TechPression

Category: Blockchain

  • Nigeria approves usage of Blockchain technology

    Nigeria approves usage of Blockchain technology

    Nigeria has become one of the most recent countries to support the usage of Blockchain technologies, joining a growing worldwide community that recognises their merits.

    The approval of Blockchain technology was one of the decisions reached during this week’s federal executive council meeting, which was presided over by President Muhammadu Buhari at the presidential villa’s council rooms in Abuja.

    After the cabinet meeting on Wednesday, Isa Pantami, the Minister of Communications and Digital Economy, announced that the National Blockchain Policy had been developed in collaboration with over 50 stakeholders, including diverse institutions and people.

    He went on to say that the policy’s ratification marked the institutionalisation of blockchain technology and its various components in Nigeria.

    Mr Pantami further stated that the Federal Government previously backed the National Digital Economy policy and strategy, which was released on November 28, 2019, to facilitate the establishment of a digital Nigeria.

    The administration of President Muhammadu Buhari is investigating blockchain technology and exploiting the value it is expected to provide to the global economy by 2030.

    Read also: African blockchain business funding rises by 429%

    Understanding Blockchain technology

    Blockchain technology, a decentralised and distributed digital ledger, records transactions in a secure and transparent manner. 

    The technology operates through a network of computers that store copies of the same digital ledger, making it virtually impossible to alter or manipulate the information without consensus from the entire network. 

    Each block in the chain contains a set of transactions that are verified by network participants, and once validated, the information is added to the ledger. The blocks are then linked together chronologically, creating an immutable and tamper-proof record of all the transactions that have occurred on the network.

    The most well-known use case of blockchain technology is cryptocurrency, which uses blockchain to record and verify transactions in a decentralized and secure manner without the need for a central authority such as a bank. However, the potential applications of blockchain technology extend far beyond cryptocurrencies.

    The Benefit of Blockchain to Nigeria

    Blockchain technology which has the potential to revolutionize industries ranging from finance and banking to supply chain management, healthcare, and voting systems, to name just a few examples,  can also provide increased security in Nigeria, transparency, and efficiency in a wide range of industries, making it a promising tool for the future of digital innovation.

    By institutionalizing this technology in Nigeria, there will be greater opportunities for talent development and innovation in the digital sector.

    Blockchain technology can provide several benefits to Nigeria.

    How Blockchain technology will stimulate growth in Nigeria

    Blockchain technology can enhance transparency in areas such as government operations, supply chain management, and financial transactions. By creating an immutable and tamper-proof record of transactions, blockchain can increase accountability and reduce the potential for fraud and corruption.

    The technology is inherently secure due to its decentralized nature, which means that data is stored on a network of computers instead of a single location. This makes it much more difficult for hackers to gain access to sensitive data.

    Blockchain technology has the potential to stimulate economic growth in Nigeria by creating new opportunities for entrepreneurship and innovation. The technology can provide a foundation for the development of new businesses and services, which can create jobs and drive economic growth.

    Blockchain technology can help to increase financial inclusion in Nigeria by providing access to financial services to people who are currently unbanked or underbanked. With blockchain-based solutions, people can conduct financial transactions without the need for a traditional bank account.

    By endorsing blockchain technology, Nigeria can attract and develop talent in the digital sector. This can lead to a more robust and innovative technology industry, which can contribute to the growth of the Nigerian economy.

    According to the Minister of Communications and Digital Economy, the institutionalization of this innovative development will have a significant impact on vital sectors, improving trust, transparency, and data traceability across business networks. 

    The minister further elaborated that upon the approval of the policy, the regulatory agencies have been instructed by the cabinet to collaborate with the National Information Technology Development Agency to introduce regulatory instruments that would support the growth of the national economy and enhance security.

  • African blockchain business funding rises by 429%

    African blockchain business funding rises by 429%

    The most recent report on African blockchain fundraising published by CVVC, in 2022 says African blockchain companies raised a total of $474 million in capital, representing a 429% increase from the amount of funding raised in the previous year. 

