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WiCrypt, Nigeria’s Web3 Pioneer, Extends Its Presence To China

WiCrypt, Africa’s pioneering blockchain-driven WiFi sharing network, has announced Onega Ventures as the exclusive distributor of its devices in China, marking a significant expansion into the Asian market for the startup.

Launched in 2018, WiCrypt simplifies WiFi access through its app, enabling individuals to share their mobile device’s connection or utilize a specialized WiCrypto hotspot creator device. These devices offer customization options, including surveys, advertisements, and data collection capabilities.

The network identifies connected devices through unique NFTs (Non-Fungible Tokens) linked to the blockchain. All transmitted data through these devices is instantly recorded on the blockchain via corresponding NFTs visible on the WiCrypt block explorer.

WiCrypt compensates WiFi hosts, with users paying for the service. Hosts also receive incentives in the form of the native token, $WNT, as a reward for maintaining consistent device uptime.

Currently, WiCrypt’s decentralized physical infrastructure boasts nearly 1,100 hotspots across 30+ countries, catering to over 45,000 accounts and facilitating the transmission of over 895 terabytes of data.

In 2021, following a $1.5 million fundraising round, the Enugu-based Web3 startup outlined plans for expansion into new markets, with China as a priority. With a population of 1.4 billion and 800 million active Internet users, China presents a significant opportunity.

Ugochukwu Aronu, WiCrypt’s CEO, stated, “We aim to replicate the successful WiCrypt network model in China, enabling everyone to earn passive revenue while utilizing the internet in their daily activities.” Aronu also highlighted Bruno YU, Onega Ventures’ COO and an early WiCrypt investor, as instrumental in the expansion into China.

In Nigeria, WiCrypt is supported by the Nigerian Communications Commission, which invested $5,500 during the startup’s early stages.

According to Aronu, “WiCrypt delivers last-mile internet access to those who need it worldwide, leveraging blockchain to ensure network security. Hosts stake $WNT to join the WiCrypt Network, reinforcing overall network security and preventing malicious actions by hosts providing internet connections to clients.”

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Technology

Paycorp Revolutionizes Crypto Withdrawals Through New App For Nationwide ATMs In South Africa

Paycorp, a fintech powerhouse, has debuted CryptoExpress, an innovative app granting users in South Africa the ability to convert their cryptocurrency into cash across 3,000 ATMs countrywide. This app, compatible with Android and iOS, seamlessly integrates with various crypto wallets, allowing withdrawals at Cash Express ATMs operated by Paycorp’s subsidiary, ATM Solutions.

After extensive testing since April, CryptoExpress now facilitates cash-outs for popular cryptocurrencies like bitcoin, ether, and stablecoins such as USD coin and tether. Featuring robust encryption and top-tier security measures, the app boasts an ATM locator function, easing users’ ability to locate nearby Cash Express ATMs.

The withdrawal process is straightforward: users convert their cryptocurrency via the app, authorize the transaction within their crypto wallet, and receive a withdrawal voucher Pin from CryptoExpress. This Pin, coupled with their mobile number, grants access to cash in South African rand at a Cash Express ATM.

CEO Steven Kark underscores Paycorp’s mission to bolster financial access by connecting individuals with their funds. The widespread accessibility of Cash Express ATMs, strategically positioned in both formal and informal retail settings spanning urban and rural areas, aligns with this mission.

Unlike standalone Bitcoin machines, Paycorp’s solution harnesses existing ATMs, a notable move considering South Africa has fewer than 30 operational Bitcoin ATMs, primarily clustered in major urban hubs.

The launch of CryptoExpress by Paycorp, enabling cryptocurrency withdrawals at ATMs, resonates with its SARB license, positioning the company as an all-encompassing financial services provider bridging traditional and emerging payment systems.

This innovation marks a watershed moment for South Africa’s cryptocurrency landscape. The seamless cash withdrawals from an expansive network of ATMs not only streamline transactions but also reinforce the idea that cryptocurrencies can coexist harmoniously with conventional financial systems.

Moreover, this initiative showcases the fintech sector’s ongoing evolution. Paycorp’s forward-thinking approach not only demonstrates traditional ATMs’ adaptability to cutting-edge technologies but also emphasizes the company’s commitment to progressive strategies. CryptoExpress exemplifies the dynamic nature of the financial realm, where advancements pave the way for more accessible and inclusive financial solutions.

