Connect with us

News

Binance Enables Instant ZAR Deposits & More

Published

on


In this week’s news roundup, you’ll read about Binance launching a fiat gateway for the South African Rand via instant ZAR deposits, a call for African startups in the Web3 sector to apply to Pitch Live that will happen next month in Ghana, Bitcoin Events’ announcement on the comeback of Crypto Fest, and more.

Binance Enables Instant Deposits For The South African Rand (ZAR)

Binance has launched a fiat gateway for the South African Rand (ZAR) as it looks to expand its product offerings and strengthen its local presence in South Africa.

This move will allow South African users to make fast and secure deposits via Instant EFT as the crypto exchange remains committed to increasing the adoption and mainstream accessibility of digital currencies.

“Our goal at Binance has always been to drive crypto adoption and promote financial accessibility. We are thrilled to be taking this next step in making access to digital assets more effortless for South Africans.” said Hannes Wessels, Country Lead for Binance in South Africa.

Users will be able to instantly deposit South African Rand into their Binance wallet and purchase crypto. In addition, users will also be able to convert ZAR into BTC, BNB, BUSD, ETH, and USDT.

Call For African Web3 and Fintech Ventures to Pitch Live At The Africa Money & DeFi Summit West Africa Edition

Applications are now open for African Web3, DeFi, and fintech startups to pitch live at the upcoming Africa Money & DeFi Summit West Africa edition that will take place between September 27th & 28th in Accra, Ghana.

The move follows the sold-out Money and DeFi Summit that was held in Nairobi, Kenya early this year. The Summit, produced by Africa Tech Summit; the leading tech event series, will again invite startups to join two days of sessions and networking events that will share insights on BNPL, crypto, DeFi, digital identity, investing, neo banking, mobile money, payments and more.

10 African startups from across Africa in the Web3, decentralized finance and fintech space will be selected by the Africa Money & DeFi summit team and given a chance to present their ventures and ask leading corporates and investors live on stage.

Andrew Fassnidge, Founder of Africa Money & DeFi Summit shared “We are excited to host African ventures to Pitch Live on stage at Africa Money & DeFi Summit again. While we continue to welcome applications from companies in fintech and embedded finance we are also really looking forward to seeing ventures innovating in the new wave of DeFi and Web3.0.”

Selected start-ups will be showcased to various investors, enjoy full access to the Summit and take part in the wide variety of workshops, discussions, and networking sessions that will take place. Any startups looking to take part in the Summit  or have at least one African co-founder or have their headquarters in, have at least a MVP ideally with existing traction and have a current “ask”. Ventures must also be able to attend the Summit in Accra, Ghana in person on the stated dates. Applications are open until September 1, 2022, and can be made by visiting this link.

Cape Town Set to Host Crypto Fest

Bitcoin Events has announced the return of the fourth edition of Crypto Fest 2022, which will take place in Cape Town, South Africa on September 30, 2022.

The event is meant to help seasoned investors, novel bag-holders, and no-coiners alike harness the opportunities in African crypto under the theme of “Don’t Look Up.” This year’s Crypto Fest is expected to be a one-of-a-kind event that will cater to crypto crusaders and deniers alike, with attendance from various developers, entrepreneurs, enthusiasts, investors and traders who will engage in hard-hitting conversations that will spark critical debates into the opportunities that crypto, decentralized finance (DeFi), non-fungible tokens (NFTs), the metaverse and Web 3.0 have om the worlds of art, entertainment, finance, gaming, governance, investment, marketing, music, sport and more.

“Change is inevitable, and the world is – slowly but surely – realising the impact that crypto and crypto-related technologies are having on the future of industry. Yes, the world of crypto has had its fair share of ups and downs, but the proof of concept is there; it’s only a matter of time before the sector bounces back. Now’s the time to look up and explore where opportunities lie. Now is the time to learn as we prepare to leap into a new era,” said Sonya Kuhnel, Co-founder and Director of Bitcoin Events and organiser of this year’s festival.

South Africa’s Reserve Bank Greenlights Financial Institutions to Serve Crypto Clients

The South African central bank has given financial institutions in the country the go-ahead to deal with funds linked to digital assets held in South African crypto wallets.

In the new guidelines shared by SARB, the institution said that the banks in the country “may act as a conduit for funds” tied to crypto asset service providers and “may play a role in customers wishing to purchase” or “receive pay-outs in fiat currency” in their bank accounts for the sale of crypto.

