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Business

Binance Launches Crypto Education Hub in Cameroon

With up to 23 African Governments banning cryptocurrency, the future of crypto in Africa has been a rising concern. 

Despite this, Binance, the largest volume-based cryptocurrency exchange platform in the world, is promoting greater acceptance of cryptocurrencies across the continent. For this purpose, the bitcoin infrastructure provider has partnered with Inoni Tech, a tech hub that offers training and services for young people throughout Francophone Africa, to establish a crypto education hub in Yaounde, Cameroon.

This is a first-of-its-kind crypto hub and will be a training center for in-person blockchain education sessions. Through this hub, Binance will equip crypto enthusiasts with more resources to thrive within the ecosystem as well as foster offline connections.

Carine Dikambi, Francophone Africa Lead at Binance said, “Africans continue to interact with crypto in very different ways, establishing some of its most important use cases and opportunities for greater financial inclusion. Through the Binance crypto hub, we see a more on-the-ground approach as an essential step in demystifying the concepts, fostering the right understanding of the many opportunities that education, web 3.0, and the blockchain ecosystem can bring to Cameroon and ultimately, Francophone Africa.”

The crypto center, which is 300 meters from the restaurant, The Famous in the Bastos area, will give Binancians and other crypto newcomers a smoother, safer, and more practical experience. The center will serve as the community’s main hub for training, education, and news related to cryptocurrency through frequent in-person events.

Over 600,000 Africans have received bitcoin education from Binance since the start of the Binance Masterclass Education Series, some in-person and some online. The launch of the crypto hub advances education efforts by fostering connections and boosting trust.

Binance is getting a step closer to the objective of increasing crypto acceptance and literacy in the area by introducing more in-person encounters. Regular skill-training sessions will also serve to open up new career options for Cameroonians, many of whom will be able to pick up new skills to maintain their employability on a global scale.

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Technology

Google Wallet launches in South Africa as digital payments boom

Alphabet Inc (GOOGL.O) launched Google Wallet in six new markets including South Africa on Tuesday. This comes after rival Apple Inc (AAPL.O)  launched its Apple Pay mobile payment system in South Africa last year.

This move emphasizes the tech giant’s efforts of trying to gain a foothold in the countries’ rapidly growing digital payments space.

The Google Wallet app stores a consumer’s credit or debit card information and allows shoppers to pay for goods by tapping their phone against a retail store’s point of sale at the checkout counter. Additionally, the company is offering digital item support for things like loyalty cards and boarding passes.

“Cardholders of FirstRand Bank, Discovery Bank, Investec, Standard Bank, ABSA, and Nedbank will now be able to add their cards to Google Wallet,” Google said.

Furthermore, customers can now pay with their Android phones or use OS devices where contactless payments are accepted.

Google wallet is also debuting in Azerbaijan, Iceland, Moldova, Qatar, and Serbia, offering the same services. 

The COVID-19 pandemic hastened the migration to digital transactions, and consumers are increasingly choosing to use their smart devices to make contactless payments. The widespread use of smartphones also contributed to higher adoption rates.

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Business

Arno Carstens to showcase his NFTs at the upcoming Crypto Fest 2022

On 30th September, Bitcoin Events will host the fourth iteration of Crypto Fest at the Grand Africa Café & Beach in Cape town, as well as online as a virtual event.

Crypto Fest 2022 that is themed  “Don’t Look Up” will examine how cryptocurrencies, non-fungible tokens (NFTs), decentralized finance, Web 3.0, and the metaverse will affect the worlds of finance, investment, art, music, sport, gaming, entertainment, marketing, governance, and other sectors. 

South African musician Arno Carstens has announced that he will not only take part in a panel discussion with the chairperson of the United Africa Blockchain Association, Yaliwe Soko, but he will also showcase his forthcoming NFT collection at the event. The pair will discuss the impact NFTs have had on artists and musicians on the African continent.

Carstens said in a statement, “I’m excited to be part of something that is still developing and being able to connect with people who are as excited as I am. The human mind is drawn to the possibilities of what can be, and it’s the potential of this that I am excited about.” 

