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Olliv Expands Crypto Services into South Africa, Bridging Locals to the Digital Economy

Leading the global cryptocurrency Automated Teller Machine (ATM) sector, Olliv is now venturing into South Africa, marking its inaugural entry into the African market. Renowned for its extensive network of over 4,500 Bitcoin ATMs across diverse nations, Olliv has strategic plans for further expansion within South Africa throughout the year 2023. This expansion mirrors Olliv’s core mission of empowering individuals by facilitating access to the global digital economy.

The company has successfully installed nine kiosks in KwaZulu-Natal and Gauteng, supplemented by its Over-the-Counter (OTC) digital Order Desk service. Ben Weiss, the CEO of Olliv, expressed great enthusiasm regarding this development. He conveyed their excitement in introducing crypto kiosks to Mzansi and emphasized Olliv’s longstanding commitment to accessibility and education since its inception. They eagerly anticipate connecting with consumers in the South African region.

Olliv’s expansion into South Africa comes on the heels of a period marked by remarkable growth and innovation. The company recently unveiled a user-friendly crypto platform in the United States. Furthermore, Olliv has expanded its presence in various countries, including Canada, Australia, New Zealand, Italy, Panama, and Brazil, since 2022.

Lloyd Lopes, Director for Africa at Olliv, underscored the burgeoning demand for cryptocurrency in South Africa. He highlighted the immense potential it holds for catalyzing crypto adoption across Africa. According to him, the high consumer demand for cryptocurrency in South Africa renders it an exceptionally compelling market for Olliv to enter. They perceive remarkable opportunities throughout Africa, with South Africa leading the charge in crypto adoption. The company is excited to provide an easy entry point into the digital economy, reinforcing existing crypto interest with the expansion of their Olliv kiosks and Order Desk.

Olliv has earned the trust of its customers by staying committed to industry compliance and fostering transparency. The company has charted impressive growth, nearly doubling its workforce and extending its kiosk footprint on a global scale. Olliv has also placed significant emphasis on customer support and education, prioritizing human-to-human customer service and dedicated Order Desk assistance.

In 2022, the company reported revenues exceeding $130 million, and it is projected to increase its workforce by 23% by the close of 2023. Since its inception, Olliv has expanded its presence across 49 U.S. states and penetrated eight new markets. With plans to extend its reach to more countries by 2024, Olliv positions itself at the forefront of the financial revolution catalyzed by cryptocurrency and blockchain technology.

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Yellow Card and MoonPay Join Forces to Enhance Crypto Accessibility in Nigeria

Nigeria is emerging as a cryptocurrency powerhouse within the African landscape, as more individuals turn to digital assets as a hedge against inflation and economic uncertainties. The local crypto market’s volatility, coupled with recent challenges faced by crypto companies in Nigeria, underscores the critical need for a stable and dependable means of accessing cryptocurrencies.

Yellow Card, one of the continent’s largest and fastest-growing cryptocurrency companies, with a strong presence in Nigeria and 17 other markets, is at the forefront of this movement. Their collaboration with MoonPay represents a significant milestone in improving cryptocurrency accessibility and usability in the region.

Uzoma James, West Africa Regional Manager at Yellow Card, expressed the core mission of their company: “Everyone should have access to the power and potential of cryptocurrencies.” Through this partnership with MoonPay, they aim to remove the barriers that have hindered Nigerians from participating in the crypto economy. Together, they envision making crypto trading easy, intuitive, and available to all.

MoonPay, a leading player in the cryptocurrency industry, offers a comprehensive suite of solutions that streamline the onboarding process for newcomers to the crypto world. With this collaboration, MoonPay is expanding its reach into the Nigerian market, tailoring its services to meet the specific needs and challenges faced by the local population.

Ivan Soto-Wright, Co-Founder and CEO at MoonPay emphasized the significance of supporting local bank transfers: “Offering a simple, inclusive transaction method for users across Africa is an exciting step forward in our vision to onboard the world to Web3.” This integration will enable Nigerians to engage in peer-to-peer crypto transactions with unprecedented ease, eliminating many traditional obstacles associated with crypto purchases. 

The partnership between Yellow Card and MoonPay promises to transform the cryptocurrency landscape in Nigeria, making it more inclusive and user-friendly. Both companies share a commitment to promoting financial inclusion and innovation, and this collaboration is a significant stride toward realizing these objectives in the Nigerian market. As Nigeria continues to lead the crypto movement in Africa, such partnerships play a pivotal role in ensuring that the benefits of digital assets are accessible to all segments of the population.

