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Global crypto firms turn to Hong Kong for refuge — and opportunity | TechCrunch

May 7, 2024 2:23 AM0


With U.S. regulators continuing to ramp up their scrutiny of crypto, startups and founders in the space are looking overseas to find friendlier climates to support their growth.

One such destination is Hong Kong, which, seeking to restore its status as a financial hub, is banking on favorable crypto regulations to draw a fresh raft of entrepreneurs, technologists and investors. So far, its strategy seems to be working.

In mid-April, Hong Kong’s annual web3 festival drew in over 50,000 attendees. There were noticeably more non-Chinese attendees compared to last year, when the event felt like a gathering of crypto refugees fleeing mainland China’s restrictive policy. At this year’s edition, buttoned-up officials from the city listened attentively to scruffily dressed founders battling jetlag. While she did not make it to the event in person, Cathie Wood, the billionaire founder of Ark Invest, delivered a speech via video. And Vitalik Buterin, the nomadic founder of Ethereum, made a last-minute appearance.

It evoked a sense of deja vu: in the industry’s infancy, Hong Kong was a major hub for crypto firms run by foreign entrepreneurs, including the likes of FTX, Crypto.com and BitMex. Like other jurisdictions around the world, the city clamped down on crypto activities to safeguard investor interest as market volatility was spiraling out of control.

Excitement around Hong Kong’s web3 scene started to bubble up again last June, when the government made it legal for retail investors to trade crypto. Since then, the city has implemented a series of measures to regulate crypto-related activities, including a sandbox for stablecoin issuance as well as a licensing regime for crypto exchange operators. Following in the footsteps of the U.S., Hong Kong just listed a batch of cryptocurrency exchange-traded funds this week.

These moves are in stark contrast to the U.S. government’s tough stance against crypto businesses. Attendees at the web3 festival, who flew in from the U.S., Europe, the Middle East, India and other regions, expressed their optimism about the momentum in Hong Kong. First Digital’s FDUSD, issued under Hong Kong’s digital asset rules and backed by U.S. Treasury bills, for example, has quickly become the world’s fourth-largest stablecoin by market capitalization.

At the same time, people are mindful of Hong Kong’s limitations as an aspiring crypto hub. For one, it’s a relatively small market of seven million people, and mainland China’s enormous market is going to be off-limits for now at least. Moreover, the rules prioritize investor protection, which can result in higher compliance costs and deter those who favor a more freewheeling environment.

Still, Hong Kong remains one of the few jurisdictions, alongside countries like the United Arab Emirates, Japan, and Singapore, that have shown a clear commitment to cryptocurrency. As Jack Jia, head of crypto at global payments company Unlimit, remarked: “The fact that Hong Kong is coming up with any crypto regulation at all, just from a reputation and optics standpoint, will attract everyone.”

Open-minded officials

Hong Kong doesn’t actually have the most lenient crypto regulations. Indeed, its scrutiny over exchange operators has pushed its crypto posterchild, HashKey, to seek a license in Bermuda. The world’s largest crypto exchanges, namely Binance, Coinbase and Kraken, are conspicuously absent from the list of 22 applicants for the city’s virtual asset exchange license.

As it turns out, Hong Kong’s greatest allure is its effort to provide regulatory clarity for crypto activities.

“The SEC is notorious. ‘Everything’s a security, but we’re not going to tell you clearly what licensing you need to apply for, and then we might just reject your application anyway,’” said Jia, describing the attitude of the U.S. Securities and Exchange Commission in regulating crypto firms. “There’s no set SEC process. But Hong Kong regulators have put out a process for hearing your opinions.”

Indeed, multiple crypto executives told TechCrunch that they have held closed-door meetings with Hong Kong government representatives. Working to feed real-world data to smart contracts, which are lines of code that execute predefined rules, San Francisco-based Chainlink is in discussions to provide its technology to major financial infrastructure in Hong Kong, said its co-founder Sergey Nazarov.

“People don’t fully realize that the capital markets and crypto are very compatible. In coming to Hong Kong, I found that that compatibility is going to be accelerated here first because the government and the regulators are more open to that compatibility,” said Nazarov, who invited Hong Kong’s Under Secretary for Treasury, Joseph Chan, to speak in a fireside chat with him at SmartCon, Chainlink’s annual conference, in Barcelona last year.

