Paystack And PiggyVest Lead Acquisition Brass

Good morning. It's Wednesday, May. 29, and we're covering Paystack and PiggyVest Lead Acquisition Of Nigerian Digital Bank Brass, Neuralink Wants To Enroll Three Patients In Brain Implant Study, Israel's Rafah Operation Within US Limits, 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 $2.58 Trillion, a 1.31% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $88.98B, which makes a 12.04% decrease.

• The total volume in Defi is currently $5.98B, 6.72% of the total crypto market 24-hours.

• The volume of all stablecoins is now $83.1B, which is 93.39% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 52.30%, a decrease of 0.14% over the day.

BUSINESS & FINANCE

Paystack and PiggyVest Lead Acquisition Of Nigerian Digital Bank Brass

Brass, a Nigerian digital bank catering to small businesses, has been acquired by an investment group led by Paystack. The consortium includes PiggyVest, Ventures Platform, P1 Ventures, and angel investors Olumide Soyombo and Oo Nwoye. For Paystack and PiggyVest, the acquisition of Brass represents a strategic expansion into complementary business areas. PiggyVest, known for its consumer finance products, ventured into social payments with its acquisition of Pocket (formerly Abeg). Paystack, a leader in payment solutions for businesses across Africa, sees Brass as a natural extension to its service offerings, potentially providing a robust customer pipeline.

Takeaway: The acquisition follows a turbulent period for Brass. In March 2024, the company experienced a funding freeze, which resulted in a temporary suspension of customer withdrawals. Brass managed to secure fresh capital to address the issue and resume normal operations. Previously, Brass had raised over $2 million from investors but still faced financial challenges. ( Read Deeper )

T-Mobile To Acquire Most Of U.S. Cellular In $4.4 Billion Deal

T-Mobile has announced its plan to acquire the majority of U.S. Cellular in a deal valued at $4.4 billion, causing U.S. Cellular shares to surge by more than 12% on Tuesday. The acquisition, which includes a combination of cash and up to $2 billion in debt, is aimed at enhancing T-Mobile's coverage in rural areas by leveraging U.S. Cellular's wireless spectrum. Both companies expect the deal to close by mid-2025, pending regulatory approvals and customary closing conditions.

Why it matters: This acquisition will enable T-Mobile to expand its footprint in rural areas, leveraging the acquired spectrum to enhance service quality and connectivity for U.S. Cellular's customer base. U.S. Cellular will benefit from the stability provided by long-term lease agreements with T-Mobile. ( Read Deeper )

TECHNOLOGY & SCIENCE

Neuralink Wants To Enroll Three Patients In Brain Implant Study

Neuralink initially aimed to enroll 10 patients for its clinical trials but has now adjusted this number to three. The primary completion date for the study is projected to be in 2026, with the full study concluding by 2031. The trial will include patients aged 22 to 75 years who suffer from quadriplegia due to spinal cord injuries or amyotrophic lateral sclerosis (ALS). Eligible participants must have very limited or no hand, wrist, and arm movement and a life expectancy of at least 12 months.

Takeaway: Neuralink's clinical trial has been approved by the U.S. Food and Drug Administration (FDA). However, the company faced criticism for its initial lack of transparency, as it did not share study details publicly, a common practice to enhance public trust and respect for participating patients. The trial began in January, with the first participant being Noland Arbaugh, who is paralyzed from the shoulders down following a diving accident in 2016. ( Read Deeper )

Former FTX Exec Ryan Salame Sentenced to 7.5 Years in Prison

Ryan Salame, a former top lieutenant of FTX founder Sam Bankman-Fried, has been sentenced to seven and a half years, in prison. His sentencing is followed by three years of supervised release. Salame has also been ordered to pay over $6 million in forfeiture and more than $5 million in restitution. In 2021, Salame transitioned from a high-ranking post at Bankman-Fried’s crypto hedge fund, Alameda Research, to co-CEO of FTX’s Bahamian subsidiary, FTX Digital Markets. During his tenure, he spent millions on real estate and campaign donations.

Why it matters: In September, Salame pleaded guilty to charges of conspiracy to make unlawful political contributions, defraud the Federal Election Commission, and conspiracy to operate an unlicensed money-transmitting business. ( Read Deeper )

AROUND DE WORLD & POLITICS

Israel's Rafah Operation Within US Limits, Says White House

The US does not believe that Israel has initiated a full-scale invasion of Rafah in southern Gaza, according to White House spokesman John Kirby.
President Joe Biden had previously stated that he would limit weapons supplies to Israel if it entered the heavily populated areas of Rafah, where many civilians are believed to be sheltering. The Israeli Defense Forces (IDF) began what it calls “targeted” ground operations against Hamas in Rafah on May 6.

Takeaway: Israeli Prime Minister Benjamin Netanyahu has asserted that taking Rafah is essential for achieving victory in the ongoing conflict with Hamas, despite international warnings about potential humanitarian consequences. Kirby addressed questions regarding an Israeli strike on a camp for displaced people that killed at least 45 Palestinians, including many women, children, and elderly individuals. ( Read Deeper )

Recognition Of Palestinian State By Spain, Ireland, And Norway

Spain, Ireland, and Norway have formally recognized a Palestinian state, this is an important diplomatic move that aligns with a long-held Palestinian goal and responds to international outrage over the humanitarian crisis in Gaza following Israel's military actions. The recognition by these three countries, two of which are EU members, may influence other European Union countries to consider recognizing a Palestinian state. This could enhance the Palestinian Authority's international standing and increase pressure on Israel to engage in peace negotiations.

Takeaway: In the short term, the recognition is unlikely to change the situation on the ground. Peace talks are stalled, and Israel's current government opposes Palestinian statehood. Israel has strongly opposed tDjokovic's Solid Start at the French Openhese recognitions, recalling its ambassadors from Ireland, Norway, and Spain. Prime Minister Benjamin Netanyahu condemned the move as rewarding terrorism and argued it would harden the Palestinian stance and undermine negotiations. ( Read Deeper )

ENTERTAINMENT & SPORTS

Djokovic's Solid Start at the French Open

Novak Djokovic's steady start at the French Open against Pierre-Hugues Herbert marks a positive step in his title defense amid a season of challenges. Herbert's participation, underscored by his son's health battle, added a poignant layer to the match, drawing emotional support from the Parisian fans. As Djokovic advances, his improved form and rekindled competitive spirit will be crucial in his pursuit of another Grand Slam title. ( Read Deeper )

Jennifer Lopez Keeps Focus On Work

Jennifer Lopez is channeling her energy into her professional endeavors as she navigates the complexities in her marriage with Ben Affleck. The star, 54, is preparing for her North American summer concert tour while also celebrating the success of her latest film, "Atlas," which launched as the No. 1 movie on Netflix in 55 countries over Memorial Day weekend. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Reid Hoffman, co-founder of LinkedIn and venture capitalist, has delved into the realm of artificial intelligence by exploring the possibilities of cloning his own voice. ( Listen )

EXTRA BREVITI

• Faircado, a Berlin-based startup dedicated to promoting sustainable consumption, has recently secured $3 million in a seed funding round.( Read More )

• More U.S. lawmakers meeting with Taiwan's president as China tensions mount ( Read More )