News

Ethereum Just Completed The Long-Awaited Merge Upgrade

According to a Twitter post from co-founder Vitalik Buterin, The Ethereum blockchain network just completed the most ambitious software upgrade ever to take place in crypto.

Published

2 years ago

September 15, 2022

Nour Nasir

ethereum just completed the long-awaited merge upgrade

Ethereum is probably the most important commercial highway in the crypto landscape, and it has now been “merged” — a process that replaced older, power-sapping network computers with more modern and energy-efficient machines. The upgrade will see Ethereum’s energy expenditure decline by a massive 99%.

This kind of upgrade has never been attempted in crypto until now, which is no surprise, as Ethereum is home to 3,500 apps and handles billions of dollars of crypto transactions. End-users shouldn’t notice the merge, but it will eventually make the network faster and cheaper to run.

Although now completed, Ethereum’s merge could see the network suffering from occasional glitches or hang-ups for at least several weeks. Exchanges like Coinbase paused Ethereum withdrawals and deposits during the event in anticipation of hacking attempts and general instability.

There is some concern that EthereumPOW and other forks may create copies that still run on the older computers, potentially creating confusion and leading to more scams and hacking attempts. USDC stablecoin issuer Circle and oracle provider Chainlink have both announced that they won’t support forked versions of Ethereum, and whether those forked chains remain viable over time is something that isn’t yet known.

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So how will the merge affect crypto mining? Only time will tell, but as profitability has already taken a nosedive this year, the merge will further squeeze those who make a living from crypto mining. Energy costs are rising globally, and now miners are faced with the prospect of changing to new equipment or selling up for good.

So what does the future hold for Ethereum in the wake of these massive changes? So far, the jury is out, but some traders anticipate the network overtaking Bitcoin in the long run and are hedging vast sums of money on their prediction.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.