Author: azeeadmin

TransferWise, the London-headquartered international money transfer company, is applying for a new licence in Brussels, in a bid to navigate a possible “no deal” Brexit as the U.K. prepares to leave membership of the European Union on March 29 this year.

One of the definite plusses of EU membership, and something that has undoubtedly benefited U.K. fintech startups, is so-called “passporting” of financial services. This sees a certain level of financial regulatory harmony across the EU and means that companies authorised in any EU (or EEA) state can offer their services freely in any other, and with minimal additional authorisation.

Furthermore, these “passports” are the foundation of the EU single market for financial services. Therefore, if the U.K. leaves the single market, which a no deal Brexit and other likely forms of Brexit will result in, then fintech companies in the U.K. that trade in the EU/EEA or have plans to do so, will need to obtain new licenses from an EU/EAA country.

In TransferWise’s case, the plan is to open a small, additional satellite office in Brussels, with the company applying to the Belgium regulator, The National Bank of Belgium, for a “Payment Institutions Licence”.

And, in a sense, this isn’t such a big deal for a large company like TransferWise: the money transfer service already has 9 offices, employs 1,400 people globally, with 230 posted to its HQ in London.

However, for much smaller startups, the loss of passporting could be prohibitively expensive to mitigate, depending on what stage of growth a company is at and how much runway it still has left. For new companies, it makes setting up shop in London’s fintech much less attractive, as regulatory authorisation will need to be duplicated for EU trading.

Meanwhile, it’s notable that TransferWise has chosen to apply to be regulated in Belgium, and not somewhere like Ireland (as, for example Starling Bank has done), or Lithuania (as Revolut has done). It could be argued that both are easier options. Lithuania especially touts itself as the fintech regulator with the lowest barriers and lightest touch.

Cue quote from TransferWise co-founder and CEO Kristo Käärmann: “Brussels is at the heart of all EU affairs, so establishing an office in the city makes great sense for us. The National Bank of Belgium impressed us with its understanding of the payments sector and openness to innovation, while at the same time being a strong and trusted regulator. We’re keen to build a similarly productive relationship with the NBB to the one we already have with the UK’s FCA”.

Bitmain, the Chinese crypto miner maker, looks like it has reached an interesting point in its pathway to going public. There’s been little heard since the company filed to go public in Hong Kong in September, but now it appears that a new CEO has been hired and its two founders are leaving.

That’s according to a report from SCMP which — citing two sources — said Wang Haichao, Bitmain’s director of product engineering, has assumed CEO duties following a transition that began in December. Founders Wu Jihan (pictured above) and Zhan Ketuan will be co-chairs with Wang described as the “potential successor.”

The publication said that it isn’t clear when a new CEO will be named, or indeed whether an outside appointment will be made.

Bitmain declined to comment on the report when asked by TechCrunch.

The company, which is said to have been valued as high as $15 billion, certainly appears to have stalled with its IPO following the filing of an application on September 26. That document opened up a treasure trove of financial information regarding the company, which is estimated to supply around three-quarters of the world’s crypto mining machines.

Indeed, Bitmain’s IPO filing showed heady growth in revenue. The company grossed more than $2.5 billion in revenue in 2017, a near-10X leap on the $278 million it claimed for 2016, while sales in the first six months of last year surpassed $2.8 billion.

However, there were no figures for Q3 2018 and, since September, the price of Bitcoin and other cryptocurrency has plummeted further still, therein reducing the appeal of buying a mining machine and likely impacting Bitmain’s sales.

We reported that the company likely made a loss of around $400 million in that Q3 quarter. Things are likely to have been trickier still in Q4, as crypto prices dropped so low that mining companies in China were reported to be selling off machines because the cost of power to mine was lower than the reward for doing so.

Bitmain has diversified into non-mining services, to its credit, but its efforts to grow Bitcoin Cash — a controversial fork of Bitcoin — have been controversial and likely loss-making, to boot.

