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Business

Kenya’s central bank issues a warning about risks in crypto

Even as cryptocurrency transactions become more common, the Central Bank of Kenya (CBK) says it will continue to refuse to endorse them owing to the risks involved. Kenyans should avoid peer-to-peer (P2P) cryptocurrency transactions because they are unregulated, according to CBK governor Patrick Njoroge.

“There are people who are excited about cryptocurrencies because they see it as a sort of investment that they can win big because prices are going up quickly, so they believe they would see a huge return for their investment. But I think that is why we say for every person who wins something, there are hundreds who lose,” said Njoroge.

Njoroge warned that financial institutions that promote such transactions risk losing their licenses, speaking in Mombasa on World Consumer Rights Celebration Day 2022 on Tuesday.

“A few years back, we had issued a warning to all Kenyans and even people beyond our borders that we were seeing significant risk from cryptocurrencies not because it was unregulated but because of services it was supporting, the majority which were illegal transactions,” said the governor.

Awaiting regulation

Kenya’s central bank has been issuing circulars to local banks since 2018 advising them against dealing with cryptocurrency or trading with cryptocurrency firms. CBK, according to Njoroge, will only accept such transactions if the business has been stabilized and appropriate safeguards have been put in place to protect the public.

“We are working with other players and regulators around the world to make sure that space is safe,” he said.

Despite the regulator’s anti-crypto approach, Kenya leads Africa in crypto adoption and is rated fifth in the world, ahead of industrialized nations such as the United States, China, and South Africa, according to Chainalysis.

According to Chainalysis’ 2021 Global Crypto Adoption Index, Kenya ranks first in P2P cryptocurrency transaction volumes.

The act of purchasing and selling cryptocurrencies directly between users, without the need of an intermediary, is known as peer-to-peer (P2P) trading. In Kenya, P2P trading volume accounts for a major portion of total bitcoin activity.

Because of the Central Bank’s restriction, P2P trade volume accounts for a major portion of all bitcoin activity in Kenya.

According to Dr. Njoroge, the country has been at the forefront of technology adoption in transactions. Kenya is a global pioneer in mobile money, with a thriving digital currency sector. As of December 2021, the country had 68.03 million mobile money accounts, the majority of which were M-Pesa. 

The recent launch of the Central Bank Digital Currency (CBDC) to settle cross-border payments will be a game-changer. A CBDC is money that only exists in electronic form and is issued, regulated, and backed by the government through the country’s monetary authority. CBK has released a discussion paper examining the country’s suitability for a CBDC and is requesting public feedback on the technology. The move suggests that the country is thinking about implementing the technology.

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Business News

Bamboo Group becomes first African real estate firm to sell property on Metaverse

Majority of us know that Metaverse is a virtual environment identical to those shown in Hollywood films such as Ready Player One and Gamer. Top worldwide companies, on the other hand, are adopting inspiration from Metaverse and leveraging the technology to solve real-world problems.

Bamboo Real Estate and Construction Limited, a subsidiary of the bamboo group of companies, is the first African real estate company to assist investors in acquiring tangible properties in the Metaverse. Bamboo Real Estate recently teamed up with HouseAfrica, a leading Blockchain-based property record system, to make the process of land ownership as simple as possible. The company’s real estate properties have been mapped on an earthlike Metaverse as a result of this relationship, with each property having a 360-degree video depiction minted on the Blockchain as an NFT.

Property owners will obtain both digital representations and certificates of ownership registered and kept on the Blockchain as Non-Fungible Tokens (NFTs), according to HouseAfrica’s founder, Mr. Nnamdi Uba.

He further mentioned that these NFTs aid in the transfer of property deeds, the tracking of property prices, and the acquisition of loans, since HouseAfrica has partnered with major financial institutions to recognize these NFTs as collateral for loans.

In the Metaverse, investors can follow or check the legitimacy of these properties and virtually inspect the digital depiction from anywhere on the planet.

