Over the past few weeks we at KuBitX have been busy fine tuning our blockchain solutions while also working to raise some operational funding to help us go full blast with our marketing and scaling plans. The good news is that our efforts are finally paying off and you can rest assured we are taking this project further into the mainstream, where it needs to be. Remember KuBitX is all about adoption and inclusion?
In the past few months, we have also been working on how to ensure our supporters get the best value for their contributions. We understand one of the ways to do this is to bring more utility and relevance to our native exchange token (KBX – KubitCoin) and a number of business decisions have been made regarding the way forward especially when it comes to listing and getting it into the hands of more people both in crypto and the mainstream. We will talk more about KBX later but let us first discuss our issuance of Africa’s first usable stable coin.
Naira Stable Coin (NGNX)
Stable coins. We have all heard of them but they have either been associated with scandals or are typically merely used for trading against crypto pairs. We believe this amazing innovation of blockchain technology can be put to better use such as facilitating real life merchant payments, instant currency swaps and cross-border remittances. It is for this reason that we created NGNX, Africa’s first usable stable coin — a digital asset pegged 1:1 to the Nigerian Naira.
Why did we start off with NGNX?
Nigeria boasts the highest population, highest youth population and highest mobile device penetration in all of Africa. It has the biggest economy and it’s teeming youth population are strong adopters of crypto — an evidence which can be seen in the volume of Bitcoin traded by Nigerians monthly. By creating this Naira pegged asset, we are not only helping more mainstream people to embrace certain applications of Blockchain tech, we are also facilitating further adoption of the technology and thus helping it mature better and faster in our own way. Our NGNX will be “swappable” in real time with other pegged tokens we plan to create once all the business and audit procedures are set in place.
Today, people who own NGNX can currently use it on KuBitX PROW to:
Send XLM to their peers in any part of the globe
Receive funds from their peers across the globe via XLM swap pathways. More pathways are being created starting with other countries in Africa.
Pay for airtime, internet, entertainment, utility and other services for over 3000 merchants in Africa’s largest economy
Fund their KuBitX Exchange account to exchange for other kinds of assets listed on the Exchange.
Fiat Payment Gateway Integration on Exchange
A major challenge crypto adopters in Africa and other emerging markets have is the difficulty in obtaining the top crypto (BTC, ETH, XLM etc) or the fact that they usually buy them at a premium, and often with steep transaction fees. Since we pride ourselves in helping adoption and fostering inclusion, we have decided to integrate a fiat payment gateway to the Exchange so that people can more easily invest in promising assets and projects they want without losing time and money due to the volatility in a high frequency trading environment. Our fiat gateway also ensures people can buy assets closer to the real price without having to pay the steep 2–3% fees being offered by the likes of MasterCard or Visa. It is another way of showing how much we care about how much we can give to our community and not merely what we can take from them.
Currency Conversion on KuBitX Exchange
For the sake of ease and convenience of portfolio management, we have added currency conversion to the settings so that our users can decide to see the prices of assets as well as their wallet balances in any of the currencies we have made available most notably the NGN, KES, ZAR, UGX, USD, GBP, RUB, EUR and CAD.
You may have noticed the reduction of the available trading pairs on the exchange, but you will have also noticed that the available pairs are coming alive. In the following weeks, we will be working to ensure there is more liquidity for the projects listed on the exchange. We do not believe in listing every project out there, we only want to list the most viable ones we can access. As our operations stabilise even further, we will be conducting community voting events as well as initial exchange offerings to bring on board high quality projects for our esteemed users.
Bonus referrals and Loyalty Discounts for payments using KBX
We believe in giving back, we cannot emphasize this enough. For this reason we will be giving back money to our users whenever they or their referrals pay for their bills on KuBitX PROW. When a referred person pays a bill, the referrer gets 5% of the transaction fees. A referrer is also eligible to earning 3% of the transaction fee of his/her downline’s first referral. People will always pay bills so we believe this is a good way for mainstream adopters of our KuBitX PROW to earn passive income.
