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Brokerage Firms Turn to Shiba Inu, Bitcoin, and Dogecoin Despite Market Crash

Due to the recent rise in popularity of the industry, popular digital assets like Shiba Inu, Dogecoin, and Bitcoin have experienced an increase in use cases as a payment option. Several brokerage companies are now also taking Bitcoin, Dogecoin, and Shiba Inu as viable payment options for their services, despite the crypto industry’s record-breaking slump.

The first brokerage firm to accept cryptocurrency payments was Denison Yachting, based in the US. The firm started accepting crypto as far back as 2014 and has accepted Bitcoin payments for 17 yachts. Additionally, Denison Yachting also mines the flagship digital asset.

One of the more established companies in the industry, Camper & Nicholsons, also made the leap in June by joining forces with BitPay to accept Shiba Inu and other digital assets. The 240-year-old brokerage firm claimed that the purpose of its choice was to attract new clientele for its business.

More recently, Yachtzoo, a Monaco-based brokerage firm, has partnered with leading crypto payment service provider BitPay to enable payments for its yacht in Shiba Inu, and Dogecoin, alongside other digital assets supported by the service provider.

According to a SuperYacht Times report, the expectation of these firms is that the crypto industry will recover to old heights soon.

Meanwhile, food delivery companies like Uber Eats, DoorDash, and Grubhub have also enabled crypto payments via BitPay.

The crypto industry is still witnessing one of the largest value declines in its history. Flagship digital assets like Bitcoin, Ethereum, Dogecoin, and Shiba Inu have recorded around 50% decline in their values in the last 30 days.

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CV Labs opens blockchain incubation hub in Cape Town

Switzerland’s Crypto Valley Venture Capital (CV VC) and its ecosystem enabler, CV Labs have launched a hub in South Africa, CV Labs Cape Town. This will be Africa’s first blockchain incubation and ecosystem hub.

The opening of CV Labs Cape Town is a result of CV Labs using its renowned expertise to enable blockchain as a transformative tech in Africa.

The opening of CV Labs Cape Town is a culmination of Switzerland and South Africa’s engagement with blockchain technology in the ambit of bilateral education, research, and innovation cooperation which began in 2019.

The aim of CV Labs Cape Town is to enable blockchain startups to flourish and be the heartbeat of the African blockchain ecosystem. The launch, which was also a networking event, was attended by luminaries in the blockchain space, including educators from the University of Cape Town and co-hosts Standard Bank, Polygon, and Binance.

Gideon Greaves, MD CV VC Africa, emphasized the company’s mission saying, “Our commitment to Africa is to enable blockchain startups to catalyze greater socio-economic well being for its people and industries. Following our investment in 12 African startups, and publishing the inaugural African Blockchain Report in association with Standard Bank, CV VC has demonstrated its deep commitment to the region by opening the CV Labs Cape Town hub. We are equally excited about the forthcoming launch of our African Blockchain Early Stage Fund, which will allow global investors to invest alongside CV VC in African tech expertise.”

Ian Putter, Head of Blockchain Centre of Excellence at Standard Bank Group, and Regional Director of the Blockchain Research Institute Africa added, “I believe that the real potential for exponential leaps in financial inclusion lies in the blockchain infrastructure that underpins crypto assets rather than in the assets themselves. One of the most powerful aspects of blockchain is the ability to create programmable money that can assist in eliminating fraud and human error in transactions and foster transparency in financial records. We are very excited to see the opening of CV Labs Cape Town as it will enable the further emergence of blockchain as a resource from which Africa can build great blockchain enterprises.”

In a press statement shared on CV VC’s website, global crypto exchange, Binance is thrilled to collaborate with CV Labs Cape Town.

Emmanuel Ebanehita, Marketing Director of Binance Africa said, “While actively participating in Africa, we are proud to have provided blockchain education to over half a million people on the continent. The determination of the African people to propel their future through engagement in new technologies such as blockchain is thrilling. As such, we are pleased to collaborate with CV Labs Cape Town to advance the ecosystem and drive the adoption of blockchain.”

Africa is embracing the newfound independence that blockchain technology provides. Africans see new-age technology as a means of improving everyday life while solving fundamental difficulties. With a very young, hungry for change, and techno-savvy population, Africa is no stranger to using digital means of transacting and exchanging value. While Africa has adopted cryptocurrencies rapidly, most notable is that blockchain technology use cases go far beyond crypto, reaching towards all industry sectors, from finance to agriculture, property to utilities.

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Central African Republic launches Sango Coin

The Central African Republic (CAR) announced on Friday that it will begin selling a cryptocurrency, Sango Coin, which will be worth $21 million next week, despite a general downturn in the crypto sector and doubts about the CAR project’s viability in a poorly connected, war-torn nation.

