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Weekly Roundup: African Meme Coin Wakanda Inu Goes Viral, Rallies 300% in 2 Days & More

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Wakanda Inu

In this week’s news roundup, you’ll read about Africa’s meme coin Wakana Inu, WiCrypt raising $1.5 million in funding, and other top crypto stories.

Wakanda Inu, Africa’s Meme Coin, Goes Viral and Rallies 300% in 2 Days

wakanda InuWakanda Inu, an African meme coin built and designed by Africans (according to its website), has gone viral, raising more than 2,000 BNB (roughly $1.2 million) in just 24 hours, and rallying 300% in the last two days.

With the $WKD digital meme token, the project was initially listed for public sale for all whitelisted wallets on PinkSale before being listed on PancakeSwap, the largest decentralized exchange (DEX) on the Binance Smart Chain (BSC). African exchange Quidax also listed to meme coin this week.

Wakanda Inu’s ethos states that “Staying true to the culture given down to us by the Ancestral Wakandan Spirits, only those who are truly worthy can hold Vibranium-infused Wakanda Inu Coins.”

While the meme coin is experiencing early success, be mindful that anyone can create cryptocurrencies and meme coins, which some have been successful, typically don’t perform well compared to Bitcoin in the long run.

Blockchain-based WiFi Sharing Network, WiCrypt, Secures a $1.5 Million Funding Round

WiCrypt Network, the first blockchain-based WiFi sharing network in Africa, has announced securing a $1.5 million funding round.

The company is the first mobile internet data-sharing platform from Africa that doesn’t need any third-party integration. Additionally, WiCrypt has also signed an exclusive partnership with the city of Enugu to offer Internet services to its residents.

The funding round was led by AU21 Capital and received participation from Sandeep Nailwal, Polygon’s Founder and COO.

Speaking about the funding, WiCrypt’s CEO, Aronu Ugochukwu said, “While we have formed substantial business partnerships in Africa, this funding allows us to grow into new countries by increasing our marketing efforts. Wicrypt is providing last-mile internet to people of the world who need it, while leveraging the blockchain by having hosts stake $WNT to become a part of the Wicrypt Network. This ensures overall security of the network and that hosts do not perform malicious actions while providing internet connections to clients.”

CBN Orders the Freezing of Two Individual Bank Accounts, Firm for Trading Crypto

Central Bank of Nigeria

GodwinPaya, CC BY-SA 4.0, via Wikimedia Commons

Barely a month after launching its own digital currency, the Central Bank of Nigeria has ordered all Nigerian commercial banks to freeze the accounts of select individuals allegedly trading cryptocurrencies.

The orders were contained in a memo that was addressed to the banks and signed by J. Y. Mammanand, the Director of Banking Supervision on November 3, 2021.

“You are hereby directed to close accounts of the underlisted bank customers and place the funds in the accounts in suspense accounts for engaging in cryptocurrency trading in contravention of CBN Circular BSD/DIR/PUB/014/001 dated February 5, 2021,” the memo read in part.

The two frozen accounts belong to Nnamdi Francis Okereke and Nwaorgu Kingsley Chibuzor while TVS Hallmark Service Limited is the firm affected. The moves comes nine months after the CBN had ordered all banks and financial institutions in the country to close all customer accounts used in carrying out cryptocurrency transactions citing they were being used to fund terrorism, launder money, among other criminal and corrupt activities.

Despite the CBN having said at the time that it was working on reviewing the policy, no further guidelines on trading crypto have been issued to Nigerians.

Four Fintech Firm Accounts Suspended by CBN

Nigeria’s central bank has obtained a court injunction to suspend the bank accounts of four fintech firms for operating as asset management companies without proper licences.

The affected companies are Bamboo Systems Technology Limited, Chaka Technology, Rise Vest Technologies Limited, and Trove Technologies Limited. According to reports, the Federal High Court in Abuja gave an ex parte motion seeking the temporary suspension of the bank accounts belonging to the four firms. The motion was filed by Michael Aondoakaa (SAN) on behalf of the Central Bank of Nigeria in order to probe the activities of the affected firms.

The CBN claimed that the firms were operating as asset management companies without licences and using foreign exchanges derived from the Nigerian FX market to purchase bonds and shares which contravenes CBN’s circular TED/FEM/FPC/GEN/01/012, dates July 1, 2015.

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Weekly Roundup: South African Crypto Exchange VALR Launches in Zambia & More

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Zambia

In this week’s news roundup, you will read about VALR, a South African cryptocurrency exchange’s expansion into Zambia, a report by the Bank of International Settlements on the survey carried out on some African central banks on CBDC, and more.

South African Crypto Exchange VALR Launches in Zambia 

VALR, a South African crypto exchange, has launched its operations in Zambia. The expansion into Zambia will enable Zambians to buy and sell BTC and USD Coins using Kwachas, in addition to the 60+ crypto assets available on the exchange. 

VALREstablished in 2018, VALR is the largest crypto exchange headquartered in the African continent. It also allows customers to safely buy, sell and store digital assets at some of the lowest fees globally. Since its inception, the platform has processed more than $10 billion of trades. 

