Thursday, 28 July 2022

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Good morning!

Dennis here!

As the Nigerian tech ecosystem expands, it goes without saying that there is a need for stakeholders involved to come together and hold healthy debates about how we can move forward, especially as Lagos positions itself to become a tech hub.

To join in that conversation, join us physically at the Oriental Hotel, VI, Lagos today by 10 am for the GAT Summit, the biggest of its kind on the continent.

Below are the tech stories and news you need to know to start your day, carefully curated by Technext.

Technext is pleased to announce its maiden regulation event - Government and Tech Summit (GAT) 2022. It will hold on Thursday, July 28, 2022.

With a proposed physical audience of at least 1,500 and a virtual attendance of at least 3,000, the event is billed to be the biggest gathering of government policymakers, political influencers, tech industry players, and enthusiasts in Africa.

Click here to register now.

Summary of the news

A new report shows that rising internet subscriptions and data consumption will boost Nigerian telcos’ revenue in 2022
Kraken, the U.S. crypto exchange, has been accused of violating sanctions
Ark Investment has offloaded over 1.4 million of its Coinbase shares
NHTSA has launched another investigation into Tesla after a driver using autopilot killed a motorcyclist

Rising internet subscriptions, data consumption to boost Nigerian telcos’ revenue in 2022

Between January and June this year, the mobile network operators comprising MTN, Airtel, Globacom, and 9mobile have increased their mobile subscriptions by 9 million, according to the latest data from the Nigerian Communications Commission (NCC), Nairametriccs reports.

The four telecom operators by the end of June 2022 had 151 million internet subscriptions from 141.9 million recorded in December last year.

As of the same period in 2021, the operators had lost 14 million subscriptions. This was as a result of the government’s ban on new SIM registration which took effect from December 2020 to April 2021.

Despite the decline in subscriptions last year, the telcos still recorded an increase in data revenue as the subscribers consumed more.

Kraken, a U.S. crypto exchange, is suspected of violating sanctions

Kraken, one of the world’s largest cryptocurrency exchanges, is under federal investigation, suspected of violating U.S. sanctions by allowing users in Iran and elsewhere to buy and sell digital tokens, according to five people affiliated with the company or with knowledge of the inquiry.

The New York Times reports that the Treasury Department’s Office of Foreign Assets Control in America has been investigating Kraken since 2019 and is expected to impose a fine, said the people, who declined to be identified for fear of retribution from the company. Kraken would be the largest U.S. crypto firm to face an enforcement action from O.F.A.C. Sanctions against Iran, which the United States imposed in 1979, prohibit the export of goods or services to people or entities in the country.

Kraken, a private company valued at $11 billion that allows users to buy, sell or hold various cryptocurrencies, has previously faced regulatory actions. Last year, the C.F.T.C. levied a $1.25 million penalty against the company for a prohibited trading service.

Marco Santori, Kraken’s chief legal officer, said the company “does not comment on specific discussions with regulators.” He added, “Kraken closely monitors compliance with sanctions laws and, as a general matter, reports to regulators even potential issues.”

Ark Investment offloads over 1.4 million Coinbase shares

Crypto stock investors should be at alert as three funds belonging to Ark Investment, an American investment management firm that manages several actively managed exchange-traded funds (ETF) ran by Bitcoin enthusiast, Cathie Wood, sold a total of more than 1.4 million shares of Coinbase Global (COIN).

According to Nairametrics, the announcement was made by the firm in its daily trading update email on Wednesday. The move comes almost three months after Ark bought more than half a million shares in May. The move seems to be as a result of the decline seen in COIN shares as Year-to-Date (YtD) the stock is down almost 80%.

The announcement by Ark Investment also indicates the reason for the massive selloff the stock saw in its previous trading session. Coinbase shares closed down 21.08% at $52.93. Based on Tuesday’s closing price, the value of the offloaded shares would be over $75 million. Coinbase stock is currently trading 4.01% higher at $55.05, during pre-market skirmish.

This comes after Coinbase reported its first-quarter 2022 loss of $1.98 per share in contrast to the year-ago earnings of $3.05 per share. The firm is expected to publish its second quarter 2022 shareholder letter, including financial results on the 9th of August 2022, after market close.

Tesla driver using Autopilot kills motorcyclist

A motorcyclist in Draper, Utah, was killed early Sunday morning when a Tesla driver using Autopilot slammed into the rear of his bike. It is the latest crash involving Tesla’s advanced driver-assist system to draw scrutiny from federal investigators at the National Highway Traffic Safety Administration (NHTSA).

TheVerge reports that the incident occurred just after 1 AM Sunday on southbound Interstate 15, according to local reports. The motorcyclist, who has not been identified, was traveling southbound near the Salt Lake and Utah County lines when the Tesla approached from behind. The Utah Department of Public Safety said the Tesla driver collided with the back of the motorcycle, throwing the motorcyclist to the ground and killing him instantly.

The Tesla driver, who remained at the scene, informed local officials that they did not see the motorcyclist. The driver was using Autopilot at the time of the crash, authorities said.

As of July 26th, there are 48 crashes on the agency’s SCI list, 39 of which involved Tesla vehicles. Nineteen people, including drivers, passengers, pedestrians, other drivers, and motorcyclists, were killed in those Tesla crashes.

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