In a move set to enhance digital identity in Africa’s growing Web3 ecosystem, Unstoppable Domains, the leading provider of onchain domains with over 3.9 million registered domains, in collaboration with Africarare, Africa’s premier mixed reality platform, have announced the launch of the .ubu top-level onchain domain.

Unite and thrive with .ubu.

We’ve partnered with @AfricarareNft, an AI-powered mixed-reality environment, to introduce .ubu domains, the first onchain TLD in Africa! pic.twitter.com/7Pd2gA09ot

— unstoppable.crypto (@unstoppableweb) July 24, 2024

This partnership makes a significant step toward integrating African cultural values into the blockchain-powered digital economy.

The .ubu domain draws inspiration from Ubuntu, an African philosophy centered on community and interconnectedness. This concept, often expressed as ‘I am because we are,’ forms the foundation of a digital identity that is both uniquely individual and connected to the broader African and global Web3 community.

By combining Unstoppable Domains’ technology and Africarare’s understanding of the African digital landscape, .ubu domains will provide users with a unified way to send and receive cryptocurrencies and NFTs, simplifying transactions and reducing errors associated with traditional crypto wallet addresses. By integrating with over 865 applications, .ubu domains lower the barrier to entry for blockchain use, allowing for a cohesive identity across various platforms.

 

“Our partnership with Africarare goes beyond technology. It embodies our joint vision of breaking barriers and leveraging the power of technology to bring next-level experiences to communities worldwide,” said Sandy Carter, COO of Unstoppable Domains.

“The launch of .ubu domains simplifies digital interactions and celebrates Africa’s rich cultural heritage in the global digital landscape. Together, we’re empowering users to step confidently into Web3, creating a more accessible digital future that spans across continents.”

 

Africarare is an AI-powered mixed-reality environment set in Ubuntuland, a vibrant virtual world on the Ethereum and Polygon blockchains. The platform allows users to create, experience, and monetize content ranging from retail, to education, brand activation, art exhibits to concerts, film festivals, meetings, and games.

The new .ubu domains will serve as unique digital identifiers within Ubuntuland, allowing for seamless interactions in the platform’s social experiences and play-to-earn games.

Decentralized Identifiers (DIDs) is Officially an Internet Standard, Says The World Wide Web Consortium (W3C)@w3c, an international organization that creates standards for the World Wide Web, has announced that DIDs v1.0 is now an official Web standardhttps://t.co/9dk2Vg7BHb

— BitKE (@BitcoinKE) October 7, 2022

The domains will also facilitate easier transactions using the UBU token, Africarare’s native cryptocurrency, established as a symbol of unity, empowerment, and collective progress.

 

“Integrating .ubu domains into Africarare brings the next level of mixed reality to our users, offering easier utility for our UBU token and excellent interoperability with other Web3 environments,” said Mic Mann, CEO and Co-founder at Africarare.

“We’re thrilled to partner with Unstoppable Domains on this endeavor, as it not only aligns with our vision of celebrating African creativity but also helps onboard even more users into Web3. Together, we’re creating the inclusive internet of the future, a place of financial empowerment and expressive freedom.”

 

Like other Unstoppable-issued addresses, .ubu onchain domains will be available as non-fungible tokens (NFTs) minted on the Polygon blockchain, ensuring full ownership and control by users. These domains will enhance users’ interactions within Africarare and the broader cryptocurrency ecosystem, serving as gateways to unique digital profiles and identities.

As new partners of Unstoppable Domains, Africarare will join the ranks of other web3 companies, including leading crypto finance house Blockchain.com, in strategizing and applying to the upcoming Internet Corporation for Assigned Names and Numbers (ICANN) general Top Level Domains (gTLD) application round. 

The goal is to create Web2-Web3 domain ‘twins,’ allowing users, brands, and companies to take the best from both worlds and fully leverage the power of Web3 domains within the traditional Internet space. If successful, the .ubu domain will join the ranks of iconic ICANN-registered generic top-level domains like .com, .net, .org, .biz, .info, and more.

 

 

About Africarare 

AfricaRare is Africa’s first metaverse, celebrating creativity and innovation across the continent.

Built on blockchain technology, Africarare offers an immersive virtual experience where users can create, interact, and transact in Ubuntuland, a digital reflection of Africa’s vibrant culture and potential.

 

For more information, please visit: https://www.africarare.io/

 

 

 

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The Zimbabwean Finance Minister, Mthuli Ncube, has ordered that government services be paid for in the local ZiG currency, part of new measures to boost demand for the nation’s gold-backed currency.

Ncube presented the measures in his mid-term budget statement before lawmakers on July 25 2024 in Mount Hampden, 11 miles northeast of the capital, Harare. The minister praised ZiG, short for Zimbabwe Gold, for subduing ‘inflationary pressures in the economy.’

The government was previously slammed for preferring to receive payment in U.S. dollars, a move seen as undermining its new currency, the ZiG. The stance has also partially been blamed for leading to the demise of the nation’s former currency, the Zimbabwean Dollar.

The Finance Minister also said he wants some taxes to be paid in ZiG, including:

Custom duties on selected finished products

Presumptive taxes, and

aportion of corporate taxes

A crackdown, led by the central bank’s financial intelligence unit and police, to defend the ZiG from speculation on the parallel market will continue, he said.

 

“This exercise will continue until there is sanity and stability in the financial sector,” Ncube said.

 

So far, more than 500 traders and individuals have been fined for refusing to accept the ZiG, using, and engaging in illegal foreign-exchange rates and activities, Ncube said.

Zimbabwe replaced the Zimbabwean Dollar in April 2024 after it lost 80% of its value against the U.S. dollar this year [2024], fueling an inflation spiral.  At launch, the ZiG was backed by cash and mineral reserves worth $285 million.

INTRODUCING | Zimbabwe Introduces Zim Gold, the New Currency Backed by Gold and Precious Minerals – https://t.co/ncKtxrEzpg

— Jack Straw (@JackStr42679640) April 8, 2024

The country now has $370 million worth of reserves in gold, increasing by 30% in the last 100 days, the Governor of the Reserve Bank of Zimbabwe announced recently.

[TECH] REGULATION | ‘We Are on a De-Dollarisation Journey,’ Says Zimbabwe Reserve Bank Governor as Gold Reserves Rise By 30% in 100 Days: According to the new Reserve Bank of Zimbabwe Governor, John Mush.. https://t.co/Ux5ViTmmsc via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) July 17, 2024

Increasing reserves will allow the central bank to issue more ZiG currency moving it closer to its goal of reducing the country’s dependence on U.S. dollars.

 

 

 

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The Ethiopian government has announced the implementation of a market-based exchange rate system marking a significant shift in the country’s economic policy.

