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The Carbon Blockchain Expands To Africa Through Its Partnership With Minerva Green

South African agricultural company, Minerva Green has been acquired by The Carbon Blockchain, Inc. (TCB), a provider of high-integrity carbon credits and a provider of carbon finance and technology services.  Minerva Green is focused on creating exclusive, native African hemp strains.  The acquisition will promote the development of industrial hemp farming in Africa and elsewhere through:

  • Nature-based solutions for carbon sequestration and replacement of traditional petroleum-based carbon inputs in plastics and rubber
  • Production of green charcoal, and biochar for soil remediation and water retention
  • Blockchain technology producing high-quality, immutable carbon credits

Mike Laws, the founder of Minerva Green, commented on the new partnership saying, “We are excited to accelerate industrial hemp production and processing in South Africa by combining advanced technologies with regenerative farming. Our focus will be on socio-economic upliftment and the inclusion of local genetics and plant cultivation expertise.”

Additionally, Serengeti Energy Holdings, a New York City-based company that converts waste and biomass into clean energy, and TCB have announced a joint venture. The joint venture will concentrate on business opportunities across all of Africa as well as large-scale biomass cultivation, beginning in Ghana.

Hamilton Caranda Martin, CEO of Serengeti Energy Holdings, also commented on the joint venture saying, “We are thrilled to partner with TCB and leverage their expertise in carbon finance and advanced carbon technologies to transform the industrial hemp agricultural value chain with high-capacity green bioenergy processing and fiber facilities, in partnership with hemp-producing African nations. This will naturally impact the environment, food, and nutrition security, job and wealth creation within Ghana and the African continent while aiding in reducing environmental carbon and deforestation.”

“These acquisitions and partnerships demonstrate TCB’s commitment to driving positive change and sustainability in the global economy through carbon finance and carbon projects. The opportunities in Africa make TCB a category-defining leader in this important market. The expanded footprint in Africa provides the foundation for TCB’s ‘Project Gigaton’ launching in Q1′ 2023,” said Daniel Higbee, CEO of TCB.

The Carbon Blockchain, Inc. is a carbon finance, carbon project development, and technology services company, that produces high-integrity carbon credits, uses a variety of technologies, including smart agriculture and edge-IoT technology to track decarbonization, as well as blockchain technology to support online payments and market access. These technologies improve access to agricultural and trade finance, enabling small businesses to compete with larger firms.  TCB is currently wrapping up its final seed round in preparation for its Series A funding round.

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Central Bank of Turkey reports first payment transactions on the digital Lira network

The first payment transactions on the Digital Turkish Lira Network have been successfully completed, the Turkish monetary authority announced on Thursday. The operations were carried out as part of studies for the central bank digital currency (CBDC) project’s initial phase.

The CBRT added that it would carry out pilot tests with technology stakeholders in the first quarter of the following year, but on a smaller scale and in a closed-circuit setting. It promised that a thorough evaluation report would make the results of these tests available to the public.

The collaboration platform for the digital lira will be expanded by the Turkish central bank in 2023 as well. The regulator explained that in order to increase participation, advanced phases of the pilot study will be revealed and will involve a select group of banks and financial technology companies.

In light of this, the CBRT will continue to test real architectural configurations developed in areas like the integration of instant payment systems with distributed ledger technologies and the use of these technologies in payment systems.

The bank also stressed that a review of the CBDC’s legal ramifications had revealed that digital identification is of critical importance for the project. The CBRT intends to give priority to research on the technological requirements for the digital lira as well as its legal and economic framework.

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Bahamas seizes digital assets worth over $3.5 billion from collapsed crypto exchange FTX

The Securities Commission of the Bahamas (SCB) said Thursday that it has obtained a court order to transfer the digital assets owned by, or under the custody or control of, FTX Digital Markets Ltd. (FTXDM) to its secure wallets. The Bahamian division of Sam Bankman-Fried’s FTX Trading Ltd., which owned and ran the cryptocurrency trading website FTX.com, is called FTX Digital Markets.

The regulator wrote that on Nov. 12, “The Commission … took the action of directing the transfer of all digital assets under the custody or control of FTXDM or its principals, valued at more than US$3.5 billion, based on market pricing at the time of transfer, to digital wallets controlled by the Commission, for safekeeping.”

The Commission added that it is exercising “its powers as regulator acting under the authority of an order made by the Supreme Court of the Bahamas.” The regulator emphasized that the procedure “did not involve the creation of any additional tokens.”

