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African banks Employ the  Blockchain Technology

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African financial institutions are beginning to see the potential of the blockchain. The blockchain lacks a centralised ledger for transactions and this allows for greater transparency and reduction in cost in all sorts of trades and other activities. However African banks are buying into the technology and some African banks are already utilizing the technology. One of South Africa’s biggest bank, Barclays Africa Group joined R3, a New York-based blockchain firm. The firm is a coalition of 45 firms and develops blockchain for the utility of global financial system.

 

Africa is relatively new to the blockchain space and unlike the banks of other countries in the world they are taking the blockchain technology in their strides. Although there are many regulatory hurdles on the way, speculation is that Kenya or South Africa will likely be the first to integrate the blockchain into its banks.

The South African Reserve Bank (SARB), South Africa’s Central Bank actually utilised Ethereum based platform, Quorum to test bank-to-bank payment transfers. The project Khokha was a collaboration of eight South African banks including Absa, Capitec, Discovery, FirstRand, Investec, Nedbank, SARB and Standard Bank. The blockchain project was to replicate South Africa’s current bank-to-bank payment platform, the South African Multiple Gross Operation Settlement System (SAMOS), using the blockchain technology.
Rwanda also got involved with the blockchain with the I&M Bank located in Rwanda together with Blockbonds announced that they are rolling out the SPENN. The  SPENN was the country’s first platform that would be based on the blockchain technology. The platform would enable Rwandans utilise the blockchsin application just like a mobile banking option and enable them make a range of financial transactions.

African Banks could benefit greatly from the blockchain it could help in streamlining their credit-scoring processes as well as make lending more efficient as well as make transactions faster and more transparent.

 

 

 

What do you think about banks employing the blockchain? Share your opinion with us in the comment section below.
Image credit: pixabay,

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

 

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I am a blockchain and cryptocurrency journalist fascinated with sharing the knowledge of this wonderful technology in the simplest language possible.

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Bolt secures first ever African Partnership for Cryptocurrency Education

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Bolt– a mobile entertainment company based in Germany, has recently partnered with Blockchain Association of Kenya for cryptocurrency education. this partnership seeks to bring  more awareness (education) about blockchain to the people of Kenya.

Bolt is a mobile only entertainment service which seeks to reward over 6 billion people for content creation. The company offers live channels, videos and games. With bolt, users can either stream content in-browers or download via the mobile apps on Playstore and Appstore.

Following the partnership with the Blockchain Association of Kenya, Kenya becomes the first country in Africa to be on the Bolt platform. One of the major reasons for this partnership is to foster Cryptocurrency Education within the country.

 

According to Michael Kimani, who is the Chairman of Blockchain Association of Kenya, “Education is a core theme in our 2019 strategy. We want to make an impact on how our young Kenyans can harness the Potential of Blockchain and address some of the Challenges of youth unemployment facing Kenya today”

With this great feat, the Blockchain community in Nigeria looks forward to a possible integration as part of this laudable project.

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Estonia Regulator has Issued over 900 Licenses to Crypto Entities

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Less than a year ago, Estonia introduced licensing for cryptocurrency related companies operating in the country. The Northern Europe country is among the first countries in the European Union to formally legalize cryptocurrencies. However, less than a year since the country regulated the sector, it has issued more than 900 licenses. Estonia has adopted a regulation that is crypto friendly. Citizens can file their company in less than an hour on the website of the Estonian government.

A local law firm, Njord, which works with the cryptocurrency sector, recently published an overview regarding crypto licenses in Estonia. Nikolay Demchuk who works with the firm reported that obtaining a license is a quick and easy process. However, it takes about two weeks to get approval. Estonia grants two different types of licenses. Businesses are however required to meet up with some basic terms and conditions which includes, know-your-customer and anti-money laundering regulations. The license is issued by the Estonian Financial Intelligence Unit (FIU). The regulatory body reviews each application within 30 days and grants approval within a period of one or two weeks. Also, a company can have its license revoked if the company has not started operations within six months of receiving it.

The FIU has issued around 500 licenses to companies operating cryptocurrency exchange platforms and over 400 licenses to cryptocurrency wallet providers. Crypto related companies registered in Estonia can operate legally in the EU. Licensed companies are also required to adhere to the local and European laws.

