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Binance Partners with Blockchain Innovation Hub in Uganda to Promote Economic Development

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Binance in Uganda
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Binance, a global cryptocurrency exchange, has partnered with Crypto Savannah, Made in Africa initiative, and Msingi East Africa to promote economic development and youth employment in Uganda using blockchain technology. The partnership aims to achieve these goals by “creating thousands of jobs and bringing investments to Uganda.”

Made in Africa initiative and Msingi East Africa are organisations that are dedicated to the economic transformation of African countries while Crypto Savannah is a newly created African blockchain innovation hub.

According to Trading Economics’ data, the employment rate in Uganda stood at 47.80 percent in 2012 compared to 88.30 percent in 2009. The broad use cases for blockchain technology have the potential to change these statistics for the better by providing innovation opportunities for young people.

Changpeng Zhao, CEO and founder of Binance, announced these plans on Twitter and hinted at the possibility of Binance getting more involved in African projects.

Binance’s initiative is believed to have peaked at a recent meeting with the Blockchain Association of Uganda (BAU) where Zhao interacted with the local blockchain community and promised to support and train young entrepreneurs leveraging the blockchain. He also advised young entrepreneurs to offer solutions that are going to improve the lives of the society.

“Binance is tailor-making partnerships according to the environment. We want to understand the landscape and grow our understanding of the market.”

Zhao’s meeting with BAU will be followed by the Africa Blockchain Conference 2018 which will be held in Kampala in May.

Blockchain Technology is Gaining Momentum in Africa

The Binance initiative is just one of the several upcoming blockchain-based projects that are taking place in Africa. For instance, the World Food Program recently announced a partnership with Devery to make food delivery to Tunisian school children safe. Furthermore, the World Blockchain Summit held in Nairobi last month has helped to open doors for global blockchain companies to establish themselves in Africa.

In view of the Binance initiative, Africa could attract more global blockchain companies in the future as the technology continues to take root on the continent.

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Is Egypt Finally Warming Up to Bitcoin?

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Egypt Warming Up to Bitcoin

A new banking law has given the Central Bank of Egypt (CBE) the right to ban the establishment, promotion or operation of platforms issuing or trading cryptocurrencies without acquiring the required licenses. However, this move suggests that the country is softening its stance on bitcoin as it enables crypto startups to operate under an official license.

The New Banking Law

Best Cryptocurrency to Invest inAccording to an unnamed official source that spoke to MENA news agency, CBE’s Board of Directors has the right to regulate cryptocurrencies and demand for multiple licenses under the new draft bill. The draft bill acknowledges the importance of financial technology, keeping pace with global banking changes, and leveraging modern technology to provide financial and banking services.

“The new law provides legal authority for the electronic authentication of bank transactions, electronic payment orders, and transfer orders as well as for the electronic settlement of checks and the issuance and circulation of electronic checks and electronic discount orders provided that Board of Directors of CBE issue rules and procedures regulating all the aforementioned actions,” the source said.

Furthermore, these electronic means will have the same authenticity as original papers as long as they meet the set technical criteria, the source stated.

The new draft bill is not yet available for public reading.

Is Egypt Warming Up to Crypto?

In 2018, Egypt’s Grand Mufti Shawki Allam banned cryptocurrencies based on Islamic law that declared these currencies as potential threats to the current financial system and risky due to scams and extreme price fluctuations. Moreover, he disregarded cryptocurrencies, such as bitcoin, because they can be issued and used without the control of any governing authority.

The new law could be a sign that the country is warming up to cryptocurrencies as crypto firms continue to penetrate the North African market and as the CBE considers issuing a digital currency.

How easy or difficult it will be for crypto startups to register for licenses remains to be seen. However, it does signal a willingness by Egyptian authorities to talk with the industry as opposed to outright ban it as has been the case previously.

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Crypto.com Introduces Crypto Earn and Crypto Credit

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Crypto.com

Cryptocurrency platform Crypto.com has introduced Crypto Earn and Crypto Credit to enable users to earn interest on their coins and borrow by using digital currency as collateral.

