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Weekly News Roundup: Small Value Transfers in Africa Rise by 55%, DCG Buys Luno

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DCG

In this week’s news roundup, we highlight the growth of Africa’s crypto economy and other top stories. Keep reading to learn more.

Remittances and Fiat Devaluation are Promoting Africa’s Crypto Economy, Chainalysis Report Reveals

It’s been clear for some time now that Africa’s crypto economy is growing. To offer more insight into this growth, Chainalysis has released the 2020 Geography of Cryptocurrency Report. The report shows that remittances and fiat devaluation are responsible for this growth.

The demand for low-fee remittances and the instability of some African currencies are the reasons why Africans are turning to cryptocurrencies.  For instance, people overseas transferred about $562 million worth of cryptocurrency to addresses in Africa from June 2019 and July 2020.

Furthermore, small value transfers under $10,000 rose by 55 percent to $316 million in the year to June. According to the report, these transfers contribute to the largest share of Africa’s crypto activity. The top African countries leading in cryptocurrency transfers are Nigeria, South Africa, and Kenya.

“Africa has the smallest cryptocurrency economy of any region we analyse in this report, with just $8 billion worth having been received and $8.1 billion sent on-chain in the last year. However, that relatively small amount of activity is creating life-changing value for users in the region facing economic instability, offering low-fee remittances, and an alternative way to save,” Chainalysis stated.

Binance Handles the Largest Share of Africa’s Crypto Activity

Binance is handling the largest share of Africa’s crypto activity. The exchange’s share of this activity has been increasing since the beginning of 2020, possibly due to aggressive marketing.

The chart below indicates the ten exchanges that are sending value to and from Africa as per the Chainalysis research.

Transactions

The ten exchanges’ share of all the crypto activity in Africa has increased from 66 percent in October 2019 to 78 percent in June 2020.

Digital Currency Group Snaps Up Luno

Blockchain investor heavyweight, Digital Currency Group, has acquired the popular digital asset exchange Luno.

“We are proud to have supported Luno as an early investor, and we recognize a shared commitment to building mission-driven companies that can help transform traditional financial services and improve economic freedom for people all over the world,” said DCG Founder and CEO Barry Silbert.

“Luno is a high growth, global business and there is a massive opportunity to expand organically and through acquisitions,” he added.

Luno maintains key regional offices in Johannesburg and Cape Town, among several others across the globe.

Binance Uganda to Delist BNB

Binance Uganda has decided to delist its native token Binance Coin (BNB) at 10 AM EAT 17 September 2020. Additionally, the exchange will stop trading on all trading pairs for BNB on the same day. As the platform announced in a statement, BNB has not met the exchange’s trading standards, hence the decision.

Binance Uganda will remove the trading pair BNB/UGX. Also, the platform closed BNB deposits on September 10. However, it will continue to support BNB withdrawals until 6 November 2020 at 10 AM EAT.

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Weekly Roundup: Nigerian SEC to Regulate Crypto Trading, Kenya’s Accounting Professional Body to Hold Crypto Seminar

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Nigerian SEC to Regulate Crypto

Discover what happened in the African blockchain industry this week. Here are our top stories!

Nigerians to Regulate Crypto Trading

buy bitcoin in nigeriaNigeria’s Securities and Exchange Commission is set to regulate crypto trading in the country. The new rules will apply when an investment qualifies as a securities transaction. That means that the regulations will apply to the digital assets that the regulator classifies as securities.

“[The Commission’s regulations will guide Issuers or sponsors of virtual digital assets.] The general objective of the regulation is not to hinder technology or stifle innovation, but to create standards that encourage ethical practices,” the regulator wrote in a statement.

Nigeria is the largest crypto market in Africa. It is, therefore, unsurprising that regulators have taken a keen interest in the space and want to streamline it. According to the Managing Director of Afrinvest Securities in Lagos Ayodeji Ebo, the regulations will stabilise the crypto industry in Nigeria.

“Crypto transactions are already happening, and the earlier [the government regulates them], the less havoc on the economy,” he told Bloomberg.

The Securities and Exchange Commission has, however, not gone into the specifics of what the regulations will look like.

Kenya’s Accounting Professional Body Announces Crypto Seminar

Kenya’s accounting professional body is planning to hold a crypto-focused seminar at the end of September 2020. The Institute of Certified Public Accountants of Kenya (ICPAK) wants to educate its members about cryptocurrencies and how they relate to accounting.

