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LBank Labs Establishes Blockchain And Crypto Investment Fund To Support The Development Of Web3 In Africa

LBank Labs, a Blockchain Crypto Investment Group, recently announced the launch of a new cryptocurrency investment fund aimed at Web3 development in Africa. This is the first new investment fund in a series from LBank Labs. The investment institution also intends to create a number of funds for regional growth, notably for Korea, South East Asia, and other regions.

According to Lbank labs, Africa is one of the areas with a lot of untapped potential for blockchain expansion. Furthermore, with new member Czhang on board LBank Labs, the investment institution is looking at expanding its work globally. 

Czhang is currently visiting many countries in North Africa and followed by other regions in the continent. Additionally, the board member will be discussing with potential African collaborators about crypto and Web3 projects to be established throughout the month of November.

Czang further commented on crypto and blockchain adoption in Africa saying, “I think the future is in Africa in terms of blockchain adoption. LBank Labs hopes to support local communities and give local projects the push they need to start up.”

LBank has been pushing educational efforts in the MENA region for some time, having community managers in Nigeria, Ghana, Tunisia, and more. 

Lbank also stated in its press release, “Africa is diverse. We believe the key to blockchain development in Africa, and anywhere really, is education. Giving people the tools to understand blockchain technology will help them to see why it is such a world-changing thing. We really hope to have a strong bond with the locals. ” 

 LBank has also expanded to other areas, recruiting community managers in Cameroon, Kenya, and so on.

LBank Labs is an independent blockchain investment institution under the top global crypto exchange LBank. LBank Labs currently has a total fund size of 50 million USDT. Registered in Asia’s crypto hub Singapore, LBank Labs includes Venture Capital, Hedge Funds, and also Fund of Funds. Since its inception, LBank Labs has invested in many quality early-stage public-chain projects such as VEN and NEO.

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Business

African fintech, AZA Finance distances itself from FTX bankruptcy filings

Elizabeth Rossiello, the founder and CEO of AZA Finance, has criticized the erroneous inclusion of her company in FTX’s chapter 11 bankruptcy petition. All AZA Finance firms are unaffected by the bankruptcy of the defunct cryptocurrency exchange, claims Rossiello. Additionally, she stated that steps were being taken to rectify what she called an incorrect court filing.

The CEO also stated in a press statement, “Neither FTX nor any of its associated entities own or control AZA Finance or our entities, including BTC Africa. Our entities are not part of the FTX bankruptcy. In its disorganized haste, FTX erroneously listed our entities in their bankruptcy filing.”

FTX listed AZA Finance among the 134 entities that will be included in the bankruptcy process. Under the United States bankruptcy laws, an entity that fails to meet its obligation can file for protection under Chapter 11 of the United States Bankruptcy Code. Taking this step allows the defaulting entity to recapitalize and eventually emerge from bankruptcy with more equity than debt.

However, in a statement issued on the same day the crypto exchange filed for bankruptcy, the CEO claimed that unlike FTX, which is accused of misappropriating user funds, AZA Finance does not store digital assets on behalf of customers.

 Rossiello explained, “AZA Finance is licensed in multiple jurisdictions as a payments provider. We do not hold customer funds and never have. Less than 10% of our transactions across all of our entities are via digital currencies.” 

Rossiello also revealed that her business had worked with FTX Africa earlier this year. The CEO claims that AZA Finance’s alleged commercial partnership with FTX was actually meant to aid the crypto exchange in growing Web3 in Africa.

This would be accomplished by assisting them in developing regulated, secure, and affordable payment rails in addition to other talked-about but unlaunched projects like African artist NFT collections. Therefore, instead of being an owner of AZA Finance, the crypto exchange went on to become a customer of the payments firm.

Rossiello concluded the statement by urging other fintechs to adhere to global regulation and industry best practices.

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Business

Data Mynt And Alibaba Cloud Partner To Accelerate Crypto And Cloud Adoption In Africa And Latin America

Crypto payment gateway, Data Mynt and Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group have partnered to accelerate crypto and cloud adoption in Africa and Latin America.

The partnership includes three parts first, enabling Alibaba Cloud customers to pay for their Cloud services using Data Mynt’s crypto as a currency option, second, listing and selling Data Mynt services to Cloud customers on Alibaba Cloud International Marketplace, and finally, bringing advanced, secure and reliable cloud and web3.0 services and technologies to businesses in Africa, Latin America and beyond.