    The category of “custody and exchanges” brought in over $250 million, which is comparable to more than half of the total funds raised by blockchain businesses. Blockchain companies based on the continent raised a total of $474 million in 2022, which represents a year-on-year funding increase of 429%.

     According to the research, the continent’s total blockchain funding in 2022 was achieved through around 29 deals, which is approximately four higher than the 25 that were closed in 2021.

    Read also: Lagos-based EchoVC launches $8 million “pilot” blockchain seed fund

    How African Blockchain Has Been

    As the use of cryptocurrencies continues to skyrocket across Africa, the continent’s Blockchain ecosystem has been expanding at a rapid rate to keep up with the demand. During the first half of 2022, blockchain startups in Africa were able to raise a total of $304 million in capital.

    Between the first quarter of 2021 and the first quarter of 2022, funding increased by 1,668 percent, going from $5.1 million to $91 million. This growth was reported by the African Blockchain 2021.

    The report also highlighted that the lack of shared legacy financial systems and an immense population that primarily consisted of unbanked residents contributed to the popularity and growth of cryptocurrencies on the continent. Both of these factors contributed to the popularity and growth of cryptocurrencies on the continent.

    The highest amounts of Bitcoin venture money have recently flowed into Nigeria, Kenya, and South Africa, respectively. There has also been a rise in the use of crypto-centric payment methods, which saw an increase of 1,200% between July 2020 and June 2021.

    Ian Putter, Head of the Blockchain Centre of Excellence at Standard Bank and Blockchain Research Institute Africa Regional Director, made the following observation in response to recent developments: “Countries like South Africa, Kenya, Nigeria, and Ghana have seen a rapid uptake of crypto assets to access more efficient payment trails provided by blockchain networks and yield returns on income with assets like Bitcoin, or stablecoins pegged to the value of the US dollar.”

    105 Programmers Graduate From The Africa Blockchain Center

    How Venture Round Contributed to African Blockchain Funding

    Several different funding mechanisms have been put into place to assist blockchain companies in their efforts to resolve issues on the continent. According to CV VC, the Venture Round (Series A–C rounds), which is one of the funding techniques that was used, was responsible for the majority of the funds that were raised on the continent. About 10% of the total came from several other sources of funding.

    Over ninety percent of the funding that was raised by African blockchain companies in 2022 came from entrepreneurship investments through venture rounds. This was accomplished through a total of 12 separate transactions, which resulted in the accumulation of 426 million dollars. In 2021, the take for Venture Rounds was lower, coming in at 42.8%, with $38.3 million coming from 6 deals.

    The term “venture round” refers to a type of investment round in which a company solicits financial backing from third-party investors in exchange for ownership stakes in the business. Venture capitalists, angel investors, and various other types of institutional investors typically take the lead in these endeavours. 

    There are many different types of venture rounds, such as seed rounds, Series A, B, C, and beyond, each of which involves a bigger valuation of the company as well as a more significant investment than the round before it. These rounds are a reflection of the growth of the company and its potential for further success in the future.

  • Nigerian crypto startup Breet partners with comedian Nasty Blaq

    Nigerian crypto startup Breet partners with comedian Nasty Blaq

    Breet, a major cryptocurrency trading platform, has partnered with Nasty Blaq, a well-known comedian and social media influencer from Nigeria. 

    The purpose of the agreement is to increase exposure to and excitement about Breet’s cutting-edge platform for over-the-counter, strictly-spend cryptocurrency trading. 

    As part of the agreement, Nasty Blaq’s social media presence and influence will be utilized in order to boost the number of people who sign up for the site and use it.

    The announcement of the cooperation between the platform and Nasty Blaq is accompanied by a campaign that is spearheaded by digital media and focuses on awareness and acquisition. 

    To bring the event to life, the campaign will make use of a variety of strategies and distribution channels, such as digital ads, influencer media, video and photo content, sponsored content on earned media, and sponsored content on earned media websites. 

    Obinna, a representative from Breet, stated that the company is thrilled to be partnering with Nasty Blaq to “revolutionize the way people trade cryptocurrencies in Nigeria.” “Our platform makes it easy for common users and businesses who ‘just’ need the fiat equivalent of their crypto, to get it. This partnership will leverage Nasty Blaq’s social media presence to drive more sign-ups and users for our platform.”

