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Business

FIFA’s Exclusive NFT Collection for 2023 Club World Cup Revealed

FIFA, the global authority overseeing soccer, is gearing up to introduce its inaugural collection of non-fungible tokens (NFTs) in collaboration with blockchain company Modex, ahead of the 2023 Club World Cup slated in Saudi Arabia.

As per FIFA’s announcement on its official website, a premiere assortment of 100 NFTs is scheduled for debut on December 15. These exclusive tokens will grant lucky recipients the chance to secure tickets to the climactic event of the FIFA World Cup in 2026.

Additionally, a batch of 900 digital collectibles is slated for release on the Polygon network and OpenSea by December 2023. This collection will encapsulate memorable moments from the ongoing tournament and digital renditions of memorabilia.

The avenue to access these NFTs will be through FIFA’s dedicated platform, FIFA+ Collect, which was inaugurated in September 2022, operating on Algorand’s technology.

Romy Gai, FIFA’s Chief Business Officer, expressed enthusiasm about the collaboration with Modex, stating, “We are thrilled to embark on this groundbreaking journey with Modex and elevate the FIFA+ Collect platform to greater heights. Since its launch, the platform has garnered immense popularity globally, offering football enthusiasts worldwide the chance to own a piece of football history.”

The upcoming launches, both in 2023 and beyond, aim to provide football aficionados with a distinctive and innovative avenue to engage with the sport while contributing to the burgeoning digital collectibles market.

Since its inception, the FIFA+ Collect platform has hosted 11 NFT drops, resulting in the creation of 909,255 digital collectibles held by 16,448 owners. The platform has also witnessed a combined trading volume of $2.4 million across primary and secondary NFT markets.

Francesco Abbate, CEO of Modex, expressed pride in supporting FIFA’s endeavor, stating, “Digital collectibles broaden the spectrum through which fans can engage with their beloved players, teams, and the game itself, and we’re honored to aid FIFA in achieving this vision.”

The FIFA Club World Cup, which kicked off in Jeddah, Saudi Arabia, on December 12, 2023, will showcase seven of the world’s premier football clubs, including Egypt’s Al Ahly representing Africa.

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Uncategorized

Zimbabwean University Collaborates with Web3 Hub to Host Maiden Blockchain Hackathon

In an unprecedented move, the University of Zimbabwe (UZ) partnered with Mzansi Web3, based in South Africa, to organize the institution’s inaugural hackathon. A total of 175 students from diverse faculties and various stages of their academic journeys registered to participate in the two-day hackathon held on December 8 and 9.

Taurayi Rupere, head of the university’s computer science department, expressed that the hackathon aimed to nurture developers with a penchant for innovative thinking. Initially targeting computer science students, the overwhelming enthusiasm led the department to extend invitations to students from other disciplines.

In discussions, Rupere highlighted measures that the university could adopt to educate both enrolled and non-enrolled individuals about blockchain technology. “We should introduce a course spanning two or three months to raise awareness within the market. Additionally, integrating blockchain topics into students’ research projects could be beneficial,” Rupere suggested.

The aspiration shared by both the UZ and its students is for the hackathon to serve as a precursor to a series of similar events in the future, rather than a one-time occurrence.

Fostering Understanding and Skills in the Younger Generation

Shaheer Karrim, the brain behind Mzansi Web3 Hub, expressed optimism about the educational endeavors his organization is pursuing in Southern Africa. He believes these initiatives will significantly augment the comprehension and proficiency of the younger generation in blockchain technology. Karrim anticipates that such efforts will contribute to Africa’s active involvement in the global digital transformation.

Karrim also highlighted the ongoing role of the Internet Computer Protocol (ICP) in popularizing blockchain technology, not just in Southern Africa but across the continent. He remarked, “The surge in blockchain adoption by African governments and businesses signifies the recognition of its potential to revolutionize various sectors. The Internet Computer Protocol, renowned for its advanced technology stack, is gaining traction worldwide.”

