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Terrabit 2.0 Hard Fork to Reduce Coin Supply Through Coin Swap

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TerraBit Hard Fork

South African based cryptocurrency exchange, and payments application, Terrabit, will undergo a hard fork at the start of August to reduce coin supply and introduce new features. At the heart of this new update are a hard fork and a coin swap. 

The Credit 2.0 Swap

TerraBitThe coin swap that follows the major update is set to be simple for existing users. The swap will be automatic, and users will not need to take any technical steps.

The platform will set up a page on its main website for people to send their coins and receive their coins back on the new chain. This will be the sole medium of exchange for this swap. Hence, community members must adhere strictly to this guideline and make sure they move their coins within the period stated above.

1000:1 is the ratio of the swap from old CREDIT coins to new ones. This ratio means that you will receive one newly minted CREDIT for every 1000 old coins you own. There will be a stipulated time for the swap, which cannot be changed. Users who miss this period will lose their funds.

Benefits of the Upcoming CREDIT Swap

Terrabit believes that this coin swap will benefit existing users. One of the major points is the decrease in circulating supply. The total supply of CREDIT will reduce 70 billion to 70 million with the intention of boosting demand due to scarcity.

Also, the new update will introduce TerraBit masternodes, which will have collateral of 50,000 per masternode. This collateral structure is also expected to decrease the supply in circulation, further creating more scarcity and demand.

Other features expected as part of the hard fork includes easy desktop mining and masternode governance. After this update, virtual bank cards will also become available as part of the Terra product suite.

TerraBit also offers passive income through web staking, which you can check out in our article: How to Get Started With Web Staking.

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Luno Customers to Earn Interest on Crypto Holdings

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earn interest on crypto

Luno customers can now earn interest on crypto holdings thanks to a partnership with Genesis. The crypto exchange announced the partnership on 6 August 2020 in a statement.

Luno Customers to Earn Interest on Crypto Holdings

LunoThe partnership will create savings accounts providing customers with institutional-level interest rates. The savings accounts will offer banking services to underbanked customers in emerging markets while enabling customers in all markets to earn interest on crypto holdings.

“Our partnership with Genesis allows us to offer more diversified financial products to our customers. We are dedicated to providing innovative financial solutions to consumers all over the world – whether they are in Africa, Asia, or Europe – regardless of their local currency. We specialise in making crypto safe and easy to use,” the CEO of Luno, Marcus Swanepoel said.

Luno is a global cryptocurrency exchange with headquarters in London and regional hubs in Cape Town and Johannesburg. The company is enabling users in more than 40 countries to buy and store crypto. Moreover, Luno focuses on educating its users about cryptocurrency.

Genesis

Genesis is a digital currency prime broker that concentrates on crypto lending, borrowing, and trading. The company also offers custody services to holders of digital assets.

Genesis CEO Michael Moro said: “By combining Genesis’s infrastructure with Luno’s footprint in more than 40 countries, we are creating a fairer, more inclusive financial system by providing access to interest-bearing products to historically underbanked and unbanked populations.”

“We are operating in a historical context where global fiat monetary policy has produced record-low interest rates in traditional money market and savings accounts. The interest customers can earn on their crypto is compelling. It presents an opportunity to attract those unfamiliar with crypto, and to offer them a very clear value proposition.”

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Weekly News Roundup: KuCoin and Crypto.com Enter Africa, Luno Adds Interest

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KuCoin

In Bitcoin Africa’s Weekly News Roundup, we look at the most trending blockchain and cryptocurrency stories from Africa this week. Here are our top picks!

KuCoin Adds Nigerian Naira to P2P Platform

KuCoin, one of the big cryptocurrency exchange building a P2P platform, has added the Nigerian naira (NGN).

Nigerian users of KuCoin can now buy BTC and USDT directly with the naira (NGN) directly. What’s more, Nigerians can buy bitcoin with their credit/debit card.

KuCoin is set to add more African currencies to its P2P platform soon.

Crypto.com Adds KES and ZAR

Crypto.com

Another major cryptocurrency exchange making moves in the African market is Crypto.com. The exchange added Kenya Shillings (KES) and the South African Rand (ZAR) this week.

This update will allow Kenyans and South Africans to buy cryptocurrencies on Crypto.com. The major advantage Crypto.com gives users is billing users in local currencies.

