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Business

Mara Partners With NITDA And Circle

Leading blockchain-based technology firm, Mara has announced a partnership with Nigeria’s National Information Technology Development Agency (NITDA) and Circle. The partnership seeks to equip and inform Nigeria’s workforce on the intricacies of blockchain technology.

In their press announcement, the blockchain firm stated, “We are excited to announce our initiative aimed at training 500,000 government employees on the intricacies of blockchain technology in partnership with the National Information Technology Development Agency (NITDA) and Circle, the creator of USDC and Euro Coin.”

The collaboration also seeks to equip Nigeria’s workforce with knowledge necessary to energize the workforce, drive innovation and foster economic growth in the digital age.

According to Mara, this initiative will be implemented through its foundation, Mara Foundation.

Mara has also revealed on its site that the first training session took place in Abuja on June 1, 2023, marking a significant milestone in this collaborative effort. According to the blockchain firm, managers from NITDA participated in the session, which focused on the role of blockchain technology in building Nigeria’s digital economy.

“The objective of the training was to bridge knowledge and capacity gaps within NITDA, enabling a deeper understanding of the potential benefits of blockchain technology and its policy implementation in Nigeria’s digital economy. The session emphasized the importance of blockchain in enhancing efficiency, transparency, and security while underscoring NITDA’s pivotal role in regulating and promoting its adoption,” the company noted.

Aishatu Yahaya Umar, Deputy Manager of the Software Unit in the IT Infrastructure Solutions Department at NITDA, expressed gratitude for the training session saying, “Mara, as one of the blockchain stakeholders in Nigeria, through this initiative has proven to be a great supporter of driving the Nigeria digital economy agenda and we at NITDA are excited to be partners and beneficiaries of their laudable initiatives. We are convinced that by collaborating with government and other stakeholders within the space, the full adoption of blockchain technology in Nigeria is not far-fetched.”

Chi Nnadi, co-founder and CEO of Mara also further commented, “Blockchain has the potential to revolutionize various sectors in Africa and by equipping government workers with this transformative technology, we are laying the foundation for a more effective and inclusive government system, better regulations, and improved economy.”

According to Mara, this collaboration seeks to create a solid foundation for the widespread adoption of blockchain technology in Nigeria and around the continent. 

“By training 500,000 government employees, the initiative seeks to propel Nigeria into a leading position in the digital economy and inspire other African nations to follow suit,” the blockchain firm concluded.

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Business

Binance’s Token BNB Plummets As SEC Sues Binance

A cryptocurrency created by Binance, BNB has tumbled nearly 10% after the Securities and Exchange Commission sued the world’s largest crypto exchange, Binance on Monday, marking its biggest one-day drop so far this year as U.S. regulators continue to crack down on crypto companies.

The Binance Coin (BNB) fell 9.82% as of 5 p.m. Monday to a two-month low of $275.29, after falling nearly 5% in the first hour since the SEC announced its lawsuit. This is the second civil complaint targeting the crypto exchange in recent months, after an earlier lawsuit from the federal Commodity Futures Trading Commission.

BNB’s value has now dropped nearly 12% over the past week and is down more than 18% since April, according to data from CoinGecko. At the time of writing, BNB is trading at around $277 against USDT, according to CoinMarketCap data. 

Following recent events, Binance CEO Changpeng Zhao released a statement reaffirming the company’s commitment to maintaining stable systems, including both withdrawal and deposit functionalities. 

Zhao also indicated that an official response from Binance would be provided after the complaint had been reviewed. He noted that the media had obtained the information before the exchange had a chance to respond.

The lawsuit against Binance and the SEC’s classification of BNB as a security will have significant implications for the broader cryptocurrency ecosystem. The outcome of this legal action could substantially impact Binance’s operations and the regulatory landscape surrounding cryptocurrencies in the United States.