Mr. Oseyomon Ighodaloh, the CEO of Bamboo Group, believes that embracing this technology would provide additional options for their clients throughout the world as they work to tackle difficulties that investors and landowners confront.

He stated that a larger percentage of their clients are ecstatic about the new technology, while those who are unsure about its significance are being educated on how it will benefit them as real estate investors and owners.

Bamboo Real Estate and Construction Limited is the first African-based real estate company to enter the Metaverse, and this new technology will help them maximize prospects for their clients in Nigeria and beyond.

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Business News

High inflation, devaluation in Nigeria, Africa, aiding cryptocurrency transactions —Report

According to a 2021 industry research by cryptocurrency exchange KuCoin, high inflation and currency depreciation are forcing Africans into the cryptocurrency market to avoid losing the value of their money.

The Central Bank of Nigeria has depreciated the naira three times in the last two years, while inflation has fallen from 16.47 percent in January 2021 to 15.7 percent in February 2022 – but this statistic is said not to reflect market reality.

As a result of the aforementioned, the naira is weakening, and some African countries are experiencing similar problems., Nigerians and other nationalitiescitizens throughout the continent are turning to bitcoin and other crypto assets to protect their purchasing power.

According to a KuCoin analysis from last year, this boosted the number of cryptocurrency users in Africa by 2,467.2 percent year over year, resulting in a 2,500 percent increase in crypto transactions in 2021, with monthly transactions increasing by 1,386.7 percent.

“The adoption of crypto technologies in Africa was preceded by the availability of the technology and the presence of various compelling elements,” KuCoin stated, explaining the influence of inflation and devaluation on digital currency adoption.

“These include the desire of the population to react quickly to any changes in the exchange rate of national currencies in countries with high rates of inflation and devaluation.” the report reads.

The cryptocurrency exchange further stated that, “The possibility of quickly transferring investments across assets mitigates the chance of savings depreciation.”, although the report acknowledged that not all countries are as inflationary.

“Even under 6.4 percent inflation (Tunisia), the urge to preserve purchasing power is natural for individuals attempting to preserve the value of their savings,” it stated.

Apart from trying to combat inflation and devaluation on the continent, Africans have turned to cryptocurrency to avoid paying expensive cross-border transfer fees, with many crypto cross-border transactions costing less than 0.01 percent.

Because of the low transaction fee, cross-border transfers account for 88.5 percent of all cryptocurrency transactions in Africa. “In many situations, customers pay less than 0.01 percent of the total value of the transaction sent in cryptocurrencies,” says one user.

“This simultaneously solves several issues associated with crypto transaction restrictions that are in place in countries like Nigeria and Kenya. End-users of services can conduct transactions in a matter of milliseconds without fear of temporary freezes of transferred funds, as is often the case with conventional payment systems.”

As cryptocurrency adoption grows in Africa, the continent now accounts for 2.8 percent of global crypto transaction volumes, and it is thought that adequate legislative attention and authorities’ acceptance of cryptocurrency could boost the decentralized market’s contribution to Africa’s gross domestic product (GDP).

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Reviews

Top Exchanges To Buy Ethereum From In Uganda

After bitcoin, Ether is the second most valuable cryptocurrency and a popular purchase among cryptocurrency investors. Here are three exchanges to use if you want to buy Ethereum in Uganda.

Luno

Luno is one of Africa’s most popular cryptocurrency trading sites. Uganda, Nigeria, and South Africa are among the nations where it is available.

Luno is a cryptocurrency trading website that allows users to purchase and sell cryptocurrency using a variety of payment methods. Different cryptocurrencies, including Bitcoin, Ethereum, Ripple, and Litecoin, are available to traders. Ugandans can use the Ugandan shilling to purchase Ethereum on this marketplace (UGX).

Clients can buy and sell cryptocurrency using an in-built cryptocurrency wallet. People can also keep track of their transactions using the wallet. All transactions are subject to a commission by Luno.