With over 200,000,000 consumers and businesses buying and owning cryptocurrency for purchasing power in emerging markets where multiple exchange rates and capital controls plague businesses, Data Mynt hopes to deliver better and also unlock the efficiency and security of multi-currency blockchain payments for Alibaba Cloud and its customers.

Alex Christian, CEO of Data Mynt stated, “With the massive adoption we’re seeing in African and Latin American markets, this partnership supports both Data Mynt and Alibaba Cloud’s emerging markets strategies while solving major pain points for Alibaba Cloud’s customer base today.” 

Additionally, according to Selina Yuan, Alibaba Cloud Intelligence International President, “Partners have always been a key focus for Alibaba Cloud, and we are committed to providing them with strong support for our ongoing co-creation and value-add – both technologically and commercially – to further empower our customers.”

Interested businesses and resellers can sign up for this service by downloading the Google Play Store and iOS App Store apps.

Data Mynt currently supports on and offline businesses across Nigeria, Kenya, Ghana, South Africa, Mexico, and the Philippines.

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Business

Egyptian Fintech, Moneyfellows Raises $31 Million in Series B Funding Round

Moneyfellows, an Egyptian fintech startup, recently revealed that it had raised $31 million from its Series B fundraising round, which was headed by Commerz Ventures, Middle East Venture Partners (MEVP), and Arzan Venture Capital. Also participating in the round were the startup’s existing investors like Partech, Sawari Ventures, 4DX Ventures, and P1 Ventures.

Moneyfellows is a mobile platform-based that specializes in digitizing Egypt’s savings and credit associations and plans to use the capital raised to fund the startup’s expansion into new markets. The startup has also revealed that there are plans to use the recently raised capital to hasten Moneyfellows’ growth, especially in Africa and Asia, and the diversification of its portfolio.

Ahmed Wadi, founder and CEO of Money fellows expressed his merriment saying, “We are proud to share with our stakeholders and our users the progress and growth which led MoneyFellows to become one of the market-leading fintechs in Egypt, facilitating financial inclusion and digital transformation in the country. We wouldn’t have reached such an important funding milestone without the firm backing of our existing investors who understand and support the company’s vision as well as the perseverance and belief of our new partners in the company and the team’s ability to execute.” 

He further stated, “The support we received from leading local and global venture capital firms in times of instability and scarcity of growth capital rounds is a testament to their faith and confidence in our business model, our team, and the overall opportunity that lies in the Egyptian market.”

Hangwi Muambadzi, Venture Partner at CommerzVentures, said MoneyFellows was already a standout national success story. 

“We are incredibly excited to partner with the company as they begin the next phase in its growth journey. Ahmed and his stellar team have delivered a transformative solution that will continue to enable millions to achieve their financial goals. Rotating Savings and Credit Associations have been deeply embedded in emerging markets across the world for centuries. It is brilliant to see this new digital ROSCA-driven model emerge from Africa, creating a trusted model of delivering financial solutions and setting a new standard on using localized solutions to solve for global opportunities,” he said.

The startup also raised a US$4 million Series A round back in 2020.

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Business

Binance backs out of FTX rescue, leaving the crypto exchange on the brink of collapse

Binance has announced that it is backing out of its plans to acquire FTX, leaving Sam Bankman-Fried’s crypto empire on the verge of collapse.

The reversal comes one day after Binance CEO Changpeng Zhao announced that the world’s largest cryptocurrency firm had reached a nonbinding deal to buy FTX’s non-U.S. businesses for an undisclosed amount, rescuing the company from a liquidity crisis. 

Binance stated on Twitter, “As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.”

“In the beginning, our hope was to be able to support FTX’s customers to provide liquidity. But the issues are beyond our control or ability to help,” Binance further stated.

On Monday night, facing a liquidity crunch, Bankman-Fried was scrambling to raise money from venture capitalists and other investors before he went to Binance, according to sources with knowledge of the matter. 

CZ had initially agreed to step in, but his company quickly changed course, citing reports of mishandled customer funds and alleged U.S. agency investigations.

It’s unclear who is next in line to buy the beleaguered crypto exchange. Bankman-Fried told investors that the company is facing a shortfall of up to $8 billion from withdrawal requests and needs emergency funding, according to a person familiar with the matter.

FTT had already lost 80% of its value between Monday and Tuesday, falling to $5 and wiping out more than $2 billion in a day. It dropped by more than half on Wednesday to around $2.30, shrinking the total value of circulating tokens to roughly $308 million.

Cryptocurrencies have plummeted amid the deal turmoil, with bitcoin falling 15% on Wednesday after a 13% drop on Tuesday. It’s now trading below $16,000 for the first time since November 2020. Ether, meanwhile, has plunged more than 30% over the past two days and is close to falling below $1,000.