According to the allegations, the SEC asserts that Binance and its affiliate BAM Trading operated as an unregistered securities exchange, broker-dealer, and clearing agency. Additionally, the SEC claims that Binance sold unregistered securities, including its native tokens BNB and BUSD.

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Business

Kampala To Host Blockchain DevFest 2023

A few years ago, the term “blockchain technology” was not widely used. Today, we hear much about its use in most sectors. In some cases, the terms blockchain and cryptocurrency have been used interchangeably. For many, the benefit of using blockchain is the security it provides to data and the ability to protect data even if a specific node is compromised and that is why it has the potential to revolutionize various sectors.

 In Uganda, we are witnessing a significant range of blockchain applications being implemented from enabling micropayment systems to digital identity management to smart contracts. Therefore, there is no doubt that blockchain-based solutions can leapfrog traditional or non-existent technology infrastructures in the country and the continent at large. 

As the country steadily adopts and experiences this new technological tidal wave, the crypto community in Kampala is hosting Blockchain DevFest 2023 on 24th June, an event that will bring together industry experts, developers, enterprises, and enthusiasts to discuss the opportunities in the blockchain industry. The event is to be hosted at MoTIV.

According to David Lumala, one of the organizers, this will be a more informative event building on the foundations of the 2022 edition and the progress made in the past year in the industry. The discussions at the event will also educate enthusiasts about Web3 opportunities in Uganda. 

“The event will include firesides with experts, break-out sessions, agenda debates with regulators, developer talks and pitches, media panel discussions and sessions, and hackathons among others,” he noted.

Furthermore, the event sessions will also explore the role of Web3 and blockchain in a wide array of fields including but not limited to Finance, Social well-being, Gaming, Healthcare, Agriculture, Insurance, Government, Sports, and Entertainment.

The first edition of the Kampala Blockchain DevFest was hosted last year in July. To sign up for the event, register via devfestkampala.com.  

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Business

DPAT Raises Private Funding To Enhance Web3.0 Ecosystem

DPAT, the first Web3 crowdsourcing platform designed to connect investors with real estate and infrastructure opportunities in major African cities, has announced the launch of its highly anticipated updated roadmap and revamped website.

The Ethereum-backed Web3 investment platform, which positions itself as a bridge to new emerging economies, is poised to draw investors, cryptocurrency enthusiasts, and entrepreneurs by giving them a say in what gets built, by whom, and for whom in markets where they believe success is just lacking the right kind of funding.

The Direct Property Africa Token (DPAT) project’s road map illustrates its scope and endurance. To start, we’ll concentrate on establishing systems, procedures, and legal precedents in 15 cities across 12 nations. The project team will reinvest the funds obtained to assist in the ongoing creation of unique solutions, like easy developer onboarding procedures and a seamless marketplace checkout.

Project Lead for DPAT, Mustafa A stated, “The feedback from our community matters to us, and we have taken that into account. We continue to build applications with the end user in mind and revamping our website and processes to provide an enhanced user experience is a sign of things to come.”

Beyond the new website built to make it easier to navigate and access project information, the marketplace will help developers smoothly list their projects and engage with their community by offering rewards and equity-based NFTs to swiftly raise capital at prices that are competitive with banks and other traditional lenders. 

To further show its support to the African real estate industry, DPAT will work closely with agents and developers in project cities to increase knowledge, simplicity, and security through the implementation and integration of Web3 technology to digitize and update current business models.

The project is currently in its presale phase and shortly after completion in August, Direct Property Africa will roll out the NFT crowdsourcing marketplace and increase its core team. DPAT will initially launch on Uniswap and list on tier 1 centralized exchanges a few weeks later.

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Business

Atomic Wallet Users Hacked For $35M Worth Of Bitcoin, Ether, Tether, and Other Tokens

The crypto industry’s latest causality occurred over the weekend as nearly $35 million worth of various tokens were stolen from Atomic Wallet, a centralized storage and wallet service.