This year, Chainlink is taking SmartCon to Hong Kong at the invitation of the local government, making Hong Kong the first Asian city to host the conference, according to Nazarov.

“The Hong Kong regulator is giving out regulation on stablecoins and regulation on [digital] assets. That means Hong Kong can be a place where assets and payments can reliably function in one system in a regulated way,” Nazarov added. “That’s important, because if things are not regulated, then all of the hundreds or hundreds of trillions of dollars and banks will not migrate.”

Steve Yun, president of Dubai-based TON Foundation, Telegram’s official blockchain partner, shared the sanguine sentiment, saying that Hong Kong might have the biggest competitive advantage over other aspiring crypto hubs as the city “is trying to come up with a very comprehensive framework to make builders and entrepreneurs feel more comfortable and to attract talent.”

Hong Kong’s financial regulations are intricate, but Charles d’Haussy, CEO of Switzerland-based DYdX Foundation, is no stranger to them, having previously headed fintech for InvestHK, the Hong Kong government’s foreign direct investment department.

“The Hong Kong government was very open to crypto in the early days,” d’Haussy recalled. Then came a period of hostility as regulators tried to combat rampant crypto frauds. But “about a year ago or so, I think they understood that there was a new market there, and there should be regulations to make sure that this opportunity was not missed.”

“That’s when you saw the HKMA [Hong Kong Monetary Authority] doing more and more CBDCs [central bank digital currencies], and the Hong Kong SFC [Securities and Futures Commission] issuing crypto exchanges and ETFs licenses,” d’Haussy added.

Access to China

When Hong Kong opened up to cryptocurrencies last year, speculation was rife that mainland China might follow suit. That hope remains distant as China continues to bar its people from trading crypto. Nonetheless, companies are now recognizing Hong Kong’s potential as a gateway to another valuable resource from its neighbor.

While Hong Kong is a magnet for financial talent, its neighbor to the south, Shenzhen, is home to some of the world’s largest tech companies, such as Huawei, DJI and Tencent. Unsurprisingly, crypto firms are capitalizing on the combination of Hong Kong’s friendly regulations and its proximity to developer resources in Shenzhen and other Chinese cities.

One such player tapping Hong Kong’s geographic location is TON Foundation. As part of its effort to become a super app, Telegram is partnering with TON, which enables developers to build blockchain-based lite apps that run on the messenger. During the web3 week, the Foundation held a bootcamp in Hong Kong in the hope of attracting Chinese developers, particularly those who are familiar with WeChat’s mini-app empire.

“Now we are reaching out to regions where they have a high number of developers and entrepreneurs, especially the ones who grew up using some type of mini apps through a super app, and those who participated in the growth of such ecosystem,” said Yun.

A16z-backed Aptos, for example, hosted a three-day hackathon in Shenzhen back in February, attracting hundreds of applicants. Aptos, run by a team that previously worked on Meta’s Diem blockchain, has also partnered with Alibaba’s cloud computing arm to lure Chinese developers.

Some foreign founders have taken a step further by establishing a physical presence in the city. ZkMe, founded by a German entrepreneur to enable private credential verifications, chose to locate its headquarters in Hong Kong.

“We came here to build a sustainable business and take advantage of the tech expertise here, and then obviously, the cooperation with the Greater Bay Area is also really beneficial,” said zkMe’s founder and CEO, Alex Scheer, referring to the initiative that aims to integrate Hong Kong with nine adjacent Chinese cities through policies like tax benefits for Hong Kong firms to set up in Shenzhen. Of zkMe’s team of 16 members, 14 are based out of its Shenzhen office.

Some founders are more optimistic about Hong Kong paving the path for China to embrace crypto in the future. Anurag Arjun, founder of Dubai-based Avail, a modular blockchain company, believes governments that see the full benefits of crypto technologies will eventually adopt a more accommodating position.

“[The crypto industry has] been building very advanced technology over the last few years. Some examples are things like zero-knowledge proof technology,” he said, suggesting that the underlying technology behind cryptocurrency was developed not to support fraudulent NFTs or speculative trading, but to enhance the foundational tech of the industry.

“Due to the strategic nature of Hong Kong, we feel that it is an important place — a gateway to China in the future,” said Arjun. “If China opens up in the future — and once we talk to more government officials and make our case for the technology not only for the currency elements of it — what we do in Hong Kong will be a useful lesson to also expand to China.”

