by AI
Meta discovered likely AI-generated content on Facebook and Instagram, including comments praising Israel’s actions in Gaza, attributed to Tel Aviv-based STOIC. This is Meta’s first report of text-based generative AI misuse. (Reuters)
11. Arm offers new designs, software for AI on smartphones
Arm Holdings unveiled new chip blueprints and software tools to enhance smartphones’ AI capabilities, aiming to expedite adoption by providing ready-to-manufacture physical designs. Collaborating with Samsung and TSMC, Arm’s new CPUs and GPUs, along with developer-friendly tools, support faster market entry and improved AI performance in smartphones and PCs. (Reuters)
12. OpenAI signs content deals with The Atlantic and Vox Media
OpenAI, led by Sam Altman, announced partnerships with The Atlantic and Vox Media to enhance and train its AI products using their content archives. These deals, crucial for AI model training, also offer media firms a share in profits typically earned by tech giants. OpenAI recently signed a similar deal with News Corp. (Reuters)
13. AI darling Nvidia’s market value surges closer to Apple
Nvidia’s shares surged 6% to a record high on Tuesday, reaching a market value of $2.8 trillion, nearly overtaking Apple’s $2.9 trillion. The rise follows Nvidia’s strong revenue forecast and stock split announcement. Nvidia’s shares have doubled this year, driven by high demand for its AI chips. (Investing.com)
IoT
14. Quectel unveils latest IoT innovations at CommunicAsia 2024
Quectel Wireless Solutions is showcasing its latest innovations at CommunicAsia 2024 in Singapore, including 5G, Smart, Satellite, GNSS, and Automotive modules. Highlights include QuecPython, a Python runtime for IoT, and QuecOpen, an open-source platform. (IoT Now)
15. Soracom announces low-cost high data IoT plans for Europe
Soracom, Inc. announced Plan X3-EU, a low-cost cellular data plan for high data consumption IoT use cases across Europe. Starting at €4.50 annually for 25MB per month, with scalable options up to 3GB, it includes cloud-native platform services for managing SIMs, reducing data costs, and remote device access, supporting diverse IoT deployments. (IoT Business)