He added, “NFTs and the metaverse are technology in its infancy. Crypto Fest 2022 is a place where developers, artists, and collectors can come together on this voyage of discovery. The idea of being self-sovereign is such a light at the end of the tunnel for a lot of people.” 

Other speakers participating include, Business Development Lead at Polygon Technology Michael Jordan, who will discuss the future of decentralized finance in Africa, Simon Dingle, and Steven Boykey Sidley who will discuss the so-called crypto winter.

For more information about the crypto fest, visit here.

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Business

Binance introduces South African Rand gateway to allow quick deposits

As part of its approach to boost its local presence in South Africa, Binance has announced the introduction of a fiat gateway for the South African Rand (ZAR).

The global crypto exchange platform stated on its website, “Binance is pleased to offer deposits and withdrawals of South African Rand (ZAR) as part of Binance’s mission to increase the adoption and mainstream accessibility of crypto. Users will be able to deposit and withdraw ZAR to and from their Binance wallets via Instant EFT.”

A fiat gateway is referred to as an on-ramp, and this is a method that enables users to use fiat currencies to purchase cryptocurrencies. With the ZAR gateway, Binance will support direct crypto exchanges with the ZAR, removing the need for users to convert into other supported currencies like $USDT first.

This comes after the South Africa Reserve Bank (SARB) advised local financial institutions to work with crypto exchange platforms. 

In a guidance note issued by the South African Reserve Bank’s Prudential Authority, banks are advised to act as a conduit for funds linked to crypto activity and to also play a role in customers wishing to purchase crypto assets or receive pay-outs for the sale of crypto assets via fiat currency into their bank accounts.

According to Binance, this service will be rolled out in two phases. Phase 1 will include deposits and trade.

“With immediate effect, Binance users are now able to deposit ZAR into their Binance wallets, and purchase BTC, BUSD, ETH, USDT, and BNB with their ZAR balance.”

Phase 2 includes withdrawals. 

“From 2022-08-25 08:00 (UTC) onward, ZAR fiat withdrawals will be enabled for all Binance users.”

The new product should allow South African consumers to quickly and securely make deposits using Instant EFT as part of Binance’s continued efforts to promote the adoption and general accessibility of cryptocurrencies.

The company’s goal has always been to increase financial accessibility and hasten the adoption of cryptocurrencies, according to Hannes Wessels, Country Lead for Binance in South Africa.

The exchange not only has a large user base, but it has also broadened the services it offers, which at the moment include trading, infrastructure upgrades, educational resources, incubation, investment, and charity.

With the introduction of the Rand fiat gateway, Binance will become more competitive in the South African market, where a number of regional rivals currently enjoy a greater market share.

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Business

Binance launches ETH/BUSD zero-fee trading

Global crypto exchange Binance has officially announced that it is introducing zero-fee trading for the ETH/BUSD spot trading pair. The exchange service will be launching the promotion on Friday, August 26 and it will run until Monday, September 26.

“We are excited to announce that Binance will introduce zero-fee trading for the ETH/BUSD spot trading pair. Starting August 26th, Binance users can buy and sell ether (ETH) for BUSD without paying any trading fees. “

Binance noted that users should take note of the following during the zero-fee trading period:

  • All users will enjoy zero maker and taker fees for the ETH/BUSD spot trading pair.
  • The ETH/BUSD spot trading pair will be excluded from BNB fee discounts, fee rebates, or any other form of fee adjustments or fee promotions.
  • VIP users: Trading volume on the ETH/BUSD spot trading pair will be excluded from the 30-day volume calculation toward the Trading Fee Level.
  • Spot Liquidity Providers: Maker volume on the ETH/BUSD spot trading pair will be excluded from the maker volume calculation toward Spot Liquidity Provider Program.

According to Binance, they have introduced this because they earlier introduced zero trading fees for bitcoin trading so it’s only fair that they do the same for Ethereum.

“Earlier in the year, we announced zero fees for bitcoin trading. Naturally, it’s only fair that ETH gets the same treatment,” Binance stated in its announcement.

The anticipated start date for the Ethereum Merge which is around mid-September is included in this time frame. Mid-September is the anticipated release date for the merge. This may result in a large number of trades between ETH and BUSD in the final two weeks of the trading ban.