Apart from trading, Luno provides a variety of other services to help consumers get started with cryptocurrencies. One of these services is a learning portal. Luno’s learning site enables newcomers as well as those with varied levels of experience to gain a better grasp of bitcoin.

All you have to do to use Luno is register on their website via a web browser or their app. Then, in Uganda, you can deposit money in your fiat currency (UGX) and buy Ethereum with it.

How to buy ETH on Luno Uganda?

  1. Visit https://www.luno.com or download the Luno Android or iOS app.
  2. Create an account. You will receive a cryptocurrency and local currency wallet.
  3. Verify your identity through the KYC process.
  4. Deposit money in your local currency wallet.
  5. Click “Buy Ethereum” to make your purchase and follow the prompts.
  6. After a few minutes, you will have Ethereum in your crypto wallet. You can store it there or transfer it to another wallet

Remitano

Most African countries have access to Remitano, a peer-to-peer cryptocurrency exchange platform. It provides assistance to more than 30 countries, including Uganda. It functions as a secure platform for crypto trading. Through a safe mechanism called Escrow, users may purchase and sell cryptocurrencies with both fiat and other cryptocurrencies. This mechanism safeguards bitcoin buyers from paying for coins but not receiving them from the seller. Ugandans can use the Ugandan shilling to purchase Ethereum on this marketplace (UGX).

The site supports bank transfers as well as cryptocurrency payments. Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple’s XRP, and Tether are all supported cryptocurrencies.

Follow the steps below to buy from Remitano

  1. Register on Remitano or Sign in if you already have an account.
  2. On the main page (P2P Exchange tab), choose Buy now.
  3. Enter the amount you want to buy and choose a suitable payment method.
  4. Once you have filled those, a list of people on the platform willing to sell to you with your preferred payment method will be listed.
  5. You can search through to find the most suitable offers for you.
  6. Before picking an offer, make sure you take notice of the rating and reputation of the person on the other side of the deal.
  7. Select the offer that suits you the most.
  8. Once you send the seller your payment, confirm on the exchange that you have paid.
  9. The seller would go on to validate the payment and release the Ethereum.
  10. The ETH is transferred to your wallet in minutes.

Binusu.Com

Binusu is a Ugandan peer-to-peer trade that is open to everyone. This exchange allows you to purchase and sell Bitcoin and Ethereum for cash. Binusu has a local attraction for many people, although it is not as popular as Remitano and Luno.

To exchange on Binusu.com, make sure to follow these steps;

  1. Register or Sign in to your account at https://binusu.com to start a transaction.
  2. For new users, simply follow the instructions on the website to use the platform. The platform would request your name, National ID number, email address, and phone number.
  3. Verification on your account takes about 10 minutes.
  4. Specify the amount in UGX or ETH you would like to exchange. You would see the equivalent value you will receive instantly.
  5. Click on Exchange Now to confirm your Ethereum order.
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Business News

How Blockchain Can Ensure Economic Prosperity for African Farmers

Lemonade Crypto Climate Coalition, a Decentralized Autonomous Organization (DAO) launched by the Lemonade Foundation, will provide subsistence farmers and livestock keepers with inexpensive parametric climate and weather insurance.

Rainfall and wind are examples of trigger events for parametric insurance.

Key collaborators in the stable coin-denominated, decentralized, and climate-conscious application on Avalanche include Avalanche, Chainlink, DAOstack, Etherisc, Hanover Re, Pula, and Tomorrow.io.

“By using a DAO instead of a traditional insurance company, smart contracts instead of insurance policies, and oracles instead of claims professionals, we expect to harness the communal and decentralized aspects of the web3 and real-time weather data to deliver affordable and instantaneous climate insurance to the people who need it most,” says Daniel Schreiber, Director at the Lemonade Foundation.

In Africa, there are over 300 million farmers, the majority of whom rely on their crops for survival, and for whom climate change poses a serious threat.

