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Business

EU Issues Crypto Ban On Russia With New Sanctions

The European Union has placed a blanket ban on all crypto services to Russian entities as part of its eighth round of sanctions against the country. 

The European Commission’s press release stated, “The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet.” 

The original limit, established in April, allowed such services to continue servicing Russian wallets holding €10,000 or less. The additional restrictions are meant to penalize Russia for escalating its illegal war against Ukraine, particularly by raising more troops and making explicit nuclear threats.

The package will also widen the number of services that can no longer be provided to Russians or the Russian government, including IT consultancy, legal advisory, architecture, and engineering services. According to the commission, Russia is heavily reliant on importing these services.

The added restriction comes a day after the EU finalized some of its key rules on crypto regulation. One of the laws passed included a requirement that wallet providers verify the identities of those using their services.

Upon implementing sanctions in February, American and European leaders immediately turned their attention to crypto, for fear the growing industry could help Russia bypass their trade restrictions. 

Cryptocurrencies like Bitcoin are peer-to-peer and permissionless, making it significantly more difficult for Western authorities to choke off trade facilitated through the network. 

This has allowed foreign criminal organizations to leverage the technology in both ransomware schemes and even nuclear weapons financing. However, there are some limitations as most cryptocurrencies use highly transparent public ledgers, affording their users little transaction privacy.

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Business

Madison Metals Creates The First Uranium-backed NFT With Lux Network

Madison Metals Inc., a mining and exploration company with operations in Namibia, recently announced the signing of a historic and unique uranium forward sales agreement with Lux Network, the first decentralized blockchain integrated with and run by a network of licensed banks and money transmitter partners.

According to Madison Metals’ press release, the five-year exclusive supply agreement provides for the delivery of up to 20 million pounds of U3O8 from Madison’s uranium projects in Namibia following the commencement of commercial production. In addition, the fulfillment of the U3O8 delivery would back the first-ever uranium-backed non-fungible tokens (NFTs).

Duane Parnham, Executive Chairman and CEO of Madison Metals said, “Having the ability to potentially monetize our uranium resources at a premium using innovative technology provided by industry leaders is a testament to our forward-thinking strategy to deliver shareholder value. We believe there are many benefits to forward selling a portion of our assets in this way. We expect it to provide non-dilutive capital to explore, develop and mine our properties while also generating additional revenue through token trading fees.”

Parnham added, “The Lux team has outstanding capabilities and a proven track record launching and driving demand for the most innovative products in the world, generating billions of dollars in revenue.”

Furthermore, Lux NFTs bring liquidity and universal access to the uranium market and usher in a new era for both the tokenization of physical assets and the distribution of the earth’s most valuable resources. 

The press statement stated that Lux Uranium NFTs are to be minted exclusively on Lux Network but will be made available on every major blockchain thanks to the Lux Standard for asset-backed NFTs.

“Starting Oct. 15, 2022, via the Lux Market, almost anyone in the world will be able to mint Lux Uranium NFTs. By selling direct to retail, Lux is able to offer buyers the lowest possible price, disintermediating opaque and inefficient financing with transparent and clear pricing. For more information please see Lux.Market.”

Zach Kelling, CEO of Lux Partners also commented, “We are pleased to form this strategic alliance with Madison’s resource team to support the launch of Lux Uranium and the Lux Network (Lux.Network) of blockchains, which powers the minting, trading, and staking of the NFTs. Through staking, users are exposed to the upside of the uranium market while also earning additional fees from lending and liquidity. By digitizing assets, Lux expects to unlock greater price discovery, asset value, and liquidity throughout the entire mineral extraction lifecycle.”

Lux will initially tokenize 7.65 million pounds of U3O8 that Madison has contributed to the Lux partnership. This will be followed by an additional 12.35 million pounds to be minted as the market dictates. The sales of tokens are intended to generate cash which will be returned to Madison plus royalties from trading fees. 

Madison’s capital proceeds of funds will be used to advance compliant resource/reserve figures, as well as for engineering and economic studies and mining. Madison will also be managing a risk assessment program and hedge book to purchase additional uranium products as or if needed on a tax-neutral basis.

Currently, Namibia produces 8% of the world’s uranium.

