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Business

US blockchain financing startup PowerDFI acquires Naijacrypto

PowerDFI, a Wyoming-based blockchain financial startup, has recently acquired Naijacrypto, a Nigerian-owned cryptocurrency exchange focused on the African markets.

Naijacrypto, which recently expanded its offering to include multiple African countries and the United Kingdom, is one of the few exchanges with some presence in the Caribbean and has indicated an interest in expanding to other Latin American Countries.

Despite Naijacrypto’s expanding geographic reach, it appears that PowerDFI is more interested in Naijacrypto’s vastly expanding technical infrastructure because it has been streamlined to fit both B2B use cases and retail needs.

Commenting on the acquisition, Tim Webb, the CEO of PowerDFI, said, “Adding the work done by Naijacrypto to what we are building in PowerDFI fills out our technology suite to handle trillions in assets over the next decade.”

He added, “We are set to lead the transition of the $57 trillion shadow banking market to the blockchain to improve transparency and security.”

Additionally, in an email to their users, Naijacrypto CEO, Chiagozie Iwu explained that the exchange was transitioning to a business model set to disrupt the financial markets while still maintaining aspects that have made their users stick to them for years.

According to Iwu, in spite of the fact that a large number of structured goods would be made accessible on the exchange, the stablecoin-based remittance instruments will continue to fulfill their original functions and might even improve thanks to the assistance PowerDFI can mobilize.

He concluded by saying that Naijacrypto was set to leverage its already massive B2B networks in offering hedge instruments to businesses and individuals exposed to exchange rate risk.

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Business

Introducing Grassroots Economics, an organization empowering communities through blockchain technology

The decentralized digital currencies such as Bitcoin (BTC) and the underlying blockchain technology have created much excitement in the technology community, but their potential for building truly empowering social and solidarity-based finance has yet to be tested. 

According to a few experts, blockchain technology is a social innovation that can help us overcome issues and rural areas could even prove to be a fertile environment for this. 

Grassroots Economics, a non-profit foundation in Kenya is currently showcasing one of the many solutions that blockchain technology brings to life. 

The organization seeks to empower marginalized communities by enabling them to take charge of their own livelihoods and economic future. They focus on community development through economic empowerment and are dedicated to helping communities realize and share their abundance. 

The organization is using blockchain technology to build systems that empower communities to digitally create their own financial systems based on local goods and services in regional markets built from the ground up. Through the Sarafu Network, their premier Community Inclusion Currency (CIC) system, local service providers and customers are able to interact with each other and purchase goods using the Sarafu token. In addition, with blockchain technology, they can track their recorded transactions.

With the increased internet penetration, Will Ruddick, the founder of the organization saw an opportunity to bridge the existing financial gaps in rural communities. He, therefore, introduced this system as a way to enable Kenyan small businesses to scale and better yet, for people in rural communities to earn a living. All they need is to open an account and then services can be accessed through a USSD code (384*96#).

According to Sylvia Karanja, the customer support officer,  the solution has been received well by the rural communities thus far and they more are eager to join. 

The Sarafu Network currently has over 60,000 users that are from communities like Mukuru Kayanga, Kwale, Kituyi, Malindi, and Kilifi, among others.

Grassroots Economics is on a mission to launch its system in Cameroon and South Africa and hopes to pitch the idea to a few partners in Uganda. The organization launched its services in 2010 and later diverted to offering blockchain services in 2018.

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Social Good

Binance Launches Blockchain Education Meetup Tour Across Francophone Africa

One of the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, Binance has recently launched a crypto education tour across 5 countries in French-speaking Africa also known as Francophone Africa, as part of its mission to drive blockchain adoption and enable greater financial accessibility in the region.

Binance launched the first meetup of the tour in Cotonou, Benin on September 10 2022 with the aim of equipping cryptocurrency fans and newcomers in the area with the necessary knowledge about blockchain technology and how to use it as a tool for financial freedom.