Traditional insurance is typically too expensive when it is offered, according to Rose Goslinga, co-founder of Kenyan Insurtech business Pula. “This is where the Lemonade Crypto Climate Coalition’s strength comes in,” she explains.

Farmers can buy insurance with stablecoins or local money on a mobile device, and insurance payouts will be made in the same way.

Farmers and Lemonade are protected from the hazards associated with crypto’s unpredictability by using stablecoins instead of other cryptocurrencies.

How DAOs can be used?

A smart contract, a piece of code that sits on a blockchain and does particular actions when certain criteria are satisfied, is at the heart of a decentralized autonomous organization.

A simple example would be, “Pay person X $100 when the temperature exceeds ninety degrees,” or “if person A contributes ten DOGE, pay him 4 ETH.” 

As with Lemonade, more elaborate smart contracts can include the terms of an insurance policy that determines under what circumstances an insurance claim is paid out.

Business rules, triggers, and cashflows can be encoded in the smart contract, and it can be structured to perform functions similar to those of a special purpose vehicle.

Lemonade’s DAO will use special bits of code called oracles to determine when weather conditions qualify farmers for a payout.

Oracles provide outside data to the blockchain, such as rain forecasts, which the DAO then uses to decide whether or not to pay the farmer. The payout is carried out automatically, without the need for human interaction.

The oracle must deliver accurate data to the smart contract; otherwise, the insurance contract will operate incorrectly. The company Chainlink specializes in oracles.

“The Lemonade Crypto Climate Coalition is a prime example of how innovative solutions built on the blockchain can drive global financial inclusion previously unavailable,” says Sergey Nazarov, co-founder of Chainlink. 

The objective is to use their resources to protect a large number of farmers whose livelihoods are dependent on what they plant against a variety of bad climate conditions.

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Coins Learn

Cryptocurrency Trading Basics

Cryptocurrency is a digital or virtual asset that is protected by encryption. Cryptocurrencies are decentralized, which means they are not controlled by governments or financial institutions. Many trading platforms, such as quick edge, are now assisting many successful cryptocurrency traders in making money through bitcoin trading. The cryptocurrency markets have emerged as one of the most fascinating venues for traders, and more people are getting involved in crypto trading every day. If you’ve found your way here, I’m guessing you’re looking to join their ranks. You’re in luck because you can learn everything you need to know to start trading prominent cryptocurrencies here. 

In 2009, the first and most well-known cryptocurrency, Bitcoin, was founded. Thousands of different cryptocurrencies have been launched since then. Ethereum, Litecoin, and Bitcoin are three of the most popular.

Here are the basics of crypto trading.


Choose a Crypto Exchange for Trading

Once you’re ready to start trading cryptocurrencies your first job will be to find a suitable exchange. That might not be as easy as it sounds because there are different types of exchanges to consider and different regulations based on where you live.

The first consideration you must make is whether to use a centralized exchange (CEX) or a decentralized exchange (DEX). We recommend using a centralized exchange for beginners. It will be simpler to get started, and you will have access to more tools and resources. Decentralized exchanges are fantastic, and we adore them, but we believe they are not ideal for novice traders because they are difficult to use. Furthermore, the decentralized exchange will restrict you to trading only the coins supported by the DEX (Ethereum, Binance Smart Chain, etc).

There are a variety of cryptocurrency exchanges to select from, and you should read over their terms and conditions to get a sense of which one would best suit your needs. Some feature a larger assortment of cryptocurrencies, lower costs, and superior customer service.

Binance, Coinbase Pro, and Huobi are the top three exchanges at the time of writing.Binance will provide you with a larger range of coins to trade as well as significantly improved trading conditions. When it comes to choices and fees, Coinbase Pro (and the even simpler Coinbase) isn’t quite as good, but it’s a lot easier to use. Those who want the simplest way to buy and sell cryptocurrency can start with a basic Coinbase account and then upgrade to Coinbase Pro later.

