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Weekly Roundup: Luno Users in SA Increased by Almost 1M in 2020, Akon Joins NFT Hype

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Luno users in South Africa have been increasing exponentially, indicating the exchange’s popularity in the country. To learn more about this story and others, keep reading.

Luno Users in SA Increased by Almost 1M in 2020

In 2020, almost one million new South African users registered on Luno. The exchange also processed volumes of over $3 billion in the country that year. In 2021, the exchange has recorded more than 250,000 new users from South Africa.

LunoAccording to data from Luno, the average Luno user had more than $7,000 in their wallet on January 25, 2021, a 56 percent increase from December 30, 2020. Moreover, South African crypto investors are relatively young. About 40 percent are 29 years old or below. 65 percent of the users are male while 35 percent are female. “A three-month average reveals that more than 145,000 South Africans installed the Luno app each month from November 2020 – January 2021,” Luno announced recently.

The exchange notes that it has experienced significant growth since Digital Currency Group (DCG) acquired it in September 2020.

“South Africans are definitely curious about crypto. Google Trends has South Africa as among the highest in the world for interest in #Bitcoin – fourth behind Nigeria, Austria, and Switzerland. Searches for #Bitcoin peaked in the first week of January this year,” said Marius Reitz, the General Manager of Luno Africa. “While regulation generally tends to lag behind innovation, regulators in South Africa have shown a great willingness to engage with the community and work towards pragmatic regulation.”

Luno has more than seven million users in over 40 countries.

Bitcoin Trade Namibia Onboards Over 80 Percent of Orders on LN

In a recent tweet, Bitcoin Trade Namibia has announced that it is delivering more than 80 percent of its orders to and from users via the Lightning Network.

The exchange allows its users to buy and sell bitcoin with Namibian Dollar (NAD) and the South African Rand (ZAR). Also, the crypto exchange does not store bitcoin wallets, addresses, or bitcoin on its servers.

The Lightning Network (LN) is a second layer on top of the Bitcoin blockchain that aims to make transactions instant and cheaper. LN also wants to scale the number of transactions the network can handle to millions and billions per second.

Akon Launches NFT Marketplace

Akon SpeakingAmerican-Senegalese singer Akon launched a non-fungible token (NFT) marketplace, AkoinNFT. The marketplace, which aims to empower artists and brands, will be involved in “the creation, design, minting, and distribution of NFTs.”

“We believe in artists of all talents. We support artists for we are artists and there is never been a better time to put the power back in our collective hands to create a greater connection with fans,” said Akon.

AkoinNFT has just released the first crypto art collection in collaboration with WrappedLA and Traveler Music. The pieces were available until 12 PM Pacific Time, April 15, 2021.

Akon has launched the NFT platform at a time when NFTs are booming. Other musicians like Kings of Leon and the Weeknd have also gotten in on the NFT action.

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

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Join Us for a Live Telegram AMA with Cryptolocally on Monday, May 17

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Telegram AMA with Cryptolocally

Join us on Monday, May 17, at 2pm EAT (12pm WAT) for a Live Telegram AMA (Ask Me Anything) with Cryptolocally’s co-founder Hugo Campanella. 

Cryptolocally is a fast-growing peer-to-peer crypto exchange that has entered the African market with the intention to provide more crypto on- and off-ramps as well as DeFi earnings opportunities to Africa’s crypto community.

Join us in our Telegram Community to ask Cryptolocally any question you’d like on Monday! 

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Weekly Roundup: Bitcoin Drops Below $50,000, Paxful Billboards Hit Lagos

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In this week’s news roundup, we will cover the recent drop in the price of bitcoin, Paxful’s new advertising in Lagos, and the upcoming CryptoLocally AMA that we will host on our Telegram group.

Bitcoin Drops Below $50,000 After Elon Musk’s Energy Tweet

In an interesting twist of events, Tesla has stopped accepting bitcoin for car purchases. As a result of the announcement and the company’s reasoning, the price of bitcoin dropped below $50,000. Tesla’s stock also fell by about 1.3 percent in after-hours trading, according to an article on MarketWatch.