The seized cryptocurrencies “are being held by the Commission on a temporary basis, until such time as the Bahamas Supreme Court directs the Commission to deliver them to the customers and creditors who own them, or to the JPLs [Joint Provisional Liquidators] to be administered under rules governing the insolvency estate for the benefit of the customers and creditors of FTXDM,” the regulator clarified.

The Securities Commission noted that the seizure was conducted “under a sealing order requested by the Commission and granted by the Supreme Court of the Bahamas” on Nov. 16. The regulator reiterated that contrary to some media reports, “The Commission did not in any way direct, authorize, or suggest to FTXDM the prioritization of withdrawals for Bahamian clients.”

On November 11, FTX declared bankruptcy, causing an estimated million customers and investors to lose billions of dollars. Multiple fraud charges have been brought against the cryptocurrency firm and Bankman-Fried by the American government and regulators. The former CEO of FTX was detained in the Bahamas and returned to the United States last week. He is currently incarcerated at his parents’ Palo Alto home under a $250 million bond.

The Securities Commission of the Bahamas claimed on Friday that it is holding $3.5 billion worth of FTX assets, but FTX refuted this assertion.  According to FTX, the cryptocurrency was worth about $296 million at the time of the transfer.

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Binance foresees increased crypto adoption in Africa in 2023

Binance, the world’s leading cryptocurrency and blockchain infrastructure provider, and Women in Tech have rolled out the drums to commemorate the 2022 crypto-year in Nigeria and Africa in general.

The year 2022 was a turbulent one for some exchanges; it was the year an exchange collapsed and another filed for bankruptcy.  Binance has seen many positives, but not without its own set of challenges.

Changpeng Zhao (“CZ”) Binance CEO said (virtually), however, during the end of the year party in Lagos, has seen impressive growth. The exchange also intensified its penetration in Africa and commitment to developing communities.

Binance Charity, for example, announced a flagship global partnership to provide blockchain educational courses to 2,800 women from vulnerable communities in Brazil and Africa.

Binance Charity donated $250,000 BUSD for a six-month pilot project to equip women with the knowledge and skills they need to thrive in a Web3 future, with the first courses taking place in Rio de Janeiro, Brazil, and Cape Town, South Africa, in October of this year.

Meanwhile, the global blockchain market is expected to grow from $4.93 billion in 2021 to more than $200 billion by 2028, indicating that the industry’s future has arrived.

Nadeem Anjarwalla, Binance Director for East Africa said that 2022 is a very instructive year for the crypto industry. “We have seen a lot of progress happen regards regulation, especially as the governments (in Africa) are beginning to talk about the blockchain ecosystem”, he said.

Nadeem’s optimism was bolstered by the South African government’s declaration in October that crypto assets were a financial product, making it easier for regulators to monitor the market and protect consumers.

According to the Chainalysis 2022 Global Crypto Adoption Index, South Africa is ranked 30th in the world for cryptocurrency adoption. It is estimated that 10-13% of South Africans own cryptocurrency.

When compared to the average US citizen, South African business owners and CEOs have the highest adoption rate of cryptocurrencies at 59.7%, which is a 50% increase.

With more than 85% of respondents who are cryptocurrency owners owning Bitcoin, it is still the currency of choice for South African business owners. 

Nadeem further stated that cryptocurrency would become more adopted on the Continent through improved awareness.

“Technology becomes more adopted when awareness spreads. Secondly, as a first-mover in Africa, we hope that other governments will be able to adopt the digital currency. In essence, the surest thing is to make sure that security is advanced and Binance takes that very seriously.

Moving forward to 2023, he stated that Binance would increase its efforts to build a formidable community. We’ve also realized that education and awareness are critical in driving adoption.

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BMW to employ Binance Chain for a blockchain loyalty program

The crypto sector had the entry of several significant companies throughout 2022. Major manufacturers were seen exploring the NFT market. BMW is now prepared to integrate blockchain technology into its system. The BNB chain will be used by the German manufacturer along with blockchain infrastructure company Coinweb.

BMW intends to use blockchain technology for its everyday operations. In addition to this, the car manufacturer is working on creating a blockchain loyalty program, particularly for its Thailand-based customers.

However, this isn’t the first time that the car manufacturer is employing blockchain tech. Back in 2018, BMW used blockchain tech to monitor its cobalt supply. 

