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Flutterwave Named to TIME 100 Most Influential Companies List of 2025 For The Second Time

By
Ojukwu Emmanuel
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Flutterwave, Africa’s largest payment network, has been recognized by TIME100, among the most influential companies list of 2025 in a category alongside global giants like Amazon, Netflix, and OpenAI.

This marks the second time that Flutterwave is appearing on the prestigious list, having first been recognized in 2021 for its impactful response to the COVID-19 pandemic, enabling thousands of businesses to transition online.

During that period, the Fintech company enabled thousands of businesses across Africa to transition to online operations by providing digital payment solutions, such as online stores and payment gateways, which helped merchants adapt to the shift in consumer behavior toward e-commerce during lockdowns.

This was particularly impactful for small and medium-sized enterprises (SMEs) that needed to quickly establish an online presence to survive the economic disruptions caused by the pandemic.

Commenting on the recognition by TIME100, Flutterwave CEO, Olugbenga ‘GB’ Agboola said,

“Being recognized by TIME once again is a true honor. It’s a testament to our team’s incredible work. We’ve moved from building infrastructure to enabling global-scale solutions. Flutterwave today isn’t just powering payments; we’re shaping Africa’s financial future and connecting the continent to the world.”

Since its inception in 2016, Flutterwave, a Nigerian fintech powerhouse, has transformed the African payment landscape, evolving from a startup into a global fintech leader valued at over $3 billion. With a mission to simplify payments across Africa and beyond, it has powered millions of transactions, empowered businesses, and navigated challenges to become a cornerstone of the continent’s digital economy.

Flutterwave set out to address Africa’s fragmented payment ecosystem. Starting in Nigeria, the company aimed to create a seamless platform for businesses to process payments across multiple channels. Flutterwave’s growth accelerated in 2019, earning it a spot on Fast Company’s list of the “10 Most Innovative Companies in Africa.” By 2020, the company raised $35 million in Series B funding and processed 107 million transactions worth $5.4 billion.

In 2021, Flutterwave achieved a historic milestone, raising $170 million in Series C funding and securing a $1 billion valuation, making it Africa’s first fintech unicorn. That year, it processed 200 million transactions worth $16 billion across 34 African countries, serving 900,000 businesses.

Over the years, Flutterwave has significantly expanded its global presence. The company now has technology reach in over 34 African countries. Nearly fifty percent of its customers received payments in new markets in 2024. Additionally, it launched operations in new markets such as Bahrain, Turkey, and Saudi Arabia allowing a leading global ride-hailing giant to expand in those countries. This positions it as one of the few African fintech companies with extensive technology reach.

Notably, its remittance product, SendApp, is connecting millions across borders. The impact of the Flutterwave Send App goes beyond just enabling cross-border money transfers, it plays a significant role in deepening financial inclusion, strengthening diaspora engagement, and supporting African economies. The app enables millions of unbanked or underbanked Africans to receive money directly into their mobile wallets or bank accounts. Also, it simplifies remittances, especially for users in rural or underserved areas who might otherwise rely on inefficient or expensive services.

Flutterwave’s recognition as one of TIME’s 100 Most Influential Companies for the second time in 2024 signifies its sustained global impact and leadership in the fintech industry, particularly in transforming Africa’s digital payment landscape.

Kraken Launches “The Krak Payments App”

By
Paul Ugbede Godwin
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Kraken launched the Krak payments app. It’s a peer-to-peer app for sending and receiving funds in cryptocurrencies and fiat across over 110 countries, supporting more than 300 assets. The app uses “Kraktags” for simplified transfers without needing bank details or wallet addresses. It offers zero-fee transactions, rewards up to 4.1% APR on USDG stablecoin balances, and up to 10% on staking other digital assets. Kraken aims to compete with platforms like PayPal, Venmo, and Cash App, with plans to add physical and virtual cards, lending, and credit programs.

Krak aims to bypass the inefficiencies of traditional banking, such as high remittance fees (often 6% or more) and slow settlement times (2–5 days for ACH or international wires). By leveraging blockchain technology and Kraken’s internal infrastructure, Krak offers instant, near-zero-fee transactions across 110+ countries, supporting over 300 assets (fiat, cryptocurrencies, and stablecoins). This could pressure banks to modernize or lose market share to crypto-native solutions.

Krak positions itself as a direct competitor to PayPal, Venmo, and Cash App, which have integrated crypto features but still rely on traditional banking rails for fiat transfers. Krak’s use of “Kraktags” simplifies peer-to-peer payments, eliminating the need for bank details or complex wallet addresses, potentially outpacing these platforms in user experience and cost.