The Benin meetup was a physical educational event that introduced attendees to the Binance Ecosystem and the world of cryptocurrencies. About 400 people who were passionate about blockchain technology attended. Participants also took part in fun activities including an NFT quiz, where 250+ winners received NFTs. 

The remainder of the tour will be held in Togo on September 24th, 2022, Côte D’Ivoire on October 8, 2022, Cameroon on October 22, 2022, and Burkina Faso on October 9, 2022.

Carine Dikambi, Francophone Africa Lead at Binance commented on Binance’s drive saying “It is clear that Francophone Africa has limitless potential to be a key player in the blockchain revolution and we are committed to providing more people with access to the necessary information and tools to use digital assets and blockchain.”

He added, “Community is a vital part of the blockchain and by bringing together like-minded people to learn and grow in the space, the future of blockchain in Francophone Africa is inevitably prosperous.” 

Throughout this education drive, Cameroon is to provide resources and training for young people across Francophone Africa. Taking their mission a step further, the Francophone meetups demonstrate the blockchain giant’s continued commitment to providing avenues for offline connections, learning, and sharing of experiences in the crypto space.

Participants should expect to learn the basics of blockchain, discover how others are using crypto in their everyday lives, learn how to store value with crypto and earn on your crypto balances, understand real-world applications of the blockchain and understand crypto trading and how it works in simple terms.

Such missions are an engine of growth for crypto adoption in Francophone Africa and Africa as a whole as they offer a borderless way for Africans to participate in the crypto market today. With the growth in general user interest, education, and even media interest, crypto has the potential to foster innovation, financial inclusion, and economic competitiveness for Francophone Africa.

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Business

Robinhood Lists USDC as First Stablecoin on Trading Platform

The popular stock trading app Robinhood listed Circle’s USD Coin (USDC) yesterday. This is the first stablecoin available to retail traders on its platform.

Robinhood first opened the door to trading crypto on its platform in 2018. Over time, it’s been steadily adding tokens. As of this writing, there are currently 17 different cryptocurrencies users can trade using Robinhood’s app with the addition of USDC.

The action denotes that Robinhood’s business model would increasingly place an emphasis on cryptocurrency trading.

During its latest earnings conference, Robinhood’s head of investor relations Chris Koegel identified crypto trading as one of three main focuses for the business, along with brokerage and money services.

He said, “Our vision with crypto is to be the most trusted platform for customers to invest in crypto as well as the most trusted on-ramp to the decentralized web. Customers tell us that they want us to introduce more coins onto the platform.”

However, it is unclear how adding Circle’s stablecoin, which has a price that’s pegged to the value of the dollar, could conflict with Robinhood’s reliance on payment for order flow to make money.

Robinhood now supports 17 cryptocurrencies, and that is likely to expand more in the near future. The USDC market cap at the time of writing sits at $50,149,768,741 and trading volume amounts to $4,783,327,515, according to CoinMarketCap.

Robinhood has yet to announce a plan for Stablecoins. It’s also uncertain whether they’ll add any more in the near future to their exchange. Due to the state of the market, the website is probably approaching additional coins with care.

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Business

Yellow Card announces $40 million Series B round to scale across Africa

Pan-African cryptocurrency exchange Yellow Card has announced the close of its $40M Series B funding led by Polychain Capital. Other investors participating in the round include Valar Ventures, Third Prime, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, and The Raba Partnership.

The company intends to use the funds to promote business expansion, create new products, strengthen strategic alliances across Africa, and expand its business across the continent.

Since closing its $15 million Series A round in August 2021, the cryptocurrency exchange has achieved a couple of milestones, including growing its presence from 12 to 16 countries on the continent and granting stock options to every full-time employee. Additionally, the company launched Yellow Pay, a crypto-powered way to send value across borders, and in March 2022, it surpassed 1 million customers. 

While commenting on the Series B round, Chris Maurice, CEO, and co-founder of Yellow Card, stated, “For the past three years, our team has worked tirelessly to make this technology accessible to anyone and create a world-class product. This fundraise, in the current market environment, not only showcases the resilience of our team but also clearly demonstrates the appetite and necessity for cryptocurrency in Africa.”