The price of Bitcoin Cash is currently $162 at the timing of writing, that’s down significantly from around $2,500 one year ago. That doesn’t bode well for Bitmain’s investment into the cryptocurrency, and it likely explains why the company has made layoffs, like others in the crypto space.

What a difference four months can make. The challenge for the company’s (apparent) new CEO is certainly a daunting one.

But Bitmain’s struggled isn’t unprecedented. Just this week, its closest rival — Canaan — was linked with a U.S. IPO. The company had planned to go public in Hong Kong last year but it allowed its application to expire as crypto market prices went south.

There’s plenty to watch out for in the mining space in 2019!

Fintech startup N26 is raising a Series D round of $300 million. Following this new funding round, the company is now valued at $2.7 billion. Insight Venture Partners is leading the round with Singapore’s sovereign wealth fund GIC and a few existing investors also participating.

N26 is building a retail bank from scratch. The company lets you open a bank account and get a card in just a few minutes. You can then control everything from your phone or computer. And it’s a much better user experience compared to traditional banks.

This round comes as a surprise as the startup announced a $160 million funding round ten months ago. I talked with N26 co-founder and CEO Valentin Stalf about this, and there are several reasons why raising money made sense.

First, N26 is a very different company now compared to early 2018. The user base has tripled and people are using their N26 accounts more and more. Around a third of N26’s customers are paying every month for a premium account.

The startup’s valuation has exploded as well. “The previous valuation was below $1 billion,” Stalf told me. In other words, N26 is in great shape and it made sense to grab more money before expanding to new markets around the world.

N26 is currently live in 24 European markets and has 2.3 million customers. The company plans to expand to the U.S. in the coming months as well as other markets around the world. Customers currently hold €1 billion in N26 accounts overall. And the company has processed €20 billion in transaction volume since its creation.

I interviewed Valentin Stalf about today’s funding round. This interview has been slightly edited for brevity and clarity.

TechCrunch: Your list of investors is becoming more and more global. Does it mean that, in addition to the U.S., we can expect other countries and other regions as well?

Valentin Stalf: Absolutely. Our goal now for the next couple of years is to transform N26 from being a European company to being a global company. We started in Germany and Austria as you know. We’re now in 24 markets including the U.K. where we’re offering our product in a different currency.

And now the next step will be the U.S. in 2019. We would like to bring N26 to four to six new markets outside of the U.S. and Europe in the next couple of years. But this year is really about the U.S. and then by the end of the year one more market or a couple of markets probably. But we see the opportunity to take the business global. And that’s also what everybody who invested in this round signed up for.

TC: It’s the first time you’re sharing the valuation, which is quite high. Does it mean that the financials of the company are looking good? Are you making money and from what?

Stalf: Two things led to the success of this funding round. One is tremendous growth. We’ve more than tripled the number of customers in the last year. Globally, I think we’re the fastest growing mobile bank on the market now. It’s one driver of the valuation — the future potential that there are many more customers searching for a banking alternative.

We’ve also worked on the profitability of our company. We’re definitely today the most advanced player on the market in terms of profitability per customer. Obviously, we’ll be consuming cash in 2019 — that’s why we raised a round to invest in new markets. But if you look at our company on a per-customer basis, we’re profitable on a per-customer basis. And I think it’s very important.

Where is the revenue coming from today? We’re very much focused on the daily usage of our product. So one is really from card transactions and the interchange fee. Second is our subscription model. Depending on the market, up to 32 to 35 percent are choosing one of the premium products that we’re offering — it’s a really important revenue driver. And then you have the daily usage of financial products, such as overdraft, savings and consumer credit and these things that we have on the German market, the French market. We’re bringing that now to the U.K. and other markets.

TC: On the product front, are there other products that you’re going to roll out or are you more focused on launching the entire lineup of products across all your markets?

Stalf: I think we want to internationalize existing products to new markets and bring our financial products that we have to more of the markets that we’re in.