SARB released the guidance after noting that some local banks had previously moved to shut down accounts tied to cryptocurrency exchanges, citing exposure to risk. SARB said it was aware that certain banks in the country had blocked clients with links to crypto. It added that although thorough risk assessment is necessary, the “wholesale termination of client relationships” poses a threat to financial integrity.

To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.

Bitcoin Beginner's Handbook



Source link

We only source and collect valueable knowledge and information and do display it for public good (under the freedom of information act)

All image + text copyrights belong to their respectful owner, we do NOT claim any rights over those.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

US Treasury Sanctions Hit Russian Arms Dealer’s Crypto Wallets

Published

on

By



The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed full blocking sanctions on 22 individuals and entities across several countries, including Russia and Cyprus, as part of its sanctions evasion network that supports Russia’s military-industrial complex.

The sanctions were imposed under Executive Order 14024 and are part of the U.S.’s strategy to target sanctions evasion globally, close key channels, and limit Russia’s access to revenue for its war in Ukraine.

US Treasury Goes After Russian Arms Dealer’s Cryptos

The U.S. Treasury’s sanctions were imposed by the Russian Elites, Proxies, and Oligarchs (REPO) Task Force, a multilateral effort to identify, freeze, and seize assets of sanctioned Russians worldwide. This task force leverages information from international REPO partners and key data from Treasury’s Financial Crimes Enforcement Network (FinCEN) to share information, track Russian assets, and sever Russian proxies from the international financial system.

The REPO Task Force aims to maximize the impact of multilateral sanctions while preventing opportunities for Russia to evade or circumvent U.S. and partner sanctions.

The primary target of the sanctions is a Russian sanctions evasion network led by Russia and Cyprus-based arms dealer Igor Zimenkov and his son Jonatan Zimenkov. The Zimenkov network has been involved in projects related to Russia’s defense capabilities, including supplying a Russian company with high-tech devices after Russia’s full-scale invasion of Ukraine. They have also supported sanctioned state-owned Russian defense entities, Rosoboroneksport OAO and State Corporation Rostec, which are critical components of Russia’s military-industrial complex.

Igor and Jonatan Zimenkov have worked closely together to enable Russian defense sales to third-party governments and have engaged directly with Rosoboroneksport’s potential clients to facilitate sales of Russian defense material. Igor Zimenkov has also supported the Belarusian military-industrial complex by enabling the sales efforts of State Owned Foreign Trade Unitary Enterprise Belspetsvneshtechnika in Latin America.

Today, Igor Zimenkov was designated for operating in the defense and related materiel sector of the Russian Federation economy, while Jonatan Zimenkov was designated for having materially assisted, sponsored, or provided financial, material, or technological support for Igor Zimenkov, Rosoboroneksport, and other sanctioned entities.

The Zimenkov network used front companies to funnel money and maintain a lawful appearance. Singapore-based Zimenkov network shell company Asia Trading & Construction PTE Limited and its director, Serena Bee Lin Ng, have sold helicopters to clients in Africa on behalf of the Zimenkov network. Additionally, Cyprus-based Zimenkov network shell company Lobster Management Limited and its director, Mikhail Petrov, have facilitated sanctions evasion by providing support to sanctioned entities.

The Treasury’s OFAC continues to work with its international partners to coordinate information sharing and enforcement and to travel the world in pursuit of sanctions evasion. The sanctions imposed today are a clear signal to Russia and its military-industrial complex that the U.S. and its partners are committed to tightening sanctions enforcement and preventing the evasion of international sanctions.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.



Source link

We only source and collect valueable knowledge and information and do display it for public good (under the freedom of information act)

All image + text copyrights belong to their respectful owner, we do NOT claim any rights over those.

Continue Reading

News

Digital Wallet Growth Will Enable More Closed-Loop Transactions

Published

on

By


Crypto and fintech investment firm Ark Invest has made bold predictions about digital wallets, estimating that more than half the world will soon be using at least one.

In its Jan. 31 ‘Big Ideas 2023’ research report, Ark Invest revealed that digital wallet global population penetration is currently 40%. This equates to around 3.2 billion users, the firm added.

However, the research suggests that the number of online wallet users will increase at an annual rate of 8%. The firm predicted that this will result in a global population penetration of 65% by 2030:

“Having onboarded billions of consumers and millions of merchants, digital wallets could transform the economics associated with traditional payment transactions, saving them nearly $50 billion in costs.”

It also noted that digital wallets were gaining market share in online and offline transactions. Cash is definitely in decline, accelerated by government initiatives to go digital, as recently seen in Nigeria.