    Users who sign up with the referral code NASTYB that the platform has provided as part of the agreement will immediately receive 800 reward points upon activation of their accounts. It is anticipated that the relationship would result in increased brand recognition as well as product uptake for both Breet and Nasty Blaq’s respective personal brands.

    Read also: Binance increases African Currencies on its Cryptocurrency platform

    Nasty Blaq’s reaction to the partnership with Breet

    “I am excited to partner with Breet, a leading platform for OTC strictly-spend crypto trading,” said Nasty Blaq. 

    He added, “With Breet, users can easily exchange their cryptocurrencies for fiat currency without p2p trading, which is a game-changer in the crypto space. I look forward to leveraging my social media presence to drive more sign-ups and users for the platform.”

    The startup is committed to bringing about a favourable change in the manner in which people in Nigeria exchange cryptocurrencies, and cooperation with Nasty Blaq is a part of that commitment. It is possible for users of the Breet platform to carry out a direct exchange of cryptocurrencies, such as Bitcoin for fiat currencies such as Naira or Cedis. 

    This gives users the ability to receive payments in cryptocurrencies and then convert those payments into fiat currency using a bank transfer. Bitcoin, Litecoin, Ethereum, Dogecoin, and USDT are the cryptocurrencies that can be bought, sold, or traded on the Breet platform at this time. Both Android and iOS users can get their hands on the product right now.

    IvoryPay gets backed by Crypto Valley VC

    The Use of Breet

    Breet is an over-the-counter (OTC) cryptocurrency exchange platform that enables individuals and businesses who merely want to receive crypto and get a flat equal of their coin to convert their crypto to cash money immediately. Users are only able to trade cryptocurrencies like Naira and Ghana Cedis for fiat currency (Naira and Cedis) through the platform, which is the largest cryptocurrency trading platform.

    Breet is used by people who simply want to receive crypto and obtain a flat equivalent of their coin. You won’t have to go through tedious explanations of what cryptocurrency is and how it operates, nor will you have to look at charts of the cryptocurrency market because Breet’s over-the-counter system handles all of it for you. 

    Without the need for peer-to-peer trading or the involvement of any other third party, Breet gives its customers the ability to safely convert their cryptocurrency holdings into fiat currency and withdraw the funds in under five minutes.

  • IvoryPay gets backed by Crypto Valley VC

    IvoryPay gets backed by Crypto Valley VC

    IvoryPay, a bitcoin payments service with operations in Africa, has been selected to participate in the current round of the worldwide blockchain startup accelerator Crypto Valley VC (CV VC).

    The fifth round of the worldwide blockchain startup accelerator run by Crypto Valley VC (CV VC) has recently begun, and nine cutting-edge companies were selected to participate.

    Read also: Ivory Coast Fintech Startup, Bizao Raises $8.2 million For Expansion

    The Essence of Crypto Valley VC 

    Venture capital companies can be found all over the world, and each one of them is always on the lookout for creative problems to solve and exceptional concepts to back. In the most recent few years, there has been a heightened focus on initiatives within the cryptocurrency sector. 

    This is due to the fact that solutions based on blockchains are widely regarded as the next significant step in the growth of global technology.

    One of the venture capital firms that is committed to investing in cryptocurrency entrepreneurs is called Crypto Valley VC (CV VC). This is accomplished through the company’s accelerator programme, in which it selects prospective blockchain projects that have the potential to become well-known brands in the Web3 industry.

    The CVVC batch 5 accelerator is comprised of forward-thinking initiatives originating from all around the world in the fields of payments, web3 development training, regenerative finance, gaming infrastructure, no-code solutions, marketplaces, and BNPL services.

    The fact that Ivorypay was chosen as one of the three African ventures that advanced to the next stage is a cause for celebration. The novel solution it offers is designed to make it easier for people on the African continent to make blockchain-based payments both online and offline. 

    Ivorypay’s primary mission is to make it easier for companies doing business in Africa to send and receive payments within the country and beyond borders.

