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HAVE you seen what Africa is doing with Web3?

Published on

January 24, 2023
Read Time:3 Minute, 21 Second

In the event you've examine Blockchain and Web3 earlier than, you understand that this business is filled with huge buzzwords and half-baked ideas. Nonetheless, ideas like decentralized id companies or DIDs give Web3 actual which means and usefulness. In the event you're new to DID, it refers to a separate, impartial id that permits trusted knowledge alternate. In different phrases, it places digital id administration and governance proper in your palms, as a substitute of these of a 3rd celebration.

On this week's Crypto Biz, we check out a Web3 partnership designed to convey DID-enabled cost options to Africa. We additionally cowl Maple Finance, the European Central Financial institution and Nasdaq.

Funds platform Fuse integrates ChromePay to convey DID companies to Africa

Is Web3 even doable with out decentralized id companies or DIDs? It relies upon who you ask. For Web3 cost options Fuse and ChromePay, DIDs will play a vital function in increasing entry to the decentralized web, particularly in locations like Africa. This week the businesses introduced a brand new partnership to convey a spread of DID-powered Web3 cost merchandise to the African continent. Particularly, ChromePay will combine the Fuse blockchain, permitting customers to entry each conventional and blockchain-based funds proper on their cell units.

Crypto is booming in Africa!

A brand new report exhibits that enterprise funding for African cryptocurrency startups grew 11x in 2022.

(message per @ezrareguerra) https://t.co/aJwcPQSr9V

— Cointelegraph (@Cointelegraph) May 23, 2022

Maple Finance launches $300 million mortgage pool for bitcoin mining firms

Crypto lending platform Maple Finance is displaying no indicators of slowing down amid the bear market. The corporate introduced this week that it will present as much as $300 million value of secured debt financing to Bitcoin (BTC) miners. Why is that vital? Nicely, for starters, the mortgage may assist miners keep afloat throughout one in all Bitcoin's most extreme downturns. The mortgage is secured by bodily and mental belongings owned by the mining firms, together with their BTC mining rigs.

The European Central Financial institution selects Amazon and 4 different firms as a prototype for a digital euro app

The European Central Financial institution (ECB) will prototype its digital euro app with 5 Amazon-led e-commerce and fintech firms. Nexi, EPI, Worldline and CaxaBank full the checklist of companions chosen by the ECB to develop particular functionalities for the digital euro prototype. Though the ECB has been obscure about its intention to challenge a central financial institution digital foreign money, the financial authority seems to be laying the groundwork for its implementation. I am not a fan of CBDCs, so make of them what you'll.

Nasdaq is reportedly getting ready crypto custody companies for establishments

The bear market may very well be an ideal alternative for institutional traders to study crypto and begin investing within the digital asset class. (Regulatory readability can even assist.) It was reported this week that monetary companies agency Nasdaq is getting ready to supply custody companies for digital belongings -- a transfer that would make shopping for and holding BTC and different cryptocurrencies extra palatable for institutional traders. In my opinion, it is solely a matter of time earlier than banks, hedge funds, and household places of work begin taking a look at crypto. At this stage, not contemplating bitcoin is a serious profession hazard for traders. Ignore BTC at your personal threat!

Earlier than you go: Why did the crypto market crash after the Ethereum merger?

The much-anticipated Ethereum merger efficiently accomplished final week, however even that did not cease crypto costs from plummeting once more. On this week's Market Report, I sat down with Marcel Pechman, Benton Yaun, and Ray Salmond to debate the components affecting the crypto markets. I additionally shared my ideas on when Bitcoin may hit its closing cycle backside. You possibly can watch the total replay under.

Crypto Biz is your weekly pulse on the enterprise behind blockchain and crypto, delivered straight to your inbox each Thursday.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 24, 2023
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