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Luno Reaches 7 Million Customers Thanks To Growing Africa Usage

It’s no secret that the crypto space is at a consistent growth rate for some time now, with this year, in particular, being particularly beneficial. One of the big factors for this is how crypto is steadily being adopted by the institutional investor space, using it for its properties as a store of value. It isn’t only the institutional space that’s growing in demand for crypto, however, as more than 100 million crypto users were reportedly active in 2020’s first quarter. Luno Reports 7 Million Users Luno stands as a notable crypto exchange, based in the UK. The crypto company…

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How African Users Can Buy and Trade Bitcoin Cash Without Facing KYC or Geoblocking Hurdles

Africa remains the home to a large proportion of the world’s population that is unbanked according to a 2017 World Bank Global Index survey. Many of those who are unbanked cite their lack of official identification particulars as one of the main reasons for their predicament. Cryptos Narrowing Financial Exclusion Gap Therefore, in their effort to reduce the number of people that have no access to banking services, Satoshi Nakamoto created Bitcoin, a decentralized digital currency and network that is available to anyone. Now, more than ten years later, the crypto asset has had successes in narrowing the financial exclusion…

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$400M African fertilizer deal executed on blockchain eases COVID-19 slowdown

Some companies are using blockchain technology to open up the logistics routes that COVID-19 has closed down. A state-owned Moroccan fertilizer company has executed a $400 million transaction using blockchain technology, in what it says is a first for intra-African commerce. In a deal facilitated by the Eastern and Southern African Trade and Development Bank, OCP Group sold phosphate fertilizer exports to Ethiopia using blockchain technology, in a deal worth an initial $270 million. The remaining deals will be executed in the coming months, taking the full transaction value to $400 million, reports Global Trade Review. Trade finance deals which…

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The Rising Popularity Of Bitcoin In South Africa

A combination of factors makes South Africa a notable hotbed for Bitcoin adoption, even among a region that has embraced BTC. South Africa is, without doubt, one of the most advanced countries in Africa — if not the most advanced. The South African country has also become a popular hotbed for the digital currency market. In fact, it is considered by many to be the next frontier in Bitcoin. According to the cryptocurrency exchange Paxful, South Africans recently traded more than $2.5 million worth of bitcoin in a single month. Technological literacy is quite widespread in Africa. And since Bitcoin…

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How will Decentralized Finance (DeFi) go mainstream in 2021?

DeFi or Decentralized Finance is a movement that aims to democratize access to financial services so that they no longer have to depend on centralized financial institutions. For the realization of this goal, Decentralized Finance (DeFi) uses revolutionary and innovative tools such as Blockchain Technology, Cryptocurrency Tokens, and Smart Contracts. Most Defi Development projects take place on the Ethereum platform because of its robust programming language called solidity and the large number of Ethereum developers around the world that create new applications every day. The number of Defi users has grown exponentially and many believe that Defi finally brings the…

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Emerging technologies can change the African financial landscape

The ease and convenience of services backed with the emerging techs can dramatically improve the financial landscape in Africa. Africa is the home to 1.2 billion people and what has been described as the world’s largest trade area — the African Continental Free Trade Area. Africa is forging a new path to driving development, and access to financial services will play a significant role in its economic growth. The need to provide improved systems for poverty reduction, if not alleviation, is further accentuated when one considers that 416 million Africans live in extreme poverty, and access to financial services is…

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Africa’s Biggest Economies Sees Regulators Rushing To Hop On Crypto

It was back in August of 2018 when a report was made in regard to Africa and its cryptocurrency regulation. This report made one clear conclusion across most of the countries: They were completely indecisive as to what to do. Moving Towards Crypto Adoption Twenty-one countries across Africa had yet to make a public stance on crypto regulation as a whole at the time, with only two countries seemingly showing favorable stances in regards to regulation. Even so, Nigeria and South Africa, two of the largest economies within the continent, have started to gear towards making regulatory plans. It was…

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Can Africa count on Bitcoin as its go-to safe-haven asset?

Bitcoin’s status as a safe-haven asset has been one of its key selling points for a long time. In fact, this has enabled the world’s largest and most dominant cryptocurrency to welcome more users into the ecosystem, especially in light of the fact that citizens in failing economies are rapidly losing faith in their depreciating fiat currencies. With a pandemic shaking up 2020, Bitcoin’s safe-haven status seems to have come to the fore yet again. Africa continues to be one of the smallest cryptocurrency markets in the world with crypto worth around $8 billion received and $8.1 billion sent on-chain…

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Paxful breaks ground on Nigerian school in #BuiltWithBitcoin initiative

The P2P marketplace continues its push to highlight the benevolence and positive nature of the Bitcoin community. Peer-to-peer cryptocurrency marketplace Paxful announced Sept. 17 that it had broken ground on a new school in Nigeria. This is the fourth school of 100 planned as part of its #BuiltWithBitcoin initiative to bring quality education to emerging countries. The school, located in the Ankara Nandu community of Sanga Local, will serve an estimated 100–120 children between the ages of three and six years old, and double as an adult education center in the evenings. The city is home to 4,000 people, and…

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African traders least likely to fall for crypto scams: Chainalysis

The region's traders are highly aware of scams and avoid them. Blockchain forensics firm Chainalysis has found that crypto traders in Africa are less likely to have sent tokens to, or received tokens from, known scam addresses than traders in other regions in the past year. In the Chainalysis “2020 Geography of Cryptocurrency Report”, the firm states that the percentage of illicit cryptocurrency activity associated with scams isn’t as high in Africa as other regions around the world. Illicit cryptocurrency activity accounted for just 2% of the region’s roughly $16 billion trading volume from July 2019 to June 2020. Scams…