This means banks are henceforth allowed to buy and sell foreign currencies from/to their clients and among themselves at freely negotiated rates, and with the NBE (National Bank of Ethiopia) making only limited interventions to support the market in its early days and if justified by disorderly market conditions.

According to a statement released by the National Bank of Ethiopia (which is the Central Bank of Ethiopia), there is now a complete removal of rules governing banks’ allocation of foreign exchange while non-bank foreign exchange bureaus are henceforth free to engage in the buying and selling of foreign currency cash notes at market rates.

The shift means an end of the surrender requirements to the NBE, allowing foreign exchange to be retained by exporters and commercial banks and thus substantially boosting FX supplies to the private sector.

Moreover, Ethiopian residents are now allowed to open foreign currency accounts based on remittance inflows, transfers from abroad, FX-based salary or rental income, and for other specified cases, as well as the ability to use such foreign currency accounts for foreign service payments.

The National Bank of Ethiopia, which in 2022, as reported by BitKE, introduced tight currency controls to protect the exchange rate, says it is relaxing various rules on the amount of foreign currency cash notes travelers may carry when travelling into or out of Ethiopia.

#Ethiopia issues tight capital controls on currency movement – limits birr holding amount to only 3,000 — If foreign currency exceeds $4,000 or equivalent in other convertible foreign currency, he/she has to present a custom declaration – @BitcoinKE | https://t.co/nQHXxKzqF9

— EthiopiaOnline (@EthiopiaOnline) September 29, 2022

Ethiopia, with a GDP of $126.8 billion, is also soon opening its securities market to foreign entities.

The reforms are said to be part of the broader Home-Grown Economic Reform Program (HGER 2.0) aimed at modernizing the economic framework and addressing long-standing structural issues.

According to a separate statement by Prime Minister, Abiy Ahmed, the new exchange rate system aims to align the Ethiopian currency with market realities thus addressing foreign exchange shortages and removing constraints on economic growth.

Macro-Economic Reform Program Policy Statement pic.twitter.com/5QyfItMiHs

— Abiy Ahmed Ali (@AbiyAhmedAli) July 28, 2024

The government anticipates that this move will enhance the competitiveness of the Ethiopian economy by encouraging private-sector investment and stabilizing inflation.

 

 

 

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Emerging markets and developing economies face heightened risks and regulatory challenges from the adoption of global stablecoins (GSCs) according to a new report from the Financial Stability Board (FSB).

The report, dubbed Cross-border Regulatory and Supervisory Issues of Global Stablecoin Arrangements in Emerging Markets and Developing Economies (EMDEs), says that stablecoins particularly those pegged to foreign currencies, are surging in developing and emerging markets due to factors such as limited access to traditional banking, high remittance flows and local currency volatility.

 

In countries with unstable currencies and rampant inflation, stablecoins provide an option to park funds elsewhere.

To add to that, countries that impose capital controls, stablecoins and crypto provide a way to circumvent these control.

Since stablecoins are predominantly (99.6%) in U.S. dollars, if a sufficient proportion of the population uses stablecoins, this could threaten the country’s monetary sovereignty, although the FSB doesn’t see that happening yet.

The report also points that the instability of these digital currencies poses significant risks for EMDEs, where regulatory and supervisory capacities are often limited.

 

“The collapse and de-peg of certain stablecoins since the outbreak of the crypto asset market turmoil in 2022 highlights the potential fragility of stablecoins that are not adequately designed and regulated.”

 

Generally, the report notes issues such as a heightened risk of illicit financial activities, data privacy concerns, and cybersecurity threats, as well as the need for stronger protections for consumers and investors.

Don’t forget that stablecoins have now become the preferred choice for the majority of illicit transactions for cybercriminals, replacing bitcoin, according to the blockchain analytics firm, Chainalysis.

REPORT | Stablecoins Now Account for the Majority of Illicit Transactions in Crypto, Says Chainalysis

In its recent crypto crime report, blockchain analytics firm, Chainalysis, underscores that between 2018 and 2021, Bitcoin held the position as the favored ‘cryptocurrency of… pic.twitter.com/s4XSEDANHO

— BitKE (@BitcoinKE) January 20, 2024

Although the risks mentioned by the report are present worldwide, emerging markets and developing economies (EMDEs) are said to encounter specific challenges that exacerbate the difficulties of enforcing effective regulatory measures.

FSB still contends that stablecoins present a compelling case as an alternative to local fiat currencies in emerging markets and developing economies (EMDEs). Some of the reasons for this include:

Restricted access to banking services

The need for effective remittance solutions, and

The need to protect against instability in local currencies

To address the challenges that stablecoins might pose in these regions, the report suggests that policymakers and regulators develop strong regulatory frameworks. This includes improving international regulatory cooperation and enhancing local capabilities to oversee and manage global stablecoin (GSC) activities to safeguard financial stability.

The FSB high-level recommendations encourage authorities to cooperate and coordinate with each other, both domestically and internationally, and to foster efficient and effective communication and information sharing to support each other in fulfilling their mandates.

Authorities may choose to leverage existing cooperation and information sharing arrangements, such as supervisory colleges, fora, networks, memoranda of understanding (MoUs), or other adhoc arrangements. They may also consider flexible arrangements in response to the crosssectoral issues related to stablecoins and other related activities. Such ad hoc meetings or arrangements might assist in combating regulatory arbitrage.

The report highlighted the challenges common to all types of jurisdictions as follows:

Data gaps –  Many stablecoin activities involve intermediaries that conduct a portion of transactions off-chain, which makes it more difficult for public authorities to obtain data. The preliminary stage of regulation and supervision, and the non-compliance of many service providers, exacerbates data gap challenges.

Cross-border cooperation and information sharing – Stablecoin activities and the broader crypto-asset ecosystem are inherently cross-border, as users can potentially access most crypto-asset service providers included in stablecoin arrangements from any jurisdiction with an internet connection. Given likely different jurisdictional approaches to the regulation, supervision, and oversight of stablecoin arrangements, participating authorities would benefit from cooperation and information sharing to fulfil their respective regulatory, supervisory and oversight mandates.

Inconsistent implementation progress – When jurisdictions lag in implementation, or some jurisdictions are reluctant to regulate stablecoins, or face challenges to enforce applicable laws, issuers and service providers may be tempted to incorporate their activities in and operate from ‘lightly’ regulated places, often in emerging markets and developing economies, which will raise additional challenges for other jurisdictions with a robust regulatory framework. Currently, many stablecoin activities are not adequately regulated or are in noncompliance with existing regulations

 

 

 

 

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If you’re a regular user of applications on the Ethereum blockchain, chances are you’ve come across MetaMask.

Free and open-source, MetaMask can store any digital asset that’s built on Ethereum. MetaMask also integrates with many of the Web3 applications that exist on the internet and require crypto transactions to work.

