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NairaEx Calls for Industry Policies, FlexID Secures Funding & More

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In this week’s news roundup, you’ll read about Nairaex’s call for improved industry policies and regulations, FlexID’s successful funding round to offer self-sovereign IDs to the unbanked population in Africa, Ayoken’s pre-seed funding to grow its marketplace, and more.

NairaEx Calls for More Industry Policies, Empowers Web3 Teams With Over N1 million

NairaEx

NairaEx, a crypto exchange company, has announced it’s building an enabling environment for the Web3 industry by empowering technology teams and also called for more improved industry policies and regulations at the recently held Techpoint Africa Blockchain Summit that was held at Four Points Sheraton in Lagos, Nigeria.

Besides sponsoring the event and hackathon, which NairaEx attributed to its commitment to supporting blockchain development and driving education in Nigeria, the company also gave tech experts, developer teams, founders, blockchain entrepreneurs, policy experts, and tech businesses a glimpse of the different innovations happening around blockchain technology.

Speaking during a panel discussion on regulations and Web3, NairaEx’s Growth Manager, Yomi Bilewomo said, “There is room for the cryptocurrency industry to contribute to the rules and regulations governing them. Tech enthusiasts must explore a way for the government to have both the centralized and decentralized systems obtainable in Nigeria. We believe that with proper regulations and support, the Cryptocurrency market can be an economic game changer for the country.”

The hackathon was also graced with judges from the blockchain and tech industry who awarded three Web3 teams for their design, innovation, relevance, and originality with a $2,500 cash prize. The Chemotronix team emerged first and received $1,250 (approximately N752,000) for building a prototype Internet of Things (IoT) device as part of its solution to reduce carbon emissions and other climate-related problems in Africa using the blockchain. Team Block Baddies won $750 (about N450,000) for creating a digital blockchain library that could be useful to African writers, while Team JPS earned $500 (Over N300,000) for its NFT market for digital fashion assets.

Zimbabwean Blockchain Startup FlexID Secures Algorand Funding to Provide Self-Sovereign IDs to Africa’s Unbanked

Flexid

FlexID, a blockchain startup that’s building a blockchain-based identity system for those excluded from the banking system due to a lack of identity documents, has secured an undisclosed amount of funding from Algorand to offer self-sovereign Identity (SSI) to Africa’s unbanked.

FlexID, which became the first Zimbabwean start-up to be selected as a World Economic Forum Technology Pioneer, will utilise Algorand’s blockchain for its decentralized key management system, and later to perform financial transactions by integrating with other Algorand’s decentralized applications (DApps). The startup’s SSI platform uses a decentralised approach that gives users control over their personal information.

With the received funds, FlexID plans to make its decentralized identity network available in emerging markets where more than one billion people are estimated to lack formal identification.

Ayoken Secures $1.4 Million Pre-Seed Round to Grow its NFT Marketplace

Ayoken

Nigeria’s NFT marketplace for creatives, Ayoken, has successfully secured a $1.4 million pre-seed round to grow its NFT marketplace and enable users to grow their revenue streams via digital collectibles.

Ayokenlabs, which is Ayoken’s marketplace, will feature virtual collectibles from influencers, musicians, and sports brands from across the world.

As reported by TechCrunch, Ayoken received funding from various investors including Founders Factory Africa, Texas-based Kon Ventures, Europe-based venture capital collective Crypto League, Ghana-based R9C Ventures, and Maximus Ventures.

Ayoken’s CEO and Founder, Joshua King, said that the marketplace is a bridge between artists and their fans who help contribute to the success of their idols. King said, “Through VIP passes, fans will get the ability to actually livestream music by these artists before it arrives on Spotify, YouTube or Apple Music. Fans will get discounts for future events too.”

Moreover, fans will have access to tokens such as behind-the-scenes videos and album art. The platform plans to launch NFTs of some major African artists and others across the world over the coming months. So far, Ayoken has partnered with KiDi, a Ghainain afrobeats artist, for his initial NFT drop.

Besides growing its team and secondary marketplace, the startup plans to sign exclusive deals with a number of artists and telcos.

African Bitcoiners Celebrate Bitcoin’s 12th Anniversary

Bitcoin enthusiasts in different cities across the world gathered on May 22, 2022, to commemorate the World Bitcoin Pizza Day, to mark the day when the digital currency was first used to make a purchase in the real world.

12 years ago on May 22, Laszlo Hanyecz, made history when he paid for two pizzas with 10,000 BTC, thus becoming the first person to pay for a real-world item using bitcoin. For the first time this year, Africans took part in the global celebration that brings together thousands of bitcoin users to share their love for digital assets.

The events happened simultaneously last Sunday in 11 African cities including Nairobi in Kenya, Kampala in Uganda, Port Harcourt, Yenagoa, Ibadan, Lagos, Calabar, Kano, Abuja, and Ile-Ife in Nigeria, and Cape Town in South Africa. All the events were organized by independent Bitcoin supporters and entrepreneurs and co-sponsored by Bundle Africa, a digital currency asset management platform besides other country-specific sponsors.

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

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US Treasury Sanctions Hit Russian Arms Dealer’s Crypto Wallets

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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.



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Digital Wallet Growth Will Enable More Closed-Loop Transactions

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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.



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Strike Launches Lightning Remittances in the Philippines

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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.



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