Category Archive : Africa

Nigeria to Launch Major Crypto Initiative, IP Exchange Marketplace and Wallet, on Algorand in Partnership with Developing Africa Group and Koibanx

MONTEVIDEO, Uruguay, May 24, 2022 /PRNewswire/ — The Nigerian government has signed a 3-year exclusive IPR (intellectual property right) agreement with Developing Africa Group to launch a nation-wide wallet which will enable the international commercialization of all IP forms being created and registered within the country, both locally and internationally. In this context, the IPR exclusivity agreement consists in the government granting Developing Africa Group – a regional software development company – to build the country’s official platform for its people to be able to upload any form IP rights and trade, sell or exchange them abroad, while collecting the royalties and proceeds of these operations on their wallets.

IP forms reached by the above mentioned agreement include trademarks, patents and all forms of copyrights such as songs, lyrics, videos, shows, lectures, podcasts and all forms of streamable content.

The Developing Africa Group has chosen Koibanx, with the Government’s approval, as the tokenization and payments engine to be utilized in the country and the Algorand Blockchain the protocol to build on top of. Koibanx, the leading Latin American asset tokenization and Blockchain financial infrastructure company, will be in charge of implementing the wallet, the token both for the IP being sold and stable token (equivalent to the Naira) to pay the creators in addition to the overall technical integration of the different vendors in play, which include one of the top card issuing companies worldwide, a content streaming platform and top firms both legal and data mining, they will all be announced before launch date.

All tokens will be launched on top of the Algorand Blockchain. “Algorand’s protocol not only provides the performance, scalability, security and functionality required to implement such a large scale project but is also environment-friendly which is important for the Government and has a huge philosophical match with the `creators economy…


e-Naira Will Ensure Fraud-free Transactions, Says CBN

Omon-Julius Onabu

The Central Bank of Nigeria (CBN) has urged Nigerians, and the business community in particular, to embrace its e-Naira initiative because of its numerous benefits including acting as foolproof against fraudulent transactions.

Asaba CBN Branch Controller, Mr Goodwin Okafor, who was represented by Bright Orji, Head of Customer Service, stated this at a sensitization/elightenment for traders at Ogbeogonogo Market in Asaba, Delta State, describing the digital platform as effective as it was accessible, flexible and free of hidden charges.

He said that people should consider the e-Naira rather than Bitcoin, “Unlike the Bitcoin, e-Naira is still part of of CBN. The money will not disappear but with Bitcoin, the money can disappear any time.” 

He said the people have nothing to fear about digital financial platform as it is operated on international standards and so have come to stay, adding that eNaira will greatly promote financial inclusiveness.

Consultant with the CBN on e-Naira, Aminu Bizi expatiated on the benefits of the financial initiative and urged the people and especially the business community to embrace the e-Naira.

“Why we’ve come to this market is to sensitize traders before others in the state, “he said, adding that the CBN was out to ensure the initiative succeeded.

He said that CBN in collaboration with Bizi Mobile consultants are bringing the eNaira to every Nigerian.

“Become an e-Naira agent today and earn when customers open e-Naira Wallets, “he said, even as he hinted that ATM and POS have become analogous with the emergence of e-Naira.

He noted that Nigeria played pioneering role in electronic banking in Africa, noting that countries like Uganda had come to learn so as to replicate same initiative in their own country. 

He explained that even traders in fish, yams, onions, tomatoes, sachet water, pepper and other commodities would be…


Used-car marketplace Sylndr lands $12.6M pre-seed round, sets new record for MENA startups – TechCrunch

Monday May 23, 2022, and we’re listening to our brand-new podcast called the TechCrunch Podcast. In it, we talk to TechCrunch writers about the stories they’re most excited about. The first episode is live now, featuring Darrell and Taylor talking about … UFOsHaje and Christine

The TechCrunch Top 3

  • Hey, you, get into my car: Automotive marketplace newcomer Sylndr is parking itself in a prime spot in the Egyptian used-car market with a $12.6 million pre-seed round, a big one for the region, to try to make some sense of an unorganized and outdated industry where buyers are distrustful of sellers. Sylndr’s approach is to offer both a “certified pre-owned” option — they buy the cars and get them in working condition — and financing in hopes of putting the brakes on some of that mistrust.
  • Is it a nerd? Is it insane? No, it’s super-Solana: If you’ll forgive the utterly dodgy Superman reference, Rita explores whether StepN, the latest crypto gaming craze, makes any sense.
  • High returns: Cryptocurrency has never been one for stability — heck, even the stablecoins aren’t proving to be stable — but for those die-hard investors looking for high-yield savings, Pebble wants to be your provider. Buoyed by a new infusion of $6.2 million in seed funding, the startup offers 5% annual percentage yield on all cash deposits through the use of stablecoins. Is everyone checking their bank APY right now?