MetaMask has mobile and browser-based wallets, though it does not have a desktop app. It also offers staking and DeFi apps through its MetaMask Portfolio feature. However, if you are not a big user of Ethereum and its related tokens, MetaMask might not be much help to you.

 

Here are 5 alternatives to MetaMask that work just as well.

 

 

1.) Binance Wallet

 

Binance Web3 Wallet is a self-custody crypto wallet within the Binance app designed to empower users in the realm of decentralized finance (DeFi).

Serving as a digital gateway to blockchain-based applications (dApps), it offers users a secure and streamlined method to manage their cryptocurrencies, execute token swaps across multiple chains, earn yields, and interact with a variety of blockchain platforms.

According to Binance, the wallet eliminates tricky seed phrases while also making it possible to seamlessly move funds between your Binance Exchange account and your Web3 wallet.

To get started with Binance Web3 Wallet, you’ll need to download the Binance app, if you do not have it. Simply log in to your Binance app and tap Wallets. Switch to the Web3 tab at the top and tap Create Wallet.

 

 

2.) Halo Wallet

Halo Wallet, previously known as KuCoin Wallet, is a secure, user-friendly cryptocurrency wallet with multi-chain support.

Like the Binance Web3 wallet, Halo aims to provide a gateway to the decentralized web in addition to being a convenient platform for storing cryptocurrencies and NFTs.

Despite being new to the Web3 space, it has quickly amassed over 10 million users, according to KuCoin. The wallet allows access to dApps across various ecosystems like KCC, KuCoin, Ethereum, Polygon, BNB Chain, and other leading blockchain networks.

Among the stand-out features of this wallet is the integration of a variety of on-chain and off-chain social media protocols (such as Lens and X) enabling users to create a true Web3 DID (Decentralized Identifiers), and further engage with popular influencers.

Users can follow any wallet address, monitor on-chain activities, and interact with other members of the Halo community.

Halo Wallet also stands out for being a self-custody wallet with users having full control of their assets, unlike centralized storage offered by traditional exchanges like Binance and KuCoin. Some of the things you can do include trade crypto assets, play blockchain games, publish content on decentralized platforms, and trade NFTs.

 

 

3.) Trust Wallet

Trust Wallet supports over 250,000 cryptocurrencies and tokens from over 65 blockchains, including the largest and most popular networks such as Bitcoin, Ethereum, BNB Chain, Avalanche, Solana, Cosmos, Tron, EOS, Stellar, Ripple, DogeCoin, LiteCoin, and Cardano.

It operates as a non-custodial wallet, giving users complete control over their crypto holdings.

Trust Wallet includes an integrated decentralized exchange (DEX) that facilitates cross-chain token swaps. Users also have the opportunity to earn interest on their holdings. The app offers diverse staking options, including staking BNB (BNB) and Kava (KAVA).

Beyond its built-in DEX functionality, Trust Wallet provides users with the capability to store stablecoins securely and utilize them within a protected app environment. Additionally, users can effectively manage their NFTs and game assets on Trust Wallet with comprehensive support for Ethereum and BNB Chain NFTs.

Trust Wallet operates as a hot wallet allowing access through a secure online connection whenever there is internet connectivity.

Before creating an account, individuals should download and install Trust Wallet on their mobile devices. The application is easily accessible and can be obtained at no cost from both the Android and iOS platforms.

 

 

4.) Coinbase Wallet

Coinbase wallet is a non-custodial Web3 wallet from the house of the biggest American centralized exchange, Coinbase.

The wallet supports a wide assortment of cryptocurrencies and provides better ease of use, especially for beginners. Users could just enter the username of an individual for sending funds without having to type a long hexadecimal code.

In addition, Coinbase Wallet also allows users to transfer assets from their accounts on Coinbase.com.

The latest rendition of the wallet is a web app which lets users connect multiple wallets and see a full picture of your crypto, NFTs, and DeFi positions. You can still also buy, swap, send, stake, and mint easily from any of your wallets.

 

 

5.) Phantom

Phantom Wallet is a versatile and user-friendly Web3 wallet that supports a range of functionalities catering to both novice and experienced cryptocurrency users. Initially established as a wallet primarily for Solana, Phantom has expanded its services to include Ethereum, Polygon, and even Bitcoin networks, making it a multi-chain wallet.

The wallet allows users to store, send, and receive cryptocurrencies and tokens, engage with decentralized applications (dApps), and manage non-fungible tokens (NFTs)​​.  One of the standout features of Phantom Wallet is its ability to conduct in-app token swaps across Ethereum, Polygon, and Solana networks, providing convenience and efficiency in asset management.

It also supports cryptocurrency staking, particularly for $SOL tokens, allowing users to earn rewards by participating in the Solana network’s operations​​.

The Phantom Web3 wallet is accessible as both a web wallet and a mobile application for Android and iOS.

 

In Conclusion,

The MetaMask wallet has long established itself as the leading web3 wallet since it was founded in 2019 by ConsenSys employees, Aaron Davis and Dan Finlay. The wallet integrated and offered a gateway to the eclectic Ethereum ecosystem that included cryptocurrencies, NFTs, DeFi, and decentralized exchanges (DEX) in an explosion of innovation.

However, the rise of more chains with similar products has seen the introduction of more web 3 wallets to create a one-stop shop for crypto customers. These seek to include new interesting features and offer an even better experience for web3 users globally.

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The cloud-based messaging software, Telegram, will launch its own app store by the end of July 2024 after recording 950 million users, according to CEO and Founder, Pavel Durov.

 

“To keep the fire going, this month, we will introduce a mini app store and an in-app browser with support for Web3-pages,” Durov posted on his channel on July 22 2024.

“2024 will go down in history as the year when hundreds of millions of people became familiar with blockchain. We’re proud that Telegram is at the epicenter of this societal transformation,” added Durov.

 

While the users are growing and ideas are expanding, the software has faced many scam attempts for a long time. The founder has addressed this and shared how the team is working to prevent this from occurring.

 

“We will also step up our efforts to fight the scammers seeking to defraud new entrants into the crypto realm. Soon, Telegram will begin displaying the month of registration and principal country for public accounts (similar to Instagram).

“We will also allow organizations to use their mini apps to issue labels for channels, creating a decentralized marketplace for third-party verification.”

 

The growth in users comes amid an explosion in blockchain-based games, such as NotCoin, that users tap to play on Telegram.

As reported by BitKE, NotCoin was a significant global project in May 2024, attracting more than 30 million users. These users earned points by interacting with various TON services, including TonKeeper, and other wallets, exchanges, and games. These points could later be converted into tokens tradable on exchanges, giving users tangible value.