Kraken, BitMex, Poloniex, and Gemini are among the other possible exchanges.

Many exchanges are still crypto-only, which means you won’t be able to deposit or withdraw fiat money.

Besides Crypto Exchanges, one may want to consider a crypto broker too. A broker is a person or business who works as a middleman in financial transactions. They are compensated for their aid in brokering transactions and purchases. Whereas the Coinbase Pro platform is an exchange, the well-known Coinbase is a broker. When compared to an exchange, broker fees are often relatively expensive.

On the plus side, cryptocurrency brokers provide a more acceptable atmosphere for people just getting started with bitcoin purchases and trading. They provide a way to buy crypto with fiat currency, as well as a way to convert crypto to fiat. The broker sets the prices, so there is no room for error, and buyers and sellers know exactly what they will get when buying and selling. Additional services, such as cold storage for huge sums of cryptocurrency, can be provided by brokers as well.

An exchange, on the other hand, connects buyers and sellers through an order book that contains the orders of all exchange members, as well as orders from outside sources. When compared with brokers, the exchange receives a significantly lower charge for their services because they are just connecting buyers and sellers. The exchange is basically a marketplace for buyers and sellers to meet.

The disadvantage is that in fast-moving markets, slippage can occur, resulting in buyers and sellers not receiving the price they expected. 

Cryptocurrency exchanges are therefore appropriate platforms for advanced cryptocurrency holders and traders who seek to profit from price swings by speculating in the hopes of making profits and avoiding losses.

Choose The Cryptocurrency You Want To Trade

Of course, you need to decide which cryptocurrency you may want to trade in. Unfortunately, selecting a digital currency for trading may not be easy since there are plenty of cryptocurrencies to choose from. But, if you’re new to this trading market, you may consider trading in one of the well-known cryptocurrencies with a high market cap, such as Bitcoin, Ethereum, and XRP.

 Make A Great Trading Strategy

Trading cryptocurrency isn’t just about exchanging a certain digital currency for another valuable asset. It’s also about generating more money as a result of your trading efforts. However, just like other forms of trading, dealing with cryptocurrency can be challenging.

Thus, if you want to ensure a successful trading experience with higher returns on your investment, you should have a solid trading strategy in place. And, as you consider your strategy, the following are a few things to keep in mind:

  • Perform Your Own Research:  When trading cryptocurrency, it’s essential to do your own research about the digital assets you’re buying to make sure they fit with your investment goals. The more you conduct your research, the more you familiarize yourself with the cryptocurrency you’re dealing with. As a result, you’ll know which one can provide you with higher returns. On the other hand, if you want to master the art of trading crypto with minimal research, then playing a crypto trading game can be an excellent idea. It allows you to make trades at no risks for fun while winning real cash prizes. Plus, you’ll get to know the cryptocurrencies right before entering the real trading platform.
  • Only Invest What You Can Afford To Lose:  Given the cryptocurrency’s volatile nature, the risk of loss of money is much higher compared to traditional trading of assets. Since these digital currencies can be affected by bugs and hacks, resulting in a decrease of their value, you may lose everything you invest. As such, it’s best to only invest the money you can afford to lose. That way, you can minimize the losses, but maximize your returns.
  • Take Profits At Intervals:  If you’re going to study the crypto market, you’ll find out that the values increase or decrease anytime. Hence, if you’re trading on a short-term basis and experience an increase in value, you may definitely want to know whether the value will increase more. However, the values of cryptocurrencies are volatile, and nobody knows if they’ll go up or down. This is one of the reasons why you should take profits at regular intervals. Doing so can make sure you’ll get steady returns.
  • Stay Updated: Another important component of your trading strategy is to stay updated with the changing crypto market and the news regarding digital currencies. When you know what’s going on with the crypto you’re trading, you can ensure to make the most informed decisions as much as possible.

