Canza Finance, which is building the first on-chain FX platform for African currencies, has partnered with the Worldwide Stablecoin Payment Network (WSPN), a global digital payments company leveraging blockchain technology, to enhance its product offerings in emerging economies.

The partnership comes barely a month after the company’s incubation into CMC Labs, CoinMarketCap’s Web3 startup accelerator program, designed to connect builders to the global stage.

LIST | Canza Finance Becomes the Only African Project To Be Accepted into the Inaugural CoinMarketCap Labs Accelerator Program So Far

Canza Finance is building the first on-chain FX platform for African currencies, providing infinite liquidity at Central Bank rates.… pic.twitter.com/SsP6iq5BQC

— BitKE (@BitcoinKE) July 19, 2024

WSPN is a global digital payments company that provides transparent, fast, and efficient digital payment solutions leveraging the latest technological advancements of Distributed Ledger Technology (“DLT”), dedicated to shaping seamless digital payment solutions for its global partners worldwide at the frontier of future digital payments and financial inclusion.

WSPN offers its flagship product, $WUSD, a stablecoin pegged 1:1 to the U.S. Dollar, and aims to optimize secure and licensed digital payments for Web3 users. With the integration of WUSD into Canza Finance’s ecosystem, users and businesses in emerging markets will benefit from more seamless and efficient financial transactions.

 

Commenting on the partnership, Oyedeji Oluwoye, Co-Founder and CTO of Canza Finance, said:

“This is yet another stride in the right direction, strengthening our resolve and dedication to providing financial services that put Africa on par with global standards.”

 

Speaking to BitKE, Raymond Yuan, the Founder of WSPN said:

“WSPN’s partnership with Canza Finance is a powerful step towards unlocking financial inclusion and economic opportunity across Africa. By combining our strengths in digital payments and stablecoin technology with Canza’s innovative RWA platform, we can empower individuals and businesses with access to a new world of financial possibilities.” –  Founder, WSPN.

 

WSPN offers a variety of products which includes:

WUSD stablecoin

WEUR stablecoin

WGM

StableWallet

The WSPN card

Some of WSPN’s global partners includes:

BitGet

BitMart

Biconomy

MEXC Global

HotCoin

Citex

MetaMask

1Inch

UniSwap

Curve

among others.

Canza Finance is building the first on-chain FX platform for African currencies, providing infinite liquidity at Central Bank rates. Baki offers a solution for hedging against currency devaluation, addressing a crucial need in these markets.

A common theme among products developed by Canza Finance is the utilization of real-world assets (RWAs) from their synthetic stable African currencies called zTokens utilized on the Baki exchange: an infinite-liquidity FX platform that offers African currencies at central bank rates to their RWA marketplace (still in private testing), and an RWA asset aggregator that offers seamless investment and management experience for investors and enhanced market exposure to RWA providers.

 

 

____________

About WSPN

WSPN (Worldwide Stablecoin Payment Network) is a global payment network utilizing blockchain technology to enable seamless real-life payment scenarios.

It introduces WUSD, a fiat-collateralized stablecoin pegged to the US Dollar, to ensure stability, transparency, and efficiency in transactions.

 

 

 

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USDT stablecoin issuer, Tether, has disclosed a record $5.2 billion in profit generated in the first half of 2024, with net operating profit of $1.3 billion in the second quarter, increasing from the $1 billion announced in Q1 2024.

MILESTONE | Tether Reports Record-Breaking $4.52 Billion Profit in Q1 2024

The main contributing entities are those in charge of issuing Stablecoins and managing the respective reserves where approximately $1 billion of this profit stemmed from net operating profits, primarily… pic.twitter.com/6v7KpcbfCO

— BitKE (@BitcoinKE) May 3, 2024

According to Tether’s Q2 2024 attestation report, its direct and indirect ownership of U.S. Treasuries now exceeds $97.6 billion – an all-time high for the firm, which puts its exposure above Germany, the United Arab Emirates, and Australia.

Tether’s attestation also revealed that the firm has seemingly slowed or halted any significant Bitcoin buying activity. As of June 30 2024, Tether’s attestation report shows its Bitcoin balance at $4.73 billion, which is lower than its previous report. In its Q1 2024 attestation, it reported Bitcoin reserves of $5.37 billion as of March 31 2024.

Tether invested part of its profits back into strategic ecosystem projects but maintained its excess reserves at $5.33 billion. Tether CEO, Paolo Ardoino, said the decision to grow its excess reserves was a deliberate choice to further protect USDT’s global user base.

 

“Tether’s management, in fact, decided to keep $5.33 billion in excess reserves as part of the stablecoin reserves (on top of the 100% reserves that are backing all issued tokens) to further protect USDt’s global user base, accounting for hundreds of millions of people globally, with deep concentration in emerging markets and developing countries,” said Ardoino on X.

STABLECOINS | Almost the Entire USDT User Base is Now in Emerging Markets, Says CEO, Tether

“In the last few years we have seen the usage of USDT going from pure cryptocurrency trading to being basically the most used digital dollar in the world,” Ardoino said to Reuters on the… pic.twitter.com/QMXhz72HhA

— BitKE (@BitcoinKE) April 23, 2024

Since 2023, the company has been venturing beyond its original role as a stablecoin issuer into:

Sustainable energy

Bitcoin mining

Data

AI infrastructure

Peer-to-peer telecommunications technology

Neurotech and

Education

LAUNCH | Tether ( $USDT ) Launches Educational Division to Focus on Africa and Other Emerging Markets

According to #Tether CEO, some of the educational materials provided by Tether Edu might come with a fee. The initiative, still in its pre-launch phase, is actively recruiting… pic.twitter.com/btW2Oxgq0Q

— BitKE (@BitcoinKE) February 6, 2024

Among the investments made by the company include $622.6 million in November 2023 into Northern Data Group, a technology company that specializes in generative AI cloud platforms, Bitcoin mining operations, and offers data center infrastructure services.

 

“Tether invests only in companies and technologies that are aligned with our fundamental company mission: disintermediate, build for independence, build for resiliency, build for the future, build for the apocalypse,“ said Ardoino.

 

 

 

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This week, we’re celebrating Ethereum’s 9th birthday – that’s right, our favorite blockchain is entering its tweens and like any pre-teen, it’s full of promise, drama, and the occasional inexplicable meltdown.

In this post, we take a roller coaster ride through Ethereum’s journey from a starry-eyed whitepaper to the drama queen of the crypto world. We’ll laugh, we’ll cry, and we’ll probably loose some ETH along the way – but isn’t that just part of the fun?

Ladies, gentlemen, and smart contracts, gather ’round as we celebrate the 9th anniversary of everyone’s favorite blockchain teenager, Ethereum!

It’s been a wild ride filled with more drama than a season of ‘Keeping Up with the Kardashians,’ only with more acronyms and fewer contouring tutorials.

 

In the Beginning  . . .

Back in 2013, a fresh-faced Vitalik Buterin, barely old enough to buy a lottery ticket, was already knee-deep in the Bitcoin rabbit hole. But like a tech-savvy Oliver Twist, he wanted more. Bitcoin’s limited scripting capabilities left him unsatisfied, dreaming of a blockchain that could do more than just transfer magic internet money.