    10 Best Bitcoin Wallets in Nigeria (Updated 2022)

    The Impact of IvoryPay

    It is generally known that firms operating in Africa are confronted with a wide variety of obstacles. These problems include the high cost of local and cross-border transactions, restrictions on foreign exchange that apply to dollar-based online purchases, and the uncertainty surrounding the amount of time it will take for a transaction to be completed. 

    Blockchain technology is the answer to all of these problems that African businesses face, and Ivorypay is providing that solution for them.

    Businesses are able to take payments in a secure cryptocurrency by using QR codes, payment links, and checkout buttons thanks to the unique payment solution offered by Ivorypay, which can be used both online and offline. 

    In addition to this, it offers small and medium-sized enterprises (SMEs) and firms engaged in social commerce a digital storefront through which they may display their wares and collect fast payments in the form of stablecoins for the things they sell.

    As a result, the solutions provided by Ivorypay appear to be ideal for the African continent. It provides a safety net for enterprises and removes one of the most significant obstacles that African companies must contend with. It is the most recent development in a long line of breakthrough ideas that have been introduced to improve the economic situation in Africa.

    Ivorypay is receiving financial financing from Crypto Valley VC as part of the accelerator programme. Additionally, Crypto Valley VC is offering access to other channels of finance for the company. 

    Ivorypay is presently participating in the 10-week CVVC boot camp, where it will receive one-on-one mentorship and acquire customised development hacks. 

    In addition, Ivorypay has been accepted into the CVVC accelerator programme. This is being done with the goal of constructing a reliable blockchain infrastructure that provides a crypto payment option that is viable for African business owners.

    Ivorypay is now offered to commercial entities in the countries of Nigeria, Ghana, South Africa, and Kenya. Ivorypay makes it possible for merchants and enterprises in these nations to accept cryptocurrency payments.

  • Adaverse backs Ejara, woman-led DeFi platform to democratize African finance

    Adaverse backs Ejara, woman-led DeFi platform to democratize African finance

    Adaverse, a Cardano ecosystem accelerator created as a joint venture between EMURGO Africa and Everest Ventures Group to accelerate Web3 entrepreneurs in Africa, has finalized a strategic investment in Ejara, an investment platform that improves access to financial solutions through blockchain. Adaverse was founded to help African Web3 startups.

    Adaverse has opted to join in a Series A fundraising round alongside other key investors in order to support Ejara’s empowerment drive and expansion into other areas.

    Ejara’s mission is to improve the economic prospects of over 400 million individuals in Sub-Saharan Africa, particularly young people and women who lack access to banking services and are unemployed.

    In order to achieve this goal and aid Africans in recovering control of their wealth, Ejara mixes traditional banking practices with cryptocurrencies.

    Read also: Lagos-based EchoVC launches $8 million “pilot” blockchain seed fund

    “Ejara meets a pressing need across the Francophone region, and we are enthused about the business concept, which we believe can be reproduced across the African continent,” said Vincent Li, founding partner at Adaverse.

    They have demonstrated that they understand the people and have constructed a bridge between crypto and traditional finance, relying on continuity rather than disruption.

    The market is ready for goods that leverage innovation to improve established models, and we believe that Ejara can maintain this momentum to benefit lives through its socially impactful platform.”

    Ejara is a cutting-edge financial organisation that serves the Francophone African community as well as the diaspora in the world of cryptocurrency.

    Their primary goal is to provide financial solutions that allow unrestricted access to a number of investment possibilities, such as fractional shares, commodities, and cryptocurrency, while also allowing secure and quick payment repatriation across international borders.

    Remark from Ejara’s CEO

    Ejara CEO Nelly Chateu-Diop shared, “When France devalued the CFA Franc in 1994, I was growing up in Douala, Cameroon, and I saw firsthand how bad economic instability could be. This experience left a lasting impression on me and motivated me to find a solution for the financial challenges faced by many African families. In 2015, after becoming familiar with blockchain technology, I partnered with my long-time friend and successful entrepreneur, Baptiste Andrieux, to establish Ejara with the goal of empowering Francophone Africans to grow and secure their finances.”

