📹 creator wars
Australia's first crypto card, Facebook's billion-dollar announcement and some more updates.
Hey guys 👋
Welcome to the mesha tribe.
Before we begin, you must be wondering what’s with all the new branding. Well, allow me to explain.
We've recently decided to pivot from North Loop to mesha: a social investing platform that lets you chat with friends, discover stocks and participate in challenges all on one platform. It’s an exclusive community where we’re planning some really cool initiatives and we're very excited for you to try it out. (More on this later!)
Having said that, the newsletter will remain the same: funny, insightful, and full of gifs! So if you haven’t subscribed yet, sign up below 👇
Great, let’s get going! First up
Market Recap 📈
Sensex and Nifty both closed on record highs led by a rally in tech stocks. Meanwhile, the US equity markets were mixed at the close, as tech and utility sectors drove up share prices while healthcare and oil & gas pulled them down.
Sensex: 53,158.85 (+0.48%) ↑
Nifty 50: 15,924.20 (+0.44%) ↑
Dow Jones: 34,933.23 (+0.13%) ↑
Nasdaq 100: 14,900.44 (+0.17%) ↑
Bitcoin: $31,957.20
Top Stories 📰
1. Visa approves first Australian startup to issue crypto cards 💳
Another win for crypto loyalists!
Australian crypto startup CryptoSpend has received approval from Visa to issue physical debit cards for facilitating crypto payments. It's the first time when cryptocurrencies can be spent using a payments card issued within the country.
The move will allow Australians to make purchases at brick-and-mortar stores and hospital venues using digital tokens like ether, bitcoin, bitcoin cash, XRP, and litecoin.
What is CryptoSpend? It's a Sydney-based fintech mobile platform created by two students aiming to ease crypto transactions in Australia. The app allows users to make direct purchases instead of converting cryptocurrencies to fiat.
The company has recently seen a growing demand for its card as more crypto investors look to spend their trading gains in shops. The card, which will be issued by ASX-listed Novatti, is expected to hit the market in September, with BitGo acting as a custodian of the crypto holdings.
Why it matters? Payment giants like Visa and MasterCard, which entered the crypto spending space last year, have recently made great strides towards broader acceptance of cryptocurrencies through several initiatives. And it seems to have paid off. In the first half of this year, Visa crypto cards reported $1 billion in spending, highlighting the growing need for crypto debit and credit cards.
2. FB, IG to pay creators $1 billion through 2022 💰
In an attempt to aggressively capitalize on the creator economy, Facebook announced its plans to pay $1 billion to creators making content on Facebook and Instagram.
Here's how it's going to work -
Facebook: Creators will get cash bonuses for playing ads in their videos or receive tips after achieving 'Star' milestones during livestreams.
Instagram: Creators will be paid bonuses for signing up for IGTV ads, creating popular Reels content, and receiving tips during livestreams.
The money, which Facebook will disburse by 2022, is only available to limited creators on an invitation basis. But the company said it's planning to expand availability for more creators later this year.
The decision marks another significant effort by Facebook to lure more creators to its platforms after it announced last month that it won't charge paid creators on its platform until 2023.
Why it matters? The creator economy is growing like never before, and social media firms want to make the most out of it. Snapchat and TikTok are already paying millions to creators making popular content on their platforms. But as new competitors like Clubhouse and Spotlight enter the market, it's becoming increasingly important for these firms to grow their creator base.
Deal Street 🤑
Amazon launches 'Spotlight North East' initiative
Amazon India has launched a new initiative called 'Spotlight North East' on its marketplace in hopes of further reinforcing the 'Made in India' mission heavily endorsed by PM Narendra Modi. The e-commerce giant, which announced the initiative at Amazon Smbhav 2021 in April, aims to bring in a wide range of unique local products like tea, spices, silk, etc., from different North East regions to showcase them to millions of Amazon customers across the country. By 2025, the programme strives to bring 50,000 weavers, artisans, and small local businesses. The initiative is designed to create jobs, boost the local economy, and promote financial inclusion and participation of women across these regions.
Fintech startup Credit Fair raises $16 million
Credit Fair, a Mumbai-based consumer lending fintech startup, has fetched $16 million in a debt-and-equity mix seed round, funded by angel investors Alok Agarwal and Anand Ladsariya. The company, founded in 2018, aims to provide lending facilities to those without credit scores and further strives to financially empower over 550 million underserved Indians by extending its credit facilities. So far, it has partnered with more than 1000 merchants, including Asian Paints, upGrad, and Hero Electric, among others. Credit Fair plans to use the capital towards enhancing its technologies, improving its underwriting models, and extending its services to tier 2 and tier 3 cities.
Tweet Of The Week ✨
Richard Branson - 1, Jeff Bezos - 0.
About mesha 📱
We believe that the future of fintech is social, and mesha embodies that. Our aim is to provide you with an intuitive way of discussing and analyzing investments together. Here’s a sneak peek 👀:
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‘Ight then. See ya next week 👋