Instilling Knowledge of Blockchain for Africa’s Future

According to Karrim, educating Africa’s upcoming generations about blockchain technologies will prepare the continent’s youth to leverage the forthcoming digital revolution. Confidence Nyirenda, the lead ambassador of Mzansi Web3 Hub in Zimbabwe, emphasized that the primary goal of this hackathon and those to come is to introduce the Internet Computer Protocol (ICP) to students.

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Business

Bitmama Halts Deposits Amid Customer Complaints

The prominent Nigerian cryptocurrency exchange Bitmama has taken a significant step by suspending its deposit feature for users. Thelma Okonwa, the marketing lead, conveyed in a statement to Technext that this move aims to address ongoing challenges related to deposits, attributed to ongoing provider maintenance.

Reports surfaced regarding Bitmama customers encountering difficulties in depositing funds into their Bitmama wallets for over three weeks. The company has now officially communicated this information to its users, emphasizing its commitment to resolving the issue while allocating additional technical resources to expedite the process.

A few Bitmama customers shared their experiences, expressing concerns about being debited from their source accounts without the corresponding funds reflected in their Bitmama wallets. Despite reaching out to customer support, they received acknowledgments of technical issues and assurances of prompt resolution.

One user, preferring anonymity, highlighted ongoing issues with NGN deposits dating back to at least November 25th. They raised concerns about Bitmama’s continued acceptance of deposits without informing users of the underlying feature outage. Allegedly, customer support cited various reasons for the delay, from payment processor issues to banking partner downtime.

Bitmama had been allowing deposits despite these issues until recently issuing deposit suspension notices to customers. However, a specific timeline for resolving the problem remains undisclosed.

Another user reported a similar incident where their husband’s deposit did not reflect in their wallet, despite contacting customer support multiple times. The frustration mounted as assurances of resolution lacked a definite timeline, with one support representative suggesting it might take up to a month.

Addressing these complaints, Bitmama’s Marketing Lead clarified that no funds were trapped in the system. She attributed potential delays to third-party infrastructure providers and partners, emphasizing their commitment to promptly processing deposits. The company communicated the temporary suspension of new deposits to focus on resolving challenges stemming from ongoing provider maintenance.

Bitmama assured users of its dedication to tackling issues related to delayed deposits, emphasizing enhanced communication and the allocation of additional technical resources for quicker resolutions. However, they did not specify a precise timeline for resolution in the statement provided.

This incident at Bitmama adds to the turbulence in the African cryptocurrency space. Several startups offering crypto services have faced hardships due to market fluctuations, FTX crashes, and macroeconomic challenges, leading to closures and layoffs. The recent Patricia controversy and now the Bitmama issue have raised concerns among users and observers. Bitmama had recently made headlines with the acquisition of Payday, prompting hope for swift resolution of the deposit problem.

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Business

Google To Lift Ban On Crypto-Related Ads Five Years After Implementation

After a prolonged five-year hiatus, Google is set to reintroduce advertisements for cryptocurrency coin trusts in the United States starting January 29, 2024. The tech behemoth, which previously imposed a comprehensive ban on crypto-related product ads, disclosed its plans to permit advertisers in this niche, albeit under strict guidelines adhering to local regulations.

In a noteworthy move, Google emphasized that advertisers must comply with the diverse laws governing each targeted location. For instance, in South Africa, advertisements related to cryptocurrencies must explicitly caution consumers about the potential risks, including the possibility of financial loss associated with crypto assets.

The search giant revealed intentions to elucidate the specific parameters and prerequisites for advertising cryptocurrency coin trusts by January 2024. These financial products enable investors to trade shares in trusts holding substantial amounts of digital currency while imposing constraints on direct marketing approaches that encourage purchasing, holding, or exchanging crypto assets.

Moreover, Google extended its ad policy to encompass educational content on cryptocurrencies and businesses facilitating e-currency payments or dealing in mining hardware. However, these entities are mandated to adhere strictly to the existing Google Ads regulations to advertise on the platform.

Google’s revised policy also permits the advertising of NFT-based games and platforms, albeit within defined limits. Blockchain-centric games allowing in-game transactions for items, characters, weaponry, or armor are sanctioned for promotion, albeit confined to in-game exchanges.

Highlighting the paramount importance of empowering users with comprehensive information for sound financial decisions, Google underscored its commitment to furnishing users with necessary details while shielding them from deceptive and harmful practices through this policy amendment.