As the US cracks down on crypto, Hong Kong extends a warm welcome


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Productive solar technologies draw investors as global off-grid solar sector funding slumps | TechCrunch

April 30, 2024 9:23 PM0


Productive Use of Renewable Energy (PURE) technologies, especially those in the solar irrigation and cold chain segment, saw increased investor interest last year, despite a 43% funding slump recorded in the global off-grid solar sector.

The global association for the off-grid solar energy industry, GOGLA, says PURE technologies raised $65 million in 2023, double the previous year, owing to growing investor interest in the segment. Among the startups that raised funding in the sector last year is Figorr, which offers storage and transportation of temperature-sensitive products.

PURE technologies include appliances and products like solar-powered water pumps, refrigerators, cold rooms and agri-processing equipment that allow improved or new revenue-generating activities, mostly in the agriculture sector.

Laura Fortes, GOGLA senior Access to Investment manager, told TechCrunch the technologies are attracting interest due to their transformative impact on livelihoods through innovation.

“These solutions mitigate climate change, enhance resilience and offer increased income opportunities for beneficiaries, including smallholder farmers and health clinics. By replacing outdated diesel water pumps and fossil-fuel-dependent coolers, especially in the face of climate change, they bolster resilience and small farmer incomes,” said Fortes.

Overall, the off-grid solar sector raised $425 million last year across 158 deals, with $281 million being debt. Sun King, d.light, Engie Energy Access, M-KOPA, Zola and Bboxx accounted for 58% of the total investments. This shows that most of the funding went to startups or scale-ups with a presence in Africa, where these ventures provide products and solutions to address lack of energy access.

Globally, 75% of the population has no access to electricity, 46% of those being from Africa. Yet, equity investment in household solar startups remained low in what GOGLA says signals a concerning failure to nurture new companies focused on electricity access that will be crucial for achieving electrification goals.

“2023 investment data shows that without more de-risking instruments and concessional financing, off-grid solar will not reach the scale needed to achieve global development goals. While many examples of successful blended finance structures that are catalytic already exist, we need more of them to multiply industry funding by seven,” said Fortes.

Seven scaleups hog over 70% of funding to Africa’s solar pay-go ventures


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Global Founders Capital will deploy Rocket Internet’s cash instead of raising a new fund | TechCrunch

April 26, 2024 2:48 PM0


Global Founders Capital, the Berlin-based early stage VC firm with close ties to the German startup factory Rocket Internet, is going to become the venture arm of Rocket Internet.

The VC previously raised two $1 billion funds and, just a few years ago, its name appeared in dozens of deals per year. But then, things quietened down. Now we know why: Going forward, it’ll exclusively invest from Rocket Internet’s balance sheet.

Last year the Financial Times reported that Global Founders Capital was in the middle of a big strategic shift. A couple of weeks ago the VC firm reached out to TechCrunch to confirm the pivot and discuss the reasons behind the shift.

“To be transparent, there have been quite a few changes at Global Founders Capital in recent years — in terms of the structure of the fund and the composition of the team,” Global Founders Capital Partner David Sainteff (pictured above) told us.

Sainteff said the firm decided it’s not the right time to raise another fund because it’s not a great time to invest as they do not believe there are that many good opportunities that meet the firm’s criteria and that they don’t need more capital to remain competitive against other investors for deals.

Global Founders Capital was originally structured as a traditional VC firm with several limited partners participating in funds. With its first fund, it backed then-future unicorns such as Personio, Revolut and SumUp. With its second fund, the firm invested in several companies TechCrunch has also covered, such as Pennylane, Ankorstore and Seyna.

Prior to joining Global Founders Capital, seven years ago, Sainteff worked for Rocket Internet which was an investor in Global Founders Capital from the beginning. So there have been close ties between them since the beginning.

“Following the deployment of this second fund, we decided not to raise another fund. Instead, we’ll use Rocket Internet’s capital,” he confirmed. “We have €300 million to deploy for venture investments on the balance sheet. We don’t have any fundraising planned.”