The two-day virtual seminar will cover topics like blockchain technology and how it impacts accounting, anti-money laundering and counter-terrorist obligations in relation to virtual assets, tax issues surrounding crypto assets, accounting standards associated with crypto assets, and adopting best practices in crypto.

ICPAK will hold the seminar on 29 and 30 September 2020 from 9 AM to 1 PM.

Nigerian-Based Crypto Company Goes Global

PatriciaPatricia, a Nigerian-based crypto company has gone global. The company now has offices in Ghana, the UK, and the US.

Patricia offers a debit card that allows users to cash out bitcoin. Furthermore, the company provides a platform to trade gift cards while enabling users to buy airtime and internet data using bitcoin.

“I had an uncle who visited Nigeria, who used to give me an iTunes gift card. Not owning an iPhone then, I had no use for it, so I tried to find where I could exchange this for real money. I could not find any local company doing that, and I ended up getting scammed of the card. At that point, I realized I had stumbled on something special,” Founder Fejiro Hanu Agbodje said in an interview with the Nigerian Guardian.

Agbodje established Patricia in 2017 which has since grown beyond his vision. The company aims to make bitcoin usable while educating its users about cryptocurrencies.

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TerraCredit to Go Private with zCredit

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zCREDIT

The South Africa cryptocurrency project, TerraCredit, has announced the addition of a new privacy feature to its blockchain. In a world where more and more data is being harvested and sold to the highest bidder, TerraCredit is playing its part in protecting the financial sovereignty of individuals across the globe. 

Introducing zCredit 

TerraCredit plans to stay on top of the trends by bringing privacy to Credit users.

In a tweet announcing the new feature, TerraCredit said: ”zCREDIT inbound. Get ready for a tidal wave of interest in your coins. zCREDIT works on top off the CREDIT blockchain. It opens up a world of new features, functions, and earning potential.”

 

The new feature makes transactions on the CREDIT blockchain private. To use zCREDIT, users will need to download the new version of the desktop wallet released on September 4, 2020. zCREDIT is minted inside the application by swapping zCREDIT for CEDIT at a ratio of 1:1.

zCREDIT transactions do not show on the CREDIT blockchain, allowing anonymous and untraceable transactions. People who receive zCREDIT can then swap it for regular CREDIT in the desktop wallet. The feature is now available to all desktop users. 

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Weekly News Roundup: YellowCard Enter Kenya and Cameroon, Binance Adds Chipper Cash

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YellowCard

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!

YellowCard Enters Kenya and Cameroon 

YellowCard has added Kenya and Cameroon to its list of supported countries this month. The cryptocurrency exchange was initially built as a bitcoin gift card service in Nigeria. Now, it has grown to become a popular fully-fledged exchange. Before expanding to Kenya and Cameroon, YellowCard launched in South Africa and Botswana. 

This expansion will allow users to buy bitcoin, ether, bitcoin cash, litecoin, and dash with the Kenyan shilling and CFA franc.

The platform promises zero trading fees, instant deposits, and withdrawals. YellowCard claims to have processed over $35 million in transactions with 30,000 merchants in Nigeria. Also, the exchange recently raised $1.5 million in a seed round.

Binance Adds ChipperCash To Binance P2P

Binance P2P

Binance P2P continues to add more features for African users with the addition of Chipper Cash as a payment option.

Chipper Cash is a money transfer app that allows you to send money between African states. The app is currently available in seven African countries, including Ghana, Uganda, Kenya, Tanzania, Rwanda, Nigeria, and South Africa. What’s more, Chipper Cash is a prominent payment option among African peer to peer traders on other platforms like Paxful and LocalCryptos.

This new feature will boost the growth of the relatively new P2P contender on the continent as new traders may join, and older ones now have access to more payment options.

Also, Binance P2P officially added Mpesa as a payment option last week, allowing Kenyans to use the platform. Binance P2P now supports Nigerian, South African, and Kenyan users.

SaBi Exchange Adds DeFi Coins

The decentralized finance (DeFi) trend has led to the listing 18 new coins on SaBi exchange. The exchange is one of the few African based exchanges to list DeFi coins.

Coins listed include but are not limited to:

  • Compound (COMP) 
  • Aave (LEND)
  • Balancer (BAL)
  • Polkadot (DOT)
  • Band protocol (BAND)
  • MakerDAO (MKR) 

The digital asset markets corrected in the past few days, coming off recent highs. At the time of writing, bitcoin traded at $10,200.

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