Speaking about the launch in Zambia, Farzam Ehsani, VALR’s Co-Founder and CEO, said, “As the largest crypto exchange headquartered in Africa, VALR is excited to now be serving the people of Zambia. We’ve built a world-class product with a focus on robust security, high performance, and regulatory compliance, and we look forward to welcoming the Zambian retail and institutional market to VALR.”

The expansion comes nearly nine months after the exchange raised $50 million in a Series B funding round that was backed by global investors such as Avon ventures. Currently, VALR is the only crypto exchange in Zambia that offers a full-service digital asset exchange, local currency order books, and a trading platform. 

VALR is committed to enabling the blockchain ecosystem in Africa, and working with other businesses to expand access to digital assets is an important part of the brand’s ambitious growth strategy,” said Blake Player, VALR’s Head of Business Development. “We welcome startups, mobile wallets, and other fintech to build on VALR and use our powerful API to create exciting products for their customers.”

New BIS Report Shows African Central Banks Actively Interested in CBDC

A new survey conducted by the Bank of International Settlements (BIS) has established that central banks in Africa are interested in the central bank digital currency (CBDC) despite a few drawbacks. 

While mobile money has been a great competitor to CBDC, 19 African central banks that responded to the survey have great faith in CBDC thanks to the fact that it can be used to implement monetary policies in Africa, unlike in other parts of the world. While all the 19 central banks that took part in the survey stated they were actively interested in CBDC, only Nigeria has so far launched a digital currency dubbed the eNaira. Ghana and South Africa are currently piloting a retail and wholesale CBDC, respectively. 

One primary motivation that 48% of the central banks surveyed listed as a key reason why they would launch a CBDC in their respective countries was the provision of cash. This, they said, would save them money on not just the printing and storage but also on the transportation of banknotes and coins. All the survey respondents also believe that CBDCs would help them achieve financial inclusion. 

Despite the positives, the surveyed central banks noted that some of the drawbacks in issuing a CBDC would include the availability and combinability of technologies, cybersecurity, high operational cost, functionalities, network resilience, and scalability. 

Bankrupt FTX Invested Millions of Dollars in Two Kenyan Firms

Court papers and regulatory fillings from crypto exchange FTX and Alameda Research, its sister company, filed in a court in the United States have shown that the collapsed crypto exchange invested millions of dollars in at least two Kenyan startups. 

According to the documents, FTX, through Alameda Research, invested money into Chipper Cash and Mara. FTX, through Alameda Research, participated in Chipper Cash’s 2021 Series C funding – among other investors – that saw the company raise $150 million for its expansion into Africa. Additionally, Alameda Research also took part in Mara’s seed round funding, where the startup was able to raise $23 million. 

The collapse of FTX has gone down will billions of investor funds, leading other crypto firms to file for bankruptcy and further crippling the crypto industry, which has been experiencing a crypto winter since the beginning of 2022. 

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Weekly Roundup: Kenya’s Capital Markets Bill 2022 Seeks to Tax Crypto Transactions & More

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In this week’s news roundup, you will read about Kenyan legislators getting ready to debate the new Capital Markets 2022 bill that seeks to tax cryptocurrencies in the country and more.

Kenya’s Capital Markets Bill 2022 Seeks to Tax Crypto Transactions

A Kenyan Member of Parliament has introduced a new Bill – dubbed the Capital Markets (Amendment) Bill 2022 – that seeks to introduce taxation on crypto exchanges and digital wallets, as well as impose transaction taxes on cryptocurrency transactions executed in the country.

The proposed Bill will give the Kenya Revenue Authority (KRA) the mandate to go after Kenyans who own digital currencies for the purposes of imposing taxation on their crypto holdings. Additionally, the proposed Bill is the first time that the East African country will bring digital currencies mainstream and establish regulations around cryptocurrencies. The Bill suggests a capital gains tax for the increased market value of crypto during its sale or use in a transaction. The proposed capital gains tax is akin to the excise duty tax charged by banks on transactions. 

Interestingly, the fragments of the Bill are quite similar to the policy interventions that were published by UNCTAD in July 2022 and aimed at helping to curb the risks associated with cryptocurrencies and stablecoins. The Bill is being presented as an attempt to justify crypto regulations in the country as a way of protecting Kenyans from such investments.

IMF Claims Africa’s Growing Crypto Market Needs Better Regulations

Following the collapse of the crypto exchange, FTX, and the crypto bear market witnessed thus far in 2022, the International Monetary Fund (IMF) claims that it might be time to push for calls to regulate the crypto markets in Africa in order to protect consumers. 

While acknowledging that regulating a highly volatile decentralized system that is highly volatile remains a challenge for most governments, the IMF believes that a balance can be achieved that minimizes risks and innovation. According to the IMF, only one-quarter of countries in Sub-Saharan Africa have formally regulated digital currencies. In contrast, two-thirds have enacted some restrictions, and only six countries have banned crypto. 

Given that crypto assets are mainly used for commercial purposes, the IMF believes their volatility makes them unsuitable as a store of value. And considering that Africa has a fast-growing crypto market compared to other continents in the world, it might be an ideal time for policymakers to regulate the crypto space in the continent to avoid creating risks for financial and macroeconomic stability. 

