TechPression

Category: Blockchain

  • Binance won’t acquire FTX

    Binance won’t acquire FTX

    Binance announces they will not proceed with FTX’s acquisition.

    Following due diligence, Binance affirmed that it would not pursue the acquisition of FTX after initially stating it would assist the exchange.

    Another significant market disruptor in a sector that is becoming more unstable is the about-face. Concerns about the financial viability of numerous businesses, whose digital assets have seen a significant decline in value in recent months, have led to the merger of two of the largest crypto platforms in the world.

    “As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com,” Binance explains

    The turnaround casts doubt on the future of FTX, which was previously among the most well-known and valuable businesses in the cryptocurrency sector. According to CNBC, the company had a $32 billion private valuation early this year and may potentially be in financial trouble.

    FTX or the Securities and Exchange Commission did not immediately answer inquiries about the transaction or the alleged probe.

    Binance Statement on FTX

    “We have decided not to pursue the potential acquisition of FTX.com in light of our corporate due diligence as well as the most recent news reports involving the mismanagement of client monies and suspected US government investigations.

    Our initial intention was to be able to assist FTX’s clients in providing liquidity. However, the problems are outside of our control or realm of influence.

    Each time a crucial business in a given sector fails, retail customers will suffer. Over the past few years, the cryptocurrency ecosystem has become more resilient, and we believe that, eventually, the free market will weed out anomalies that misappropriate user funds.

    As governing structures are created, and the sector moves forward toward greater decentralization, the ecosystem will become more robust.”

    What Next For Binance?

    Many people had conjectured that the Binance acquisition might have been a part of a larger play from the company after Zhao announced Binance’s intention to liquidate its remaining FTX token holdings a few days prior. Zhao, however, made an effort to allay these worries in a note distributed to Binance staff on November 9 by claiming that any potential selloff by Binance was planned before any communications between Binance and

    FTX appears to be on hold as of this writing.

    The future viability of the FTX ecosystem is unclear at this point because Binance and FTX are ending their brief partnership. Although some users purportedly housed and subsequently lost their entire net worth on the platform, the displeasure of its customer base has grown palpable.

    And it’s not just users who have been discouraged by FTX; according to the aforementioned Wall Street Journal report, Binance was astounded by the significant financial gap discovered in FTX during DD

    “In the beginning, we hoped to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help,” Binance explains in a Tweet.

    Although Binance didn’t go into detail about the difficulties it faced, news organizations like Reuters have drawn attention to the fact that Bankman-Fried attempted to support FTX trading affiliate Alameda Research with billions of dollars from the now-bankrupt exchange, likely including customer assets. Court cases, regulatory inquiries, and potentially even a more ferocious crackdown on NFTs and cryptocurrency, similar to what we saw with the recent Bored Apes investigation, are all likely to result from this improper handling of cash.

    Two Africans now serve on Binance’s Global Advisory Board

    About Binance

    Trading cryptocurrency is extremely risky, and you run the risk of losing all of your money. You should only invest what you can afford to lose and make sure you are fully aware of all the risks. Please consider your level of experience and your investment goals, and, if necessary, seek independent financial advice before trading. It is your responsibility to ascertain whether the legal requirements in your country of residence permit you to use Binance’s services.

    The Financial Ombudsman Service and the Financial Services Compensation Scheme do not protect investments in crypto assets. Residents of the United States, Canada, Singapore, Japan, Korea, Australia, and New Zealand, as well as any other country or jurisdiction where such distribution or use would violate local law or regulation, are not the intended audience for the information on this website.

    Bitcoin 2022

  • FoodForward and Luno now offer Bitcoin donations to charities

    FoodForward and Luno now offer Bitcoin donations to charities

    Luno and the non-profit food distribution company FoodForward SA made a decision to join forces to make it possible for South Africans to donate to charitable causes using Bitcoin.. It is a progressive development for the use of cryptocurrency in the country.

    Andy Du Plessis, managing director at FoodForward SA, claims that adopting cryptocurrency for donations promotes openness and guarantees that every payment is fully auditable.

    “Transparency and innovation are central to the way we operate at FoodForward SA. Thanks to our partnership with Luno, SA’s largest crypto platform, donors can contribute Bitcoin to support our food security efforts. The underlying technology prevents corruption and reduces fees, which is vital for any non-profit organisation,” Du Plessis included.

    In order to re-distribute food to roughly 2,750 approved organisations that daily serve nearly 950,000 disadvantaged people, FoodForward SA works by obtaining good quality, edible surplus food from manufacturers, retailers, and farmers. According to the charity, 48 million meals were distributed to disadvantaged persons in South Africa during the previous fiscal year.

    Another advantage for Luno, according to SA country manager Christo de Wit, is the ability to accept Bitcoin donations almost instantaneously from anywhere in the world.

    de Wit said, “Bitcoin transactions are transparent, so you know that your full donation is going directly to the cause. And there are no charges to the organisation other than the standard fee charged by the Bitcoin network. 100% of the amount donated goes directly to FoodForward SA. This way, FoodForward SA can reach even more vulnerable South Africans.”

    Read also: Bitcoin Mining 2022 – What Is It, How It Works [Infographic]

    Few Reasons to Trust Luno

    Because of its user-friendly design, Luno lives up to its promise, “Cryptocurrency is for everyone.” Also, it is quite secure. Nevertheless, this is one of the more basic cryptocurrency exchanges with a limited selection and few features. If you want to know if Luno is the right exchange for you, read our complete evaluation.

    Investing in cryptocurrencies is made as simple as possible via Luno. If you’re new to crypto and want an exchange with a low learning curve, it’s worth checking out because it features a user-friendly web platform and mobile app. To purchase cryptocurrency, you must add your debit card, select your spending limit, and authorise the transaction.

    Any crypto exchange needs to be secure, and Luno shines in this department. Most cryptocurrency is kept offline in cold storage, and the keys to this cryptocurrency are kept in safe deposit boxes. Luno significantly reduces the likelihood of someone stealing its customers’ money by storing cryptocurrencies offline and making them difficult to access.

    We’ve selected some of the best instructional resources from a cryptocurrency exchange on Luno. Its learning portal offers both general articles on cryptocurrencies and in-depth analyses of several cryptocurrencies. Additionally, it has a blog with the most recent cryptocurrency news and video content.

    All clients of authorised cryptocurrency exchanges must have their identities verified; some exchanges are significantly faster than others. Luno is unquestionably on the quick side. Luno normally only needs a few minutes to verify your identity after you provide the necessary details, your ID, and a selfie.

    Rugby team Vodacom Bulls and cryptocurrency platform Luno sign a sponsorship agreement

    The Luno cryptocurrency investing platform has signed a three-year sponsorship agreement with the Pretoria-based Vodacom Bulls rugby team. Bulls players will receive performance bonuses in cryptocurrency thanks to the agreement.

    Christo de Wit, Luno’s country manager for South Africa, said, “Luno is focused on empowering people by building a new financial system which is more suited to the digital age. Like rugby, crypto can be unpredictable and volatile at times, but it is important to zoom out, stick to your game plan and think long term.”

    Edgar Rathbone, CEO of Vodacom Bulls, claims that the Luno relationship supports the team’s goal of being the most technologically advanced South African rugby brand.

    “Luno has an intrinsic understanding of what it means to have a competitive edge. As a trusted brand in the crypto financial industry, we are thrilled that Luno has decided to partner with the Vodacom Bulls,” Rathbone said.