Startups and VC

Putting robot operating systems in the cloud makes sense in a world where a lot of industrial robots have limited computing powers (and certainly no GPUs, TPUs, or FPGAs to help them along). Brian reports on a really interesting development from the Berkeley AI research lab, aiming to change that.

It’s pretty depressing that there are enough layoffs happening in startup land that we’re now on our third weekly installment of a roundup of startup team reductions, but Natasha and Amanda have you covered, letting you read all the…


How can I invest in crypto baskets for my kids?

Most exchanges require the investor to be over the age of 18, but a parent or guardian can invest in a crypto basket on behalf of minor children if they submit some extra documentation.

Could you please guide me on crypto baskets and how to get them? I am a pensioner from Lesotho. I want to invest in them for my kids.

Dear reader,

Thank you for your question.

A cryptocurrency basket can refer to a collection of digital assets such as tokens that investors can buy and manage as a bundle. In this manner, investors can monitor their digital assets as a whole, rather than oversee them individually. Cryptocurrency baskets are tailored for investors who are looking for an effortless and convenient investment option that provides them with exposure and diversification across multiple cryptocurrencies. The basket of cryptocurrencies will include a carefully selected group of digital assets that meet a strict criterion.

Although investing in cryptocurrency seems like a good idea it is important to know that the industry is very risky to invest in considering that it is not real money and that it remains unregulated. However, in South Africa, the crypto industry is expected to be regulated by the end of 2022. Once that is done, advisors will be able to propose the investment to clients.

In the meantime it is not difficult to find a platform that provides crypto baskets. Among these product providers are Jaltech, Easy Equities, Revix and so on.

There are a few advantages of investing in a crypto basket:

  • Diversification: You are not limited to one type of cryptocurrency, there are several types of crypto you can invest in like bitcoin, ether, Polkadot, Chainlink and so on, all in one investment!
  • Investment management: If you are not well informed on the market and do not like to do a lot of research or track market movements or gamble on your investments, there are people who can manage your…


How digital identities could shape the future of humanitarian aid

By Fraser Edwards, CEO at cheqd and Johannes Ebert, Co-founder at Gravity

The current wars in Yemen, Palestine and Ukraine have sparked an enormous humanitarian appeal. Humanitarian organizations across the globe have extended their support to refugees, working to provide them with a sense of stability that in many cases was lost along with their assets and documentation when fleeing their homes. What differentiates the Ukraine crisis from other recent humanitarian crises in particular is the unprecedented role that new technologies such as cryptocurrency have played in delivering aid.

This brought into perspective the extent to which technological innovation can be applied and adapted to assist with real world problems. In a time of crisis such as this, there is a significant emphasis placed upon ensuring that each refugee’s transition into their new lives is as smooth and painless as possible. Such circumstances have, thus, brought into the foreground the value of implementing innovative technologies such as portable digital identity wallets. This technology is key in helping to ensure that even when displaced from your home and physical documentation, you are never displaced from your identity and ability to seamlessly enter and participate in the global economy.

Over the past few weeks, the value of crypto assets tech innovation has come into focus as the Ukraine economy plummeted and numerous Ukrainians turned to Bitcoin- and Ethereum-based stablecoins as an alternative to traditional banks, many of which have limited the amount of money people can withdraw. Even the Ukrainian government opened itself up to crypto donations, with Bitcoinist recently estimating that Ukraine has received over $100 Million in cryptocurrency donations, compared to the United Nations Emergency Response Fund, which allocated $20 million to “scale up UN humanitarian operations in Ukraine.” Although the volatility of the crypto assets market…


Recardio’s Positive Phase 2 Results Presented as Latebreaker at World Congress on Acute … | Your Money

SAN FRANCISCO, May 23, 2022 (GLOBE NEWSWIRE) — Entitled “Phase 2, Randomized, Double-Blind, Placebo-Controlled, Safety and Efficacy Study of Dutogliptinin Combination with Filgrastim in Early Recovery” the study results were presented during the Latebreaker Session on Saturday, May 21, 2022 at the World Congress on Acute Heart Failure 2022 in Madrid by the Principal Investigator Dirk von Lewinski from the Department of Cardiology of the Medical University of Graz, Austria.