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Nigeria regulators recognize digital assets in stunning new statement

‘Virtual crypto assets are securities, unless proven otherwise,’ the Nigerian SEC said. The Securities and Exchange Commission of Nigeria has officially defined digital assets under its regulatory umbrella.  In a Sept. 14 statement, the Nigerian Securities and Exchange Commission, or SEC, defined tokens and coins in the country’s financial markets. The commission stated that these digital assets, which provide “alternative investment opportunities”, would be classified into four different categories for regulatory oversight. “Virtual crypto assets are securities, unless proven otherwise,” said the SEC. “The burden of proving that the crypto assets proposed to be offered are not securities and therefore…

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Africa Sees Small Value Crypto Transfers Rise By 55%

Africa stands as a volatile continent, at large, with its denizens increasingly leaning on cryptocurrencies as a means of exchange, as opposed to local fiat currencies. This comes by way of Chainalysis, a blockchain analytics firm, having issued out a new report. Crypto Proving Less Of A Hassle The firm’s published data makes it clear that many local businesses and individuals are making ready use of cryptocurrencies, all in a bid to avoid regulatory complications, high fees, as well as currency instability. The volume of monthly transfers both from and to Africa has now passed the 600,000 marks. Alongside this,…

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Fiat Devaluation Drives Retail Bitcoin Transfers in Africa 56% in a Year: Report

Monthly cryptocurrency transfers to and from Africa under $10,000 soared more than 56% from a year ago to reach $316 million in June, according to new research by U.S. crypto analytics firm Chainalysis. Altogether, $8 billion worth of crypto was received into the continent and $8.1 billion sent onchain in the last year. The total value of retail-sized transfers slowed down somewhat between November 2019 and February 2020 – falling to as low as $147 million – but spiked sharply in the ensuing months, as the hype around Bitcoin’s third halving, which occurred on May 11, started to gather steam.…

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Small value crypto transfers in Africa have increased by 55%

Africans are turning to cryptocurrencies to avoid high fees and currency instability, with transfers to and from the continent increasing 55% over the last year. Africans are increasingly turning to cryptocurrencies as a means of exchange over local fiat currencies, according to a new report from blockchain analytics firm Chainalysis. Data from the firm shows that many locals individuals and businesses are using cryptocurrencies to avoid high fees, regulatory complications, and currency instability. The number of monthly transfers to and from Africa has passed the 600,000 mark. The total number of transfers under $10,000 jumped by 55% in the year…

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How a Phone Seller in Africa Changed His Business with BTC

Bitcoin is once again proving itself to be a major commodity on the continent of Africa. One small business owner – Abolaji Odunjo – can offer a testament to the cryptocurrency’s power. As a mobile phone provider, he recently did the unthinkable… He began paying his phone suppliers in bitcoin. Africa Continues to Remain Attractive to BTC Enthusiasts At first, this might seem like a very risky move for both parties involved. For one thing, bitcoin remains very volatile, which means there’s always a risk that someone might wind up losing money. However, what remains even more strange is that…

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Binance crypto exchange delists its own token on Uganda platform

BNB seems to have failed to meet certain standards on Binance's Uganda platform. The world’s largest exchange, Binance, is delisting its own token for trading against the Uganda shilling (UGX). According to a Sept. 9 announcement, the Binance Uganda platform decided to delist and cease trading on all trading pairs for Binance’s native token, Binance Coin (BNB). The BNB/UGX trading pair will be officially removed from Binance on Sept. 17, while BNB deposits will be terminated on Sept. 10, the exchange said. BNB withdrawals will be still available on Binance Uganda till Nov. 6, Binance noted. Binance provided little information…

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AfricaCom and AfricaTech 2020: Digital Playground – a key to Connecting the Next Billion in Africa

Africans aren’t always looking to connect to the digital world for work or health reasons; a significant motivator is leisure, or ‘timepass’, says Aubrey Hruby, who will chair a number of sessions at this year’s virtual Africa Tech Festival. Central to this year’s AfricaCom and AfricaTech events (anchors of the new virtual Africa Tech Festival), taking place 10 – 12 November, is how to connect the next billion Africans to the Internet. Several sessions over two days, will focus on how to include the currently disconnected, whether through the deployment of satellite, balloon or standard infrastructure roll out, as well as the motivating factors…

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Zimbabwe’s Mobile Money on Life Support as Central Bank Tightens Screws: Restrictions to Affect P2P Bitcoin Trading

Zimbabwe’s Mobile Money Operators (MMO) say they will comply with the latest directive by the central bank to shutdown mobile money agents. In addition, the MMOs will also limit mobile money transactions to $50 (Zwl $5,000) per day while users are now restricted to one mobile money account per person. The directive went into effect right after the monetary policy review by the Reserve Bank of Zimbabwe (RBZ) on August 21. In a sign that MNOs have lost an appetite to fight the RBZ, the mobile money market leader, Ecocash also said funds in “frozen agent accounts will only be…

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African crypto exchange raises $1.5M from Andreessen Horowitz and others

Crypto is truly a global asset class. Showing continued digital asset growth in Africa, Nigeria-based crypto exchange, Yellow Card, has secured over $1 million in investments from a number of players in the crypto industry, including venture capital firm Andreessen Horowitz.  "Yellow Card has raised $1.5 million from investors to help further our expansion and solidify ourselves as the #1 place to buy and sell Bitcoin in Africa," Chris Maurice, the exchange's CEO, told Cointelegraph.  Noting the seed round as finished, Maurice added: "We raised 1.5 million from Andreessen Horowitz, Polychain, Celo and others. The goal of the raise is to…

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