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Pan-African VC Firm P1 Ventures Secures $25M, Totaling $50M Raised to Fund Early-Stage African Startups

By
Ojukwu Emmanuel
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0

Pan-African venture capital firm, P1 Ventures, has reached the first close of its second fund at $25 million, totaling $50 million raised, to invest in early-stage African startups.

The African-Focused VC firm secured this capital from some of Africa’s industrial conglomerates, private companies, funds, and general partners of global funds based in the U.S and Europe.

P1 Ventures founder and general partner Mikael Hajjar disclosed that the company expects to reach a final close early next year.

The funds raised will back African startups serving in e-commerce, Fintech, Health tech, Insurtech, SaaS, and AI Industries.

While this second fund will still focus on these sectors, the firm is adding Al to the mix. Its first investment in this category is Zambian startup Nkoloso.ai, which gathers data and keeps track of vast tracts of agricultural land using satellite imagery and Al.

It’s also one of two Al startups and five portfolio companies the Dubai-based venture capital firm has backed from its second fund.

Speaking on the firm’s investment in an AI firm, P1 ventures general partner Hajjar said,

“We believe that Al will be Africa’s next big leapfrog opportunity. So when you think how fintech transformed the continent and allowed it to disrupt the banking sector, we believe Al will do the same with sectors like retail, healthcare, and the creative economy.

“What we see beautiful in Al is the ability to export. As you know, single market and currency risk are the main risks in investing in Africa. The beauty of Al is that you have export-first businesses.”

Notably, P1 Ventures has also identified an opportunity for the pan-African region to use Al to drive legacy infrastructure, particularly in antiquated sectors such as agriculture and FMCG retail.

Just as mobile money in Africa enabled debit and credit card infrastructure, the Venture fim believes Al can build high-fidelity data and enhance the time-to-value proposition to transform sectors.

Founded in 2020 by Mikael Hajjar and Hisham Halbouny, P1 Ventures describes itself as a high-conviction investor that intentionally focuses on a small number of exceptional African founders and companies building transformational software businesses with regional and global potential.

Since its launch, the company has invested in 29 early-stage companies across 10 countries including Money Fellows in Egypt, and Reliance Health in Nigeria where P1 has a presence.

The firm’s inaugural investment was in Yassir in Algeria, a super-app operating in Francophone Africa.

As a venture capital firm, P1 ventures value creation strategy hinges on active  engagement with management. It is committed to supporting key sales and partnering activities of each core portfolio company.

The VC firm exits its positions through a combination of M&A, secondary, direct offerings, and traditional IPOs.

Google Plans to Discontinue Podcast in 2024

By
Samuel Nwite
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0

Google has announced that it plans to discontinue its Google Podcasts app in late 2024, a move geared towards the company’s broader strategy to shift its streaming audience towards YouTube Music.

Earlier this year, Google announced that YouTube Music would start offering podcast support in the United States, with plans to expand this feature globally by the end of the year. Furthermore, the company recently revealed its intention to allow podcasters to upload their RSS feeds to YouTube, with this feature also set to be available by year-end, according to TechCrunch.

This move by Google to consolidate music and podcasts into YouTube Music will align it with several other major players in the audio-streaming industry. Spotify, Amazon, and Pandora, for example, have already integrated both music and podcasts within their flagship applications. As a result, Apple appears to be the primary major player that has yet to combine music and podcasts into a single destination within its offerings.

Google has expressed its intention to elevate its investment in the podcasting experience on YouTube Music, aiming to transform it into a hub for podcast enthusiasts. This effort will involve introducing features centered around discovery, building a community, and facilitating seamless transitions between audio-only podcasts and video content. This aligns with a similar direction taken by Spotify, which introduced video podcast support to creators worldwide last year, coupled with community features like Q&As and polls, per TechCrunch.

The consolidation move has been slow, following a similar YouTube strategy from a few years back. In 2020, YouTube Music implemented a similar strategy to transition music listeners away from Google Play Music before its discontinuation that same year. This approach helped users migrate smoothly from one service to another while maintaining their music preferences and libraries.