  • 10 Best Bitcoin Wallets in Nigeria (Updated 2022)

    10 Best Bitcoin Wallets in Nigeria (Updated 2022)

    Before getting to know the best bitcoin wallet, it is important to understand what the wallet itself means.

    A Bitcoin wallet or cryptocurrency wallet is a piece of software or hardware that is used to store digital assets such as cryptocurrencies. Wallets for cryptocurrencies can be compared to online bank accounts in that they not only serve to store your cryptocurrencies but also to send and receive them when you engage in transactions.

    There are two kinds of keys that can be stored in a crypto wallet: public keys and private keys.

    Public keys for receiving crypto, when someone sends you Bitcoin or another form of digital currency, they’ll need your public key to complete the transaction.

    Private keys are required to send cryptocurrency to exchange or spend crypto assets. If you give out your private keys, the other person can use them to take your funds. Private keys can be compared to the login credentials for your online bank account. All your currencies could vanish in a hurry if it were to fall into the wrong hands.

    Keep in mind that different digital currencies have different types of addresses and that you can usually only send coins between wallet addresses that are the same type. This means that you have to send Bitcoin to an address for a Bitcoin wallet, Ethereum to an address for an Ethereum wallet, and so on.

    Are Crypto/Bitcoin Wallets Safe?

    The type of wallet and the user’s actions will have decisive effects on the security of cryptocurrency storage.

    A hardware wallet offers the highest level of protection for your cryptocurrency holdings (also known as cold storage). Hardware wallets are incredibly secure since they store your private keys offline, meaning no one can access them unless they are directly in front of the wallet, and even then, it is a difficult task to accomplish. This makes hardware wallets extremely safe.

    Since software wallets exist online and are therefore subject to being hacked, their convenience comes at the expense of their security.

    Paper wallets also provide some level of protection; nevertheless, the risk of losing your private keys is never completely eliminated, and there is no means to retrieve them if this occurs.

    Read also: How To Enable Bitcoin On Cash App: A Complete Guide In 2022

    What Bitcoin Wallet should I choose?

    Our recommendations are organized to assist you in selecting the wallet that is most suitable for your needs and the assets you possess. It is common practice to use many wallets at the same time due to the fact that different wallets excel at certain tasks to varying degrees. You might, for instance, use one wallet for staking and another wallet for the Web3 services it offers.

    Best Bitcoin Wallets in Nigeria

    1. Crypto.com – Best Crypto Wallet in Nigeria
    2. Capital.com – Good for trading cryptocurrencies with no fees
    3. Coinbase – One of the best Bitcoin wallets for beginner
    4. Binance – Crypto wallet that can also be used as an app for trading
    5. Luno – Popular cryptocurrency exchange and wallet for mobile traders
    6. Trust Wallet – Best Mobile Wallet
    7. MetaMask: Best Web3 Wallet
    8. Quidax – African exchange with Custodial Wallet
    9. ZenGO – A safe wallet app for people new to investing in cryptocurrency
    10. Exodus – Best wallet for beginners

     

    1. Crypto.com – Best Crypto Wallet in Nigeria

    Crypto.com - Best Crypto Wallet in Nigeria

    Currently, Crypto.com is one of the most recommended cryptocurrency wallet in Nigeria. This well-liked cryptocurrency trading site has not one but two free wallet options. Crypto.com offers a non-custodial wallet called DeFi. Therefore, users are in complete command of their own private keys.

    In the same vein, this means that users have an obligation to safeguard their own cryptocurrency. You may get the Crypto.com DeFi wallet on your iPhone or Android device by downloading the appropriate software. Additionally, this wallet provides integration with decentralized services like staking and crypto interest accounts.

    Crypto.com’s custodial wallet may be a better option for folks just starting with Bitcoin. Online wallet accessible via the Crypto.com website or the iOS/Android app; no understanding of security standards is required. The company behind Crypto.com guarantees the security of your wallet.

    If a user uses the custodial wallet provided by Crypto.com, practically all of their money will be stored in cold storage, out of the reach of hackers. In addition, this wallet type integrates with the central Crypto.com platform, giving users access to an overload of additional features. The Crypto.com wallet, for instance, facilitates Bitcoin purchases in Nigeria at competitive rates.

    There is a standard trading cost of 0.40% on each slide, and over 250 more cryptocurrencies are supported. When dealing with larger sums, you can take advantage of discounted trading fees. One can use a Visa or Mastercard to buy cryptocurrency with the Crypto.com wallet app. The cost for this purchase is 2.99%.

    With the Crypto.com custodial wallet app, you can also earn interest. For instance, stablecoins like USDT offer an annual percentage yield of 10%. The maximum APY for all other kinds of digital assets is 14.5%. Users have the option of a variable interest account or a fixed interest account with a 1- or 3-month lock-up time, depending on their needs.

    Pros

    • The Top Bitcoin Wallet Provider in Nigeria
    • Compatible with the Crypto.com mobile application
    • Coins and tokens can be purchased and staked directly within the wallet.
    • Use interest accounts to gain entry to the NFT market.
    • Cheap trading fees

    Cons

    • Only through the app on iOS or Android can users buy cryptocurrency with fiat currency.

     

    1. Capital.com – Good for trading cryptocurrencies with no fees

    Capital.com - Good for trading cryptocurrencies with no fees

    If you haven’t invested in digital currency yet, you might want to think twice about using a traditional exchange and wallet. This is because Capital.com gives users access to cryptocurrencies without requiring them to own or store any tokens. This is because CFDs are what Capital.com does best.

    Simply put, CFDs are like real-time copies of the price of a cryptocurrency. Users can go long or short on any crypto CFD they want, depending on whether they think the price will go up or down. So, Capital.com users can try to make money on the cryptocurrency markets without having to worry about a wallet.

    When a user cashes out their crypto CFD position, the money will be added to the account balance. This is a very important fact. Using Capital.com to access the crypto markets in Nigeria is also helpful because the platform charges no fees. This is true for all of its supported markets, which include thousands of stocks, ETFs, currencies, and commodities, as well as 470+ crypto pairs.

    When you trade on Capital.com, you can use leverage. This means that users can buy or sell with more money than they have in their accounts. There are also trading tools, such as charts and technical indicators, that can be used. Capital.com users can also use guides and tutorials to learn how the trading markets work.

    When you use a credit/debit card or a bank transfer, the minimum deposit at Capital.com is only $20, which is very affordable. If you want to send money through a bank wire, you need at least $250. Capital.com is a platform that is licensed and regulated by the FCA, ASIC, CySEC, and NBRB.

    Pros

    • Trade crypto CFDs
    • Lists more than 470 markets for crypto
    • No need to use a cryptocurrency wallet 
    • 0 per cent fee

    Cons

    • Beginners can take on more risk when they trade CFDs.
    • Not a good option for long-term investments

     

    1. Coinbase – One of the best Bitcoin wallets for beginner

    Coinbase - One of the best Bitcoin wallets for beginner

    Even though Coinbase is best known for its easy use, it also has one of the best Bitcoin wallets in Nigeria. In fact, just like Crypto.com, Coinbase gives you a number of ways to store your coins. First, many investors who use Coinbase will keep using the web wallet that comes with the platform.

    This is a custodial wallet that you can get to by logging into Coinbase. Because of this, you don’t have to install or set up any software. Two-factor authentication and a whitelist of trusted IP addresses and devices protect the Coinbase web wallet. 98% of client funds are always kept offline, which is a big safety measure.