Crypto Earn And Crypto Credit

Crypto Earn is a financial product that allows users to earn as much as eight percent per annum in interest on their cryptoasset holdings.

Crypto.comTo do this, users deposit digital assets into Crypto Earn through the Crypto.com app and then begin accumulating interest each day through their preferred cryptocurrency. To get started with Crypto Earn, users will have bitcoin, Paxos, and TrueUSD to choose from, according to a company press release.

Crypto.com is offering users two fixed periods namely one-month and three-month terms to earn interest on digital assets. The company will soon provide users with a flexible holding term. With Crypto Earn, you can also withdraw and deposit coins at no fees and spend what you earn.

Crypto Credit gives users instant loans with bitcoin as collateral. Users are free from fixed repayment schedules, monthly fees, payment deadlines, and late fees which financial institutions such as banks often impose. Users, therefore, enjoy a flexible repayment schedule in the twelve months from the beginning of the credit term.

Furthermore, users owning MCO tokens staked in the app receive a special rate of eight percent per annum. Users can use their loans to buy more cryptocurrencies on the app or they can spend it on the MCO Visa Card with cash back of up to five percent.

Other benefits of using Crypto Credit are that you do not require credit checks and that you can get the credit limit you want.

“Crypto Earn offers the most attractive interest rates in the market today. With the MCO Visa Card and Crypto Credit, we are uniquely positioned to do it while maintaining sustainable unit economics. MCO Visa Card, Crypto Earn, and Crypto Credit together form a powerful product suite that nobody else in the industry has today. We have never been more excited about the potential of our platform and look forward to continue scaling it globally later this year,” said Kris Marszalek, co-founder and CEO of Crypto.com.

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Different Kinds of Bitcoin Trading Strategies You Should Know About

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trading strategies you should know

Bitcoin has been around for over 10 years now. There are a lot of things that have evolved with it over the years, including how easy and secure it is to buy, the different ways we can buy it, and the various bitcoin trading strategies that people use now.

There are a lot of bitcoin trading strategies now that it could intimidate a lot of newbies trying to get into bitcoin. The truth is, each strategy caters to a specific kind of trader so if you’re new, these strategies might be worth looking into before you invest any kind of money.

Different Strategies

To help get you started on choosing the kind of strategy you’re looking for, here are the two most common strategies that bitcoin traders use:

HODLing

You may have seen this slang around while doing your research. “HODL” refers to holding your position. It was created in 2013 when bitcoin’s price was dropping but a certain user decided not to sell his shares. He meant to write “HOLDing” but ended up making a typo instead: “HODLing”. It eventually caught on and people decided to give it a new meaning: “Holding On for Dear Life.”

The HODLing strategy refers to the holding of your bitcoins in hopes that your investment will grow over time. To start HODLing, buy bitcoins in bulk when the price is low and then keep it close while watching the crypto market. People can hold their positions from weeks to months to even more than a year. It’s the easiest and one of the more common trading strategies.

Day-trading

BTCDay-trading is another very common form of trading in the bitcoin world. The strategy refers to closing all your positions before the day ends. It involves executing long and short trades to capitalize on the market price of that day. Basically, this prevents having open positions overnight by finishing all your trades within the day.

It’s a more technical form of trading and it requires your full attention and a lot of your time. You’ll need to keep a close eye on all your positions and possibly watch multiple screens to do so. It requires a high degree of focus as well as a good knowledge of how the crypto industry works.

Just getting started

These two trading strategies are literally the most common forms of trading. There are so many more strategies such as swing trading and alt-coin filipping that you’ll need to learn but these two should get you started on your bitcoin journey.

Now, all you’ll have to do is decide on which of the two suits you more. Be sure to figure out your game plan before getting into bitcoin at all and your style should follow.

This guest post was contributed by cryptocurrency education and news platform WeAreCryptos. 

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