Binance said, ”With The Merge quickly approaching, we understand there’ll be an influx of crypto users, both newcomers, and veterans, interested in the Ethereum ecosystem and its native asset, ether. As a user-first company, we want to ensure everyone has the opportunity to buy and sell ETH with minimum barriers to entry. 

Binance added, “Like Bitcoin, Ethereum is another cornerstone of the Web3 ecosystem. For starters, ETH is the second-most popular digital asset by trading volume. Furthermore, the Ethereum blockchain is the original home to many decentralized applications (DApps), being critical in paving the way for DeFi, NFTs, and the use of smart contracts in crypto.”

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Business

Coinbase Hit With $5M Lawsuit Over Exchange Crashes And Alleged Securities Violations

San Francisco-based exchange Coinbase is being sued for $5 million by a customer, George Kattula. The customer alleges that Coinbase is failing to properly secure customers’ accounts and flouting federal securities laws, among other allegations. 

The lawsuit which was filed last week and represents over 100 people, claims that the biggest cryptocurrency exchange in the U.S. locked users out of their accounts for extended periods of time which is harming them financially.

George Kattula, the plaintiff, also asserts in a lawsuit filed in the U.S. District Court for the Northern District of Georgia that Coinbase flagrantly disregards federal and state regulations by failing to disclose that the digital assets available on its platform are securities.

The lawsuit reads, “Contrary to its representations, Coinbase does not properly employ standard practices to keep consumers’ accounts secure. Additionally, Coinbase improperly and unreasonably locks out its consumers from accessing their accounts and funds, either for extended periods of time or permanently.”

The plaintiff further complained that the exchange crashed during times of market volatility making it difficult for the user to withdraw cash leaving his assets vulnerable to theft.

The lawsuit further reads, “Coinbase’s user growth has outpaced its ability to provide the account services and protections it promises to consumers.” 

Disgruntled consumers have recently filed several lawsuits against the cryptocurrency exchange. The exchange requested an emergency intervention from the U.S. Supreme Court earlier this month to refer two recently filed claims to arbitration.

According to a Bloomberg article from late July, the SEC is also presently looking into the company for enabling American citizens to trade unregistered securities.

Categories
Social Good

Sovereign Nature Initiative and Kenya Wildlife Trust Announce a Web3 Hackathon to Protect Maasai Mara Predators

Amsterdam-based non-profit foundation Sovereign Nature Initiative and the Kenya Wildlife Trust (KWT), an organization committed to protecting and conserving predators and their ecology, have launched a conservation technology program to develop new Web3 solutions to address ecosystem challenges.

The hackathon will be hosted online from October to November. It will feature teams building tech in service to the balance and thriving of life on earth, with a specific focus on predator conservation efforts in Kenya.

Selected teams will work on technology during the Hackathon to assist KWT in identifying wildlife using computer vision models and onboarding these IDs while utilizing Web3 data and self-sovereign identification protocols like the KILT Protocol.

Furthermore, the teams will also employ Web3’s unique coordination-enabling capabilities to address communications and data integration conservation challenges.

The virtual competition, which will also take place in SNI’s metaverse, will build on the success of their second hackathon which took place earlier this year at De Ceuvel, an Amsterdam park dedicated to eco-architectural sustainability.

Catherine Bischoff, CEO of SNI commented on this new move saying, “First and foremost, this hackathon is an incredible opportunity to grow our community to include East African teams passionate about building tech in service to non-human life. It will also give SNI the chance to test how web3 technology and existing conservation tools can work together to support complex challenges faced by leading wildlife conservancies.”

She further expressed her merriment saying, “We are excited to connect and learn from indigenous communities about their relationships with predators, and how that could inform the development of tools which are integral to those ancient cohabitation practices.”

Irene Amoke, Executive Director at KWT added, “At KWT, we invest our time and resources to contribute to and strengthen the quality of data used to inform conservation initiatives across key ecosystems in Kenya. My team is excited about this hackathon’s impact, which will allow us to explore new territory and develop new strategies for monitoring predators, analyzing data, and supporting communities. We look forward to the outcome and implementation of creative solutions.”

