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Fintech start-up, erad, secures $2.4m in pre-seed round. 2 other stories and a trivia



This line-up of stories will help you discover the latest happenings around the tech world, today

1. Bitcoin falls below $19,000 as interest rate rises

Virtual currency, Bitcoin, on Monday further fell to a fresh low as interest rate rises around the world.

Matthew Dibb, COO of Singapore crypto platform Stack Funds, expressed fear on the recent out turn of the worth of the once high ranking cryptocurrency.

In the latest crash, Bitcoin, despite being the biggest cryptocurrency by market value, went down about 5%.

This new low is a three-month low at $18,387.

Ether, the second largest cryptocurrency, also dropped 3% to a two-month low of $1,285.

Dibb on the regulatory outlook said:

“Looking at the landscape right now, both fundamentally and technically, it’s not looking great.

There’s no immediate bullish catalyst that we can see that’s going to prop up these markets and bring in a whole lot of new money and liquidity.”

Though banned in Nigeria, many Nigerians who still trade the virtual currency continue to lose money and financial assets to the current trend.

Tech Trivia: Which of the following is considered a digital asset?
A. Operating system
B. Software installer
C. Stock photo
D. Webpage
Answer: see end of post

2. WhatsApp enters first entertainment project, featuring Nigerian NBA star

Popular messaging app owned by Meta, WhatsApp has entered its first entertainment project, a film featuring Nigerian NBA star, Giannis Antetokounmpo.

Read also:Nigerian payments startup, Grey Finance, secures $2m seed funding. 2 other stories and a trivia

Vivian Odior, WhatsApp’s global head of marketing, confirmed the new development in a media statement seen by Ripples Nigeria on Monday.

The short film marks WhatsApp’s entry into the world of entertainment.

NBA star Antetokounmpo named in the 2021 NBA All-Star MVP who led the Milwaukee Bucks to the NBA Finals title that year, was born in Greece to Nigerian parents.

“Naija Odyssey’ is a story that reinforces how WhatsApp helps us embrace our multifaceted lives.

“In navigating relationships, identity, and even adversity, WhatsApp is there — enabling you to embrace all sides of you by connecting you to those who matter most,” Odior said.

3. Fintech start-up, erad, secures $2.4m in pre-seed round

An alternative growth financing platform, erad, has raised $2.4m in a pre-seed round.

Salem Abu-Hammour, Co-Founder & CEO of erad, confirmed the new raiser on Monday in a media release.

Salem also confirmed that the round was backed by UAE-based Nuwa Capital and VentureSouq, as well as Saudi’s venture capital firm, Khwarizmi Ventures, with additional private investment from prominent regional angel investors.

erad is a secure, data-driven platform that evaluates the marketing, sales, and accounting activity of promising online businesses.

“We saw that there was an emerging online segment in the region, particularly in the e-commerce space, that needed a tailored financial solution to cover user acquisition and inventory costs but didn’t have a financing source that fit them.

“What sets us apart is that we deep-dive into data that is relevant to the business, and don’t stop at the company’s assets and financial position,” Salem said.

The founder also said that the funding will be used to expand technological infrastructure.

Trivia Answer: A digital asset is a digital entity owned by an individual or company.

Examples include digital photos, videos, and songs. These assets are not tangible, meaning they have no physical presence. Instead, they are files that reside on storage device, such as a local computer or a cloud-based storage network.

By Kayode Hamsat

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