By integrating fiat and crypto transactions in one app, Krak appeals to both crypto enthusiasts and non-crypto users, fostering broader adoption. Its support for stablecoins like USDG (with up to 4.1% APR rewards) and staking (up to 10% on 20+ assets) incentivizes users to hold digital assets, potentially normalizing crypto in everyday finance. Kraken’s compliance efforts, including its MiCA license in the EU and resolution of SEC disputes, enhance trust in Krak, making it a viable option for users wary of crypto’s regulatory risks.

This could accelerate mainstream acceptance, especially in regions with clear digital asset regulations. Kraken plans to introduce physical and virtual Krak cards, lending, and credit programs, positioning the app as an all-in-one financial hub. These features could attract users seeking alternatives to traditional banking, particularly for cross-border payments and asset management. The app’s focus on permissionless infrastructure and real-time blockchain settlements could enable innovative financial coordination, such as microtransactions or decentralized lending, not feasible in legacy systems.

The launch reflects Kraken’s shift from a crypto exchange to a comprehensive financial platform, aligning with its 2026 IPO plans. By diversifying into payments, tokenized stocks (xStocks), and derivatives, Kraken aims to capture a larger market share in both crypto and traditional finance. With support for 110+ countries and 300+ assets, Krak strengthens Kraken’s global presence, leveraging its decade-long experience in money transmission and compliance to compete with institutional-focused players like Ripple.

Krak’s zero-fee model and support for 160+ countries could empower unbanked or underbanked individuals, particularly in regions with high remittance costs (e.g., Africa or Southeast Asia). By using Kraktags, users can send and receive funds without bank accounts, lowering barriers to entry. Traditional international transfers often carry fees exceeding 6%, disproportionately affecting low-income users. Krak’s near-zero-cost transfers could make cross-border payments more accessible, enabling financial inclusion for migrant workers or families reliant on remittances.

The use of Kraktags eliminates the complexity of crypto wallet addresses, making the app as intuitive as messaging apps. This could attract tech-averse or less tech-savvy users, reducing the digital literacy gap that often excludes people from modern financial tools. The app’s integration of fiat and crypto in a single interface appeals to users unfamiliar with blockchain, potentially bringing digital payments to a broader audience.

Rewards like 4.1% APR on USDG and up to 10% on staking provide financial incentives for users to engage with the app, particularly in regions where traditional savings accounts offer low or no returns. This could encourage adoption among low-income users seeking passive income. Krak requires a smartphone and internet access, which may exclude populations in rural or underdeveloped areas with limited connectivity. The digital payment divide could persist for those without the necessary infrastructure.

Kraken’s compliance with global regulations likely involves Know Your Customer (KYC) processes, which may deter or exclude users without formal identification, a common issue in developing nations. While Krak simplifies crypto transactions, understanding stablecoins, staking, or yield opportunities may still be daunting for users unfamiliar with digital assets. Without education, this could limit adoption to tech-savvy or crypto-literate users, reinforcing existing divides. Volatility risks in cryptocurrencies (despite stablecoin options) may discourage risk-averse users, particularly in low-income communities where financial stability is critical.

Although Krak operates in 110+ countries, regulatory restrictions or bans on crypto in certain jurisdictions (e.g., China or India) could limit its reach, leaving some populations reliant on traditional systems. Wealthier regions with clearer regulations (e.g., the EU, where Kraken has a MiCA license) may benefit disproportionately, potentially widening the gap between developed and developing economies. Krak’s success depends on outpacing established players like PayPal and Venmo, which have larger user bases (e.g., Venmo’s 68.3 million users in 2024).

If Krak fails to gain traction, its impact on the divide may be limited, leaving traditional apps to dominate. Its focus on crypto-native solutions may alienate users loyal to conventional banking, potentially concentrating benefits among early adopters rather than the broader population.

While Krak’s launch is a bold step toward financial inclusion, its ability to bridge the digital payment divide hinges on overcoming technological, regulatory, and educational barriers. The app’s crypto-centric model may appeal to younger, tech-savvy users but risks excluding those without digital access or crypto literacy. Additionally, Kraken’s profit motive (e.g., exchange fees on asset swaps) and IPO ambitions suggest a focus on market share, which may prioritize wealthier markets over underserved ones.

Conversely, the app’s zero-fee model and global reach could disrupt predatory remittance fees, offering tangible benefits to low-income users. However, without addressing infrastructure gaps (e.g., internet access) and providing robust education, Krak may primarily serve those already engaged in digital finance, potentially deepening the divide for marginalized groups.

