Crypto Exchange Giant Binance Outlines Plans to Expand in Africa 3520

Binance Labs Director Benjamin Rameau has stated that Africa is front and center of the company’s expansion strategy as it bets on a vision of the 21st century driven by the world’s youngest population gaining increased access to technology and opportunities.

In a detailed blog published on his Medium page, Rameau comprehensively outlines why Binance believes that the future is African, starting with a historical comparison to Asia in the 1960s – also an under-serviced continent with a poor population.

According to him, the same contrarian investment strategies that proved extremely successful as Asia kicked off an economic miracle in the face of all expectation are likely to reap similar rewards in 21st century Africa.

The post goes on to state that unlike in developed markets where it competes with a flawed existing financial system, crypto has the potential to build a completely new financial system in parts of Africa where to all intents and purposes none currently exist, such as South Sudan where only 9 percent of people over 15 years old have a bank account.

Earlier when CCN reported on Binance opening up in Uganda, the story noted that Ugandans’ access to financial services has grown rapidly over the past decade, driven by digital inclusion through a wide adoption of mobile money platforms. According to a World Bank news report, there has been an over 100 percent rise in the number of adult Ugandans with access to formal financial services since 2009, but the total percentage of the population with this access is still about 16 percent.

From a Binance perspective, this scenario contains the real possibility for huge growth. Essentially, an entire generation of hundreds of millions of young, technology-receptive people could come into crypto finance as their first ever experience of a structured financial system, establishing crypto as a default paradigm on the world’s largest inhabited continent, which would be game-changing for crypto perception and adoption worldwide.

Previous ArticleNext Article

Popular BTM Operator Bitcoin of America Wins Silver in 11th Annual Best in Biz Awards 7820

Bitcoin of America has been named a silver winner in the Company of the Year – Midwest category in Best in Biz Awards, the only independent business awards program judged each year by prominent editors and reporters from top-tier publications in North America. Bitcoin of America is a popular virtual currency exchange, registered as a money services business with the United States Department of Treasury (FinCEN)(RegNum). Apart from ensuring a fast and hassle-free transaction, their customer support makes them the best in the industry.

Bitcoin of America has demonstrated rapid growth. In June of this year, Bitcoin of America’s Chief Financial Officer reported record company growth. In January, the company had a total of 630 Bitcoin ATMs. To date, they have seen a 138.095% increase in their number of locations. They even hit a major achievement of 1500 plus BTMs. Bitcoin of America has also seen enormous growth in their number of employees. In just one year their team grew over 32 percent.

Bitcoin of America also added new products, services, and even updates to their BTMS. In May, they announced the launch of their new universal kiosk. The kiosk combines the capabilities of a traditional ATM with a Bitcoin ATM. The universal kiosk is known to offer 3 different functions. The first is the traditional ATM feature where customers can dispense cash from a debit card. The second function is being able to buy bitcoin or other cryptocurrencies with cash. The last is that customers can sell crypto in return for cash. This is huge for business owners. These universal kiosks are bringing stores additional revenue streams, while also saving floor space. They also announced that Ethereum would be available for customers to purchase from any of their locations.

Besides offering cryptocurrency services to customers, Bitcoin of America has helped hundreds of businesses across the United States. Bitcoin of America offers a host program for store owners who are interested in cryptocurrency or are just looking to earn extra income. They take care of their host locations by providing them with passive income, increased foot traffic, and marketing. They even handle customer support and any maintenance/installation services.

Bitt Develops Africa’s First CBDC 5994

eNaira, the Bitt-developed central bank digital currency (CBDC), has officially rolled out in Nigeria. Citizens and residents of Nigeria are now the first on the continent of Africa to use a legal tender digital currency for their daily financial transactions.

Bitt is very excited to be entering the African CBDC market as the Central Bank of Nigeria’s Technology Partner. Bitt’s market-proven Digital Currency Management System (DCMS) is currently licensed by national financial institutions in six countries across Central America and the Caribbean. Nigeria is a sophisticated economy which operates on a modern infrastructure. Bitt’s DCMS fulfilled CBN’s criteria for technological competence, efficiency, platform security, interoperability, and implementation experience.

CEO of Bitt, Brian Popelka, “We are elated to have developed, tested and deployed the eNaira monetary infrastructure in record time. Today’s launch is an exceptional achievement for both the CBN and Bitt teams. We look forward to continued partnership on this CBDC deployment journey and to provide additional features to expand eNaira’s value to all Nigerians.”

