ConsenSys, the leading Web3 company, has announced that MetaMask, the world’s leading self-custody wallet, and MoonPay, the leading web3 infrastructure company, have expanded their offerings in Nigeria.

This move aims to provide Nigerian users with an easier and more efficient way to access digital assets, as buying and selling crypto in the country has been challenging due to the lack of localized payment methods.

With the new feature, users of MetaMask in Nigeria can now use instant bank transfers to purchase crypto directly within the MetaMask mobile app and the Portfolio Dapp, making the experience cheaper, faster, and more efficient. This integration will reduce decline rates and provide a user-friendly experience, allowing Nigerian users to obtain tokens conveniently without setting up an account with a centralized crypto exchange.

The collaboration between MetaMask and MoonPay will enable Nigerian users to fund their self-custody wallet through a simplified user experience. This feature is a significant step towards achieving a seamless on-ramp experience in Nigeria and other African countries such as Kenya, Botswana, and South Africa.

The increasing adoption of crypto in Nigeria is evident as the country has been climbing the charts regarding grassroots crypto adoption, with almost 12.4 million people estimated to own crypto assets, according to the Chainalysis 2022 Global Crypto Adoption Index. Nigeria is among MetaMask’s top markets globally, ranking third in mobile active users, and among the top ten countries regarding visitors to metamask.io.

Lorenzo Santos, Senior Product Manager at MetaMask, said, “This is an essential next step in a critical market that has embraced crypto and web3 but faces serious challenges when using fiat to crypto on-ramp. We are reducing friction and bringing down barriers to keep supporting Nigerians as they onboard into web3.”

Zeeshan Feroz, Chief Product & Strategy Officer of MoonPay, added, “Our partnership with MetaMask will enable us to provide Nigerian users with Bank Transfers, a widely used payment method across Nigerian e-commerce businesses. We hope this integration opens the doors for Nigerians to fund their self-custody wallet through a simplified user experience.”

This integration is expected to boost the Nigerian crypto market, as a widely accepted and real-time payment infrastructure obstacle for crypto transactions in Nigeria would make purchasing crypto an easy solution. Moreover, MetaMask users can become their own bank through self-custody, directly controlling their assets.

To fund your MetaMask wallet with MoonPay in Nigeria, users can log in to the MetaMask mobile app or Portfolio Dapp, click or tap the Buy button, select Nigeria as their region, choose Instant Bank Transfer, enter the amount desired and the token they wish to purchase, select the MoonPay quote, and checkout inside MoonPay widget.

In conclusion, this collaboration between MetaMask and MoonPay is an excellent initiative for Nigerian users, as it will provide them with a more convenient on-ramp experience, reducing friction and bringing down barriers to access web3. This move is a significant step towards achieving the digital economy of tomorrow, as ConsenSys enables developers, enterprises, and people worldwide to build next-generation applications and access the decentralized web.

#Metamask #moonpay #Nigeria #azcoinnews #azcoin

This article was republished from azcoinnews.com

Introduction

In recent years, the world of cryptocurrencies has gained immense popularity, attracting both seasoned investors and newcomers eager to ride the digital currency wave. Nigeria, known for its vibrant tech-savvy population, has not been immune to this crypto craze. However, with the rising interest in cryptocurrencies, a darker trend has emerged - the surge of crypto Ponzi schemes that prey on unsuspecting individuals seeking quick and lucrative returns.

The Allure of Quick Profits

Ponzi schemes in the crypto world promise the allure of quick profits, claiming to offer extraordinary returns on investments within a short period. Many Nigerians, eager to secure their financial futures, fall victim to these scams, unaware of the potential risks that lie ahead. These fraudulent schemes promise higher yields than legitimate investments and exploit the lack of financial literacy surrounding digital currencies.

How Do Crypto Ponzi Schemes Work?

In a typical crypto Ponzi scheme, the initial investors are paid with the money from new investors, creating the illusion of genuine profits. As the scheme grows, more people are encouraged to invest, unaware that the scheme's foundation is built on deception. Eventually, when new investors stop joining, the scheme collapses, leaving a trail of financial devastation for those who invested their hard-earned money.

Identifying the Red Flags

Recognizing and avoiding crypto Ponzi schemes is crucial in safeguarding your finances. Here are some red flags to watch out for:

Unrealistic Promises: If an investment opportunity promises exorbitant returns with little or no risk, exercise caution. Remember, all investments carry some degree of risk.

Lack of Transparency: Genuine investments provide clear and transparent information about their offerings. If the details are vague or hard to understand, it might be a sign of a scam.

Pressure to Invest Quickly: Scammers often use urgency and fear of missing out to pressure individuals into making hasty investment decisions. Take your time and conduct thorough research before investing.

Absence of Regulatory Compliance: Legitimate investment opportunities adhere to regulatory guidelines. If the scheme lacks proper licensing or registration, it is likely a scam.

