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AI & Enterprise

Reflection seeks funding at $25 billion valuation to target sovereign AI with open-source models

Nvidia-backed AI startup Reflection is seeking to raise $2.5 billion at a $25 billion valuation, foreign media reported. The company focuses on developing open-source AI models that companies, research institutes and universities can use and modify. Nvidia invested about $800 million in Reflection at an $8 billion valuation. JPMorgan Chase is considering joining the round. Reflection also signed a deal with South Korea's Shinsegae Group for a Korean-language model.

Games & Commerce

SOOP shifts to co-CEO structure with Choi Young-woo and Lee Min-won

SOOP said on March 27 it shifted to a co-CEO structure after a regular shareholders meeting and board meeting. The company said the reorganisation aims to boost future growth and speed up its response to change. Choi Young-woo will focus on expanding global business and strengthening game and e-sports operations. New co-CEO Lee Min-won will oversee sports, social, community and new businesses to find growth engines based on live streaming.

Crypto

Wall Street and onchain combine in biggest infrastructure upgrade since electronic trading 30 years ago

Wall Street financial firms are moving beyond exploring blockchain and are beginning to adopt it, with exchanges, clearinghouses and electronic trading platforms entering onchain markets. Jason Rosenthal (Jason Rosenthal) of a16z Crypto calls the shift the biggest capital markets infrastructure upgrade since the move to electronic trading 30 years ago. He points to tokenisation, instant settlement and 24/7 markets, citing moves by DTCC, NYSE and Tradeweb, alongside supportive regulation.