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Good morning. It's Tuesday, Apr. 23, and we're covering, Nigerian Startup The Peer to Return $350,000 to Investors Following Shutdown, Meta Opens Quest Operating System to Third-Party Device Makers, Protests Over Israel-Gaza Conflict Rock Top US Colleges, and much more. First time reading? Sign up to get this newsletter: Sign up here. 

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $2.43 Trillion, a 0.34% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $66.24B, which makes a 0.48% increase.

• The total volume in Defi is currently $5.44B, 8.22% of the total crypto market 24-hours.

• The volume of all stablecoins is now $62.13B, which is 93.80% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 53.56%, a decrease of 0.1% over the day.

BUSINESS & FINANCE

Nigerian Startup The Peer to Return $350,000 to Investors Following Shutdown

The Peer, a Nigeria-based API startup, has announced its closure in April, citing challenges in finding product-market fit. Despite having up to twenty months of runway remaining, the startup opted to shut down, and return of funds to investors. Investors familiar with the company's finances revealed that The Peer intends to return approximately $350,000 of the $2.3 million raised to investors. With a monthly burn rate of less than $20,000, the decision to shut down early contrasts with the conventional startup wisdom of perseverance. The Peer's exploration of alternative products and business lines, such as fraud prevention, failed to yield convincing results that justified further investment. Despite backing from prominent investors like Chipper Cash, Flutterwave, and others, the startup struggled to scale and generate substantial revenue.

Takeaway: The Peer's co-founders acknowledged the inability to align the startup's product with market needs, particularly in the slow adoption of wallets as a viable payment option. While discussions for a possible acquisition were held, The Peer ultimately ceased operations without a successful acquisition. ( Read Deeper )

EU Threatens Suspension of TikTok Lite's Rewards Program Over Addiction Concerns

The European Commission has taken action against ByteDance's TikTok, threatening to suspend its newly launched TikTok Lite rewards program. This program allows users to earn points by engaging with content, but concerns have been raised about its potential addictive effects, particularly on children. TikTok has been given a 24-hour deadline to provide a risk assessment report for TikTok Lite and until May 3 to furnish additional requested information. Failure to comply could result in fines for the social media app. This isn't the first time TikTok has faced scrutiny from the EU. In February, the EU initiated formal proceedings against TikTok, investigating potential breaches related to the protection of minors, and the management of addictive design and harmful content.

Why it matters: The European Commission expressed worry that TikTok Lite's "Task and Reward Program" was launched without a thorough assessment of the risks involved, especially regarding the addictive nature of the platform. Given the suspected absence of effective age verification mechanisms on TikTok, children are believed to be particularly vulnerable to these risks. ( Read Deeper )

TECHNOLOGY & SCIENCE

Meta Opens Quest Operating System to Third-Party Device Makers

Meta Platforms, formerly known as Facebook, has announced a great move in the virtual and mixed reality industry by sharing its Quest headset's operating system with third-party device makers, including Microsoft, for the first time. The move aligns with Meta CEO Mark Zuckerberg's vision of owning the computational platform that powers VR and MR devices, akin to Google's Android OS in the smartphone market. Meta, partners like Asus and Lenovo will leverage the Horizon OS to develop devices tailored for specific activities.

Why it matters: Meta's ambition to expand its influence in the emerging VR and MR space by allowing partner companies to build their headsets using the Meta Horizon OS. This rebranded operating system brings advanced capabilities such as gesture recognition, passthrough, scene understanding, and spatial anchors to devices that run on it. ( Read Deeper )

Cyberattack on Change Healthcare Exposes Massive Data Breach, UnitedHealth Group Confirms

UnitedHealth Group, the parent company of health tech subsidiary Change Healthcare, has confirmed a data breach resulting from a recent cyberattack. The breach, perpetrated by a ransomware gang, has compromised private healthcare data belonging to a substantial portion of the American population. The breach is believed to affect a substantial portion of the U.S. population, highlighting the severity of the incident and the potential impact on individuals' privacy and security.

Takeaway: Change Healthcare, which specializes in handling insurance and billing processes for numerous hospitals, pharmacies, and medical practices across the United States, reportedly possesses health information on approximately half of all Americans. The breach has raised concerns about the security of sensitive medical data and the implications for affected individuals.( Read Deeper )

AROUND DE WORLD & POLITICS

Protests Over Israel-Gaza Conflict Rock Top US Colleges, Sparking Debate on Free Speech and Antisemitism

Protests against the ongoing conflict in Gaza have erupted at several prestigious US universities, including Columbia and Yale, prompting discussions about free speech, antisemitism, and the safety of Jewish students on campus. The demonstrations, which began in response to the war in Gaza, have escalated into heated debates and tense confrontations between opposing student groups. At Columbia University, protests led to the cancellation of in-person classes, while at Yale University, dozens of students were arrested as tensions flared. Accusations of antisemitism have surfaced, with some protesters expressing support for Hamas and calling for the destruction of Israel. However, protest groups have denied these allegations, stating that their criticism is directed solely at the Israeli state.

Takeaway: The situation has drawn the attention of federal lawmakers, with some calling for university officials to take action to ensure the safety of Jewish students. Congressman Jared Moskowitz stated that Columbia University would "pay the price" if it failed to address concerns about the well-being of Jewish students. ( Read Deeper )

Baltimore Accuses Dali Cargo Ship Owner and Operator of Negligence After Bridge Collapse

The city of Baltimore has filed court documents accusing the owner and operator of the cargo ship Dali of negligence in relation to the Francis Scott Key Bridge collapse last month. According to court filings made on Monday, the city alleges that the container ship was "clearly unseaworthy" when it departed from the Baltimore port. Baltimore's mayor and city council have accused both the owner, Grace Ocean Private, and the operator, Synergy Marine Group, of being "grossly and potentially criminally negligent."

Takeaway: The bridge collapse resulted in the tragic deaths of six construction workers and caused significant disruptions to shipping and traffic at the Port of Baltimore. The city argues that the proposed liability cap is "substantially less than the amount that will be claimed for losses and damages arising out of the Dali's collision with the Key Bridge." ( Read Deeper )

ENTERTAINMENT & SPORTS

Inter Milan Clinch 20th Serie A Title with Derby Victory Over AC Milan

Inter Milan secured their 20th Italian Serie A title in dramatic fashion, defeating arch-rivals AC Milan in the historic Derby della Madonnina. Francesco Acerbi opened the scoring for Inter with a header from Benjamin Pavard's flick-on, before Marcus Thuram extended their lead with a clinical finish. Fikayo Tomori pulled one back for Milan, but tempers flared in injury time, resulting in three red cards. ( Read Deeper )

Netflix Announces "The Greatest Roast of All Time: Tom Brady" Comedy Special

Netflix is set to roast former NFL quarterback Tom Brady in a star-studded comedy special titled "The Greatest Roast of All Time: Tom Brady," scheduled to air live on Sunday, May 5, at 8 p.m. ET. The announcement comes with a promise of merciless mockery from an all-star lineup of athletes and comedians. Hosted by Kevin Hart, the special will feature comedian Jeff Ross, known for his role as the industry's unofficial roastmaster. While many special guests are expected, only Brady, Hart, and Ross have been confirmed so far. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• How AI adds to human potential ( Listen )

EXTRA BREVITI

• Pomelo, a startup pioneering the "send now, pay later" concept in the fintech space, has secured a substantial $35 million Series A funding round from investors including the secretive Vy Capital and Founders Fund. ( Read More )