Israeli Cybersecurity Firm Cato Networks Plans IPO 🤑 Microsoft Hires Inflection Founders 🤝

Good morning. It's Wednesday, Mar. 20, and we're covering, Grayscale CEO Announces Fee Reductions for Bitcoin ETF Amid $12 Billion Outflows, Israeli Cybersecurity Firm Cato Networks Plans IPO, The Carevoice Secures $10M Series B Despite Health Tech Funding Slowdown, 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 $2.33 Trillion, a 4.17% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $181.38B, which makes a 15.24% increase.

• The total volume in Defi is currently $15.13B, 8.34% of the total crypto market 24-hours.

• The volume of all stablecoins is now $167.09B, which is 89.82% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 52.20%, a decrease of 0.30% over the day.

Grayscale CEO Announces Fee Reductions for Bitcoin ETF Amid $12 Billion Outflows

Grayscale's Chief Executive Officer, Michael Sonnenshein, revealed plans to reduce fees on the company's flagship bitcoin ETF, following outflows totaling $12 billion since its conversion into an ETF in January. Sonnenshein expects fees on the Grayscale Bitcoin Trust ETF to decrease as the crypto ETF market matures.
Grayscale's GBTC has faced substantial outflows, with more than $12 billion withdrawn, partly due to its higher-than-average fees. ( Read Deeper )  

BUSINESS & FINANCE

Israeli Cybersecurity Firm Cato Networks Plans IPO with Valuation Target Above $500 Million

Cato Networks, an Israeli cybersecurity firm valued at over $3 billion, has reportedly enlisted the services of investment banks Goldman Sachs, JPMorgan Chase, and Barclays to prepare for an initial public offering (IPO) on the New York Stock Exchange. The IPO is anticipated to take place by early 2025, with the possibility of an earlier debut if equity capital markets improve this year, Cato Networks aims to raise more than $500 million through the IPO. However, the company has yet to finalize the valuation it will seek at the time of its public offering.

Takeaway: The decision to go public reflects confidence in the company's performance and the overall market conditions. It suggests that Cato Networks believes it can achieve a successful IPO despite any previous market volatility. ( Read Deeper )

The Battle Between Coinbase And The SEC Has Taken On Multiple Fronts

Coinbase, one of the largest cryptocurrency exchanges in the United States, finds itself in a multifront legal battle with the U.S. Securities and Exchange Commission (SEC). The company filed a petition with the SEC requesting clear rules for the digital asset industry. However, the SEC denied Coinbase's petition, prompting the exchange to escalate its legal battle.

Takeaway: Coinbase is challenging the SEC on procedural grounds and arguing for fair notice, which reflects the company's determination to defend its position and protect its interests. ( Read Deeper )

TECHNOLOGY & SCIENCE

The Carevoice Secures $10M Series B Despite Health Tech Funding Slowdown

The Carevoice, a leading provider of embedded insurance solutions, has defied the trend by raising $10 million in a Series B financing round. The investment is led by a U.K.-based Apis Insurtech Fund I. The concept of embedded insurance, where insurance products are seamlessly integrated into third-party platforms to enhance customer experiences, has gained traction in recent years.

Why it matters: Despite the challenging fundraising environment, The Carevoice demonstrated resilience by achieving healthy cash flow and doubling its revenues in 2023. Carevoice distinguishes itself by delivering rapid and cost-effective solutions tailored to the needs of health providers. ( Read Deeper )

Uber Leads $100 Million Investment in African Fintech Startup Moove

Moove, a pioneering car-financing startup operating in the ride-hailing sector, has secured $100 million in a Series B funding round, with leading participation from Uber. This round, which brings Moove's total funding to approximately $460 million, highlights the growing interest in innovative fintech solutions tailored to emerging markets. Currently operating in six countries, Moove plans to leverage the new capital infusion to expand into 16 additional markets by the end of 2025.