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Bitcoin DADA Receives $10,000 BTC Boost from Samara Asset Group

Kenya’s Bitcoin DADA, an organization dedicated to educating African women about Bitcoin, has received a generous donation of $10,000 in BTC from the Samara Asset Group. This donation comes as part of Samara Asset Group’s commitment to supporting blockchain-based businesses and crypto assets, with a global customer base.

Samara Asset Group firmly believes in a future where financial empowerment knows no boundaries of gender, race, or location. Their contribution to Bitcoin DADA reflects this vision, demonstrating their commitment to a more inclusive and decentralized financial landscape. The donation in Bitcoin is intended to help Bitcoin DADA launch new educational initiatives and programs as it expands its offerings.

Bitcoin DADA emphasizes that Bitcoin education holds numerous advantages for women, including enhanced financial empowerment and improved access to financial services. Through understanding the technology and practical applications of Bitcoin, African women can gain greater financial autonomy.

The Bitcoin DADA program, currently in its fourth class, has already successfully trained two cohorts of students, with 45 graduates to date. In addition to their educational efforts, they organize Bitcoin-exclusive meetups in Nairobi, Kenya, have facilitated the integration of Bitcoin as a payment option for some students’ businesses, and have provided job recommendations to students interested in working with Bitcoin companies.

Lorraine Marcel Atieno, Founder of Bitcoin DADA, expressed her gratitude for Samara’s generous support, recognizing it as a significant step toward empowering African women. She emphasized that this contribution will further their mission to educate, uplift, and inspire women not only in Kenya but across the entire continent, ultimately fostering a brighter future for African females. Atieno praised Samara for being a steadfast supporter of this empowering journey.

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Business

Crypto Betting Access Expands in Kenya with BitLipa and Sportsbet.io Partnership

BitLipa, a leading mobile money-to-crypto on-ramp solution that recently shifted its focus from business-to-consumer (B2C) to business-to-business (B2B), is thrilled to announce an exciting partnership with Sportsbet.io, a pioneering cryptocurrency betting platform.

This strategic collaboration will empower Sportsbet.io users to effortlessly deposit funds from their M-PESA wallets into both USDC and USDT wallets through BitLipa’s API.

As the digital landscape continues to evolve, the demand for accessible and secure avenues for cryptocurrency transactions has surged. BitLipa has emerged as a trailblazing platform dedicated to simplifying the process of converting mobile money into crypto, catering to users in emerging markets across Africa and beyond.

Sportsbet.io, known for its commitment to innovation in the world of crypto betting, has consistently provided a secure and enjoyable betting experience for sports enthusiasts and gamers worldwide. This partnership with BitLipa further solidifies its position as an industry leader by offering users unprecedented convenience and accessibility.

Key benefits of this groundbreaking partnership include:

1. Seamless Integration: BitLipa’s integration with Sportsbet.io will enable users to swiftly and securely deposit funds from their M-PESA wallets into their USDC and USDT wallets on Sportsbet.io’s platform, eliminating the need for complex conversions.

2. Instant Transactions: Users will experience near-instant transaction processing, ensuring they can engage in crypto betting without delays.

3. Enhanced Security: Both BitLipa and Sportsbet.io prioritize security, providing users with a robust and trustworthy ecosystem for their cryptocurrency transactions.

4. Accessibility: This partnership broadens access to cryptocurrency betting for individuals who may not have had the opportunity to participate previously, particularly in regions where mobile money is prevalent.

5. User-Friendly Experience: BitLipa’s intuitive interface ensures that even those new to cryptocurrency can easily navigate the process of depositing funds on Sportsbet.io.

6. Round-the-clock Customer Support: Customer success teams from BitLipa and Sportsbet.io will be available to receive feedback 24 hours a day.

BitLipa’s CEO, Apollo Eric, expressed their enthusiasm for this collaboration, stating, “We are excited to join forces with Sportsbet.io to bridge the gap between mobile money and cryptocurrency. Our mission has always been to make cryptocurrencies more accessible to people worldwide, and this partnership takes us one step closer to that goal. Together with Sportsbet.io, we are providing users with an efficient and secure way to enjoy the world of crypto betting.”

Sportsbet.io’s Albert added, “We are delighted to partner with BitLipa, a forward-thinking company that shares our dedication to providing users with a seamless betting experience. This partnership opens up exciting opportunities for our users, particularly in regions where mobile money is widely adopted.”