These tokens included bitcoin (BTC), ether (ETH), tether (USDT), dogecoin (DOGE), litecoin (LTC), bnb coin (BNB), and polygon (MATIC). Tron-based USDT seemed to be the largest stolen stash, on-chain analytics.

Atomic Wallet claims to have over 5 million users around the world. In a Monday tweet, Atomic Wallet said the impacted users represented less than 1% of our monthly active users, with the last drained transaction occurring on Saturday.

Victims have been asked to submit information on a Google Docs form that Atomic Wallet is using to conduct its investigations. Several users report that their crypto was stolen after a recent software update, while others say they were impacted despite not updating to the latest version, messages from Atomic Wallet’s official Telegram channel.

Atomic is a noncustodial-decentralized wallet, meaning users are responsible for assets stored in the application. As usual, its Terms of Service do not accept any liability for on-chain damages suffered by users. 

Clearly, the world of cryptocurrency and digital wallets can seem overwhelming when it concerns security. Here are some safety tips curated for you to securely use your crypto wallet.

Beware of phishing scams. 

Phishing scams are a common technique used by hackers to spoof a website and then steal your data when you enter it. Ensure you are on the correct link or the official app before entering your information. You can also use a browser extension like Phishfort to detect if you are on the official site. 

Enable two-factor authentication 

After opening a crypto wallet, be sure to enable Two-factor authentication. Two-factor authentication (2FA)  adds another layer of security to your account. It allows account owners to verify a login attempt. To set up a 2FA, you will need your mobile number or email address. Your password would not be enough to access your account; a random pin must be entered. This makes it much more challenging for hackers to access your account. 

Keep your device protected

Be careful not to install any software you don’t trust. Also, avoid downloading any suspicious documents or attachments. Do your research before you download any software you are unsure of. Do routine antivirus scans and make sure to have your firewall enabled.

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Business

Tether Partners With Yellow Card To Advance Stablecoin Adoption Among African Youth

Yellow Card and Tether have announced the successful completion of Phase 1 of their strategic collaboration across three key African markets. The two-month collaboration focused on raising awareness, providing education, and driving the adoption of USD₮, Tether’s stablecoin, among African youth.

“Together, we have completed Phase 1 of the strategic alliance, focusing on raising awareness, providing education, and fostering the adoption of Tether’s stablecoin, USD₮, among students and young professionals in Nigeria, Kenya, and Ghana,” Tether’s announcement revealed.

According to Tether, this was a two-month endeavor that involved various activities, including Financial Literacy Tours in universities and a canvassing campaign where Yellow Card’s Brand Ambassadors engaged with individuals across major cities in these three countries.

The collaboration successfully reached over 10,000 young people, including students from renowned institutions such as the University of Nairobi in Kenya, the University of Benin in Nigeria, and the Kwame Nkrumah University of Science and Technology in Ghana. Participants gained insights into the mechanics of stablecoins, acquired a deeper understanding of blockchain technology, and learned about the importance of responsible financial decision-making. 

Furthermore, each attendee received their first USD₮ on the Yellow Card platform.

Peter Mureu, Director of Marketing at Yellow Card commented on the collaboration saying, “This remarkable collaboration with Tether has provided us with an invaluable opportunity to witness the profound impact of financial education on the youth. It seamlessly aligns with our overarching mission to promote financial freedom for all, encompassing initiatives like the Financial Literacy Tour and the YC Academy. As crypto adoption grows in Africa, so does the need for financial education.”

Paolo Ardoino, CTO of Tether also noted, “We recognize Africa as a pivotal player in the cryptocurrency and stablecoin market. The continent has demonstrated remarkable potential for growth and innovation in the digital currency space. Africa’s increasing cryptocurrency adoption and the demand for stablecoins highlight the need for accessible and efficient financial solutions.”

“Tether is committed to addressing the unique challenges faced by African communities through our collaboration with Yellow Card. Our stablecoin, USD₮, provides practical solutions for cross-border payments and empowers individuals, including gig economy workers, to receive fast and secure transactions, bypassing traditional intermediaries,” he added.

