News
Each day, DailyAlts tracks major developments across the alternative investment world. Our content is procured from primary contacts in the industry and secondary sources across the web. Our goal is to give readers the most up-to-date news and engaging experience to open new doors and areas of knowledge. Our stories cover nine separate verticals of the alternative investment industry.
Top Story
Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while the ROCm 6 open software stack introduces new features supporting Large Language Models (LLMs). Additionally, the Ryzen 8040 Series processors come equipped with Ryzen AI capabilities.
Get Daily Updates
Subscribe to DailyAlts Today to get Alternative Investment news, insight, and commentary delivered straight to your inbox every day.
More Stories on News
Digital Assets: CoinDesk May Change Hands At $125M
A group of investors, led by Matthew Roszak of Tally Capital and Peter Vessenes of Capital6, is finalizing a deal to acquire CoinDesk, a media company focused on cryptocurrency. The enterprise value of the transaction is approximately $125 million. CoinDesk’s parent company, Digital Currency Group (DCG), is expected to retain a stake in the media, events, data, and indexes business as part of the deal. CoinDesk’s current management is also expected to remain in place.
Digital Assets: Gensler Rips Crypto Even As The SEC Reviews Multiple Bitcoin ETFs
During a Senate committee hearing, SEC Chair Gary Gensler labeled cryptocurrencies as a highly speculative asset class and criticized the industry for being filled with fraud and scams. He highlighted that the crypto field operates on models that would not be permitted in traditional securities markets and expressed concerns about the harm it has caused to many Americans.
Digital Assets: Myanmar’s Rebel Government NUG To Launch Neobank Accepting Crypto Deposits
swaps. The bank aims to offer services like currency swap, fixed deposits, and prize-linked savings accounts. The NUG recognized stablecoin Tether (USDT) as legal tender at the end of last year.
Venture Capital: KKR To Lead $190M Series C In South Korean Fashion Platform MUSINSA
South Korean online fashion platform, MUSINSA, and global investment firm, KKR, have signed definitive agreements for a Series C fundraise of US$190 million for MUSINSA. This investment is KKR’s first technology growth investment in Korea as part of its Asia Next Generation Technology (NGT) strategy. Wellington Management, one of the world’s largest independent investment management firms, also participated in the round.
FinTech: BNPL Leader Klarna Ties With Money Adviser To Offer Customers Free Debt Advice
Klarna, a global payments network and shopping destination, has partnered with the Money Adviser Network to offer free and impartial debt advice to its consumers. Klarna, as the pioneering Buy Now Pay Later (BNPL) provider to collaborate with the Money Adviser Network, will guide its customers to debt advice services offered by the network’s members, ensuring round-the-clock support for individuals seeking credit advice.
Artificial Intelligence: Apple Said To Be Working On Apple GPT, It’s Own Generative AI Model
Apple (NASDAQ: AAPL) is reportedly working on its own large language model (LLM) similar to ChatGPT, referred to internally as “Apple GPT.” The company’s motivation behind developing this model is to avoid falling behind competitors in the AI landscape. These rivals include OpenAI and Google (NASDAQ: GOOGL).
FinTech: The Central Banks Of Nigeria And Egypt To Collaborate On A “Nigeria-Egypt Fintech Bridge”
The Central Bank of Nigeria (CBN) and the Central Bank of Egypt (CBE) have agreed to establish a Nigeria-Egypt FinTech Bridge. The memorandum of understanding (MOU) was signed during the Seamless North Africa 2023 conference in Cairo.
Artificial Intelligence: Meta Ups AI Ante, Launches Llama 2, A Free Large Language AI Model; Ties With Microsoft
Mark Zuckerberg and Satya Nadella recently announced a partnership between Meta (NASDAQ: META) and Microsoft (NASDAQ: MSFT) on Instagram. Meta, the parent company of Facebook, has developed an AI system called Llama 2, which is a large language model similar to ChatGPT.
Alternative Investments/ESG: DWS Introduces A Range Of Factor-Based Equity ETFs With A Focus On ESG
DWS has introduced a series of exchange-traded funds (ETFs) that offer an environmental, social, and governance (ESG) version of its global equity factor ETFs range. These ETFs, listed on the Deutsche Boerse and the London Stock Exchange, have a total expense ratio of 0.25%. The funds track MSCI indices and focus on low carbon metrics and socially responsible investing, targeting large and mid-cap companies from developed countries.
Venture Capital: Coke Bottlers Join to Launch Sustainable Venture Capital Fund
Coca-Cola Bottling Co. United, based in Birmingham, is part of a $137.7 million venture capital fund focused on sustainability investments. The fund, called the Greycroft Coca-Cola System Sustainability Fund, will be managed by Greycroft, a venture capital firm. Coca-Cola Bottling Co. United is contributing $15 million to the fund.