MILESTONE | The NotCoin $NOT Token Launches on TON Blockchain, User Base Now Accounts for 0.4% of the Global Population

This large player base enabled Notcoin to attract ‘hundreds’ of Web3 organizations to advertise through the game’s ‘earn’ mechanics, according to the team.… pic.twitter.com/SopuiOEYOc

— BitKE (@BitcoinKE) May 17, 2024

Telegram aims to develop decentralized tools, including non-custodial wallets and decentralized exchanges, to securely facilitate cryptocurrency transactions for millions, Durov said back in November 2022.

He emphasized that with advancements like the Open Network (TON), the blockchain industry can fulfill its mission of empowering individuals and eliminating the need for centralized intermediaries.

Officially, The Open Network, abbreviated as TON, was founded by Telegram in 2017 to enable decentralized services such as decentralized storage, anonymous networks, DNS, and fast payments through a proof-of-stake (PoS) method.

The TON blockchain has implemented several features in recent years, leveraging the Telegram app, cryptocurrencies, and other key technologies.

Most recently, Tether, the issuer of the world’s most widely used stablecoin, partnered with the TON Foundation to enable users to send crypto payments via the popular encrypted instant messaging service.

STABLECOINS | #Telegram to Enable $USDT Payments with Global Fiat On/Off-Ramps Directly to Banks and Cards at Launch

“This initiative is set to transform global peer-to-peer payments, allowing Telegram’s users to send transfers freely and instantly between all Telegram users;… pic.twitter.com/3RQY2Ejequ

— BitKE (@BitcoinKE) May 1, 2024

 

 

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The demand for stablecoins has picked back up in 2024, with circulating supply approaching $150 billion, according to data from the Visa Onchain Analytics tool by VISA.

When looking at the monthly transaction volume, out of the $2.65 trillion of the transfer volume from the last 30 days, only $265 billion was ‘organic.’ While an improvement on an earlier report, this still depicts a huge misrepresentation of these transactions.

Their report from May 2024 revealed that of about $2.2 trillion in total transactions in April 2024, just $149 billion originated from “organic payments activity.”

REPORT | Bots Account for 90% of Stablecoin Transactions, Says VISA

Cuy Sheffield, Head of Crypto, #VISA, pointed out that stablecoins transactions may frequently be double-counted depending on the platforms involved in fund transfers.

For instance, converting $100 worth of… pic.twitter.com/rsRGIIiYuo

— BitKE (@BitcoinKE) May 10, 2024

According to Head of Crypto at VISA, Cuy Sheffield, stablecoins transactions may frequently be double-counted depending on the platforms involved in fund transfers. For instance, converting $100 worth of Circle Internet Financial Ltd.’s USDC to PayPal’s PYUSD on the decentralized exchange Uniswap would lead to $200 of total stablecoin volume being recorded on-chain.

Moreover, developers can create automated bot programs that perform activities such as stablecoin arbitrage, liquidity provision, and market making, among others. These activities are vital for sustaining the growing decentralized finance (DeFi) ecosystem. However, the on-chain transactions resulting from interactions with these automated programs don’t resemble settlement in the traditional sense.

This situation motivated VISA’s collaboration with Allium Labs to develop an adjusted stablecoin transaction metric. This adjusted metric aims to remove potential distortions that can arise from in-organic activity and other artificial inflationary practices.

Allium Labs, which provides enterprise-grade blockchain data to companies like VISA, Stripe, and Uniswap Foundation, has seen its data services become more prominent. The startup announced a $16.5 million Series A funding round in July 2024, bringing its total funds raised to $21.5 million.

 

“Currently, something as essential as accurately tracking digital currency volumes requires continually normalizing data across 40+ blockchain networks and parsing thousands of smart contracts, equating to petabytes of data,” said Ethan Chan, CEO and Co-Founder of Allium.

“Our goal is that our customers never need to worry about any of this.”

 

Despite the variance between total transfer volume and bot-adjusted transfer volume, the analytics dashboard by Allium and VISA revealed a consistent increase in monthly active stablecoin users. Across all chains, there were 27.5 million monthly active users, indicating a steady growth trajectory.

 

 

 

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South African DeFi startup, NeoNomad, has recently introduced ZARCoin (ZARC), a stablecoin pegged 1:1 to the South African Rand (ZAR).

Launched on July 11 2024, this digital currency seeks to bridge the gap between traditional and crypto finance facilitating seamless transactions both domestically and across borders.

According to local reports, the stablecoin is part of a hybrid exchange platform that aims to bring cryptocurrency benefits to the country’s unbanked population.

 

“We’re creating a growing financial ecosystem that overcomes challenges like infrastructure and transport to help people take ownership of their finances and encourage economic participation,” said NeoNomad CEO, Hanres Beukes.

 

The platform utilises Solana Pay, a blockchain-based payment system, enabling instant, low-cost transactions.

Users can make crypto payments for point-of-sale purchases via QR code scanning with fees approaching zero. This technology targets both banked and unbanked South Africans, potentially expanding financial access across the economic spectrum.

By focusing on Decentralised Finance (DeFi), NeoNomad challenges traditional banking models. The startup aims to reduce fees and enable peer-to-peer transactions without intermediaries, a proposition that could resonate in a country where banking costs remain a contentious issue.

 

“This app enables a suite of offerings across a broad network and the Decentralised Finance space. It’s designed to transition users from traditional banking into our secure stablecoin ecosystem and to be part of a transformative African fintech platform that contributes to a growing digital continent,” said Devon Krantz, COO of NeoNomad.

 

The launch of NeoNomad’s stablecoin comes after South Africa’s Financial Sector Conduct Authority (FSCA) recently approved 138 crypto asset service provider licences, bolstering South Africa’s place as the African hub for blockchain and crypto innovation.

REGULATION | South Africa Appproves 63 New Crypto License Applications, Now Totalling to 138

“The total number of applications received to date is 383, of which five have been declined. A further 80 applications have been voluntarily withdrawn by applicants following… pic.twitter.com/uIXDCHBUGW

— BitKE (@BitcoinKE) July 3, 2024

Also part of NeoNomad plans are the introduction of NomadLearn educational programme and an upcoming launch of DecentraLounge, a Cape Town-based co-working space for crypto enthusiasts, in Q4 2024.

 

 

 

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Remittance flows to Sub-Saharan Africa reached $54 billion in 2023, a slight decrease of -0.3% from the previous year [2022]. Remittance flows to the region are projected to rise by 1.3% in 2024. 

Nigeria remains the leading country for remittances received on the continent and accounted for 38% of the $54 billion remittance inflows into sub-Saharan Africa in 2023.