    Those who prefer the custodial wallet option can also get to their tokens through the iOS and Android versions of the Coinbase mobile app. A QR scanning tool is built into the app, which makes it easier to send and receive tokens. Coinbase also has a wallet that doesn’t hold your cryptocurrency for you. This gives you more control over your crypto investments.

    You can also get this as an app for iOS or Android. People who don’t know much about wallet security shouldn’t choose this option. Still, Coinbase’s non-custodial wallet comes with a number of extra products. This includes support for hundreds of decentralized applications and access to NFTs.

    But people who want to buy and sell digital currencies often may want to use the main Coinbase wallet. This is because it gives you access to more than 150 different tokens, all of which can be bought with a debit or credit card. Visa and MasterCard payments cost 3.99% extra when made through Coinbase.

    Pros

    • The best wallet app for Bitcoin that can hold all ERC-20 tokens.
    • You can buy, sell, and bet on crypto right from the wallet.

    Cons

    • Compared to other wallet providers, it has high trading fees.

     

    1. Binance – Crypto wallet that can also be used as an app for trading

    Binance - Crypto wallet that can also be used as an app for trading

    If you want to trade digital assets in Nigeria actively, Binance might be the best crypto wallet. You can use an app for iOS or Android to get to your Binance wallet, or you can just log in to your account on the main website. In either case, the Binance wallet comes with a trading suite that supports more than 1,000 markets and 600 tokens.

    Traders who choose Binance will be able to buy and sell tokens for a fee of 0.10%. This means that there will only be a $0.20 fee for every $200 that is traded. When a crypto token is bought, it will go right into the Binance wallet, making it easy to access.

    The user’s email address, password, and two-factor authentication are used to protect the Binance wallet. When the user logs into the wallet from a different device, extra security steps are taken. Binance also says that most of its customers’ digital tokens are kept in a cold crypto wallet.

    Binance also lets you open interest accounts, stake coins, and farm yields. Some of these DeFi products come with APYs that are higher than 100%. There is also a Binance NFT marketplace where users can buy and sell tokens that can’t be used to buy or sell other tokens. Binance is behind the Trust Wallet app, which is a decentralized wallet that doesn’t hold your money.

    This works with almost every blockchain network and lets people use decentralized apps like Pancakeswap. Users can also invest in cryptocurrencies right away with a debit or credit card through Trust Wallet. But first, a KYC verification process needs to be done.

    Pros

    • Easy to connect to the Binance app.
    • The best cryptocurrency wallet in Nigeria if you want to trade with low fees.

    Cons

    • Its Regulatory status remains unclear

     

    1. Luno – Popular cryptocurrency exchange and wallet for mobile traders

    Luno - Popular cryptocurrency exchange and wallet for mobile traders

    Luno is one of the most popular crypto platforms that you might want to think about. This global exchange has an app for iOS and Android that is easy to use but has many features.

    Luno not only lets Nigerians trade digital currencies, but it also gives them a safe place to store them. The Luno wallet can be used on both iOS and Android, and it can hold up to eight cryptocurrencies.

    Bitcoin, Ethereum, Chainlink, Uniswap, XRP, USD Coin, and Litecoin are all included. With the Luno wallet, it’s easy to keep track of how much a cryptocurrency is a worth based on the market price at the moment.

    Nigerians can also get interested in the money in their wallet. For example, the APY for Bitcoin is 1.5%. But, as we already said, this is only 6% when you use the Crypto.com wallet.

    Pros

    • Support NGN deposits.  
    • Great reputation for security

    Cons

    • Only 8 digital assets could be used.

     

    1. Trust Wallet – Best Mobile Wallet

    Trust Wallet - Best Mobile Wallet

    Trust Wallet is compatible with 65 blockchains and their respective coins and tokens. That’s why we think it’s the most refined mobile wallet and why you shouldn’t bother downloading almost any wallet app.

    You can easily add popular cryptocurrencies and tokens to your Trust Wallet, as well as check out charts and real-time pricing data and set up push notifications.

    Trust Wallet also supports the import of user-created tokens, so you can access cryptocurrencies that aren’t already included in the app. Due to the ease with which fake versions of established cryptocurrencies can be created, you must take extra precautions to validate contract addresses before proceeding.

    Additionally, if the dApp or DEX you wish to use supports the Wallet Connect add-on, you can link to it. You can stake assets straight from your Trust Wallet and even use it to buy cryptocurrencies with cash using services like Moonpay.

    Pros

    • A built-in exchange that is not centralized
    • You can stake your cryptos right from your wallet.
    • You can use credit and debit cards to buy cryptos
    • Supports Transfers with Bitcoin
    • NFT support

    Cons

    • Only Ethereum and BSC can handle NFTs.
    • You can’t withdraw money from your wallet to your bank account.
    • No add-on for the browser (extension)

     

    1. MetaMask – Best Web3 Wallet

    MetaMask: Best Web3 Wallet

    MetaMask has more than 30 million monthly active users, making it the clear winner for the best Web3 wallet.

    Regarding Web3 and DeFi, MetaMask was one of the first non-custodial wallets to help break down barriers. MetaMask is a cross-chain desktop and mobile wallet that facilitates access to decentralized applications (dApps), storage of non-fungible tokens (NFTs) and digital assets, and trading of cryptocurrencies.

    The popularity of the MetaMask Web3 wallet can be attributed in large part to its users’ ability to buy and trade cryptocurrencies anonymously. In order to begin trading on DeFi exchanges, you need to download the associated software or browser extension and enter your own seed phrase to get started.

    Password, username, and ownership proof are all rolled into one with your unique MetaMask seed phrase. Important to decentralization is the fact that your data is not held centrally and that you retain full control over any assets you may acquire.

    Pros

    • Easy to install and set up
    • No personal identification required
    • Supports a number of blockchains, including testnets for building dApps

    cons

    • No native Bitcoin support
    • Keeping private keys in the wrong place can lead to hacks and lost money.
    • Not much technical help

     

    1. Quidax – African exchange with Custodial Wallet 

    Quidax - African exchange with Custodial Wallet 

    Quidax is a well-known exchange that helps traders in Africa. Users can buy and sell cryptocurrencies on the platform for a small fee of 0.3%, which is very competitive. The Quidax can also be used as a wallet that you can access online or through an app for iOS or Android.

    It has complete control over the private keys of the wallet, which may be good for new users. When you use this provider, tokens in your Quidax wallet will be moved to the “Vault,” which is one of the best things about it. This lets people use an automated staking tool to earn interest on their tokens.

    There is no minimum time you have to wait to cash in your rewards, so you can get them at any time. Another reason to use Quidax is that the wallet provider works with both debit and credit cards. This means that people in Nigeria can buy digital currency right away without leaving the wallet interface.

    Quidax also has its own cryptocurrency called QDX. This digital currency can be bought and sold on public exchanges and runs on the Binance Smart Chain. Quidax only works with 20+ tokens, which is one of the main problems with this provider. Because of this, it will be harder to spread out.

    Pros

    • Low commissions of 0.3% per slide
    • You can buy cryptocurrency with a debit or credit card.

    Cons

    • Only 20+ tokens supported
    • are not as safe as some other wallets
    • Liquidity levels remain unclear

    1. ZenGO – A safe wallet app for people new to investing in cryptocurrency

    ZenGO - A safe wallet app for people new to investing in cryptocurrency

    ZenGO is one of the best Bitcoin wallets in Nigeria for people who want an easy-to-understand interface. This wallet comes with a free app for iOS and Android devices that can be downloaded to your phone.