    “We have built the Ejara payment app with the end-user in mind, and our multi-asset platform offers safe investment, asset ownership, and swift payment without borders. The Ejara payment solution provides swift and secure user-to-user transfers powered by Lightning Network to improve transactional services for SMEs and cross-border remittances,” she continued.

    Google invests in 15 women-led companies

    Details on Ejara and its Engagements

    Ejara is a crypto wallet and savings app that connects to the popular mobile money transfer platform (MoMo). This offers low-cost on/off-ramp transaction gateways. Our investment portfolio includes crypto assets and trading pairs, and we are developing our next app phase to tokenize real-world commodities, government bonds, and equity. Customers can invest in local and worldwide enterprises and receive 5% interest on their funds.

    Ejara is the first to enable crypto investing in CFA through on/off-ramp transactions in local currency with a non-custodial crypto wallet, decreasing the barrier for the unlearned and unbanked without compromising asset protection. Retailers, farmers, small merchants, Entrepreneurs, and students can effortlessly save, invest, buy shares, and make rapid payments with mobile money integration. Most crypto apps require P2P capability. We want Africans to have easy access to diversified investment portfolios and cryptocurrency.

    Ejara has serviced over 33,000 people from Cameroon, the Ivory Coast, Burkina Faso, Mali, Guinea, Senegal, and French-speaking Africans in Europe, Asia, and the US since its 2020 start. When we enter new markets, our savings and investments grow. Diasporan Africans utilise Ejara for fast cross-border and user-to-user payments.

    Ejara wants to be Africa’s financial app and give our fast growing user base more investment options. They prioritise asset security, user privacy, DeFi education for empowerment, and expanding our aspirations to Francophone Africa and beyond. Ejara’s next product development phase will tokenize real-world commodities and shares, and they look on from Cardano Accelerator Adaverse’s advisory and technical support.

  • Microsoft tests crypto wallet for Edge Browser

    Microsoft tests crypto wallet for Edge Browser

    Microsoft is working on a built-in cryptocurrency wallet for its Edge browser. The function, according to Microsoft, would provide clients complete control over a non-custodial cryptocurrency wallet.

    The integrated features would aid in protecting consumers from malicious websites or programmes, according to software preservationist Albacore. Microsoft says the capability provides a clear, basic user experience that improves users’ interactions with Web 3.

    The Edge browser will have a crypto wallet, making it simple to use without the need for add-ons.

    It is intended, as a novel introduction, to handle various forms of cryptocurrencies and record transactions and cryptocurrency prices when vulnerability affects them.

    The “Explore” and “Assets” tabs show crypto news and NFTs, respectively. As said, the wallet is non-custodial, meaning its owner controls all passwords and recovery keys.

    Microsoft will never enable users to use their wallets if they lose their credentials due to multiple errors.

    Read also: Meta removes Facebook, Instagram NFT functions amid Crypto turmoil

    Microsoft Edge’s built-in crypto wallet

    In order to shape Microsoft’s venture into cryptocurrencies and non-fungible tokens (NFTs), the company informed testers that they had the “unique opportunity” to do so. As a result, it urged them to offer unbiased and thoughtful feedback on the functionality of the wallet and other elements that could be incorporated to meet its objective.

    Testers will need to utilize their money in order to test the built-in cryptocurrency wallet of Microsoft. Microsoft is adamant that any losses made while testing the new functionality would not be covered by the company.

    Users are prompted to set a password while configuring their crypto wallet. Once the wallet has been set up, the testing team will have access to a dashboard that is jam-packed with features like an overview, assets, transactions, connections, and explore tabs.

    The value of the cryptocurrency being stored is shown in the report, along with its historical value. This can be used to determine whether or not trading in a specific cryptocurrency is a waste of time. A transaction button provides users with authority to conduct various types of transactions. The thumbnails suggest that the wallet is Ethereum-compatible.

    Sending crypto requires a public address, nickname, or ENS name. Coinbase and MoonPay exchanges allow crypto purchases. The Edge crypto wallet’s Assets section has crypto and NFT subsections. Crypto displays the wallet’s cryptocurrencies’ names, balances, 24-hour price volatility, and market prices. NFTs will consolidate users’ marketplace collections.

