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Singer Akon Starts a Cryptocurrency, Building crypto driven Senegal City

When during a trip from Dakar to Paris a few years ago, Grammy Award-nominated singer Akon tried to convert some of Senegal ‘s currency to euros, he was met with resistance. He was told by an employee at France’s currency exchange counter, “Unfortunately we don’t take those.” Singer Akon Starts a Cryptocurrency, Building crypto driven …

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Story Highlights

  • Grammy nominee hopes to launch coins as soon as July
  • Coin planned the development of 2,000 acres in Senegal

When during a trip from Dakar to Paris a few years ago, Grammy Award-nominated singer Akon tried to convert some of Senegal ‘s currency to euros, he was met with resistance. He was told by an employee at France’s currency exchange counter, “Unfortunately we don’t take those.”

Singer Akon Starts a Cryptocurrency, Building crypto driven Senegal City

“I’m just like, ‘What? “Akon recalled in a recent Bloomberg News phone interview. Before leaving for his tour, he had not had time to convert one currency to another, so he was left with a pocket of CFA francs — the currency used in many West African countries, like Senegal — with nowhere to spend them.

“That just really opened my eyes,” Akon, 47, said in the interview.

“That really catapulted the energy to say ‘We have our own currency to have. I don’t mind what it takes — we’ll fix this.’”

The encounter served as a catalyst for one of its newest ventures, Akoin, a cryptocurrency that will also be Akon City’s local currency, a 2,000-acre development in Senegal. Although some other coins have promised but failed to update the fiat currency system, the hope is that Akoin will be adopted across the continent and beyond, with a launch likely to occur in early July, according to Jon Karas, Akoin ‘s president, and co-founder.

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The American-born artist, who has been selling over 35 million albums worldwide, spent his early childhood in Senegal before moving to New Jersey. With the release of his debut album “Trouble,” he rose to prominence in the early 2000s. He had 27 songs on the Billboard Hot 100 and collaborated with Lady Gaga, Eminem, and Gwen Stefani, among others.

Although his career spans more than a decade, some of his earliest hits, with titles such as “Locked Up” and “Lonely,” have seen a resurgence in recent months, becoming anthems for hordes of masses locked up in their homes amidst the coronavirus pandemic. But recent events around the outbreak only sharpened his focus on the need for digital currencies, as millions were hunkered down, unable to use cash, and forced to shop for necessities online.

Singer Akon Starts a Cryptocurrency, Building crypto driven Senegal City

“It just goes to show the relevance of why digital currency is such a futuristic event, and how this is the future as we move forward,” said the artist, Aliaume Damala Badara Akon Thiam, whose full name is. “There’ll be digital currencies floating through the entire universe that will allow us to trade in a way we ‘re already used to — but now it’s going to be the norm.”

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Akon says he’s been a crypto fan for years (he invested in Bitcoin in 2014). He announced potential plans for Akon City in 2019 and finalized a land agreement with the Senegalese government earlier this year — though the government isn’t providing funding for the project nor does it have a stake in the coin, Karas said.

When it comes to Akoin, 10 percent of the total float will initially be issued through a public sale, which may change depending on demand. According to the white paper, another 10 percent will be held by company executives, consultants, and directors. Company representatives declined to disclose what percentage of the coin Akon will hold.

The three founders of the coin — Akon, Karas, and Lynn Liss, who also acts as a chief operating officer — undergo a six-month lock-up period and are released gradually afterward. “We build a large ecosystem,” Karas said by telephone. “We are in the long run in this.”

Digital currencies — of which, by some estimates, there are more than 5,000 — have been cited as a way of opening up financial systems and integrating a greater mass of users, particularly those who may not currently have access to banks. But there’s a debate about how best to do this: some have proposed digital tokens backed by central banks as a possible solution, while others argue for private-company involvement.

To be sure, the conversation is fraught and many prior undertakings have been called out for shortcomings and outright fraud. A lot is at stake, and the debate is likely to intensify as more institutions attempt to define their involvement. The Chinese government, for instance, already has a pilot program for an official digital version of its currency, while other governments have been loathed to relinquish the sovereignty of a national currency to the blockchain.

Akoin is designed to be a utility token (meaning one with a particular use), not an investment tool, Karas said. And Akon says he knows the turbulent past of crypto — and cautions against jumping blindly into investment. During the height of crypto-mania, thousands of tokens were in circulation — and many have since been weeded out.

“Not just move on the hype, whoever is interested,”

he said.