In addition to the bonus referral payments, we have also negotiated discounted transaction fees for our users when they pay their bills on the PROW using our KBX tokens. This helps the user get a good deal as well as adding more utility to the token itself which benefits all owners.
Work is also ongoing to allow our esteemed community to be able to stake their KBX tokens for periodic rewards. More information will be provided on this at a future date.
One more thing (One Big Partnership)
We signed a huge deal to co-create something that can change the way funds/value is moved across Africa by people and especially mainstream businesses. We are super excited about this partnership and we believe it is positioning us further in an influential place within Africa and beyond as far as Blockchain innovations is concerned. We will share more details of this after the Easter break.
Yet one more thing (#BWCLagos19)
Women across Africa attended the maiden Blockchain Women Conference held in Lagos, Nigeria which was attended by the likes of Eric Annan (KuBitX CEO) and Reggie Middleton (Veritaseum CEO). At the event, KuBitX CEO pleaded with Africans to let go of a scarcity mentality and start collaborating to build strong and meaningful blockchain projects so that in the next few years, Africans can look at themselves as Blockchain solutions co-creators and not merely consumers as has been the typical trend with past major technology waves.
When also puzzled about why KuBitX was giving so many top notch features out so cheaply, Eric Annan responded to say:
We are focused in bringing value to the entire continent, because Africans have been saddled with exorbitant charges, poor customer support including random unexplained closure of accounts by some platforms. We are more concerned about the people and the value we can bring them, hence we will continue to strive to make it easier for the continent to have easier access to useful and reputable digital assets in the coming months. We plan to do this with features such as card payment and direct bank deposit. This is only possible as a result of our commitment to strategic synergies and partnerships with the mainstream.
Thanks for your patience and support so far. Keep supporting us as we work to bring you value both in how we serve you as well as how we make KuBitX bigger and stronger. We have a few other things cooking which we would only be at liberty to share once all the background and paperwork has been completed. For now, the team will just keep doing what they know best — work, innovate, collaborate,deliver, improve, rinse and repeat.
Happy Easter Holidays
What Coinbase Visa Supported Debit Cards Means for Mass Crypto Adoption Drive
US cryptocurrency exchange company Coinbase has reportedly acquired the principal membership status of financial services giant, Visa to issue visa supported debit cards to users.
The membership status was officially granted to the exchange operator in December last year but revealed recently making Coinbase the first cryptocurrency company to be awarded such a membership. And having the power to issue debit cards for other firms including cryptocurrency firms.
This debit card will allow users to spend cryptocurrencies such as Bitcoin, Ether and XRP anywhere Visa is accepted. The principal membership status allows Coinbase to bypass middlemen that would normally make the use of the product costlier. As Feroz Zeeshan said, the “Direct membership allows us to take control of our issuing program”
Challenges using crypto for payments
Cryptocurrencies have been seeing increasing levels of interest globally both from ordinary citizens to corporations and governments. However the uniqueness cryptocurrency features, most especially its cross border nature that citizens of countries with unstable financial and monetary system appreciates deeply, the daily use of cryptocurrencies for minute expenditures has always been a challenge.
This challenges which are due to transactions done in isolation (without having to go through legacy financial systems) thus causing slow processing, the global level of appreciation of crypto’s uniqueness, trust, transactional cost etc, has significantly impacted the growth in the use of cryptocurrency for daily engagements.
This was explicitly stated by the CEO of Coinbase UK, Zeeshan Feroz who said
“Your Bitcoin holdings have never been liquid because you have to sell them, you have to go through a process, withdraw the money, and then spend it. It’s never been an instant, “Oh, I’ll buy this cup of coffee with bitcoin,”.
“What the card is trying to change is the mindset that crypto is tucked away, takes two days to access, and can actually now be spent in real time.”
Though Coinbase has revealed the card will not be available for US users, it will be available for others such as users in 29 countries including Estonia, Denmark, France, Ireland, Italy etc. It opens up a whole new way of using digital currencies for daily expenditures. Below are some of the ways it will have impact on crypto adoption.
