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Blockchain Based Cashless Banking App now in Rwanda

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Africa is proving to be a fertile ground for the blockchain technology that is currently revolutionizing the world. Many sectors are beginning to employ the technology and the Banking sector doesn’t want to be left out as Rwanda’s I&M Bank is partnering with Blockbonds a fintech company based in Norwegia to launch a mobile banking App in the East African country.  

Most often banks charge certain amount of money for inter or intra bank transfers and the sum varies depending on the bank.  But SPENN aims to cut down cost by offering cost free transactions for its customers. However the offer is currently being offered to I&M Bank’s customers in Rwanda  who own business and personal accounts with the bank. Therefore customers can make free money transfers, withdrawals and deposits using SPENN at any I&M Bank branch in Rwanda, as well as free payments in stores.

Mobile networks have already gained ground in Africa so, mobile banking built on the blockchain will very likely see mass adoption. Jens Glaso, CEO of Blockbonds and SPENN explains,
“We believe Rwanda will be an example on how an effective and structured decision-making process drastically can benefit a nation’s economy, and at the same time help people to take the first step out of the cash society.”
Robin Bairstow, CEO of I&M Bank Rwanda Limited also explained that SPENN would provides free point-of-sale service to traders who for upgrade to SPENN+. He explains,
“I&M Bank Rwanda Ltd is a proud pioneer in supporting and bringing Rwanda closer towards a cashless economy. We truly believe that SPENN will transform the way Rwanda currently transact and increase efficiency and prosperity for the Rwandan population.”  We look forward to seeing more out of this partnership.

 

 

 

 

 

What do you think about SPENN? Share your opinion with us in the comment section below.
Image credit: Pixabay

 

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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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Tether Prints Another 100M USDT On The Ethereum Blockchain

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Tether, the company behind the cryptocurrency with a value meant to mirror the value of the U.S. dollar known as Tether Dollars (USDT), has just printed another 100m USDT on the blockchain. Within the course of last week, Tether has emitted a total amount of $250m USDT into the Ethereum blockchain, remarkably stirring the air about  its claim of being a stablecoin. Tether has been known as a very controversial cryptocurrency in the cryptospace.

Since the beginning of this year, regular issuances of large amounts of the USDT have been  routine for Tether. There have been a record of about 10 prints of $20 million to $150 million so far this year, one occurring (roughly) every two and a half weeks. Before that, the last print–which was for $30 million–occurred on January 29th, 2018.

Tether’s recent printing of the $100 million USDT made its market capitalisation to catapult from  $2.8 billion from just a few months back to about a grand total of $3.5 billion.

Although Tether has printed a whooping figure of USDT, most of the coins have not been put into circulation as confirmed by Paolo Ardoino and the company’s official transparency page.

Paolo Ardoino is the CTO of Bitfinex. According to him the Tether that has just been emitted in the blockchain will not be issued quite yet. It has not been  authorized but will become a part of the circulation once the demand will be higher than the supply. He makes this utterance in reference to the USDT printing that  occured on June 11th. In his words, the new USDT is “authorized but not issued”; in other words, it “was created in the treasury wallet that will be used to fulfill future issuance requests.”

Quite similar to Paolo’s view or rather taken as a confirmation of what he says, Tether’s official transparency page avers that $99.8 million USDT is “authorized but not issued” on the Ethereum blockchain yet.

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Japan’s LIQUID Exchange Announces Telegram Digital Token Public Sale

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Japan's LIQUID Exchange Announces Telegram Digital Token Public Sale

Japan’s top cryptocurrency exchange Liquid has announced the upcoming Public Sale launch of Telegram digital asset token for the (Telegram Open Network).

As reported by Finance Magnates, this development is made possible by Liquid’s recent partnership with Gram Asia, the largest holder of the native token of TON blockchain in Asia. Public Sale for the TON token will commence by 10th of July 8 am UTC and is open to accredited LIQUID Exchange users. Interested participants in the public sale are also expected to have enough funds in their accounts.

Excited Mike Kayamori, co-founder and CEO of Liquid, “We are excited to be partnering with Gram Asia to launch the Gram token sale, which is wonderful news to our community who are native users of Telegram. We share the vision for a more secure and open value transfer system in order to enable the mainstream adoption of cryptocurrencies.” said.

It should be noted Telegram organized a private sale in 2017 when it announced plans to launch its own Blockchain and native token via the no longer popular ICO. It raised a total of $1.7 billion via private sale as at March 2018 making it the second largest amount raised through ICO second only to Block.one’s EOSIO which still ranks tops after raising over $4 billion.

“The TON Blockchain infrastructure can help enhance Telegram’s current capabilities as a peer to peer network of value, with the launch of their cryptocurrency light wallets for Telegram’s highly engaged user base,” Kayamori continued.