Ultimately, this development prompts a reexamination of the nexus between traditional banking and cryptocurrency. As these financial domains converge, exploring their potential implications and benefits becomes pivotal in shaping the future of finance.

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Business

Patricia Plans Repayment In Naira, Moving Away From Patricia Tokens

Recently, DLM Trust, a Nigerian SEC-licensed trust company, announced a temporary pause in overseeing the repayment of $2 million in customer assets lost in a hack through their collaboration with Patricia. Kehinde Lawal from DLM Trust cited breaches in the terms of agreement between the parties for this decision.

However, Patricia contested these claims, affirming that scheduled repayments would proceed as planned on November 20, 2023. An internal communication from the platform affirmed their commitment to this date, addressing users’ inquiries and providing crucial information regarding the reopening and payment processes.

The latest update from Patricia reveals a significant shift: the funds, previously held in Patricia Tokens (PUTX), will now be reimbursed in Naira. The decision stemmed from difficulties faced with partners and financial institutions in comprehending and managing crypto-related transactions, necessitating a move towards Naira for transparency and ease of process.

Three months ago, Patricia replaced customers’ existing assets (held in Naira, Dollars, or Bitcoin) with their native token, Patricia Token (PUTX), without prior customer consent, sparking widespread criticism. The company clarified that the conversion of PUTX to Naira would be executed at the prevailing market rate during the operational suspension.

The selection of beneficiaries for the initial repayment batch was based on two criteria: the first-in-first-served principle and users with the lowest balances.

Patricia outlined the funding sources for repayments, including proceeds from fundraising, recoveries, and post-launch profitability, indicating the next payment batch hinges on these factors. Hanu Fejiro, Patricia’s CEO, disclosed the startup’s recent funding during a town hall meeting in September, coinciding with Seun Dania, CEO of TradeFada, announcing an investment in Patricia on LinkedIn.

Seun emphasized his investment as a vote of confidence in Patricia’s team during a challenging phase, recognizing the company’s resilience and character amid adversity.

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Business

South Africa Joins Global Effort To Implement New Digital Asset Taxation Standards

South Africa has recently joined a coalition of 47 nations committed to adopting a unified global taxation standard for the digital asset industry by 2027. This collective effort, including prominent nations such as the United Kingdom, the United States, Mexico, Germany, France, Canada, Brazil, and Singapore, aims to expeditiously transition to the Crypto-Asset Reporting Framework (CARF) standard.

Crafted by the Organisation for Economic Cooperation and Development (OECD), the CARF standard facilitates the automatic exchange of information about ‘crypto-asset’ taxation. Aligned with the OECD’s mandate from the G20, the framework seeks to establish a comprehensive global system for the seamless and automated exchange of tax-related data to combat tax evasion.

The complexity of digital asset taxation poses a global challenge for regulators. The involvement of non-traditional entities such as exchanges and the facilitation of peer-to-peer transactions require specialized expertise from tax authorities, often in short supply.

A report indicates that in 2022, over 99% of digital asset traders did not fulfill their tax obligations. South Africa, in aligning with the new global standard, anticipates enhanced capabilities to address tax evasion within its borders.

In a collaborative statement, the participating nations expressed their commitment to incorporating the CARF standard into their domestic laws by 2027. The joint effort aims to strengthen tax compliance measures and counteract evasion, thereby safeguarding public revenues and reducing the burden on law-abiding taxpayers.

Notably, South Africa emerges as the sole African country to pledge the incorporation of the new standard into its domestic legislation. Other African nations have encountered challenges in grappling with digital asset taxation amid a surge in trading activities.

In a parallel development, Kenya responded to this challenge in July by implementing a new taxation regime through the Finance Bill. This legislation imposes a 3% tax on all digital asset transactions, including transfers of Non-Fungible Tokens (NFTs). However, the country’s blockchain community has contested these taxes, citing them as excessive. Additionally, the Blockchain Association of Kenya points out that the central bank’s anti-Bitcoin stance has led to financial institutions denying services to digital asset traders, further complicating the process of tax payment.

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Technology

Telegram’s Wallet Bot Initiates Pilot in Kenya And South Africa, Expanding Globally In 2024

The cryptocurrency trading bot, Wallet, is making its worldwide debut on Telegram Messenger across various countries in Latin America and Africa. The global launch announcement was made by The Open Platform (TOP), an investment platform based in Dubai and affiliated with TOP Labs and Wallet, on November 10, 2023.