    Microsoft adds 13 new African languages to its translation service

    More browser wallets 

    The integration of cryptography by default in a web browser is not unique to Microsoft Edge.

    Opera has accepted cryptocurrency since 2018, introducing the feature initially on mobile before extending it to desktop in 2019. As of 2022, Opera supported multiple blockchain ecosystems and was developing a version focused on cryptocurrencies.

    In addition, Brave has its own cryptocurrency wallet and native Basic Attention Token (BAT). It also connected with Solana in 2021 and Binance in 2020.

    Metamask and MEW are third-party cryptocurrency wallets that can be installed on Mozilla Firefox and Google Chrome.

    A number of browser developers have taken a stance against cryptocurrencies. Vivaldi, a competitor to Opera, has declared that it will never establish a cryptocurrency. In 2022, in response to the outrage, Mozilla, the company that created Firefox, ceased taking crypto payments for its own organization.

  • Meta removes Facebook, Instagram NFT functions amid Crypto turmoil

    Meta removes Facebook, Instagram NFT functions amid Crypto turmoil

    Meta Platform Inc. is removing digital collectibles and non-fungible tokens (NFTs) from its platforms (Instagram and Facebook) less than a year after launching them.

    The decision is the result of a careful study of the recent calamity that has befallen the cryptocurrency market.

    “We are winding down digital collectibles (NFTs) for the time being to focus on other methods to assist creators, consumers, and businesses,” Meta’s fintech chief Stephane Kasriel tweeted.

    Kasriel stated, “We will continue investing in fintech solutions that individuals and businesses will need.” “Meta Pay streamlines payments, make checkout and payout easier, and invests in messaging payments across Meta.”

    The major tech company specifically aims to give consumers the tools they need to remain in touch with their followers and make money off the platforms. It has made the decision to concentrate on things like developing payment rails through its chat apps and platform, as well as monetizing reels, the brief video clip that displays on Facebook and Instagram.

    Read also: Binance announces AI-powered NFT generator, Bicasso

    Meta allowed Instagram and Facebook NFT posting in 2022. Users could add Ethereum, Polygon, and Flow digital collectibles to their wallets. This choice was made as a result of certain experimental procedures that got started in May of the same year.

    Meta allowed producers to post NFTs on Instagram and Facebook owing to rising interest in crypto assets and the billions of dollars made from selling them. Mark Zuckerberg, Meta’s CEO, sold an NFT of his childhood baseball card for $105,000, prompting the company to support NFTs on its social networks.

    Crypto’s meltdown affects Meta’s NFTs plan

    The crypto market has suffered a succession of disasters in the past year. These events have caused crypto asset values to plummet. Due to their doubts, crypto investors invested less.

    Meta is the latest crypto business to leave. Meta revealed NFTs on social media with great anticipation. Unfortunately, market losses have raised questions. Bitcoin and other major tokens fell after FTX’s collapse in November.

    The market has fallen into a fresh crisis after three U.S. banks, two of which are crypto-friendly, failed. These events increased cryptographic space uncertainty. Meta’s U-turn and concentration on features not subject to crypto’s vulnerability and significant risk of loss are not surprising.

    Smart TVs from LG Electronics will soon have NFTs

    Meta Announcement Feedback

    Meta’s announcement has been fiercely criticized by NFT proponents, as expected. NFT artist Dave Krugman called it “a short-sighted move” and said Meta “quit before it even started.” He said, “The trust built over the past year is now squandered.”

    Podcaster Marc Colcer called the move “short-sighted for a firm that is meant to be thinking long-term” and requested openness on the company’s NFT support decision.

    Meta may be able to capitalize on a crypto and NFT boom. NFTs and crypto may be covered in future company announcements.

  • Binance increases African Currencies on its Cryptocurrency platform

    Binance increases African Currencies on its Cryptocurrency platform

    Binance, the world’s leading cryptocurrency and blockchain ecosystem, has added more African currencies, including the Liberian Dollar (LRD), Sierra Leonean Leone (SLL), Gambian Dalasi (GMD), Mauritanian Ouguiya (MRO), and Cape Verdean Escudo (CVE), to its list of currencies to increase Africa’s accessibility of cryptocurrencies. 