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Business

Japan’s Prime Minister announces NFT and Metaverse expansion

Japan’s crypto stance has softened over the years. It is now known that Japanese Prime Minister Fumio Kishida’s New Capitalism vision seeks to boost Japan’s economy. The minister has already pledged to double households’ wealth and offered to support and help the country’s Web3 businesses grow. In the past, Kishida also stated that metaverse and NFT-related developments will be a part of the nation’s growth strategy going forward.

Now, Kishida has revealed plans to increase the usage of Web3 services to bring about digital transformation in a recent policy speech.

In his speech to Japan’s parliament, Kishida stressed that the government’s investment in Japan’s digital transformation already encompassed issuing NFTs to local authorities using technology to cater to jurisdiction-specific issues.

It is important to note, nevertheless, that the Japanese Government was one of the first to issue NFTs in September as an additional reward for the work done by local authorities. The awards were given out by the Cabinet Secretariat at the Summer Digi Denkoshien 2022 ceremony.

The Prime Minister, in his speech, further hinted at digitizing national identity cards. He also said that Japan will continue supporting the social implementation of digital technology and will promote efforts to expand the use of Web3 services that utilize the metaverse and NFTs.

Kishida has time and again deemed Web3 development to be one of the core factors that will help to reform the economy. A few months back, Japan’s Ministry of Economy, Trade, and Industry formed a ‘Web 3.0 Policy Promotion Office’ in an effort to strengthen the framework for developing the business environment in relation to Web 3.0, supporting the said narrative.

On one hand, the Japanese government is bent on refining the digital space, on the other, it is simultaneously exercising caution. As reported recently, the Japanese Government is looking to put in place some remittance regulations in an effort to stop criminals from utilizing exchanges to launder money.

The new rules are expected to take effect next spring, likely as early as May 2023. Alongside, Japan has already implemented the Act on Prevention of Transfer of Criminal Proceeds which prevents criminal funds from being transferred.

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Business

MENA emerges as the world’s fastest-growing crypto adopter

According to reports by blockchain researcher Chainalysis, the Middle East and North Africa, popularly known as the MENA region, is one of the world’s fastest-growing cryptocurrency markets, with a 48% increase in the volume of cryptocurrencies received there in the year leading up to June.

While the MENA region is one of the smallest crypto markets, its growth to $566 billion received in cryptocurrency between July 2021 and June 2022 shows adoption is rising rapidly.

Source: Chainalysis

According to Chainalysis, Latin America saw the second biggest growth in the same period, at 40%. North America was next at 36% growth, followed closely by Central and Southern Asia and Oceania at 35% growth.

Three MENA countries are among the top 30 in Chainalysis’ 2022 Global Crypto Adoption Index, with Turkey in 12th place, Egypt taking the 14th spot, and Morocco in 24th.

Chainalysis said, “In Turkey and Egypt, fluctuating cryptocurrency prices have coincided with rapid fiat currency devaluations, strengthening the appeal of crypto for savings preservation.” 

The Turkish Lira has weakened nearly 30% this year to new record lows, after losing 44% of its value last year amid a currency crisis triggered by rate cuts.

The MENA region’s largest recipient of cryptocurrency is Turkey, which got $192 billion worth of it in the year ending in June, despite only experiencing a 10.5% growth year over year. The value of the Egyptian Pound against the Dollar has likewise decreased by around 25% since the beginning of the year

Chainalysis stated, “Remittance payments account for about 8% of Egypt’s GDP, and the country’s national bank has already begun a project to build a crypto-based remittance corridor between Egypt and the UAE, where many Egyptian natives work.” 

In addition, according to Chainalysis, the six countries of the Gulf Cooperation Council seldom make it to the top of their grassroots crypto adoption index, as it weighs countries by purchasing power parity per capita, which favors poorer nations.

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Business

The African Gaming Partners With Gaming Firms To Expand P2E Gaming in Africa

Recently, Play-to-Earn (P2E) games have become an emerging trend in the gaming industry. The concept involves gamers using blockchain technology to mine digital assets while playing their favorite games.  Additionally, players earn money while playing the games on their mobile phones or computers. 

In addition to earning tokens by playing games, users can also receive rewards for completing specific tasks within each game or for referring new players who join the network.

Because of this exceptional growth, The African Gaming Guild (AGG) has decided to utilize the opportunities therein to reward the African gaming community. The AGG has recently partnered with Gaming firms such as Revo Land, Nitro League, and Axie Infinity to teach over a thousand Nigerians how to interact with games such as Axie Infinity, Revoland, Nitro league, and other new games on the metaverse. 