There is still a lot to learn about cryptocurrencies and how to trade them. While digital currencies are a popular asset in the financial market, they should be used with extreme caution to avoid severe losses. Therefore, if you’re new to crypto trading, keep the above guidelines in mind to ensure a smooth trading experience from start to finish.

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Business News

Visa and Bantu Blockchain Foundation Partner to Promote Financial Inclusion in Africa

Visa, the world’s largest digital payments company, is partnering with the Bantu Blockchain Foundation (Bantu), the guardians of the Bantu Blockchain Network infrastructure (Bantu Blockchain), to link its crypto-supporting Visa cards with the Bantu Network Utility Token (XBN) created by Bantu to enable quick and secure Bantu Blockchain trades. This connectivity is designed to directly encourage Africa’s gig economy by reducing inefficiencies and compatibility concerns that now exist when transferring money within the continent.

This partnership, which will be backed by a major Pan-African bank and a well-known Visa Banking Identification Number (BIN) Sponsor, will open up massive opportunities to boost economic activity across Africa, starting with Zambia, Nigeria, Ghana, Kenya, South Africa, the Democratic Republic of the Congo, Rwanda, and at least six other countries. Deals using any virtual currency issued on the Bantu Blockchain that uses Bantu’s XBN tokens are settled in 2-4 seconds with very low network fees.

To make the shift from digital assets to fiat easier, Visa will issue virtual cards in partnership with a BIN Sponsor Bank and a facilitator of the BantuPay wallet (the Bantu Blockchain network wallet). This means that anyone who has been validated by BantuPay will be able to use Visa cards that accept Bantu (XBN) tokens.

Along with the virtual card integration with the BantuPay wallet, Bantu plans to airdrop XBN tokens worth $1 billion over the next five years to aid financial literacy, new ventures, and career advancement opportunities at African academic institutions, as well as HBCUs (Historically Black Colleges and Universities) in Latin America and the United States, using Web3, decentralized applications (dApps), and other blockchain technology-based developments.

Visa has also secured an agreement with Bantu to start a Practical Money Skills initiative, which will teach important money management skills to at least 100,000 children every quarter.

“We believe that the proper technical tools and collaborations put to the right issue would have a large-good social effect, which is why we formed Bantu,” Victor Akoma-Philips, Bantu’s COO, said of the collaboration for social impact. This collaboration with Visa will help us establish a new Web3 social benefit model.”

Carl Manlan, Visa’s Head of Social Impact in CEMEA, stated;

“Visa thinks that having a better understanding of finances may help individuals administer their finances more effectively and enhance their living quality. We’re excited to work with Bantu to teach youngsters about personal financial basics like budgeting, saving, and shopping responsibly.”

Bantu has also joined Visa’s Fast Track Program, which allows Visa’s fintech partners to swiftly and easily develop and launch unique commerce solutions on Visa’s payments infrastructure. Bantu will be the first African-led Blockchain Infrastructure to join this strategic partnership.

The Bantu Blockchain was built in response to a demand for a Web3 framework that could meet the specific needs of Africa and other developing countries. The solutions in the Bantu environment are designed with clarity and a good user experience in mind. Because of its low costs, speed, and large transactions per second potential, the Bantu blockchain is a preferred solution for financial inclusion and effectiveness.

Bantu has created a set of tools that make blockchain adoption straightforward for a variety of users, ranging from typical market vendors to sophisticated companies working on DeFi, GameFi, and other Web3 technologies. The BantuPay wallet is the network’s nerve center, and it may be used to store and exchange digital content created on the Bantu Blockchain, as well as manage identity/KYC/AML.

The Bantu Blockchain Foundation has chosen this year as its global development goal, and it is working hard to expand its community of builders (developers) and clients through educational events, social meetings, and coder hackathons. Bantu is also committed to working with financial institutions and government agencies to assist the technology gain traction.

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Business News

Ether outperforms Bitcoin.

