Author: Staff

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Opinions

Study Shows Crypto Adoption More Significant In Poorer African Countries

A recent study conducted by Kasi Insights, a Kenyan research firm, has revealed that the majority of Africans surveyed, a staggering 82%, have never owned any form of cryptocurrency. Among the remaining 18% who have engaged with digital assets, only 8% admitted to being active holders of cryptocurrencies like Bitcoin. Surprisingly, despite the low ownership figures, 66% of respondents claimed to have been exposed to cryptocurrencies. However, of this group, only 8% reported having a considerable amount of exposure to crypto.

These findings challenge the widespread belief that Africans have wholeheartedly embraced and adopted cryptocurrencies. Furthermore, the study also dispels certain popular notions regarding crypto adoption levels in different African countries. For instance, the report highlights that countries like Kenya, often referred to as the “Silicon Valley of Africa,” and South Africa are not leading participants in the African crypto market. Instead, the report identifies poorer countries such as Namibia and Angola as having higher adoption, awareness, and usage rates.

The survey, encompassing 19 African countries, suggests that government support and endorsement are crucial for mass adoption of cryptocurrencies. The report advocates for crypto market participants to forge relationships with local authorities to enhance awareness and influence the formulation of favorable regulations.

When examining the demographics of African crypto users, the study reveals that millennials constitute the largest group, comprising 60% of the continent’s crypto investors. In contrast, the baby boomer generation accounts for just 1% of African crypto investors. The survey data also indicates that men comprise 54% of the African investor base.

Regarding the motivations behind investing in digital assets, approximately one-third of respondents stated that they entered the market with the aim of making quick profits. Around 28% cited diversification of their investment portfolios as a reason for becoming crypto investors, while 17% indicated that they did not want to miss out on the opportunity presented by cryptocurrencies.

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Business

BingX Expands To The MENA Region

BingX, a global cryptocurrency exchange, has announced its expansion into the thriving markets of the Middle East and Northern Africa (MENA region). This strategic move is a fulfillment of BingX’s commitment to offering reliable and innovative trading services to its worldwide user base.

According to the crypto exchange’s press statement, by venturing into these vibrant markets, it aims to connect with a diverse range of users and foster the adoption of cryptocurrencies in the region. Furthermore, the exchange has established itself as a prominent player in the cryptocurrency industry, offering a comprehensive suite of services that includes spot, derivatives, copy trading, and grid trading to a user base exceeding 5 million in over 100 countries.

The exchange also noted in its statement that at the core of its operations is its dedication to revolutionizing the crypto trading experience. 

“BingX believes in making cryptocurrencies accessible and user-friendly for individuals of all backgrounds. With a vision to become the gateway for the next billion crypto users, BingX aims to foster financial inclusion and drive the widespread adoption of digital assets worldwide,” the statement reads.

Commenting more on the expansion, Elvisco Carrington, PR and Communications Director of BingX stated, “We are thrilled to bring BingX to the Middle East and North Africa markets. As the demand for cryptocurrencies continues to grow in the region, we are committed to providing a reliable and user-friendly platform that caters to the unique needs and preferences of our MENA users. This expansion is a testament to our commitment to global accessibility and our vision of revolutionizing the way people trade and invest in crypto. We are excited to engage with dynamic markets and collaborate with local partners to create mutual value.” 

BingX recognizes the immense potential in this market and aims to meet the evolving needs of crypto enthusiasts in MENA. By expanding into MENA, BingX aims to provide local traders with a seamless and feature-rich trading experience, empowering them to explore new investment opportunities and navigate the crypto landscape with confidence.

BingX is also introducing the BingX Partner Program in the new markets. Through this program, local partners will benefit from a competitive commission ratio higher than industry standards.

Categories
Coins

What Is PepeCoin (PEPE)?

Launched in mid-April 2023, PEPE stands out as a distinct meme coin within the ever-growing landscape of meme-based cryptocurrencies. While meme coins, often popularized by influencers or prominent figures like Elon Musk, have drawn both investor attention and skepticism due to their perceived lack of seriousness, the potential for substantial returns remains undeniable. In this article, we delve deeper into PEPE, focusing specifically on the $PEPE token.

PEPE’s official Twitter account proudly claims it to be the “most memeable memecoin in existence,” while acknowledging that “dogs have had their day,” alluding to the earlier wave of meme coins, including the once-popular Dogecoin.

Unveiled on April 17 with minimal fanfare, PEPE derives its inspiration from the Pepe the Frog meme, originally created by Matt Furie in 2005. It is important to note that PEPE, along with other tokens based on Pepe the Frog, lacks an official connection with Furie or the original cartoon character.