As TON is expected on its own Blockchain, Liquid Exchange will make provision for integration of the TON compatible wallet where investors are expected to receive TON tokens upon the launch of TON Mainnet which is expected to go live by October 2019. As Japan’s first FSA licensed global exchange, it assures its users of an unconditional refund should the initial plans not follow through by the TON Team.

 

“As the first Japan FSA licensed global exchange, Liquid has demonstrated strong governance capabilities for protecting its users; therefore, I firmly believe Liquid is the right partner to launch this historic token sale. We are excited to invite all believers in Telegram’s vision, globally and in Asia, to build on top of TON, leveraging the critical mass of Telegram’s user base.” Dongbeom Kim, founder and CEO of Gram Asia, said.

 

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Yellow Card  Among the 13 Startups in Binance Labs Incubation Program Season II

When you visit a Yellow Card Location near you, buy a Yellow Card or PIN, redeem the code on your account, and buy your favorite currency. It’s that easy.
Also there is an existing partnership between binance and Yellow Card. Find out more…

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Yellowcard Card has been announced to be among the 13 newest blockchain projects to graduate from Binance Labs incubation program. This announcement was published on Binance blog on June 5, 2019.

Yellow Card is a startup blockchain project which allows users to sell or buy cryptocurrency with or without a bank account. As Binance puts, Yellow Card allows for Cash-to-crypto on-ramp for emerging markets.

How does Yellow Card work?

You can get Yellow Card by visiting a location near you as it is sold in stores around the world. Find a location near you. Then you ask the merchant for a Yellow Card or PIN which you are expected to pay using your local currency. Note also that if you do not see the card on the rack, ask the merchant for a Yellow Card PIN. Yellow Card PINs work the same as Yellow Cards, and your PIN will be printed directly on the receipt.

You can also get Yellowcard or Pin by redeeming it online. Sign up for a Yellow Card Account, redeem your PIN, and buy cryptocurrency instantly.

Features of Yellow Card

Instant Transactions: Your Yellow Card transactions hit the Blockchain instantly. No more waiting for your money. It is immediate.

Multi-signature wallet: Unlike other exchanges, Yellow Card never holds your cryptocurrency. You have full control over your wallet’s private keys. It’s your money, not theirs.

Access to Two Cryptocurrencies: Yellow Card offers instant access to Bitcoin and DASH with more coins going to be added as time progresses.

Unlimited Limits: No more restrictions. Yellow Card offers instant verification and limits increases. And if you ever need more than your daily limit, you can contact them and they can make it happen.

Low fee price tag: Yellowcard keeps your fees as low as possible, and it will never hit you with any surprise fees on the platform. It has promised to keep to a low fees tag.

The Two Possibilities of Yellow Card

Cryptocurrency made easy: With the service of Yellow Card, both new users and Blockchain veterans are able to safely, quickly, and securely exchange and store their coins all on one simple platform.

Cash to Crypto in 5 minutes: When you visit a Yellow Card Location near you, buy a Yellow Card or PIN, redeem the code on your account, and buy your favorite currency. It’s that easy.

Other startups chosen by Binance Labs in the second season include:

Base Zero, Bit Sitka, Cerebellum, Dune Analytics, Keylabs, Lucky Clover Global, Marlin Labs, Mavrik, PhishFort, Raise, Tellor, and Xend.

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Bitcoin.org Receives 14 Bitcoins as Donation Totaling $120,000 from an Anonymous Donor

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bitcoin.org receive $120,000 bitcoin donations

Bitcoin.org, the open source website now owned by the decentralized community of bitcoin enthusiasts has received 14 bitcoins valued at $120,000 on recorded as the largest gifting to the website in history.

Bitcoin.org was originally set up by Satoshi Nakamoto, the inventor of Bitcoin and Martti Malmi, one of the first developers who helped to build it. It ranks as one of the top 24,000 sites globally receiving as much as 2.1 million visitors monthly with most of these visitors landing from search engines such as Google.

This announcement was made known yesterday by the anonymous co-owner of the bitcoin.org site “Cobra”, and Michael Marquardt—known as “Theymos” in the Cobra owned bitcointalk forum. Cobra took to his twitter on Monday the 28th of May to make this announcement to his followers. In his tweet, he stated it was the largest donation anyone has gifted to the site and that it will be employed to the continuous evangelization of the new era of money. This will be employed in the further translation of the Bitcoin whitepaper and creation of more contents such as videos and other medium that will help to convey the message home to millions of people all over the world.

He also assured the members of the public that these donations will keep the open-sourced Bitcoin.org website running continually in terms of maintenance and server costs which do not normally come free to operate.

With such huge donations, it is clear that the global community of Bitcoin enthusiasts are very much behind the first truly decentralized internet money. In some other circles, some participants of the bitcointalk forum advocating for this donation to be used to cover for fees most entrants require to pay for “evil fees”. Let’s see if that proposal will be accepted. In the meantime, congratulations to Bitcoin.org on this latest record-breaking donation received.

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