REMITTANCES | Nigeria Sees 6.28% Drop in Remittances in Q1 2024

Remittances into #Nigeria declined 6.28 percent from $301.57 million in Q1 2023 to $282.6 million in Q1 2024, according to data from the Central Bank of Nigeria.https://t.co/kgzG6xMMVe pic.twitter.com/3oVxM1orHz

— BitKE (@BitcoinKE) May 14, 2024

For the MENA region where North African countries belong, remittance costs dropped by 15% in 2023 mainly propelled by a decline in remittances to Egypt.

Among all African countries, the top ten countries received $72.5 billion.

Below is a list of the top 10 countries in terms of remittance value received in 2023:

) Nigeria: Nigeria was the highest recipient of international remittances in Africa with remittances for the period coming at $19.555 billion

) Egypt: International remittances payed to Egypt in 2023 stood at $19.53 billion, a decline of 31% when compared to the $28.33 billion recorded in 2022

) Morocco: Remittances came to $11.75 billion, increasing from $11.17 billion in 2022

) Ghana: Remittances payment to Ghana in 2023 remained unchanged from the figure in 2022 at $4.63 billion

) Kenya: The East Africa nation received $4.16 billion in remittances in 2023, a slight increase from the $4.06 billion received in 2022

) Zimbabwe: The southern African nation received $3.08 billion in 2023, unchanged from the figure recorded in  2022

) Senegal: Senegal raked in $2.94 billion in 2023, a decline of $71 million from the $3 billion received in the previous year

) Tunisia: Total remittance payment received in 2023 was $2.65 billion. This represents a decline of 5.5% when compared to the figure for 2022 at $2.86 billion

) Algeria:  The North African country recorded 1.86 billion in remittances, $163 million above the figure recorded in 2023

) Democratic Republic of Congo: Total remittance payment to D.R Congo in 2023 stood at approximately $1.4 billion in 2023

 

Sub-Saharan Africa remains the most expensive region to send money to, recorded at 7.39% of the total cost of sending $200, says the World Bank.

REPORT | Sub-Saharan Africa Remains the Most Expensive Region for Sending #Remittances, Says Latest World Bank Research

On a regional outlook, Sub-Saharan Africa remains the most expensive region to send money to, recorded at 7.39 percent total average cost in Q3 2023.… pic.twitter.com/xA8qJSsyRV

— BitKE (@BitcoinKE) May 13, 2024

In comparison, the average cost for sending $200 across the world declined slightly from 6.20% to 6.18% in 2023, the report said.

 

 

 

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According to recent statistics, Morocco leads the world when it comes to cash payments.

Based on data collected in 2022,:

74% of all payments in Morocco are cash-based, with

71% of the population not having their own bank account, and

Only 0.2% owning a credit card

Interestingly, 84% of the Moroccan population have access to the internet, so this preference for cash is likely not due to any internet issues.

Egypt and Kenya follow in second and third after Morocco.

60% of all payments in Egypt are cash-based, and

67% of the population don’t own a bank account

whereas in Kenya:

Only 40% of payments are cash-based, and

Less than half the population are unbanked

Number four also goes to an African country, Nigeria, whose population has low internet access (36%) and credit card use (3%).

When the question is filed to ‘which countries are closest to a completely cashless society,’ the European nation, Norway, leads the world.

Cash accounts for only 2% of all payments in Norway

100% of its population own a bank account, with

71% also owning a credit card

The list, as seen below, is dominated by countries in Europe.

The analysis also looked at the most popular digital wallets in the world.

Digital wallets are contributing to the decrease in cash use allowing users to make cashless payments via a portable device such as a mobile phone or smartwatch.

In 2013, AliPay surpassed PayPal as the world’s most popular mobile payment platform, and still holds the top spot nearly ten years later,with 1.3 billion users.

WeChat Pay and Apple Pay aren’t far behind, with 900 million and 507 million users respectively.

American giant, PayPal, which ranked as the fourth most popular mobile payment platform in 2021, has since dropped to fifth and been replaced by Google Pay.

Google Pay now has 421 million active users, which is over 40 million more than Paypal’s 377 million.

 

 

 

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Egyptian fintech, MNT-Halan, has secured a new funding round of $157.4 million to further fuel its expansion plans.

According to reports, this latest capital injection featured contributions of $40 million from the International Finance Corporation (IFC), with the remaining funds supplied by:

Development Partners International (DPI)

Lorax Capital Partners,

and funds managed by:

Apis Partners LLP

Lunate, and

GB Corp

The company, which achieved unicorn status in 2023 after attracting $400 million in the largest funding round in Egypt and the Middle East that year, has raised over  $520 million over the last two years, with the company now poised for further expansion.

Egyptian Fintech, MNT Halan, Now Africa’s 9th Unicorn Valued at Over $1 Billion After $400 Million in Fundinghttps://t.co/BDqhWwlXM0#W3A #Web3 #Web3news #web3Africa #Web3community #Africa #Web30Africa #Egyptian #Fintech #MNTHalan #Africa #Funding

— web3africa.eth (@W3ATech) February 8, 2023

“While Egypt remains our primary market, we are committed to revolutionising access to financial services through technology beyond Egypt’s borders. Our M&A strategy capitalises on our technology and industry expertise while leveraging our partners’ local knowledge, management capabilities, and licences,” said Mounir Nakhla, Founder and CEO of MNT-Halan.

“We are happy to have the IFC on board and to see the continued confidence from our current shareholders through their participation in this round.”

 

Since its inception, MNT-Halan has witnessed substantial growth, expanding its customer base over 20-fold to serve more than seven million users. Its digital platform, the Halan app, continues to evolve, now offering a wide array of services including various types of loans, prepaid cards, e-wallets, e-commerce, gold, and money market fund investments, with plans to introduce additional features soon.

Founded in 2018, MNT-Halan has quickly become a pivotal force in transforming financial services through technology in Egypt. With more than 2.2 million quarterly active users, the company has disbursed over $4.4 billion in loans.

 

 

 

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Egyptian fintech, MNT-Halan, has secured a new funding round of $157.4 million to further fuel its expansion plans.

According to reports, this latest capital injection featured contributions of $40 million from the International Finance Corporation (IFC), with the remaining funds supplied by:

Development Partners International (DPI)

Lorax Capital Partners,

and funds managed by:

Apis Partners LLP

Lunate, and

GB Corp

The company, which achieved unicorn status in 2023 after attracting $400 million in the largest funding round in Egypt and the Middle East that year, has raised over  $520 million over the last two years, with the company now poised for further expansion.

Egyptian Fintech, MNT Halan, Now Africa’s 9th Unicorn Valued at Over $1 Billion After $400 Million in Fundinghttps://t.co/BDqhWwlXM0#W3A #Web3 #Web3news #web3Africa #Web3community #Africa #Web30Africa #Egyptian #Fintech #MNTHalan #Africa #Funding

— web3africa.eth (@W3ATech) February 8, 2023

“While Egypt remains our primary market, we are committed to revolutionising access to financial services through technology beyond Egypt’s borders. Our M&A strategy capitalises on our technology and industry expertise while leveraging our partners’ local knowledge, management capabilities, and licences,” said Mounir Nakhla, Founder and CEO of MNT-Halan.

