Top Tech News Today: Google’s AI Might Speak a Thousand Languages! JP Morgan Executes Its First DeFi Trade

Google's AI might eventually speak a thousand languages in the future! Read more tech news here

Good morning tech fam, here are some quick tech updates for you to catch on to!

What's New Today: Picsart deploys Generative AI to yield innovative images and empower creative workflow among the art community!

Fast-Track Insights: AI lending platform Upstart has laid off almost 7% of its employees as it experiences weakening demands for loans in the US with significant interest rate hikes by the Fed.

Google says that it wishes to develop an AI tool that can speak one thousand global languages as tech giants compete to dominate the next dominion of the tech industry. Google wishes to tap into the information delivered by various language detectors to perform better and be more available to the widest possible audience. The search engine giant aims to explore new languages and reach new dimensions in the industry.

AI lending platform Upstart lays off almost 7% of its total workforce. Currently, due to the alarming macroeconomic conditions in the market, the Fed has been constantly moving towards increasing interest rates. This is why Upstart has been facing weakening demands for loans. The company has notified that the decision has been taken to preserve the long-term health of the company, however, it will continue to hire for more important roles.

Picsart's new AI image generator deploys Generative AI to provide a unique, free, and seamless end-to-end editing experience by offering the ability to create AI images in just a few seconds. The use of generative AI is dramatically rising over the past couple of years and is making its way through the art industry quite rapidly.

Multinational banking firm JP Morgan has successfully executed its first-ever cross-border transaction using decentralized finance on a public blockchain. The trade was facilitated by the Monetary Authority of Singapore's Project Guardian, which was developed as a part of a pilot program to explore potential DeFi applications in the wholesale funding markets.

Switzerland is focusing on sticking to its plan to move to tougher ID checks while transferring crypto to cash transactions. The Swiss financial regulator is extending money-laundering checks for crypto transactions despite significant pushback from the country's users. The customers will be subject to frequent checks if they make transactions that exceed a total of US$1,000 or more over the course of a month.