Inspired by his experiences in World of Warcraft (yes, literally – World of Warcraft the game), where Blizzard nerfed his beloved warlock’s Siphon Life spell, Vitalik realized the dangers of centralized services. This gaming heartbreak, combined with his work on Colored Coins and MasterCoin, led to the birth of Ethereum.

Vitalik’s original vision, outlined in the Ethereum whitepaper, was nothing short of revolutionary. He proposed a ‘world computer’ – a blockchain with a built-in Turing-complete programming language. This wasn’t just adding a few new opcodes to Bitcoin; it was reimagining what a blockchain could be.

The founding team was a crypto dream team:

Vitalik Buterin

Anthony Di Iorio

Charles Hoskinson

Mihai Alisie and

Amir Chetrit

Later,

Joseph Lubin

Gavin Wood and

Jeffrey Wilcke

joined the merry band.

It was like the blockchain version of Ocean’s Eleven, minus the heist (well, sort of).

Gavin Wood, with his background in formal verification, brought technical rigor to the project. He introduced the concept of ‘gas’ to solve the halting problem and wrote the Yellow Paper, Ethereum’s technical bible. It was denser than a neutron star and about as easy to digest, but it laid the groundwork for Ethereum’s technical implementation.

However, like any good drama, tensions arose. Disagreements over whether Ethereum should be a non-profit or commercial entity led to a split. Charles Hoskinson and Amir Chetrit left the project in June 2014, with Hoskinson later founding Cardano, a for-profit blockchain, while Vitalik and a few wanted Ethereum as a non-profit blockchain (talk about a crypto soap opera).

The Ethereum Foundation was established in Switzerland, a country as neutral as Ethereum aspired to be decentralized. The initial $ETH sale in 2014 raised over 31,000 BTC, worth about $18 million at the time!

Participants bought $ETH with $BTC, receiving 2,000 $ETH per 1 BTC. Some early buyers are probably still kicking themselves for not hodling (trust me, it is not misspelt, I actually mean hodling, a crypto vocabulary) that BTC, while others are lounging on yachts bought with their ETH gains.

The development of Ethereum wasn’t just a walk in the park; it was more like a sprint through a minefield while juggling chainsaws. The team had to create everything from scratch:

The Ethereum Virtual Machine (EVM)

The Solidity programming language, and

The Mist browser

Solidity, created by Gavin Wood, Christian Reitwiessner, Alex Beregszaszi and several others, became the primary language for Ethereum smart contracts. Its syntax, similar to JavaScript, made it accessible to web developers, but its design choices would later lead to interesting ‘features’ (read: vulnerabilities) that would keep security auditors employed for years to come.

The genesis block of Ethereum was finally mined on July 30 2015, marking the official birth of the network. The first words written into Ethereum’s genesis block?

 

“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” – the same message found in Bitcoin’s genesis block. It was a nod to Bitcoin, a declaration of ideological alignment and a subtle ‘challenge accepted’ to the traditional financial system.

 

Little did anyone know that this was just the beginning of a journey that would involve everything from digital cats breaking the network to yield farmers trying to explain impermanent loss to their grandmothers.

Ethereum had arrived and the world of blockchain would never be the same!

 

The DAO Hack: Ethereum’s Awkward Phase

In 2016, Ethereum faced its first major crisis with The DAO hack. The DAO (Decentralized Autonomous Organization) was meant to be a crowdfunding platform on steroids, allowing investors to pool funds and vote on projects to support. It raised a mind-boggling $150 million in $ETH, making it the largest crowdfunding event in history at the time.

The DAO’s smart contract, written in Solidity, was audited by several experts and even had a security-focused ‘Creation Period.’ However, like a teenager insisting they know better than their parents, it had a fatal flaw that went unnoticed.

On June 17 2016, an attacker exploited a recursive call vulnerability in The DAO’s

splitDAO

function. This function was designed to allow users to withdraw their funds, but the attacker found a way to call it repeatedly before the contract could update its balance. It was like finding an ATM that handed out cash before deducting it from your account and then using that knowledge to drain the bank.

The attacker managed to drain about 3.6 million $ETH, worth around $60 million in $ETH at the time, faster than you can say ‘reentrancy attack.’ The Ethereum community watched in horror as the funds were siphoned away, powerless to stop it due to the ‘code is law’ principle that smart contracts operated under.

This incident exposed several critical issues:

The limitations of smart contract audits

The potential for catastrophic losses due to code vulnerabilities

The philosophical debate between ‘code is law’ and the need for human intervention in extreme cases

The DAO hack wasn’t just a financial loss; it was a coming-of-age moment for Ethereum, forcing the community to grapple with hard questions about immutability, governance, and the responsibilities that come with creating a ‘world computer.’

 

The DAO Fork: Rewriting History

The aftermath of The DAO hack led to one of the most controversial decisions in Ethereum’s history: a hard fork that basically said, ‘Nah, that didn’t happen’ to recover the stolen funds. This wasn’t just a technical decision; it was a philosophical battle that would shape Ethereum’s future.

On one side were those who believed in the principle of ‘code is law.’ They argued that intervening would undermine the very concept of smart contracts and decentralization. On the other side were those who felt that the scale of the theft justified extraordinary measures.

The debate raged across forums, social media, and even in-person meetups. It was like watching a family feud play out on a global scale, with billions of dollars at stake.

Eventually, a hard fork was proposed. This wasn’t just a simple rollback; it required carefully crafted code to move the stolen funds to a recovery contract without disrupting the rest of the network. The Ethereum Foundation created a client implementation that allowed users to vote with their processing power.

On July 20 2016, at block 1,920,000, the hard fork was implemented. The stolen funds were moved to a recovery contract, allowing DAO token holders to withdraw their $ETH. But this decision came at a cost.

A portion of the community, led by those who opposed the fork, continued to mine the original chain. This led to the creation of Ethereum Classic (ETC), which maintained the original, unaltered blockchain.

The fork had far-reaching consequences:

It set a precedent for human intervention in blockchain ‘immutability’

It led to the creation of Ethereum Classic, splitting the community

It raised questions about decentralized governance and decision-making in crisis situations

This event shaped Ethereum’s identity and governance model, influencing future decisions and upgrades. It was a stark reminder that in the world of decentralized systems, code may be law, but humans still write and interpret that law.

 

ICO Mania: The Party Phase

2017 was the year Ethereum went from being the blockchain world’s quiet, nerdy kid to the host of the wildest party in town.

The catalyst?

The ERC-20 token standard and the ICO (Initial Coin Offering) boom it enabled.

The ERC-20 standard, proposed by Fabian Vogelsteller in November 2015, provided a simple interface for creating tokens on Ethereum. It defined six mandatory functions (

totalSupply

, balanceOf, transfer, transferFrom, approve, allowance) and two optional ones ( name, symbol). This standardization made it incredibly easy for anyone with basic Solidity skills to create their own token.

And create they did.

The floodgates opened and suddenly everyone and their crypto-savvy grandma was launching an ICO. Projects ranged from the innovative to the absurd:

Bancor raised $153 million in just three hours for its decentralized liquidity network

EOS, promising to be an ‘Ethereum killer,’ raised $4 billion in the largest ICO ever

Useless Ethereum Token literally told investors it was worthless and still raised $300,000

The ICO craze reached fever pitch in 2017-2018. According to CoinSchedule, 875 ICOs raised over $6 billion in 2017 alone. It was like watching a gold rush, except the gold was digital and the miners were armed with whitepapers instead of pick axes.