“We are happy to have the IFC on board and to see the continued confidence from our current shareholders through their participation in this round.”

 

Since its inception, MNT-Halan has witnessed substantial growth, expanding its customer base over 20-fold to serve more than seven million users. Its digital platform, the Halan app, continues to evolve, now offering a wide array of services including various types of loans, prepaid cards, e-wallets, e-commerce, gold, and money market fund investments, with plans to introduce additional features soon.

Founded in 2018, MNT-Halan has quickly become a pivotal force in transforming financial services through technology in Egypt. With more than 2.2 million quarterly active users, the company has disbursed over $4.4 billion in loans.

 

 

 

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The nine United States Ether Exchange-Traded Funds (ETFs) saw about $1.08 billion in cumulative trading volume on their first day, 23% of what the spot Bitcoin ETFs had on their first day.

The ETFs, listed on July 23 2024, posted net inflows of $106.6 million on the first day despite Grayscale’s freshly-converted Ethereum Trust experiencing $484.1 million in net outflows, the only fund with outflows.

BlackRock’s iShares Ethereum Trust ETF (ETHA) led with $266.5 million of inflows, followed closely by

The Bitwise Ethereum ETF (ETHW) with $204 million in net inflows

The Fidelity Ethereum Fund ETF (FETH) came in third with $71.3 million

Grayscale’s Ethereum Mini Trust, a spinoff product launched by the asset manager with lower fees, generated $15.2 million in new inflows

Franklin Templeton’s Franklin Ethereum ETF (EZET) netted $13.2 million, while

21Shares’ Core Ethereum ETF (CETH) saw $7.4 million in inflows

Bloomberg Intelligence’s James Seyffart said the ETF launch ‘pretty much’ met his expectations.

“[If] we compare it to a standard ETF launch, it was a smashing success,” Seyffart said.

Juan Luan, senior Investment Strategist at Bitwise Invest, said the demand for ETH surpassed expectations on day one.

 

“Total ETH flows ($108M) were 16% of BTC flows ($655M), but 79% if you exclude the outflows from ETHE ($484M)/GBTC ($95M) conversions. ETHE outflows likely larger because it was already trading at NAV on conversion, while GBTC was still at discount,” he said.

 

Comparing the respective debuts of ETH and BTC ETFs

That said, cryptocurrency market data provider, Kaiko, reported that despite spot Ethereum ETFs attracting more than $1 billion in trade volume on their first day, spot ETH trading volume on centralized exchanges barely moved.

The price of $ETH even dropped further on July 24 2024. The second largest cryptocurrency is trading for $3,161 at the time of publication, down 8% in the last 24 hours and 7.4% in the last seven days, according to CoinGecko.

 

 

 

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Solana’s DeFi TVL fell by 9% QoQ to $4.5 billion, ranking it fourth among networks in Q2 2024, according to the State of Solana Q2 2024 report by crypto research firm, Messari.

 

 

That said, DeFi TVL denominated in SOL grew by 26% QoQ, indicating the USD-denominated drop may have been driven more by token price depreciation than capital outflow.

 

 

DEX volume reduced slightly compared to peak activity in March 2024 but maintained elevated levels, the report said:

 

“Average daily spot DEX volume grew by 32% QoQ to $1.6 billion. DEX activity has continued to be driven by memecoin trading with WIF, MEW, POPCAT, and GME among the top 10 tokens by Q2 token pair trading volume.”

 

At the center of the memecoin frenzy was pump.fun, a gamified token launch platform, that became one of the most widely discussed applications across crypto.

HOW TO | How To Quickly Create and Share Your Own MemeCoin Using Solana Marketplace, https://t.co/QCr6l2e8EP

Below is a step-by-step guide to help you launch your own memecoin using https://t.co/QCr6l2e8EP on the Solana network.https://t.co/voUe9o9ZKl @pumpdotfun @solana… pic.twitter.com/q8gV71huc4

— BitKE (@BitcoinKE) July 1, 2024

In Q2 2024, pump.fun collected an average of $525,000 in daily fees with $48 million in total Q2 2024 fees. Near the end of May 2024, several celebrities began launching their own tokens on pump.fun, sparking a celebrity memecoin craze, which drew some controversy.

Pump.fun’s popularity spawned forks such as:

Dexscreener’s Moonshot

Whales Market’s whales.meme, and

Meme Royale

According to the report, the decentralized exchange, Raydium, has been a major beneficiary of pump.fun, as all the liquidity from pump.fun bonding curves is transferred to Raydium once the token hits a market cap threshold.  Raydium’s average daily volume increased by 77% QoQ to $867 million, raising its market share from 40% in Q1 2024 to 54% in Q2 2024. Its DeFi TVL also grew by 46% QoQ to $991 million, becoming Solana’s top DeFi protocol by TVL.

 

 

That said, Jupiter remained the primary Solana exchange, accounting for 51% of Q2 2024 spot DEX volumes. However, its market share fell throughout the quarter to 37% by the last week, which was surpassed by Raydium’s market share of 38%.

Facilitating these transactions, we see that Solana’s stablecoin market cap grew by 8% QoQ to $3.1 billion, ranking it 6th among networks. This was boosted by PayPal which expanded its PayPal USD (PYUSD) stablecoin to Solana, joining only Ethereum as a supported network. However, USDC remained the dominant stablecoin on Solana, growing its Solana market cap by 5.5% QoQ to $2.2 billion.

 

You can see the State of Solana Q2 2024 report here.

 

 

 

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Mercury a popular banking partner for the startup world, says it will close the accounts of users in several countries including thirteen African countries by August 22 2024.

 

“Due to recent changes in how we determine account eligibility, we are no longer able to support accounts for businesses with associated addresses located in these countries,” the company said.

 

With the new prohibitions, African startups incorporated in Delaware cannot open Mercury accounts unless the founders live in the U.S.

The affected African countries:

Burundi

Cameroon

Central African Republic (CAR)

Democratic Republic of Congo (DRC)

Congo

Liberia

Mali

Mozambique

Nigeria

Somalia

South Sudan

Sudan

Zimbabwe

Founded in 2017, Mercury is a growth-stage US-based fintech that provides banking services to startups worldwide. While not a typical bank, they work with a mix of middlemen (BaaS) and banks directly to offer their services to their customers.

According to reports, the move is a result of Mercury tightening its compliance and regulatory standards, Earlier this year [2024], Mercury was caught up in federal scrutiny through one of its partners, Choice Bank, around the practice of allowing foreign companies to open accounts.

