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Crypto remittance payments up by 55 percent in Africa ⏐ Chainalysis

As residents turn to digital currencies to avoid high fees and fiat currency instability…

The post Crypto remittance payments up by 55 percent in Africa ⏐ Chainalysis appeared first on Coin Journal.

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As residents turn to digital currencies to avoid high fees and fiat currency instability in parts of the continent, cryptocurrency remittance is on the rise in Africa

Cryptocurrency microtransactions are up by 55% in African countries over the past year. This comes as Africans look for alternatives to unstable fiat currencies and the high fees they need to pay to make daily transactions.

Data analysis firm, Chainalysis, published a blog that focused on cryptocurrency remittance and fiat currency devaluation in Africa. According to the firm, Africans are increasingly turning to digital currencies for their everyday transactions over their local fiat currencies. The data published by the company shows that more local individuals and businesses in the region are sending and receiving funds via cryptocurrencies to avoid high fees, regulatory complications and fiat currency instability.

At the moment, Africa has the smallest crypto economy in the world, with just $8 billion worth of cryptocurrency transacted in the region over the past year. However, despite the relatively small crypto economy, Africans are starting to use cryptocurrencies more as they battle economic instability, high fees and finding new ways to save.

The continent saw a 55% jump in the total number of transfers under $10,000 in a year back in June. The 55% increase saw total micro-transactions reach $316 million. Nigeria — the continent’s largest economy — leads the way in terms of microtransactions, followed closely by South Africa and Kenya.

Adoption of crypto services on the rise in Africa

Ray Youssef, CEO and founder of peer-to-peer (P2P) cryptocurrency exchange Paxful, told Chainalysis that Africans are starting to integrate cryptocurrency services into their businesses.

He stated that “Some of our users in Africa are even building their own remittance businesses on top of Paxful. One man I spoke to who lives in South Africa but is originally from Nigeria saw how hard it was to send money back home, and started a business where he would take cash from other Nigerian expats, convert it into Bitcoin, send it to someone in Nigeria via Paxful, and have that person convert it into naira and deliver it to the person’s family”.

There are similar stories like this in various parts of Africa, and it is starting to become a norm in the continent.

Abolaji Odunjo, a Lagos-based mobile phone retailer, told Reuters he is now using Bitcoin to pay his Chinese suppliers. He told the publication that Bitcoin has helped to protect his business from the central bank’s currency devaluation, and he uses it for speed and convenience. Hence, he has been able to grow his business, thanks to the features of Bitcoin.

Source: https://coinjournal.net/news/crypto-remittance-payments-up-by-55-percent-in-africa-%e2%8f%90-chainalysis/

Blockchain

Da Vinci Capital Reportedly Requests $100 Million from Telegram for TON’s Failure

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A large investor in Telegram’s failed Open Network (TON) has reportedly requested $100 million in compensation from the company. Otherwise, the investor – Da Vinci Capital – has warned with taking legal actions against the messaging platform.

TON Investor Demands $100M

Telegram’s TON initiative was among the most widely-discussed blockchain-related projects in the past few years. However, the endeavor faced almost immediate backlash from the US Securities and Exchange Commission (SEC) as a US court decided at one point that the native currency – GRAMS – is a security token, which couldn’t be sold in the US or anywhere else.

Telegram attempted on multiple occasions to fight the court’s decision and to prove that GRAMS is not a security. However, to no avail and Pavel Durov, the company’s CEO ultimately had to throw the towel by saying that “Telegram’s active involvement with TON is over.”

Although the company has distanced itself from the failed blockchain project, the problems keep following it, according to a recent report by Forbes Russia. Citing anonymous people familiar with the matter, the coverage said that Da Vinci Capital, an investor in the $1.7 billion initial coin offering, has requested compensation for TON’s failure.

Lawyers from the Moscow-based investment company have reportedly sent a letter of intent to file a claim to Durov, Telegram Vice President Ilya Perekopsky, and other executives and lawyers involved with the project.
The report says that Da Vinci Capital had demanded roughly $100 million as compensation.

Two Weeks to Answer

Forbes’ coverage further explained that Durov and his colleagues have two weeks to transfer the funds or notify the lawyers from the investment company if they decide to reject it.

However, if Telegram fails to answer in the provided timeframe, Da Vinci Capital has the right to take the matter to court.

Apart from these allegations, Telegram recently negotiated funding round to raise at least $1 billion in a private bond placement to accredited investors from Russia, Europe, the Middle East, and Asia. Those bondholders would be able to convert debt into shares at a 10% discount to the offering price if Telegram decides to go public in the next five years, revealed the conditions of the round.

