OpenAI Responds To Elon Musk's Lawsuit

Good morning. It's Wednesday, Mar. 6, and today we're covering, Binance ceasing naira transactions, OpenAI responds to Elon Musk's lawsuit, former Twitter CEO Parag Agrawal sues Elon Musk, former President Trump seeks new trial in defamation lawsuit, Taylor Swift's exclusive concert deal with Singapore sparks regional debate, 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 $2.38 Trillion, a 5.41% change in the last 24 hours.

• The total crypto market volume over the last 24 hours is $260.23B, which makes a 53.36% increase.

• The total volume in DeFi is currently $18.1B, 6.96% of the total crypto market 24-hour volume.

• The volume of all stable coins is now $233.89B, which is 89.88% of the total crypto market 24-hour volume.

• Bitcoin’s dominance is currently 52.56%, a decrease of 0.58% over the day.

• The cryptocurrency market witnessed a whirlwind of activity on Tuesday as Bitcoin, the flagship digital currency, soared to a new all-time high of $69,170 before sharply plummeting 12% within just five hours. (Read Deeper)

• Economist Claims Bitcoin Will Kill MicroStrategy Despite $6.7 Billion in Profits. (Read Deeper)

BUSINESS & FINANCE

Binance Ceases Naira Transactions Amid Regulatory Scrutiny in Nigeria

• Binance Nigeria, one of the leading cryptocurrency platforms in the country, has announced its decision to terminate all services involving the Nigerian naira (NGN) effective March 8, 2024. The exchange also announced the immediate suspension of naira deposits, with transactions not supported after 2:00 pm UTC on Tuesday, March 5, 2024.

• Regulatory environment: The actions taken by Binance reflect the challenges faced by cryptocurrency exchanges operating in Nigeria due to the evolving regulatory landscape. The government's crackdown on crypto platforms raises questions about the future of digital asset regulation in the country and its impact on the crypto industry. (Read Deeper)

British Neobank Monzo Raises $430 Million Led by Alphabet's CapitalG

• British digital bank Monzo has successfully secured $430 million in a recent funding round led by CapitalG, the independent venture arm of Google's parent company Alphabet. This substantial investment is poised to propel Monzo's ambitious plans, particularly its renewed endeavor to relaunch its services in the United States.

• The big picture: Monzo's decision to expand into the U.S. market comes after its previous attempt was hampered by regulatory challenges. With over 9 million retail customers and 400,000 business banking customers in the U.K., Monzo has demonstrated its appeal and market potential. (Read More)

TECHNOLOGY & SCIENCE

OpenAI Responds To Elon Musk's Lawsuit

• In a tit-for-tat exchange, OpenAI, the leading artificial intelligence (AI) startup, has issued a comprehensive response to recent allegations made by Elon Musk, co-founder of the organization. Musk's accusations centered on OpenAI's purported deviation from its nonprofit mission to prioritize profits, leading to a legal dispute that could have far-reaching implications for the future of AI development.

• Funding and Vision: Elon Musk initially committed to a substantial funding amount of up to $1 billion for OpenAI. However, the actual contributions amounted to less than $45 million, prompting the organization to seek additional funding from other donors. Discrepancies arose regarding the vision for achieving artificial general intelligence (AGI) and the necessary resources for its development. (Read Deeper)

Former Twitter CEO Parag Agrawal Sues Elon Musk Over Unpaid Severance

• In a legal saga involving Elon Musk, former Twitter CEO Parag Agrawal, along with three other executives, filed a lawsuit against Musk on Monday, claiming they are owed over $128 million in severance payments. The lawsuit stems from Musk's acquisition of Twitter, formerly known as X, and his subsequent decision to terminate Agrawal, CFO Ned Segal, and lawyers Sean Edgett and Vijaya Gadde.

• Takeaway: The lawsuit raises concerns about fair treatment and compensation for employees following company acquisitions. The outcome of the lawsuit may set a precedent for future cases involving corporate acquisitions and executive severance agreements. (Read Deeper)

China to Intensify Focus on Quantum Computing and AI

• China has unveiled plans to ramp up efforts in emerging technologies such as quantum computing, artificial intelligence (AI), and big data. This announcement was made in a government work report, signaling a strategic shift towards prioritizing domestic innovation and reducing dependence on foreign suppliers.