Frankly, this is a bit odd as the firm’s past performance seems quite good. According to Sainteff, the first fund is going to generate returns between 3x and 4x. “For the second fund, it’s far too early [to say],” he continued. “But we have a few clear winners like Pennylane. We entered at the pre-seed stage and the company is worth over €1 billion.”

The new strategy means Global Founders Capital is now much smaller than it used to be, with only five partners left: Fabricio Pettena, Don Stalter, Cedric Asselman, Sainteff and of course Rocket Internet co-founder and CEO Oliver Samwer.

The new version of the firm will also only focus on early stage investments, plus the ability for follow-on investments in later rounds (Series A, B, C, etc).

Did Global Founders Capital choose not to raise a third fund because it didn’t get enough support from potential limited partners or because of the current tech downturn compared to 2021 (with the exception of the boom in artificial intelligence)? Probably the decision hinged on a bit of both.

“It wasn’t the best moment to raise funds with [limited partners],” Sainteff told us. “We think it was difficult to have the imperative to deploy capital.”

“It’s an easy decision to make when you have €300 million in the bank,” he added. “If other VC firms were in the same boat, they would have made the same decision. We don’t rule out the possibility to raise a fund when the conditions are right and favorable.”

For now, the pivot reverses much of the fund’s earlier expansion, when it scaled into more geographies, tech areas and funding stages and the Global Founders Capital name was attached to a bunch of deals.


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B2B marketplace The Folklore bags $3.4M seed to get brands into global stores | TechCrunch

April 26, 2024 1:26 AM0


Amira Rasool founded The Folklore in 2018 to help fashion brands from emerging markets like Africa, Asia and The Caribbean tap into the international market. In 2022, the startup introduced The Folklore Connect, a B2B marketplace and wholesale management software for brands to sell to partner global retailers like Nordstrom, after it shifted from sourcing and selling directly to consumers.

What started as a mission to open the global market for fashion brands has grown into a platform that serves a diverse range of consumer companies, including those in beauty, health and wellness. Along the way, it has also enabled global retailers to source inventory from a diverse pool of creators.

Rasool told TechCrunch that the startup is introducing new services to give brands additional help they require to scale, including capital and talent. The plan follows $3.4 million raised in a seed funding round led by Benchstrength, a VC firm by ex-General Catalyst partners Kenneth Chenault Jr. and John Monagle, with the participation of existing investors Slauson & Co., Techstars and Black Tech Nation Ventures. The capital, which brings total funding raised by the startup to $6.2 million, will enable it to serve more brands.

“The key to The Folklore’s consistent user and revenue growth is continuing to build things that make sense for the customers we are targeting. We are not trying to expand too much, and just build something we think they might like; we are actually going to talk to the brands and see what the majority need, and that’s what we’re going to focus on,” said Rasool.

Among its latest offerings is The Folklore Capital, offered by its partners, allowing brands to receive loans of up to $1 million as working capital. Rasool said its pilot showed that brands went for loans of between $10,000 and $30,000.

“Access to capital is probably one of the biggest things that prevents small businesses from scaling. For diverse brands in particular, there are a lot of economic hurdles that these groups face, which makes it even harder for them to access capital. Since a large makeup of our community is diverse, we wanted to make sure that they had more resources that they can use to access capital,” she noted.

“This service is particularly helpful for people who are taking on big wholesale orders from our retailers. A lot of retailers’ payment terms are net 30 or net 60 (the retailer has 30 or 60 days to settle), so it is necessary for those brands to be able to have money upfront. That’s why purchase order financing was something that we prioritized because we are a company that is promoting wholesale growth. Providing access to working capital was also important so that brands could have money to hire people who can manage production, wholesale, social and more,” she said.

Its other offering is a labor marketplace for brands not in a position to hire full-time teams but require talent occasionally. Its community of brands recommends the talent or manufacturer, who are listed on the marketplace after several stages of vetting.

Brands gain access to the labor marketplace, capital and other resources, upon signing up (at a cost) on the startup’s main product, the B2B marketplace and SaaS product.

Qogita — a wholesale marketplace for retailers — raises $86M Series B to compete with Ankorstore in Europe


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WhatsApp adds global support for passkeys on iOS | TechCrunch

April 24, 2024 11:02 PM0


WhatsApp is introducing support for passkey verification on iOS, removing the need for users to deal with SMS one-time passcodes. The iOS launch comes six months after WhatsApp introduced passkey support on Android. The company announced on Wednesday that the feature is rolling out now and will be available to all iOS users in the coming weeks.