According to the press statement, the confirmed judges include Irene Amoke, Executive Director – KWT, Catherine Bischoff, CEO – SNI, Memo Some, Founder and CEO – Wildnow Foundation, and Craig Beech, Executive Director – Regenerative SPACE.

There will be an offering of a coin prize: 320 Kusama tokens and 15,000 Ocean tokens, plus a 5,000 euros bounty as a reward for winning teams’ innovation and creativity at the end of the hackathon.

Applications to participate will be accepted until September 12.

Categories
Technology

Meta announces applications for AR/VR Africa Metathon

In collaboration with Imisi 3D and BlackRhino VR, Meta has announced that applications are now open for the AR/VR Africa Metathon.

The AR/VR Africa Metathon is a collection of activities and events run by the Meta Global XR Fund with the goal of assisting African XR talent in developing cutting-edge solutions that highlight the different applications of the Metaverse in Africa.

The AR/VR Metathon will have three major components including a training program, an Africa-wide hackathon that will be physically and virtually open to all in 16 countries in Africa, followed by an intensive bootcamp to develop solutions. These components will run from Mid August – April 2023.

Phil Oduor, the Policy Program Lead for Africa at META said, ”The AR/VR Africa Metathon is an opportunity to demonstrate that the artificial intelligence, augmented reality and virtual reality technologies that have been around for decades are core to the future of the metaverse and what Africans are building in the industry.”

Oduor further added, “The XR Programs and Research Fund is a two-year $50 million investment into programs and external research focused on building the metaverse responsibly. Through this fund, we are collaborating with industry partners, civil rights groups, governments, nonprofits, and academic institutions to determine how to build these technologies responsibly. This is why we have partnered with Imisi 3D and BlackRhino VR, an extended reality ecosystem developer, and a virtual reality production company, that represents Africa’s creative and innovative landscape, to launch this program to support African XR talent who are building innovative solutions that demonstrate the various aspects of the metaverse in Africa.”

Judith Okonkwo, Founder of Imisi 3D & AR/VR Africa also commented saying, “We are thrilled to be partnering with Meta and BlackRhino VR for the 2022 edition. This year’s AR/VR Africa Metathon brings together our AR/VR Africa pre-hackathon training, hackathon, and bootcamp in one program. Working with partners in 16 countries, it is our biggest and most ambitious event yet providing even greater access for XR. At this time of intense global interest in the Metaverse, our mission remains the same and that is increasing access to XR resources on the continent, accelerating XR talent, showcasing African XR solutions, and creating pathways for careers and industry.”

“We are honored and elated to have partnered with Meta and Imis 3D on this promising project. The Metathon will encourage exploration and discovery among young African creative technologists who will have the opportunity to develop Afrocentric XR use cases that will tackle some of the unique challenges they are facing in our continent. This type of collaboration is what Africa needs to highlight the potential of new and untapped socioeconomic opportunities created by XR Technologies,” commented Brian Afande, Co-founder and Managing Director, BlackRhino VR.

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Business

How Africa Blockchain Institute Is Grooming Youth For Digital Transformation

The Rwandan-based Africa Blockchain Institute is redefining the potential of blockchain education by offering the highest-quality and stackable learning experiences.

The Pan-African Institute was established to advance the adoption, advancement, and application of blockchain technology while educating experts, business owners, government regulators, and the general public about this cutting-edge technology.

Kayode Babarinde, the Executive Director at Africa Blockchain Institute recently had a conversation with Blockbuild,  a media platform that focuses on blockchain technology in Africa. In his chat, he focused on how Africa Blockchain Institute is deploying blockchain technology to drive the African continent for the future of work and the opportunities blockchain technology presents for Africa.

According to Babarinde, the Blockchain Institute aims to champion digital transformation in Africa using blockchain technology.

He said, “We believe in the potential of blockchain technology to help solve Africa’s problems and we are committed to driving that agenda. We do this through research, training, hackathons, and the deployment of enterprise blockchain solutions.”

The institute recently set up a blockchain hackathon to accentuate its mission. Their inspiration for the blockchain hackathon is the belief that transformation cannot be achieved if the youth are not included and well equipped.

