Meta to Shut Down 🔒 Its Digital Wallet Novi in September
Scott D. Clary | Daily Business, Tech & Finance Newsletter
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Meta to Shut Down 🔒 Its Digital Wallet Novi in September
Meta’s money-transfer service that uses the company`s own cryptocurrency digital wallet ‘Novi pilot’ is shutting down on September 1.
Facebook-parent Meta launched the digital wallet in 2021 with much fanfare. However, the tech giant is feeling the effects of the recent crypto crash and has decided to shut down its digital wallet.
The company took to its website to announce the news.
“Both the Novi app and Novi on WhatsApp will no longer be available starting September 1, 2022. When the pilot ends, you will not be able to log in and access your Novi account,” the company said on its website. Meta has asked users to withdraw their funds “as soon as possible.”
Novi wallet users will lose access to their accounts in September, and will no longer be able to add money to Novi starting 21 July.
If any user fails to withdraw their remaining balance, the company will attempt to transfer their funds to the bank account or debit card added to the service.
Tesla Delivered 254,695 Cars 🚗 in Q2 2022
Tesla delivered 254,695 electric vehicles globally in Q2 2022, a nearly 18% decline from the previous quarter as supply chain challenges, China’s extended coronavirus lockdown, and constraints around opening manufacturing facilities in Austin and Berlin took their impact on the EV maker.
While the automaker has posted record deliveries every quarter since the third quarter of 2020, weathering pandemic and supply-chain constraints, this is the first time in two years that car deliveries of the company, which were 310,048 in the first quarter this year, have dropped quarter over quarter.
For the second quarter, Tesla’s Model 3/Y deliveries accounted for 238,533, while the combined Model S and Model X deliveries reached just 16,162.
On the manufacturing front, the overall production figure hit 258,580 in the second quarter. The production breakdown lists Model 3/Y at 242,169 of the total production figures, leaving Model S/X at 16,411.
As legacy automakers and startups continue to offer newer electric vehicles, Tesla’s share of the global and domestic EV market is expected to decline but remain substantial.
Ethereum Transaction Fees Dropped 🔽 to 0.0016 Ether
Ethereum gas fees hit their lowest point since November 2020 on July 2, as the average network fee fell to $1.67 or 0.0016 Ether per transfer, according to data from BitInfoCharts.
Basically, the transaction fee or gas fee is the amount of Ethereum required to drive a transaction on the blockchain network. ETH gas fees compensate the network’s mining participants for validating transfers.
Between July 2016 and May 2017, Ethereum gas fees ranged from $0.01 to $0.10 per transfer.
But since January 2021, Ethereum’s gas fees have increased, owing to the hype around decentralized finance (DeFi), non-fungible tokens (NFTs), and a bullish market.
Since last August and February 2022, each transfer was costing at least $20.
During this time, the fee sometimes increased by $30, $40, or more per transaction. However, on July 2, the average transaction fee hit a low of $1.67 per transfer.
Currently, the Ethereum average network fee is significantly less compared to other transaction rates.
This comes amid the bearish crypto market and massive fall in all activities related to the crypto industry.
Edtech Startup AlGooru Raises $1.8 Million in Seed Funding 💰
AlGooru, an edtech-platform based in the Kingdom of Saudi Arabia, has secured $1.8 million in a seed funding round.
The funding saw participation from RAZ Group, RZM Investment, 100 Ventures, RAY Investment, and esteemed angels from Oqal Angel Investors.
Founded by Khalid Abou Kassem, AlGooru is a tutoring network marketplace that connects students with qualified tutors on a mobile app.
The platform offers students a facilitating method of connecting with specialized tutors.
AlGooru helps students to find reliable and best tutors in all fields. The platform allows tutors to manage their sessions & price their own rates.
Since its inception, the company has recruited more than 450 vetted private tutors, covering more than 210 academic and non-academic teaching subjects.
It aims to further connect with a wider network of partners that will allow the exchange of best practice knowledge to improve.
The startup plans to use the fresh capital to expand its offerings in the edtech sector by widening its network of A-class partners in Saudi Arabia.
Around the Web 🌐
Crypto Scammers Hack British Army’s Social Media Accounts: The official social media accounts of the British Army were breached on July 3 for almost four hours, advertising fake non-fungible token (NFT) collections and cryptocurrency scams. The United Kingdom Ministry of Defence (MOD) confirmed the same saying its official Twitter, Facebook, and YouTube accounts were infiltrated and that they were investigating.
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