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Weekly Roundup: Binance Uganda to Close Up Shop, Gifts Cards “Moon” on Paxful

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Binance Uganda to Close

In this week’s news roundup, we highlight the planned closure of Binance Uganda and other stories. Keep reading to learn more.

Binance Uganda to Close Up Shop

Binance Uganda

After launching in June 2018, Binance Uganda has decided to close up shop. According to a published statement, the closure will allow Ugandans to access its services on one platform.

“The world’s leading cryptocurrency exchange, Binance.com, now offers its users the ability to deposit UGX through its payment channels. […] [We] thank our loyal users for using our services and would strongly encourage everyone to use Binance.com going forward for all their cryptocurrency and trading needs,” the exchange wrote.

Binance Uganda closed deposits and new registrations on October 28, 2020. The next phase of the closure process will take place on November 11, 2020. Thereafter, Binance Uganda will implement an anticipated hard shut down on November 28, 2020.

Users of this platform should transfer their UGX and crypto balances no later than 23:59 UTC on November 27, 2020. Additionally, if your crypto balance is insufficient to cover the transaction fees, you cannot access it. However, Binance Uganda will donate it to Binance Charity.

Uganda’s Kwame Rugunda Nominated to WEF Crypto Council

The Chairman of the Blockchain Association of Uganda, Kwame Rugunda, is now a member of the World Economic Forum’s Global Future Council on Cryptocurrencies. Rugunda is also the CEO of CryptoSavannah and a member of the National Taskforce on the Fourth Industrial Revolution in Uganda.

“I am not certain how it came about. My belief is that WEF keeps track around the world of different aspects happening around 4IR and their related areas of interest. In that regard, I believe our work with blockchain and crypto may have caught their attention. It is a great honor! We look forward to making a contribution, and adding Africa’s voice to this distinguished forum,” he told BitcoinKE.

The role of the council is to “evaluate key challenges and opportunities within this space.” The council members will also “work on technical knowledge products for regulators and policy-makers to inform better governance and capacity-building initiatives.”

Gift Cards Are the Dominant Payment Method on Paxful

PaxfulFrom June 26 to 2 July 2, 2020, Paxful users bought $16.2 million worth of bitcoin with gift cards. This is according to a recent report by Arcane Research. Gift cards have been the preferred payment method on Paxful every month for the five-year period the research company analysed. Remittances are responsible for this popularity.

“[Immigrants purchase the gift cards] at a local store. This gift card is then photographed, and the photo gets sent to friends and family. They later sell those gift cards on Paxful for BTC. Then, they convert the BTC to local currency by selling the BTC to a buyer in the local market via [a P2P platform like Paxful],” the report says.

The use of gift cards to send remittances is fast and reliable compared to services like Western Union, which lockout undocumented immigrants.

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Female Bitcoin Traders Thriving More Than Male Counterparts

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Female Bitcoin Traders

A study by IG has revealed that female traders are succeeding at trading bitcoin and other commodities more than their male counterparts.

No Longer a Boy’s Club

In the early years of bitcoin’s rise in popularity, men showed higher interest than women in it. The cryptocurrency was associated with complexity, risk, and illegal activities as there was no official government regulation to support its public use. The occurrence of scams over the years worsened things for potential investors as there was little to bring assurance of sustainable investment in bitcoin. 

Today, however, you will be hard-pressed to find (virtual) blockchain conferences and meetups, digital asset startups, and blockchain projects without a female presence. 

An increase in crypto education and female-led blockchain initiatives have been the main drivers for more women to join the industry. 

What The Numbers Say

IGAccording to an analysis conducted by UK-based CFD trading platform IG, there was a 43% increase in the number of women in the cryptocurrency industry in the first quarter of 2020. Most notably, in Greece, the growth was at about 164%. This growth reflects on both technical and non-technical users who tend to be millennials. 

It is great to note that more women are part of this industry. More notably, they are succeeding at trading.

An exclusive IG study followed male and female traders for over a year to compare their behavior in trading bitcoin and other commodities like crude oil and gold.

The table below shows the success rate of male and female traders: 

 

Bitcoin

Gold

Brent crude (oil)

Silver

Average

Male

71%

83%

79%

74%

77%

Female

76%

85%

82%

74%

79%

 

76% of females succeed at bitcoin, compared to 71% of males. For gold, 85% of female traders succeeded against 83% of males. In trading Brent crude oil, 82% of females superseded a 79% success rate among males. While factoring silver trading, on average, female traders succeeded at a 79% rate compared to 77% for males.

As per preference by different generations, gold carried the highest ranking, followed by bitcoin, brent crude oil, and silver at the least of the four. Gen X prefers bitcoin the most, at 24.55%, slightly more than millennials at 24.45%. Gen Z and baby boomers showed a lower preference for bitcoin at 23.25% and 20.41% respectively. 

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Weekly Roundup: Bundle Africa Launches in Ghana, Binance Follows Suit

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In this week’s news roundup, you will learn about the crypto masterclass that Binance Kenya has planned, the launch of Bundle Africa in Ghana, and Binance’s acceptance of Ghanaian cedi (GHS) deposits.

