Nigeria unveils digital currency after banning cryptos

NIGERIA – The Central Bank of Nigeria joined a growing list of emerging markets betting on digital money to cut transaction costs and boost participation in the formal financial system. The unveiling of the eNaira is a culmination of several years of research by the country in advancing the boundaries of the payment system, making transactions easier and seamless. The digital currency and its underlining technology called blockchain are expected to increase Nigeria’s GDP and remittances, President Muhammadu Buhari said in a televised speech at the launch in Abuja, the capital. The issuance…

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Crypto exchange company VALR launches free Rand payments platform

SOUTH AFRICA – VALR, one of South Africa’s largest crypto exchanges, has launched VALR Pay, a free, fast, and easy way to send South African Rand (ZAR) payments to any mobile number or email address. VALR.com was founded in 2018 with the backing of former FNB CEO Michael Jordaan and US crypto exchange Bittrex to bridge the gap between the traditional financial system and the new world of cryptocurrencies and launched bitcoin-rand trading in June 2019 and has since processed over US$4.2 billion in crypto trades. In early 2019, VALR had…

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Crypto startup AFEN Group raises US$1m in token sales round

NIGERIA – AFEN Group, the first government-backed NFT initiative, has raised US$1 million in a fundraise through non-fungible token (NFT). Launched by its 27-year-old CEO and former banker, Deborah Ojengbede, AFEN is a leading hub for African blockchain-related collaborations with a focus on decentralized finance, arts, real estate, and education. Since cryptocurrency and blockchain- the technology driving it- continue to garner more attention than ever before, it’s not out of place to see African women playing a dominant role in the sector, further demystifying blockchain and its impact on education,…

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South African crypto startup Revix raises US$4m to launch a mobile app, expand to Europe

SOUTH AFRICA – South African cryptocurrency investment platform Revix, has raised US$4 million in funding to help it launch a mobile and expand to the European Union.  The startup which has offices in Cape Town and London, aims to make investments in cryptocurrency funds more accessible to ordinary investors. The company was founded by Sean Sanders and Louis Buys in 2018 on the back of a funding round from Johannesburg Stock Exchange-listed firm Sabvest. The startup was founded on the principle that everyone should be able to invest their own money…

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UK’s Cryptocurrency company Electroneum expands its electricity service in Africa

WEST AFRICA – Electroneum, UK-based cryptocurrency startup, has expanded its electricity top-up service to four more African countries, in Sierra Leone, Togo, Benin, and Ivory Coast. The service is accessible through its mobile app that allows registered users to top up on electricity or send electricity to friends or families. In an official press release, Richard Ells, CEO of Electroneum explains the convenience of the in-app electricity top-up service. “Electricity and mobile phone top-ups are a great way for people living and working away from their home countries to help…

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Bitcoin Exchange VALR raises US$3m in Series A funding for launch of new product

SOUTH AFRICA – VALR, a cryptocurrency exchange, has raised ZAR57 million (US$3.4 million) in Series A funding to help it roll out new products and launch in additional markets. VALR allows customers to buy, sell, store and transfer more than 50 cryptocurrencies seamlessly and securely. It now has over 40,000 customers and has seen over 13,000 bitcoins traded over the last month. The round was led by 100x Ventures, the investment arm of 100x Group, with participation from the South Africa-based 4Di Capital and continued support from Bittrex and Jordaan.…

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Paxful partners OKEx to offer more bitcoin payment options for users

Paxful partners OKEx

NIGERIA/SOUTH AFRICA – Paxful, a leading peer-to-peer bitcoin marketplace, has partnered with OKEx, one of the world’s largest and most diverse cryptocurrency spot and derivatives exchanges, to offer more bitcoin payment options for users in Nigeria and South Africa. Paxful in a statement explained that the strategic partnership will offer several payment methods for new and existing OKEx users to buy bitcoin with over 160 fiat currencies through Paxful’s Kiosk. The leading bitcoin marketplace further noted that users will have access to in-demand payment methods such as bank transfer, gift…

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