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Here's everything you need to know today - in under 3 minutes.

Today's big stories

🤑 Microsoft buys Brissy-based start-up Clipchamp

🇸🇻 El Salvador becomes first country to accept Bitcoin as legal tender

🤞 Facebook prepares to launch digital wallet Novi

Oh, and get this...

Apple's just sent out invites to an event on 14 September...and ya know what that means. Prepare to see a new iPhone, Apple Watch and more new tech gadgets. But don't expect big changes. Tech heads reckon this is just an incremental update.

Microsoft is buying Brissy-based start-up Clipchamp

Background: US$2 trillion tech giant Microsoft has just bought a Brisbane-based video editing start-up called Clipchamp.

What happened: Just like Canva simplified document design (bye-bye Photoshop), Clipchamp targets non-professionals and non-creatives with a simplified video creation platform. And they've caught Microsoft's eye.

What else: We don't know how much the deal was, but we do know the co-founders won't be using the acquisition as their exit strategy. Instead, they'll be moving to work for Microsoft 365 (FKA Office 365). 

So what's the key learning?

 💡In the biz world, an exit strategy is a contingency plan by investors or business owners to exit a business once it has met some predetermined milestones, like a profit milestone or a company valuation milestone.

💡When the company meets its chosen milestone, angel investors or business founders may cash out. This is commonly done through an IPO.

💡But acquisitions are an exit strategy too. An acquisition means business founders don't need to worry about who's going to take ownership of the company. But the crew at Clipchamp have put their plans on hold to move to Microsoft 365 instead.

El Salvador is the first country in the world to accept Bitcoin as legal tender

Background: El Salvador is in Central America, between Honduras and Guatemala. And it has a pretty forward-thinking President: 40-year-old Nayib Bukele. He's a crypto fan, and he's decided to allow his country to make everyday purchases with Bitcoin. Huge.

What happened: The Government's been busy installing crypto ATMs. It will allow crypto to be converted into dollars and withdrawn without commission. 

What else: Bukele is hoping the move will save El Salvadorans billions of dollars on remittances (aka payments sent as gifts from overseas). These payments make up US$6 billion - or 23% - of El Salvador's GDP.

So what's the key learning?

💡El Salvador is the guinea pig. They are experimenting whether Bitcoin can actually work as legal tender, and other countries are watching closely. It could either spurn on a chain reaction of countries adopting Bitcoin, or expose the crypto for its shortfalls.

💡Whatever happens, this is a big step for crypto. It's created a whole new world of alternative financial services, which could facilitate remittances from abroad and attract Bitcoin whales to the country.

💡But not everyone's convinced - because we know crypto can be volatile. In fact, El Salvador was seeking US$1 billion in finance from the International Monetary Fund...but the crypto move may have put this on pause.

Facebook reckons it's ready to launch its digital wallet, Novi

Background: The Zuck never sleeps, does he? We know Facebook has been busy working BTS on a stablecoin called Diem (i.e. a crypto that's pegged to an external asset, like the USD). 

What happened: Now, FB is preparing to launch a digital wallet called Novi. Novi is the equivalent of your physical wallet - but in digital form. It can hold all your digital cash (in this case, your Diem). Cool, huh?

What else: But they're facing a lil bit of push back from regulators (story of Facebook's life). So, they'll just need to convince regulators they're not trying to destabilise the entire global financial system.

So what's the key learning?

💡 Facebook's been facilitating digital payments for years, but they haven't really been trying to make money out of it.

💡But lately, a lot of their moves are actually about innovating in the digital payments space - like building out shopping on their platforms and building out the meta-verse with their Horizon Workspace.

💡With Diem and Novi, Facebook can actually start to monetise payments with their own products. They'll start by launching free peer-to-peer payments next year. But once they've established the product, then they can start facilitating paid transactions between people and merchants. And watch the money pile up, 50 cent-style.