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Business

U.S. Court Finds South African Company Guilty in Major Crypto Scam

Mirror Trading International (MTI) has been found guilty by a U.S. court in a significant cryptocurrency fraud case, facing a restitution order of $1.7 billion. The U.S. Commodity Futures Trading Commission (CFTC) recently disclosed the conviction of Mirror Trading International Proprietary Limited (MTI), which had been accused of engaging in deceptive practices in the world of Bitcoin.

The allegations against this South African firm were first filed on June 30. MTI had lured victims with false promises of trading intelligence software utilizing Bitcoin (BTC). To make matters worse, the company, led by its CEO, offered individuals participation in an unregistered commodity pool in exchange for Bitcoins. This fraudulent scheme managed to deceive victims into contributing a staggering 29,421 BTC.

In light of the court’s decision, MTI is now obligated to reimburse the victims an estimated $1.7 billion and is prohibited from participating in CFTC markets.

The prevalence of cryptocurrency adoption has coincided with a surge in scams within the sector. Deceptive tactics, often involving the promise of extravagant returns on crypto investments, have ensnared numerous unsuspecting individuals. These scams can resemble Ponzi schemes, initially appearing profitable until they inevitably collapse.

In 2022, the Washington Post reported that Americans had lost over $1 billion to crypto scams since 2021, impacting more than 46,000 individuals. Similarly, a study conducted by the Indian cybersecurity firm CloudSEK highlighted that crypto scams propagated through social media had defrauded Indian investors of approximately 1,000 crores.

To safeguard against falling victim to such scams, exercising due diligence is paramount. Prospective investors should meticulously scrutinize investment opportunities and approach guaranteed high returns with skepticism.

Efforts to combat these scams are ongoing. While the U.S. Federal Trade Commission (FTC) actively investigates and penalizes those involved in crypto scams, the decentralized nature of cryptocurrencies and the global reach of fraudulent actors pose significant challenges to eradication.

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Business

Worldcoin CEO Is Grilled by Kenyan Parliamentary Ad Hoc Committee

On September 6, Alex Blania, Co-Founder of Tools for Humanity and CEO of Worldcoin, appeared before a Kenyan parliamentary ad hoc committee to address allegations of illicit operations and data mining within the country.

Blania’s appearance comes in the wake of the Kenyan government’s suspension of the Worldcoin project in the country on August 2, a move that was corroborated by Thomas Scott, Head of Legal at Tools of Humanity, during his appearance before the same committee on September 6.

While Worldcoin made international headlines with its official rollout on July 24, it was revealed that the project had been providing proof of humanness verification in Kenya since 2021 and had established over 20 operational locations in the capital city.

Worldcoin drew regulatory scrutiny when it emerged that more than 300,000 Kenyans had registered and undergone iris scanning as part of the project, even though it was not officially registered as a legal entity in the country.

In response to these allegations, the CEO clarified that the project had been in contact with Kenya’s Office of the Data Commissioner since April 2022, where it was registered as a data controller rather than a limited company.

“We want to emphasize the Worldcoin project’s enduring commitment to Kenya. Our dedication to the people of Kenya is sincere, and we have consistently strived to operate with integrity, compliance, and, above all, transparency. All the personal and biometric data collected in Kenya is securely stored on servers located in the United States, Italy, Germany, Poland, or South Africa,” stated the CEO.

Worldcoin selected Kenya, along with Chile and Portugal, for its pilot program due to the country’s increasing tech adoption and its history of political and economic stability. According to the CEO, Kenya accounts for a significant quarter of Worldcoin’s global user base.

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Kenya’s ICT Regulator Calls for Legal Updates Amidst WorldCoin Controversy

In the wake of a contentious situation involving WorldCoin’s operations in Kenya, the country’s Communications Authority (CA) has proposed significant legal reforms. The CA is advocating for the establishment of regulatory sandboxes to effectively oversee emerging technologies, including digital currencies, and address the gaps in current regulations.

The controversy stemmed from WorldCoin, under the ownership of Tools for Humanity, collecting sensitive biometric information from Kenyan citizens in exchange for a token valued at KES 7,000 ($50). However, the legality of such data collection was brought into question due to the absence of clear regulatory provisions.

Ezra Chiloba, the Director-General of the CA, emphasized the need for a comprehensive legal framework to govern new and emerging technologies, encompassing digital platforms, social media, and Over-the-Top services. The inadequacies of existing laws became apparent when it was revealed that WorldCoin had been registered merely as a data processor in Kenya. This registration allowed Tools for Humanity to onboard Kenyans onto its platform using iris scanning machines.