Bitt is driven by the empowerment of people through providing accessible, low-cost, and real-time payments; and supporting the digitization of economies. Bitt’s DCMS could lower infrastructure cost and improve the access and user experience of receiving and sending money, thereby promoting financial inclusion throughout Nigeria. Furthermore, the eNaira has been designed to promote local innovation, leveraging Nigeria’s world-class FinTech talent.

Bitt’s DCMS is a production-ready digital currency infrastructure that enables central banks and financial institutions to efficiently deploy their own digital currency. Bitt’s DCMS plugs into the underlying transaction network of choice, such as Hyperledger Fabric (used in the implementations of DCash in the Eastern Caribbean Currency Union and the eNaira in Nigeria), and Stellar (to be presented at the 2021 Singapore Fintech Festival).

About Bitt
With a staff of over 60 highly skilled professionals from around the world, Bitt is a global financial technology company that provides digital currency and stablecoin solutions to central banks, financial institutions and ecosystem participants worldwide. Bitt is at the forefront of financial innovation, with a specialization in central bank digital currencies (CBDC) and stablecoins. The company’s Digital Currency Management System (DCMS) leverages blockchain-based distributed ledger technology to introduce the benefits of the most efficient financial ecosystem to date.

As Digital Currencies Gain Popularity, FPA and RIA Digital Assets Council Announce Education-Focused Partnership 24054

According to the RIA Digital Assets Council, 80% of financial advisers receive questions from clients about bitcoin, but only 8% can adequately explain digital assets. As cryptocurrency becomes more mainstream, now is the time for financial planners to build competency in this asset class. To support financial planners, the Financial Planning Association® (FPA®) and RIA Digital Assets Council (RIADAC), a digital assets educational source for financial planners, announced a strategic partnership to provide education on the application of blockchain and digital assets.

“I’m pleased FPA has this opportunity to work with RIADAC to build our members’ competency in digital assets, which will allow them to augment their knowledge and better serve clients,” says Patrick D. Mahoney, FPA chief executive officer. “As the leading membership association for CERTIFIED FINANCIAL PLANNER™ professionals, we need to be on the cutting edge of supporting our members as they look to sharpen their knowledge and build their competencies. This partnership with RIADAC is consistent with that objective.”

FPA and RIADAC will provide educational programming and a wide range of content to help FPA members understand the complexities of cryptocurriencies and provide expert advice on how this transformational asset class can impact their clients’ financial plans. As an FPA partner, RIADAC’s educational content and thought leadership will be available to FPA members through a variety of channels:

  • RIA Digital Assets Council Certificate in Blockchain and Digital Assets: FPA members will receive a 50% discount when enrolling in RIADAC’s certificate program that provides financial planners practical literacy on blockchain and digital assets and introduces available options for a firm’s investment management strategy. The inaugural class debuts on Apr. 30, 2021.
  • FPA Blockchain & Digital Assets Community: FPA members will engage with dynamic guests and thought leaders from RIADAC in virtual, interactive discussions and exchange ideas with peers in the FPA Connect Blockchain & Digital Assets community.
  • Journal of Financial Planning: RIADAC will regularly contribute thought leadership content to help financial planners understand blockchain and digital assets in FPA’s flagship publication, the Journal of Financial Planning.
  • FPA Annual ConferenceRic Edelman, founder of RIADAC, will present an informative session on blockchain and digital assets at the FPA Annual Conference in Columbus, OhioSept. 22-24, 2021.

“Gaining vital knowledge about this new asset class will help financial planners attract more clients and serve them better,” said RIADAC Founder Ric Edelman. “We’re honored to be partnering with FPA to help financial planners who are committed to serving their clients’ best interests.”

Ric Edelman is known and recognized throughout financial services and his work to bring blockchain and digital assets education and awareness to the financial advisory community is commendable. I am pleased FPA members will have this opportunity to learn from Ric and his team at RIADAC,” says 2021 FPA President Skip Schweiss, CFP®, AIF®.

Over the coming months, FPA and RIADAC will explore additional educational initiatives and thought leadership programs that can benefit FPA members, their clients and the broader financial planning community.

Bitcoin Association launches Introduction to Bitcoin Development online course at Bitcoin SV Academy 22527

Bitcoin Association, the Switzerland-based global industry organisation that works to advance business with the Bitcoin SV blockchain, today announces the official launch of the Introduction to Bitcoin Development course at Bitcoin SV Academy. The course is available free of charge and can be accessed from today at http://bitcoinsv.academy.