    It only takes a few seconds to set up the wallet, and users can use biometrics to protect their accounts. Even though ZenGo is a non-custodial wallet, it’s easy to get back into an account if you lose it.

    For example, if the user loses their phone or deletes the app by accident, they can use a simple face scan to get their wallet back. Several groups, like Scorpiones and Kudelski, have also checked out ZenGo.

    ZenGO sells a number of other products in addition to storage. Users can switch from one digital token to another with the click of a button, even if they are on different chains. ZenGo has also made its app work with Nexo, which lets users earn interest on their tokens when they are not being used.

    Pros

    • Recover access to lost wallet using a facial scan
    • Extremely user-friendly

    Cons

    • Only 12 tokens can be used.

     

    1. Exodus – Best wallet for beginners

    Exodus – Best wallet for beginners

    Exodus Wallet is a software wallet that lets you use a wide range of cryptocurrencies on your computer or phone. Many wallets only let you manage coins on a single network, but Exodus works with Bitcoin, Ethereum, and Solana, which all use blockchains. Because it can do everything, it is our top choice for a first wallet.

    There are new features in the wallet, like a portfolio overview, that help you keep track of what you own. If you want to add to your digital assets, you can use the wallet’s built-in exchange to trade them.

    Through Exodus, you can also stake in cryptocurrencies like Algorand (ALGO) and Cosmos (ATOM).

    You can keep the keys to your assets on a Trezor hardware wallet for extra security. This makes it easy to switch from one to the other if you decide to go pro.

    One of the things that makes Exodus great for beginners is that its support staff is very helpful. If you send them an email for help, you should hear back from them within an hour.

    Pros

    • user-friendly interface
    • supports a multitude of blockchains tokens and currencies
    • excellent client service

    Cons

    • insecure compared to a hardware wallet
    • not compatible with two-factor authentication

    Bitcoin Mining 2022 – What Is It, How It Works [Infographic]

     

    Conclusion – How to choose the best crypto wallet

    Now that you know about all the different kinds of wallets, it’s time to find one that works for you. To do this, you’ll need to think about your needs and compare different wallets based on a number of important factors, such as:

    How you want your wallet to look: This comes down to what each person wants. If safety is the most important thing to you, you should probably compare hardware wallets. But if your main goal is to be able to get to your coins quickly and easily, you may want to use a mobile or web wallet.

    User-friendly: Receiving, sending, and storing cryptocurrency can be hard and confusing, especially for people who are just starting out. It’s important that the wallet you choose fits your tech skills and level of experience with cryptocurrencies. So, people who are new to crypto might look for a wallet that is easy to set up and use, while people with more experience might look for more advanced features like an in-wallet exchange and transactions that require more than one signature.

    Security Features: Find out about the wallet’s security features, such as two-factor authentication and the ability to use more than one signature. Will your private key be kept online or in a different place? Has there ever been a security breach with the wallet?

    Other Qualities: Check to see if the wallet has any other features, like the ability to switch between currencies within the wallet or easy access to live fiat exchange rates or other market information.

    Supported Cryptocurrencies: Do you want a wallet that can hold just one cryptocurrency, like Bitcoin, or do you want a wallet that can hold more than one? Make sure the wallet you choose works with the cryptocurrencies you want to store and keep in mind that you can only hold some coins and tokens in an official wallet.

    The wallet developer: Next, find out what you can about the people who are behind the wallet. When did they start doing business? What do they have that makes them qualified? Are they always making changes and improvements to the wallet?

    Cost: Most cryptocurrency wallets are free to use, but if you want a hardware wallet, you’ll have to pay for it. Think about the price you pay upfront when making your choice. Check the fine print because some wallets charge a fee for every transaction you make.

    Reputation: How much does the community trust the wallet? Check out a variety of independent online reviews of the wallet to see how other people like it and if they would recommend it.

    Interested in learning more about bitcoin and how it works? Check out our complete bitcoin resources.
  • Circle and Mara team up to increase Africa’s Web3 capacity

    Circle and Mara team up to increase Africa’s Web3 capacity

    The Mara Foundation has officially announced its partnership with Circle Internet Financial. Circle Internet Financial is the issuer of USD Coin (USDC) and Euro Coin (EUROC).

    Circle Internet Financial is a global digital financial technology firm that is the issuer of USD Coin (USDC) and Euro Coin. The Mara Foundation is a non-profit organization that is dedicated to empowering youth, communities, marginalized populations, and problem solvers to build solutions that drive long-term positive social, economic, and environmental change in Africa.

    The primary objective of the cooperation is to facilitate the provision of crucial opportunities, tools, and access essential for developing decentralized applications (DApps) and blockchain-based solutions in Africa. Through a strategic partnership that is the first of its kind, Circle and Mara hope to positively impact Africa’s growing population of one billion people over the next five years. Through this partnership, Circle and Mara want to make more people aware of USDC, push for more people to use blockchain technology, and train one million developers.

    Read also: The Explosive Growth of Blockchain Funding and Cryptocurrency in Africa

    Mara Foundation and Circle will engage African Web3 developers

    As part of this partnership, the Mara Foundation and Circle will co-host a developer roadshow in Kenya and Nigeria in October. This event aims to engage with African web3 developers, introduce Circle to the local technology communities, raise awareness about the Mara Foundation and Circle partnership, and discuss what this means for the African continent’s Blockchain/Web 3 ecosystem. In addition, the Mara Foundation and Circle will collaborate to host joint developer masterclasses and workshops, establish campus ambassador programs, and carry out a number of other initiatives all around Africa.

    Sandra Persing, Vice President of Developer Relations and Ecosystem Marketing at Circle, stated that the company was highly impressed by the Mara Foundation’s “deep-rooted interest in empowering Africans’ dreams and creating more digital financial inclusion across Africa.” “In our conversations with Mara Foundation, we were highly impressed by their deep-rooted interest in creating more digital financial inclusion across Africa.” “We are proud to partner with Mara Foundation, a front-runner and key player in the digital finance ecosystem, and provide opportunities to developers in Africa that will enhance their technical skills and innovations using a trusted digital dollar like USDC,” the company said in a statement. “USDC is the trusted digital dollar.”

    Chi Nnadi, co-founder and Chief Executive Officer of Mara, made the following statement while speaking about the partnership: “Africa is essential to us at Mara, and we are invested in leading a movement that redefines Africa’s digital banking ecosystem.”

    Through our philanthropic foundation, we are dedicated to turning aspirations into realities and assisting people of African descent all around the world in gaining knowledge of blockchain technology and financial literacy. Our partnership with Circle strengthens this commitment, which lets us keep taking advantage of the many opportunities that blockchain technology and USDC offer to young people in Africa.

    Polygon And Xend Finance Announce First Africa Bootcamp

    Mara Foundation provides tools for growth in Web3

    The Mara Foundation gives African software engineers the tools they need to leap from Web 2.0 to Web3 while guaranteeing that no one falls behind. Several African developer teams participated in the recently concluded ‘Hack the Mara’ competition, which the Mara Foundation organized. As part of this competition, the teams used Circle’s technology to build technical breakthroughs and solutions focused on making financial services more inclusive, efficient, and scalable. The competition was won by the team that developed a solution that allowed a mobile phone to be used as a credit card.