BMW will use blockchain technology in its processes in two stages. The BNB chain will be used for settling transactions while Coinweb will focus on providing a decentralized architecture. The decentralized technology will first be included in BMW’s regular business operations with the aim of negating laborious manual procedures and expediting the firm’s financing services.

Coinweb will also be essential to the project’s second phase. A unique Web3 application will be made by the company just for BMW’s customer loyalty program.

User loyalty points earned through various behaviors will define their tier and position. Owners will eventually be able to use their rewards to purchase goods and services from both BMW and a connected environment in the near future. 

Coinweb CEO Toby Gilbert commented about that and said,

“Customers will be rewarded with loyalty points and they will be able to spend within the ecosystem. Our hope is that there will be a future global rollout but currently our partnership is for Thailand.”

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China to launch a digital asset trading platform

According to China Daily, Chinese authorities are preparing to launch a state-controlled platform allowing the trading of non-fungible tokens (NFTs) and other digital assets. The initiative is a joint project between government organizations and a private company.

The China Digital Asset Trading Platform, built in partnership with the China Technology Exchange, China Cultural Relics Exchange Center, and Huaban Digital Copyright Service Center Co. Limited, will launch on January 1, 2023.

The marketplace will operate under the license of the China Digital Exchange, set up by the Ministry of Science and Technology, the State Intellectual Property Office, the Chinese Academy of Sciences, and the Beijing municipal government.

The exchange facilitates the purchase and sale of intellectual, scientific, and technological property rights in the People’s Republic. It will provide the underlying infrastructure for the new trading platform, taking responsibility for processing transactions and implementing settlement mechanisms.

According to Huaban President Yin Tao, the new marketplace will be compliant with applicable regulations and provide trading services for digital collectibles and digital copyrights. 

He also explained that as China has been cracking down on crypto-related activities, the term digital collectibles is often preferred by media outlets and companies over NFTs to avoid association with cryptocurrencies.

Yu Jianing, co-chair of the Blockchain Committee of the China Communications Industry Association, also further stated that in terms of supervision and compliance, this market faces some uncertainties and greater compliance risks, but laws and regulatory policies will be gradually improved.

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Centbee raises $1M in pre-series A funding

Centbee, a London-based facilitator of digital money payments on the Bitcoin blockchain BSV, has closed its pre-series A round at $1 million with funding from Calvin Ayre, founder of bitcoin VC player Ayre Ventures.

Commenting on the new partnership, Calvin Ayre stated, “My faith in Centbee has been rewarded through Angus and Lorien’s ongoing commitment to making Bitcoin – the original protocol in the form of BSV, easily usable and accessible to everyone.”

Founded in 2017, Centbee has developed its own digital cash wallet which runs on the BSV blockchain and supports Bitcoin transfers. Lorien Gamaroff, a crypto expert with a primary base in Johannesburg, and Angus Brown, a 20-year banking veteran, founded the company.

Centbee’s crypto infrastructure enables customers to send digital money payments to friends and family overseas, using a cross-border remittances service called Minit Money. 

The features roadmap was recently expanded. Centbee’s ChatPay option acts as an in-wallet chat application for Minit Money. The startup also offers a number of digital cash products and services through a separate decentralized finance app.

We rarely hear from remittance providers using crypto, but it’s an area with potential. Traditional remittance providers are hampered by the time delay caused by international finance protocols, mainly SWIFT. 

Given that crypto uses blockchain for its verification checks, the money arrives much faster and can be held by the recipient as savings or investment, if they don’t want to acquire fiat for spending.

Centbee uses the BSV ledger to record all remittance transactions immutably. It’s being billed as a true peer-to-peer electronic cash system for sending Bitcoin, thanks to a use case that’s driven by the utility as opposed to currency speculation.

Gamaroff and Brown lead Centbee as jointly appointed chief executives. Along with its London headquarters, the firm also has offices in South Africa that support its growth.  So far Centbee claims to have enabled 35,000 remittance payments into Africa.

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Argentine Soccer Association Partners With Upland To Enter The Metaverse

With the metaverse forecasted as the future of technology, brands are now very quick to plan their next steps. We have seen different brands such as Samsung, Coca-cola, and MTN step onto this trend and now the sports industry has joined it too. 

The Argentine Soccer Association, AFA, the institution that manages the national soccer league, is now entering the metaverse. The organization has partnered with Upland, a real-life mapping metaverse project, to allow its users to enter the metaverse and experience the benefits of a closer connection with teams and celebrated players.