But I think the strong focus that we have in order to internationalize is really to innovate more on the product. We’ve launched Spaces before Christmas — I would say version one. The big update that is coming out in the next two months is really about sharing a space, creating a shared account either long term with your partner or short term with friends.

We’ll add much more functionality to Spaces. We’ll be adding virtual cards that you can add per account. We’ll be adding different account numbers.

TC: Let’s go back to the funding round. You’ve raised $160 million a year ago — it’s quite quick. If I read that correctly, does it mean that you’re thinking that competition is fierce or that you should get a war chest in case there’s an economic downturn?

Stalf: I wouldn’t call it an economic downturn, but if you look at the equity market, obviously valuations have been challenged over the last couple of weeks. And I think we were lucky in terms of when we raised funding. I think it was good timing.

Independent of that, we’ve never raised because of any timing thing or so. Our company managed to do incredibly well in the last year in terms of profitability and growth. And we’ve had a lot of people approaching us, we’re always in contact with different investors. I always think the best time to raise is when you don’t need to raise. GIC and Insight are the best investors we could have thought of.

TC: Let’s talk about the future. Now, that you’ve got a ton of funding in your bank account. How do you see N26 in a couple of years as a product, as a company and as a brand?

Stalf: I think we have the opportunity to really build a business with a hundred million customers globally. I truly believe in this. And that means that we’ll have to build the brand that you need for such as business. It’s going to be a big focus.

If you look more at our company, we have now 700 employees in three locations around the world — Berlin, Barcelona and New York. We will open a couple of offices throughout the next year in Europe and maybe somewhere else in the world. So it's really awesome to transform our company to be more global — we already have 50 different nationalities.

Hulu is preparing to update its streaming app in order to make its simpler to navigate to and discover content you want to watch. Some of the changes coming in the weeks ahead are smaller, but worthwhile tweaks – like adding buttons or re-arranging where menus sit. But the more notable change is that Hulu is testing doing away with the app’s existing home page – currently known as “Lineup” – and replacing it with a new experience.

That’s a change that could have a significant impact, as the Hulu home page is the place everyone first lands when they launch the app. The page today sees the most engagement and is biggest driver of content discovery for the streaming service.

Hulu found that users have short attention spans when hitting this page, however – in 30 to 60 seconds’ time, they’ve lost interest. Plus, when users decide to play a piece of content from this landing page, they’re doing so after five actions or less. That means Hulu has only a small window to connect viewers to content they’ll like, before they click away to elsewhere in the app – or close it altogether because they can’t find something to watch.

What Hulu now wants to learn is what sort of content makes the most sense for this landing page. “Lineup,” after all, is a vague term. It sounds like it’s something highly personalized to the viewer – and it’s clearly not, as any Hulu user can tell you, the suggestions here are often hit-or-miss.

“Lineup is confusing,” Hulu’s new VP of Product, Jim Denney, admitted, in a discussion with TechCrunch at CES about the new features. “Lineup, the way it is today, is a combination of editorial picks and recommendations…that combination of things is not as effective as we’d like it to be,” he said.

In its place, Hulu will trial two different variations: a “Hulu Picks” collection, which is curated by staff, and an “Unwatched in My Stuff” option that will show you things you have on your list, but haven’t yet watched.

The former, “Hulu Picks,” would allow the company to have more control over what sort of content suggestions you see first. While the latter option would showcase content you’ve explicitly indicated interest in viewing.

The company says it will test both options with a portion of Hulu’s user base in order to determine which one sees the best response. This will roll out in the weeks ahead.

Meanwhile, other changes to the Hulu app will be focused on helping you view more content while searching for something to watch, as well as helping you to more easily navigate, and start watching with less confusion and fewer steps.

For example, Hulu will soon have more content appear on the screen as you scroll down in the user interface, so you can scan the thumbnails and make a decision more quickly.