    This development was announced in Binance’s latest move to expand its product offerings to represent the African continent.

    Binance has opened the doors for its African users to trade and post-trade advertisements in LRD, SLL, GMD, MRO, and CVE or directly trade BTC, USDT, ETH, BNB, and BUSD with other users using these fiat currencies at zero fees.

    By doing so, users in the African regions will be able to make direct cryptocurrency transactions with other users in their local currency and price without needing a third party or intermediary.

    Read also: Binance announces AI-powered NFT generator, Bicasso

    Binance provides effortless digital access for Africans

    Binance has continued to remain committed to increasing the adoption and mainstream accessibility of crypto, according to Nadeem Anjarwalla, Director for Binance in West & East Africa.

    “We are excited to be taking this step in making access to digital assets effortless for more Africans.” He said.

    He reiterated Binance’s commitment to providing convenient and secure cryptocurrency transactions for its African users.

    Added currencies to merchants on P2P

    Binance has also included LRD, SLL, GMD, MRO, and CVE, to become merchants on the peer-to-peer (P2P) marketplace, which allows users with a stable source of cryptocurrencies to engage in the trade business.

    On the P2P platform, merchants receive exclusive customer support, are classified by verified badges, and get access to advanced trading tools. They also enjoy VIP discounts and zero fees on the platform.

    The launch of the P2P marketplace positioned Binance as the leading player in the cryptocurrency industry.

    Benefits to the African continent

    With more African currencies now supported on the Binance platform, Africans can seamlessly buy and sell cryptocurrencies in their preferred payment method and local currencies without any third-party interference. 

    This new development is expected to significantly improve the adoption of cryptocurrencies in Africa, as it provides local options to buy and sell cryptocurrencies with ease.

    The move is also expected to promote financial inclusion on the continent, as more people can now have access to cryptocurrencies and use them for transactions without having to rely on traditional banking systems.

    Binance now accepts bank transfers from South Africa customers

    Largest cryptocurrency exchange, Binance

    Founded in 2017, Binance, which was initially based in China, is a global company that operates the largest cryptocurrency exchange in the world in terms of the daily trading volume of cryptocurrencies.

    It was founded by Changpeng Zhao, a developer who had previously created high-frequency trading software. 

    Binance is now based in Japan, from where it controls the world’s blockchain ecosystem with a product suite that includes the largest digital asset exchange. 

  • Uhuru Wallet, Flexid offer Zimbabweans remittance services

    Uhuru Wallet, Flexid offer Zimbabweans remittance services

    Uhuru Wallet and Flexid, two blockchain firms based in South Africa and Zimbabwe, respectively, aim to ease the difficulties faced by migrants when moving money across borders.

    Both firms have introduced a platform that offers digital identity and remittance services to migrants living and working in South Africa. 

    The platform, which both businesses have dubbed the “first cross-chain partnership between the two organizations,” is intended to remove barriers associated with sending money across international borders.

    Read also: 105 Programmers Graduate From The Africa Blockchain Center

    Flexid and Uhuru Wallet Founders

    Uhuru Wallet, introduced in 2020, is a project by 2017-founded Uhuru Innovative Solutions. Also, the Uhuru wallet enables individuals and SMEs to send and receive money using WhatsApp and blockchain technology, which lets users do transactions in a straightforward manner. Uhuru Wallet is based on the Stellar blockchain and stores the uZAR, an asset-backed digital currency pegged to the South African Rand.

    With the wallet, those who were previously unbanked or underbanked can make domestic and international payments. Our target market consists of Africans with limited access to financial services who live or work abroad or who own enterprises there.

    On the other hand, the founder of Flexid, Victor Mapunga, was unhappy with the way the banking system excluded people who lacked identification cards. In order to address this issue, Mapunga has decided to launch Flexid.

    A digital identity wallet for 400 million Africans to access financial, insurance, healthcare, and government services. He is the co-founder and MD of Mutapa, one of Zimbabwe’s fastest-growing e-commerce and finance startups, serving hundreds of merchants and helping businesses expand their markets through a worldwide marketplace.