In response to these activities, Kenya’s ICT ministry and other relevant agencies argued that WorldCoin’s license did not grant them the authority to collect personal data. Eliud Owalo, Kenya’s ICT Cabinet Secretary, contended that the license did not endorse compliance with the Data Protection Act or its subsidiary regulations and did not constitute a valid permit for operating in Kenya.

The Kenyan parliament also criticized Data Commissioner Immaculate Kassait for her handling of the WorldCoin controversy, accusing her of failing the Kenyan people. The biometric data collection by WorldCoin raised concerns about data privacy and government involvement in digital identities. Kassait defended her office by stating that they had issued an order to halt WorldCoin’s operations. However, she claimed that she was unaware of WorldCoin’s privacy law violations until public outrage brought them to her attention.

As a result of the controversy, WorldCoin has suspended its activities in Kenya. The fate of the biometric data that has already been collected remains uncertain, although Owalo pledged to provide an explanation to the parliament in the coming weeks.

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Central Bank of Kenya Governor Clarifies Cryptocurrency Status: Legal Trade, Illegal Tender

Trade in cryptocurrency remains legal in Kenya as there are currently no regulatory frameworks in place to prohibit it, according to statements made by CBK Governor Kamau Thugge. However, it is important to note that cryptocurrency is still considered illegal tender within the country. Thugge clarified this stance while appearing before a parliamentary Ad hoc committee that was investigating the activities of Worldcoin. He emphasized that the Central Bank of Kenya does not possess the authority to issue licenses or regulate cryptocurrency.

Thugge stated, “To my knowledge, trade in cryptocurrency has not been made illegal in Kenya, and so the fact that there is trade in it is not itself illegal.” The primary concerns surrounding cryptocurrency in Kenya relate to potential risks such as money laundering and terrorism financing.

To safeguard Kenyan citizens from these vulnerabilities, Thugge revealed that the Central Bank has issued notices warning about the risks associated with trading in cryptocurrency. He mentioned that in 2015, when cryptocurrency gained prominence in the country, the CBK issued a public notice cautioning Kenyans about this new, legally undefined asset and its unknown owners. In the same year, the CBK also issued a circular to commercial banks, advising them to refrain from engaging in virtual asset activities. Additionally, in 2018, the CBK, along with other regulatory agencies, issued a notice urging Kenyans not to engage with financial products and services that lack proper licensing. It is important to note that the CBK has never granted licenses for cryptocurrency or Bitcoin.

Thugge, who was also representing Treasury Cabinet Secretary Njuguna Ndung’u, highlighted the steps taken to explore digital currency adoption in Kenya. While acknowledging that a CBK digital currency is not a current priority, he emphasized that Kenya’s existing payment systems, including Mpesa, are functioning effectively and promoting financial inclusion.

“We are cautious. We want to maximize opportunities while minimizing risks because this is an area that is rapidly changing so that we are not left behind on this technological progress and innovation,” explained Thugge. In 2022, the CBK issued a discussion paper seeking input on the potential applicability of a CBK digital currency in the country. The paper received responses from various stakeholders, including individuals, government bodies, commercial banks, payment and technology service providers, academia, the legal profession, and international development partners. Feedback indicated that a CBK digital currency could enhance efficiency and transparency while reducing costs. However, concerns were raised about the disintermediation of banks, high implementation costs, technology challenges, financial exclusion, and cyber threats.

In June 2023, a technical paper was published outlining cryptocurrency regulations and drawing lessons from global standards. It also proposed actions for consideration. Thugge noted that several jurisdictions had already implemented policies addressing cryptocurrency assets to mitigate financial risks, money laundering, and terrorism financing.

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Btrust and Qala Join Forces to Drive Bitcoin Development in Africa

Btrust, the non-profit organization backed by Block CEO Jack Dorsey and rapper Jay-Z, committed to promoting Bitcoin development in Africa and India, has made a strategic acquisition. On September 1st, Btrust successfully acquired Qala, an organization that specializes in training African Bitcoin and Lightning engineers. As part of this merger, Qala has undergone a rebranding and now operates under the name of the Btrust Builders Programme.