The local banking regulators were ‘concerned’ that Choice ‘had opened Mercury accounts in legally risky countries,’ The Information reported. Officials also reportedly chastised Choice for letting overseas Mercury customers ‘open thousands of accounts using questionable methods to prove they had a presence in the U.S.’

Countries on the Financial Action Task Force (FATF) Grey list such as Nigeria and Burundi are believed to be easy to target due to their lack of compliance with global standards for combating money laundering and terrorism financing.

REGULATION | Financial Action Task Force (FATF) Urges Countries to Develop Regulatory Frameworks for Rapidly Growing Virtual Assets

“The findings of the 2023 Targeted Update report, mutual evaluation and follow-up report results indicate that prohibiting VASPs effectively is… pic.twitter.com/ybYWoSYFhM

— BitKE (@BitcoinKE) July 12, 2024

This is also coming in the backdrop of greater scrutiny in the U.S. banking sector especially after the collapse of another startup banker, Silicon Valley Bank (SVB), in early 2023.

Circle Confirms Over 8% ($3.3B) the ~$40 Billion $USDC Reserves are in Collapsed Silicon Valley Bank

Some of the biggest SVB depositors include:

* Circle – $3.3 billion * Roku – $487 million * BlockFi – $227 million

See full list:https://t.co/8caSaNRRkt

— BitKE (@BitcoinKE) March 12, 2023

That said, Mercury’s services were crucial for African startups allowing them to operate with U.S. dollar accounts, crucial for attracting and handling foreign investment.

Given that the company was already under criticism in Africa after it restricted the accounts of over a dozen tech startups in 2022, many people in the ecosystem are now looking to move to stable alternatives that provide the same services.

After PayPal, Mercury, a Digital Bank, is Now Blocking African Startups https://t.co/laGKM8J9DQ @BankMercury

— BitKE (@BitcoinKE) March 4, 2022

 

 

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Egyptian fintech startup, DoPay, has announced the closing of a strategic $13.5 million Series A extension round.

The startup, which provides a digital payroll and payments platform serving unbanked and underbanked workers in emerging markets, previously raised a $18 million Series A funding round.

With over 60% of Egyptian workers relying primarily on cash, DoPay’s mission aligns with the Egyptian Central Bank’s vision of digitisng payments and promoting financial inclusion.

Dopay, part of Hub71, Abu Dhabi’s global tech ecosystem, further describes itself as an innovative virtual banking platform that digitises cash payments from employers to workers and other beneficiaries, directly tackling one of the most significant fintech opportunities in emerging markets.

The Series A extension funding, led by Argentem Creek Partners with participation from existing investors, will enable DoPay to accelerate its rapid expansion in its initial market, Egypt.

Additionally, the company plans to launch a range of new financial services and expand its multi-bank, multi-country platform to other markets.

 

“This funding comes at a pivotal moment, with our growth exhibiting a true hockey stick trajectory. The new funds will help us elevate our platform and, in collaboration with our partner banks, leverage deposited funds to create a self-financing lending model,” said Frans van Eersel, Founder and CEO of Dopay.

“This model will allow deposited amounts to fuel a lending portfolio, fostering a sustainable and mutually beneficial financial ecosystem. Our customers can look forward to new financing products that will be seamlessly embedded into our platform, enhancing their overall experience.”

 

According to DoPay, its platform revolutionises payroll by enabling real-time payments, even on weekends and holidays. Each account is equipped with a pre-paid debit card, in partnership with MasterCard, providing 24/7 access to funds via ATM withdrawal.

Enrolled businesses benefit from a secure and cashless payroll system, with user-friendly interfaces and complete transparency. Employees gain instant and secure access to banking facilities, regardless of their earnings. DoPay’s agent banking licence allows for the swift delivery of digital banking services and seamless onboarding of employees and beneficiaries, positioning the company as a leader in Egypt’s digital payroll space.

 

Maarten Terlouw, Co-Chief Investment Officer at Argentem Creek Partners, commented:

 

“We believe a payroll-centric approach is the key to integrating unbanked and underbanked workers in emerging markets into the financial system.

We are impressed by DoPay’s multi-bank, multi-country platform and are excited to support the company in its next growth stage. We look forward to working closely together with DoPay’s talented team.”

 

 

 

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Egyptian fintech startup, DoPay, has announced the closing of a strategic $13.5 million Series A extension round.

The startup, which provides a digital payroll and payments platform serving unbanked and underbanked workers in emerging markets, previously raised a $18 million Series A funding round.

With over 60% of Egyptian workers relying primarily on cash, DoPay’s mission aligns with the Egyptian Central Bank’s vision of digitisng payments and promoting financial inclusion.

Dopay, part of Hub71, Abu Dhabi’s global tech ecosystem, further describes itself as an innovative virtual banking platform that digitises cash payments from employers to workers and other beneficiaries, directly tackling one of the most significant fintech opportunities in emerging markets.

The Series A extension funding, led by Argentem Creek Partners with participation from existing investors, will enable DoPay to accelerate its rapid expansion in its initial market, Egypt.

Additionally, the company plans to launch a range of new financial services and expand its multi-bank, multi-country platform to other markets.

 

“This funding comes at a pivotal moment, with our growth exhibiting a true hockey stick trajectory. The new funds will help us elevate our platform and, in collaboration with our partner banks, leverage deposited funds to create a self-financing lending model,” said Frans van Eersel, Founder and CEO of Dopay.

“This model will allow deposited amounts to fuel a lending portfolio, fostering a sustainable and mutually beneficial financial ecosystem. Our customers can look forward to new financing products that will be seamlessly embedded into our platform, enhancing their overall experience.”

 

According to DoPay, its platform revolutionises payroll by enabling real-time payments, even on weekends and holidays. Each account is equipped with a pre-paid debit card, in partnership with MasterCard, providing 24/7 access to funds via ATM withdrawal.

Enrolled businesses benefit from a secure and cashless payroll system, with user-friendly interfaces and complete transparency. Employees gain instant and secure access to banking facilities, regardless of their earnings. DoPay’s agent banking licence allows for the swift delivery of digital banking services and seamless onboarding of employees and beneficiaries, positioning the company as a leader in Egypt’s digital payroll space.

 

Maarten Terlouw, Co-Chief Investment Officer at Argentem Creek Partners, commented:

 

“We believe a payroll-centric approach is the key to integrating unbanked and underbanked workers in emerging markets into the financial system.

We are impressed by DoPay’s multi-bank, multi-country platform and are excited to support the company in its next growth stage. We look forward to working closely together with DoPay’s talented team.”

 

 

 

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ETH Exchange Traded Funds are set to launch on July 23 2024 after U.S. regulators gave their final approval for the products.

