This is a daily newsletter that covers trending business, tech and finance stories. If you enjoyed the newsletter, please share it with a friend who’d find it useful.
Or… invite friends to the newsletter through our referral program for Amazon gift cards.
Twitter to Pay $150 Million Penalty Over Data Privacy Violations 🚨
Micro-blogging platform Twitter will pay a $150 million penalty and put in new safeguards to settle the allegations of federal regulators that the company failed to protect the privacy of users’ data over six years.
The settlement was announced by the Department of Justice (DOJ) and Federal Trade Commission (FTC) on May 25.
The regulators accused Twitter of violating a 2011 FTC order by deceiving users about how well it maintained and protected the privacy and security of their non-public contact information.
In a statement, Associate Attorney General Vanita Gupta, said, “The Department of Justice is committed to protecting the privacy of consumers’ sensitive data.”
She added, “The $150 million penalty reflects the seriousness of the allegations against Twitter, and the substantial new compliance measures to be imposed as a result of today’s proposed settlement will help prevent further misleading tactics that threaten users’ privacy.”
The new compliance measures require Twitter to maintain a comprehensive privacy and information security program, and it must conduct regular tests and audits of its safeguards.
Uber Signs ✒ Deal to Expand Its Business in Italy 🇮🇹
American mobility as a service provider Uber has signed a partnership with IT Taxi, the largest taxi dispatch service in Italy, as it seeks to boost its presence in the eurozone’s third-largest economy.
Under the agreement with IT Taxi, more than 12,000 taxi drivers in Italy will have access to the Uber platform.
The ride-hailing company’s app will be available in over 80 new cities and grow Uber’s existing business in big cities such as Rome, Milan, Turin, and Bologna.
This is the latest deal for Uber’s expansion plans, making its brand of taxi-hailing service more prominent in the country with the help of its partnership with the local IT Taxi service dispatcher.
The deal, which will start in June, is considered a big step because Uber has faced opposition from Italian taxi drivers for years.
While Uber did not disclose the financial terms of its deal with IT Taxi, it is said that the company would be taking a fixed commission for accessing its platform.
Binance Signs ✒ MOU with Kazakhstan 🇰🇿 as Global Expansion Gathers Pace
Cryptocurrency and blockchain infrastructure provider Binance has signed a memorandum of understanding (MoU) with the Ministry of Digital Development, Innovations & Aerospace Industry of the Republic of Kazakhstan to boost virtual asset market development in the country.
The MOU, which is between Binance and Kazakhstan’s Ministry of Digital Development, Innovations & Aerospace Industry, was signed on May 25 during Binance CEO Changpang Zhao’s official visit to the country.
Zhao met Kazakh President Kassym-Jomart Tokayev, First Deputy Chief of Staff Timur Suleimenov, and Bagdat Musin, the minister overseeing the country’s digital innovation strategy.
“Kazakhstan is one of the world leaders in the crypto mining industry,” said Changpeng Zhao (CZ), founder and CEO of Binance.
“We believe that, in full cooperation with the local authorities, Binance can make a great contribution to the development of the local crypto community and blockchain ecosystem in Kazakhstan,” he added.
As part of the agreement, Binance will assist in establishing a legislative framework and a regulatory policy for crypto-assets in Kazakhstan.
A cooperation agreement between Binance and Kazakhstan also calls for the integration of banking infrastructure within the cryptocurrency market and the development of distributed ledger technology.
Ethereum L2 Protocol StarkWare Raises $100 Million 💰
StarkWare, an Israel-based blockchain company that develops scalability and privacy solutions for blockchain technology, has raised $100 million in its Series D funding round at a valuation of $8 billion.
The funding was led by Greenoaks Capital and Coatue. The round also saw participation from Tiger Global along with some new and existing investors that were not disclosed. In addition, the round included a secondary transaction, with employees selling some shares.
Founded in 2018 by Alessandro Chiesa, Eli Ben-Sasson, Michael Riabzev, and Uri Kolodny, StarkWare is a blockchain platform that aims to solve the inherent problems of blockchains — scalability and privacy.
The company develops a full proof stack, using STARK technology to generate and verify proofs of computational integrity.
The startup develops StarkEx, a standalone permissioned Validity-Rollup, and StarkNet, a permissionless decentralized ZK-Rollup.
StarkWare’s cryptographic proofs are zero-knowledge, succinct, transparent, and post-quantum secure.
StarkWare plans to use the fresh capital for product and business development, engineering, and growing the surrounding ecosystem.
Around the Web 🌐
NGC Ventures Gets a $100 Million Metaverse And Web3 Fund: Crypto-focused venture capital fund NGC Ventures has raised $100 million dedicated to metaverse and Web3 projects. The funding saw participation from GBIC, Babel Finance, Huobi Ventures, Altonomy, and Nexo Ventures.
If you like the content in this newsletter, there’s a pretty good chance you’ll like my podcast, “Success Story”, where I unpack the playbooks of entrepreneurs, executives and other high performing individuals.
Latest Episode 👇
If you enjoyed the newsletter, please share it with a friend who’d find it useful.