This period had significant impacts on Ethereum:

Network Congestion: The sheer volume of ICO transactions often clogged the Ethereum network, leading to skyrocketing gas prices

Ecosystem Growth: Despite the many scams, legitimate projects like Ox, Augur, and Golem were born during this period, enriching the Ethereum ecosystem

Regulatory Scrutiny: The Wild West nature of ICOs attracted the attention of regulators worldwide, leading to increased scrutiny of Ethereum and token sales

Price Surge: $ETH price surged from about $8 at the start of 2017 to a peak of $1,432 in January 2018

However, like any great party, the ICO mania had to end.

As regulatory pressure increased and many projects failed to deliver on their promises, the bubble burst. The crypto winter that followed was a harsh but necessary sobering-up period for the Ethereum community.

The ICO era, for all its excesses, proved the power of Ethereum as a platform for fundraising and token creation. It attracted developers, investors, and innovators to the ecosystem, setting the stage for future innovations like DeFi and NFTs.

It was Ethereum’s coming-out party, complete with the hangover to prove it!

 

The Scaling Saga: Growing Pains

As Ethereum’s popularity skyrocketed, it faced a challenge that would make even Hercules sweat: scaling.

The network, designed to process about 15 transactions per second (TPS), was being asked to handle hundreds of thousands of transactions per second. It was like trying to fit an elephant through a cat flap – technically possible, but messy and time-consuming.

The scaling issue came to a head during the CryptoKitties craze of late 2017 (more on that later), but it had been a known problem for years. Vitalik Buterin had proposed solutions as early as 2014, but implementing them on a live, decentralized network worth billions was about as easy as performing brain surgery on yourself.

Several approaches to scaling were proposed and developed:

) State Channels: Inspired by Bitcoin’s Lightning Network, state channels like Raiden allowed for off-chain transactions with on-chain settlement. It was like passing notes in class – quick and efficient, but you still had to show your work eventually

) Plasma: Proposed by Vitalik Buterin and Joseph Poon in 2017, Plasma was designed to create ‘child chains’ that could process transactions independently before finalizing on the main chain. It was a bit like franchising – let others do the work, but keep the brand name

) Sharding: This involved splitting the network into multiple parts (shards) that could process transactions in parallel. It’s like turning your single-core processor into a multi-core beast, but with the added challenge of keeping everything in sync

) Layer 2 Solutions: As the scaling problem persisted, Layer 2 solutions gained traction. These included:

Optimistic Rollups: These assume transactions are valid by default and only run computations if challenged. It’s like a teacher assuming all homework is correct unless a student raises their hand.

ZK-Rollups: These use zero-knowledge proofs to validate transactions off-chain and submit proof on-chain. It’s like showing you’ve solved a Rubik’s cube without revealing how you did it.

Each of these solutions came with its own set of challenges. State channels and Plasma faced issues with mass exits and data availability. Sharding, while promising, required a complete overhaul of the Ethereum network (hello, Eth2).

The scaling saga also gave rise to competing blockchains that promised higher throughput, like EOS, Tron, and later Solana. These ‘Ethereum killers’ added fuel to the scaling fire, pressuring the Ethereum community to find solutions faster.

As of 2024, the scaling journey continues. The transition to Proof-of-Stake with The Merge was a significant step, but full sharding is still on the horizon. Layer 2 solutions like Optimism, Arbitrum, and zkSync have gained significant traction, offering a glimpse of a scaled Ethereum future.

The scaling saga has been a testament to Ethereum’s resilience and adaptability. It’s pushed the boundaries of blockchain technology and inspired innovations that will likely shape the future of decentralized systems. It’s been a long, bumpy road, but as any good trainer will tell you, no pain, no gain.

 

CryptoKitties: The First Crush

In late 2017, Ethereum had its first viral moment and it came in the form of adorable, breedable, digital cats. CryptoKitties, launched by Dapper Labs on November 28, 2017, was the first blockchain game to gain widespread popularity and it nearly brought Ethereum to its knees.

CryptoKitties was built on the ERC-721 non-fungible token standard, which allowed for the creation of unique digital assets. Each CryptoKitty was a unique token with its own set of ‘genes’ that determined its appearance and traits. Users could buy, sell, and breed these digital felines, with some rare cats selling for eye-watering amounts.

In December 2017, a CryptoKitty named ‘Dragon’ sold for 600 $ETH, worth about $170,000 at the time!

The game’s popularity exploded faster than a cat video on social media. At its peak, CryptoKitties accounted for nearly 25% of all Ethereum network traffic.

This sudden surge exposed Ethereum’s scaling limitations in spectacular fashion:

Network Congestion: The Ethereum network became severely congested, with pending transactions skyrocketing from about 1,500 to over 11,000

Gas Price Surge: As users competed to get their transactions processed, gas prices soared. Breeding a cat could cost upwards of $20 in transaction fees

Delayed Transactions: Many transactions were stuck pending for hours or even days, leading to a backlog of sad, unborn digital kittens

The CryptoKitties craze had several significant impacts:

Scaling Wake-up Call: It vividly demonstrated Ethereum’s scaling limitations, accelerating work on scaling solutions

NFT Revolution: CryptoKitties popularized the concept of non-fungible tokens, paving the way for the later NFT boom

Blockchain Gaming: It showed the potential for blockchain-based games and digital collectibles, inspiring numerous projects

Mainstream Attention: CryptoKitties attracted significant media attention, introducing many to the concept of blockchain beyond cryptocurrencies

Gas Price Mechanisms: The congestion led to discussions about more efficient gas price mechanisms, eventually contributing to the development of EIP-1559

The CryptoKitties phenomenon was Ethereum’s ‘Eternal September’ moment – when a sudden influx of new users strained the network beyond its limits. It was a baptism by fire (or rather, by fur), forcing the Ethereum community to confront scaling challenges head-on.

In retrospect, CryptoKitties was more than just a cute distraction. It was a pivotal moment in Ethereum’s history, stress-testing the network, exposing its limitations, and pointing the way towards future innovations. It showed that blockchain technology could be fun and accessible, not just a playground for financial applications and smart contracts.

The legacy of CryptoKitties lives on, not just in the countless blockchain games and NFT projects it inspired, but in the valuable lessons it taught about scalability, user experience, and the potential for blockchain to create new forms of digital ownership and interaction.

Who knew that digital cats could be such effective teachers?

 

DeFi Summer: The Teenage Rebellion

The summer of 2020 saw Ethereum transform from a playground for ICOs and digital cats into the epicenter of a financial revolution. Decentralized Finance, or DeFi, exploded onto the scene, turning Ethereum into a global, permissionless financial system virtually overnight.