Representing the lead investor Polychain Capital, partner Will Wolf mentioned that the size of the round, especially in a funding downturn, points to the level of business confidence expressed by new and existing investors in the company.

“Yellow Card is the best executing team on the continent. We are impressed by the way they seamlessly adjust and adapt to the unique opportunities and demands of the various African markets. We’ve barely touched the surface of what is possible when it comes to crypto in Africa, and we’re excited for what’s to come,” he added.

Africa’s cryptocurrency market surged over 1,200% in value between 2020 and 2021, making it the third-fastest growing industry worldwide, according to blockchain data company Chainalysis.

Startups in the continent’s crypto industry continue to attract significant funding rounds. According to the African Blockchain Report, startups in the sector raised US$91 million in Q1 2022, a figure representing a 1,668% year-on-year increase from Q1 2021.

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Business

Emurgo Partners With Blockchain Platform, Diagon Studios, to Advance Cardano Web3 Adoption

Adaverse, formed by EMURGO which is the parent company of the Cardano foundation and Everest Ventures Group have announced a strategic investment in Diagon Studios, a Nigerian gaming technology company focused on the development and distribution of hyper-casual games, utility, and NFTs through simple play-to-earn (P2E) models. 

According to Emurgo, the GameFi industry is one of the fastest growing sectors in blockchain and Web3 that is garnering a lot of competition and pushing the crypto market volume. However, globally-popular P2E games are becoming quite expensive and complex to play for mid-level gamers and newbies. 

The company further emphasized in its press statement that by introducing a variety of casual games with an easy-to-use interface, Diagon Studios critically lowers the entry barrier into Web3 for everyone across the globe. 

Emurgo also stated that in contrast to the traditional video game market with dwindling revenue, predicted to plunge further in the following years, blockchain P2E games have made giant leaps in the last few years, recording significant growth of over 2000% in 2021.

Additionally, the revolutionary development of cryptocurrency enabled a unique P2E in-game economy where players can extract value from their whole gaming experience, and convert it into a significant source of income. 

With this trajectory, the blockchain gaming market is projected to rise from an estimated $1.5 billion in 2021 to a staggering $50 billion by 2025, boosting worldwide gaming revenue and creating new financial opportunities for more people to access the Web3 economy.

Shogo Ishida, co-CEO at EMURGO Africa, commented on the new partnership saying, “Focused on hyper-casual gaming that takes out complexity from the gameplay, Diagon Studios is one of the game publishers that stands on the cusp of opening the African space to the realities of play-to-earn and we are glad to be offering the startup a launchpad and the opportunity to build on Cardano.”

Diagon Studios Founder and CEO, Jeremiah Onojah also stated, “The Cardano blockchain will offer a better approach to securing transactions for the Diagon project with its eco-friendly platform and large global community. Diagon intends to issue tokens on the Cardano blockchain in the future development stage. With the support of EMURGO Africa and Adaverse, we will be able to do more with the Cardano blockchain. The Diagon studios team will work intensely with Adaverse to be in the best possible shape, hitting the perfect market fit and scaling her products.”

Beyond play-to-earn (P2E) games, the Diagon platform will connect a virtual community of global casual gamers to develop their skills, network, and access more opportunities in Web3 through partnership programs, especially for DGN token holders who will also have staking and governance rights in the platform.

Vincent Li, founding partner at Adaverse further said, “This startup is all about demystifying the Web3 gaming system in Africa by reaching the grassroots level and providing affordable options targeting low-income earners, to ensure more people find something that interests and pays them while building on a reliable infrastructure. Diagon will be one of the pillars of Africa’s digital future and Adaverse is glad to support this project.”

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Business

Web3 Firm Acquires Creator of South Africa’s Safcoin

Virtual Nation Builders (VNB), a Web3 technology firm, has recently revealed that it has acquired FHM (Pty) Ltd, the South Africa-based creator of what is dubbed Africa’s first Proof of Work listed cryptocurrency, safcoin.

