Binance imposes USDT/NGN trading restrictions 🪙 | Cardinal Stone offloads stake in i-Fitness for $12m 🏋🏽

In today’s menu 🥘

🪙 Binance imposes USDT/NGN trading restrictions amid deepening Naira decline 
💰 d.light secures $7.4 million in securitized financing for expansion in Nigeria
🏋🏽 Cardinal Stone offloads its stake in i-Fitness for $12 million
📱Apple Issues Official Warning Against Placing Wet iPhones in Rice
🤖 Google announced the release of its new family of lightweight open-weight models, the Gemma series, not long after unveiling its latest Gemini models
🎤 Burna Boy is the star of G-STAR global brand campaign

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🪙 CRYPTOCURRENCY

Binance imposes USDT/NGN trading restrictions amid deepening Naira decline

Binance, recognized as the world’s largest cryptocurrency exchange, has imposed restrictions on peer-to-peer transactions concerning the USDT/NGN pair, as the Naira slumped to unprecedented lows on Tuesday. The exchange executes the role of holding currencies in trust, enabling Nigerians to exchange the Naira for USDT, a stablecoin that matches the US dollar.

Binance clarifies that this intervention seeks to safeguard users against fraudulent activities and manipulation. The company has taken measures to deactivate the ‘sell’ function for its Nigerian clientele, subsequently inhibiting them from selling USDT via its platform.

Binance, the world’s top cryptocurrency exchange, has avowed its commitment to compliance, stating in a blog post, “As industry leaders, we are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance.”..…..continue reading

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📱SMART DEVICES

Apple Issues Official Warning Against Placing Wet iPhones in Rice

If you are a regular iPhone user and have ever accidentally submerged it in water, you’ve likely encountered a tip suggesting a remedy involves placing the wet iPhone in a bowl or bag of uncooked rice. The idea is that the rice absorbs the surplus water from the phone.

Now Apple has officially come out to say that this may not be a good idea. According to a recent support document, Apple warns against the practice of placing wet devices in a bag of rice, as it could potentially “allow small particles of rice to damage your iPhone,” although specific details are not provided. The company also advises against employing other commonly known hacks, including using an external heat source for drying the phone or inserting a cotton swab into the connector……continue reading

BURNA BOY X G-STAR

Though he didn’t win a Grammy award, Nigerian singer, songwriter and record producer Damini Ebunoluwa Ogulu MFR, known professionally as Burna Boy, is the new face of G-STAR. He is the star of its new global brand campaign.

A new campaign video captures Burna Boy and his dance crew energetically performing his single “On Form,” with each powerful stomp spreading his infectious rhythm throughout the city. Click the video link. 🕺🏼🕺🏼

💰 INVESTMENTS/DIVESTMENTS

d.light secures $7.4 million in securitized financing for expansion in Nigeria

d.light, a company that specializes in solar-powered solutions, has successfully secured securitized financing worth $7.4 million (or more than ₦10 billion). This funding will be used to grow its ‘Pay-Go’ personal finance service. Additionally, the funds will be directed toward broadening the accessibility of the company’s solar-powered products to low-income households in Nigeria.....…..continue reading

Cardinal Stone offloads its stake in i-Fitness for $12 million

Nigeria-based private equity firm, Cardinal Stone Capital, has sold its majority stake in i-Fitness, the country’s leading fitness and gym chain, to another private equity firm, Verod Capital Management. The deal saw Cardinal Stone exit fully from i-Fitness by selling its 65% stake for $12 million. The transaction valued i-Fitness at $18.5 million.

The move comes amid the ongoing talk about exit strategies in African start-ups. In 2023, the number of exits in Africa’s private capital market plummeted by 73%, because of wider economic issues such as inflation and currency devaluation across the continent…..continue reading

OTHER STORIES

• Apple introduces new app for monitoring sports scores and statistics…..read more

• Ocular AI, founded by Microsoft and Google Alums, joining Y Combinator’s Winter 2024 Batch…..read more

• Google DeepMind establishes new organization concentrating on AI safety…..read more

• Google announced the release of its new family of lightweight open-weight models, the Gemma series, not long after unveiling its latest Gemini models.….read more