Bitcoin took a hit after Elon Musk tweeted his concerns over the effects of bitcoin mining on the environment. The tweet read: “Tesla has suspended vehicle purchases using bitcoin. We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

 

The announcement that the company was going to start accepting bitcoin payments in February affected the market positively. However, several critics did not support Tesla’s decision to embrace bitcoin, citing that the decision went against the company’s goal to safeguard the environment. This rising criticism could have pushed Tesla to its new decision.

“Cryptocurrency is a good idea on many levels, and we believe it has a promising future, but this cannot come at great cost to the environment,” Musk observed.

Tesla will, however, not sell the bitcoin it had invested. Also, the company will start accepting bitcoin as payment again when mining shifts to cleaner energy. 

Paxful Billboards and Bumper Stickers Hit Lagos

The rising adoption of bitcoin in Nigeria has motivated Paxful to deploy new advertising tools to attract new customers. These tools include bumper stickers and billboards.

According to the P2P platform, there are one million crypto users in Nigeria and 1.1 million monthly trades. Moreover, $100 is spent on each transaction on average, and about $65 million worth of trades are completed each month.

Paxful is also giving away $20 worth of bitcoin to lucky traders and their favourite trade partners this Eid Al-Fitr. To participate in this giveaway, you should have an ID verified account. Participants can enter the giveaway on any of the Paxful social media accounts. Simply enter both your usernames and tag a Paxful user in the comments section. The giveaway will close on May 14 at 11:59 PM EST. Paxful will announce the winners on the blog.

CryptoLocally to Hold AMA on Bitcoin Africa’s Telegram Group

CryptoLocallyCryptoLocally and BitcoinAfrica.io have partnered to hold a Telegram Ask Me Anything (AMA) session on Monday at 2 PM East African Time (GMT +3 hours). The purpose of the AMA is to help crypto users and enthusiasts in Africa to learn more about CryptoLocally.

If you are looking for a P2P platform, join us on Monday for a friendly and informative session with CryptoLocally. Group members will have a chance to ask questions as well. Use this invite link https://t.me/BitcoinAfricaioCo to join our Telegram group ahead of the Monday AMA.

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

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Weekly Roundup: Bitzlato Adds Lemonade Finance, NFT Initiative AFEN Partners with Quidax

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In this week’s news roundup, we will cover the new partnership between Bitzlato and Lemonade Finance and other top crypto stories.

Bitzlato Adds Lemonade Finance

Bitzlato, a peer-to-peer (P2P) crypto exchange and a new entrant in the African market, has added Lemonade Finance as a payment method. The partnership will enable users to buy and sell crypto on the platform at zero fees.

Furthermore, Nigerian users can now send Naira to MPesa at zero cost. They can also send local currency to users in Ghana and other countries at no cost.

“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross-border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrency trading,” said Mike Lunov, the CEO of Bitzlato.

Lemonade Finance is a payment platform that facilitates borderless payments within and outside Africa.

NFT Initiative AFEN Partners with Quidax

AFEN Partners with QuidaxThe first government-backed NFT initiative in Africa, AFEN, has partnered with crypto exchange Quidax. The collaboration will allow AFEN to list its token on the exchange.

The AFEN initiative wants to use blockchain technology to revolutionise opportunities in Africa with a focus on arts, education, and real estate. AFEN is using Binance Smart Chain (BSC) for its project.

“We will have the exclusive right to mint legacy African arts upon the launch of our NFT marketplace, adding value to Africa’s art. The $Afen token will be used for transactions on the NFT marketplace. We will release a new roadmap that will include the development stages of its NFT platform as well as extensive tokenomics,” the company recently said.

Crypto Demand on PayPal Exceeds Expectations

According to PayPal CEO Dan Schulman, the demand for crypto on the platform has exceeded their expectations. The payment platform announced the buy and sell crypto service in October 2020. The service became available in November 2020.

“Demand on the crypto side has been multiple-fold to what we initially expected. There is a lot of excitement,” he told TIME Magazine.

He also said that in ten years, the use of cash and credit cards will go down because financial transactions will be taking place through smartphones.

“When all of those things start to happen, then central banks need to rethink monetary policy as well because you cannot just issue more paper money into the system because people are not using paper money,” Schulman explained.

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

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