DeFi wasn’t entirely new – projects like MakerDAO had been around since 2017 – but several factors converged to create the perfect storm:

Compound’s Liquidity Mining: In June 2020, Compound launched its governance token, COMP and introduced liquidity mining. Users could earn COMP by supplying or borrowing assets on the platform. This model, dubbed “yield farming,” set off a frenzy of innovation and speculation

Uniswap’s Growth: Uniswap, a decentralized exchange using an automated market maker (AMM) model, saw exponential growth. Its simple x * y = k formula allowed for permissionless token swaps without traditional order books

Yield Optimization: Projects like Yearn Finance automated the process of chasing the highest yields across different protocols, making yield farming accessible to less tech-savvy users

Synthetic Assets: Platforms like Synthetix allowed users to create and trade synthetic versions of real-world assets, expanding the range of financial instruments available in DeFi

Governance Tokens: Many projects launched governance tokens, giving users a stake in protocol decision-making and often distributing them through liquidity mining.

The numbers during DeFi Summer were staggering:

Total Value Locked (TVL) in DeFi protocols rose from about $1 billion in June to over $15 billion by September 2020

Uniswap’s daily trading volume surpassed that of Coinbase(yes, that Coinbase, the second largest centralized exchange in the world, second only to the mighty Binance) on some days

Yield farming opportunities offering APYs in the thousands of percent (though often unsustainable) became common

This period saw the rise of several key projects:

Aave: A lending protocol that introduced flash loans, allowing users to borrow without collateral for a single transaction

SushiSwap: A Uniswap fork that sparked the “vampire mining” trend, attempting to siphon liquidity from Uniswap

Curve Finance: An AMM optimized for stablecoin swaps, becoming a cornerstone of the DeFi ecosystem

DeFi Summer had profound impacts on Ethereum:

Network Congestion: Once again, Ethereum faced scaling challenges as DeFi activity pushed gas prices to new highs

Innovation Acceleration: The period saw rapid innovation in financial primitives, from yield aggregators to algorithmic stablecoins

Regulatory Attention: The explosive growth of DeFi attracted increased scrutiny from regulators worldwide

Ecosystem Growth: DeFi brought a new wave of developers and users to Ethereum, expanding the ecosystem dramatically

Interoperability: The need to access Ethereum’s DeFi ecosystem drove the development of cross-chain bridges and Layer 2 solutions

However, DeFi Summer also had its dark side. The period saw numerous hacks, exploits and ‘rug pulls.’ The pseudonymous nature of many projects and the ‘move fast and break things’ ethos led to significant losses for some users.

The summer of 2020 marked Ethereum’s transition from a platform for fundraising and speculation to the foundation of a new financial system. It demonstrated the power of composability in DeFi, where protocols could be combined like ‘money legos’ to create complex financial instruments.

DeFi Summer was Ethereum’s rebellious teenage phase – experimental, risky, and transformative. It pushed the boundaries of what was possible in finance, challenged traditional systems and set the stage for Ethereum’s continued evolution as a global financial platform. Like any good rebellion, it was messy and sometimes destructive, but it laid the groundwork for a new financial paradigm.

 

The Flash Loan Exploits: Lessons in Risk Management

As DeFi exploded in popularity, it brought with it a new class of financial instruments and inevitably, new vulnerabilities. Enter the era of flash loan exploits, where millions could be made (or lost) in the blink of an eye.

Flash loans, introduced by Aave in 2020, allowed users to borrow any amount of assets without collateral, as long as the loan was repaid within the same transaction. This novel concept opened up new possibilities for arbitrage and portfolio rebalancing, but it also created opportunities for sophisticated attacks.

Some notable flash loan exploits include:

bZx Exploit (February 2020): An attacker used a flash loan to manipulate oracle prices and drain $350,000 from the bZx protocol. This was one of the first major flash loan exploits, serving as a wake-up call for the DeFi community

Harvest Finance (October 2020): An attacker used a flash loan to manipulate the price of USDC and USDT on Curve, draining $33.8 million from Harvest Finance. This exploit highlighted the dangers of relying on a single price oracle

Cheese Bank (November 2020): An attacker used a flash loan to manipulate the price of HUSD and drained $3.3 million from the protocol. This exploit utilized a vulnerability in the way Cheese Bank calculated collateral value

Warp Finance (December 2020): Attackers used flash loans to manipulate oracle prices, draining $7.7 million from the protocol. This incident underscored the importance of using time-weighted average prices (TWAP) for oracles

PancakeBunny (May 2021): In one of the largest flash loan exploits, an attacker manipulated the price of BUNNY tokens on PancakeSwap, making off with $45 million. This attack demonstrated how flash loans could be used to manipulate prices even on high-liquidity platforms

These exploits taught the DeFi community several valuable lessons:

Oracle Vulnerabilities: Many exploits targeted price oracles, highlighting the need for robust, manipulation-resistant price feeds. This led to increased adoption of decentralized oracles like Chainlink and the development of more sophisticated oracle designs

Economic Attack Vectors: Flash loans allowed attackers to temporarily control large amounts of capital, enabling economic attacks that were previously infeasible. This forced developers to consider new attack vectors in their security audits

Composability Risks: The interlinked nature of DeFi protocols meant that a vulnerability in one protocol could have cascading effects across the ecosystem. This emphasized the need for comprehensive security audits that considered the entire DeFi stack

Importance of Circuit Breakers: Some protocols implemented circuit breakers or transaction value limits to mitigate the impact of potential exploits. However, these measures often came at the cost of reduced capital efficiency

Governance Challenges: Flash loan attacks raised questions about governance security, as some exploits manipulated on-chain voting mechanisms. This led to discussions about implementing time locks and other safeguards for governance decisions

Insurance and Risk Management: The prevalence of exploits spurred the development of DeFi insurance protocols and more sophisticated risk management strategies

Code Auditing and Bug Bounties: The exploits underscored the importance of thorough code audits and generous bug bounty programs to incentivize white hat hackers

The era of flash loan exploits was a harsh but necessary learning experience for the DeFi community. It drove improvements in protocol design, security practices, and risk management strategies. Projects like Aave introduced rate limits on flash loans, while others implemented more robust oracle systems and economic incentives to resist attacks.

These incidents also sparked debates about the nature of ‘exploits’ versus ‘arbitrage’ in a space where code is supposed to be law. Some argued that if an action was permitted by the smart contract, it shouldn’t be considered an exploit, regardless of the developer’s intentions.

As the DeFi ecosystem matured, it became better at anticipating and mitigating these types of attacks. However, the cat-and-mouse game between developers and exploiters continues, driving constant innovation in DeFi security.

The flash loan saga demonstrated both the risks and the resilience of the DeFi ecosystem. It showed that while decentralized finance could be vulnerable to sophisticated attacks, it was also capable of rapidly learning, adapting, and becoming stronger in the face of adversity.

In many ways, it was Ethereum’s crash course in financial security, preparing it for its growing role in the global financial system.

 

NFT Boom: The Fame and Fortune of The Horrible JPEGs

While DeFi was Ethereum’s rebellious teenage phase, the NFT boom of 2021 was its Hollywood moment. Non-Fungible Tokens (NFTs) exploded into the mainstream, turning Ethereum into a playground for digital artists, collectors, and speculators alike.