    In order to facilitate social mobility, Flexid wants to create a decentralized marketplace of individuals and a stack of credentials over time. The Algoland Blockchain will be used for everything.

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    Africa’s Blockchain Potential with Uhuru Wallet and FlexID

    Uhuru Wallet Trust CEO and founder Jakarasi said, “We are thrilled to work with FlexID to give our consumers a more streamlined and safe remittance experience.” “We can better serve Zimbabwean immigrants in South Africa by merging our digital identity and remittance service strengths.”

    Through the alliance, the two businesses seek to “provide a streamlined and secure remittance experience” for Zimbabwean immigrants. The firms want to address high sending fees, restricted access to formal banking institutions, and identity verification difficulties with this partnership.

    Mapunga, Flexid’s CEO, discussed blockchain’s benefits and the need to study it. With blockchain technology, “we can provide a secure and efficient means for users to authenticate their identity and access financial services, no matter where they are.” South Africa sends the most remittances to sub-Saharan Africa. Money transfer services charge 5%–20% to send money to Zimbabwe.

    Zimbabwean migrants now employ couriers or unregistered remittance sites because of this cost. Flexid and Uhuru launched this platform to improve Zimbabwean migrants’ options and lower remittance costs.

    African digital startups are innovative, as seen by this initiative. Africa’s tech and blockchain future is bright. Future blockchain solutions may address other common difficulties.
    Digital assets’ value and importance will rise as blockchain services multiply. Also, the partnership is admirable. Nigeria, Ghana, Senegal, Kenya, and other African IT and blockchain firms can learn from Flexid and Uhuru’s relationship.

  • Binance now accepts bank transfers from South Africa customers

    Binance now accepts bank transfers from South Africa customers

    The world’s largest cryptocurrency exchange, Binance, will now accept bank transfers from South African customers so that all users can access the services more readily.

    South Africans can now invest in digital assets such as bitcoin, ethereum, etc., using bank transfers. Consumers would immensely profit from the improvement, said Binance South Africa National Head Hannes Wessels.

    It allows customers to buy cryptocurrencies using a bank transfer directly from their banking apps or portals. The past has prevented this. So, this reduced the app’s utility.

    The app’s usage in South Africa would probably expand as a result of this most recent feature, which would make cryptocurrencies accessible to an even wider audience. This feature considerably streamlines Binance’s already-available linked bank account option.

    Read also: Binance introduces Apple Pay and Google Pay options

    Binance’s new service allows customers to deposit directly from their banking platform, according to Hannes Wessels. Most South Africans make bank transfers weekly.

    The advantages of investing in cryptocurrencies interest many South Africans, but they may be wary since they don’t completely grasp the idea or how it operates. We are greatly streamlining the process for both new and seasoned users by accepting bank transfers.

    South Africa’s Binance

    According to Wessels, this service will be free and limited only by the user’s bank. He noted that bank transfers might take two to three days to appear on a Binance account, depending on the bank’s processing speed.

    ZAR trading pairings allow crypto purchases and sales. It allows South African rand purchases of Bitcoin and Ethereum from Binance. Binance claims these bank transfers are safe. Binance has teamed with payment facilitator Stitch to enable this new feature.

    “This is about choice and community input,” says Wessels. User feedback prompted bank transfers (mobile payments). “We feel we are providing an opportunity to folks who have always been interested in cryptocurrencies but may not know where to start.”

    There are many additional methods to use this new type of cash, he continues, “for those interested in moving beyond the surface level of investing in cryptocurrencies.”

    Inherently, you may use it to complete any transaction that you might have with fiat currency, the banknotes and coins that we use every day. With a quick, easy, and reasonable currency, you can therefore buy a variety of goods.

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    According to Binance, this newest tool is intended to make buying cryptocurrency easier, particularly in South Africa. According to Binance, one of the most potent economic blocs capable of growing its business in Africa.

    Africans are among the most fascinated by the concept of virtual currencies. So, the incorporation of bank transfers into Binance’s services, mostly due to its South African users, is not surprising. As we progress, more sophisticated cryptocurrency exchanges may include features that would appeal to their African customers.