According to Tether, the achievements thus far in the collaboration with Yellow Card reaffirm the importance of financial education and lay the groundwork for continued collaboration in Phase 2. 

The next phase aims to reach an even broader audience across the continent, with a continued focus on educational initiatives. This includes the development of digital courses to equip more Africans with the knowledge and skills required to navigate the world of stablecoins and cryptocurrencies.

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Technology

AI Developers Create Satoshi Nakamoto Chatbot

Despite the fact that Satoshi Nakamoto basically vanished more than 12 years ago, two artificial intelligence developers are working to bring back the opportunity to communicate with the renowned Bitcoin (BTC) creator.

On May 31, Bitcoin FilmFest co-organizer Pierre Corbin and co-developer Hugo Ferrer released “Talk2Satoshi,” an AI chatbot that aims to answer questions about Bitcoin and economics as if they came from Nakamoto.

The model, essentially, is OpenAI’s ChatGPT trained on a limited data set, including Nakamoto’s public emails and forum posts. It also draws from other sources, including Saifedean Ammous’ book “The Bitcoin Standard”, Jeff Booth’s book “The Price of Tomorrow” and Corbin’s film “The Great Reset and the Rise of Bitcoin”, with more sources on the way.

In testing, the chatbot generates responses that are typically uncertain of the future of fiat currencies and hopeful about Bitcoin, although it can provide conflicting answers depending on how it’s prompted.

According to reports, the model isn’t trained on the more recent Bitcoin developments, such as the Ordinals protocol or BRC-20 tokens, and often generates a response saying it can’t provide an opinion on such topics. Depending on the question, however, it can generate contradicting responses on Ordinals and BRC-20 tokens.

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Business

Localramp Introduces Instant Stablecoin Settlement And USD Payouts

Localramp, an innovative payment gateway across Africa, has introduced a groundbreaking solution for businesses within the continent. The service helps businesses across the continent to accept local currencies and instantly receive USDT, which can be withdrawn or converted to USD seamlessly through the platform.

This significant achievement tackles a persistent hurdle confronted by businesses operating in Africa, the demand for streamlined and secure cross-border transactions. 

Previously, these enterprises had to navigate intricate foreign exchange procedures, resulting in delays and substantial expenses. 

However, this innovative service eliminates these hurdles, allowing African businesses to charge customers in their local currencies while instantly receiving payments in USDT, a stablecoin pegged to the value of the US dollar. Businesses can also payout USD to 80+ countries from their stablecoin balance on the platform.

Through this, Localramp is working towards fulfilling its mission of building the “SWIFT for Africa” on blockchain rails through the introduction of its fiat onramp and offramp APIs earlier this year.

Through Localramp’s Instant USDT settlement feature businesses can also gain charge-back protection, mitigating the risks of fraudulent transactions and ensuring secure and efficient settlement processes.

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Business

Central African Republic Passes Law That Allows Foreign Investment In Cryptocurrencies

The Central African Republic (CAR), a landlocked country in Central Africa has recently passed a law that allows foreign investment in cryptocurrencies after it adopted Bitcoin as a legal tender last year. According to reports, a bill was passed by acclamation, National Assembly president Simplice Mathieu Sarandji announced on Monday.

Announcing the passage of this law, the CAR government said, “The new law for the tokenization of natural resources sets down the framework for using Bitcoin and the country’s virtual currency, Sango, in the investment process. This includes foreign nationals wishing to invest in mining, agricultural, and forestry assets.”

“Investors have the right to transfer abroad all annual profits accruing to them after payment of taxes, duties, and other obligations,” the CAR Government further stated.

The law comes after the CAR announced in April 2022 that it had adopted Bitcoin as a legal currency, becoming the second country after El Salvador.

This decision has however put the country at odds with the Bank of Central African States (BEAC), the regional central bank that serves the Economic and Monetary Community of Central Africa (CEMAC), which the Central African Republic is a member of and violates the CEMAC Treaty.

