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Paxful Launches Blockchain Incubator Hub in Lagos, Nigeria

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Paxful Launches Blockchain Incubator Hub

Paxful, a peer-to-peer bitcoin marketplace, announced on Wednesday that it will establish a blockchain technology incubator hub in Lagos, Nigeria, as part of its increasing investment in Africa.

The hub will launch in the fall of 2018 and offer a co-working environment and services such as mentorship, networking for ICO advisors, and corporate and individual blockchain training.

Lagos was chosen because of its startup culture, particularly in the e-commerce and fintech sectors. Paxful will also sponsor blockchain and cryptocurrency events in Nigeria and other African countries such as Cameroon, Ghana, and Kenya.

Paxful CEO Ray Youssef said: “Paxful is committed to fostering economic growth in Africa and helping the unbanked and underbanked gain access to the opportunities they have been denied for so long. The incubator is simply a starting point to help driven entrepreneurs in an industry that has shattered boundaries all over the world.”

Paxful also hired Chuta Chimezie, a blockchain and crypto advocate, as Regional Director of Africa. Chimezie is the founder of Blockchain Nigeria Group, a platform for entrepreneurs and advocates pushing for blockchain adoption in the country. Working from Nigeria, Chimezie’s role will include undertaking business operations, promoting local and international brand awareness, establishing educational material for Paxful as well as hiring, and managing daily operations.

“It is a privilege to work with an organisation that believes in investing in countries with great potential such as Nigeria. Paxful’s initiatives have not only helped those in great need here but are also helping African entrepreneurs achieve their full potential. Paxful is using Bitcoin to do good in the world, and I am proud to become an integral part of that,” Chimezie said.

Paxful has contributed positively to Africa through its #BuiltwithBitcoin charity program that targets educational institutions. In partnership with ZamZam, Paxful kickstarted the program by giving $50,000 in BTC for the construction of a nursery school in Rwanda. The aim of the program is to motivate the cryptocurrency industry to donate to charitable projects.

Artur Schaback, co-founder and CTO noted: “We are where we are now because people gave back and it helped us tremendously. Nick Spanos funded the Bitcoin Center in New York right next to the NYSE, and it connected so many of us and gave us a home. We want to do the same for Africa and the emerging world. […] Paxful will do everything we can to empower the Africa Cheetah generation.”

Paxful enables buyers to purchase bitcoin (BTC) directly from sellers through over 300 payment methods such as gift cards, cash deposits, debit/credit cards, and online wallets. The Paxful platform utilises two-factor authentication, high-level encryption, and escrow to provide transactional security.

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Binance Launches Fiat-to-Crypto Exchange in Uganda

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Binance Launches in Uganda

Global bitcoin exchange Binance has launched a new fiat-cryptocurrency exchange in Uganda. The exchange will also be offering a reward of 0.5 BNB to the first 20,000 users that register on the site as part of its promotion in Uganda.

The announcement comes nearly two months after Binance partnered with Crypto Savannah, Made in Africa initiative, and Msingi East Africa to promote economic development in the East African country.

Changpeng Zhao and Yi He founded Binance in 2017 and raised $15 million through an initial coin offering for its ERC20 token BNB in July of the same year.

The exchange plans to move its offices to the island nation of Malta after the implementation of stricter regulations in China and Japan. In January 2018, Binance was the largest crypto exchange with a market capitalisation of $1.3 billion.

Binance in Uganda

BinanceBinance will also offer its Ugandan users a month of zero trading fees when trading goes online. The exchange will announce the opening for trading at a later date.

Users can find out if they have won any rewards by logging into their accounts and accessing ‘Distribution History’ in the Account Center. In addition, users will be required to complete ID verification to be able to withdraw funds from Binance.

Ugandan users will enjoy an exchange that offers fast transactions of up to 1.4 million per second and state-of-the-art storage technology for utmost security. The exchange also provides 24/7 customer support and has a user-friendly interface.

The presence of Binance in Uganda aims to boost financial inclusion in the country, which has increased from 28 percent in 2009 to 54 percent in 2013 according to its national financial inclusion strategy 2017-2022.

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LINE Corp to Launch Cryptocurrency Exchange BITBOX in July for Global Trading

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BitBox
Image by linecorp.com

The developers of popular messaging app LINE and LINE Group’s cryptocurrency and blockchain company LVC Corporation have announced that they are set to launch a new cryptocurrency exchange called BITBOX in July 2018. The Japan-based firm made the announcement during the LINE Conference 2018 held in Tokyo.

The New BITBOX Exchange

BITBOXBITBOX will offer over 30 high-demand cryptocurrencies to users globally with the exception of Japan and the US. The exchange will trade coins such as bitcoin, ether, litecoin, and bitcoin cash while charging low trading fees of 0.1 percent. BITBOX will support 15 languages, according to the company press release.

The selected cryptocurrencies for the exchange have undergone an extensive screening exercise and have been picked by an internal committee, promising users a convenient and safe trading experience. LINE will also incorporate its top security standards to the cryptocurrency exchange.

LINE Corporation CEO Takeshi Idezawa said:

“As a key part of LINE’s new financial services, BITBOX shows our commitment to fulfilling the growing demand for more diverse financial options. With BITBOX, LINE users will be able to access cryptocurrencies more easily, while also being assured of state-of-art security measures to protect their assets.”

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Nigerians Have Invested Over $5m in Cryptocurrencies Despite Regulator Warnings Says KureCoin Hub

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Nigerians Invest in Cryptocurrencies

Nigerians have invested over five million US dollars in the cryptocurrency market in the last couple of years according to data from Nigerian cryptocurrency platform KureCoin Hub.

The data shows that Nigerian retail investors are investing heavily in the cryptocurrency market despite warnings from the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) against investing in an unregulated market.

KureCoin Hub’s co-founder and CEO Tega Abikure has criticised the stance regulators have taken and argues that the country will lag behind as other countries enjoy the benefits of blockchain technology and cryptocurrencies. Abikure told New Telegraph:

“It is not a matter of whether the government likes it; it is about whether they need it. I am not sure the internet was liked when it first came. […] It is not a matter of whether they are going to embrace it; it is about when they are going to do so.”

Abikure observed that other countries such as Uganda and South Africa have already taken steps towards adopting blockchain technology while Kenya is pushing forward with a functioning blockchain taskforce.

“Nigeria is being left behind,” he noted.

The Blockchain as a Source of Foreign Direct Investments

Abikure also believes that blockchain technology could be a major source of Foreign Direct Investments (FDIs) in the next five to ten years. In addition, he is of the opinion that a lot of money is being made in cryptocurrencies on the continent with most of it leaving Africa’s economy.

On one of the benefits of blockchain technology, he said: “[The blockchain] is completely transparent and cannot be changed; it can be used to create a decentralised system of payment where the taxpayer had an unhindered access to the collector which is the government. It enhances revenue collection and removes the challenges of remittances.”

Blockchain technology can also improve the banking sector, the electoral process, the use of donations in charitable projects, and the supply chain, among many other use cases.

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