The NFT craze wasn’t entirely new – CryptoKitties had introduced the concept back in 2017. However, several factors converged to create an unprecedented boom:

Celebrity Endorsements: Artists like Beeple, musicians like Kings of Leon and celebrities like Paris Hilton jumped on the NFT bandwagon, bringing mainstream attention

Improved Infrastructure: Platforms like OpenSea and Rarible made it easier than ever to mint, buy and sell NFTs

DeFi Profits: Many early DeFi adopters were flush with cash and looking for the next big thing

Lockdown Creativity: The COVID-19 pandemic led to an explosion of digital creativity, with NFTs offering a new way to monetize it

 

Some notable NFT milestones:

Beeple’s ‘Everydays: The First 5000 Days’ sold for $69 million at Christie’s auction house

CryptoPunks, one of the earliest NFT projects, saw individual punks selling for millions of dollars

NBA Top Shot brought sports collectibles to the blockchain, generating over $700 million in sales

The NFT boom had significant impacts on Ethereum:

Gas Price Surge: Once again, Ethereum faced scaling challenges as NFT minting and trading drove gas prices to new highs

Ecosystem Expansion: The NFT craze brought a new wave of artists, collectors and developers to Ethereum

Innovation in Digital Ownership: NFTs pushed the boundaries of what could be owned and traded digitally, from virtual real estate to social media posts

Environmental Concerns: The energy consumption of NFT minting and trading on Ethereum’s PoW chain sparked debates about sustainability

Integration with DeFi: Projects began exploring ways to use NFTs as collateral in DeFi protocols, further blurring the lines between different sectors of the Ethereum ecosystem

The NFT boom wasn’t without controversy. Critics pointed to the environmental impact, the speculative nature of the market and concerns about copyright and authenticity. Nevertheless, it demonstrated Ethereum’s power as a platform for digital ownership and creative expression.

 

The Merge: Ethereum’s Glow-Up

After years of development and anticipation, Ethereum finally underwent its most significant upgrade to date: The Merge. On September 15, 2022, Ethereum transitioned from Proof-of-Work (PoW) to Proof-of-Stake (PoS), marking a new era for the network.

The Merge was a technical marvel, likened to changing a car’s engine while it’s running. It involved:

The Beacon Chain: Launched in December 2020, this PoS chain ran parallel to the PoW chain, allowing for testing and gradual transition

The Merge itself: The moment when the PoW chain merged with the Beacon Chain, transitioning the entire network to PoS

Post-Merge Clean-up: A series of upgrades to optimize the new PoS system

 

Fun Fact: Did you know that Proof-of-Work (PoW) and Proof-of-Stake (PoS) are NOT consensus protocols by themselves?

We just use the terms for simplicity. They are Sybil resistance mechanisms and block author selectors. It’s this mechanism combined with a chain selection rule that forms a consensus protocol.

 

Sybil Resistance: PoW and PoS prevent Sybil attacks (a situation where one person pretends to be many users) by requiring a lot of energy (PoW) or stake (PoS). This makes it economically hard but not impossible to fake multiple identities

Block Author Selection: These mechanisms help decide who gets to create the next block

Chain Selection Rule: This rule helps nodes (computers participating in the chain) choose the correct block when multiple blocks exist

Bitcoin uses the ‘longest chain’ rule, choosing the chain with the most cumulative work while Ethereum uses the ‘weight’ of the chain, calculated from validator votes weighted by their staked Ether. Ethereum used the ‘longest chain’ rule like Bitcoin before The Merge.

Ethereum actually uses a consensus mechanism called Gasper , which combines Casper FFG proof of stake with the GHOST fork-choice rule – a combination of a Sybil resistance mechanism and a chain selection rule for it’s consensus.

The impacts of The Merge were significant:

Energy Efficiency: Ethereum’s energy consumption dropped by over 99%, addressing one of the main criticisms of the network

Reduced Issuance: The shift to PoS reduced the issuance of new ETH, potentially making it deflationary when combined with EIP-1559’s fee burning mechanism

Improved Security: PoS introduced new security models and made certain types of attacks more costly

Path to Scalability: The Merge set the stage for future upgrades like sharding, which promise to dramatically increase Ethereum’s throughput

The Merge was a testament to Ethereum’s ability to evolve and adapt, setting it apart from more static blockchain networks.

 

Legal Battles: The Rebellion Years

As Ethereum grew in influence and value, it inevitably attracted regulatory attention. Key legal issues included:

Security Classification: The ongoing debate about whether ETH should be classified as a security, particularly given its initial coin offering

DeFi Regulation: Questions about how to regulate decentralized exchanges, lending platforms and other DeFi applications

Privacy Concerns: Discussions about the balance between financial privacy and the need for KYC/AML compliance

Smart Contract Legality: Debates about the legal status of smart contracts and their enforceability in traditional legal systems

These legal battles have forced the Ethereum community to engage with regulators and policymakers, working towards a regulatory framework that balances innovation with consumer protection.

 

ETFs: The ‘Please Take Me Seriously’ Phase

The quest for an Ethereum ETF represents the blockchain’s bid for mainstream financial acceptance. While Bitcoin ETFs have been approved, Ethereum ETFs face unique challenges:

Staking Considerations: How to handle staking rewards in an ETF structure

Network Upgrades: Ensuring the ETF can adapt to major network changes like The Merge

Valuation Metrics: Developing appropriate methods for valuing Ethereum as an asset

The approval of an Ethereum ETF could potentially bring significant institutional investment to the network.

 

Privacy Concerns: The “It’s Not a Phase, Mom” Moment

As Ethereum matures, it’s starting to realize that maybe, just maybe, having all your transactions visible to everyone isn’t the best idea.

Enter privacy solutions like zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) and zk-STARKs (Zero-Knowledge Scalable Transparent Argument of Knowledge). These cryptographic proofs allow transactions to be validated without revealing the underlying data.

Projects like Aztec and Tornado Cash have implemented these technologies, creating privacy-preserving smart contracts and mixing services. It’s like Ethereum discovered incognito mode, but for blockchain.

However, these advancements have also raised concerns about regulatory compliance and the potential for illicit activities, leading to ongoing debates about the balance between privacy and transparency in decentralized systems.

 

The Rise of Competitors: Sibling Rivalry

Throughout its journey, Ethereum has had to fend off countless ‘Ethereum killers.’

Competitors like Solana boast higher transactions per second (TPS) with its Proof-of-History mechanism, while Cardano touts its academically peer-reviewed approach and Ouroboros consensus protocol.

Polkadot introduces the concept of parachains for enhanced interoperability, and Cosmos aims to become the ‘Internet of Blockchains’ with its Inter-Blockchain Communication protocol.

Each of these platforms introduces unique technical solutions to blockchain scalability and interoperability challenges.

However, Ethereum’s first-mover advantage, extensive developer community, and ongoing upgrades (like the upcoming sharding implementation) have helped it maintain its lead. It’s like watching a family reunion where each sibling tries to outdo the others with increasingly outlandish party tricks, while Ethereum sits back, sipping ETH and saying, ‘That’s cute, but can your smart contract run an entire financial system?’

 

 

Conclusion

As we wrap up this trip down Ethereum’s memory lane, let’s take a moment to appreciate how far our little blockchain has come. From surviving hacks that would make a Hollywood heist movie blush to spawning an entire ecosystem of tokens that sound like rejected Pokémon names (like what the hell is even BONK or SHIBA INU).

Ethereum has truly been the gift that keeps on giving (and occasionally taking, if we’re honest about those gas fees).

So here’s to Ethereum at 9 – may your future be as bright as a freshly minted NFT, your gas fees as low as the chances of you understanding the entire Ethereum yellow paper in one sitting, your transactions as smooth as Vitalik’s dance moves, and your upgrades less dramatic than a Shakespeare play.