Once enabled, iOS users can log back into WhatsApp using passkey verification via facial recognition, biometrics or a PIN stored on Apple’s passkey manager.

Passkey logins make it harder for bad actors to remotely access your accounts, since they would also need physical access to a phone. Passkeys also remove the need to rely on username and password combinations, which can be susceptible to phishing.

WhatsApp users can enable passkey verification by going into their app settings, navigating to the “Account” options, and clicking on the new “Passkeys” button to set up the verification method.

“Passkey verification will make logging back into WhatsApp easier and more secure. We’re excited to launch this on WhatsApp and give users an added layer of security,” said WhatApp’s head of product, Alice Newton-Rex, in an emailed statement.

WhatsApp joins numerous other companies that have launched passkey support recently, including X (formerly Twitter), Google, PayPal and TikTok.


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Inside LemFi’s play to be fintech to the Global South diaspora | TechCrunch

April 17, 2024 5:19 PM0


The African tech ecosystem, buffeted by huge potential but also lots of economic, political and social instabilities, is no stranger to major drama befalling even its most promising-looking startups. But recently, LemFi, the Nigeria-based fintech that provides money transfer services to African migrants, is shaping up as an example of a bounce-back—and growth story. After being shut down by regulators in Ghana in November over what was described as “illegal” activities, LemFi is back in business in the country, and it’s now gearing up for a big expansion into Asia.

These events spotlight the company’s growing influence in Africa’s remittance market, fuelled by a $33 million Series A funding round and the launch of services in the U.S. corridor, both announced last August.

Backed by the likes of Left Lane Capital and Y Combinator (where it was part of the Summer ’21 cohort as Lemonade Finance), LemFi initially targeted Nigerian migrants in Canada, offering multi-currency accounts that enabled them to send money back to their home country.

LemFi later expanded to serve other African diaspora communities in the country before entering the U.K. market in 2021 by acquiring RightCard for $2.5 million. By the end of 2023, immigrants in these three countries could send money to 10 African destinations, including Nigeria, Kenya, Ghana, Senegal, Ivory Coast, Benin Republic, Cameroon, Tanzania, Rwanda, and Uganda.

From serving immigrants from Africa to Asia

In a further expansion move last month, the money transfer service broadened its options and customer base to include migrants from Asian countries residing in the U.S., U.K., and Canada.

“Since starting the company three years ago, we’ve realized that remittances across so many regions are more similar than people think,” LemFi co-founder and CEO Ridwan Olalere told TechCrunch in an interview. “The problems that Africans face in terms of difficulty in sending money and compliance issues are very similar to what people from different emerging markets also face.”

Although developing economies are doing what their name says — developing — money transfers continue to be an important cornerstone of how residents in these countries survive financially. Remittance inflows globally surpassed $669 billion in 2023, according to research from the World Bank, and many low- and middle-income countries heavily rely on these funds to address fiscal shortfalls. For some countries, these inflows continue to represent significant portions of their gross domestic product (GDP).

Despite concerns about migrants’ incomes declining due to global economic challenges, remittances to their home countries, particularly across Africa and Asia, are expected to continue growing. According to the World Bank, remittances to these regions increased by 3.8% last year.

All this has long been a prime opportunity for newer fintech players. Navigating unfamiliar banking systems in their new countries, dealing with the complexities, costs and unreliability of sending money home using traditional options like incumbent banks, Moneygram, and informal operators, are common challenges for immigrants. That has created an opportunity for more modern remittance startups, which have gained traction by offering better fees and more convenient sending options, leaning into mobile phone technology and other innovations.

LemFi said that since its inception, it has acquired over a million customers. But its more recent expansion into the U.S., the largest source of remittances globally, positions it to attract significantly more customers and revenue. And its expansion to serving Asian communities is likely to be the other main driver: While Nigeria, one of LemFi’s main “receive” markets, is among the top 10 recipient countries globally, India and China receive two to five times more in remittances. (India received $125 billion in remittances in 2023, whereas Nigeria received only $20 billion.)

Hires to drive product localization

Such data clearly influenced LemFi’s Asian expansion strategy, which will initially focus on India, China and Pakistan transfers from the U.S. That will also open the door to other challenges, say the founders.