Introduction to Bitcoin Development is part of the Bitcoin Development stream of Bitcoin SV Academy and has been designed to equip application developers with the skills, tools and techniques required to build applications on the Bitcoin SV network. The course covers Bitcoin as a data protocol – including reading, writing and advanced functionalities with the Bitcoin ledger, payment protocols, token protocols and smart contracts. At the conclusion of the course, participants will be tested on their knowledge through an online examination, with a course certificate available upon successful completion for those who have demonstrated proficiency and understanding of the subject matter.

Bitcoin SV Academy is an online education platform for Bitcoin which offers academia-quality, university-style courses and learning materials in three distinct streams, Bitcoin Theory, Bitcoin Development and Bitcoin Infrastructure. Developed and run by Bitcoin Association, Bitcoin SV Academy has been created to make learning about Bitcoin – the way creator Satoshi Nakamoto designed it – accessible, accurate and understandable.

The launch of Introduction to Bitcoin Development today follows the successful rollout of Introduction to Bitcoin Theory – the first course to be launched on Bitcoin SV Academy – in December 2020. Later this year, the first module in the Bitcoin Infrastructure stream Introduction to Bitcoin Infrastructure is due to launch, followed by intermediate and advanced level courses across the three streams.

Pastel Network Announces the Listing of PSL on the Bitcoin.com Exchange 19653

Pastel Network, the first truly decentralized and scalable blockchain project designed specifically for rare digital art, has officially announced its pending listing on Bitcoin.com, scheduled for March 5, 2021. Pastel Network is a blockchain for rare digital art (also known as “NFTs”) that is built on the secure, battle-tested codebases of the Bitcoin, Dash, and ZCash cryptocurrency projects. Pastel introduces several important innovations to the world of blockchain art, such as the decentralized storage of art image files natively in the network, as well as a decentralized validation process for registering new artworks that prevents near-duplicate images from being added to the system. Pastel’s novel near-duplicate detection algorithm is based on robust image fingerprints that are generated using state-of-the-art deep learning image models and introduces a new form of digital scarcity which makes pixel patterns themselves “rare.”

Pastel takes a different technological approach than competing digital art blockchain projects, which are primarily built on top of the Ethereum platform. Because Pastel is an integrated platform specifically designed for the application of rare digital art, it has its own native Bitcoin-like currency (called the PSL coin). Having a native currency token makes the Pastel Network’s fees for registering, storing, and trading rare artwork very low, which makes it affordable to artists and collectors all over the world. Furthermore, the system includes a native mechanism based on changes in the mining difficulty of Pastel’s proof-of-work algorithm for maintaining these fees at affordable levels long into the future — even if PSL appreciates significantly in value. This is in stark contrast to Ethereum-based art projects, where the cost to create new artworks is currently hundreds of dollars, creating unnecessary financial risks for artists and making these other platforms out of reach for all but the wealthiest artists and the most expensive digital artworks. Even if an artist can afford to pay these egregious fees, the cost of simply transferring the artworks to users is prohibitively high. Pastel offers digital artists a secure and robust environment for registering their rare digital artworks with very low transactional costs, making digital art accessible to artists from anywhere in the world, and allowing a different business model for artists where they can sell larger numbers of their limited-edition digital art “prints” at a price point of under $5, while still making a healthy profit margin.

At the same time, Pastel allows art collectors and fans to purchase rare digital artworks directly from their favorite artists — with most of the value going to the artist instead of being wasted on unproductive network fees and overhead. This allows fans to participate in the long-term success of their favorite artists, creating a reciprocal relationship that transforms an artist’s fans into partners that have a financial stake in promoting the artist’s work. Furthermore, buyers of rare artworks on Pastel are able to trade their owned artworks with other Pastel users in a decentralized exchange that is native to the platform, all while paying modest trading commissions and transaction fees that are closer to the ~2% charged by payment processors such as Paypal and Stripe than the 15% or more charged by art dealers and auction houses, and other NFT platforms. Pastel Network’s low trading fees will lead to a much more dynamic and liquid marketplace for rare digital artwork that has the potential to radically transform the way art is created and collected. Best of all, the trading fees are sent by buyers and sellers to an unspendable PSL address, thus, “burning” them and removing them permanently from circulation. Over time, this natural deflation will offset the new PSL created through the mining process, making PSL scarcer and more valuable.