The ban on crypto-related advertisements imposed by Google in March 2018 was largely viewed as a response to escalating concerns about fraudulent activities within the crypto sphere, mirroring similar actions undertaken by Facebook during the same period. Despite subsequent incremental anti-fraud measures, the decision to lift the ban raises questions about the sufficiency of these precautions.

Many observers interpret this reversal as a strategic maneuver by Google to augment its substantial advertising revenue, particularly in light of the resurgent traction witnessed in the crypto market. Notably, the cryptocurrency market has exhibited robust performance in recent times, with the total market capitalization soaring by 35% from October to November 2023. The majority of top-10 coins by market capitalization culminated the month on a successful note.

While this shift in Google’s advertising policy presents opportunities for select advertisers in the crypto space to expand their reach, it still delineates limitations for a significant portion of industry participants due to the stipulated constraints on permissible ad types.

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Technology

Nigerian Startup Wicrypt Secures Microsoft Grant To Advance Decentralized Infrastructure Network

Wicrypt, a Nigerian Web3 startup, recently disclosed receiving a substantial grant of $150,000 from Microsoft. This grant is designated to fortify the development of its decentralized physical infrastructure network, known as Depin.

Depin signifies a pioneering approach to erecting and upholding physical infrastructure across the globe, orchestrated in a decentralized manner by individuals and corporations. These infrastructures are designed for universal access and are touted to be more scalable and cost-efficient than traditional networks. Notably, various platforms such as Filecoin, Helium, and Iotex are actively engaged in similar pursuits within this realm.

Expressing gratitude, Wicrypt acknowledged Microsoft and the Web3 accelerator Outlier Ventures for their invaluable support in facilitating this endeavor. The startup emphasized the grant’s instrumental role in expanding collaboration and enhancing productivity throughout the Depin development chain.

In an earlier announcement, Wicrypt revealed its expansion onto the Arbitrum blockchain, citing this move as a strategic initiative to tap into the chain’s substantial user base.

Moreover, preceding the announcement of the Microsoft grant, Wicrypt had also received a significant sum of $200,000 from Google Cloud, underscoring increasing support and recognition for its initiatives.

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Opinions

Luno Anticipates Banks To Introduce Crypto Offerings In South Africa

A majority of businesses seeking licenses to provide cryptocurrency-related services in South Africa have existing registrations as financial service providers. This suggests a forthcoming inclusion of crypto products within their service repertoire upon the issuance of licenses.

Tarris Arnold, the business development manager at Luno, highlighted in a statement on Monday that “a minimal number of license applications submitted to the Financial Service Conduct Authority are from entities not already licensed as financial services providers.”

“Out of those applying for licenses, 73 are accountable institutions registered with the Financial Intelligence Centre. Since the commencement of the application window in June, there has been a noticeable surge in interest from South African businesses in the realm of crypto,” Arnold stated.

The regulation of this sector paves the way for institutional investment opportunities, offering access to a significantly larger capital pool. Financial service companies find crypto assets appealing for investment purposes, according to Arnold.

“Even those financial service firms that may not entirely embrace the intrinsic value or diverse applications of crypto recognize its value in terms of associated volatility. This volatility often translates to expanded profit margins. Furthermore, crypto, as a non-correlating asset class, provides a degree of risk mitigation for investments in conventional markets,” explained Arnold.

While the crypto market remains unregulated, it is presently excluded from pension funds and institutional investments. However, regulating this sector could open doors for institutional investors, introducing a substantial capital influx compared to retail investors.

“We’re witnessing a growing interest, with South Africa’s major banks having dedicated crypto teams for years. There are indications that they are gearing up to offer their clientele crypto-related products and services,” remarked Arnold.

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Business

South Africa’s Financial Watchdog Pushes For Local Offices Of Foreign-Based Crypto Firms

The Regulatory body in South Africa is urging cryptocurrency startups operating in the country from foreign headquarters to establish local offices. The goal is to ensure better oversight and accountability.

