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.
Mike Novogratz, the billionaire CEO of Galaxy Digital (TSE: GLXY), was unequivocally critical about Sam Bankman-Fried’s virtual New York Times (NYT) Dealbook Summit interview.
“I’m hoping that the authorities get to the bottom of this faster,” Novogratz said to Andrew Ross Sorkin on CNBC’s Squawk Box on Thursday, referring to the FTX imbroglio. “Not just for the sanctity of the crypto markets, but for all markets. Markets are based on trust and when you have trust broken like this, it questions everyone else.”
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Digital Assets: Crypto Contagion Spreads To Miners – Iris Energy Unplugs Mining Hardware Amidst Default
Iris Energy (NASDAQ: IREN), the Australia-based bitcoin mining firm, said in a filing that it had taken down a large chunk of its mining capacity that had been used as collateral for a loan of $107.8 million. Iris defaulted on the said loan because the operation did not produce cash flow enough to service the loan obligations. The development is symptomatic of the financial stress prevalent in the digital assets market after a severe bear market led to the insolvencies of many key players including FTX, Voyager Digital, and Celsius.
DispatchHealth, the Denver-based in-home care provider has raised $330 million as it addresses the rapidly growing demand for at home care and works on a proprietary platform called the Last Mile Health Care Technology Platform. The platform aims to help with care delivery via logistics, clinical support and coordination with other parties in its ecosystem.
These prophetic forewarnings range from the weather, natural calamities, and even senile dementia, according to Mikio Okumura, chief of Japanese insurer Sompo Holdings (TYO: 8630). The forward-looking company invested $500mn investment two years ago in Palantir (NYSE: PLTR), the US specialist in big data analysis. It also has bought a stake in Abeja, a Japanese AI start-up.
Menlo Park, California-based SE Ventures, which is the VC arm of Schneider Electric (EPA: SU), announced today a 500-million-euro fund-II to accelerate climate and industrial technology start-ups within the firm’s overall target sectors of electrification, digitization, and decarbonisation.
3M (NYSE: MMM) unveiled the 3M M*Modal Fluency Direct, its latest speech and AI-powered technology, at the 2022 HIMSS Middle East Health Conference & Exhibition in Riyadh from November 19 to 21, 2022. The technology will enable clinicians to accurately and quickly feed the interaction with the patient into the medical records system, freeing them up for patient care.
A new ETP (Exchange Traded Product) launched by Wahed, a registered investment advisor focused on Halal investments, will invest in US stocks that have passed through a screening process to determine their Shariah status. The ETP, named the Wahed FTSE USA Shariah ETF, has listed on the LSE.
Vanguard, the fund manager with assets of over $8 trillion under management, has launched two ESG-tilted, corporate bond ETFs denominated in EUR and USD respectively, for European investors. The funds are listed on the London Stock Exchange, Deutsche Boerse, Borsa Italiana, SIX Swiss and Euronext Amsterdam bourses.
iShares, the ETF unit of BlackRock (NYSE: BLK), launched last week the iShares Environmentally Aware Real Estate ETF (NASDAQ: ERET). The ETF will invest in REIT and real estate holding and development companies that have a sustainability focus and are environment-friendly – specifically, companies with an increased exposure to green certification and energy efficiency. According to the Fund, buildings are the source of 37% of global carbon emissions.
Binance, the world’s largest crypto firm, has agreed to buy rival crypto exchange FTX, which is owned by billionaire Sam Bankman-Fried, for an undisclosed amount. Binance CEO Changpeng Zhao revealed in a tweet that FTX asked for Binance’s help in tackling a significant liquidity crunch, and therefore it “signed a non-binding LOI, intending to fully acquire http://FTX.com and help cover the liquidity crunch.”
Facial recognition analysis carried out be renowned expert Professor Hassan Ugail of the University of Bradford has established that an elderly pensioner living in Australia is a definite match for runaway murderer Lord Lucan. The researcher ran his AI algorithm, perfected over two decades, over 4,000 cross-checks of seven photos comprising four of Lucan and three of the unnamed Australian pensioner.
Coral Smart Pool, an Israeli startup, has developed Mylo, a virtual lifeguard that uses computer vision and AI to detect potential drowning accidents in the swimming pool. It also sounds an alarm in case it detects a pool entry.