It’s also adding a larger, more prominent “Details” button on content within its various collections – like the Lineup (or whatever replaces it), as well as sections like “Kids,” “News” or “Sports,” for example. This button will take you to the details page for that show or movie you’re interested in.

 

It’s adding more metadata next to the content, too, including things like the genre, rating, and the year which will help users make a choice more quickly.

On the content’s Details page, there will be a stacked list of quick actions for things like playing the next episodes, adding items to “My Stuff,” or managing your relationship with the show.

This latter option is a small but useful tweak that takes you to an area where you can adjust your suggestions and watch history – meaning you can mark something as watched or unwatched. This will be particularly beneficial for those times when you’ve begun watching a program on another streaming service, and now want to pick it up again on Hulu. Today, Hulu wouldn’t have any way of knowing if you’ve viewed those episodes outside its app – but now you’ll be able to explicitly say so.

You’ll also be able to mark content as unwatched, which could help if you’ve fallen asleep while watching TV, for example, or someone else watched the show while logged into your profile.

New visual templates will make finding news, sports and kids content easier with things like matchup artwork for games and movies identified by their poster, for instance.

On the Live TV side, subscribers will be able to view a full two weeks out on the programming guide, instead of just what’s airing now and next. The navigation here – like Recent Channels, My Channels, All Channels, etc. – has also moved from the top to the left side for easier access.

While these various changes will be rolling out this spring, Hulu plans to continue to iterate on the user interface through the year, says Denney.

“I think you should expect to see the UI continue to evolve,” he said. “We’ll make modifications based on what we’ve learned. We’ll continue to make changes in the UI and make changes to the way we do our recommendations. The mission is to make sure people appreciate the amount of content they have access to without being overwhelming. This home redesign is an ingredient in that,” he added.

 

 

 

 

Carbon Engineering, a Canadian company developing technology to remove carbon dioxide from the atmosphere and process it for use in enhanced oil recovery or in the creation of new synthetic fuels, has locked in financing from two big industry backers — Chevron and Occidental Petroleum — to bring its products to market.

The undisclosed amount of capital Carbon Engineering raised from the investment arms of two of the world’s largest oil and gas companies — Oxy Low Carbon Ventures and Chevron Technology Ventures — will be used to commercialize its technology at a time when legislation in California and British Columbia are making low carbon fuels more economically viable, according to a statement from the company’s chief executive, Steve Oldham. The company had already managed to nab Microsoft co-founder Bill Gates as an investor.

Gates is one of several big-name backers to be drawn to renewable energy technologies in the face of a steadily warming planet that’s rapidly approaching a tipping point-of-no-return when it comes to global climate change. Together with a group of other multi-billionaires including Marc Benioff, Jeff Bezos, Michael Bloomberg, Richard Branson, Jack Ma, Masayoshi Son, and Meg Whitman, Gates launched a $1 billion fund called Breakthrough Energy Ventures last year to back companies that are developing things like new energy storage and water production technologies.

The Squamish, B.C.-based Carbon Engineering isn’t in the Breakthrough portfolio, but is one of several companies working on making a technology called “direct air capture” of carbon dioxide economically viable.

At the company’s pilot plant in Squamish air gets hoovered up by giant fans into a processing facility where it is treated with potassium hydroxide, which captures and holds the carbon dioxide. Then more chemicals and heat are added to the mix to create millions of smell white pellets — which contain higher concentrations of the carbon dioxide.

After that, the pellets are heated again to create a gas which is almost pure carbon dioxide. That gas can be either sequestered underground (a proposition with no economic benefit for Carbon Engineering at the moment) or converted back into fuels, chemicals, or used in enhanced oil recovery.

Carbon Engineering and competitors like ClimeWorks or Global Thermostat claim that they can remove carbon dioxide from the atmosphere for roughly $100 per ton or a bit less once they can get to scale. To make money though, they’ll need to refine that carbon dioxide into some sort of product — likely a fuel, which will return that carbon to the atmosphere.