Get Lucky Tickets for World Cup Bets on 1xBit [*Paid Feature]

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The long-awaited World Cup 2022 is here, bringing many opportunities to win big. Are you excited about seeing your favorite players on the pitch? Then the World Cup is an opportunity not just to do that but also to win big from your passion. 

Participating in 1xBit’s Ticket Rush is all you need to have a fun World Cup experience. This tournament offers you the avenue to stay on top of the game, enjoying fascinating matches and securing impressive prizes.

1xBit has created Ticket Rush with numerous fanciful prizes that could change your entire gambling experience. With multiple prize draws designed to select many winners, you have a chance at winning big. The prize pool is 3 BTC, with numerous winners per category. 

To participate in the offer, you must log in or register on 1xBit. Proceed to the offer page, click “Take part,” and bet on World Cup 2022!

Participants collect tickets for bets on World Cup 2022 matches. There are three ticket categories:

  • Individual match tickets – for bets on any World Cup matches 
  • Supporter tickets – for bets on the picked 8 countries during the group stage 
  • Play-off tickets – for bets on play-off matches 

For the Individual match tickets prizes, the 1st place winner will emerge with 500 mBTC. The first-place winner in the Supporters’ tickets prize draw goes home with 10 mBTC, while the first-place winner in the Play-off tickets prize draw will win 250 mBTC. 

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Weekly Roundup: Cristiano Ronaldo Launches NFT Collection with Binance & More

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Ronaldo NFT Collection

In this week’s news roundup, you will read about Cristiano Ronaldo’s NFT collection that’s in partnership with Binance, the central bank of Zimbabwe’s move to conduct a consumer survey on CBDC, and more.

Cristiano Ronaldo Launches First NFT Collection with Binance

Cristiano Ronaldo NFT Collection

Renowned football player Cristiano Ronaldo is set to launch his NFT in partnership with Binance. The NFT collection will become available on November 18, 2022. 

Speaking about the partnership, He Yi, Binance’s Co-Founder and Chief Marketing Officer, said, “We believe the metaverse and blockchain are the future of the internet. We are honored to collaborate with Cristiano to help more people understand blockchain and showcase how we are building Web3 infrastructure for the sports and entertainment industry.”

The collection launch, which is part of an exclusive, multi-year partnership with Binance, is supported by a global marketing campaign that features Ronaldo introducing Web3 to his fans through the world of non-fungible tokens (NFTs).

It was important to me that we created something memorable and unique for my fans as they are such a big part of my success,” said Ronaldo. “With Binance, I was able to make something that not only captures the passion of the game but rewards fans for all the years of support.” 

The NFT collection, which is expected to drop on Friday, will feature seven different animated statues with four rarity levels: Super Super Rare (SSR), Super Rare (SR), Rare (R), and Normal (N). Each of the NFT statues will depict Ronaldo in an iconic moment from his life, from career-defining bicycle kicks to his childhood in Portugal.

Reserve Bank of Zimbabwe Launches CBDC Survey

The Central Bank of Zimbabwe has announced that it will be conducting a central bank digital currency (CBDC) consumer survey to gather views on the design, nature of the digital currency, and overall acceptance by the public. 

The bank went ahead to reassure the participants that any information received via the survey would be treated with the utmost confidentiality. Additionally, the bank said that the results would only be used for research purposes. The move comes just a few months after the Zimbabwean central bank said it would publish a document that would kick off a public consultation process to help foster an extensive and transparent public dialogue with reference to the potential benefits and risks of the CBDC. 

The form includes questions to gauge whether residents understand the difference between CBDC and a normal Zimbabwe dollar, as well as rate their chances of using the digital currency. Zimbabwean residents have until December 7, 2022, to complete the exercise.

Modus Expands to Sub-Saharan Africa, Launches a $75 Million AI and Blockchain-focused Fund

Modus, a holistic New York venture platform, has announced the launch of Modus Africa, a venture capital fund for AI and blockchain startups across Sub-Saharan Africa. The $75 million fund is expected to reach its initial close in the first quarter of 2023.

With recent expansion into the Middle East, Modus says its expansion into Africa will create an “additional conduit of market access for Modus portfolio companies while also enabling African startups to scale into the MENA region.” in addition, Modus on its website states that the fund is backed by various investors ranging from family offices, government-backed entities from the US, EU and MENA, private investors and UHNWI. 

Modus, unlike other venture firms interested in Africa, has a focus on startups in the AI and blockchain space. According to a statement, Modus says Africa has the potential of reaching 200 million+ new blockchain users in the next four years, fueled by necessity and a fast-growing tech-savvy population.

Speaking on the formation of Modus Africa, Kareem Elsirafy, the Managing Partner of Modus, said in a statement, “Modus is proud to be launching an Africa-MENA investment corridor to continue supporting and investing in emerging innovation ecosystems. The Modus platform is uniquely positioned to deliver impact and value to African communities through operational, institutional, and financial capital. We’re excited to have Vianney and Andre leading the way on this journey.”

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