Kraken’s Krak app has the potential to reduce the digital payment divide by offering affordable, accessible, and innovative financial services, particularly for cross-border transactions and unbanked populations. Its user-friendly design and rewards system could drive adoption across diverse demographics. However, challenges like technological access, regulatory hurdles, and crypto complexity may limit its impact, potentially favoring tech-savvy or wealthier users.

Implications of U.S. Dollar Index Hitting A 3-Year Low In 2025

By
Paul Ugbede Godwin
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The U.S. Dollar Index (DXY), which measures the value of the U.S. dollar against a basket of six major foreign currencies, has indeed been reported to have hit a three-year low in 2025. According to various sources, the DXY dropped to levels not seen since April 2022, with specific mentions of it reaching as low as 96.61 on June 28, 2025, and even dipping below 100 earlier in April 2025. This represents a significant decline, with the index down approximately 8.3% year-to-date as of April 2025 and continuing to weaken through June.

Escalating trade disputes, particularly with China imposing cumulative tariffs of 125% on U.S. goods, have intensified market uncertainty. President Donald Trump’s tariff policies have been cited as a key driver, with investors perceiving a shift away from the U.S. dollar as a safe-haven asset during market turmoil. Speculation about U.S. interest rate cuts and doubts about the Federal Reserve’s independence under political pressure have weighed on the dollar.

Posts on X and market analyses suggest that the dollar’s decline is linked to concerns over Federal Reserve credibility and the lack of aggressive monetary tightening, such as rate hikes or quantitative easing. The weakening dollar is seen as part of a broader “Sell America” trade, with investors questioning the U.S. economy’s outlook and its role in the global financial system. This is evidenced by capital outflows from U.S. assets and a shift toward other safe-haven assets like gold, the euro, and the yen. Additionally, the dollar’s decline has been correlated with optimism for assets like Bitcoin, which historically rallies when the DXY falls below key thresholds like 100.

Technical analyses indicate the DXY is testing critical support levels, with some suggesting a potential further drop to around 90 if current trends persist. Bearish divergences in indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) have been noted, signaling potential continued weakness. However, some analysts argue that the narrative of “de-dollarization” may be overstated.

Bank of America, for instance, suggests that the growth of nonbank financial intermediaries and dollar-based assets like equities and housing indicates sustained demand for the dollar, despite its current weakness. A weaker dollar could boost U.S. exports by making them cheaper but may increase the cost of imports, contributing to inflationary pressures. Emerging markets may benefit from a weaker dollar, as borrowing costs decrease, potentially spurring growth.

The decline has sparked optimism for cryptocurrencies like Bitcoin, with historical data showing significant rallies following DXY drops below 100. The DXY hitting a three-year low in June 2025 has significant economic and market implications. A weaker dollar makes U.S. goods and services cheaper for foreign buyers, potentially increasing export demand and supporting industries like manufacturing and agriculture.

Imported goods become more expensive, which could contribute to inflation in the U.S., particularly for consumer goods and commodities priced in dollars, like oil. A declining dollar may raise the cost of imported inputs, pushing up consumer prices and complicating the Federal Reserve’s efforts to manage inflation. Concerns over the Fed’s credibility and potential political pressure could limit its ability to tighten policy (e.g., raise rates), further weakening the dollar if markets perceive a lack of decisive action.

A weaker dollar reduces debt servicing costs for emerging markets with dollar-denominated debt, potentially spurring economic growth and investment in these regions. Investors may shift away from U.S. assets toward other safe-havens (e.g., euro, yen, or gold), impacting U.S. equity and bond markets. Historical trends show Bitcoin and other cryptocurrencies often rally when the DXY falls below key levels like 100, as seen in posts on X. This could drive speculative investment in digital assets.

A weaker dollar typically boosts demand for commodities priced in dollars, such as gold, which may see increased safe-haven buying. Ongoing U.S.-China tariff escalations (e.g., China’s 125% tariffs on U.S. goods) could exacerbate the dollar’s decline, further disrupting global trade dynamics. The dollar’s role as the world’s reserve currency may face scrutiny, though widespread “de-dollarization” is debated, with some analysts arguing dollar-based assets (e.g., equities, housing) still show resilience.

The DXY’s decline, coupled with technical bearish signals (e.g., RSI, MACD), suggests potential for further drops, possibly to 90, impacting forex and futures markets. Investors may explore USDX futures or options on the ICE Futures exchange, but high volatility and geopolitical risks make trading speculative and risky.