• Why it matters: China's push for self-sufficiency could disrupt global supply chains, especially in industries heavily reliant on Chinese manufacturing and technology. Companies may reassess their supply chain strategies and diversify their sourcing to mitigate risks associated with geopolitical tensions and trade disruptions. (Read Deeper)

Coinbase Challenges SEC's Attempt to Use Default Judgment in Lawsuit

• Coinbase, the popular cryptocurrency exchange, is pushing back against the Securities and Exchange Commission (SEC) after the agency sought to use a default judgment ruling in a separate case to strengthen its lawsuit against Coinbase. the SEC aimed to inform the court of a default judgment made last week, which concluded that trading certain crypto assets on secondary markets constituted securities trading.

• Regulatory Clarity: The case is the ongoing struggle to define the regulatory framework for cryptocurrencies and digital asset trading platforms. Clear guidance from the courts regarding the classification of certain crypto assets as securities could provide much-needed clarity for industry participants and investors. (Read Deeper)

ENTERTAINMENT & SPORT

Taylor Swift's Exclusive Concert Deal with Singapore Sparks Regional Debate

• Taylor Swift's ongoing concerts in Singapore have thrust the city-state into the spotlight, igniting debate over an exclusive deal that prohibits the global pop icon from performing elsewhere in Southeast Asia. The deal, reportedly struck between Swift and Singaporean authorities, has raised concerns among neighboring nations about missing out on the economic benefits of hosting her concerts.

• Why it matters: Taylor Swift's concerts are known to generate significant revenue and tourism opportunities for host countries. Under the terms of the deal, Swift is contractually obligated to perform only in Singapore as part of her Southeast Asian leg of the tour. (Read Deeper)

Bayern Munich 3-0 Lazio (3-1 on agg): Harry Kane's Brace

Bayern Munich staged a remarkable comeback to defeat Lazio 3-0 at the Allianz Arena, securing their spot in the quarter-finals with a 3-1 aggregate victory. The hero of the night was none other than England captain Harry Kane, whose brace propelled Bayern to victory. For Kane, the victory was not just about goals, it was about leading Bayern to a crucial win in what has been a challenging season.(Read Deeper)

AROUND DE WORLD & POLITICS

Former President Trump Seeks New Trial in Defamation Lawsuit

• Former President Donald Trump is pushing for a new trial in the defamation lawsuit filed against him by advice columnist E. Jean Carroll, citing heavy restrictions placed on his testimony during the trial proceedings. The move comes after a New York jury ordered Trump to pay $83.3 million in damages to Carroll, following her accusations of sexual assault.

• Takeaway: Trump's legal team argues that the restrictions imposed on his testimony during the trial heavily prejudiced the case, limiting his ability to address crucial aspects of the allegations made by Carroll. (Read More)

Russia and China Consider Joint Project to Establish Nuclear Power Plant on the Moon

• In an unprecedented move, Russia and China are exploring the possibility of collaborating on a project to install a nuclear power plant on the moon by the mid-2030s. Yuri Borisov, the head of Russia's space agency Roscosmos, revealed this ambitious endeavor during a statement on Tuesday, suggesting that such a development could pave the way for future lunar settlements.

• Why it matters: The successful deployment of a nuclear power plant on the moon could provide a sustainable and reliable source of energy for future lunar habitats. This development is crucial for supporting long-term human presence on the moon, enabling scientific research, resource utilization, and potentially even colonization. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

Join Omar as he dives into the whole hustle culture thing

• If you are ready to learn the real deal about hustle culture and pick up some killer strategies for crushing it in business without burning out, hit that play button. (Listen here) 

Extra Breviti

• Trump notches early wins as he seeks knockout blow to Haley on Super Tuesday.(Read)

• Google aims to SEO-optimize junk pages and spam with new search updates.(Read )

• Mideast Starbucks franchisee firing 2,000 workers after being targeted in Israel-Hamas war boycott. (Read)

• Trump, Biden set to dominate Super Tuesday. (Read)

• Super Tuesday: Trump and Biden cement all-but-certain rematch. (Read)