According to a recent report by the Financial Sector Conduct Authority (FSCA), approximately 10% of virtual currency service providers in South Africa have their main operations based abroad. Since cryptocurrencies were categorized as financial products last year, the FSCA highlights a lapse in oversight and aims to address this by requiring companies to establish a physical presence within the country.

The FSCA defines crypto assets as digital representations of value that are tradable, transferable, or storable electronically by individuals and entities for payment, investment, and various utilities. Recognizing the need to adapt the regulatory framework to adequately address crypto-specific risks while fostering innovation remains a priority.

The FSCA’s Crypto Assets Market Study further outlines the distribution of these crypto startups’ headquarters across cities in the country, with Cape Town taking the lead, followed by Johannesburg, Pretoria, and Durban, respectively. Revenue generation for crypto asset financial service providers primarily revolves around trading fees, closely resembling traditional financial models.

The study also notes that the most popular crypto assets offered by these startups in South Africa include unbacked cryptocurrencies and stablecoins. Earlier directives from the FSCA mandated crypto financial service providers to acquire licenses by November’s end, warning that entities without permits would be ineligible to operate in the country by 2024. The regulatory body has been processing around 128 applications and aims to review an additional 36 by December.

In an effort to distance itself from past money laundering cases that led to South Africa’s inclusion in the International Financial Action Task Force’s watchlist, the FSCA sees establishing a robust regulatory framework for virtual currencies as crucial in safeguarding the country from potential global financial scrutiny.

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Business

New Crypto Challenger Pullix.io Poses Threat To Coinbase And OKB Dominance

Coinbase and OKB, renowned for their prominence in the cryptocurrency exchange sphere across the U.S. and Asian markets respectively, face robust competition from an emerging player, Pullix.io. This newcomer is gaining attention for its innovative strategies and the anticipated surge of its native token, $PLX, projected to escalate by 100x in 2024.

Exploring Pullix.io

Pullix.io emerges as a comprehensive platform intertwining online trading, cryptocurrency transactions, and heightened anonymity. Its core vision revolves around democratizing financial market access and empowering individuals by offering financial autonomy.

Distinguishing Features of Pullix.io

Pullix.io distinguishes itself in the competitive landscape by blending novel tokenomics, user-centric functionalities, and a commitment to address conventional online trading hurdles. Its prowess lies in surmounting typical broker challenges like sluggish performance, high transaction fees, and liquidity constraints. Leveraging cutting-edge blockchain technology, Pullix.io assures transparent, secure, and swift transactions with reduced fees.

A notable aspect setting Pullix.io apart is its adherence to regulatory compliance, instilling user confidence and widening its appeal across diverse jurisdictions.

The Significance of PLX Token on Pullix.io

Central to the Pullix.io ecosystem, the PLX token serves as the primary medium for all platform transactions. Analysts foresee substantial appreciation of PLX’s value as Pullix gains widespread adoption.

Beyond potential value increases, PLX holders enjoy exclusive privileges such as access to unique features, staking income rewards, and tailored promotional offers, incentivizing the utilization of the PLX token on the platform.

Additionally, a portion of the brokerage’s daily earnings will be allocated to repurchasing PLX tokens from the market. These acquired tokens will be divided: half will be permanently removed, thereby decreasing the $PLX supply and potentially boosting its value; the remaining half will be distributed as rewards among users staking their PLX tokens.

Early Investment Opportunity

Early adopters have the chance to acquire PLX tokens at an initial price of $0.04 during the presale stage, with subsequent increases as more tokens are sold. Pullix.io’s emphasis on accessibility, community engagement, regulatory compliance, and the growth potential of PLX positions it as a formidable contender in the crypto landscape.

This presents a promising prospect for early investors to engage and potentially garner substantial long-term returns.

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Business

Unraveling The Scandal: Prison Allegations And The Legacy Of South Africa’s Largest Crypto Scam

Allegations have surfaced regarding Johann Steynberg, the former CEO of Mirror Trading International (MTI), South Africa’s colossal Bitcoin-based pyramid scheme. Reportedly detained in a Brazilian prison in Goiás, Steynberg stands accused of accessing a computer and the internet without authorization.