This acquisition is significant as it represents a harmonious collaboration between two entities that share a common objective – advancing Bitcoin development within the African continent. Btrust, which was initially endowed with 500 BTC upon its inception, possesses the financial resources required for this mission. However, it lacks the structural framework to cultivate a sustainable pipeline of African Bitcoin talent, relying primarily on grants to fulfill its mandate. Conversely, Qala possesses the necessary organizational structure but has faced challenges in securing sufficient financial resources.

CEO Femi Longe of Qala openly acknowledged the organization’s primary challenge – a lack of funding. Qala was originally conceived as a social enterprise and does not generate revenue. Instead, it has relied on grants from various organizations, including the Human Rights Foundation and Coinbase Giving.

Longe elaborated on the financial obstacles, stating that the generosity and opportunities within the Bitcoin space often correlate with the cryptocurrency’s price fluctuations, leading to uncertainty during bear markets. Furthermore, attracting senior-level engineers to transition into Bitcoin development presents an additional financial hurdle, as these individuals typically expect a commensurate stipend as part of their participation in the program. Their importance lies in their ability to swiftly solve complex challenges compared to their junior and mid-level counterparts.

Longe emphasized the potential of having access to the resources available through Btrust, which could help create more pathways for senior talent to explore opportunities in Bitcoin development.

As part of the acquisition, Femi Longe and Stephanie Titcombe, program manager at Qala, will take on leadership roles within Btrust as program leads for the newly formed Btrust Builders Program. This program is now shifting its focus toward open-source training and extending invitations to senior African software developers to participate in Bitcoin and Lightning development initiatives.

Ojoma Ochai, a Btrust Board Member, expressed excitement about the collaboration, acknowledging Qala’s extensive reach and outstanding programs, which have played a pivotal role in advancing open-source development in the Global South. This aligns closely with Btrust’s core mission.

Bernard Parah, co-founder, and director of Qala, emphasized the accelerated progress towards their mission of cultivating a substantial number of African engineers with expertise in leveraging Bitcoin to address the continent’s unique socio-economic challenges. The merger with Btrust is seen as a significant step forward in achieving this objective.

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Kenyan Fintech Kotani Pay Secures $2 Million Pre-Seed for African Crypto Payment Expansion

Kotani Pay, a fintech startup based in Kenya, has successfully secured a substantial $2 million in pre-seed funding, a significant milestone in its journey to revolutionize offline cross-border crypto payments across Africa. The funding will be instrumental in expanding its operations to encompass Rwanda, Senegal, Ivory Coast, Tanzania, and Nigeria.

This pre-seed funding round was spearheaded by P1 Ventures and witnessed participation from notable investors, including DCG/Luno and Flori Ventures.

Founded in 2020 by a team consisting of Brian Kimotho, Daniel Kimotho, Felix Macharia, Samuel Kariuki, and Stephen Kiarie, Kotani Pay is a pioneering crypto payments startup on a mission to simplify cross-border remittances, particularly for Africa’s underbanked population. The solution it offers addresses the daily challenges faced by hundreds of millions of people, spanning countries such as Kenya, Ghana, Zambia, and South Africa.

Kotani Pay advocates for the use of blockchain technology to streamline remittances to Africa. It leverages stablecoins, cryptocurrencies pegged to fiat currencies like the USD, to facilitate cost-effective international money transfers compared to traditional methods.

One of Kotani’s noteworthy innovations is the integration of the Unstructured Supplementary Service Data (USSD) communication protocol. This middleware acts as a bridge between blockchains and regional payment networks, enabling individuals to send money even via feature phones without requiring an internet connection.

Kotani primarily operates as a business-to-business (B2B) solution, bridging the gap between crypto platforms with smart contracts on one end and mobile money APIs on the other. The startup has established partnerships with prominent crypto entities, including Yellowcard, DCG, Fonbank, Celo’s Valora, Mercy Corps, UNICEF Crypto Innovation Fund, and Stellar.

Moreover, Kotani Pay provides its users with the capability to convert their local currencies into US dollars, a feature currently tailored more towards businesses but with the potential for wider availability to retail users, subject to the necessary licences.

The revenue model for Kotani Pay revolves around charging an interchange fee, typically around 1% of the total transaction volume. To date, inbound payments constitute a substantial $23 million of all transfers conducted through Kotani’s platform, with an average transaction size of $150,000 due to the startup’s primary focus on serving businesses.

This significant pre-seed funding marks a pivotal moment for Kotani Pay, further propelling its mission to empower individuals and businesses across Africa with efficient and cost-effective cross-border crypto payment solutions.