Originally introduced in September 2023 as TON Space, Wallet is a Telegram bot designed to facilitate crypto buying and selling. It has now been seamlessly integrated into the Telegram settings menu for users in countries such as Colombia, South Africa, Kenya, and several others in Africa and Latin America.

Andrew Rogozov, Founder/CEO of The Open Platform, announced the global rollout of Wallet during an event at The Gateway in Dubai, stating, “I’m happy to announce that the global rollout of Wallet in Telegram starts today. It’s a very exciting moment, and our team worked very hard. We’re starting with selected countries in Africa, expanding to MENA, EE, and Asia in Q1 2024, and to the entire world by Q2 2024.”

While Wallet has been accessible to global users for several months, the latest update allows users to find Wallet directly in the settings menu, eliminating the need to search for the bot or possess extensive crypto knowledge to get started.

TOP’s focus is on developing markets where the lack of accessible financial tools has generated an organic demand for crypto assets. A representative from TOP stated, “We know that Telegram has a significant user base in these regions, and so it was only natural to start our global rollout in these jurisdictions.”

Countries like Nigeria, Kenya, and Colombia were selected due to their “very active Telegram user base with a relatively high rate of crypto adoption.” TOP’s strategy involves an initial launch in smaller countries to refine both the operational and technical aspects of the product before scaling its integration and operations.

Following the initial launch in Latin America and Africa, the Wallet crypto bot is expected to be introduced in Saudi Arabia, Nigeria, and Turkey in the first quarter of 2024. TOP aims to complete the global rollout of Wallet on Telegram by the conclusion of the second quarter of 2024, as outlined in their official announcement.

Andrew Rogozov, TOP CEO, emphasized, “These strategic enhancements to Wallet and TON Space underscore our continued dedication to simplifying the crypto experience for mainstream audiences while maintaining robust security features.”

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Business

Revolutionizing Digital Transactions: MetaMask And Xion Global Forge A Web3 Path In South Africa

In the dynamic realm of digital finance, MetaMask and Xion Global are emerging as pivotal players, poised to reshape the decentralized financial landscape in South Africa. Their collaborative endeavors signify more than a mere fusion of capabilities; they embody a shared vision for the future payment systems in South Africa.

In the sphere of Web3 payments within the country, MetaMask stands as a leading self-custody wallet platform, boasting a user base exceeding 30 million globally. Serving as a gateway to the decentralized internet, it is the preferred wallet for web3 transactions via Xion Global. Complementing this, Xion Global introduces a user-friendly web3 payment gateway, designed to cater to both tech-savvy individuals and the general populace.

The integration of MetaMask with Xion Global’s payment solutions enables South African users to seamlessly connect their MetaMask wallets, authorizing tokens for one-click web3 payments across applications associated with Xion Pay.

Findings from a research collaboration between Consensys and YouGov, surveying over 15,000 participants aged 15-64 globally, including 983 from South Africa, indicate that 21% of South Africans currently hold cryptocurrencies, with an additional 38% having held them in the past. This suggests a significant readiness among South Africans to take a lead in the web3 space.

At the core of this partnership lies the innovative ‘Scan to Pay’ feature, leveraging Ukheshe’s extensive QR system—the largest in South Africa, utilized by over 700,000 merchants, 14 banks, fintech entities, and 94 payment providers. This integration empowers South Africans to make online or in-person purchases effortlessly by scanning a QR code, selecting their MetaMask wallet, and confirming payment.

Xion Global goes beyond conventional methods by offering a one-click payment feature through their Cross-Chain Payments Protocol (CCPP), ensuring seamless transactions across multiple blockchain networks while maintaining compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Additionally, MetaMask users are incentivized with benefits such as coverage of token approval costs, loyalty rewards, and cashback.

Aeryn Quarmby, Co-Founder & COO at Xion Global, succinctly captures the mission: “Our goal at Xion Global is to simplify every web3 payment to a single click. Through our collaboration with MetaMask, and harnessing the robust systems of Polygon Labs and Scan to Pay’s extensive user base, we are transforming this vision into a tangible reality.”

Liz Mathew, Go-to-Market Lead at Consensys, emphasizes the seamless integration facilitated by the MetaMask SDK and developer APIs, ensuring a secure and uninterrupted connection with the MetaMask wallet through the MetaMask Provider API.