In a statement, VNB said that the combined businesses aim to champion and support their clients’ digital needs in the Web3 revolution.

Neil Ferreira, co-founder, and CEO of FHM commented saying, “At FHM and Safcoin, we share VNB’s belief that by harnessing the power of blockchain technology and connecting it to real communities, we can facilitate socio-economic development. This is enabled by the full transparency, autonomy, verifiability, incorruptibility, and trust made possible through blockchain technology.”

“The merger comes at an important time in the evolution of the blockchain and crypto industry. There’s increasing demand for legal crypto expertise, a rise in litigation involving crypto assets, and developments in the regulation of digital assets. Our advanced and integrated understanding of the tech, law and crypto industries will enable us to extend the benefits of blockchain technology to new industries and applications, starting with social and community development,” he added.

According to the statement, as a result of FHM’s acquisition by VNB, the safcoin cryptocurrency, which was launched in 2018, will list and merge all its digital use cases and platforms into the new VNB-built Cowrie exchange and partnerships.

Maurice Crespi, a partner at Schindlers Attorneys and the CEO of VNB, is also quoted touting the two’s companies’ involvement in the successful auction of the non-fungible token (NFT) of former South African president Nelson Mandela’s arrest warrant.

“The sale gave a glimpse of the possibilities offered by the digital realm through virtualization. The opportunities that blockchain enables and its applications are no longer limited to finance. The use of blockchain and specifically smart contracts can be applied in various industries, including community upliftment and business efficiency,” Crespi explained.

Ferreira concluded by saying, “Together with VNB, we plan to extend our global reach with more international exchange partner listings. We had good support from the international crypto market with our first listing, and we are proud to be flying the SA flag into the global crypto sphere.”

Safcoin is also reportedly traded on Hotbit and Chainex.

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Business

Mr Price launches nightmare fuel NFTs

Mr Price recently launched a competition giving away nine non-fungible tokens (NFTs) to its Instagram followers. Dubbed “NF-Tees”, the collection features a strange-looking animated character doing dance moves while wearing different t-shirt designs.

One NFT concealed an R50,000 jackpot, while the other eight each offered a cash prize of R10,000.

The company stated on their Instagram platform that to stand a chance of winning one of the NFTs, fans had to comment on Mr Price’s Instagram page with their most unbelievable moment of 2022.

In addition, they had to share the post promoting the “NF-Tee” to their Instagram stories and tag Mr Price’s account.

Cape Town-based MetaLabs Africa handled the NFT campaign on behalf of Mr Price. The company has also worked on similar promotional campaigns for Savanna Cider and VW Polo.

In all three cases, MetaLabs has created the NFTs on the Polygon blockchain, which acts as a scaling layer for Ethereum.

The Savanna Cider campaign involved a system where NFTs would increase in rank from bronze to silver, to gold based on how much people laughed during its Comedy Bar Tour.

MetaLabs commented that Mr Price’s “NF-Tees” campaign aspires to take the clothing retailer into the metaverse, with winners able to use the NFTs as metaverse avatars.

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Business

European Central Bank chooses Amazon and 4 other firms to prototype a digital euro app

The European Central Bank (ECB), has recently announced that it will be collaborating with five companies for the development of potential digital euro user interfaces.

In an announcement, the ECB said it had chosen the “Big Four” tech company Amazon, fintech firm Nexi, Spanish digital bank CaixaBank, French payments platform Worldline, and the European Payments Initiative, or EPI, to each focus on developing a prototype-based on specific use cases of the digital euro. 

The ECB explained, “The aim of this prototyping exercise is to test how well the technology behind a digital euro integrates with prototypes developed by companies.”

The companies will develop front-end prototypes for the project’s digital money, which will not be employed in later stages, according to the central bank.

The ECB also noted, “Simulated transactions will be initiated using the front-end prototypes developed by the five companies and processed through the Eurosystem’s interface and back-end infrastructure. There are no plans to re-use the prototypes in the subsequent phases of the digital euro project.”  