But there was a hurdle: Transitioning podcast users from YouTube to a dedicated app like Google Podcasts can be more challenging because many users already use YouTube as a primary platform for consuming podcasts. This indicates that there may be a preference among users to access podcast content directly on YouTube rather than through a separate application like Google Podcasts.

To establish YouTube Music as the new primary platform for podcasts, Google recognizes the need to transition users away from its existing offering, Google Podcasts. This decision reflects the prevailing listening habits of users. According to Edison, approximately 23% of weekly podcast users in the U.S. indicate that YouTube is their most frequently used service, in contrast to just 4% for Google Podcasts.

Google plans to provide Google Podcasts users with a migration tool as a means to facilitate the transition to YouTube Music. Users will also have the ability to add podcast RSS feeds to their YouTube Music library, including shows that are not currently hosted on YouTube, according to the company.

Google intends to work on the migration tools in the coming weeks and months before rolling them out to all users.

Additionally, Google will offer support for users to download an OPML file containing their show subscriptions from Google Podcasts. This file can then be uploaded to any app that supports importing, giving users the flexibility to switch to alternative podcast platforms if they choose not to migrate to YouTube Music, according to the company.

“We know this transition will take time, but these efforts will allow us to build an amazing product and a single destination that rewards creators and artists and provides fans with the best Podcasts experience,” a YouTube blog post explained. “For now, nothing is changing and fans will continue to have access to YouTube, YouTube Music, and Google Podcasts. We’re committed to being transparent in communicating future changes with our users and podcasters and will have more to share about this process in the coming months,” it said.

Necessary Covenants of Tenancy Agreements in Nigeria

By
Emmanuel Ifeanyi Ogbuka
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0

Contracts are basically agreements enforceable under law, and legal agreements are simply an exchange of agreed considerations in the form of covenants between 2 or more parties, particularly in real estate transactions.

Covenants are thus binding promises to do or refrain from doing certain acts which will amount to actionable violations deserving of legal remedies when any party acts at variance with the contract terms.

And in few cases are covenants more binding than in tenancy agreements which also remain subject to the tenancy laws in place in several states of Nigeria. These covenants are what will be forming the focus of this article.

What are the types of covenants that a tenancy agreement should contain?

Tenancy agreements should contain agreements which can be either :-

– Implied : Inferred or presumed by the law in the absence of expressly/written covenants to that effect.

– Express Covenants : These are clearly stated/explicitly stated covenants which by their very nature are incapable of being implied, presumed or inferred by a court based on the privity of contract and affording situations of non est factum (a lack of consent between contracting parties). 

– Usual Covenants–  These are covenants that are proper and usual in a tenancy based on certain factors that include but are not limited to the nature of the tenancy and the general conveyancing practice where the property for rent/lease is located.

What are the covenants expected to be made by a landlord in favour of a tenant?

– A guaranteed right to excluding possession of the rented premises

– A guaranteed right of the tenant to his privacy.

– A guaranteed right of the tenant to a reasonable use of shared areas of the rented premises (e.g. Car parking spaces).

– A guaranteed right of the tenant to freedom and unreasonable disturbances.

– A guaranteed obligation to fix all discovered latent defects on the rented property.

– A guaranteed obligation to effect repair and maintenance work on the edtrtnsk

What are the covenants to be made by a tenant in favour of his landlord in a tenancy agreement?

– A guaranteed obligation to pay rent.

– A guaranteed obligation to keep the rented premises in good repair.

– A guaranteed obligation to allow the landlord carry out reasonable inspection of the rented property.

– A guaranteed obligation not to assign or sublet any part of the premises without the landlord’s consent in writing.

– A guaranteed obligation to not disturb co-tenants’ quiet enjoyment of the premises.

What are the legal and equitable remedies available to the landlord and tenant in the event of a breach of any of the covenants agreed to in a tenancy agreement?