Several features of PEPE reinforce its identity as a meme coin. For instance, the circulating supply of PEPE tokens is set at 420 million, a clever nod to the cultural significance of “4/20” in cannabis culture.

Surge in interest

The process of calling an Ethereum smart contract and launching a token is relatively simple and cost-effective. However, generating liquidity can present a more significant challenge. In the initial days of its existence, PEPE swiftly gained prominence due to a highly publicized purchase that captured the attention of the cryptocurrency community on Twitter.

An investor in memecoins exchanged 0.125 ETH, equivalent to approximately $250, for an astounding 5.9 trillion PEPE tokens. As interest in the meme coin skyrocketed, the value of these tokens surged to around $1.8 million by April 19, 2023, offering a potential return of approximately 4,500 times the initial investment. Predictably, the allure of substantial profits enticed tens of thousands of other investors to acquire PEPE tokens before the price potentially peaked.

Nevertheless, it is crucial to note that the investor who acquired the 5.9 trillion tokens may encounter challenges selling them at the current price due to PEPE’s relatively low liquidity pool.

Future of PEPE

Given the early stage of its launch, the future of PEPE remains uncertain. Experts, including James Wo, the founder of crypto fund DFG, emphasize that memecoins are integral to the crypto trading landscape, whether welcomed or not. They predict the continued emergence of memecoins like PEPE. However, PEPE itself may follow the fate of many short-lived memecoins that have come before, such as Grimacecoin, Pump Coin, and numerous others that quickly faded from public view. In such a scenario, investors, including individuals holding close to 6 trillion PEPE tokens, will face the challenge of capitalizing on the token before the cryptocurrency community’s attention shifts elsewhere.

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Business

IMF Working On Global CBDC Platform

During a conference attended by African central banks in Morocco, the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, unveiled the organization’s ambitious plans to develop a platform for central bank digital currencies (CBDCs). 

Recognizing the importance of global connectivity, Georgieva emphasized that CBDCs should not be limited to fragmented national initiatives, but rather facilitate seamless transactions between countries through interoperability.

Georgieva stated, “To achieve more efficient and equitable transactions, we require systems that connect nations – we need interoperability. For this reason, the IMF is diligently working on the concept of a global CBDC platform.”

The IMF aims to foster consensus among central banks regarding a unified regulatory framework for digital currencies, thereby enabling global interoperability. Failure to establish such a platform could result in a void that could potentially be filled by cryptocurrencies, cautioned Georgieva.

In contrast to decentralized cryptocurrencies, CBDCs are digital currencies under the control of central banks. Georgieva highlighted that 114 central banks are currently exploring CBDC implementation, with approximately 10 already in the advanced stages of development.

Georgieva also stressed that exclusively deploying CBDCs for domestic purposes would underutilize their potential. Moreover, CBDCs have the potential to advance financial inclusion and reduce the cost of remittances. Currently, the average cost of money transfers stands at 6.3%, amounting to a staggering $44 billion annually.

Backing CBDCs with assets was another crucial point raised by Georgieva. She acknowledged that while cryptocurrencies backed by assets present investment opportunities, those lacking such support tend to be speculative investments.

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Business

Do Kwon Gets 4 Months In Prison In Montenegro On Counterfeit Passport Charges

Do Kwon, the founder of Terraform Labs, was found guilty of using a counterfeit passport by a court in Montenegro and given a four-month prison term.

Kwon’s colleague and former Terraform Labs chief financial officer Han Chong-joon was charged alongside him and received the same sentence. The time both men spent in detention will be taken into account, the Montenegro Basic Court said in a statement on its website.

Kwon was accused of trying to exit the nation while in possession of a fake Costa Rican passport. He reportedly told a Montenegro court that he wasn’t aware the passport he was traveling with was allegedly forged and instead pinned the blame on a Chinese-named agency.

According to a June 17 report from South Korean news outlet Segye Ilbo, Kwon told the Montenegro Basic Court he received his allegedly forged passports and travel documentation, including a Costa Rican passport, through third-party agencies.

According to Kwon, because he’d been traveling with his Costa Rican passport for years, he had no reason to doubt its authenticity.

In addition to denying forgery of travel documentation, Kwon denied allegations he made any financial donations to Montenegro’s former finance minister Milojko Spajić, the now-leader of the Europe Now party.

Kwon’s sentencing comes after the former executive of Terraform Labs was granted bail, with a set amount of $435,000. Nevertheless, the Montenegrin High Court unequivocally revoked the lower court’s bail ruling on May 24, 2023.

