Spotify to Shut Down ❌ Its Radio-Like Listening App Stations on May 16
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Spotify to Shut Down ❌ Its Radio-Like Listening App Stations on May 16
Music streaming platform Spotify has confirmed that its lightweight radio-like listening app Spotify Stations will no longer be available from May 16.
“At Spotify, we routinely conduct a number of experiments to create better-listening experiences for our users. Some of those tests end up paving the way for our broader user experience and others serve only as an important learning. Our Spotify Stations Beta was one of those tests. We will be sunsetting the current feature, but users will be able to easily transfer their favorite stations and enjoy a similar radio experience directly within the Spotify app,” a spokesperson for Spotify said in a statement.
Spotify had originally designed the Stations app for those who want a more radio-like experience, rather than having to look out for music or customize their own playlists.
The company has not provided a detailed reason behind its decision to close down the Stations app, but it said that users can move all of their favorite stations to the main Spotify app to continue listening to them.
Ford Motors is Selling 8 Million Shares of EV Maker Rivian 🚗
Ford Motors is selling 8 million shares of electric vehicle manufacturer Rivian, with the lockup on Rivian’s current stock ending on May 8.
The automaker, which currently owns 102 million shares of Rivian, will share its stake of 8 million shares through investment banking firm Goldman Sachs.
When a stock is in a lockup phase, early investors and company insiders cannot trade their shares after a company is publicly traded.
This ensures that the IPO flows efficiently and the market is not overburdened with additional shares. But now, as the lockup of the stock ended on Sunday, the company is selling 8 million shares.
Rivian plans to manufacture 25,000 electric trucks and SUVs this year, which is less than half of the vehicle production projected during its IPO roadshow last year.
In Q1 2022, shares of Rivian declined by more than half, a deviation from the pattern in Q4 2021 when the firm went public and saw its share price soar.
All these issues may have compelled Ford to sell its stake of 8 million shares in the EV maker, bearing a billion-dollar loss.
9 Out of 10 Central Banks Exploring 🔎 Digital Currency, Says BIS Survey
According to a survey conducted by the Bank for International Settlements (BIS), 90% of central banks around the world are exploring launching central bank digital currencies (CBDC).
A report published by the BIS Monetary and Economic Department said 90% of 81 central banks surveyed from October to December 2021 were “engaged in some form of CBDC work.”
The report also found that 26% of central banks are conducting pilot projects on CBDCs and over 60% are conducting experiments or proofs-of-concept related to a digital currency.
“Central banks differ in their expectations that stablecoins will scale up and become widely used and accepted as a means of payment, depending on the type of stablecoin,” said the BIS.
The report also noted saying that the increase in interest around CBDCs- up from nearly 83% in 2020, may have been driven by a swing to digital solutions amid the coronavirus pandemic as well as the widespread growth in stablecoins and other cryptocurrencies.
All-in-one Lifestyle Platform Bucketplace Raises $182 Million in Series D 💰
Bucketplace, a South Korean startup that operates a home decorating and interior app OHouse, has raised $182 million in its Series D funding round.
The round saw participation from SoftBank Ventures Asia, BRV Capital Management, Singapore’s Vertex Growth, Bond Capital, Korea Development Bank, IMM Investment, and Mirae Asset Capital.
Founded in 2014, Bucketplace is the developer of OHouse, a mobile application that offers information and tools for home decoration & interior design.
The platform revolutionizes the lifestyle(home furnishing and remodeling) market in Korea with its user-generated style gallery, which helps users discover their preferred styles before purchasing products.
On top of the marketplace for home furnishing products, the platform integrates content, community, and commerce.
The company aims to become a lifestyle super application that provides the best customer experience.
Bucketplace will use the fresh funds to accelerate its growth in South Korea and enter new markets, such as Japan, Southeast Asia, and the United States.
The company also plans to hire more tech specialists to help develop an augmented reality (AR) feature for its platform.
Around the Web 🌐
Nvidia to Pay $5.5 Million For Improper Disclosure on Crypto Mining: Nvidia has agreed to pay federal securities regulators a $5.5 million penalty over allegations that the company failed to effectively disclose revenue from crypto mining. The US Securities and Exchange Commission (SEC) announced the charges and a settlement with the chipmaker on May 6.
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