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Source: https://cryptopotato.com/da-vinci-capital-reportedly-requests-100-million-from-telegram-for-tons-failure/

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ChiliZ To Expand Operations, Will Invest $50 Million in the US

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Following milestone partnerships with sports teams in Europe, ChiliZ have their eyes set on conquering the United States. The fintech platform will open a new office in one of the world’s major commercial cities, New York.

ChiliZ To Set Up New York Office

Maltese blockchain giant, ChiliZ is scaling up operations after securing several partnerships with top European sports franchises. Reuters reported earlier today that the fan engagement platform would open an office and invest $50 million in the United States. According to its chief executive, Alexandre Dreyfus, the move should bring the firm within reach of top United States sports outfits. He told Reuters :

“A huge focal point for us in our global growth plans is the U.S.. That’s why we’re opening a New York office and investing $50 million into the country’s sports industry in order to launch Fan Tokens with leading franchises from the five major U.S. sports leagues”

On launching Fan tokens, ChiliZ has made headway through its subsidiary, Socios. It has partnered with football behemoths like FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Galatasaray, and Atlético de Madrid to launch branded fan tokens. These permit owners to engage in club polls, access VIP rewards, and partake in chat forums.

The company currently has offices in Malta, France, Turkey, Korea, Switzerland, and South America. It had earlier announced that it would open offices in New York and Madrid. With the New York office inching towards reality, Chiliz is undoubtedly advancing towards global growth.

Aims To Double Up on 2020 Revenue

Speaking further about the expansion, Dreyfus boasted about his company’s capacity to generate returns for its partners in the sports and entertainment industry. He said:

“We head to the U.S. with a proven track record in generating millions of dollars of revenue for some of Europe’s biggest sporting organisations. In 2020, we shared more than $30 million with our partners, but this year we’re targeting a minimum of $60 million.”

Revenue from the company’s partnership with seven-time European champions AC Milan proves Dreyfus is not bluffing. The Italian football giant launched its token ($ACM) on Binance on February 24th. Within hours of the launch, over $6 million was generated as trading volume hit $50 million in the first 30 minutes.

Big Market For ChiliZ?

For Joseph Edwards, Enigma Securities head of researcher, there is no better time to seize the initiative. He opined that the soaring interest in NFTs indicates a big market. He elaborated further that NFTs bridge the gap between fans and their subject of interest, especially as Covid-19 caused a disconnection.

“Fan tokens right now are just hitting the perfect itch at the perfect time – fans are disconnected physically from their fandom, and this helps bridge that gap,”

NBA Top Shots seems to be a perfect example. The NFT platform has continued to gain momentum as interest surges. It reached a record-breaking $231 million in sales over the past 30 days.  Perhaps, ChiliZ is taking a cue from this to target the American sports market.

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Source: https://cryptopotato.com/chiliz-to-expand-operations-will-invest-50-million-in-the-us/

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Crypto services firm BCB Group raises $4.5M led by North Island Ventures and Blockchain.com Ventures

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BCB Group, a crypto payment/trading services provider, today announced it has closed a $4.5 million investment round. The strategic funding was co-led by North Island Ventures and Blockchain.com Ventures; with participation from Pantera, L1 Digital, and Pack Capital.

As a dual regulated institution, BCB Group offers an end-to-end suite of payment processing, cryptocurrency trading, and custody. Services are accessible through a unified API-enabled platform; allowing clients to access a full range of crypto-asset products in one place.

Funding

The proceeds of the round will be used to fund investments in several new initiatives…

These initiatives include: BCB Treasury, a service designed to help companies interested in investing in bitcoin as a treasury asset. BCB Yield Accounts, a product offering clients a return on their positions. And BCB Wealth Partners, a comprehensive crypto service for private wealth clients.

“There’s so much more we want to offer our clients; and many untapped regions we’d like to be in to help those markets grow via reliable payments and market infrastructure. This funding round comes at a very exciting time for BCB Group and will be transformative for our client experience.”
– BCB Group Founder and CEO, Oliver von Landsberg-Sadie

Previously, back in March 2019, BCB Group received funding from NKB Finance and a private investor in a $1 million seed round; which brought the company much-needed talent in engineering and operations.

Source: bcbgroup.io

Source: https://www.cryptoninjas.net/2021/03/02/crypto-services-firm-bcb-group-raises-4-5m-led-by-north-island-ventures-and-blockchain-com-ventures/

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