Buying crypto with credit/debit cards in your local currency removes cost charged by card issuers for transactions denominated in foreign currencies.

Luno Partners With Genesis Prime Brokerage to Enable Interest For Users

Luno is partnering with Genesis, a leading digital currency prime brokerage service, to provide customers with simple, accessible ways to earn interest on their crypto holdings. With this new partnership, Luno will provide an option for getting savings accounts with institutional-level interest rates, especially for users in developing markets. 

LunoFurther, these savings accounts will give unbanked customers access to banking services like interest receiving accounts. This presents another option for crypto users to generate income via yield on crypto holdings.

Speaking to the press, CEO of Genesis, Micheal Moro said:

We share Luno’s passion for making it safe and easy – across all segments of the market – to learn about, buy and store cryptocurrencies. By combining Genesis’s infrastructure with Luno’s footprint in more than 40 countries, we’re creating a fairer, more inclusive financial system by providing access to interest-bearing products to historically underbanked and unbanked populations.”

Luno also introduced instant buy with PayU in Nigeria and South Africa this week. The PayU addition allows users to buy crypto without having to deposit funds first.

Luno continues to be a leading exchange in Africa with plans to enter new markets like Ghana and Kenya.

Binance added Ugandan Shilling (UGX)

BinanceBinance.com added Ugandan Shilling (UGX) deposits and withdrawals. UGX joins the Nigerian naira (NGN) and South Africa rand (ZAR) as African currencies that are directly supported on Binance.com.

Ugandans can buy BTC, ETH, BNB, XRP, BUSD, and USDT directly with UGX. Deposits can be made via mobile money, while withdrawals can be done via bank transfer and mobile money payments.

Binance users in Uganda could only buy cryptocurrencies on the Binance Uganda standalone platform before this update. It is uncertain if that platform will still run side by side with Binance.com allowing direct trade from Uganda.

Coins App launched in Nigeria

Coins AppDan Holdings, a blockchain, and fintech firm launched Coin Apps this week. The app joins the growing list of crypto social payment applications in Nigeria. According to a press release, the app is available in Cameroon, Ghana, Ivory Coast, Mali, Nigeria, and Senegal.

The application allows users to make payments across the globe and exchange cryptocurrencies. Further, Dan Holdings plans to add Middle East, Egypt, South Africa, Mexico, and the USA by the end of August.

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Weekly News Roundup: House Africa to Launch Blockchain Land Titles

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Blockchain Land Titles

In Bitcoin Africa’s Weekly News Roundup, we look at the most trending blockchain and cryptocurrency stories from Africa this week.

Here are our top picks!

House Africa To Put Land Titles in Nigeria on the Blockchain

buy bitcoin in nigeria

HouseAfrica, a real estate startup headquartered in Nigeria, has partnered with Nigeria Mortgage Refinance Company (NRMC) to put land titles on the blockchain.

The companies are building a digital property (land) title verification on the blockchain. The authentication system, Propvat.com, allows individuals or firms to confirm the availability and value of properties in Nigeria. The platform aims to improve mortgage transactions in the West African state.

The co-founder and CEO of House Africa, Nnamdi Uba, described the partnership as one that will unlock capital in real estate. He said:

“The partnership will help to unlock trapped assets and capital in residential real estate valued at over 300-900billion USD. and then wealth creation through increased access to credit and growth in mortgage penetration by as much as 3% – 5% of GDP over a 5-10-year period (subject to increased adoption and user rates).”

Additionally, speaking to the press, Taofeeq Olatinwo, Head of ICT & Business Operations at NMRC, commented:

 “NMRC is delighted to partner with HouseAfrica in solving the land titling issues to strengthen the housing market in Nigeria.” 

MyCointainer Will Add CREDIT Before Swap Ends

TerraBitIn recent updates, we have been covering TerraBit, an African cryptocurrency startup providing access to crypto payments and purchases with FIAT.

In August, TerraBit will undergo a hard fork that will lead to a coin swap. Holders of CREDIT will have to swap their coins for new coins on the updated blockchain.

Ahead of this, the team behind TerraBit has been working on integrations for CREDIT. MyCointainer, a crypto wallet and staking platform is set to add CREDIT in August. This will allow users to opt for another wallet when storing or staking their CREDIT.

On the cryptocurrency market, bitcoin rose to new highs in 2020 as other altcoins saw an increase in value. BTC passed the $11,200 mark this week and ETH passed $300.

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