Looking ahead, MetaMask and Xion Global not only seek to revolutionize digital payments in South Africa but are also planning future integrations, such as Embedded MetaMask and Linea, Consensys’s Layer 2 (L2) solution, to expand web3 payment options across the continent.

The collaborative efforts between MetaMask and Xion Global signify a glimpse into the future of finance in Africa—a landscape where the boundaries between conventional and digital financial services are blurred, offering a unified and enriching financial experience for both web3 enthusiasts and the general populace.

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Business

Argo Coin’s Cryptocurrency Scam Leaves Customers Stranded After Vanishing With Funds

In a shocking turn of events, Argo Coin, a fraudulent crypto entity posing as a Nigerian subsidiary of the reputable Bitcoin mining giant Argo Blockchain, has disappeared, leaving its customers in financial ruin.

Victims of the scam, who had believed in the legitimacy of Argo Coin, have been left devastated. One victim shared his harrowing experience, revealing that he lost over 600,000 naira to the scheme since joining in May. Initially, the platform seemed trustworthy, delivering on its promises by allowing users to make withdrawals and even enticing them with a “tax-free” withdrawal day scheduled for October 16. However, on this fateful day, many users found themselves unable to access their funds, and the Argo Coin mobile app and website mysteriously ceased to function.

The problems escalated further when the company, in an attempt to cover its tracks, claimed to have encountered technical issues due to excessive withdrawal attempts. In a bid to regain access to their funds, users were coerced into purchasing “rebates” for $50, promising a lucrative 500% return within five days. Eager to recoup their losses, many users fell for this new investment opportunity, only to find themselves deceived once again. 

To add to the confusion, a circular surfaced on Facebook on October 22, supposedly from Argo Coin, stating that two of its managers, Dawson Verus and William Lide, had been arrested by British authorities. The company urged its clients to visit a new website, “argocoin.vip,” and deposit more money to access their old accounts and initiate withdrawals. However, both the old and new websites have since become non-functional, leaving victims with unanswered questions and shattered hopes.

The disappearance of Argo Coin serves as a stark reminder of the risks associated with the cryptocurrency market and the importance of conducting thorough research before investing. As victims continue to seek justice, authorities are being called upon to investigate this elaborate scam and bring the perpetrators to justice.

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Business

Ripple Expands Cross-Border Remittances Across Africa, Gulf States, UK, and Australia

Ripple, the cryptocurrency-based money transfer and payments network founded in 2012, is collaborating with payments fintech Onafriq to enhance remittance services within Africa and establish new connections with Gulf nations, the United Kingdom, and Australia.

During Ripple’s annual conference, Swell, held in Dubai, the company unveiled plans to create three blockchain-based payment corridors. These corridors will facilitate transactions between Onafriq users in Africa and customers of PayAngel in the UK, Pyypl in the Gulf Cooperation Council (GCC), and Zazi Transfer in Australia.

Monica Long, President at Ripple, expressed her enthusiasm about the partnership, highlighting Onafriq’s significant presence in Africa, serving 400 million mobile wallets. This collaboration expands Ripple’s reach, enabling payments to cover 90% of foreign exchange (FX) markets.

Ripple has gained prominence in the cryptocurrency industry for its resilience, particularly in its legal battles with the U.S. Securities and Exchange Commission (SEC). The recent approval of its token by the Dubai Financial Services Authority and its involvement in a central bank digital currency (CBDC) project with the National Bank of Georgia have contributed to the spike in the price of XRP, Ripple’s open-source project facilitating faster cross-border payments between fiat currencies.

In addition to these developments, Ripple announced various product enhancements and license updates. The company is focusing on facilitating payments between enterprises and small businesses. Ripple has expanded its range of licenses, securing money transmitter licenses in the U.S. and an institutional payments license in Singapore, with recent filings in the UK and EU. This broader set of licenses enables Ripple to serve a more extensive market, including enterprises, SMEs, importers/exporters, and companies managing global freelance developers.

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Technology

Uganda’s Digital Revolution: Pioneering Blockchain Integration In Global Trade

Uganda is poised at the forefront of a revolutionary transformation in international trade, embracing cutting-edge blockchain technology to propel its trade ecosystem into the future. In a groundbreaking partnership with the TA-CargoX consortium, facilitated by the Presidential Advisory Committee on Exports and Industrial Development (PACEID), Uganda is not merely adopting a new system but making a resounding statement of intent.

