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Good morning, Coin Discoverers!

CRYPTO

• BTC: $60,568.30(+1.88%)YTD (+37.12%)

• ETH: $2,651.66(+0.35%)YTD (+46.82%)

• BNB: $565.97(+1.70%)YTD (+89.28%)

*Crypto numbers as of 5:00 am EST on August 20th

Developed cryptography unit with fabric

Fabric Cryptography has secured $33 million in Series A funding to develop a cutting-edge cryptography processing unit, named the Verifiable Processing Unit (VPU). According to the team, this innovative unit has the potential to significantly enhance the speed and reduce the costs associated with running cryptographic workloads.

Fabric Cryptography was established by a group of AI veterans and dropouts from MIT and Stanford. The team consists of more than 50 engineers and cryptographers specializing in AI hardware and software, with experience from companies like Nvidia, Google, Amazon, Groq, and Cerebras.

Ex-SEC crypto chief joins private firm

David Hirsh, the former crypto and cybersecurity lead at the U.S. Securities and Exchange Commission, has joined the private law firm McGuireWoods.

Hirsh was instrumental in shaping the agency’s strategy for enforcing actions within the cryptocurrency sector.

"Cybersecurity and cryptocurrency are rapidly changing legal fields, and Dave's unique background, coupled with his extensive experience in securities enforcement, will be invaluable in helping our clients stay ahead of the curve," said Robert Muckenfuss, Chair of McGuireWoods' Financial Services and Securities Enforcement Department, in a statement.

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The Telegram game "Catizen" has teamed up with HashKey Group for a collaborative airdrop event

The feline-themed Telegram game "Catizen" has joined forces with HashKey Group, announcing a collaboration that will result in an airdrop for its players.

"Catizen," a tap-to-earn Telegram game built on The Open Network (TON), competes with other similar games like "Hamster Kombat" and "Notcoin." According to its developer, Pluto Studio, "Catizen" boasts a user base of 26 million.

Million-dollar airdrop payouts at EigenLabs have raised ethical concerns

Concerns are escalating within the community about EigenLayer, a platform known for its blockchain security technology. An investigation has revealed that employees of Eigen Labs, the company behind EigenLayer, have reportedly received substantial cryptocurrency token payouts from projects that use the platform's technology.

These payouts have raised suspicions, especially in light of EigenLayer's stated commitment to upholding industry integrity. The situation has led to questions about the platform's adherence to ethical standards and its impact on its reputation.

STOCKS

• DOW: 40,896.53(+0.58%)

• S&P: 5,605.00 (+0.97%)

• NASDAQ: 17,876.77 (+1.39%) 

*Stock numbers as of market close on August 19th

Canada's Couche-Tard has confirmed its buyout offer for Japan's Seven & I

Canada's Alimentation Couche-Tard (ATD.TO) confirmed on Monday that it has extended an offer to acquire Japan's Seven & I (3382.T). Earlier in the day, Seven & I, the owner of 7-Eleven, announced it had received this preliminary takeover offer from Couche-Tard and has established a special committee to evaluate the proposal.

Following the announcement, Seven & I's shares surged approximately 23% in Tokyo, bringing the retailer's valuation to around 5.6 trillion yen ($38 billion). As of Friday's close, Couche-Tard, which operates Circle-K convenience stores, was valued at C$79.65 billion ($58.25 billion).

Oil producer APA is considering a $1-billion sale of its Permian assets

APA Corp (APA.O) is exploring the sale of its oil and gas drilling properties located in parts of the Permian Basin in Texas and New Mexico, with the potential deal valued at around $1 billion, according to sources familiar with the matter who spoke to Reuters.

The properties, held through APA's Apache subsidiary, are being marketed with the assistance of investment bankers from RBC Richardson Barr and Truist Securities. The discussions are confidential, and the sources requested anonymity.

REAL ESTATE

• 15-year: 6.14%

• 30-year: 6.56%

*Mortage rates via Mortgage News Daily

A quieter week, but could storms be on the horizon?

With this week's CPI data coming in as expected, it was clear that the current week would likely be less volatile than the previous two. Although Thursday's jobless claims and retail sales data tried to stir things up, bonds remained stable and showed little reaction. Treasuries initially followed European yields lower but then stabilized before closing the day in stronger territory. Overall, this week's trading activity was relatively subdued compared to the significant movements seen two weeks ago during NFP Friday.

Looking ahead, the focus will shift to Fed Chair Powell next week, with investors keenly awaiting any updates or hints regarding a potential rate cut in September.

TECH

New research reveals that generative AI is advancing faster than media literacy, leaving people increasingly vulnerable

Research from Western Sydney University highlights a growing gap between media literacy and the rapid advancements in AI, leaving individuals feeling increasingly vulnerable and potentially exacerbating societal divides. The study suggests that as AI technologies evolve quickly, people are struggling to keep up, which may contribute to a widening gap in understanding and trust.

The Digital News Report: Australia 2024 underscores this issue, revealing that only 26% of Australians trust news sources, with just 18% placing trust in news from social media platforms. This decline in trust is attributed to the rising levels of disinformation circulating on these media channels, as reported by the research.

QUICK RECAP

#1. UK homebuilder Barratt (BDEV.L) said the CMA waived a condition for its $3.27 billion Redrow (RDW.L) deal, pending clearance.

#2. Regional lenders, with $10 billion to $100 billion in assets, have made 38 deals this year, up from 29.

#3. Canada's Couche-Tard is considering a takeover of Japan's Seven & i, potentially marking the largest foreign buyout of a Japanese company.

#4. Brazil's Petz (PETZ3.SA) surged up to 29.5% on Friday after confirming a merger with Cobasi.

#5. B. Riley Financial's co-founder offered $7 per share for the bank, valuing it at $212 million, a 39% premium.