According to the Sango project website, the Sango Coin described as a national digital currency will go on sale on July 21st with a minimum investment of $500 to be paid in cryptocurrencies, including bitcoin (BTC) and ethereum (ETH).

CAR recently accepted bitcoin as legal tender in April, despite claims that the country still has limited internet and electrical availability. Crypto experts and industry leaders such as the International Monetary Fund (IMF)were really surprised by this move and drew words of caution.

Although the crypto market has been quite volatile, creating doubts among investors and traders, this hasn’t changed CAR’s enthusiasm for cryptocurrencies.

Within the Central African Republic’s initiative, overseas traders will be capable of purchasing citizenship for $60,000 price of crypto with the equivalent Sango Cash held as collateral for 5 years and “e-residency” for $6,000 held for 3 years based on the Sango web site.

A 250 metre sq. plot of land is listed as $10,000, with the Sango Cash locked away for a decade.

According to the website, 12 additional coin sales may occur, with the price increasing each time. Numerous details such  as the technology being used, the companies backing the launch and whether the token’s value would be free-floating or fixed remain unclear.

According to the terms and conditions of the Sango funding platform, unused Sango Cash cannot be reimbursed or converted back into other cryptocurrencies.

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Avana Resources Limited Announces A Digital Security Token Private Offering

Avana Resources Limited, an East African gold producer and explorer, has announced a $20 million digital security token offering to accelerate and broaden its production and exploration capabilities. A security token is essentially a digital, liquid contract for fractions of any asset that already has value, like real estate, a car or corporate stock. Using security tokens means investors can expect that their ownership stake is preserved on the blockchain ledger.

The company is mostly for engaging in responsible and sustainable production, development and exploration of gold resources in East Africa and Madagascar.

The firm mainly has active mining operations in Kenya that can process 12 tons of ore per hour (tph) from an estimated 513,000 ounces of gold that is available at a grade of about 6 grams per ton.

The money obtained will make it possible to finish the geophysical and drilling projects in Kenya, Madagascar, and Mozambique as well as enhance production in Kenya to 36 tph.

Yesterday the CEO, Sam Malin said, “Avana has launched a successful gold operation in Kenya and with today’s announcement looks to significantly increase the capacity of the Kenyan operation while also accelerating development of its operations in Madagascar and Mozambique.”

Token holders will be entitled to 30% of net profit originating from all revenues generated from Avana Resources globally.

In Madagascar and Mozambique, the business has conducted gold exploration and found gold. As a consequence of geological surveys and previous exploratory work, the team is also aware of additional metals and minerals in each of its locations. 

Token holders have the potential of benefiting from significant blue-sky opportunities related to these minerals.

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Korapay and Kandon Technologies accounts frozen by Kenyan authorities because of fraud

Nigeria’s Korapay Technologies Limited and Kandon Technologies Limited have been accused of fraud in Kenya, with suspicion of siphoning over $50 million (KSh6 billion) into the country.

The Asset Recovery Agency (ARA)  filed two lawsuits against the companies, accusing them of availing themselves as a conduit for international money laundering.

Because of this, the Kenyan High Court has frozen their accounts with KSh45 million ($381,000) worth of funds belonging to the two Nigerian companies. Over $249,990 (KSh 29.5 million) was held in Korapay’s frozen Equity Bank account while Kandon Technologies had $126,800 (KSh 15 million) in two frozen UBA accounts.

Korapay has denied all allegations of money laundering saying,

“We want to make it very clear that the allegations from Kenya and the report from Standard KE are baseless and bordering on malicious.”

The company added that it intends to release an official statement on the matter soon. 

Kandon also denied all allegations of financial impropriety and expressed that it is taking necessary legal steps. 

“Every transaction we did in Kenya was fully compliant, we’re working directly with the banks who have carried out KYC on us and are aware of the nature of our transactions and our beneficiaries. This is an issue that has been ongoing for a while, we have been aware of this issue for months and we’re definitely taking legal actions. I believe we are going to be cleared because we have done nothing wrong, it feels like witch hunting .”  

The court’s decision to impose a six-month account freeze on Korapay and Kandon’s accounts is likely to help the ARA finish its investigations into the alleged money laundering. According to the evidence presented to the court by the ARA, Korapay and Kandon were part of a global network of fraudsters who channeled illegal funds through Kenyan banks.

According to the ARA, Korapay and Kandon are linked to 7 other Nigerian firms including Flutterwave Ltd, Elivalat Fintech Ltd, Hupesi Solutions, Adguru Technology Limited, Boxtrip Travels and Tours, Bagtrip Travels Ltd, Cruz Ride Auto Ltd and a Kenyan businessman, Simon Karanja whose accounts were frozen last week over money laundering allegations.