 

Happy Birthday, Ethereum!

 

 

 

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Blockchain firm, Gluwa, says it has been tasked by Nigerian Vice President, Kashim Shettima, to launch a blockchain and AI training initiative to mentor 1,000 Nigerian youths annually.

The project, AI Expertise Blockchain and Technology Training and Outsourcing Initiative, aims to position Nigeria as a leading tech and employment hub, leveraging the country’s growing crypto adoption rates and technological aspirations.

Gluwa, which has also partnered with Nigeria’s Central Bank to integrate credit rating in the eNaira CBDC, said the training initiative, recently launched by Vice President Kashim Shettima in Jigawa, is set to equip 1,000 young Nigerians annually with the skills needed to thrive in the tech industry.

PARTNERSHIP | Central Bank of Nigeria Partners with Blockchain Solutions Provider, Gluwa, to Integrate Credit Rating Tech to e-Naira CBDC

Gluwa, a blockchain-based financial platform that has been operational in Nigeria for several years, will integrate its Credal technology… pic.twitter.com/JrvTOEuM13

— BitKE (@BitcoinKE) March 8, 2024

The program offers comprehensive training in blockchain, artificial intelligence, and other cutting-edge technology, preparing participants for high-demand careers. This initiative aligns with Nigeria’s vision of becoming a global tech leader, fostering a skilled workforce that can compete on a global scale.

 

“The global outsourcing industry tells a compelling story of transformation. India, for instance, has become the undisputed hub of customer service, generating over $150 billion annually from IT services and business process outsourcing. This success story is ripe for replication, and I firmly believe Nigeria is poised to write the next chapter.”

                             – Gluwa CEO and Founder. Tae Oh

 

VP Shettima acknowledged Gluwa’s significant impact and applauded the firm for its empowerment of Aella Microfinance Bank, resulting in the disbursement of over N100 billion to two million Nigerians. Furthermore, the VP commended the partnership with Gluwa, stating that it aligns with President Tinubu’s agenda to revolutionize Nigeria’s digital technology sphere.

MILESTONE | Aella Credit, Africa’s First Lending Fintech to Enter Y Combinator, Becomes a Micro-Finance Bank

The fintech company serves over 2 million users in Nigeria. In 2020, as reported by BitKE, Aella raised $10 million in order to expand across Africa and build its… pic.twitter.com/CFSdi3z84w

— BitKE (@BitcoinKE) April 29, 2024

By providing access to advanced training and resources, this joint initiative aims to create job opportunities and empower the youth.

Targeted education initiatives in blockchain and AI will enable young Nigerians to develop innovative solutions and contribute to various sectors, including finance, healthcare, and agriculture – driving economic growth, enhancing productivity, and positioning Nigeria as a hub for tech talent in Africa.

 

“We are not merely catching up with the rest of the world; we are poised to overtake them. This initiative offers its beneficiaries the chance to become part of a global workforce, driving innovation that will shape our future,” said VP Kashim Shettima.

 

 

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Google has announced a list of 10 startups as part of its 2024 Google for Startups Accelerator Africa Cohort.

This comes about 5 months since Google for Startups invited startups to apply for the Machine Learning and Artificial Intelligence focused program.

 

“Since 2018, the Google for Startups Accelerator Africa program has been a committed ally on this journey, offering crucial support to the dynamic startup ecosystem. Today, we are excited to introduce the 8th cohort of this program, featuring ten startups selected from nearly 1,000 applications,” said Folarin Aiyegbusi, Google Head of Startup Ecosystem, Sub Saharan Africa.

 

CALL FOR APPLICATIONS | #Google for Startups Accelerator Invites Applications from AI and ML African Startups for Cohort 8

Since its inception in 2018, the program has supported 106 startups from 17 #African countries that have collectively raised over $263 million and created… pic.twitter.com/o6Y2UiyCIg

— BitKE (@BitcoinKE) May 2, 2024

The startups, drawn from Kenya, Nigeria, Rwanda, and South Africa, include:

CDIAL AI (Nigeria): Transforming multi-lingual communication across Africa with the power of artificial and collective intelligence

Earthbond (Nigeria): Lighting up homes and businesses across Africa with affordable, reliable energy solutions, bolstered by carbon accounting and development finance

Fixxr (South Africa): Putting car owners and businesses in the driver’s seat with transparent and convenient on-location vehicle maintenance and repair services

Lifesten Health (Rwanda): Innovating health and wellness through cutting-edge screening and incentive-based programs focused on physical, mental, and nutritional health

MyAIFactchecker (Nigeria): Equipping users with an AI-powered tool to combat misinformation and promote informed decision-making through fact-checking

Nakili (Kenya): Bringing salons, barbershops, and spas into the digital age with a mobile-based app for streamlined management and enhanced customer experiences

NextCounsel (Nigeria): Supercharging lawyer productivity with an AI-powered tool for contract management, solicitor engagement, compliance, and more

Nobuk Africa (Kenya): Simplifying financial management for groups and collectives across Africa with a seamless platform for collecting funds, reconciling payments, and generating reports

Rana Energy (Nigeria): Providing clean, reliable energy solutions to SMEs and communities through a data-driven ecosystem

Triply (Kenya): Building Africa’s travel operating system, connecting travellers with seamless booking experiences and travel businesses with powerful management tools

 

From July 29 to September 20 2024, these ten startups will embark on a journey of accelerated growth.

According to Google, the startups will benefit from direct access to the expertise of Google mentors and seasoned entrepreneurs, technical workshops, and preparation for securing follow-on funding from Google’s global network of investors.

 

 

 

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The United States is imposing sanctions at a record-setting pace again this year [2024], with more than 60 percent of all low-income countries now under some form of financial penalty, according to a recent analysis.

The United States imposes three times as many sanctions as any other country or international body, targeting a third of all nations with some kind of financial penalty on people, properties or organizations.

 

“It is the only thing between diplomacy and war and as such has become the most important foreign policy tool in the U.S. arsenal,” said Bill Reinsch, a former Commerce Department official and now the Scholl chair in international business at the Center for Strategic and International Studies, a Washington-based think tank.

 

 

The analysis indicates that the U.S. Treasury officials can impose sanctions on any foreign person, firm, or government they deem to be a threat to the U.S. economy, foreign policy, or national security. There’s no requirement to accuse, much less convict, anyone of a specific crime. The move, however, makes it a crime to transact with the sanctioned party.

The country’s currency, the United States Dollar, is highlighted as a crucial element in the deployment of sanctions and control by the United States government.

Today, the dollar buys access to the American economy but also undergirds international trade even when there is no connection to an American bank or business. Commodities like oil are priced globally against the greenback, and countries trading in their own currencies rely on dollars to complete international transactions.

 

 

By cutting their targets off from the Western financial system, sanctions can crush national industries, erase personal fortunes and upset the balance of political power in troublesome regimes — all without putting a single American soldier in harm’s way.

Elsewhere, sanctions have pushed ‘autocratic regimes’ into black market trade, empowering criminal networks and gangs of smugglers. U.S. adversaries are ramping up their efforts to work together to circumvent the financial penalties. And like military action, economic warfare can leave collateral damage. Sanctions on Venezuela, for instance, contributed to an economic contraction roughly three times as large as that caused by the Great Depression in the United States.