    When it comes to people’s understanding of and willingness to use Web3, we have arrived at a pivotal juncture in Africa. “There are also a billion individuals eager to learn more about financial resilience and opportunities to improve their futures,” said Kate Kallot, co-founder and Chief Impact Officer at Mara. “This is why we are super excited to partner with Circle as we share a developer-first mindset that will empower these developers to transform Africa’s social and economic future,” said Kallot. “While millions of developers are interested in building the future of Africa on blockchain technology, there are also a billion individuals eager to learn more about financial resilience and opportunities.”

    Chi Nnadi, co-founder and CEO of Mara, and Kate Kallot, also a co-founder of Mara and the company’s Chief Impact Officer, will be at Circle’s ecosystem conference, Converge22, to talk about a variety of topics, such as the impact of blockchain infrastructure and the use of Web3.

  • Hackers Steal over 600 Million Dollars from Binance Smart Chain

    Hackers Steal over 600 Million Dollars from Binance Smart Chain

    The Binance Smart Chain (BSC) has suspended operations due to irregular activities amid reports of a hacking attempt on BNB, which jolted the global cryptocurrency market.

    It was reported that the hackers hijacked the Binance-linked cryptocurrency BNB, which was valued at over $600 million at the time of the attack. This was disclosed in a tweet from the BNB official handle on Twitter.

    Users have been given the reassurance that all funds are secure. The BNB chain assures us that all systems are now contained, and they are promptly examining the possible vulnerability. “We are certain that the community will provide support and freeze any transactions.”

    Read also: Cybercrime Ravages Cryptocurrencies

    The BNB dropped by about 3.6% when the report of the hacker breach on the token circulated, dropping to $282.46 on October 7th. Given that Binance Smart Chain is the backbone of the cryptocurrency ecosystem, this event represented the latest setback for bitcoin activity worldwide.

     It was revealed that the attacker was only able to transfer a fraction of the stolen funds to other chains before validators shut down the network, preventing the hacker from gaining access to the remaining $430 million at their BNB chain address. The chain has since been reactivated.

    According to the DeBank portfolio tracker data, the hacker gained access to digital currencies worth over $110 million across the Ethereum, Avalanche, and Fantom networks, as well as L2s Arbitrum and Optimism. However, Tether, the stablecoin’s issuer, has reportedly frozen around $6.5 million worth of USDT.

    The attacked Token Hub acts as a conduit for BNB to reach the BNB Chain, the company’s smart contract blockchain. Rebranded from its previous name, Binance Smart Chain, this network is Binance’s DeFi ecosystem and the third biggest DeFi blockchain by Total Value Locked (TVL).

    The validation process helps Binance restrain stolen funds

    In an update to the most recent occurrence, An official statement published on the BNB chain official site explains that there was an exploit impacting the native cross-chain bridge known as the “BSC Token Hub” between BNB Beacon Chain (BEP2) and BNB Smart Chain (BEP20 or BSC). It’s estimated that 2,000,000 BNB was withdrawn. The vulnerability was exploited through a complex forgery of the low-level proof into a single shared library.

    “Most of the funds are still under control thanks to the help of all the security experts, projects, and validators.”

    As one of the numerous innovative protocols aiming to close the gap between different blockchains, BNB Smart Chain significantly improves upon the capabilities of the original Binance Chain. Although still in its infancy, Binance’s promise of BNB staking and EVM compatibility makes the platform a perfect engine for developers creating robust decentralized apps.

    Nigeria, Binance, and Talent City Partner for Crypto City

    Things to Know About The BNB Smart Chain

    The BNB Smart Chain (BSC) is a blockchain that operates concurrently with the BNB Beacon Chain. In contrast to BNB Beacon Chain, BSC is equipped with the ability to execute smart contracts and is compatible with the Ethereum Virtual Machine (EVM). The goal of this design was to add smart contracts to the ecosystem of the BNB Beacon Chain without slowing down it is famously fast throughout.

     Both blockchains can be considered to run in parallel. Note that BSC is not a “layer two” or “off-chain” solution for scalability. Being autonomous, it could continue to function even if the BNB Beacon Chain went down. Nevertheless, both chains are very similar in appearance.

    Due to its compatibility with the Ethereum Virtual Machine (EVM), BSC has made available a wide variety of Ethereum-based tools and decentralized applications (DApps) since its inception. To some extent, this facilitates the transfer of Ethereum-based projects to other blockchains. Consequently, users can quickly and simply set up programs like MetaMask to interact with BSC. It’s as simple as adjusting a few sliders. To get started, have a look at How to Use MetaMask with BNB Smart Chain.

  • Bitcoin vs Monero: What’s The Difference?

    Bitcoin vs Monero: What’s The Difference?

    The use of cryptocurrencies is becoming increasingly widespread. These are decentralized digital or virtual currencies that may be spent or traded utilizing blockchain technology. They are sometimes referred to as altcoins. The degree to which they accomplish their goals of enhancing privacy and anonymity is an open question for many. Some of these currencies allow the public to view all transactions, while others give users the option to maintain their privacy. Others choose to keep the privacy feature wholly hidden from view.

    What is Monero?

    Monero is a cryptocurrency that focuses on privacy and was introduced in 2014. Monero stands out as a cryptocurrency due to its privacy protections and untraceability. The requirement for anonymous transactions inspired the creation of Monero, an open-source cryptocurrency. In addition, the problem of scalability, which is experienced by many other cryptocurrencies, was designed to be solved through the development of Monero.

    The concept is the foundation upon which it is constructed and runs. Blockchains are public ledgers that record all transactions on the network and form the basis for digital currencies.

    By design, Monero’s blockchain cannot be tracked. By masking sender and recipient addresses, it protects the privacy of all transaction data, including gender identity, recipient identity, and transaction amounts.

    Besides being anonymous, the Monero mining process is founded on equality. The idea is that everyone should be treated fairly and given a fair shot at success. Although the Monero team did not retain any ownership of the virtual currency after its introduction, they did count on user donations and feedback to fuel the project’s growth.

    What is Bitcoin?

    Bitcoin is a cryptocurrency, a digital currency created to function as a medium of exchange and payment that is untraceable and unaffected by the government or central banks. As a cryptocurrency, it may be bought and sold on various exchanges and provides the incentive for miners on the blockchain to validate transactions.

    It’s no secret that Bitcoin is a pioneer in the cryptocurrency industry and a top choice for many investors. And it’s the place where crypto newbies can test the waters with a small investment. Now, it’s the most widely recognised digital currency worldwide.

    As a result of its success, many similar digital currencies have emerged. These alternate payment systems either aim to replace it or use it as a utility or security token in other blockchains and new forms of finance.

    Back in 2009, Bitcoin (often abbreviated as BTC) was the first cryptocurrency ever created. Bitcoin has a predetermined maximum quantity of 21 million tokens, and miners are responsible for the steady distribution of these currencies over time. Bitcoin (BTC) is the undisputed overall market value and trading volume champion.

    Read also: Cybercrime Ravages Cryptocurrencies

    Pros of using Monero

    Its blockchain is opaque, so users’ transaction amounts and identities remain hidden even if the amounts and senders’ addresses are compromised, and transactions cannot be traced back to their users. Investors don’t need to purchase expensive mining hardware to mine Monero using their computers.

    Because of its anonymity properties, Monero is frequently used in illegal transactions and on the dark web, and It’s impossible to track down because there is no way to link or trace the trades.

    For individuals who pose a security risk or proprietors of websites, the primary advantage of It enables transactions to take place more quickly (especially when they are small).