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Ex Flutterwave Exec launches African remittance startup in UK

Former Flutterwave Strategy Lead Damisi Busari, is launching an African fintech enterprise called Sendsprint in the UK to provide money transfer and gifting services to three destination countries for senders including Nigeria, Kenya and South Africa.

Speaking more about the platform Busari said,

“This is a product for the African Diaspora, by the African Diaspora. All of us at SendSprint understand the multiple demands that Africans living abroad lead. The UK launch represents a significant step for SendSprint as we look to expand and connect people across the globe to their homes in Africa. We have ambitious growth targets which will be supported by scaling up our team across both product and customer service.”

In its first 18 months of business, SendSprint plans to serve 300,000 UK consumers. The UK launch is the first step in its international objectives. The firm also intends to expand to  the United States and Canada in the coming months.

Sendsprint’s Send Money product aims to solve a financial problem for the African diaspora by providing a flat fee of $5 for money transfers as opposed to a sliding scale from other providers, with real-time transaction monitoring and 24/7 customer service support.

Additionally, the business provides Sendsprint Connect, a gifting service that can be utilized at over 3,000 merchants in recipient nations. Shoprite, Game, Jumia, Filmhouse Cinema, St. Nicholas Hospital, and Healthplus pharmacies are just a few examples of partner merchants.

The launching of Sendsprint coincides with a $2 million funding round raised by FCA-licensed firm Zazuu, which offers a pricing comparison site for members of the African diaspora to sift through the best available deals.

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Bybit Launchpad 2.0 To Host Land Of Conquest (SLG)

Bybit is listing SLG, the governance token of Land of Conquest, on Bybit Launchpad 2.0. 

Land of Conquest is an upcoming play-to-earn Massive Multiplayer Online Simulated Life Game (MMOSLG) set in an apocalyptic wasteland. The much anticipated MMO simulation game offers players many exciting ways to interact, ranging from the production of bases and resources to training heroes up for challenging PvE and PvP battles. 

The game features three kinds of NFTs for players to buy and earn: land, heroes and fortress-strengthening mechs. It also features a free-to-play option that gives new players a chance to battle against NPCs and help harvest resources for land-owners while hero NFT-holders can enjoy exciting PvP matches.

Land of Conquest has gained support from a number of investors including PopFun, Cocos, Mirana Ventures, New Start Ventures, CCV, C2, NGC Ventures, K300 Venture, and CryptoPhd in addition to its ardent social media following of over 97,000 followers.

According to a Bybit spokesperson, the Land of Conquest platform is to potentially reach Bybit’s 6 million users. Additionally, the initial exchange offering for SLG will be available on the Bybit Launchpad 2.0 with the full spot listing scheduled for July 19. 

Today, the Bybit NFT Marketplace and Land of Conquest will jointly release the first NFT mystery box. In Land of Conquest, NFTs play a significant role because they are used to symbolize a variety of significant in-game items such as land, heroes, and mechs which give players’ stronghold boosts.

While this is a promising Web3 project from Bybit, one wonders whether this possibly works for the African audience too. Commenting on this, the Bybit spokesperson said,  

“We are at the forefront of building our infrastructure that will help African users learn more about the blockchain industry and cryptocurrencies. We believe this P2E opportunity adds value to the gaming experience for many African users looking to achieve financial freedom and become part of the web3 economy. We opened a couple of fiat rails to enable users to convert their fiat to crypto, and recently launched our own peer-to-peer (P2P) trading platform. It currently supports the Nigerian Naira (NGN), Kenyan Shilling (KES), and Ghanaian Cedi (GHC) with more currencies to be added in the near future. In addition to the Land of Conquest announcement, last month, Bybit partnered with P2E pioneers such as Walken and OpenBlox to list the first tokens on Bybit Launchpad 2.0.”

She also added, “Regulatory ambiguity and education are some of the major hurdles to mainstream P2E adoption in Africa. Some countries have banned crypto outright, which hampers the adoption of certain use cases of crypto and in turn discourages popular  P2E adoption. Furthermore, P2E games have the potential to help individuals achieve financial freedom while doing something they enjoy, which is still new to the general public.”

SLG joins a list of web3 initiatives debuting on Bybit’s intuitive platform for promising crypto projects. Bybit Launchpad 2.0 gives users early access to some of the most sought-after tokens in the space. Users of Bybit can utilize BIT to subscribe to token allocations or take part in Launchpad 2.0’s new lottery model by staking a small amount of Tether (USDT) in exchange for the chance to win token allocations. Through the Launchpad, users can also purchase the top-performing tokens from previous listings.