Despite the favourable regulatory environment, Nikolay Demchuk revealed, “Opening a bank account is the biggest problem facing crypto companies. Estonian banks are not yet ready to serve clients operating with cryptocurrency.” Since access to regular banking services remains restricted to Estonian fintech businesses, many of these companies are now seeking services from foreign banks and payment providers.

 

 

What do you think about Estonia creating an enabling environment for crypto businesses with crypto friendly regulations? Share your opinion with us in the comment section below.
Image credit: Pixabay

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

 

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Huobi Global Meets Gemini Co-founders to Discuss Global Synergy

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Bridging the gap between crypto communities is very important in the cryptosphere. This has lead two leading cryptocurrency exchange operators to discuss on global synergy. The CEO of Huobi Group Leon Li and COO Robin Zhu recently met with Cameron and Tyler Winklevoss Co- Founders of Gemini in Beijing on November 7th. The two operators discussed on constructing a bridge connecting crypto communities in the east and west.

The two prominent operators were also keen on stablecoins and building a flatter global economy. Leon explained the aim of the meeting saying, “Huobi wants to build a bridge between the US and China in the crypto space.” He added, “There are a lot of good digital assets and products around the world, especially in America, and we want to bring them to China. We also plan to bring more awareness about Huobi’s digital assets and financial services in
China to the world.” Leon is also hopeful that there would be further cooperation between Huobi and Gemini.

The Gemini Dollar (GUSD) was incorporated by the Huobi Group last month. Leon and Robin were impressed by GUSD’s stability and its advantages as a stablecoin. The two party run prominent international exchanges and explained the benefit of listing GUSD within HUSD to millions of Huobi Global and Huobi Cloud traders. Huobi has also incorporated True USD (TUSD), Paxos Standard Token (PAX) and USD Coin (USDC) into its stable coin solution, HUSD. The parties spoke on how listing GUSD within HUSD allows millions of Huobi Global and Huobi Cloud traders exposure to it.

Huobi is the world’s fourth largest crypto exchange and a synergy with Gemini will create a bridge for U.S residents to gain access to Huobi’s products. Companies can open their exchange based on Huobi’s model called the Huobi cloud. U.S. residents can also gain access to Huobi’s OTC for over the counter trades.

More traders in the West are yearning for discounted transaction fees, this synergy between Huobi and Gemini will offer the Western markets reduced transaction fees with Huobi’s OTC or Huobi PRO.

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding blockchain and cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading.

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GreenHouse Lab Set to Launch Demochella

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GreenHouse lab, Nigeria’s first female focused tech accelerator program, set to launch “Demochella”, a demo day where each companies get to pitch the various problems aimed at solving. The launch is set to happen on 17th Nov, 2018 at Vibranium Vally in Ikeja, Lagos, Nigeria, with prominent venture capitalist.

About Greenhouse Lab

Greenhouse lab is a group of five female lead companies comprising “Bitmama”, “Bankly”, “AMPZ”, “Allpro” and “Nicademia” each with different problems they aim at solving.

bitmama.io
 Bitmama is a crypto-fiat exchange that allows customers and trader to buy and sell Bitcoin, Ethereum and other digital currencies in Africa while also offering institutions and professional the ability to trade a variety of digital currencies on a regulated exchange.

bankly.jpeg
Bankly is a global based digital saving and peer to peer transfer product that allows users fund their wallet using tokens available on Bankly vouchers nationwide in a recharge to save model.

ampz
AMPZ is an online media platform that connect the Africa sport ecosystem from grassroots using mobile and web technology with aim to bring Africa 928 million sports enthusiasts together.

allpro

Allpro is an end-to-end lending platform for schools in Nigeria. Allpro’s solution underwrites credit risks for lenders while making financial-access easy for various users in the school ecosystem including school owners, parents and teachers.

nicademia

Nicademia is a video streaming and content distribution animation company for promoting the culture and languages of Nigeria and other African countries with the mission to prevent the extinction of Nigeria and Africa languages as well as create market for Africa Animation.

The main discussions will be focused at each company pitching the various problems they aim at solving and unleashing the potential of Africa. This with no doubt is a remarkable feat as it will cause a great deal of diversity and a great thing that women are getting involved.

The more problem solved, the more impact is being made. So if you are in the neighborhood, join in by registering for free here

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