The partnership between Upland and the AFA will reportedly include digital representations of all the league’s teams, including players, tickets, games, historical moments, and platform-exclusive experiences.

This will also ostensibly allow the league to attract younger, Web3-focused fans, and digital collectors from the soccer world, as well. The four-year deal is the first agreement of the AFA of this kind and aims to bring additional revenue to the Argentine Soccer League through the sale of multiple licensed digital assets.

This metaverse experience won’t be entirely one-way, though, because the site will also permit fans to resale these digital artifacts to other people, creating a secondary market.  The Argentine Soccer Association expects this to improve the relationship that the institution has with its fans, and internationalize the national league after the national Selection won the FIFA World Cup, recently held in Qatar.

Upland also emphasized on its site, “Upland is the only place in the world raising up all of Argentina football above the competition. Every pass. Every kick. Every save. Every crowd-roaring, trophy-raising moment of the entire Argentine Football Association (AFA) is in Upland – including exclusive highlight videos you’ll only find in the Upland metaverse.”

“Players like Messi, Maradona, Kempes, Zanetti, Passarella, and so many more will live forever in Upland. And you have a chance to be a part of their history in a unique football experience you won’t find anywhere else,” the virtual world platform added.

Claudio Tapia, President of the AFA, celebrated this partnership saying, “This agreement allows us to partner with the best creators of technology and new digital products and thus generate a new source of income for all participating clubs. We welcome Upland as a new commercial partner of our Association and of the Argentine Professional Soccer League.”

The metaverse has already been adopted by a number of international soccer leagues and some of their teams. The Spanish Laliga, the national soccer league in Spain, is already immersed in metaverse-related initiatives, having established partnerships with Globant and Dapper Labs to expand its metaverse presence and establish markets for licensed digital products.

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Japan to unban foreign-issued stablecoins in 2023

The Japanese Government approved a bill in June recognizing stablecoins as digital money. By doing so, Japan became one of the first big countries to form a legal framework for stablecoins.

However, they were required to be backed by Japan’s fiat yen or another legal tender that allowed holders to employ them at face value. Nonetheless, the bill did not touch upon overseas stablecoins backed by assets like Tether.

However, per a development that just shaped up, the Japanese Financial Services Agency (FSA) may reverse the ban on the circulation of stablecoins like Tether and USDC. 

A recent report from CoinsPaid stated,

“In 2023, the Financial Services Agency will lift the ban on domestic distribution of stablecoins issued overseas.”

The report further pointed out that the remittance limit will be set at 1 million yen ($7500) per transaction.

As far as domestically issued stablecoins are considered, issuers will have to put together collateral assets. Issuers are limited to banks, fund transfer service providers, and trust companies.

The FSA will also require stablecoin distributors to record transaction information like user identities as a money laundering prevention tool.  According to CoinsPaid, the agency started collecting opinions on draft guidelines for stablecoins after the 26th of December.

Japan’s crypto stance has notably eased over the years. The country recently revealed its expansion into the NFT and Metaverse space. Parallelly, the Government is also looking to ease crypto tax rules.

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KuCoin Labs Launches Incubation Program For Blockchain Builders

In order to accelerate building and enable sustainable growth and success in the blockchain field, KuCoin Labs, the incubation and research arm of KuCoin, has announced the launch of a long-term incubation program.

According to KuCoin, the first season which is the “Astro Selection” will be an eight-week journey focusing specifically on Gamefi, NFT, and Metaverse, with the best-selected projects participating. The builders who are interested in the incubation program can apply online before 31st December, to get diversified support from KuCoin labs and mentors.

The Incubation Program aims to gather a community of blockchain and cryptocurrency experts, supporting developers and builders to achieve rapid growth and transformation in the blockchain industry.  It also aims to foster industry-changing development and support early-stage innovation projects.

KuCoin also noted that the incubation will include five main components. These include a dedicated eight-week journey, all-around guidance, a strong mentor line-up, additional investment, and abundant networking resources.

KuCoin Labs was established by KuCoin to identify, empower and incubate various blockchain entrepreneurs, projects, and global communities by providing financing to industry projects and further expand the blockchain ecosystem.

The incubation and research arm is committed to supporting fast-executing, technical teams that have a positive impact on the overall blockchain space and the building of the decentralized world. 

The KuCoin Labs Incubation Program is receiving support from MoonRock Capital, Vertu, CDH Investment, IOBC Capital, Matrix Partners, and other leading institutions.

Builders interested in the incubation program can apply online here.