The partnership intends to promote the play-to-earn games in Africa and more so expand the gaming community in Africa.

In a recent interview, AGG’s Founder, Kingsley Alekwe said, “We are excited about these partnerships because it will help us grow our community of play-to-earn gamers in Africa. We believe that this is what the future of online gaming looks like and we want everyone on our continent to be part of it.”

The partnership will support in offering free training sessions to interested individuals and businesses who want to learn more about play-to-earn gaming and monetize their gaming experience.

Kingsley pointed out, “We think the Blockchain poses a major shift and an avenue for wealth creation. Our goal is to train over 1000 Nigerians by the end of October 2022 so they can earn money while playing their favorite P2E (Play-to-earn) games every day. After the training, we will provide support services such as NFTs, Laptops, Mobile devices, and marketing materials to our Managers as they start their Play to earn Journey.”

Furthermore, with support from Patricia Technologies, Africa’s biggest crypto exchange platform, AGG will be hosting training sessions that will take place virtually and a gamer’s conference which will be held in Lagos on the 6th of October 2022 at Bayroot Lounge, Oniru, Victoria Island. The event will also feature speakers from top Crypto and Gaming companies.

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Business

Mastercard Gets Further into Crypto with New Security Product

Mastercard, one of the largest financial service providers in the world, has launched a new product called Crypto Secure. In an official press release, the firm said that the new product will help banks identify and stop transactions coming from vulnerable crypto exchanges.

The tool will assess the risk of illegal behavior related to cryptocurrency exchanges on the Mastercard payment network using artificial intelligence algorithms. The system makes use of information from multiple sources, including the blockchain.

The tool has color-coded ratings that depict suspicious behavior on exchanges. Red denotes high risk, while green denotes low. Furthermore, the tool does not decide whether to reject a certain crypto merchant. It is up to the card issuers to make that choice.

The Crypto Secure tool is powered by CipherTrace. CipherTrace is a blockchain security start-up based in California. The start-up was purchased by Mastercard in 2021.

Ajay Bhalla, President of Cyber and Intelligence business at Mastercard, stated,

“The idea is that the kind of trust we provide for digital commerce transactions, we want to be able to provide the same kind of trust to digital asset transactions for consumers, banks, and merchants.”

Major financial giants have already made their way into the crypto industry. Even Nasdaq joined the cryptocurrency bandwagon by announcing crypto custody services for institutional clients. In many cases, it is the clients’ demand that has led to the transition. However, these institutions do have concerns, and with reason.

The entry of major financial institutions into the world of cryptocurrencies is indicative of the industry’s expansion. However, the sector has frequently been plagued by illegal activity. Chainalysis estimates that in 2021, the total amount of funds with criminal histories was a staggering $14 billion. However, the number did drop in 2022, but that is most likely because of the bear market.

Moreover, for big financial firms and service providers to dip their toes into crypto, certain security guarantees are necessary. Hence it is not surprising to see that Mastercard is launching such a tool. In fact, the acquisition of CipherTrace was a hint at the firm’s direction.

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Business

Cypher Capital announces gold sponsorship for the Future Blockchain Summit

Cypher Capital, a leading multi-strategy crypto investment firm based in the UAE, covering venture capital, public markets, nodes, mining, and more, recently announced that it will be supporting the 5th Future Blockchain Summit as a Gold Sponsor. 

Bijan Alizadeh, Co-Founder and Partner of Cypher Capital stated in the company’s press statement, “Cypher Capital is pleased to be a Gold Sponsor of the 5th Future Blockchain Summit, an event that has contributed to the strategic growth of the blockchain and crypto space over the years.”

The Future Blockchain Summit, the first and biggest blockchain conference and exhibition in the MENA area, will be held at the Dubai Globe Trade Centre (DWTC) from October 10–13 and will serve as a gathering place for the most innovative technology companies in the world.

Over the course of the four days, more than 100 speakers, 100,000 attendees, 800 investors, and business leaders will take advantage of countless networking opportunities, engage in a professional conference program, and attend transformational workshops to explore various themes, including Blockchain for Enterprise, The Future of Digital Assets, and Into the Metaverse.

During the event, visitors and investors will have the chance to witness ten promising projects that Cypher Capital is backing.

Bijan re-emphasized saying, “We support unique and innovative projects, which we believe will help shape the future of this industry. As an investment firm, it is our duty and mission to stand by such projects and ignite their flame so that the sparks reach new heights and minds.”