Patients included in this trial experienced a severe form of Myocardial Infarction known as STEMI. Soon after the initial intervention to re-establish adequate blood flow to the coronary arteries, patients began a two-week treatment with Recardio’s dutogliptin, a small molecule that enables sustained homing of mobilised stem cells to the site of cardiac injury. By releasing paracrine factors, stem cells have been shown to have significant repair and regenerative effects that improve healing and recovery of cardiac function after the infarction. Twelve European centers participated in this study, which had to be closed out early due to the SARS-CoV2 pandemic, with 47 subjects (planned 110) randomized (25 treatment group and 22 placebo) and evaluable.

The results demonstrated that the use of dutogliptin in co-administration with filgrastim was safe. None of the subjects experienced non-fatal stroke, stent thrombosis or cardiovascular death, and there was no statistically significant difference between the groups with respect to serious or severe treatment-emergent adverse events (TEAE). More patients in the active group had positive changes in left ventricular parameters over time compared to the placebo group. Improvement in cardiac tissue health over time were noted in more subjects in the treatment group than in the placebo group. FWHM LGE and relative FWHM LGE…


CBN, NFIU Urged to Track Illicit Transactions in Cryptocurrency, Bitcoins

Ugo Aliogo

The Central Bank of Nigeria (CBN) and The Nigerian Financial Intelligence Unit (NFIU) have been urged to effectively engage with the centralized exchange agencies such as Bundle, Binance, and Guider, to ensure that if anyone uses crypto for illicit transactions, they would be able to track it and also get data from these agencies for investigations and regulation purposes.

Giving the advice in Lagos yesterday, at the 2022 Legal Business Conference with theme: ‘Regulating Blockchain and Fintech Innovations: Finding the Balance’ organized by Legal Business Network, the President, Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), Senator Ihenyen, noted that in 2017, the CBN disclosed that there was a lot of risks involved in the cryptocurrency space, but wanted all banks to conduct KYC through compliance and transaction monitoring, adding that in 2021 the apex bank changed that policy.

He also said banks and other financial institutions should conduct more Know Your Customer (KYC) processes and procedures for every person that transacts in crypto using their bank accounts, in order to have their data, from binance, guider, and bundle, “this brings a level of transparency and traceability.”

He further explained that the Financial Action Task Force (FATF), which is the global body already evaluated Nigeria in terms of compliance with global standards in the areas of money laundering and Combating the Financing of Terrorism (CFT)compliance in August, 2021 and our scorecard was poor.

Ihenyen revealed that FATF ranked Nigeria poor in seven sectors because the global body concluded that the country doesn’t have adequate or effective mechanism to checkmate money laundering and financial terrorism in the financial services sector and other sectors, including the virtual asset sector as well. 

He hinted that the Securities and Exchange Commission (SEC) issued a…


Blockchain Funding in Africa Beats Others down 11 Times: Report

Africa’s blockchain venture funding growth was 11 times the growth of general venture funding growth in the first quarter (Q1) of 2022 when compared to the same period in 2021.

Blockchain companies in Africa raised $91 million in Q1 of 2022, representing a staggering 1,668% year-on-year (YoY) growth from Q1 of 2021.

On the other hand, general Africa venture funding only grew by 149% within the same period.

These figures are contained in the inaugural African Blockchain Report 2021 launched on Monday by Crypto Valley Venture Capital (CV VC), a Swiss blockchain investor, at the Blockchain Hub in Davos, Switzerland.

According to CV VC, the report was produced from a data set of 41 African blockchain startups that raised funding from January 2021 through March 2022.

The report, which was produced in partnership with Standard Bank, a major South African bank and financial services group, also relied on various sources, including public databases, research reports, LinkedIn profiles, reputable news outlets, press releases, and investor and entrepreneurs.

CV on Monday also launched an Africa-focused fund to support blockchain startups in the continent.

The venture capital firm noted that the fund will be used to invest in 100 startups in Africa over the next four years.

Financing Africa’s Blockchain Industry

According to the report, of the total $127 million the African blockchain industry attracted in 2021, fintech businesses raised the most funding at $67 million, representing 53% of all blockchain funding.

On the other hand, exchanges and fintech businesses together account for $101 million or 79% of all total funding.

The report noted that Africa has not yet seen any blockchain mega-deal yet (funding of over $100 million) although South African exchange, Valr came the closest when it hit a $50 million Series B round during the first quarter of 2022.

The study also noted that Africa has no cryptocurrency or blockchain unicorn yet, although it…


Nearly half of US cryptocurrency investors last year had six-figure incomes, the Federal Reserve says in a new report

Close to half of US cryptocurrency investors in the US last year had high incomes, the Federal Reserve said in a report Monday.


Why Crypto Is Taking Root in Emerging Markets

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