Other companies tackling carbon capture like Newlight Technologies and Opus12 convert the carbon into plastics or chemicals while companies like CarbonCure aim to turn the captured carbon into a cement replacement.

While these products from carbon emissions are available, they’re not yet commercially viable at a significant scale. Oldham told National Public Radio that the fuel which Carbon Engineering manufactures is roughly 20 percent more expensive than regular gasoline.

That’s why states like California are putting incentives in place to offset the added costs of using these low carbon products.

Carbon Engineering has already spent $30 million to develop its process, while Climeworks raised $31 million last year to develop its own version of this carbon capture technology.

Not all climate watchers are convinced that these kinds of negative emission technologies are the answer. They argue that it’s less expensive to use renewable energy and other carbon-free energy sources than to take carbon dioxide out of the air.

At this point, though, emission reductions may not be enough. Given the dire reports coming out of the Trump Administration and the Intergovernmental Panel on Climate Change, it’s going to take pretty much a combination of everything that humanity’s got to avoid a pretty catastrophic fate for a pretty large portion of the world’s population.

Even the companies that have been notorious for their contributions to the climate crisis that the world faces are waking up to the need for decarbonization (even if it’s an open question of whether they’re being dragged to the table or sitting down of their own free will).

Oxy Low Carbon Ventures is a good example. Reading the writing on the wall the firm has invested not just in Carbon Engineering, but another company called NET Power, which purports to have developed a power plant with zero emissions.

“It is a very important time for the air capture field right now,” said Oldham in a statement. “We’re seeing leading jurisdictions, like California and British Columbia, creating markets for low carbon fuels and technologies like DAC, through effective climate policy. These efficient market-based regulations, and action from energy industry leaders like Occidental and Chevron, show the power of policy in driving innovation and achieving emissions reductions while delivering reliable and affordable energy.”

Chamberlain Group, which owns several security and access brands including the myQ smart garage hub, has added two new companies to its portfolio: connected door lock maker Lockitron and wi-fi home security camera startup Tend.

In a press statement, Chamberlain Group CEO JoAnna Sohovich said Tend and Lockitron’s produts will be integrated into myQ. “We know families enter and exit their homes through their garage doors multiple times a day. Our myQ technology allows homeowners to monitor and control access from their smartphone,” she said. “Adding video, connected locks, and enhanced artificial intelligence to our access solutions will provide even further peace of mind as homeowners connect to their homes and loved ones.”

(Blogger Dave Zatz first spotted signs of the deal two weeks ago, including updates to Lockitron’s privacy policy).

Lockitron was one of the first smart lock brands, shipping its first connected lock in 2010. Its flagship product is the Bolt, a smart lock that is accessed by smartphone. The Bolt launched in 2015 and was the first smart locks available for under $100. The Chamberlain Group will integrate Lockitron’s technology into myQ so users can control their garage and residential doors with one app.

In an email to TechCrunch, Cameron Robertson, who co-founded Lockitron with Paul Gerhardt, said they began looking for potential buyers in order to have the resources to scale up and meet retail and e-commerce demand. Chamberlain Group was the best fit because it will support existing Lockitron users, and Lockitron’s technology can also be integrated into other products besides myQ. The transaction was an asset sale of the Lockitron product line from its parent company Apigy. Robertson and Gerhardt are now advising Chamberlain on a part-time basis, as well as working on new projects not related to Apigy, which Robertson says will eventually be wound down.

Tend’s video and functionality, including facial recognition, will also be integrated into myQ, so users can add a Tend camera and see video of their garage doors opening and closing through myQ’s app. The company was launched in 2008 and its co-founder and CEO Herman Yau will continue on as Tend general manager, leading its video and AI platform as part of Chamberlain Group.