Earlier this year, FTX was valued at $32 billion by private investors.

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Business

LBank receives the award for outstanding contribution to crypto adoption in Africa

Crypto exchange, LBank has announced the receipt of the award for ‘Outstanding Contribution to Crypto Adoption in Africa’ from the 2022 Fintech event in Nigeria. The event hosted by LBank and other major crypto companies took place recently in Lagos and convened thousands of Web3 builders.

In addition, over 500 of the industry’s prominent and prolific founders shared their insights in speeches, workshops, and board discussions.

The Nigerian Fintech event attained new levels with a number of attendees commending it for being the best tech networking event. A member from Lbank commented, “Every year, I always attend Fintech Nigeria, but this year is bigger with a refreshing notion that appeals to the current tech industry’s mindset.” 

The exclusive event also nurtured quality and lasting relationships for all sectors, from VCs and blockchain innovators to new tech enthusiasts. LBank exhibited and connected with like-minded professionals, marketers, partners, blockchain projects, crypto experts, and much more.

Additionally, LBank maximized the spacious expo floor to showcase its exclusive offers and bonuses. Abhinav Mehta, LBank’s Head of Marketing commented that Fintech Nigeria has always been the best opportunity to showcase their services to Nigerians and share their unique plans with the audience.

To wrap up the event and celebrate its big win, LBank hosted an exclusive event for its members with thrilling activities. The After Party was hosted at Shores VI Lagos and had many dignitaries in attendance. Furthermore, Abhinav Mehta, was also able to interact with the Nigerian crypto community at the after-party.

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Business

Abu Dhabi launches crypto and blockchain body

Abu Dhabi has launched a new crypto and blockchain association titled Middle East, Africa & Asia Crypto & Blockchain Association (MEAACBA).

The association has been established to develop accessible, transparent, and compliant crypto-blockchain ecosystems. To add on that, it is a not-for-profit member-driven organization that has cross-industry representation with a focus on education, coordination, and innovation for participants across the crypto and blockchain ecosystem.

The association’s board chairman Jehanzeb Awan commented on this decision saying, “MEAACBA will bring the knowledge, connections, and gravitas needed to create wide-reaching benefits for this highly dynamic and exciting space. We are dedicated to educating the global community and helping all businesses succeed and thrive.” 

Awan also stated that the success of businesses will be delivered by industry experts sharing knowledge through webinars, courses, and events. 

He further stated, “The industry will benefit from the Association as it provides a coordination mechanism between regulators, government agencies, banks, legal, tax, and advisory firms to address the most pressing challenges. The association will also promote responsible innovation through its  ‘Moon-shot’ lab to which all participants can contribute.”

MEAACBA which has been formed with a board of industry specialists from Binance, BitOasis among others is supported by the Abu Dhabi Global Market (ADGM) the international financial center of the emirate.

According to ADGM’s chairman Ahmed Jasim Al Zaabi, the decision by MEAACBA to incorporate ADGM is a clear acknowledgment of the progressive regulations the ADGM has built, to enable the development of technological innovation in crypto.

The MEAACBA membership is open to all companies and individuals across the Middle East, Asia and Africa regions, who are involved with the blockchain and crypto ecosystem. 

“This includes but is not limited to exchanges, custodians, consulting firms, technology developers, digital asset traders, and NFT/ Metaverse firms,” the statement emphasized.

The association has also appointed J. Awan & Partners to provide secretariat services.

MEAACBA’s debut comes ahead of the 2022 Abu Dhabi Finance week, run by ADGM.

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Business

Celo Foundation sets in motion its Africa Web3 fund program in Uganda

Global payments infrastructure, Celo foundation recently set in motion its Africa Web3 Fund initiative in Kampala, Uganda. The initiative started off with an informative workshop for venture capitalists (VCs) and enterprises innovating within Web3, seeking to raise funding for their Web3 projects and businesses looking to transition from Web2 to Web3.

According to Umar Sebyala, the Ecosystem Lead, Celo Uganda, the Web3 program is being implemented on an ongoing basis starting with the workshop where Web3 builders interact with VCs and explore investment strategies. The next step is the “Strategic office hours”where Web3 innovators connect with the Celo innovation team to explore the full potential of their product strategy. 

Thereafter, the startups move to the “Web3 fund deal room” where they receive input from the Celo ecosystem growth teams and investors before they finally launch their products.