Beyond Cryptocurrencies: The Power of Blockchain

Central to this collaboration is the creation of the TradeXchange platform, a marvel powered by blockchain technology. While blockchain is commonly associated with cryptocurrencies, its potential far exceeds this narrow perception. Uganda recognizes the broader applications of blockchain, utilizing its decentralized nature to create a unified platform that bridges historical gaps between stakeholders, connecting diligent farmers in the fields to decision-makers in government offices.

What Does It Mean for Ugandan Traders and Farmers?

For Ugandan traders and farmers, this initiative translates to increased trust, reduced fraud, enhanced transparency, and, most importantly, streamlined trade processes. By leveraging blockchain technology, Uganda aims to create a trading environment that is efficient, secure, and conducive to growth.

Setting High Standards: Aligning with Global Trade Giants

Uganda’s ambition extends beyond the implementation of new technology. With the TA-CargoX solution, the nation seeks to align its trade practices with the high standards set by global trade giants. This strategic alignment ensures that Uganda is not only participating in international trade but also emerging as a formidable contender.

A Visionary Leadership

Odrek Rwabwogo, Chairman of PACEID, embodies Uganda’s ambition, emphasizing the monumental task of achieving a substantial USD 6 billion in exports over the next five years. With a robust digital foundation, this ambitious goal appears more attainable than ever before.

Drawing Inspiration from Success Stories

CargoX, a pivotal player in this partnership, brings invaluable experience to the table. Their successful transformation of Egypt’s trade facilitation through the NAFEZA platform serves as a testament to the transformative power of blockchain in trade. Uganda stands poised for a trade renaissance, drawing inspiration from past successes and leveraging them for future growth.

A Fusion of Global Expertise and Local Insight

This collaboration represents a harmonious fusion of global technological prowess and rich local knowledge. CargoX contributes its extensive global expertise, while Technology Associates (TA) complements it with a deep understanding of the regional landscape. This synergy ensures that the resulting TradeXchange platform will be both globally competitive and locally relevant.

A Quantum Leap into the Future of Trade

Uganda’s strategic partnership with the TA-CargoX consortium signifies more than just progress; it represents a quantum leap into the future of international trade. This initiative underscores Uganda’s commitment to innovation, growth, and global relevance. As the nation embarks on this ambitious journey, the world watches with anticipation, recognizing the rise of a new trade powerhouse in the making.

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Business

Blockchain Association Of Kenya Tasked With Drafting Landmark Crypto Regulation

In a groundbreaking move, Kenya is poised to be the pioneer in empowering industry experts to shape the regulatory landscape for cryptocurrencies. The National Assembly’s Departmental Committee on Finance and National Planning has mandated the Blockchain Association of Kenya (BAK) to craft the initial version of what could potentially become a pivotal virtual asset service provider’s bill.

This development unfolded on October 31, when the Committee on Finance and National Planning invited representatives from BAK to engage in discussions about the regulation of digital assets. Allan Kakai, BAK’s legal and policy director, revealed insights from the meeting to local media outlet Mariblock. He emphasized the urgency, stating, “We are telling the parliament: ‘Look, Kenya has always branded itself as the Silicon Savannah; we are among the top three in Africa for digital asset volume. If we don’t establish a clear licensing and regulatory framework, countries like Nigeria, South Africa, Botswana, Namibia, Mauritius will take the lead, and the potential capital influx to Kenya will divert elsewhere.'”

In response to BAK’s concerns, the committee granted the association a two-month period to draft the comprehensive crypto legislation. The committee’s official communication, shared via its X (formerly Twitter) account, highlighted the need for the association to conduct extensive public education on cryptocurrency trading to demystify the concept.

This development comes after Kenya introduced the Financial Act 2023 in September, which included a provision requiring cryptocurrency exchanges to withhold 3% of the transfer or exchange value of digital assets. Despite BAK’s efforts to dissuade lawmakers from implementing this crypto tax during a meeting in May, the association filed a complaint against it in the High Court of Kenya.

Additionally, Kenyan authorities have taken a firm stance against the controversial digital ID crypto project Worldcoin, co-founded by Sam Altman, the CEO of OpenAI. A parliamentary committee in the Kenyan government recommended the shutdown of the project’s operations in the country, citing concerns about the harvesting of personal data.

These recent developments underscore Kenya’s proactive approach to shaping its cryptocurrency landscape, with industry experts at the forefront of designing the regulatory framework for the future of digital assets in the country.