 

Sanctions — or even just the threat of them — can be an effective policy tool, a way to punish bad behavior or pressure an adversary without resorting to military force. Sanctions have allowed U.S. governments to take moral, economically meaningful stands against perpetrators of war crimes.

That financial supremacy creates a risk for U.S. adversaries and even some allies.

To deal in dollars, financial institutions must often borrow, however temporarily, from U.S. counterparts and comply with the rules of the U.S. government. That makes the Treasury Department, which regulates the U.S. financial system, the gatekeeper to the world’s banking operations.

And sanctions are the gate.

Coming under U.S. sanctions amounts to an indefinite ban from much of the global economy.

However, as the U.S. has continued to impose sanctions and eventually touching on some of  the biggest economies in the world, they have started to affect global markets and economies. As a result, a more existential challenge has emerged, as well: The power of sanctions lie in denying foreign actors access to the dollar. But if sanctions make it risky to depend on dollars, nations may find other ways to trade — allowing them to dodge U.S. penalties entirely.

In March 2016, Obama Treasury Secretary, Jack Lew, warned publicly of ‘sanctions overreach’ and the risk that their ‘overuse could ultimately reduce our capability to use sanctions effectively.’

 

“The abuse of this system is ridiculous, but it’s not Treasury or OFAC’s fault: They are good professionals who have all this political work being shoved on them. They want relief from this relentless, never-ending, you-must-sanction-everybody-and-their-sister, sometimes literally, system,” said Caleb McCarry, who served as a senior staffer to the Senate Foreign Relations Committee and was the State Department’s lead on Cuba policy during the George W. Bush administration.

“It is way, way overused, and it’s become out of control.”

 

A Billboard in Venezuela Blames U.S. Sanctions

 

According to Ben Rhodes, who served as deputy national security adviser in the Obama administration:

 

“The mentality, almost a weird reflex, in Washington has just become: If something bad happens, anywhere in the world, the U.S. is going to sanction some people. And that doesn’t make sense.

We don’t think about the collateral damage of sanctions the same way we think about the collateral damage of war, but we should.”

 

Still, the dollar remains the world’s top reserve currency, at least for now.

 

In a scathing 2023 post denouncing sanctions imposed on other nations globally, the Foreign Minister of China accused the United States of increasingly relying on sanctions to put down other countries.

The Hegemony of the U.S. Dollar is to Blame for Economic Instability, Especially in Emerging Economies, Says Chinese Foreign Ministry

The post highlights 5 key areas where the U.S. economic hegemony has caused turmoil to the rest of the worldhttps://t.co/CSyYivUmuH pic.twitter.com/vjxjSltjjR

— BitKE (@BitcoinKE) March 5, 2023

According to China, U.S. sanctions against foreign entities increased by 933% from 2000 to 2021:

 

“So far, the United States had or has imposed economic sanctions on nearly 40 countries across the world, including Cuba, China, Russia, the DPRK, Iran and Venezuela, affecting nearly half of the world’s population.”

 

The Minister highlighted how the United States uses unilateral sanctions and ‘enacted domestic laws such as the the International Emergency Economic Powers Act, the Global Magnitsky Human Rights Accountability Act, and the Countering America’s Adversaries Through Sanctions Act, and introduced a series of executive orders to sanction specific countries, organizations or individuals.’

 

“‘The ‘United States of America’ has turned itself into ‘the United States of Sanctions.’”

 

 

 

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The Bank of Zambia (BoZ) has said it will take a cautious approach to banning the use of the U.S. dollar in local transactions to avoid distortions in the economy.

This comes a few days after IMF Resident Representative, Eric Lautier, questioned the effectiveness of the deal saying it might defeat its purpose.

“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 1 week ago.

Businesses have also reportedly pushed back on the proposed regulations calling them ‘punitive’ and warning that they may actually fuel price growth. For instance, The Zambia Association of Manufacturers said the move will be counter-productive in the current economic environment.

However, according to the Bank of Zambia (BoZ) Governor, Denny Kalyalya, it is unfortunate that the central bank comes under attack from some sections of society, noting that the bank only wants to enforce existing laws which mandate that the local currency, the Kwacha, is the only legal tender for conducting domestic transactions in Zambia.

 

“We have noted a frenzy of people going out to the media saying we are discouraging the use of the dollar. That is not the case; we just want to reinforce the law,” said the Governor during a mid-year budget review. meeting.

 

Kalyalya said the central bank is collecting views from stakeholders who are for or against the move, saying it wants to have a broader perspective on the issue.

According to Kalyalya, businesses should adjust to the decision that will come out of the consultations regardless of how much it will affect them. The bank commenced consultations on the draft currency regulations, which include a ban on charging foreign currency in local transactions – punishable with 10-year jail terms.

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

Despite the criticism, other local players have hailed the proposed regulations.

The Center for Trade Policy and Development, a local trade and development think tank, said the increasing use of the U.S. dollar in local transactions rendered the monetary policy rate instrument ineffective in curtailing the depreciation of the local currency, according to local media.

 

 

 

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Fresh from raising $157.4 million, MNT-Halan, Egypt’s largest non-bank financial institution and fintech, has acquired Tam Finans, a leading commercial finance company in Turkey with a loan book exceeding US $300 million, from Actera Group, the country’s leading private equity firm, and the European Bank for Reconstruction and Development (EBRD).

 

“Combining Tam Finans’ credit models, distribution capabilities, and management team with MNT-Halan’s technology, customer-facing app, and financial muscle will help complete the product offering and give greater confidence to all its stakeholders,” said MNT-Halan’s founder and CEO Mounir Nakhla.

“Turkey and Egypt’s histories and cultures have been intertwined for hundreds of years and their current economic outlook points to a bright future that we are ready to capitalise on.”

 

FUNDING | Egyptian Fintech Unicorn, MNT-Halan, Raises a Further $157 Million After Achieving Over 20x Customer Growth

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… pic.twitter.com/DZrdLyMxLw

— BitKE (@BitcoinKE) July 25, 2024

The European nation presents a market opportunity for MTN-Halan given its population of 85 million, a GDP surpassing $1 trillion, and a household debt-to-GDP ratio of only 11.7%.

 

“We are delighted to join the MNT-Halan family. Their core belief that financial access enables people to fulfil their dreams mirrors the same ethos we have built our company on. MNT-Halan’s scalable technology will now allow us to grow faster and take our mission to more businesses and people as we capture cross-selling opportunities through an expanded product and services offering,” said Hakan Karamanlı, Tam Finans’ CEO.

 

Just in March 2024, MNT-Halan acquired Advans Pakistan Microfinance Bank Limited, the Pakistan branch of Advans Group, a leading international microfinance group that operates in nine developing countries.

Founded in 2017 by Mounir Nakhla, MNT-Halan offers a diverse portfolio of financial and non-financial services ranging from lending, buy now pay later, e-commerce, payments, and mobility to on-demand logistics.

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 yers.

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

 

 

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Jambo, the pioneering force behind Web3 mobile infrastructure aimed at empowering emerging markets, has announced a strategic collaboration with PixelVerse, a trailblazing Telegram-based gaming platform that has engaged over 100 million visitors with its unique Web3 game. This partnership leverages the widespread distribution of the JamboPhone in 126 countries and the immersive gaming environment of PixelVerse to provide unprecedented access to blockchain technologies and interactive entertainment in under-served regions worldwide.