As Pastel Network’s founder Jeff Emanuel explains, “Today marks an exciting milestone for our project, which has been under continuous development since 2018 with the singular mission of serving the world’s artistic community. We have created an open platform that frees artists from the restrictions of the traditional art market, with its outrageous commissions and dealer fees, as well as its elitist ‘gatekeeping’ mentality that excludes the vast majority of talented artists around the world from earning a living as an artist. With the listing of Pastel on the Bitcoin.com exchange, as well as the public launch of our wallet software for artists and collectors in the next months, Pastel is now poised to disrupt the NFT space with a radically better network design that solves the high transactional fees and scalability issues that plague existing Ethereum-based NFT marketplaces and platforms.”

Pastel Network originated as a fork of the Animecoin blockchain project originally introduced in 2014. Animecoin was based on a modified version of the Bitcoin code and was fairly distributed with zero “pre-mine” to thousands of users around the world. After the fork, the Pastel team raised over $3 million from Innovating Capital and other blockchain investors to fund the development of the Pastel software and to further the goals of the project through community engagement and exchange listings, culminating in Pastel’s pending listing on Bitcoin.com.

Bitcoin SV support introduced at Beaxy Exchange in partnership with Fabriik Markets 20081

Beaxy Exchange, the popular Chicago-based digital asset exchange, today announces that it has introduced trading support for Bitcoin SV [BSV] on its platform. With immediate effect, BSV/USD and BSV/BTC trading pairs are listed and available for use. The introduction of Bitcoin SV comes as a result of a partnership between Beaxy Exchange and Fabriik Markets, a leading digital asset market-maker and liquidity provider. Fabriik Markets will provide market-making services to Beaxy Exchange for BSV-based trading pairs.

The move to launch BSV-based trading on Beaxy Exchange comes as demand for the digital asset continues to grow globally, with the utility of its massively scaling blockchain driving expansion of data use cases across many industry sectors. BSV also functions as a powerful payments network for both businesses and consumers, with its fast transaction times, low fees (sending a BSV payment costs less than 1/100 of a U.S. cent), and regulation-friendly approach providing an ideal payments platform.

As a U.S. Money Services Business [MSB] registered with the Financial Crimes Enforcement Network [FinCEN], Beaxy Exchange offers a safe, compliant, and protected service for its customers. All digital assets on Beaxy Exchange are secured by Curv Institutional Custody, with USD deposits insured by the Federal Deposit Insurance Corporation [FDIC] up to $250,000.

Beaxy Exchange services customers in 42 U.S. states, in addition to serving an active global customer base in many international markets. Fiat currency on-ramps are offered by wire transfer in USD, EUR, GBP, JPY, CAD and AUD, as well as credit/debit card on-ramps offered through Simplex in USD, EUR, GBP, ILS, TRY, CAD, CHF, KRW, JPY, RUB, AUD, CZK, NOK, DKK, NZD, SEK, ZAR, HUF, and PLN.

Speaking on today’s announcement, Bay Abbott, Director and Co-President of Beaxy Exchange, said:

“There have been very limited options for those in the United States to buy or sell BSV safely and with convenience. For that reason, along with all of the interest we’ve seen from our community, Beaxy Exchange is thrilled to offer new markets for BSV that were otherwise inaccessible to a large portion of the total crypto market. This is a great opportunity for the global audience as well, as Beaxy will provide fiat on and off-ramps for traders using the USD, EUR, GBP, JPT, CAD, and AUD.”

Also commenting, Steven Walt, General Manager of Fabriik Markets, said:

“We are excited to partner with Beaxy to support their customers’ needs around BSV liquidity. Beaxy is an established and well-respected brand within the digital asset space, and we look forward to leveraging our technology and liquidity to support their growth.”

Also speaking on today’s announcement, Jimmy Nguyen, Founding President of Bitcoin Association, the Switzerland-based global industry organisation that supports Bitcoin SV, commented:

“Bitcoin Association welcomes the addition of BSV support by digital asset businesses that comply with applicable regulations and prioritise operating in a transparent manner, demonstrable qualities of both Beaxy Exchange and Fabriik Markets. With a U.S. base of operations and a strong international reach, Beaxy Exchange are an ideal partner to work with Fabriik Markets to expand the fiat on-ramps for and accessibility of BSV in the U.S. and around the world. I wish both businesses well for the future of their partnership and look forward to their contributions to the ongoing Bitcoin SV growth story and to advancing a more lawful digital currency industry.”