LATEST TECH NEWS: Walmart partners Microsoft to acquire TikTok. 2 other things and a trivia you need to know today, August 28, 2020

These latest stories from the tech space will keep you updated with trends today.

1. Walmart partners Microsoft to acquire TikTok

U.S. retail giant Walmart has announced resolution to team up with tech giant Microsoft to make a joint bid for the U.S. operations of TikTok. According to Walmart, in a recent interview, a deal with the Chinese video-sharing app would help it expand its operations. Recall that the Trump administration has given TikTok 90 days to sell its US arm to an American firm or face a ban in the country, a development that followed an allegation by Donald Trump that the app shares users data with Beijing.

More so, the same pressure had reportedly led to the resignation of the firm’s boss, with little known of what may unfold in days ahead. Walmart spokesperson, who confirmed the development, expressed confidence that the acquisition, should it pulls through, would address concerns of the U.S. government. The statement said: “We are confident that a Walmart and Microsoft partnership would meet both the expectations of US TikTok users while satisfying the concerns of US government regulators.”

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Tech Trivia:

How long did it take Amazon to begin selling more ebooks than physical copies after its Kindle launch?

A. A single fiscal quarter
B. Less than three years
C. About seven years
D. It still sells more printed copies

Answer: See end of post.

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2. S. Africa’s Luno looks to expand into Australia

A local cryptocurrency exchange company, Luno has revealed intent to expand its reach to customers in Australia, a development that will see it to add to its existing five million customers in over 40 countries across the world. According to Luno, its venture had hit a new record with five-million customers utilising its platform within three and a half months. Speaking on the development, Marius Reitz, Luno’s GM for Africa, says that key factors in the decision to enter the Australian market also included the young age of the population as well as disposable income.

Read also: LATEST TECH NEWS: Six Nigerian agri-tech startups emerge finalists in EPIC Pitch. One other thing and a trivia you need to know today, August 27, 2020

He said: “Our African expansion is moving steadily forward and we recently launched in Zambia and Uganda. Luno is on an expansion drive and the Australian crypto landscape ticked many of the boxes on our checklist.” However, there are speculations that other reasons driving the crypto exchange company to expand its reach into Australia include the fact that there is a supportive fintech environment in Australia along with growing cryptocurrency awareness and adoption in the country.

3. Bitkraft Ventures closes $165 million to invest in games

Venture capital fund focused on esports, gaming, and interactive media, Bitkraft Ventures, has today, announced raising $165 million as fund investment. Although the company’s initial target was $125M, the fund, as led by founding general partner Jens Hilgers, surpassed its initial, up by $40M. Analytics have described Bitkraft Ventures as one of the most active investors in games and esports in the past few years, with this new development seemingly the biggest so far.

According to the company, the funding round saw the participation of Carolwood, the family office of Bruce Karsh; Declaration Partners, the investment firm backed by the family office of David Rubenstein; JS Capital, the investment firm of Jonathan Soros; as well as corporate investors such as Adidas, WPP, Advance, and Logitech. Speaking on the development, Hilgers expressed belief that the game industry has strong tailwinds because self-isolation and working-from-home policies have spurred people to play more games during the pandemic.

Tech Trivia Answer: Less than three years

In June 2010, Amazon announced that it had sold 143 ebooks for every 100 printed books in the prior three months — a figure that included hard copy books that didn’t have a Kindle version, not to mention that the store offered only 630,000 Kindle books at the time compared to its physical library of nearly two million titles.

At the time, Amazon said it was astonished considering that it had been selling hard cover books for 15 years, and Kindle books for only 33 months. The company launched its first Kindle e-reader in November 19, 2007. The shift occurred even faster on Amazon UK, which introduced the Kindle in August 2010 and by May of the following year ebooks outsold printed books at a ratio of more than 2 to 1.

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