Payment method trends - Ark Invest
Payment method trends – Ark Invest

Digital Wallet Growth to Continue

Ark reported that digital wallets were scaling faster than accounts at traditional financial institutions. Furthermore, U.S. digital wallet adoption rebounded in 2022, surpassing previous highs following a COVID-induced dip.

The firm estimates that U.S. digital wallet users will increase by 7% annually during the next eight years. This will be a growth of around 160 million in 2022 to more than 260 million by the end of the decade.

Digital wallet user growth - Ark Invest
Digital wallet user growth – Ark Invest

Furthermore, online wallets are enabling “closed-loop” ecosystems. This is where consumers and merchants can transact directly, cutting out the middleman. 

“Digital wallets are onboarding millions of merchants to platforms that enable direct consumer-merchant transactions that disintermediate traditional financial institutions,” it noted.

In this closed-loop environment, wallet providers capture more value per transaction, enabling savings to be shared with merchants and consumers.

Open and Closed Lopp transactions - Ark Invest
Open and Closed Lopp transactions – Ark Invest

Additionally, Ark noted that closed-loop transactions could boost the margin structure of wallet providers.

It used Block Inc. (formerly Square) as an example, stating that it paid around 60% of customer transaction fees to third parties in 2022. The fees were paid for interchange, assessment, processing, and bank settlement fees. Block’s net take rate could more than double if customers transacted directly with merchants.

Block Inc. fee structure - Ark Invest
Block Inc. fee structure – Ark Invest

Closed Loop Transactions Could Top 50%

Finally, Ark predicted that these closed-loop transactions could account for over 50% of digital payments by 2030.

It used China as an example where wallets and merchants are largely internal or domestic only.

Closed loop cost savings - Ark Invest
Closed loop cost savings – Ark Invest

In conclusion, digital wallet growth is set to continue. Cutting out the intermediary which they facilitate is beneficial to both the consumer and merchant.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.



Source link

We only source and collect valueable knowledge and information and do display it for public good (under the freedom of information act)

All image + text copyrights belong to their respectful owner, we do NOT claim any rights over those.

Continue Reading

News

Strike Launches Lightning Remittances in the Philippines

Published

on

By


Bitcoin fintech giant Strike rolled out its Lightning Network money transfer service Send Globally in the Philippines, a $35 billion remittance market.

Send Globally launched in the Southeast Asian country on Jan. 31, 2023, enabling businesses and tourists to receive international money transfers in the Philippine peso. The country receives $35 billion in remittances globally.

How Strike’s Send Globally Service Works

“Remittances are a broken system and Strike delivers an incredibly empowering experience for people to send money around the world in nearly an instant,” Strike CEO Jack Mallers said.

According to a press release, Strike’s remittance service converts a sender’s fiat into Bitcoin and sends the Bitcoin to a Strike partner in the destination country using the Lightning Network, which in the case of the Philippines, is Pouch.ph. Pouch.ph then converts the Bitcoin to the recipient’s fiat currency and credits their bank or mobile money account, with Strike shielding both parties from the tax implications of handling Bitcoin directly.

Bitcoin’s Lightning Network is a layer-two solution on the Bitcoin blockchain that allows micropayments between nodes over a payment channel. Unlike traditional payment networks, Lightning’s low fees enable almost zero-cost remittances.

Recently, Mallers announced a trial to bring Bitcoin Lightning Network payments to retailers through a partnership with Fiserv’s point-of-sale solution Clover Commerce. The trial allows any application with Lightning capability to pay Bitcoin for goods and services at Clover merchants.

Philippine Smartphone and Internet Adoption Auger Well for Strike

Send Globally rolled out to Strike users in Ghana, Nigeria, and Kenya on Dec. 6, 2022, where it has reportedly gained rapid traction.

However, mainstream adoption in the Philippines will depend heavily on network effects, driven by smartphone and internet penetration.

According to Statista, the number of smartphone users will increase from 85 million in 2022 to 87 million by 2023. Additionally, forecasts suggest smartphone users will increase to 91.5 million in 2025, representing roughly 83% of the island nation’s population.

Smartphone Adoption in the Philippines
Smartphone Adoption in the Philippines | Source: Statista

Additionally, Statista predicts that about three-quarters of the population will have internet access by the end of 2023. Growing internet access increases the chance of Strike’s success, since it helped drive adoption of crypto game Axie Infinity.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.



Source link

We only source and collect valueable knowledge and information and do display it for public good (under the freedom of information act)

All image + text copyrights belong to their respectful owner, we do NOT claim any rights over those.

Continue Reading

Trending

Copyright © 2022 Cryptonewsafrica.com