Bundle Africa Launches in Ghana

BundleBundle Africa has launched in Ghana. That means that Ghanaians can use the Bundle app to buy and sell crypto using the cedi. Also, users can send, receive, and request cryptocurrencies.

“We are super-excited to finally bring Bundle to Ghana. I believe the country has immense potential for crypto adoption. Ghana is the right environment for Bundle to thrive,” said CEO and Founder Yele Bademosi.

The launch is part of the company’s plan to expand to other parts of Africa before the end of 2020. With the Bundle app, Ghanaians can store and trade bitcoin, ether, binance US dollars (BUSD), bitcoin cash, litecoin, chainlink, binance coin, and tron.

Furthermore, Bundle Africa recently launched a crypto savings feature for binance US dollars called Vault. The feature enables users to earn interest on BUSD holdings through two options: fixed and flexible vault.

Binance

Bundle is not the only digital asset exchange to enter the Ghanaian market. Crypto behemoth Binance also announced that is now officially in Ghana through its acceptance of deposits in cedi (GHS).

Users are now able to deposit Ghanaian Cedi (GHS) via mobile money into their Binance wallet and buy crypto, providing a new and competitive fiat gateway for Ghana.

After depositing funds to Binance, users will be able to buy BTC, BUSD, ETH, and BNB with GHS, Binance explained in an announcement.

Binance Kenya to Hold Crypto Masterclass

BinanceBinance Kenya has announced a crypto masterclass that will take place on 27 November 2020.

The online masterclass aims to teach learners the fundamentals of cryptocurrencies. If you join the Zoom webinar, you will also learn how to purchase and sell crypto using the Kenyan Shilling.

The two-hour crypto masterclass will start at 5 PM, EAT. You can sign up for the event here. The webinar is ideal for crypto beginners or anyone that wants to start trading cryptocurrencies.

Kenyan Blockchain Project Wins Chainlink Grant

The Chainlink Community Grant Program has awarded a grant to a Kenyan blockchain project. The project is a joint initiative of ACRE Africa and Etherisc. The two companies plan to create a decentralised insurance protocol that will offer blockchain-based crop insurance solutions. The project will protect up to 250,000 small scale farmers in Kenya from the impact of climate change over the next three years.

ACRE Africa CEO George Kuria said: “We are excited to be able to further our work with farmers in East Africa by receiving support through the Chainlink Community grant to help build out and implement a more reliable and cost-effective model for crop insurance with the collaboration of Etherisc.”

The grant will fund the technical and research aspects of the project. The technical aspects include developing smart contracts and a user-friendly insurance solution. On the other hand, the research aspect entails investigating the economics of crop insurance in several African regions, assessing weather patterns, and plant and soil biology.

To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.

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The Sun Exchange Expands into Sub Saharan Africa

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The Sun Exchange Expands

South African startup, The Sun Exchange, has announced its Sub-Saharan Africa expansion with a 1.9 MW Solar-Storage Project for Nhimbe Fresh in Zimbabwe. 

What is Sun Exchange?

The Sun ExchangeSun Exchange is the world’s first peer-to-peer solar leasing platform. Its members can buy and lease solar cells to communities near them, earning from the clean energy they create. Abraham Cambridge and Larry Temlock founded the company in 2015 to connect the world to the sun. 

Access to affordable energy is a vital driver of sustainable agriculture, which employs 52% of Africans. The sector contributes to 23% of Sub-Saharan Africa’s GDP.

Users who buy solar cells lease them to facilities such as schools and hospitals under a 20-year contract.

The platform tracks local energy pricing and inflation. Additionally, it offers a clean and affordable alternative to generators, grid connections, and other conventional sources.

Key Project Milestones

The Sun Exchange addresses one of the key problems in agriculture: access to financing for clean energy.

Conventional energy sources remain easily accessible. Yet, they’re increasingly damaging as annual agricultural yield continues to show.

The Sun Exchange’s 19,000 members can earn rental income from the clean energy they generate and offset their carbon footprint. 35 South African schools and institutions benefit from the project, with others in line as the company successfully raised a Series A $4 million in June.

Pilot with Nhimbe Fresh

Nhimbe Fresh is a major agricultural fresh produce exporter in Zimbabwe. Its partnership with The Sun Exchange is set to launch a crowdsale for the first phase of a 1.9 megawatt (MW) solar and storage project. This will be the largest project of its kind yet and first beyond South Africa’s borders. It will supply power to the Nhimbe Fresh packhouse, cold store facilities, pump sites, and to its Churchill Farm.

Nhimbe Fresh is keen on doing business sustainably and with environmental responsibility. This partnership aligns with its vision to pursue a greater purpose in serving its communities and recognising its interdependence with the environment. It will certainly minimise their climate impact, energy costs while increasing their resilience and business efficiency, according to the Chairman, Edwin Masimba Moyo.

Nhimbe Fresh will operate on solar energy entirely, which will save hundreds of thousands of dollars annually. Moreover, the solar cells will be leased at a fixed price pegged to the dollar, to hedge against currency fluctuation, which would be a key concern for a project of this magnitude in Zimbabwe. 

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