Elon Musk-owned Twitter (NYSE: TWTR) is executing a massive firing plan globally. Twitter has closed its offices and suspended the badges of all employees until a decision is made as to whether an employee is fired or retained.
“The labor shortage in ag retail is a very real problem,” said GROWMARK Director of Innovation Heather Thompson. “Autonomy presents an exciting solution but adopting autonomous equipment creates a new set of challenges for traditional operations. By partnering with Sabanto, GROWMARK and our FS cooperatives have the advanced opportunity to test and learn the impacts of this cutting-edge technology.”
Alternative Investments/AI: Arta Finance Nabs $90M For Opening Up An AI-Powered Family Office To All Comers
Arta, a Mountain View, Calif., based startup that calls itself a Digital Family Office, has come out of stealth and announced a raise of over $90 million from Sequoia Capital India, Ribbit Capital, Coatue Management and more than 140 angel investors.
Digital Assets: Coinbase Reports A Net Loss Of $545M In The Third Quarter As Trading Volumes Decline
Crypto exchange Coinbase (NASDAQ: COIN) has reported disappointing numbers for the September quarter, with its perfomance impacted by the bearish conditions prevailing in the digital assets market, and the consequential impact on transaction revenues.
Digital asset platform Bakkt Holdings (NYSE: BKKT) has acquired Apex Crypto, a turnkey platform for crypto trading, for a maximum purchase price of $200 million. Of this, Bakkt will initially pay $55 million in cash upon the closing, and another $45 million in its stock subject to the achievement of certain financial targets by Apex in the fourth quarter of 2022. Depending upon the achievement of another set of financial targets by 2025, Bakkt may pay an additional $100 million in its stock and seller notes.
FTX has announced that it has gone live in the UAE, though its services are initially available only to qualified retail investors, accredited investors and institutions. It will function in the UAE as FTX MENA FZE.
AMP Robotics Corp has announced a $91 million Series C round led by Congruent Ventures and Wellington Management as well as new and existing investors including Blue Earth Capital, Sidewalk Infrastructure Partners (SIP), Tao Capital Partners, XN, Sequoia Capital, GV, Range Ventures, and Valor Equity Partners. The funds will be used for AMP’s international expansion as well as to scale up its operations. The company intends to enhance manufacturing capacity to support a fleet of approximately 275 robots around the world and advance its ongoing development of AI-enabled automation applications for recycling.
Treez, an enterprise cloud commerce platform that streamlines retail and supply chain operations within the cannabis market, has acquired Swifter, a YC startup from India that builds ACH APIs for cannabis merchants in the US. Swifter calls itself the “Stripe for Cannabis.” Treez said in a statement that Swifter was an attractive investment given its multi-location operating retail cannabis clients and Y Combinator background.
Investors cold-shouldered the Cosmos ETFs in the so-called “crypto winter.” The Cosmos Purpose Bitcoin Access ETF, Cosmos Purpose Ethereum Access ETF, and Cosmos Global Digital Miners Access ETF, all of which were trading on the Cboe exchange in Australia, have applied for delisting, less than a year after their much-publicised launch. (COIN TELEGRAPH) Cosmos Asset…
Customers in the UK and EEA can now chat as well as share gifs and stickers whilst sending and requesting funds to and from other customers. Revolut has incorporated a messaging facility into its superapp, following a recent UK and European survey of 8,000 people that said two thirds of people (67.5%) find it difficult…
FinTech: Stripe Lays Off 14% Of Employees As It Faces “A Different Economic Climate,” And “Leaner Times”
“Today we’re announcing the hardest change we have had to make at Stripe to date. We’re reducing the size of our team by around 14% and saying goodbye to many talented Stripes in the process. If you are among those impacted, you will receive a notification email within the next 15 minutes. For those of you leaving: we’re very sorry to be taking this step and John and I are fully responsible for the decisions leading up to it.
In May last year OpenAI launched its $100 million Open AI Startup Fund to provide support to early-stage startups in fields where artificial intelligence (AI) can have a transformative effect—like health care, climate change, and education. On Wednesday, the Fund launched Converge, an accelerator program for founders building transformative companies powered by AI.
Artificial Intelligence: Google Event Showcases AI Advances In Robotics, Video Generation, And Disaster Management
Google Research showed off some of its AI projects at an event in Manhattan on Wednesday. Though the AI projects are still under development, their scope was impressive, ranging from health diagnostics and test-to-image generation to disaster management.