Blackrock, the world’s largest asset manager, announced that its Ishares Ethereum Trust ETF (ETHA) will commence trading on Nasdaq on July 23 2024, featuring a one-year fee waiver of 0.12% for the first $2.5 billion in assets under management (AUM).

Besides the Ishares Ethereum Trust, 8 spot Bitcoin ETFs are slated for public trading, including two from Grayscale.

Grayscale’s Ethereum Trust (ETHE) will be converted into a publicly traded fund, while the firm will also introduce Ethereum Mini Trust (ETH). Furthermore, asset managers including Franklin Templeton, Vaneck, Bitwise, 21Shares, BlackRock, Invesco, and Fidelity will be launching spot Ether ETFs on the day.

 

“We’ve now fully entered the ETF era of crypto,” Matt Hougan, chief investment office at Bitwise, said.

“Investors can now access more than 70% of the liquid crypto asset market through low-cost ETPs.”

“Being the first to file for an Ethereum ETF back in 2021, we have long believed investors should have access to Ethereum exposure in a vehicle they find accessible and familiar,” said Kyle DaCruz, Head of Digital Assets at VanEck.

“If Bitcoin is digital gold, then Ethereum is the open-source App Store and the gateway for exposure to the thousands of applications that will utilize blockchain technology.”

 

Just over a month ago, the SEC granted accelerated approval to 3 stock exchanges to list and trade shares of Ether ETFs, paving the way for eight individual applications to be approved.

A spot Ethereum ETF, similar to a Bitcoin ETF, involves a fund manager handling the purchase and storage of ETH digital coins, allowing individuals to buy shares that reflect their value. This provides investors with exposure to the second-largest cryptocurrency by market capitalization.

 

 

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Zambia’s proposed ban on charging foreign currency in local transactions — punishable with 10-year jail terms — might defeat its own purpose, according to the International Monetary Fund (IMF).

In June 2024, the Bank of Zambia (which is the Central Bank of Zambia) unveiled plans to curb increasing dollarization in the economy that it said blunts its tools to fight inflation.

REGULATION | Bank of Zambia Plans to Criminalize Foreign Currency Use Amid Kwacha Rally – https://t.co/XCx2LnjDEV https://t.co/MhCXCDHMVx

— Zambia travels tours (@zambia_travels) July 4, 2024

According to a recent local report, businesses have already pushed back on the proposed regulations calling them ‘punitive’ and warning that they may actually fuel price growth.

Speaking to Bloomberg, the IMF Resident Representative, Eric Lautier, indicated that macro-economic stability, including low and stable inflation and limited external pressures, would generally be required for such measures to be effective.

 

“Forced de-dollarization measures are likely to prove in-effective and could even be counterproductive,” unless accompanied by a strong macro-economic stabilization plan and, depending on country specific conditions and implementation modalities, Lautier said.

“We are in the process of evaluating those.”

 

Zambia’s annual inflation reportedly rose to a 29-month high of 15.2% in June 2024 in the wake of the worst drought in decades. The nation is also emerging from a painful debt restructuring process, and its currency has been volatile.

The draft regulations are among several extensive reforms aimed at achieving macro-economic stability, with the bank continuing consultations to finalize them. While the law designates the Kwacha as Zambia’s only legal tender, businesses such as mall landlords, car dealers, and hotels frequently set prices in dollars.

According to IMF, Zambia which has a $1.7 billion economic program with the IMF and is considering asking it for more help, didn’t consul it on the plans before announcing them.

The IMF has only just started assessing the initiative and has been consulting with the authorities including the Bank of Zambia about the details to evaluate its merits, Lautier said.

IMF Managing Director Kristalina Georgieva meeting with Zambian President Hakainde Hichilema in Lusaka.

Africa is witnessing more efforts by governments to protect their economies from the effects of the Dollar.

WATCH | Eritrea’s President Calls for New Global Financial System Not Controlled by Dollar or Euro

“We are a very small threat, we are not even a threat to them. But they have to contain us, sanctions, sanctions, sanctions, conflict here, conflict there,”

“They are… pic.twitter.com/AXD5eOW69I

— BitKE (@BitcoinKE) August 3, 2023

Other than Zambia, recent weeks have seen Uganda, Tanzania, and Zimbabwe announce de-dollarization measures.

REGULATION | ‘We Are on a De-Dollarisation Journey,’ Says Zimbabwe Reserve Bank Governor as Gold Reserves Rise By 30% in 100 Days

Increasing reserves will allow the central bank to issue more ZiG currency, moving it closer to its goal of reducing the country’s dependence on… pic.twitter.com/TvIoIyphtU

— BitKE (@BitcoinKE) July 17, 2024

 

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TurnStay, a South African travel-focused fintech, has secured $300,000 (over R5.4 million) funding from Silicon Valley and New York-based investors, DFS Lab and Digital Currency Group.

The company plans to use the funding to expand the business into Africa and build on the significant traction already achieved.

Founded by experienced entrepreneurs, Alon Stern, Co-Founder of Slide Financial, and James Hedley, Co-Founder, Quicket, TurnStay radically reduces the cost of getting paid for African merchants and platforms in travel and tourism by harnessing the same ‘tricks’ used by the world’s biggest booking companies.

 

“Securing funding from these U.S. investors is a vote of confidence in our business model, which has already processed more than R50 million in transactions [~$2.7 million],” said TurnStay CEO, Alon Stern.

“TurnStay creates a localised payment experience, charging clients in their home currency using familiar payment methods when booking accommodation. TurnStay’s solution has reduced costs for some clients by 70% and halved the number of unnecessary failed transactions. With a better checkout experience, sales conversion rates soar.”

 

Getting paid can be expensive in the travel industry as payment fees and fees levied by online travel agencies are added.

 

“The average merchant spends 12% of revenue on getting paid – often, this can be the difference between making a profit or a loss and dramatically affects the viability of many businesses in a sector that employs over six million people in Africa,” says James Hedley, TurnStay Co-Founder.

 

By leveraging a worldwide network of compliant companies, TurnStay significantly lowers international payment costs for hotels while maintaining safety and efficiency. It addresses the issue of African hotels facing up to 20 times higher fees compared to online travel agencies like Booking.com.

The benefits for merchants include:

Reduced card fees

An enhanced checkout experience, and

Increased direct bookings

enabling properties to compete more effectively with online travel agencies through improved conversion rates.

TurnStay’s payment solution is seamlessly integrated with leading booking engine providers such as Benson Software.

Stephen Deng, General Partner at DFS Lab explains:

 

“TurnStay is building a much-needed offering for the African travel and tourism industry, one that unlocks substantial cost savings for hospitality businesses across the continent. We believe the founders are the perfect team to tackle this opportunity, combining deep industry experience with a proven history of shipping market-leading products.”

 

 

 

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