Ether is outperforming its more well-known rival Bitcoin once again, as anticipation grows for a long-awaited update that promises to lessen the carbon footprint of the world’s most widely used blockchain.

In the last seven days, Ether, the Ethereum blockchain’s native cryptocurrency, has gained more than 16 percent, while Bitcoin has gained 8.4 percent. Ether has lost nearly 17% of its value this year, while Bitcoin has lost about 7%.

The newest round of outperformance comes as the community prepares for Ethereum’s biggest software upgrade in its eight-year history. The Merge, which is scheduled to happen within months, will modify how Ethereum transactions are sorted, allowing the network to use less electricity and run more effectively. For years, developers have promised an overhaul. The last test of this program before the Merge began on March 15, and it appears to be functioning smoothly despite some initial issues such as error warnings.

“The ETH merge on the ‘Kiln testnet’ caused ETH to outperform the market,” said Teong Hng, a co-founder and the chief executive officer of Hong Kong-based Satori Research. “It is regarded as an upgrade in terms of the transactions’ validations in Ethereum. The merge was successful with no major issue reported.”

Ether surged 4.8 percent in Asia on Tuesday (March 22), reaching its highest level since February 17 and trading at US$3,043 (about RM12,825) at 12.38pm in Hong Kong. Bitcoin rose as well, rising 4.9 percent to US$43,144.

The new program will not only make Ethereum more appealing to environmentally conscientious investors, but it will also likely reduce the amount of Ether in circulation.

Following the merger, Ethereum’s network will no longer rely on millions of strong servers known as miners to organize blockchain transactions. People will instead be able to deposit their Ethers into special staking wallets that will be used to order transactions – a technique known as “Proof of Stake.” Stakeholders won’t be able to withdraw their money for at least six months following the Merge, when another software upgrade is scheduled.

They’ll also be less inclined than miners to sell newly produced coins they get as staker rewards because they don’t have the same high operational costs as energy-hungry miners, according to Kyle Samani, a co-founder of Multicoin Capital. Ethereum’s energy consumption should shrink by 99 percent after the Merge.

The Merge was supposed to happen months ago, but it was postponed while Ethereum engineers worked to ensure that everything went well. It is the foundation of the Ethereum economy, which includes $349 million in Ether, as well as billions in decentralized finance apps and non-fungible tokens. The Merge was supposed to happen in the second quarter of 2022, but the Ethereum Foundation recently stated in a blog that the exact timing hadn’t been finalized, possibly indicating a minor delay.

“It would take a catastrophic event for it to not happen this year,” Tim Beiko, a computer scientist who coordinates Ethereum developers, said in a statement. Still, some miners expect the Merge will get pushed out into the fall.

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Business News

Crypto surge in Africa

Cryptocurrency is exploding on the African continent in every way. According to Cointelegraph’s Joseph Hall, usage in Africa has increased by 2500 percent.

In describing how Africans are using cryptocurrencies and why this type of action is, in some ways, following precedent, Hall quotes someone identified as Nourou, who explains how Africans are using cryptocurrency and why this type of conduct is, in some ways, following precedent:

“Take a look at the way in which cars, mobile phones and consumer electronics took off on the continent,” Nourou said. “Africa is a continent where lightning-fast progression and adoption is common.”

Regarding Hall’s reference to the KuCoin Africa crypto report, it’s worth noting that approximately 90% of these transactions involve cross-border money transfers.

Binance, the world’s largest cryptocurrency exchange, is one of the winners in this scenario. Binance’s activities have been banned in the United States, but it is still a popular means to move money in Africa.

And there’s more on the way.

“A huge part of Binance Africa’s 2021 goals is to spread crypto education and adoption across Africa,” writes a Binance spokesperson on Jan. 20. “This journey started in 2020 where we successfully educated over 70,000 Africans about crypto fundamentals, practical tutorials on how to set up an account – and buy & sell crypto, technical analysis, and crypto trading. We are kicking (sic) this year with a Masterclass that aims to equip up to 1000 African blockchain developers with the right tools and skills to build their first DApps on the Binance Smart Chain (BSC) network. All within the first quarter of 2021.”