“Do your proper due diligence, understand who you’re getting into it with, know the market you want to invest in, and have an action plan as to what’s right for you.”

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BTG Pactual becomes first bank in Brazil to participate directly in the crypto market

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Financial institutions have been increasingly keen on being part of the booming $2 trillion cryptocurrency market, with over 13 of the world’s largest banks pushing roughly $3 billion in funding so far, into cryptocurrency. The latest major news came from Brazil.

One of the leading Brazilian investment banks BTG Pactual has been trending within the crypto community. It launched a new platform enabling customers to make direct investments in cryptocurrencies. Ergo, making it the first major financial institution in Brazil to participate directly in the crypto market.

According to local news outlet, The Rio Times,

“…the launch of Mynt, a platform that allows BTG Pactual Digital and BTG+ clients to trade directly, cryptocurrencies such as bitcoin and ether.”

Andre Porthilo, BTG Pactual’s head of digital assets, stated,

“At this first moment, we will have the two main assets of the market, but we will include other cryptos for trading over time. We will have a complete platform with blockchain-based assets.”

One thing that remained in common with different banks incorporating these tokens is the fact that they have been responding to “demand from our customers who wish to trade crypto.” This news is no different.

Plans

BTG Pactual CEO, Roberto Sallouti laid out his plan of action with this development. He opined, “As a new asset class, we will also have content to educate and inform our customers about these assets and the technology.”

Needless to say, Brazil has witnessed an immense amount of crypto traction. That said, regulators too have taken steps to curb illicit activities. As asserted by the CEO, the said bank will be regulated by both the Brazilian Securities Commission and the local central bank. Moreover,

“With the support of BTG Pactual, Mynt has fundamental differentials in security and credibility…”

Past

The said bank had previously incorporated digital assets in previous operations as well. In 2019, it launched its real estate-backed security token ReitBZ. This step was executed post-examining digital assets for a couple of years. Just recently, the bank announced collaboration with Gemini, the U.S.-based crypto exchange. Gemini provided custody services to the first Bitcoin fund issued by a Brazilian investment bank.

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Source: https://ambcrypto.com/btgpactual-becomes-first-bank-in-brazil-to-participate-directly-in-the-crypto-market

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Basel Committee Crypto Rules Face Backlash

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Source: https://cryptobriefing.com/basel-committee-crypto-rules-face-backlash/?utm_source=main_feed&utm_medium=rss

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Ethereum NFT Game Sorare Fantasy Soccer Raised $680 Million

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Ethereum NFT game Sorare fantasy soccer just raised $680 million and it is now valued at $4.3 billion while launching a US office so let’s read more today in our latest Ethereum news.

The Ethereum NFT game Sorare fantasy soccer raised $680 million and the french startup now plans to expand into other sports as well as to onboard women’s soccer teams and US office. Sorare is an Ethereum-based fantasy soccer game based on NFT trading cards and grew dramatically in 2021 with a rising base and huge trading volume not to mention the new licensed teams in the mix. Today, however, the startup is using the momentum with the announcement of a new funding round.

NFT Game Founder, scammer, eth, cryptopunks

The $680 million Series B round values the company at $4.3 billion after a $50 million Series A round which was announced back in February and the new series was led by Japanese tech and investment conglomerate SoftBank that has a number of crypto industry dealings through SBI holdings financial services division. Sorare is focused on soccer with players from more than 175 licensed clubs like FC Barcelona, Juventus FC, and Paris Saint Germain FC as some of the most popular. Nicolas Julia, the co-founder and CEO of Sorare said that this week the company plans to expand into other sports and it will open a US-based office in the upcoming months to help “continue to grow with fans and sports leagues.” He continued:

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“We have ambitious plans to keep growing Sorare into a sports entertainment giant. The new funding will be used to help us continue to grow a world-class team, expand to new leagues and new sports, and keep improving our experience for users, including shipping a mobile app.”

nba top shot

Dapper Labs’ NBA Top Shot is similar to Sorare, built around NFTs and based on professional athletes. An NFT acts like a deed of ownership to a scarce digital item so in the case of Sorare, it’s a digital trading card that can be purchased and resold with each available in limited quantity. One NFT card can even reach $290,000. Unlike Top Shot, however, Sorare has an ongoing game component and is similar to other fantasy sports in that you can choose your top players each week as well as the leagues with other users. Sorare also has close ties with Ubisoft as it took the accelerator program this year.

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Source: https://www.dcforecasts.com/ethereum-news/ethereum-nft-game-sorare-fantasy-soccer-raised-680-million/

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