Since its inception, Cypher Capital has made headlines and has invested in about twenty companies in the fields of GameFi, the Metaverse, DeFi / CeFi, and Decentralized Mobility, Infrastructure, and Security.

Focusing on GameFi and Web 3.0, Cypher Capital has invested in MetaOne, a business building a platform to onboard Web 2.0 gamers to Web 3.0 games. Cypher Capital has also invested in SecondLive, a create-to-earn social metaverse incubated by Binance Labs.
Among the DeFi / CeFi investments presented is Minterest, a protocol providing users with a decentralized token money market featuring industry-leading value capture mechanisms. Other DeFi projects include SingularityDAO, a DeFi protocol designed to maximize Alpha generation regardless of market trend, and Sheesha FINANCE, a DeFi multi-chain platform offering a level playing field for all investors to access a diversified portfolio of projects.

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Reviews

A beginner’s guide on creating a crypto wallet

The cryptocurrency market has grown remarkably well in the last few years. Crypto traders are making huge profits on their investments and it seems that this trend is going to stay for a long time.

The future of crypto trading today looks promising and a few experts advise that this is the right time to invest in crypto. But first, you need a crypto wallet. A crypto wallet is a software that safely stores cryptocurrencies and keeps track of their transaction (buying, selling, and lending) records. Users can easily download and install a cryptocurrency wallet on their smartphone or any other compatible device.

According to Josh Hornthal, Senior Product Marketing Manager at Coinbase, crypto wallets are the gateway to creating a solid footprint in Web3 and the crypto investing world.

He stated, “It’s your identity on the blockchain, and it’s how you hold your crypto. Crypto wallet and exchange companies are working towards a future where everyone has a self-custody wallet, not just the people who are deep and hardcore into crypto.”

In this reading, we explain the essentials of a  crypto wallet, why it is needed, and how it can be created.

How do I create a crypto wallet

There are two things needed in order to have a crypto wallet, the first is your wallet address, which is also known as your public key, and the second is your private key.

A public key is something like your bank account number. You can share your bank account number with other people or institutions to send or receive money. Similarly, you can share your public key, which is your wallet’s address, to receive the crypto.

The private key of your crypto wallet can be compared to your bank account password or the PIN to your debit card, which is confidential. You wouldn’t want to share your PIN with just anyone because that would give them direct access to your bank account. In summary, a private key is a password that provides access to your cryptocurrency.

It’s worth noting that there are two kinds of wallets in crypto, that is to say, a self-custody wallet and a hosted/custodial wallet.

Setting up a self-custody wallet doesn’t need ID verification right away, that comes later when you want to deposit some crypto into it.

All you need is to choose a wallet app such as Coinbase Wallet, Mycelium, or Metamask then you can create an account and record your recovery phrase.

Some wallet apps may allow you to add an extra layer of security, like facial recognition or creating a passcode. After this, you can begin sending, receiving, or trading crypto.

Self-custody wallets can be browser-based, software installed on a desktop, or even hardware devices depending on your preference.

Using a hosted wallet is usually the easier option, especially for beginners. When you set up an account with crypto exchanges like Coinbase, Crypto.com, and Binance, you automatically get a hosted wallet usually accessible after signing up for accounts on mobile apps. While this sounds similar to the wallet explained above, it’s not since you’re entrusting another entity to keep your keys safe.

It’s essential to choose a platform you trust that can do what you desire to do with your crypto portfolio. All you need to do is create an account, verify your identity, and transfer your crypto if you already own some.

Hosted wallets may be seen as less secure since someone else controls your keys, but on the upside, it means less responsibility for you.

How to Securely Use a Crypto Wallet

We know your crypto is precious, and we wouldn’t let you go without a few tips on how to keep them safe in your wallet. Given the lack of regulatory frameworks on exchanges and cryptocurrencies as a whole, it’s best you take caution and protect your wallet.

 Here are some safety tips curated for you to securely use your crypto wallet.

  1. 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. 

  1. 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 is enabled. 

  1. 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. 

In conclusion, opening a crypto wallet is a fast and easy procedure and there are so many platforms that can be accessed to have a secure crypto wallet. In addition, choosing the best crypto wallet boils down to how you want to secure your crypto and what you plan to do with it in the long run.