    Mining can be done efficiently on “normal” PCs thanks to it. Monero is a highly respectable and esteemed cryptocurrency,

    ASICs cannot break Monero’s encryption, meaning mining the MXR cryptocurrency does not require a considerable amount of processing power. Transactions require numerous keys, further strengthening the system’s already high level of security.

    Monero does not have a maximum number of blocks. Even if there is no more MXR to distribute, miners will still be rewarded with 0.3 MXR per block regardless of the situation.

    Monero has accomplished tremendous growth in terms of finances and possesses a capable and powerful development staff.

    Cons of using Monero

    Monero’s rapid growth can be attributed mainly to its reputation for anonymity; however, this feature also presents several difficulties.

    Their anonymity and decentralisation make them ideal for dark web markets where people can buy and sell illegal goods like narcotics or gamble anonymously. One reason famous dark web marketplaces like AlphaBay and Oasis saw increased usage of Monero just before they were taken down is because of this.

    There are several wallets on the market that are not suitable for use with Monero.

    Because of the more significant amount of encryption needed, Monero trades are more expensive than those of other cryptocurrencies. Monero is not beginner-friendly

    Some complications arise with storing Monero.

    Pros of Bitcoin

    Despite Bitcoin’s existence since 2009, many people still hold false beliefs about this kind of payment. Investigating Bitcoin’s merits can help you determine whether or not to put your money into the cryptocurrency.

    Bitcoin, like many other cryptocurrencies, can be used to make transactions quickly and easily, and it is not limited by where it is used. Bitcoin’s many uses and ease of use are also significant advantages. Bitcoins can be sent to another user in a matter of minutes, so they can be used right away at the growing number of stores that accept the currency. It’s easy to avoid or cut costs when exchanging money or buying things abroad. Bitcoins can be bought and sold instantly and without any hassle.

    Transparency and privacy for users: Bitcoin users are not entirely anonymous, but numerical codes represent their identities, and they can have multiple public keys. This way, the user’s transactions are protected from public view and cannot be linked to them. Like many other financial decisions, deciding whether or not to invest in Bitcoin requires getting as much information as possible. Like many other financial decisions, deciding whether or not to invest in Bitcoin requires getting as much information as possible.

    Some people think Bitcoin is extremely rare because Satoshi Nakamoto, the creator of Bitcoin, imposing a cap of 21 million on the total number of Bitcoins that might ever exist. Bitcoin is very valuable because there aren’t many of them, but its fluctuating price is the only thing that controls how much people want it.

    There are no rules from a governing body. The fact that Bitcoin is decentralized is often seen as a benefit, but the lack of rules for Bitcoin investments is also a downside. Bitcoin transactions aren’t backed by the law and often can’t be undone, unlike transactions with currencies that are controlled by a central bank. This leaves users open to fraud.

    Another problem is that Bitcoin transactions are not safe because they are anonymous and not regulated. Since Bitcoin transactions are permanent and can’t be undone, there’s nothing you can do if you send money to the wrong person or for the wrong amount.

    There is also the possibility of losing some money. Many people who use Bitcoin keep their money in a cryptocurrency wallet, which risks their wealth if they lose their private key.

    Although more and more businesses are beginning to accept Bitcoin, including Microsoft and some subway locations, the cryptocurrency is still not generally recognized. In contrast to using a debit or credit card, this restricts where the funds can be spent.

    The Explosive Growth of Blockchain Funding and Cryptocurrency in Africa

    What is the difference between Monero and Bitcoin?

    The way that Monero and Bitcoin use cryptography to make transactions is what makes them different from each other. This leads to the creation of fake payments, making it harder for outsiders to determine where the money is coming from.

    The basic idea behind ring signatures is much simpler than you might think at first. The person who is responsible for authorizing a transaction is part of a group of people that also includes people who have authorized transactions in the past. This leads to the creation of fake payments, making it harder for outsiders to determine where the money is coming from.

    Over the past few years, the number of ring signatures that Monero uses has grown, which means that users can expect a much higher level of privacy.

    Each digital asset has pros and cons, and the right to privacy is an old problem that hasn’t gone away. Despite the fact that this is still much slower than more common options such as

    Because transactions on the MXR blockchain take an average of 20 minutes, this alternative cryptocurrency can’t be used as a payment method. The block time on the Bitcoin network is around 10 minutes on average. Despite the fact that this is still much slower than more common options such as These payments are completely traceable on the public blockchain; in fact, as we’ve seen in the aftermath of a number of high-profile breaches in recent years, it’s even possible to track stolen BTC.

    When comparing Bitcoin and Monero mining, anonymity is the main distinction. When you hear that Bitcoins are anonymous, keep in mind that this was not the intention. You can look up every block, transaction, and address on a service like BlockExplorer. This means you can view all Bitcoin transactions for a specific address if you have transferred or received Bitcoin to or from that address.

    Thus, Bitcoin is referred to as a “pseudonymous” currency. This means that even if you don’t know the person’s name, you can still trace all payments made to and from his address. The methods, However, hiding your traffic is complex, time-consuming, and resource-intensive.

    However, Monero’s transaction privacy protections are always active. It is impossible to trace the origin of funds sent through Monero. Also, the recipient of your monero will have no idea who sent it unless you tell them. And since you can’t figure out how “rich” they are because you use a different currency, there will be periods when Bitcoin transactions take longer than usual, especially if the transaction fees are low.

    Should I use Monero or Bitcoin?

    Monero and Bitcoin have pros and cons, so the answer to whether you should use one or the other depends greatly on your situation.

    You might like MXR because it gives you the same kind of anonymity that cash does when you use it to pay for things. This doesn’t necessarily mean that you are buying something illegal. Instead, it could just mean that you are worried about being seen doing something wrong.

    But when it comes to laws, it’s safe to say that the existence of Monero poses some very complicated problems for the industry. Nations all over the world are worried that MXR could be used for illegal things like funding terrorism, laundering money, or avoiding taxes. Because Monero is a decentralized cryptocurrency, it can be hard to find out who is using it to do something wrong.

    In 2020, the Internal Revenue Service (IRS) of the United States said in public that anyone who could figure out MXR’s code would get $625,000. Chainalysis and Integra FEC have been given the contracts because they are experts in analyzing forensic data for bitcoin.

  • Binance Introduces Global Training Program to Fight Digital Asset-Related Crime

    Binance Introduces Global Training Program to Fight Digital Asset-Related Crime

    The use of cryptocurrencies is becoming increasingly widespread. These are decentralized digital or virtual currency forms that may be spent or traded utilizing blockchain technology. They are sometimes referred to as altcoins. The degree to which they accomplish their goals of enhancing privacy and anonymity is an open question for many. Some of these currencies allow the public to view all transactions, while others give users the option to maintain their privacy. Others choose to keep the privacy feature wholly hidden from view

    Binance, a cryptocurrency exchange, just launched its Global Law Enforcement Training Program. This program is meant to help law enforcement agencies fight against financial and electronic crimes that use cryptocurrencies or digital assets.

    According to Binance, the training program will be directed by a group of highly qualified specialists. Some of these are former law enforcement officers and security experts who helped shut down illegal platforms like Silkroad and Hydra.

    The cryptocurrency exchange platform provides one-day training sessions that involve rigorous in-person workshops on the blockchain, cryptocurrency, legal issues, and anti-money laundering regulations. These programs may be found on the platform.