Furthermore, President of Central African Republic Faustin-Archange Touadéra disclosed that the country’s crypto coin ‘Sango Coin’, which was launched in July last year, will be the next-generation currency for the country and will be a gateway to the country’s natural resources.

He said that Sango Coin is part of the CAR’s vision to have an integrated capital market that could stimulate commerce and sustain growth. He emphasized the need for financial inclusion and the need for the country’s citizens to easily have access to cryptocurrencies with smartphones.

Explaining the project’s benefits, he also stated that the citizens will gain at every level, as they will live in a country in full economic development, which means employment and prosperity. Moreover, they will benefit from virtual transactions, which in contrast to traditional banking, have the advantage of rapid access, fast execution, lack of bureaucracy, and low cost. 

“For us, a formal economy is no longer an option,” he emphasized.

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Business

Crypsense And Africa Blockchain Center Partner To Launch A Blockchain Web3 R&D Lab

Crypsense Digital Group and the Africa Blockchain Center have partnered to introduce a Blockchain Web3 R&D Lab. This revolutionary endeavor is dedicated to empowering African governments, industries, Web3 projects, and Web2 organizations by facilitating their seamless transition into the realm of Web3 through comprehensive blockchain education, cutting-edge research, and invaluable development assistance. The partnership was announced via LinkedIn on May 29th.

The Blockchain Web3 R&D Lab will prioritize training programs for public, private, and governmental entities across various sectors. The programs implemented will encompass research findings, practical use cases of blockchain, roadmaps for Web 3.0 technologies, and actionable steps to prepare organizations for the fourth industrial revolution, with a specific focus on Blockchain and Web 3.0.

The lab will support the creation of tokenized projects for Web2 businesses and promote increased funding for Web3 activities in Africa in addition to providing training. The lab will use a sectoral strategy to encourage the adoption of blockchain technology across African sectors and close the gap between Web2 and Web3 thanks to its development and research skills. According to Business Daily, key industries targeted for transformation include Health, Trade and Commerce, Finance, Agriculture, Climate, Education, Fast-Moving Consumer Goods, and the Creative sector.

Commenting on the collaboration, Jeff Mkungusi, CEO of The Africa Blockchain Center stated, “The Blockchain Web 3 R&D Lab represents a significant milestone in our mission to drive blockchain adoption and foster innovation in Africa. By combining our expertise with Crypsense Digital Group, we can provide invaluable resources to African organizations and help them navigate the challenges and opportunities presented by Web 3 technologies.”

“Through our collaborative efforts, we are confident that the Blockchain Web 3 R&D Lab will serve as a catalyst for innovation and digital transformation in Africa. Together, we can build a sustainable future powered by blockchain and Web3 technologies,” he also emphasized.

CEO of Crypsense Digital Group, Alice Anangi also explained that by working closely with partners, Crypsense aims to drive economic growth and enhance the digital infrastructure of the continent. 

“Through collaborations with global and local blockchain players, we can create a unified ecosystem that propels Africa to the forefront of blockchain innovation,” she noted.

One of the lab’s ongoing projects includes a research and development initiative led by 50 women in blockchain from across Africa. Through the AWoW3 (African Women of Web3) initiative, women will explore gender inclusivity, women empowerment, and how blockchain and Web3 can address the challenges faced by underprivileged women in society.

In addition to the AWoW3 initiative, the lab offers a comprehensive university training program tailored for undergraduate and master’s students. This program is designed to provide students with a deep understanding of blockchain, Web 3.0 technologies, cybersecurity, and real-world case studies from diverse industries. 

Recognizing the importance of regulatory frameworks in facilitating blockchain adoption, the lab also offers a specialized training program for regulators. This program aims to showcase the potential applications of blockchain technology in governance. The program also offers masterclasses on Blockchain for media that will empower the African media industry to capitalize on Web3 advancements.