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Business

Zimbabwe’s Central Bank To Launch P2P Platform For Digital Gold Token Transactions

The Reserve Bank of Zimbabwe (RBZ) is making significant strides in its efforts to stabilize the country’s economy and reduce dependence on the U.S. dollar. As part of its strategy, the central bank is finalizing the establishment of a peer-to-peer (P2P) platform to facilitate digital gold token transactions. With the platform set to launch later this month, the RBZ aims to enhance the Zimbabwean dollar and diminish local demand for foreign currency. 

In a bid to promote financial stability, the RBZ  introduced gold-backed digital tokens to serve as both a means of payment and a store of value, earlier this year. According to the Sunday Mail report, holders of the digital gold tokens will be required to open gold token bank accounts, which will subsequently be converted into a U.S. dollar-benchmarked value system. 

The RBZ is currently in the testing phase for its P2P platform, which will enable seamless transactions using the gold-backed digital currency. The central bank plans to roll out this platform in the coming weeks. Dr. John Mangudya, the RBZ Governor, affirmed that the tokens’ value will be linked to the London Bullion Market Association (LBMA). Furthermore, the digital gold tokens will be securely stored in specialized wallets known as e-gold wallets or gold cards.

Dr. Mangudya also noted, “The second phase of the rollout of the digital gold tokens, which will enable transacting using the gold-backed digital currency, will start this month, and we are currently testing the system before launch.” 

The report also revealed that the central bank has sold some 313.9 kilograms of gold-backed digital tokens so far.

Persistence Gwanyanya, an economist and member of the central bank’s monetary policy committee, commended the RBZ’s initiatives and expressed optimism about their impact. The economist also emphasized that he anticipates positive results to emerge in the coming weeks while highlighting the recent wholesale auction conducted by the RBZ.

The RBZ’s forthcoming P2P platform for digital gold tokens marks an important step in Zimbabwe’s economic transformation. By harnessing the power of blockchain technology and gold-backed assets, the central bank aims to enhance financial stability and boost economic growth in Zimbabwe.

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Business

Bitcoin Records Over 12 Million Transactions, Miners Accumulate $46 Million While BRC20 Market Cap Faces Decline

The Bitcoin blockchain has reached a significant milestone with over 12 million inscriptions, surpassing the 12 million mark to reach approximately 12,494,695 inscriptions. However, this surge has resulted in a backlog of more than 300,000 unconfirmed transactions.

Bitcoin miners have been busy confirming these inscriptions, including financial transfers and other types of transactions, earning 1,737.50 BTC valued at $46.10 million. The majority of inscriptions (90.7%) consist of plain text, while the rest are composed of various file formats.

Despite the increasing number of inscriptions, the BRC20 economy has experienced a decline in value. Current data shows that there are 34,296 BRC20 tokens valued at $141.97 million, with a 24-hour trade volume of $25.51 million. This represents a significant drop from the previous valuation of nearly half a billion dollars.

The decline in the BRC20 market has affected the values of top tokens, such as ORDI and PEPE. ORDI, which was valued at $11.36 per unit on June 3, has now dropped to $6.263 per token. Similarly, PEPE has fallen from $0.20 to $0.050 per token during the same period.

Despite the market downturn, the number of BRC20 tokens has seen significant growth, increasing by over 38% since June 3. Several marketplaces continue to facilitate active trading of BRC20 tokens and inscriptions.

Sales of Bitcoin-based non-fungible tokens (NFTs) have also decreased by more than 22% in the past week, totaling $21.49 million. The highest-priced NFT sold during this period was a Bitcoin-based “uncategorized Ordinal,” which fetched $3.52 million.

Ethereum users have also been given another way to create nonfungible tokens (NFTs) and other digital assets on the blockchain with the launch of a new protocol. Launched on June 17, the protocol, dubbed “Ethscriptions,” is a nod to the Bitcoin Ordinals protocol.
Ethscriptions was developed by Tom Lehman. Lehman declared the project a huge success and has noted nearly 30,000 Ethscriptions have been created within the first 18 hours of the protocol going live.

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Business

Binance issues cease and desist notice to Binance Nigeria Limited

Binance, one of the world’s largest cryptocurrency exchanges, has found itself embroiled in legal troubles on multiple fronts. 

On Sunday, June 18, Binance CEO Changpeng Zhao took to Twitter to announce that the company had issued a cease and desist notice to an entity known as Binance Nigeria Limited, which was deemed fraudulent.

The Nigerian Securities and Exchange Commission (SEC) had previously released a circular on June 9, declaring the illegality of Binance Nigeria Limited’s operations within the country. In response to the SEC’s claims, a spokesperson from Binance stated that the mentioned entity was not affiliated with the company. They further expressed Binance’s commitment to seeking clarity from the Nigerian SEC and cooperating with them on the next steps.