For a landlord, he will have the right to :-

– An award of damages (separate from an award of damages for unlawful occupation).

– A right of re-entry ( subject to the provisions of the applicable tenancy law in force)

– A  right to terminate the tenancy agreement (subject to the provisions of the applicable tenancy law on recovery of premises and a refund of the balance on the rent paid by the tenant).

For the tenant, he will be entitled to :-

– A right to terminate the tenancy agreement before expiry and a refund of all outstanding rent paid by him.

– An order of specific performance

– An award of damages.

Polygon Labs proposes facilitating Celo’s migration Amid Tether $5.5B Stablecoin Loans

By
Paul Ugbede Godwin
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0

Polygon Labs, a leading provider of blockchain development tools and infrastructure, has announced a new initiative to support Celo, a mobile-first platform that aims to make financial tools accessible to anyone with a smartphone. Polygon Labs proposes to facilitate Celo’s migration to Ethereum Layer 2, a scaling solution that enables faster and cheaper transactions on the Ethereum network, by using its Core Development Kit (CDK).

The CDK is a set of tools and libraries that simplifies the development and deployment of blockchain applications on Polygon, an Ethereum-compatible Layer 2 network that offers high scalability, security and interoperability. The CDK allows developers to easily create custom chains, bridges, validators, oracles and other components for their blockchain projects.

By using the CDK, Polygon Labs claims that it can help Celo achieve its vision of creating a more inclusive and accessible financial system for the billions of people who are underserved by traditional institutions. Celo’s platform leverages phone numbers as public keys, enabling users to send and receive digital currencies and access decentralized applications (DApps) with just their mobile devices. Celo also has its own native stablecoin, cUSD, which is pegged to the US dollar and can be used for remittances, payments, savings and other use cases.

However, Celo faces some challenges in scaling its platform and reaching mass adoption. As a Layer 1 blockchain that runs on a proof-of-stake consensus mechanism, Celo has limited throughput and high gas fees compared to Ethereum Layer 2 solutions. Moreover, Celo is not fully compatible with Ethereum, which means that it cannot benefit from the rich ecosystem of DApps, developers and users that exist on the world’s largest smart contract platform.

Polygon Labs believes that by migrating Celo to Ethereum Layer 2 using its CDK, it can solve these problems and unlock new opportunities for both platforms. Polygon Labs says that it can enable Celo to achieve higher scalability, lower costs and greater interoperability with Ethereum, while preserving its unique features and values. Polygon Labs also says that it can help Celo tap into the growing demand for Layer 2 solutions among Ethereum users and developers, who are looking for ways to overcome the limitations of the congested and expensive Layer 1 network.

Polygon Labs has already demonstrated its expertise and experience in building bridges and integrations between different blockchain platforms. It has successfully launched several products and services that connect Polygon with Ethereum, Bitcoin, Binance Smart Chain, Polkadot and other networks. Polygon Labs has also partnered with various projects and protocols in the blockchain space, such as Chainlink, Aave, SushiSwap, Decentraland and more.

Polygon Labs says that it is excited to collaborate with Celo and support its mission of creating a more open and fair financial system for everyone. Polygon Labs invites Celo developers and community members to join its Discord channel and Telegram group to learn more about its proposal and provide feedback. Polygon Labs also encourages other projects and protocols that are interested in migrating to Ethereum Layer 2 or building on Polygon to reach out to its team and explore the possibilities of using its CDK.

Tether increase stablecoin loans to $5.5 billions

Tether, the company behind the largest stablecoin by market capitalization, has announced that it has increased its total loans to $5.5 billion as of September 2023. This is a significant growth from the $2.8 billion reported in June 2021, and reflects the increasing demand for stablecoins in the crypto market.

Stablecoins are digital tokens that are pegged to a fiat currency or a basket of assets and aim to provide stability and liquidity for traders and investors. Tether, which is backed by US dollars and other reserves, is the most widely used stablecoin in the world, with a market cap of over $70 billion.