“The most challenging aspect for a remittance company isn’t just adding new corridors, but managing compliance and fraud. Once addressed, particularly on the send side, expansion across multiple regions on the receive side becomes feasible,” explained Olalere, who co-founded the company with Rian Cochran. Both founders were former colleagues at Chinese-backed African fintech unicorn OPay.

Olalere notes that while it is crucial to address compliance issues on the “send” side (the U.S., the U.K. and Canada), it’s equally important not to overlook compliance challenges on the “receive” side. These issues revolve around the regulatory requirements of different countries regarding inbound remittances, often necessitating specific licenses and local partnerships.

To expand its money transfer services into India, LemFi has enlisted the expertise of Philip Daniel, a former director at TerraPay, one of the well-known remittance infrastructure companies globally. Additionally, Daiyaan Alam, formerly leading partnerships at Delivery Hero subsidiary Foodpanda in Pakistan, is spearheading LemFi’s expansion efforts into Pakistan and South Asia. They join Allen Qu, former COO at Chinese-backed African fintech OPay, who leads the fintech’s growth among the Chinese diaspora.

LemFi will rely on its regional hires and local expertise to attract users as it enters the Asian diaspora market, competing against established players like Zepz, Wise, Remitly, and Sendwave. The executives, in conversation with TechCrunch, asserted that LemFi stands a strong chance of capturing a significant market share despite that. Not only do they believe that LemFi has a better understanding of local customers and their preferences, but the larger addressable market remains largely untouched by any of them: many immigrants still turn to incumbent banks and private agents to send money.

Still a long road ahead

In addition to setting dedicated teams in each Asian market, LemFi, with over 250 employees across 10+ countries, has localized its apps and website in different languages, including Chinese, Hindi, and Urdu. Similarly, LemFi has opened new corridors in some parts of Europe so its migrant users in the U.S., the U.K., and Canada can send money to family and friends who are in France, Belgium, Spain, the Netherlands, Italy, and Belgium. “We’re set to make a second acquisition soon in the region, and that’ll allow us to expand even further and give us operational efficiency,” Olalere remarked.

LemFi users can now make money transfers across 20+ countries, although its reach still falls short of some competitors whose users have access to over 80 countries. Nonetheless, LemFi has made significant strides in providing its services to sub-Saharan Africans in the diaspora. Last year, LemFi, which earns money from transaction fees and foreign exchange spreads, recorded over $2 billion in annual transaction volume. Olalere also claims that the startup is profitable and that 60% of its users are active monthly.

“The markets we serve will continue to need millions of immigrants yearly, so we want to be one of the first products introduced to the African, Indian, Chinese, or Pakistani communities,” remarked Daniel, the company’s global expansion lead. “There are still ample opportunities for us to grow.”


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Tesla is laying off more than 10% of its global workforce | TechCrunch

April 15, 2024 5:23 PM0


Tesla is laying off thousands of workers as it tries to simultaneously cut costs and boost productivity, according to CEO Elon Musk.

The electric automaker is cutting “more than 10%” of its global headcount, Musk said in an email reported by Electrek and Bloomberg News. Tesla finished 2023 with over 140,000 employees, meaning the cuts could impact more than 14,000 people.

The layoffs come just two weeks after Tesla announced its first year-over-year sales drop in years, amid a wider cooling of EV sales. The company has warned investors that sales growth could be “notably lower” in 2024 than its stated goal of growing 50% each year. It’s also somewhat in between product cycles for the first time in a long time, with the expensive Cybertruck only just recently going into production and the popular Model Y entering its fourth year without any significant updates.

“As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity,” Musk said in the email. Tesla’s growth, he said, has led to “duplication of roles and job functions in certain areas.”

“As part of this effort, we have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10% globally. There is nothing I hate more, but it must be done. This will enable us to be lean, innovative and hungry for the next growth phase cycle,” Musk wrote.

Tesla shipped a record 1.8 million EVs in 2023. But the company spent much of the year slashing prices on its most popular models in an effort to counterbalance high interest rates and increased global competition. Tesla reportedly dropped — or at the very least, delayed — plans to build a lower-cost EV starting at around $25,000, opting instead to use the underlying platform being developed to power an alleged robotaxi that Musk said will debut on August 8th.

 


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