Venture Capital: Wa’ed Ventures, The Venture Capital Arm Of Aramco, Invests In Tenderd, An AI-Powered Emissions Monitor
Tenderd is a UAE-based startup backed by Peter Thiel. Wa’ed Ventures, the venture capital arm of Aramco (TADAWUL: 2222), has made a strategic investment in Tenderd, an AI-forward startup specializing in decarbonizing construction and logistics operations. Tenderd is backed by top-drawer investors, including Y Combinator, Peter Thiel, BECO Capital and Dynamo Ventures. Tenderd’s platform utilizes…
FinTech: Block Hauls Visa And Mastercard To Court Alleging Overcharging Of Card Fees
Visa Inc. and Mastercard Inc. are currently facing allegations in an antitrust lawsuit. The plaintiff, Block Inc. (NYSE: SQ), formerly known as Square Inc., asserts that Visa (NYSE: V) and Mastercard (NYSE: MA) collaborate to manipulate interchange fees, causing inflated costs and maintaining their dominance in the market.
Artificial Intelligence: SEC Chair Gary Gensler Warns AI Could Trigger “Herding” And Destabilize Markets
Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), has expressed concerns about the potential role of artificial intelligence (AI) in future financial crises. He believes that AI could increase financial instability by promoting herding behavior, where individuals make similar decisions based on signals from a common AI model or data aggregator.
Artificial Intelligence: UK Crime Agency Warns AI Technology Could Aggravate Child Abuse
The National Crime Agency (NCA) in the UK has issued a warning that artificial intelligence (AI) could exacerbate the epidemic of child sexual abuse. The NCA estimates that one in every 50 men poses a risk to children, with up to 830,000 adults representing some degree of sexual danger to children in the country.
Digital Assets: Worldcoin Signups Double From January To Two Million
Worldcoin, a startup aiming to create a large identity and financial network, has reached two million sign-ups for its World ID system. The company has more than doubled its user base since January, and in less than half the time it took to reach the one million mark.
Venture Capital: LGT Capital Partners Wraps Up Oversubscribed $930M Round For Its Crown Growth Opportunities IV Fund
LGT Capital Partners successfully concluded the final round of funding for Crown Growth Opportunities IV, their fourth global venture capital fund. Surpassing its initial goal of USD 750 million, CGR IV garnered over USD 930 million in subscriptions. The fund attracts investors such as pension funds, endowments, foundations, insurance companies, and family offices worldwide.
FinTech: As Interest Rates Harden, German Fintech Raisin Anticipates A Deposit Trove of EUR 50B
German fintech firm Raisin expects an increase in deposits sourced through its platforms as lenders seek alternative funding amidst the end of cheap central bank cash. Raisin, backed by investors such as Goldman Sachs (NYSE: GS), Deutsche Bank (ETR: DBK), and PayPal (NASDAQ: PYPL), anticipates deposits to exceed €50 billion ($56 billion) this year, with significant growth from the UK and the US.
Artificial Intelligence: Echoing The Destruction From The Atom Bomb, Director Chris Nolan Warns On AI
Noted film director Christopher Nolan, who was speaking after a screening of his documentary “Oppenheimer” at The Whitby Hotel in New York, has issued a warning to technology companies and engineers in Silicon Valley. Nolan emphasized the importance of accountability in the realm of technological innovation.
Fintech: Flywire And Tencent Financial Technology Collaborate To Facilitate International Tuition Payments For Chinese Students
Flywire, a global payments and software company, has partnered with Tencent Financial Technology, the fintech arm of Tencent (HKG: 0700), to provide Chinese students and families who are making education payments abroad the option to use Weixin Pay (also known as WeChat Pay) for these transactions.
Venture Capital: Hugging Face, An AI Startup, May Raise $200M Series D
Hugging Face, an AI model startup, is currently reviewing term sheets for a Series D funding round. The round is expected to raise a minimum of $200 million and value the company at $4 billion, according to Forbes.
Artificial Intelligence: China Mandates New Rules For AI, They Take Effect On August 15
China has introduced new regulations for generative artificial intelligence (AI), making it one of the first countries to do so. The guidelines, released by the Cyberspace Administration of China, aim to manage the rapidly growing industry and will take effect from August 15.
Digital Assets: Monochrome Asset Management And Vasco Trustees Push For Australia’s Maiden Spot Bitcoin ETF
Monochrome Asset Management Pty Ltd and its partner Vasco Trustees Ltd have refiled an application for Australia’s first spot Bitcoin exchange-traded fund (ETF) under the country’s new regulatory framework. The Monochrome Bitcoin ETF (IBTC) will provide retail investors with direct exposure to Bitcoin in a regulated structure.
Digital Assets: A Guernsey-Approved Spot Bitcoin ETF From Jacobi To Debut In Europe This Month
Europe’s first bitcoin exchange-traded fund (ETF) is set to be publicly listed after a one-year delay. Jacobi Asset Management had originally planned to launch the ETF on Euronext Amsterdam in July 2022 but postponed it due to market conditions following the Terra Luna cryptocurrency crash and FTX’s collapse.
FinTech: U.S. Bank Teams With Rollick To Offer A Digital Marketplace For RVs And Boats
U.S. Bank has teamed up with customer engagement technology provider Rollick to revolutionize the process of purchasing recreational vehicles (RVs) and boats. Through their joint effort, they have introduced the U.S. Bank RV and Boat Marketplace, which offers a convenient and efficient buying experience for U.S. Bank customers and dealerships.