However, Binance’s legal challenges extend beyond Nigeria. The company is currently facing a lawsuit filed by the United States Securities and Exchange Commission (SEC). The U.S. SEC has levied 13 charges against Binance entities and CEO Changpeng Zhao. These legal actions have added to the ongoing difficulties faced by the cryptocurrency exchange.

In recent times, Binance has made headlines for its decision to exit several countries, including the Netherlands, Cyprus, Canada, and Australia. These exits are seen as a response to regulatory pressures and heightened scrutiny from authorities in different jurisdictions.

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Business

Stablecoin Market Records $2.4B In Redemptions In 30 Days As Leading Tokens Experience Supply Decline

In the realm of stablecoin projects, the diminishing supplies of various tokens have become an ongoing trend, and the past month witnessed notable redemptions for USDC, BUSD, and DAI. The second largest stablecoin, USDC, experienced a 5.7% reduction in its supply, while BUSD saw approximately 19% of its tokens redeemed.

Similarly, Makerdao’s DAI stablecoin witnessed a 4% decline since May 15, 2023. However, amidst these fluctuations, two stablecoins stood out by showcasing increases in their supplies over the last 30 days and that is, tether (USDT) and true usd (TUSD).

Within the span of 30 days, USDT witnessed a 0.9% growth in its supply, reaching an all-time high market valuation of $83.614 billion. In a similar vein, TUSD witnessed a 0.3% rise in its supply, propelling its market capitalization to $2.04 billion as of June 15.

On the other hand, pax dollar (USDP) recorded a 4.8% decrease over the past month, while FRAX managed to inch up 0.2% within the same timeframe. Tron’s USDD saw a reduction of 1%, whereas Gemini’s GUSD suffered a 1.9% decline. Additionally, liquity usd (LUSD) underwent a reduction of approximately 1.9% over the course of the last 30 days.

Redemptions ranging from 1% to 19% have affected the market valuations of seven out of the top ten stablecoins. Since May 15, 2023, roughly 2.471 billion stablecoins have been redeemed, contributing to the overall decline in the stablecoin economy.

The predominantly USD-pegged crypto assets that constitute the stablecoin economy have reached their lowest value in 20 months, and if the trend observed in June persists, a downturn lasting 21 months could be in store.

While BUSD experienced a significant decline of 19%, the losses suffered by other stablecoin projects have resulted in the current value of $128.92 billion. Currently, the stablecoin economy represents 12.12% of the crypto economy’s total value of $1.06 trillion.

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Business

Bitcoin Plunges Below $25K For The First Time In 3 Months

Bitcoin (BTC) has experienced a significant drop below the $25,000 mark for the first time in three months, marking a challenging period for the cryptocurrency industry. The decline occurred following an announcement from the United States Federal Reserve and amid ongoing legal actions against major crypto exchanges Coinbase and Binance.

Within a mere 30-minute timeframe on June 15, Bitcoin’s price plummeted by 4%, sliding from $25,867 to $24,819, according to TradingView data. However, as of now, Bitcoin has managed to regain some ground and is hovering just above the $25,000 mark.

In the previous week, Bitcoin had maintained stability around the $26,000 level as the market grappled with the Securities and Exchange Commission (SEC) regulatory actions against leading exchanges and increasing macroeconomic uncertainty linked to interest rate signals from the Federal Reserve.

The sudden price drop came shortly after the Federal Reserve’s announcement of a pause on interest rate hikes, ending a fifteen-month-long campaign aimed at combating rising inflation. While the market had widely anticipated this pause, the Federal Open Markets Committee statement hinted at potential future rate hikes, which typically dampens investor enthusiasm for riskier assets such as cryptocurrencies.

eToro Market Analyst Josh Gilbert emphasized that Federal Reserve Chair Jerome Powell has clearly indicated that this pause is only temporary, potentially indicating further challenges ahead for Bitcoin in the long run. 

Gilbert stated, “Much of the optimism we have witnessed in risk assets, including Bitcoin, is founded on the expectation that inflation will decline and interest rates will reach their peak, and then begin to decline.”

Ether (ETH), the second-largest cryptocurrency by market capitalization, also experienced a decline, falling over 5% from $1,727 to $1,631 during the same timeframe. Additionally, altcoins labeled as securities in the SEC’s lawsuits were not spared from the bearish sentiment, as many of them suffered losses of over 3%.

Cardano (ADA) saw a decrease of 3.4% in the past 24 hours, while Polygon (MATIC) and Solana (SOL) experienced declines of 3.3% and 2.8% respectively. The broader crypto market is closely monitoring these developments and their potential impact on future price movements.