INTRODUCING | Jambo Unleashes the JamboPhone – The First Web3 Earn Phone for Emerging Markets

Introducing the JamboPhone: the first Web3 earn phone, tailored for emerging markets and priced at an astonishing $99.https://t.co/9jLt3kWzoW @JamboTechnology @paradigm pic.twitter.com/SC3ypg73BJ

— BitKE (@BitcoinKE) February 8, 2024

Emerging markets, particularly in Africa, Latin America, and Southeast Asia, face unique challenges such as high unbanked rates and scarce digital access. This collaboration addresses these challenges by delivering a seamless gaming experience directly through the pre-installed JamboApp, where users can access PixelVerse’s game, PixelTap, on Telegram.

 

“Everyone needs their smartphone and loves to play games. We believe this partnership will be the catalyst for wider mass adoption.” Says Kori Leon Co-founder of Pixelverse.

 

This initiative is set to empower millions by enhancing connectivity, improving security, and simplifying access to comprehensive digital gaming and financial services.

PixelVerse’s compelling gaming experiences, including its flagship Telegram game, PixelTap, offer not only entertainment but also opportunities for earning within the game ecosystem as a way to empower users through integrated mobile solutions.

JamboPhones, equipped with the pre-installed JamboApp, will feature direct access to PixelVerse through the JamboPlay section, ensuring users have effortless entry into a world of web3 gaming.

The following elements will be the main focus of this partnership:

Integration: Users can access PixelVerse games directly through the JamboApp on their JamboPhones, which is designed to optimize their interaction with blockchain technologies

Extensive Reach: With JamboPhones operational worldwide, the partnership is set to revolutionize access to digital services in areas most in need, particularly in Africa and Southeast Asia

Engagement: The integration encourages continuous interaction with the digital economy, leveraging gaming to introduce users to broader financial and technological opportunities.

 

“Our initiative with PixelVerse transcends traditional gaming by integrating it with practical blockchain applications, making advanced technology accessible at the fingertips of millions,” stated James Zhang, Cofounder at Jambo.

“This partnership is pivotal in our mission to bring comprehensive digital services to emerging markets, fostering both economic and digital literacy on a global scale.”

 

________________

About PixelVerse

Pixelverse is a cyberpunk-themed game ecosystem available on Telegram and web browsers, boasting 70 million players and a robust Web3 brand with 14 million social media followers.

Pixelverse integrates third-party developers, IPs, and its own projects, featuring RPG elements and PvP battles through its PixelTap Telegram mini-game. The platform also supports notable projects like “Huxley” by Ben Mauro and multichain Web3 characters.

Pixelverse’s mission is to make crypto adoption a reality by building a Web3 community through accessible games and retail products.

 

 

 

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Finance and foreign ministers have called for the reforming of the international financial system to improve the prospects of developing countries at a just-concluded United Nations (UN) Member States meeting in Addis Ababa, Ethiopia.

 

“The ministers, experts and other stakeholders that gathered here in Addis Ababa made clear that we cannot continue with business as usual and must dramatically reshape the international financial system to ensure investment where it is most needed,” Li Junhua, the Under-Secretary-General of the United Nations Department of Economic and Social Affairs (UN DESA), and Secretary-General of the FfD4 conference, said.

 

Global shocks such as the COVID-19 pandemic, geopolitical conflicts, and economic instability have caused an increase in the financing gap for developing countries to US$ 4 trillion annually from US$ 2.5 trillion in 2015.

The officials in Addis Ababa add their voices to a campaign spear-headed by Kenyan President William Ruto to reform the global financial architecture to create a system of equals. The officials pushed for radical reform to fix the structural flaws in the international finance and tax architecture.

“We Need a Financial Architecture Where Power is Not in the Hands of the Few,” Kenyan President Tells World Bank, IMF

President of Kenya, said “the new financial architecture must be of equals that should neither be controlled by the World Bank nor the International Monetary

— Aikon MM-Ogedengbe (@Aikoges) September 20, 2023

Ministers and global experts unveiled proposals for reforming the rules and governance of international taxation, and for addressing countries facing debt crises, including through new international mechanisms to resolve situations of sovereign debt default.

 

“The international financial architecture created nearly 80 years ago needs to be reformed to respond to the most pressing challenges of African countries in a more effective and inclusive manner,” said Mr. Claver Gatete, Executive Secretary of the United Nations Economic Commission for Africa.

“African countries are taking a leadership role in pressing for changes to global tax and financial systems, and they are clear that the international system needs to better support their sustainable development aspirations.”

 

The meeting brought together representatives of at least 103 countries, including high-level representatives, as well as representatives of multilateral development banks, United Nations system entities, and other inter-governmental organizations, the private sector, and non-governmental organizations.

Almost 800 participants discussed the full range of financing issues, including debt, taxation, trade, private finance, development cooperation, technology and data.

 

 

 

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According to a top Russian official, African countries will not achieve their development goals under the current global financial system as this would take them out of neo-colonial control.

The official who is Deputy Chairman of the Russian State Duma, Alexander Babakov Western, said banks and funds will not finance the development of the African continent, which would take it out of neo-colonial control – such development requires various institutions, in particular, an investment bank and a clearing bank rolled into one.

 

“The financial agenda of BRICS has a main initiative for building a new economic reality that solves both major tasks. Creating our own financial messaging system for the BRICS countries, similar to SWIFT, based on state-owned banks capable of clearing settlements of counterparties from the BRICS countries and the related role of the same bank,” said Babakov.

 

Egypt to Join BRICS Development Bank to Cut Dollar Reliance

Members of the bank can use their national currencies in exchange for trade.

Egypt is the first Arab country to join the #BRICS bankhttps://t.co/9MQAwHwyO7

— BitKE (@BitcoinKE) March 18, 2023

Babakov indicated that the development and implementation of their own financial messaging system will allow BRICS, the group of nations that includes Egypt, Ethiopia, and South Africa, to reduce their dependence on Western financial institutions and increase national financial autonomy. This will enable countries to carry out financial transactions without the intervention of external parties.

 

“It is necessary to create a new system of financial institutions. The new system must be technically compatible with the existing financial infrastructures of the participating countries, which includes integration with national payment systems, banks, and other financial institutions.

At the same time, the system must ensure a high level of security and data protection to prevent cyber-attacks and un-authorized access to financial information,” he added.

 

BRICS: The 5-Country Economic Bloc Emerging as an Alternative to the Western Global Order

According to recent financial reports, BRICS is already the world’s largest gross domestic product (GDP) bloc in the world, currently contributing 31.5% to the global GDP, ahead of the G7,… pic.twitter.com/jzmiUV52H1

— BitKE (@BitcoinKE) June 18, 2023

Babakov believes this will require the introduction of advanced encryption and cybersecurity technologies.

Creating such a system will lead to an increase in economic efficiency due to the reduction of transaction costs, as well as the acceleration of transactions themselves, which will in turn speed up the turnover of capital and improve liquidity, the deputy noted.

 

“This is especially important for companies engaged in international trade,” Babakov emphasized.

 

 

 

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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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