    Read also: Ibukun Awosika, 10 others Joins Binance Advisory Board

    More About Binance Global Training Program

    Alongside various law enforcement officers from Argentina, Brazil, Canada, France, Germany, Israel, the Netherlands, Philippines, Sweden, South Korea, and the United Kingdom, Binance’s e-crime and cybercrime investigations team has been receiving training since 2021.

    Tigran Gambaryan, the Global Head of Intelligence and Investigations at Binance, said that the company created the Training Program because regulators and public law enforcement agencies wanted to learn more about crimes related to cryptocurrencies and come up with ways to stop them.

    According to Gambaryan, the Binance Investigations team has responded to more than 27,000 inquiries from law enforcement in an average time of three days, which is “faster than any traditional financial institution.”

    Binance has said that its team is able to keep an eye on and fight a wide range of online criminal activities, from funding terrorism and spreading malware to more serious crimes like human trafficking and using children for pornographic purposes.

    The business issued the following statement: “The safety of our customers is our top priority at Binance.” We contribute to the battle against terrorism financing, ransomware, human trafficking, child pornography, and financial crimes by working hand in hand with law enforcement authorities to detect and trace suspected accounts and fraudulent activities.

    Changpeng Zhao (CZ), the CEO of Binance, said on his Twitter account that the program is new to the cryptocurrency market and will help find and prosecute criminals who try to take advantage of digital assets’ weaknesses.

    Binance Launches Meetup Tour Across Francophone Africa

    About Binance

    Binance was initially conceptualized and launched by Changpeng Zhao, a developer who had previously invented high-frequency trading software. Binance’s headquarters were initially located in China; however, they were relocated outside of the country in response to the Chinese government’s increased oversight of cryptocurrency activities.

    In 2021, the United States Department of Justice and the Internal Revenue Service opened an investigation into the cryptocurrency exchange Binance based on suspicions of money laundering and tax violations. Binance was given an order by the Financial Conduct Authority of the United Kingdom to cease any regulated business in the United Kingdom by June 2021.

  • PolyChain Capital Leads Yellow Card’s $40 Million Series B Funding Round

    PolyChain Capital Leads Yellow Card’s $40 Million Series B Funding Round

    A $40 million Series B funding round has been secured by Yellow Card Financial, a pan-African cryptocurrency exchange. Polychain Capital was the driving force behind the funding round, which included contributions from Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson, Pat Duffy, and several other people.

    With this money, the company will be able to come up with new ideas for products, continue to grow successfully across the continent, grow its business at an exponential rate, and build critical alliances across the continent.

    Chris Maurice, CEO and co-founder of Yellow Card, says that this increase is because everyone worked hard to reach a common goal. He stated, “Over the past three years, our team has worked tirelessly to make this technology available to everyone and to develop a product that is on par with the best in the world.” This fundraiser in this market shows how strong our team is, how much Africa needs cryptocurrencies, and how important it is to have them.

    Since the start of operations in Nigeria in 2019, the team, which is now spread across 21 nations, has been working toward making Bitcoin, Ethereum, Stablecoins, and other cryptocurrencies available to anybody in Africa.

    Read also: Yellow Pay Introduces New Payment Option


    Yellow Card’s previous funding


    Yellow Card announced it would raise $15 million for its Series A fundraising in August 2021. The cryptocurrency exchange recently said its customers had grown to more than one million.

    This rise is essential, especially since it happened in a market that was going down. It shows how much new and old investors trust the company.
    “Yellow Card” is the most talented team in terms of execution anywhere on the continent. We are blown away by how well they have changed and adapted to the unique needs and opportunities of the many African markets. Will Wolf, a partner at Polychain Capital, stated, “We’ve barely touched the surface of what is possible when it comes to crypto in Africa, and we’re excited about what’s to come.” Polychain Capital is enthusiastic about what’s to come.

    Through a wide range of initiatives all over the continent, Yellow Card is dedicated to carrying out its purpose of expanding access to financial services to people everywhere.

    Read also: Nigerian startup, Vella, provides international money transfers without stress


    About Yellow Card


    The year 2016 marked Yellow Card’s introduction to the world of cryptocurrency trading as an exchange.
    In 2019, Yellow Card expanded into African nations such as Nigeria, South Africa, and others in response to the growth in popularity of cryptocurrencies across Africa.
    Yellow Card’s only objective is to get as many people as possible engaged in bitcoin, and it does this by providing the most competitive prices for buying and trading on its platform.

  • Binance Launches Meetup Tour Across Francophone Africa

    Binance Launches Meetup Tour Across Francophone Africa

    The world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, Binance, has launched a crypto education tour across 5 countries in French-speaking Africa as part of its mission to drive blockchain adoption and enable greater financial accessibility in the region.

    In July, Binance announced a partnership with Jokkolabs, one of Africa’s first social impact hubs, to launch a blockchain awareness and education program throughout communities in Francophone Africa.

    On September 10, 2022, Binance kicked off the first meetup of the tour in Cotonou, Benin, with the people learning about cryptocurrency and the Binance Ecosystem at the Benin meetup, which was an offline educational event. with the goal of empowering crypto newbies and enthusiasts in the region with the right knowledge about blockchain technology and how to use it as a tool for financial freedom.

    Read also: Nigeria, Binance, and Talent City Partner for Crypto City

    People learned about cryptocurrency and the Binance Ecosystem at the Benin meetup, which was an offline educational event. There were about 400 attendees with a keen interest in blockchain technology. People also played fun games like a quiz about NFTs, for which more than 250 winners got NFTs.

    According to Binance, there are four countries left for the tour to be completed. The tour to these countries will be held on different days within the span of two months.
    The next country to be educated is Togo, with a September 24, 2022, meetup scheduled for the offline meetup. Côte d’Ivoire will meet on October 8, 2022, Cameroon on October 22, 2022, and Burkina Faso on October 9, 2022.

    Importance Of Binance Tour


    Binance continues to be at the forefront of blockchain education through its offline meetups, which have been instrumental in democratising and deepening cryptocurrency adoption and accessibility in Francophone Africa. Last month, the company launched a crypto education hub in Yaoundé, Cameroon, to provide resources and training for young people across Francophone Africa. Taking their mission a step further, the Francophone meetups demonstrate the blockchain giant’s continued commitment to providing avenues for offline connections, learning, and sharing of experiences in the crypto space.

    “It is clear that Francophone Africa has limitless potential to be a key player in the blockchain revolution, and we are committed to providing more people with access to the necessary information and tools to use digital assets and blockchain. Community is a vital part of the blockchain, and by bringing together like-minded people to learn and grow in the space, the future of blockchain in Francophone Africa is inevitably prosperous,” said Carine Dikambi, Francophone Africa Lead at Binance

    The importance of these education initiatives cannot be overemphasized for the region, mainly because making payments across country lines is difficult for Africans. Cryptocurrency simplifies all this by innovating and simplifying remittances, cross-border transfers, or settlements for users. These innovations are an engine of growth for crypto adoption in Francophone Africa and Africa as a whole, as they offer a borderless way for Africans to participate in the crypto market today.

    Read also: Binance Now Supports Deposit and Withdrawal Using SA Rand

    With the growth in general user interest, education, and even media interest, crypto has the potential to foster innovation, financial inclusion, and economic competitiveness for Francophone Africa.