Takeaway: By offering revenue-based car financing options to ride-hailing drivers, Moove enables individuals to purchase new vehicles using a portion of their weekly earnings. With an impressive $90 million in annual recurring revenue, Moove has demonstrated the viability and scalability of its business model. ( Read Deeper )

Microsoft Hires Inflection Founders to Lead New Consumer AI Division

Microsoft has recruited Mustafa Suleyman and Karén Simonyan, co-founders of the prominent AI startup Inflection AI, along with several of their colleagues.
Suleyman will spearhead Microsoft's newly formed consumer AI unit, aptly named Microsoft AI. Simonyan will join the company as Chief Scientist within the same division, contributing his expertise to drive innovation in consumer-facing AI products and research initiatives.

Takeaway: Inflection AI's close relationship with Microsoft dates back to a $1.3 billion funding round led by the cloud giant less than a year ago. As part of the transition, Inflection AI will pivot its focus to the AI studio business, where it will develop and test custom generative AI models. ( Read Deeper )

AROUND DE WORLD & POLITICS

Humanitarian Crisis Unfolds in Gaza as Malnourished Children Fill Hospital Wards

A humanitarian crisis is rapidly unfolding as malnourished children flood hospital wards, signaling the imminent threat of famine. With the ongoing conflict between Israel and Hamas, the situation has reached a critical juncture, with dire shortages of food, medicines, and clean water exacerbating the plight of vulnerable populations. With over 300,000 people trapped in the conflict zone, the situation is rapidly deteriorating, with children under two years old particularly vulnerable to acute malnutrition.

Why it matters: Despite efforts to provide aid, challenges remain, including limited access to medical supplies and restricted movement due to ongoing hostilities. Aid agencies have called for a ceasefire and opening border crossings to allow for the unhindered delivery of humanitarian assistance. ( Read Deeper )

North Korea Claims Progress in Development of Hypersonic Missile

North Korea has announced an advancement in its military capabilities, revealing the successful testing of a solid-fuel engine for its new intermediate-range hypersonic missile. This development, reported by state media on Wednesday, indicates Pyongyang's ongoing efforts to enhance its weaponry, potentially enabling strikes on targets further afield, including Guam, a US territory in the Pacific region.

Takeaway: solid-fuel missiles are generally favored for their quick launch capabilities and ease of concealment compared to liquid-fueled counterparts. Hypersonic weapons, capable of traveling at speeds exceeding five times the speed of sound, pose a unique challenge to regional missile defense systems due to their rapid velocity and maneuverability. ( Read Deeper )

ENTERTAINMENT & SPORTS

Aaron Taylor-Johnson: Speculation Mounts Again Over New James Bond

Speculation surrounding the coveted role of James Bond has reignited with reports suggesting that British actor Aaron Taylor-Johnson has been offered the iconic part. The Sun has disclosed that Taylor-Johnson, known for his roles in "Kick-Ass" and Marvel films, has been formally extended the opportunity to portray the renowned 007 spy, previously portrayed by Daniel Craig. ( Read Deeper )

Ariana Grande and Dalton Gomez Finalize Divorce

Pop sensation Ariana Grande and her former husband, real estate broker Dalton Gomez, have officially divorced after nearly three years of marriage. The dissolution of their marriage was finalized on Tuesday in a Los Angeles Superior Court judgment, as reported by the Associated Press. Grande, 30, and Gomez, 28, separated over a year ago, with no children or prenuptial agreement between them. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Sam Altman: OpenAI, GPT-5, Sora, Board Saga, Elon Musk, Ilya, Power & AGI ( Listen )

EXTRA BREVITI

• Bentley Motors, the renowned British luxury car manufacturer, has announced a delay in its plans to transition to an all-electric vehicle (EV) lineup. ( Read More )

• Brass secures new funding as customers confirm an end to withdrawal delays ( Read More )

• Nvidia’s Jensen Huang says AI hallucinations are solvable, artificial general intelligence is 5 years away ( Read More )