Protecting Yourself from Scams

As the crypto landscape continues to evolve, protecting yourself from scams is essential. Here are some steps to stay safe:

Educate Yourself: Understand the basics of cryptocurrencies and how legitimate investments work. Knowledge is your best defense against scams.

Verify Information: Always verify the legitimacy of an investment opportunity, and seek advice from financial professionals if needed.

Stick to Reputable Platforms: Trade and invest in cryptocurrencies on reputable and regulated platforms that prioritize security and customer protection.

Closing thoughts

As the use of cryptocurrencies grows in Nigeria, so does the risk of falling victim to crypto Ponzi schemes. Stay vigilant and skeptical of any investment that promises extraordinary returns with little effort. Remember, if an opportunity sounds too good to be true, it probably is. Protect your hard-earned money by investing wisely and staying informed about potential risks in the dynamic world of digital currencies.

#crypto #ponzischeme #Nigeria

One of the biggest cryptocurrency exchanges globally, Binance, has chosen to leave the Nigerian market. They’ve made it known that they’re stopping all services connected to Nigeria’s fiat currency, the naira.
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Starting March 8 at 8:00 a.m. UTC, Binance will convert naira balances to USDT (Tether), a stablecoin tied to the US dollar. However, they will stop supporting naira deposits after 2:00 p.m. UTC today, and withdrawals will end after March 8 at 6:00 a.m. UTC.

Binance Ceases Naira Transactions Amid Regulatory Conflict
According to an official announcement, Binance has set the automatic conversion rate at 1 USDT per 1,515.13 naira. This means that starting March 8, naira balances will be converted to USDT, a stablecoin pegged to the US dollar.
Additionally, Binance will delist all spot trading pairs involving the naira on March 7 at 3:00 a.m. UTC. Open spot orders for these pairs will be automatically closed.
Several Binance services, including Binance Convert, Binance P2P (Peer-to-Peer), Auto Invest, and Binance Pay, will no longer support naira transactions.
The decision to withdraw from the Nigerian market comes amid regulatory conflict with the country’s authorities. Last week, two Binance executives were detained by the office of the National Security Adviser in Nigeria. The company has been accused of contributing to the depreciation of the naira.

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Binance Conversion Process and Impact on NGN
Binance has indicated that the conversion process may take up to 24 hours or longer. During this time, naira balances will be converted to USDT tokens at a rate of 1 USDT per 1,515.13 naira. Once the conversion is complete, the USDT tokens will be transferred to users’ Spot wallets. Users can verify the receipt of these tokens on the conversion history page.
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In its final remarks, Binance mentioned that users whose spot wallets hold less than 0.00000001 USDT worth of NGN after the conversion will receive 0.00000001 USDT in their spot wallet.
Following Binance’s announcements, the NGN experienced a significant drop, falling from a level of 1,594 dollars to 1,523 dollars.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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#Nigeria  #Binance  #Bitcoin  #Altcoin  #Cryptocurrency $BTC

The anti-corruption agency’s lawyer suggested Binance’s Nigerian operations might be criminal. Consequently, a Nigerian High Court has ordered Binance Holdings to provide the Economic and Financial Crimes Commission (EFCC) with detailed data on Nigerian users trading on its platform.
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Sahara Reporters stated that the directive was issued by Justice Emeka Nwite on Feb. 29 in response to an ex parte motion filed by the EFCC against Binance. An ex parte motion is when only one party is present, and the other isn’t notified beforehand, denying them the chance to present their case.

Nigerian Court Investigates Binance for Alleged Financial Crimes
The lawyer for the anti-corruption agency, Ekele Iheanacho, told the court that Binance’s work in Nigeria might be breaking the law. He mentioned that Binance might not be following rules from the 2004 EFCC Act and the 2022 Money Laundering Act, which say suspicious activities need to be reported to the government, and there are consequences for not doing so.

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An EFCC worker named Hamma Bello, backing up this point, said it’s important to finish looking into reports that Binance might be involved in money laundering and helping to finance terrorism. Bello explained that their investigation found that some people were using Binance in ways that break the rules, like manipulating the market. This has caused problems for Nigeria’s money market and made the value of the naira go down.
Nigeria’s Economic Stability Challenged by Cryptocurrency Platforms
The Economic and Financial Crimes Commission (EFCC) has pointed out that illegal activities on Binance are hurting Nigeria’s economy. They have asked Binance to stop using the Nigerian currency, the naira, because of this.
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To solve these problems, it’s suggested that Binance and the Nigerian government should talk and find a solution together. Bayo Onanuga, who advises the president on information and strategy, has blamed Binance and other similar websites for making the value of the naira go down. He even mentioned that Nigeria might think about banning these kinds of platforms.

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Despite these issues, Nigeria is becoming very important in the world of digital currency. It’s growing quickly and is now one of the top countries in the world for using cryptocurrency, being second only in 2023 for how much it has adopted this technology.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Nigeria #Binance #Bitcoin #Altcoin #Cryptocurrency $BTC $ETH $BNB