Whenever some new “cosmic puzzle” crops up, you always have to be ready for the other shoe to drop. But just because something isn’t an alien message or Ringworld doesn’t mean it can’t be interesting science. Today’s shoe drop concerns “fast radio bursts” coming from a distant galaxy — but don’t expect a secret message from an advanced civilization.

Fast radio bursts, or FRBs, are short, intense blasts of radio waves that come from far outside our galaxy. No one knows what causes them, but they’re unlike anything else we’ve observed — and their uniqueness makes them a prime target for detection in noisy data.

A SETI project snatched a few just this fall, but another effort using a brand new radio telescope called CHIME that essentially points at the whole sky and chooses where to “look” using software. In a pair of papers published today, researchers say they’ve found 13 new FRBs using the method.

“The telescope has no moving parts. Instead it uses digital signal processing to ‘point’ the telescope and reconstruct where the radio waves are coming from. This is done using clever algorithms and a couple of giant computer clusters that sit beside the telescope and crunch away at the data in real time,” explained Kiyoshi Masui, an MIT scientist on the team behind CHIME’s discoveries, in a news release.

This kind of software-defined operation is sure to become more common as computing power increases and the effectiveness of smaller arrays increases.

You can see where in the universe they appeared in the video here:

Hopefully that helps.

Naturally everyone wants to think it’s spaceships or planets full of hyperintelligent broadcasters sending out signals to us, though of course they would have had to send it a long, long time ago. More likely it’s “powerful astrophysical objects more likely to be in locations with special characteristics,” the scientists speculated.

Supernovas, black holes, quasars — there are lots of strange, high-energy items out there in the universe, and who knows what happens when they combine? The FRBs observed recently also exhibited a much lower wavelength than those seen previously, so there appears to be quite a variety.

But what’s even rarer than FRBs is repeating FRBs; only one has ever been found, via the massive Arecibo array in Puerto Rico. That is, until these scientists spotted another.

When there was only the one, it was conceivable that the occurrence was a cosmic anomaly — perhaps some incredibly rare event that only happens once in a thousand millennia. But two in a handful of years? That suggests they’re far more common than that, and now that we know what to look for we’re likely to find more.

It might not be an alien civilization, but something totally new to science is a pretty nice consolation prize.

French startup Ledger unveiled a new hardware wallet at CES this week. While the device isn’t going to ship until March, the company let me play with a prototype version of the device. The Ledger Nano X feels just like using the Nano S, but on mobile.

When the company’s previous hardware wallet first came out, that was before the cryptocurrency boom, before Ledger raised $75 million. And the user experience wasn’t great.

You had to install multiple Chrome apps to manage multiple cryptocurrencies, switch between each app when you wanted to access your balance and manage your crypto assets. But things got much better when the company released Ledger Live on macOS, Windows and Linux.

With this new app, you could finally view your portfolio balance and manage multiple crypto assets from the same desktop app. The logical next step was mobile. And you have to get a new hardware wallet for that.

The Ledger Nano X looks more or less like the Ledger Nano S, but slightly bigger. It’s shaped like a USB key and it has a tiny screen to confirm transactions on the device. There’s a tiny 100 mAh battery in it and a slightly bigger screen. The battery should last a couple of months when you’re not using the wallet, and around 8 hours of active use. The microUSB port has been replaced by a USB-C port. The buttons are now on each side of the screen instead of on the side of the device.

After you pair the device with your phone, you can control everything from your iOS or Android phone. You can install apps on the Ledger Nano X, access your wallets and send cryptocurrencies. On iOS, you can lock the app using a password and optionally Face ID or Touch ID.

When you need to validate a transaction on your Ledger Nano X, your phone will pair with your Ledger device over Bluetooth. You can then view transaction information on your Ledger device and approve the transaction on the device itself.

What makes Ledger so secure is that your private keys never leave your Ledger device. Transactions are signed directly on the device. Your private keys are never sent over Bluetooth and your cryptocurrencies remain safe even if your smartphone is compromised.