Meta’s Aggressive Hiring Spree Targets OpenAI Researchers Amid Fierce AI Talent Race

By
Ojukwu Emmanuel
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0

Meta has intensified its recruitment efforts, as it aggressively recruits Artificial Intelligence (AI) talent from top AI firms.

The tech giant has reportedly compiled a list of top-tier talent it plans to hire, offering a $100 million pay package and other lavish perks. Dubbed “The List”, the rumored index includes hotshot engineers and scientists who have worked at rivals OpenAI and Google DeepMind, and possess doctorates degrees from top universities.

Recall that Meta had successfully poached eight senior researchers from OpenAI, escalating competition for top AI talent in Silicon Valley. The hires, reported by various outlets including TechCrunch and The Wall Street Journal, include influential researchers like Trapit Bansal, Shengjia Zhao, Jiahui Yu, Shuchao Bi, and Hongyu Ren.  This follows the April 2025 launch of Meta’s Llama 4 AI models, which reportedly underperformed, prompting CEO Mark Zuckerberg to personally reach out to potential recruits.

With Meta recruiting a number of OpenAI senior researchers, executives at the company reportedly reassured team members that the company leadership has not been sitting idle. OpenAI’s leadership, including Chief Research Officer Mark Chen and CEO Sam Altman, has been working tirelessly to retain staff amid the fierce AI talent race. In a Slack memo obtained by Wired, OpenAI Chief Research Officer Mark Chen expressed his reaction to the departures, likening them to a home invasion.

“I feel a visceral feeling right now, as if someone has broken into our home and stolen something,” Chen wrote. “Please trust that we haven’t been sitting idly by.”

Even as OpenAI leadership appears desperate to retain its staff, Chen said that he has “high personal standards of fairness” and wants to retain top talent with that in mind. “While I’ll fight to keep every one of you, I won’t do so at the price of fairness to others,” he wrote.

He assured team members that OpenAI is recalibrating compensation and exploring creative ways to reward talent while maintaining fairness. Amidst Meta’s aggressive hiring spree, CEO Altman complained that Meta offered “$100 million signing bonuses,” a figure that Meta executives have pushed back internally.

Meta’s aggressive AI hiring spree continues, with The Wall Street Journal reporting that the tech giant has compiled a shortlist of top-tier talent it plans to court with $100 million pay packages and other lavish perks. Dubbed “The List,” the rumored index includes “hotshot engineers and scientists” who have worked at rivals OpenAI and Google DeepMind, and possess doctorates from top universities. The intense hiring and poaching efforts reflect the extreme lengths Meta and its competitors are willing to go to secure top candidates.

During a company-wide all-hands meeting, some of Meta’s top executives were asked about the bonuses that OpenAI CEO Sam Altman said Meta had offered to top researchers. Meta’s CTO Andrew Bosworth noted that only a few people for very senior leadership roles have been offered that kind of money, but clarified “the actual terms of the offer” wasn’t a “sign-on bonus. It’s all these different things.” In other words, not an instant chunk of cash.

Meta, under the leadership of CEO Mark Zuckerberg, has embarked on a significant hiring spree aimed at building a new “superintelligence” team. This initiative is part of a broader strategy to enhance its capabilities in artificial intelligence (AI) and compete more effectively with industry leaders.

It is understood that Meta recently made a $14.3 billion investment in Scale AI, a data-labeling firm crucial for training machine learning models. This investment is part of Meta’s strategy to bolster its AI research capabilities and enhance its competitive edge.

As part of this hiring spree, Meta has appointed Alexandr Wang, the founder of Scale AI, to lead its new AI team. This move is seen as a critical step in assembling a top-tier group of AI researchers to drive innovation within the company.

OpenAI is expanding its services to include customized AI models, but only for customers willing to pay at least $10 million, The Information reports, citing anonymous sources. The shift towards AI customization comes as software and consulting firm competitors, like Palantir and Accenture, beef up their own AI capabilities and budgets to woo enterprise clients and drive sales. The AI giant recently secured a $200 million contract to build a custom model for the U.S. Defense Department.

The aggressive hiring reflects Meta’s ramped-up focus on AI research, targeting talent from OpenAI and Google. Meanwhile, OpenAI’s leadership is striving to retain its top researchers amid this high-stakes talent war, with its leadership emphasizing fairness in its retention efforts.

Notably, Meta’s hiring spree highlights the intense competition in the AI sector, with significant financial resources being allocated to attract top talent. As the company seeks to establish itself as a leader in AI, the outcomes of these efforts will be closely watched by industry observers and competitors alike.