The ECB chose the five companies based on their fulfilling specific capabilities when compared to 50 other front-end developers that responded to the central bank’s call in April. 

As part of a two-year inquiry phase into the digital euro, which is anticipated to end in October 2023, officials planned for the project to be finished in the first quarter of 2023.

As interest in central bank digital currencies seems to be growing globally, ECB officials have been exploring the potential impact of a digital euro on Europe while being vague about if or when the bank could release a CBDC. 

In September 2021, the central bank ordered a series of focus groups on digital payment systems, and the results revealed that using digital currency at both online and offline retailers might be a crucial component of a digital euro.

A prior public survey indicated that both citizens and professionals thought privacy was the most crucial aspect of a digital euro.

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Business

Mara launches Academy to Advance Digital Financial Literacy in Africa

Mara, a Pan-African ecosystem for digital finance that demystifies blockchain technology, recently launched the Mara Academy, a brand-new, free educational online platform that will support the development of blockchain and digital finance in Africa, foster a community of wealth creators, and more so establish a talent pipeline for the continent’s future.

Through the academy, Mara is on a mission to help people reach their full potential. This will be achieved through a series of pathways and an innovative curriculum delivery model with chosen partners that will offer Africans, ranging from highly skilled, multi-disciplinary technologists to non-traditional learners with equal access to upskilling, education, and a clear path to global opportunities.

The academy, which was created with course material focused on Africa, will also give lifetime access to all course materials, such as the instructor, videos, practice exams, and capstone projects. Although anybody can use the Mara academy, it will be developed to educate more Africans, encouraging the adoption of blockchain technology and digital finance.

According to data from Gemini’s 2022 Global State of Crypto report, education is the biggest global barrier to owning digital assets. Africa needs to be equipped with the appropriate tools and abilities due to the rapid growth and growing utilization of digital assets throughout the continent and beyond.

Over 40% of Africans are yet to purchase any digital assets due to a lack of trust, apprehension about price volatility, or because they do not understand how to buy and hold these digital assets. As a result of the lack of education, digital asset scammers have targeted Africans with Ponzi schemes promising to give lucrative returns and deliver above-market returns on staked tokens and yield farming, eroding trust and interest in wider digital finance adoption in the process. 

The academy seeks to close this knowledge gap and act as a one-stop resource hub for a comprehensive grasp of financial literacy, blockchain, NFT, Web3, wealth generation, and management.

While offering more insights on the academy, Kate Kallot, Co-Founder and Chief Impact Officer at Mara said, “The education program caters for anyone, anywhere, and at any time. Through an innovative mix of delivery methods, partnerships, and customisable content, we hope to meet people where they are and create communities of like-minded people not only involved in digital finance but cultivating shared interests.”

“Our aim is to reach far and wide, beyond the capitals, and create a tribe that crosses geographic, financial, and technological barriers,” Kallot added.

The academy’s program consists of three content components and that is coursework focused on blockchain, and digital financial literacy to help learners enjoy self-paced learning, and for learners to have a better understanding of savings and investment in blockchain. 

Furthermore, learners will also be educated on budgeting, setting financial goals, investing, and wealth management using digital tools.

Chi Nnadi, Co-Founder and Chief Executive Officer at Mara also commented, “The prioritization of financial literacy in Africa is important and the Mara Academy offers quality education, resources, and opportunities to enable them to gain the requisite skills needed to diversify our future workforce.”

She added, “Our mission with this Academy is to give every willing African the opportunity to learn skills that will qualify them for higher-level employment, so they are better positioned to prosper and work toward their ultimate dreams. With the Academy offering skills training at no cost to Africans far and wide, Mara will be a critical ecosystem that will champion the African dream and build a more equitable workforce in the digital economy. We encourage every African to leverage the Academy and be future-ready.”

Learners who complete courses will be awarded gold standard certificates that can be shared with prospective employers and professional networks to access well-paying career opportunities.