    According to the Binance statement on their official website, participants are to expect the following from the upcoming meetups:

    • Learn the basics of blockchain.
    • Discover how others use crypto in their everyday lives and how to store value with crypto and earn on your crypto balances.
    • Understand real-world applications of the blockchain.
    • Understand crypto trading and how it works in simple terms.

    If you are in Francophone Africa and are interested in learning about blockchain technology and cryptocurrency, register on Eventbrite

    Binance presence in Africa


    The activeness of Binance in Africa has been quite noticeable this year. At the start of September 2022, Binance held a networking event in Accra, Ghana, for crypto traders. Community is a vital component of the blockchain industry, and through events like this, the blockchain giant continues to show its commitment to providing avenues for offline connections, learning, and sharing of experiences in the crypto space.

    The agenda for the day included conversations on the latest happenings in the industry, Q&A sessions with crypto traders, trading quizzes, and so much more. With direct access to experienced crypto traders, the meetup was a great chance for crypto newbies and fans to learn some best practices for trading and steps they could take to reduce risks.

    The lifeline blockchain technology can offer without borders or limits for people in Ghana and Africa – whether providing greater financial access, supplementing incomes or helping build lifelines, the technology is enabling financial inclusion for millions. As such, Binance is ensuring that Africans are provided with the right resources and information to actualise the opportunities that would ultimately drive the region’s adoption.

    Overall, the Ghana Crypto Traders meetup was a significant step in driving adoption and fostering a sense of community and understanding of crypto in the region.
    Binance is the home of the world’s largest cryptocurrency exchange by trading volume, and millions of people around the world trust it for its safety, speed, and wide range of new features. Ghana remains a promising market for cryptocurrency due to its rising adoption rate.

  • Africa’s largest gaming company (MVM) raises $3.2M at a $30M valuation

    Africa’s largest gaming company (MVM) raises $3.2M at a $30M valuation

    Metaverse Magna (MVM), an African cryptocurrency gaming platform, has raised $3.2 million through a seed token offering, which valued the company at $30 million when all of its shares were sold.

    Investors including South Korean video game developer Wemade, Japan-based blockchain-focused venture capital firm Gumi Cryptos Capital (GCC), HashKey, Tess Ventures, LD Capital, Taureon, AFF, Polygon Studios, Casper Johansen (Spartan), and IndiGG all welcomed participation in MVM, which was incubated in partnership with a multi-strategy blockchain investment fund, Old Fashion Research (OFR). In a statement, MVM said the funding will expand its efforts to build “Africa’s largest gaming DAO and provide gamers with access to world-class opportunities.”
    More than 3 billion people play video games and spend more than $200 billion annually on consoles and in-app purchases like NFTs. Platforms such as MVM see games as a means of bringing these millions of consumers online.

    Merging Crypto and Web 3

    The game DAO releases mobile games in emerging countries and produces developer tools for game developers to make use of new revenue streams in web gaming. When asked why MVM needed to raise money after the African web3 start-up closed a $6.45 million round this year, Nestcoin CEO Yele Bademosi responded in an email interview that it functions as an autonomous entity as part of the larger Nestcoin ecosystem.

    Read also: The Explosive Growth of Blockchain Funding and Cryptocurrency in Africa

    “Africa has the highest youth population globally, but over 60% of the continent’s youth are unemployed,” said Bademosi. “Gaming presents a unique opportunity to help young Africans earn and lift themselves and their families out of poverty. MVM’s seed sale token ensures opportunities for millions of gamers in these emerging markets. ”

    Axie Infinity and Pegaxy are two examples of free-to-play Web 2.0 games and crypto games. What began as a gaming guild offering play-to-earn scholarships to over 1,000 gamers has grown to a 100,000-member-strong community across an ecosystem that includes 2,000+ gamers, 10,000 Telegram, and 20,000 Discord members.

    MVM said that it is building the software for the Hyper social game, which will come out soon. In the same interview, Bademosi mentioned that the gaming DAO platform was developing ten Web 2.0 games, most of which were hypercasual games that spanned several genres. These games included Candy Blast, the platform’s take on Candy Crush, Wordler, Kong Clumb, and Electron Dash.

    When queried, Bademosi tentatively replies, “12 months,” even though MVM doesn’t have a specific time for releasing its token to the general public. Additionally, after the Token Distribution Event, MVM tokens would be locked for 12 months before being unlocked for 30 months in quarterly increments. The platform’s CEO also said that, in line with its “create in public” philosophy, more information about the governance token for MVM’s member community would be made available in due time.

    “Gaming guilds will be one of the mainstream DAOs and play a pivotal role in game tokenomics.” “Partnership with MVM is an opportunity to expand the ecosystem of WEMIX [a global blockchain gaming platform developed by Wemade] in Africa, a continent with a rapidly growing market and a young population,” said Henry Chang, CEO of Wemade, in a statement.

    Nestcoin raises $6.45 million in pre-seed funding to accelerate web3 adoption in Africa.
    The initial wave of opportunity created by technical improvements was lost on Africans and people in emerging markets. People in these areas have always had to play catch-up regarding technology, be it computers, the internet, finance, artificial intelligence, or any other technology (apart from mobile tech).

    However, emerging technologies like web3 and crypto give Africans optimism that they may be able to shape how it looks in the years to come significantly. Nestcoin, a business established in November of last year that develops, manages, and finances web3 apps, aspires to play a key role in this shift and has secured $6.45 million in a pre-seed round to that end.

    Cryptocurrencies Growth in Africa

    According to a study by New York-based research firm Chainalysis, the market value of cryptocurrencies in Africa increased by 1,200%, reaching $105.6 billion between July 2020 and June 2021. The causes of this rising adoption include regional inflation, depreciating currencies, high unemployment rates, and unpredictable economic conditions. Despite numerous governments’ attempts to curb it, we should anticipate stronger crypto growth since these problems will not soon go away in Africa.

    Read also: Nigeria, Binance, and Talent City Partner for Crypto City

    Peer-to-peer transactions and retail trading are two main reasons why African people are starting to use cryptocurrencies. Yele Bademosi and Taiwo Orilogbon, the co-founders of Nestcoin, were in charge of Bundle Africa, one of the continent’s well-known crypto trading platforms, before founding Nestcoin.
    When Bademosi decided to launch Bundle as CEO in 2019, he was the director of Binance Labs in Africa, overseeing blockchain startup incubation and development. The company’s chief technology officer was Orilogbon.

    Bademosi had high hopes for Bundle, which was created on the biggest platform for trading cryptocurrencies. “The goal was to be present in 30-plus African countries and have millions of users,” he said in an interview. Three years after he left, Bundle had fewer than 100,000 active customers and was only available in Ghana and Nigeria in the upcoming couple of years.
    “The first iteration of crypto products were trading products. The second iteration has been more like decentralised finance and non-custodial trading of financing activities,” said Bademosi.
    “The current situation of crypto, and now more like applications that everyday people use and love, whether it is like consumer applications, finance apps, entertainment, gaming, but these applications now have potential to reach millions of users across frontier markets. And that’s what we are trying to do with Nestcoin.”
    Examining the Digital Currency Group can help you comprehend how Nestcoin functions (DCG). The venture capital and holding company are based in Connecticut. It has more than 60 subsidiaries and investments in cryptocurrency and blockchain in 30 different countries, including LUNO, CoinDesk, and Bitso.

    But Nestcoin focuses on developing, investing in, and running web3 and non-custodial solutions that are more accessible to regular people in frontier areas. On the other hand, DCG focuses on western markets and developing products with custodial features for HNIs and institutional clients.