Baidu’s Open-Sourcing of ERNIE AI Model to Become The Next Big Thing After DeepSeek

By
Samuel Nwite
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0

Chinese tech giant Baidu is making a bold leap in the global AI race by open-sourcing its ERNIE large language model (LLM), marking what could be the most consequential move from China’s AI sector since DeepSeek’s disruptive rise.

Set to begin a gradual rollout on Monday, Baidu’s decision is already shaking the AI world—not just on technological grounds, but for its impact on pricing dynamics, competition, and international trust.

Baidu’s shift to open-source AI has come as a surprise to many in the industry. The company had long championed a proprietary model, publicly voicing skepticism about the open-source approach. But analysts say the success of open-source models like DeepSeek, which demonstrated that free, customizable AI can match or exceed proprietary systems in performance, has forced even traditionalists like Baidu to adapt.

“Baidu has always been very supportive of its proprietary business model and was vocal against open-source,” said Lian Jye Su, chief analyst at Omdia. “But disruptors like DeepSeek have proven that open-source models can be competitive and reliable.”

Now, with ERNIE X1 reportedly delivering comparable performance to DeepSeek’s R1 at half the price, Baidu is not just trying to catch up—it’s starting a price war.

“This isn’t just a China story,” said Sean Ren, associate professor at USC and Samsung’s AI Researcher of the Year. “Every time a major lab open-sources a powerful model, it raises the bar for the entire industry.”

Ren believes the move puts enormous pressure on proprietary U.S. players like OpenAI and Anthropic to justify high API costs and restrictive access to model weights. Open-source AI models allow developers to customize, localize, and innovate without paying steep subscription fees.

Alec Strasmore, founder of AI advisory firm Epic Loot, was more blunt in his assessment: “Baidu just threw a Molotov into the AI world. This isn’t a competition — it’s a declaration of war on pricing,” he said, likening Baidu’s strategy to Costco’s Kirkland brand disrupting luxury products: “OpenAI, Anthropic, DeepSeek — all these guys selling top-notch champagne are about to realize Baidu will be giving away something just as powerful for free.”

Strasmore warned this would reshape how startups approach AI tools: “The message is simple — stop paying top dollar.”

Chinese AI Going Global — And Raising Security Flags

Baidu’s CEO Robin Li said the rollout is intended to empower developers worldwide.

“Our releases aim to empower developers to build the best applications — without having to worry about model capability, costs, or development tools,” he said at an April event in China.

But while open-source AI promotes accessibility and innovation, there are concerns about what Baidu’s global reach means for privacy and national security. Strasmore cautioned that “This would be virtually giving China access to every app on every phone. That’s one scary component.”

Similar fears followed the release of DeepSeek, with some countries outright banning the AI and warning of data risks. These concerns are likely to resurface — or intensify — with Baidu’s deeper push into the open-source space.

Though open source implies transparency, Ren says it doesn’t guarantee accountability. “Just because a model’s weights are public doesn’t mean we know what data it was trained on, whether consent was given, or if those data contributors were credited or compensated,” he said.

This ethical gray zone is gaining attention as AI becomes embedded into daily life, from workplace productivity tools to personalized education and healthcare applications.

The Altman Factor: OpenAI Feels the Heat

Even OpenAI CEO Sam Altman has acknowledged the rising pressure to rethink its proprietary strategy. In a January Reddit thread, Altman wrote: “I personally think we need to figure out a different open source strategy.”

During May’s U.S. Senate hearing, Altman revealed plans to release an open-source model this summer, noting the importance of offering a U.S.-built alternative stack for global developers.

Although that release has since been delayed, it underlines how open-source competition — particularly from China — is shifting the market’s expectations around access, transparency, and pricing.

Market Impact and Future Trajectory

The open-source announcement comes at a time when Baidu is striving to catch up with OpenAI’s GPT-4, Google’s Gemini, and Meta’s Llama models, all of which have had mixed receptions in terms of accessibility and enterprise adoption.

But besides the significance of this move, some say it may be underappreciated in the West. Cliff Jurkiewicz, VP at applied AI firm Phenom, remarked: “Most people in the U.S. don’t even know Baidu is a Chinese tech company.”

He compared the open-source strategy to Android’s early days — versatile but overwhelming for average users.

Jurkiewicz added that U.S. players still have an edge with enterprise trust, given their integration into Microsoft, Google, and Salesforce ecosystems. Still, as he notes, “Baidu is going to be seeding the world with Chinese AI models.”

This means that Baidu’s decision to open source its ERNIE LLM is a watershed moment not just for Chinese tech, but for the global AI landscape. It challenges dominant narratives around closed AI, sparks a pricing shake-up, and raises new geopolitical and ethical questions about the future of open-source intelligence.

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