Maxsuel Miranda das Neves, president of the Goiás Penal System Employees Union, brought forward these claims, demanding clarification from Josimar Pires Nicolau do Nascimento, the director-general of Goiás Penal Police. According to local reports from Goiás 24 Horas, Steynberg was purportedly engaged in activities to safeguard his acquired wealth while confined, allegedly operating from the prison warden’s office. The report described him as ‘Peixe graúdo, cheio de privilégios’ – a big fish flush with privilege.

MTI, founded in 2019 in South Africa, lured participants worldwide with promises of multiplying Bitcoin investments by around 10% monthly, incentivizing recruitment to boost earnings. The scheme gained momentum during the 2020 COVID-19 lockdown, but in April of the following year, a Western Cape High Court acting judge, Alma de Wet, ruled MTI unlawful, labeling it a pyramid and a Ponzi-style scam. Despite attempted appeals, De Wet’s ruling stood, shedding light on approximately 29,421 bitcoins involved, although insider sources hint the actual number might reach 46,000 bitcoins.

Recent reports suggest 39,000 bitcoins were deposited into the scheme, with 32,000 withdrawn, leaving a disparity of roughly 7,000 bitcoins. Regardless of the figure, MTI remains the largest pyramid or Ponzi-like scheme in South Africa’s history. At the current bitcoin valuation of approximately R840,000, even the conservative estimate pegs MTI’s value at R24.7 billion, dwarfing other notorious schemes like BHI Trust and Travel Ventures International.

MTI faced scrutiny in September 2020 when a group called Anonymous ZA exploited vulnerabilities in its website, exposing its operations alongside journalists and community members. Global financial regulators, including South Africa’s Financial Sector Conduct Authority, issued warnings, prompting an office raid. Steynberg’s disappearance in December 2020 led to speculations ranging from absconding with funds to foul play, fueling conspiracy theories.

However, a year later, Brazilian news reported Steynberg’s arrest in Goiânia on charges of using forged documents. Despite being found guilty and fined, extradition proceedings seem imminent as he remains in custody. Judicial documents revealed Steynberg’s lavish lifestyle in Brazil, including leisure helicopter rides and property purchases linked to companions.

Recent allegations by Neves hint at special privileges for Steynberg in prison, suggesting unmonitored access to a computer and the internet, raising concerns given his international cryptocurrency fraud accusations. The Goiás State General Directorate of Penitentiary Administration has launched an internal investigation in response to Neves’ claims, emphasizing adherence to the law and the seriousness of the inquiry.

Efforts to contact Steynberg, Neves, and Nascimento for comments yielded no response.

Categories
Social Good

Fuse Network Unveils $10 Million Grant Program To Empower Web3 Startups Worldwide

Fuse Network recently unveiled a $10 million grant initiative to bolster Web3 startups’ growth, particularly those seeking to tap into Web3 payment systems. This grant encompasses both financial backing and infrastructure support, targeting businesses interested in constructing and utilizing Web3 payment technologies.

Recent data from Chainalysis highlights that sub-Saharan Africa holds the smallest crypto economy globally, accounting for just 2.3% of global transaction values between July 2022 and June 2023. Despite this, the region received an estimated $117.1 billion in on-chain value during this period. Notably, countries like Kenya, Nigeria, South Africa, and Tanzania have shown substantial grassroots adoption, ranking among the top 20 in the Global Crypto Adoption Index.

Within Africa, retail-sized transfers constitute 7% of the transaction volume, surpassing the global average of 5.5%. However, while African blockchain startups experienced a staggering 429% increase in funding, raising $474 million in 2022 to address rising technology adoption, this remains significantly lower compared to global figures.

While the Fuse programme is open to firms all over the world, CEO Mark Smargon places a special emphasis on businesses in emerging markets such as Africa. Smargon expressed excitement about the possibilities for innovative African firms to better contact clients by utilising Web3 technologies. According to Smargon’s statement to TechCabal, the programme intends to make scaling easier for such businesses.

Currently open for applications, interested businesses and startups can apply through the Fuse website. Established in 2019, Fuse Network actively supports diverse projects in decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming sectors. Additionally, it offers a blockchain payments API platform, enabling businesses and developers to access advanced payment capabilities.