In the case of Nourou, his backstory is detailed in a syndicated piece titled “One man’s odyssey to orange-pill a nation.”

“Following an eight-year stint in France, during which Nourou earned his Masters degree, Bitcoin Chaincode qualifications, and a deep understanding of legacy financial markets thanks to work in investment finance, he was primed to orange-pill Senegal,” writes an anonymous author. “He returned to his home country disheartened to learn that Coinmap (a website showing Bitcoin vendors and merchants around the world), had zero locations in Senegal. That’s despite singer and influencer Akon’s plans to set up a crypto-style Akon City…. Passionate about Bitcoin … the 29-year-old was inspired to try a similar thing in his hometown.”

As they say, the rest is history.

Don’t forget about the African market while making your crypto bets, and how companies like Binance will fare there.

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Amber Group Business

Amber Group strengthens management team with Ehsan Haque as EMEA General Counsel

SINGAPORE, 21 March 2022 — Amber Group, a leading global digital asset platform, is proud to announce the appointment of Ehsan Haque as its General Counsel for the Europe, Middle East and Africa region (EMEA). Amber Group’s latest appointment comes amid the company’s global expansion plans and its ambitious licensing and regulatory roadmap. The company, now valued at US$3 billion following two successful Series B and Series B+ rounds, has since been expanding with new offices worldwide and regulatory licenses secured in Europe, Latin America and Asia.

As Amber Group’s General Counsel, Ehsan will work closely with Chief Operating Officer (COO) Wayne Huo to lead Amber Group’s legal and regulatory risk management in the EMEA region, and ultimately deepen the company’s relationship with regulatory authorities in these markets.

Ehsan joins Amber Group after an illustrious career as an in-house counsel at various established investment banks, broker dealers, private equity firms and fintech start-ups. Ehsan trained at renowned international law firm, Slaughter and May, before joining Deutsche Bank as an in-house counsel, overseeing Equities Sales Trading and Global Markets Derivatives. He later joined Royal Bank of Scotland (RBS) Global Banking and was part of the senior management team at Nomura’s EMEA Legal Department where he led the Equities legal product coverage for the region.

Ehsan was most recently a General Counsel at two different fintech start-up businesses, including Lendingblock, a cryptocurrency borrowing and lending platform. He served as Global General Counsel at a private equity firm that has US$13B AUM across the fintech and digital assets space prior to joining Amber Group. Ehsan also acts as an advisor to a leading fintech accelerator and was featured in The Lawyer Hot 100 2022 list.

“I am excited to be joining Amber Group at this stage of its incredible growth journey so far. The regulatory landscape for digital assets is ever-evolving and these coming few years will be defining ones for the industry as we work towards securing eventual regulatory clarity across the EMEA region and the world. I look forward to supporting the company’s growth and to guiding the legal and regulatory risk management as part of Amber Group’s strategy in the EMEA region,” says Ehsan Haque.

“The  EMEA region has long been a strategic market for Amber Group as the region has led a variety of neobank and neobroker-related innovations for the global financial ecosystem. We are proud to be welcoming Ehsan who makes a great addition to our team at Amber Group. With his strong track record in both traditional finance and emerging fintech start-ups, we are excited to work with Ehsan and build a strong regulatory framework that supports the viability and utility of new industry innovations in the EMEA region and accelerate the company into the next phase of growth,” says Amber Group Global COO, Wayne Huo.

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Media Contact

Stella Wang

pr@ambergroup.io

About Amber Group

Amber Group is a leading digital asset platform operating globally with offices in Asia, Europe, and the Americas. The firm provides a full range of digital asset services spanning investing, financing, and trading, servicing over 1,000 institutional clients and a growing number of individual investors worldwide. 

For more information, please visit www.ambergroup.io.