Local crypto exchange platform, Binusu exchange, crypto-fiat swap platform, Cashout, fintech platform, Kanzu code, and digital platform, watch guard were some of the enterprises that showcased at the workshop.

A panel discussion about bootstrapping and acquiring capital and investments was also held at the workshop. The enlightening conversation included Noah Baalenssanvu, Head of Technology at Crypto Savannah, Suleiman Murunga, the Director at Muda, and Reginald Tumusiime from Capital Savvy and was moderated by Daniel Kimotho, the Ecosystem Lead for Celo Kenya.

Sharing about common mistakes made by entrepreneurs while trying to acquire investments, Suleiman Murunga noted that entrepreneurs often fail to acquire capital because they hardly have sustainable solutions, especially for their local markets. He added that oftentimes they focus on plagiarising ideas that can only work in Western countries. 

He, therefore, advised, “Pay attention to the product you wish to launch and ask yourself if it is relevant to your community, can it be paid for by the local market?”

He further stated, “When you find problems that your country has, the implementation/application of your solution becomes easier.”

Noah Baalessanvu also added that entrepreneurs should make sure that the investors’ mission is aligned with theirs.

Reginald Tumusiime advised that it is important to attract the right talent while establishing a startup. He added that having people with the right experience enables you to acquire more capital. 

Speaking about Uganda’s stance on crypto regulation and whether there is hope for the implementation of a Ugandan Central Bank Digital Currency (CBDC), Noah Baalessanvu said, “The recent regulation by the Central Bank of Uganda, warning against converting cryptocurrencies into mobile money and vice versa, was a knee-jerk reaction to fraud. However, as a regulator, their main claim is that we should not just do what other countries like Nigeria are doing, the CBDC has to be solving a problem.”

The Celo foundation team revealed that Celo Africa is coming up with a Decentralized Autonomous Organization (DAO) for the African community.  According to Africa Ecosystem Lead at Celo Foundation, Aliu Musa this is a step towards making sure the Celo Africa community growth is organic. Additionally, it is necessary because there is a lot of positive impact coming from the different African communities.

The Celo team is looking forward to making their next stop for the Web3 fund program in South Africa next year.

The event concluded with a sumptuous meal and developers get together.

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Business

Binance adds Naira withdrawals and deposits

One of the world’s largest cryptocurrency exchange platform, Binance, has announced that Nigerians can now deposit and withdraw the Naira to and from their wallets.

In a statement shared by Binance, the platform stated that this is being done as part of efforts to increase the adoption and mainstream accessibility of cryptocurrencies.

The statement read, “Binance is pleased to announce that it has added a fiat gateway for Nigerian Naira (NGN) as part of Binance’s mission to increase the adoption and mainstream accessibility of crypto.”

The platform added, “Users are now able to deposit and withdraw NGN to and from their Binance wallets.”

The firm, however, gave a caveat that all users need to complete the Know Your Customer (KYC) requirement to make Naira deposits and withdrawals on Binance.

It is not clear if this move means that the Central Bank of Nigeria (CBN) has lifted the restriction placed on cryptocurrency trading in the country.

Binance had temporarily paused withdrawal and deposits into its wallets in Nigeria because of the Central Bank of Nigeria (CBN) clampdown on crypto trading. In 2021, the CBN asked all Deposit Money Banks (DMBs), Other Financial Institutions (OFIs), and Non-Banks Financial Institutions (NBFIs) to, with immediate effect, shut down the accounts operated by entities that facilitate the trading of digital currencies.

Furthermore, it should also be noted that the country is also still grappling with the adoption of the E-naira. The CBN is now turning to the nation’s three-wheeler taxi operators to speed the adoption of the digital currency.

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Business

Google cloud becomes a Solana validator

Google is stepping toward other blockchains after revealing the Blockchain Node Engine at the end of October.  Google Cloud recently tweeted that the firm is already running a Solana validator. 

The company added, “Google Cloud is working with Solana to bring Blockchain Node Engine to the Solana chain next year, so it will be easy for anyone to launch a dedicated Solana node in the cloud.”

Furthermore, next year, Google Cloud will index the Solana blockchain and upload the data to Big Query in addition to providing Blockchain Node Engine support for Solana. The feature will launch in the first quarter of 2023.

The objective, according to Google Cloud, is to make historical data access simpler for the Solana developer ecosystem. Additionally, Solana’s inclusion in the blockchain node engine will significantly reduce the time required to run a Solana node, making it more accessible to more users.

On hearing the news, the value of Solana’s native token, Solana (SOL), increased. This week, SOL is up 7.8% against the US dollar.