The company is committed to disrupting the public perception of gaming and taking it to the next level by taking steps to engage local regulators in constructive dialogues to showcase the industry’s power to do good. Additionally, it is looking to develop engaging educational materials and initiatives to generate awareness of the industry as well as P2E.

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OKX Receives Provisional License in Dubai

Seychelles-based crypto exchange company OKX announced yesterday that it has secured a provisional virtual asset license in Dubai that enables it to provide a limited range of goods and services to accredited UAE investors as well as those in the Gulf Cooperation Council and Africa. The company also plans to set up a regional hub at the Dubai World Trade Center to contribute to the region’s development while promoting the advancement of the crypto industry. 

According to the announcement, the Dubai World Trade Center Authority signed the authorization through its Virtual Assets Regulatory Authority (VARA), an agency established earlier this year to oversee crypto activities in the United Arab Emirates (UAE) and to protect investors.

In addition to providing digital asset services in Dubai, the company stated that it will engage in constructive dialogues to promote conversations about regulations while facilitating support for local cryptocurrency research.

“Dubai is also a pioneer in the virtual asset industry, and we are excited to participate in its sound compliance framework and development,” an OKX representative said. 

“Education and safeguarding users’ assets remain the utmost priority to us and we feel this latest license will help us move the industry forward into a safer and more user-friendly environment,” the representative added.

The Middle East and North Africa are among the regions with the fastest expanding virtual asset markets and OKX is pleased to support their free exchange of ideas and forthcoming regulatory developments.

OKX’s provisional license comes a few days after the exchange signed a training kit sponsorship agreement with Premier League football club Manchester City. Although the partnership came with undisclosed financial terms, it is speculated to be  worth around $20 million.

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Engie launches crypto initiative in Africa

Engie, a French energy company, launched its first cryptocurrency project in Africa to promote the adoption of off-grid solar technologies in sub-Saharan nations.

The company collaborated with the Swiss non-profit Energy Web developer of the Energy Web Token (EWT) to develop a decentralized crowdfunding platform where investors can deposit a certain number of tokens for a 12-month period and get a fixed interest rate of 10%.

Despite a two-week initial test period, the site managed to reach its investment goal of 20,000 EWT in just six days.

The Energy Web Foundation has sent $100,000 worth of EWT to Engie Energy Access, Engie’s subsidiary for off-grid solar solutions in Africa, where it will be used to fund mini-grid solar systems in three targeted African nations: Rwanda, Zambia, and Côte d’Ivoire.

Customer payments under a Pay-As-You-Go (PAYGO) model which starts at $0.19 per day for a basic mini-grid solar installment will be recouped to pay the investors their fixed interest.

Despite the recent cryptocurrency crash in which bitcoin dropped from $47,454 in late March to $19,777 in mid-July, the demand for cutting-edge blockchain and cryptocurrency projects does not seem to have decreased. Engie is relying on cryptocurrencies as a different means of financing its goal of becoming the top decentralized energy provider in Africa.

According to Stefan Zelazny, Head of Software and IT at Engie Energy Access, “The platform is currently at a proof-of-concept stage whose aim is to evaluate and understand the appetite of the crypto investment community.”

According to Engie Energy Access, because of blockchain technology, the energy company should be able to power 20 million people in Africa by 2025.

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Afriguild launches Web3 Africa Women Fellowship

Afriguild, one of the fastest-growing Web3 organizations in Africa, has put out a call for women passionate about building web3 skills to apply for its Web3 Africa Women Fellowship. 

With a mission of bringing 100 million Africans into Web3 in a period of 5 years by making opportunities in Web3 accessible to young people on the continent, it has launched the fellowship program to address inequalities faced by women and challenge the disproportionate gender inequalities that exist in the web3 space.

Only 30% of Sub-Saharan African women work in the ICT sector, according to a UNESCO Science Report. This raises serious concerns as the lack of gender diversity negatively impacts companies in terms of missed opportunities to create better products and experiences.

With this multi-year fellowship, Afriguild will equip women with skills to ensure they are better prepared and positioned for opportunities in Web3 development, gaming, design, and content creation to name a few. Successful applicants will access global learning opportunities, paid engagements, international mentorship opportunities, and many more benefits.

Young African women who are undergraduates or recent graduates of tertiary institutions in Africa are eligible for the program.

By offering entry-level opportunities to learn and develop capabilities for the burgeoning virtual economy, it aims to cultivate the next generation of African women leaders in frontier tech. 

The application process opened on the 7th of July. On the 18th,  applicants will get notified of their status. The fellowship program will start on the 20th of July.  For women in tech looking to advance their skills, this is an opportunity to start their Web3 journey.