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Business

SEC Charges Reality TV star Kim Kardashian over Ethereummax

The crypto industry has witnessed the arrival and departure of an array of celebrities. While some continue endorsing specific crypto networks, a few others have been facing the wrath of regulators. Reality TV star Kim Kardashian found herself drowning in troubled waters for endorsing Ethereummax on social media. In more recent news, it was brought to light that Kardashian was being penalized for this and had even decided to settle with the Securities and Exchange Commission (SEC) of the US.

According to the SEC’s most recent press release, the reality TV personality was accused of unlawfully promoting cryptocurrency security on social media. It was highlighted that she got into additional trouble because she didn’t reveal how much money she gained from promoting EthereumMax. She was reportedly paid $250,000 for posting about EMAX tokens on her Instagram.

According to sources, her post read,

“ARE YOU INTO CRYPTO??? THIS IS NOT FINANCIAL ADVICE BUT SHARING WHAT MY FRIENDS JUST TOLD ME ABOUT THE ETHEREUM MAX TOKEN.”

Kim Kardashian did not, however, want the matter to drag on. She consented to pay $1.26 million as a result. According to reports, the payment consists of a disgorgement of about $260,000, prejudgment interest, and a $1,000,000 penalty.

She also indicated that she fully supported the SEC’s inquiry in addition to this. Kardashian further stated that she would refrain from engaging in any action involving the trading of crypto asset securities for the ensuing three years.

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Business

HammerPay Announces New Digital Fintech Platform To Be Launched in Africa

Hammer Technology Holdings has recently announced that its flagship Fintech subsidiary, HammerPay, set to debut in Q4 2022, will launch a new mobile phone and web portal private digital e-wallet platform for market deployment in Africa.

With the Wallet-as-a-Service delivery model, the Remittance Service Deliver Platform (RSDP), which is powered by HammerPay, will assist banks, wallet operators, telcos, as well as merchants and agents, in quickly gaining access to digital infrastructure. 

The digital e-wallet platform in its initial release, Release 1.0 will feature facilities and functionalities that provide for Cash-in and Cash-Out; Bank to Wallet and Wallet to Bank; Money Remittance; Request Money; Scan to Pay; as well as Merchants and Agents Geolocation services.

Gerald Sherman, the company’s President, and Chief Executive Officer commented, “We are partnering with a major financial services provider, one that we have built a strong, respected, and collaborative relationship with over the past 18 months in developing, integrating, testing, assuring and customizing our services and products. We are now bringing it all to market.”

He added, “As part of a mutually shared digital-first approach to deliver quantifiable outcomes to markets, we stand ready with our partners to deliver a range of innovative, expanding, reliable, and secured services – the kind of services that existing customers can take advantage of and benefit from; the kind of services that the underbanked and unbanked consumers can access as part of our larger ambition to drive and ensure financial inclusion across Africa. This is the kind of service that will leverage financial technology to improve people’s lives and continue to connect diaspora capital to the continent; beginning in my own country, Liberia.”

A completely unique and enabling service will be provided to the market with the introduction of the private digital e-wallet and its customized App and an online portal with a range of innovative features. HammerPay will acquire a footing in the fast-expanding Fintech sector on the continent thanks to its distribution collaboration with Africa that was developed over the past 18 months.

Michael Cothill, Executive Chairman of parent company Hammer Technology Holdings also said, “This launch, scheduled for Q4 2022, allows us to expand the focus of the company’s investment resources into a more diversified technology strategy. As we coordinate joint public statements with our market partner over the next few weeks, our focus on partnering with financial services providers will show that we have taken the right path here, one that gives us access to markets and very solid relationships; one that will see us begin to enter countries in Africa, to serve customers under this diversified strategy and lay the groundwork for long term growth.”

Release 1.1 of the private digital e-wallet will link bank ATM cards, debit, prepaid, and credit cards, as well as store merchant redemption virtual e-cards, in the future as part of its subsequent release to address remittance. This will allow for expandable wallet uses that will be extended to open and close-loop cross-border remittances.

 The release will also incorporate merchant, agent, banking, and peer-to-peer transactions with regards to remittances. Release 1.1 will feature digital merchant e-card redemption, bill payments, a web portal, and digital e-wallet remittances, as well as e-commerce services.

The current release, Release 1.0, a private digital e-Wallet, will begin rolling out on smartphones in Liberia, West Africa, with its scheduled launch for Q4 2022.