Tether’s loans are part of its transparency efforts, which allow third-party auditors and regulators to verify its reserves and operations. According to Tether, its loans are fully collateralized and compliant with the relevant laws and regulations. The loans are also beneficial for the borrowers, who can access low-cost and flexible financing options using Tether as collateral.

Tether’s Chief Financial Officer, Giancarlo Devasini, said in a press release: “We are proud to report that our loan portfolio has grown significantly in the past year, as more and more customers recognize the value and convenience of using Tether as a stablecoin and a collateral. We are committed to providing the highest level of transparency and compliance for our products and services, and we look forward to continuing to serve the crypto community with our innovative solutions.”

DYDX v4, Venmo, JPex, Optimism and Other Crypto News

By
Paul Ugbede Godwin
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0

DYdX v4, the latest version of the decentralized exchange protocol, has announced a partnership with Squid and Axelar to enable cross-chain liquidity for Cosmos-based appchains. Squid is a decentralized liquidity network that connects appchains to each other and to Ethereum, while Axelar is a protocol that facilitates interoperability between blockchains. By integrating Squid and Axelar, DYdX v4 aims to offer a seamless and secure trading experience for users and developers across different ecosystems.

Venmo, a popular payment app owned by PayPal, announced that it will soon allow its users to send and receive payments in PayPal USD, a stablecoin backed by the US dollar. This feature will enable Venmo users to access the benefits of cryptocurrency, such as fast transactions, low fees, and global reach, without the volatility and complexity of other digital assets.

Venmo said that it will launch the PayPal USD option in the first quarter of 2024, following a successful pilot program with select customers. Venmo’s move is part of PayPal’s broader strategy to integrate cryptocurrency into its platform and services.

The cryptocurrency market showed little reaction to the Federal Reserve’s decision to keep the benchmark interest rate near zero on Wednesday. Bitcoin, the largest and most popular digital asset, traded sideways around $50,000, while other major coins also remained stable.

The Fed’s announcement was widely expected by investors, who are looking for clues on when the central bank will start tapering its massive bond-buying program that has supported the economy during the pandemic. The Fed said it will continue to monitor the progress of the recovery and the inflation outlook before making any changes to its monetary policy stance.

Optimism, a layer 2 scaling solution for Ethereum, has announced that it has sold $162 million worth of its native token, OPT, in a private sale. The sale was led by Andreessen Horowitz and Paradigm and included participation from other prominent investors such as Alameda Research, Coinbase Ventures, and Polychain Capital.

Optimism said that the token sale was part of its plan to decentralize its network and governance, and that it will soon enable the transfer of OPT tokens to the public. OPT tokens will be used to secure the Optimism network, pay for transaction fees, and participate in governance decisions.

Friend.Tech is a new app that lets users compete with each other in various tech-related challenges, such as coding, hacking, or designing. The winner of each challenge gets to claim the loser’s social media handle on platforms like Twitter, Instagram, or TikTok.

The app has gained popularity among tech enthusiasts who want to show off their skills and earn bragging rights. Pepe, a famous hacker and influencer, has recently joined the app and announced that he will put his coveted Pepe handle on the line for anyone who can beat him in a hacking contest. The challenge has attracted thousands of participants who are eager to win the prize and become the new Pepe.

Hong Kong authorities have ordered the suspension of JPEX, a popular online trading platform, as part of an ongoing investigation into its operations. The Securities and Futures Commission (SFC) and the police raided JPEX’s offices on Monday and seized its computers and documents. The SFC said JPEX had violated the Securities and Futures Ordinance by providing unlicensed securities trading services to Hong Kong investors.

JPEX’s website and app were also blocked by the Office of the Communications Authority (OFCA) on Tuesday, making it inaccessible to local users. JPEX has not commented on the situation, but its website said it was undergoing system maintenance. The SFC warned investors to be cautious when dealing with online platforms that offer securities trading without proper authorization.

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