He said, “Our inspiration for the campus blockchain hackathon is the belief that the transformation we seek cannot be achieved if the youth we rely on are not even equipped with the knowledge to effect it.”

“Therefore, this hackathon aims to improve the problem-solving skills of young Africans using blockchain technology as the main focus. We believe that preaching this blockchain gospel to these young ones gives us a better chance of grooming them into the changemakers we need in the continent,” he added.

The blockchain advocate also talked about how blockchain can get domesticated for adoption in the African market.

He emphasized that the first way is through regulation. 

“If we are to encourage those in this space to bring up solutions for the problems we need using blockchain technology, we need to create a safe regulatory haven for them. Innovation would be stifled in a harsh regulatory environment,” he said.

Furthermore, creating awareness about blockchain technology while emphasizing how beneficial it is to the African community and finding ways of merging it with traditional methods and practices are also some of the other ways of increasing its adoption in the African market, according to Babarinde.

Babarinde also highlighted that although the adoption rate is still low, there are numerous youths in Africa using blockchain to tackle different challenges which shows that Africans are eager to learn about the technology.

Over the years, Babarinde has acquired expertise in Blockchain Technology, Digital Transformation Policy, and Business Management.  He is a Professional member of the Government Blockchain Association (USA) and also the Lead Partner of KAYBABS Consult, a leading technology firm with innovative strategies for market entries in domesticating the adoption of Blockchain Technology in Africa.

Categories
Blockchain

What are Decentralized Apps (Dapps)?

Decentralized apps also known as Dapps are similar to normal mobile applications. They offer similar functions, but the key difference is that they are run on a peer-to-peer network, such as a blockchain while using smart contracts. They are decentralized meaning that they can’t be controlled by a single person or entity. 

They run on a blockchain network in a public, open-source, decentralized environment and are free from control and interference by any single authority. For example, a developer can create a Twitter-like dApp and put it on a blockchain where any user can publish messages. Once posted, no one including the app creators can delete the messages.

Common features Dapps have;

They are open-source and operate on their own without any one entity controlling them.

Their data and records are public.

They use a cryptographic token to help keep their network secure.

Most of the dapps are built on networks including Ethereum, BNB Chain, and Polygon. They include Uniswap, Aave, Pancake swap, Upland, steemit among others.

Among the most popular dapps at present are decentralized finance (DeFi) applications such as decentralized exchanges (DEXs). These enable people to swap one cryptocurrency for another without the need for a centralized gatekeeper like you’d find on exchanges like Binance, and Coinbase.

While many in the blockchain and crypto community believe that dapps should have all of these features, as the industry has matured, there are dapps that use some, a combination of, or none of the above.

DApps, which are frequently created on the Ethereum platform, can be created for a number of uses, such as social media, gaming, and finance.

Advantages and Disadvantages of dApps

Many of the advantages of dApps center around the program’s ability to safeguard user privacy. With decentralized apps, users do not need to submit their personal information to use the function the app provides. DApps use smart contracts to complete the transaction between two anonymous parties without the need to rely on a central authority.

Proponents interested in free speech point out that dApps can be developed as alternative social media platforms. A decentralized social media platform would be resistant to censorship because no single participant on the blockchain can delete messages or block messages from being posted.

With Ethereum’s flexible platform for building new dApps, developers have the infrastructure they need to concentrate on coming up with creative uses for digital applications. This could enable rapid deployment of dApps in a variety of industries including banking and finance, gaming, social media, and online shopping.

Some of the disadvantages include Dapps being experimental which means they may not be able to scale, it is hard to develop user-friendly interfaces on their platforms, and they are difficult to modify.

In conclusion, Dapps are still in their infancy. However, there are already tens of thousands of dapps that provide a wide range of activities, including trading NFTs, investing in DeFi, and playing video games.

By Q1 of 2022, there were almost 2.4 million daily active users of dapps. But there’s still a long way to go. Before dapps reach the mainstream, developers and the networks on which they build dapps have a long list of challenges to work through, including scalability, security, and UX.

Once they do, the dawn of the decentralized app will be upon us.