Ledger now uses an ST33 secure element, which is slightly more secure than the previous version ST31. Now, there’s only a single chip, connected directly to the screen and buttons, which reduces the risk of having someone compromise the information on your screen.

The screen is now twice as tall, which lets you view full public addresses without a scrolling view. You can now install up to 100 different cryptocurrency apps. You can still plug the device into a computer and use the desktop app, as well. The device costs €120 ($138).

Disclosure: I own small amounts of various cryptocurrencies.

The government shutdown has entered into day 19, making it the second-longest shutdown in U.S. history. With President Donald Trump slamming his hands down on a table and storming out of negotiations with Speaker Nancy Pelosi and Senator Chuck Schumer earlier today, a fast-approaching end feels unlikely.

Hundreds of thousands of federal workers are out of work as U.S. leaders struggle to reach a fair agreement on the federal budget, including employees of the U.S. Securities and Exchange Commission . The government agency, responsible for protecting investors and maintaining fair, orderly and efficient markets, shut down on December 27 and has just 285 of its 4,436 employees on the clock.

“Due to the ongoing federal government shutdown, the SEC is currently operating in accordance with the agency’s plan for operating during a shutdown,” the agency wrote on its website. “The SEC has staff available to respond to emergency situations involving market integrity and investor protection, including law enforcement.”

EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system that allows companies to electronically file crucial documents, including paperwork for initial public offerings, has remained up and running. That’s led to a “large and growing” backlog of filings, reports CNBC, that could cause a delay in several IPOs, as well as a lasting impact on the state of the IPO market in 2019.

Several major technology companies have taken steps toward early-2019 IPOs, all of which are at risk of a delay. A poor performing stock market is only adding fuel to the flames in a year that many had expected would bring record amounts of liquidity to investors via high-profile offerings. Uber, Lyft, Slack and Pinterest have all begun IPO prep, for example, with Uber chief executive officer Dara Khosrowshahi recently claiming turbulent public markets would not delay the ride-hailing company’s float.

“The good news is that we’ve got a strong balance sheet so we don’t need to go public this year,” he told The Wall Street Journal. “It’s a desire [but] if it doesn’t happen it doesn’t happen. I’d be disappointed and I think our shareholders would be disappointed but the company would be just fine.”

He didn’t comment on the potential resonating effects of a government shutdown, per The WSJ. Uber and its largest U.S. competitor Lyft both filed confidentially with the SEC in December, just weeks before the shutdown began. During the shutdown, companies are still permitted to file confidentially, a method preferred by many companies as it allows them to refrain from disclosing key IPO details and financials to the public ahead of an exit.

Ultimately, tech’s most buzz-worthy unicorns will be the least affected by Trump and co.’s discordance. Well-funded businesses with strong balance sheets, as Khosrowshahi pointed out, have a safety net ready if IPO plans go awry. Smaller businesses, particularly those in need of an infusion of capital to continue operating, will bear the brunt of any IPO delays.

Have a stationary lifestyle and a penchant for lasagna left your cat overweight and sluggish? Sure, kicking dogs off the sides of tables and mailing cats to Abu Dhabi are decent legwork, but what about the full-body workout your furry friend deserves?

That, dear reader, is where The Little Cat comes in. This $1,800 hamster wheel from South Korean company Pet Ding promises to help your feline burn away those excess kilograms. There’s a small, color changing light in the middle of the track for the cat to chase, à la a laser pointer.

An Android/iOS app, meanwhile, moves the light higher, depending on how quickly you want him or her to run. It also offers up distance and calories burned.

This is either the stupidest or most brilliant thing I’ve seen this week at CES. Honestly though, it’s like day 5,000 of the show and I’m very tired right now, so I can’t say for sure. At the very least, your cat will almost certainly appreciate the big ring as a metaphor for the futility of life. Make every day feel like a Monday.

The Little Cat is coming to the U.S. in late March.