Super fast transactions
The membership status obtained by Coinbase allows it to issue cards that users can use and enjoy instant settlements.
With the swipe of the card, users will be able to pay with supported cryptocurrencies without having to first convert to their local currencies as is currently obtainable globally.
Convenience and accessibility
Cryptocurrencies are true global currencies yet, its global nature suffers certain setbacks. The ease and convenience of using cryptocurrency in foreign markets though possible is not as easy as it seems.
Though regional firms may offer easing services, the Coinbase debit cards awards users the ability make payments globally wherever Visa is supported. This affords users the ability to travel globally even without a bank account and be able to engage in commerce.
Distribution of card offering firms
With the principal membership status, other companies can issue debit cards through Coinbase. This helps to expand the ease of using cryptocurrency in retail transactions by companies in various regions globally.
Cryptocurrency started as an unknown technology but today, it represents a global multi-billion dollar industry growing at an impressive rate. However the limitations, crypto industry have created a name for itself. With various organizations pushing forth the global adoption of cryptocurrency, this current position of Coinbase points to a unique picture. Global cryptocurrency adoption is possible and near.
Pornhub Add Tron-based USDT Tron as Payout Method.
Leading website for pornographic contents Pornhub has added the Tron based USDT stablecoin to its platform.
This addition is coming few months after PayPal abruptly stopped offering Pornhub its services thus restricting thousands of models all over the world from receiving payments.
Ever since then according to Pornhub, it has been hustling to start offering more options to make payments easier for its models.
On January 23rd, Pornhub announced its addition of stablecoin Tether to its platform as a payout option. Educating those who may not be familiar with cryptocurrency and stablecoin, Pornhub explain saying ” For those of you who may not know, USDT is a crypto currency that follows the US dollar, meaning one USDT token is equal to one US dollar. USDT transactions can be done globally within a few seconds and there are no fees.”
Tweeting on the addition, Founder of Tron Justin Sun commenting said, “This is a brilliant way to support the victims of centralized payment platforms like PayPal.”
Partnership agreement TRON and USDT
Early 2019, TRON which formerly was an ERC20 Token before migration to its mainnet and USDT partnered to issue a Tron based USDT stablecoin compliant to the TRC20 standard. According to TRON, the token will be interoperable in all TRON based products.
Pornhub has thus leveraged this partnership to ensure its models receive payouts through the TronLink wallet as soon as possible.
PayPal’s Abrupt Censorship
In the last quarter of 2019, PayPal abruptly out a stop to its support for the leading global adult entertainment website Pornhub. The decision came as a shock to the organization since there was no communication prior to the termination of support and models were expectant of their payouts.
This decision has put Pornhub on the toe to provide more options for its models to receive payouts.
Verge XVG Partnership
Tron based USDT isn’t the only cryptocurrency supported on Pornhub. In 2018, Pornhub partnered with XVG Verge to integrate the privacy focus cryptocurrency unto its Pornhub Add Tron-based USDT Tron as Payout Method.While the crypto community went agog with the news of adoption, models were not so enthusiastic because of the education level of using cryptocurrency.
Akon Finalizes Agreement to build Fully Functional Crypto City, Akon City
Senegalese/American national and global musician & businessman Akon has finalized the agreement to build Akon City. A city fully powered by the cryptocurrency, the Akoin.
The announcement which was made via the singer’s his social media account contained few words but has been a building story for several months.
Just finalized the agreement for AKON CITY in Senegal. Looking forward to hosting you there in the future pic.twitter.com/dsoYpmjnpf
— AKON (@Akon) January 13, 2020
Akoin according to the cryptocurrency website is “a new cryptocurrency from visionary changemaker Akon and is the foundation of the AKoin Ecosystem – a unique global project that offers an abundance of digital and in-real-life platforms and experiences that create opportunity and inclusion”.
The website went on saying “Akoin will provide a much-needed platform for individuals to gain access to educational materials, tools and resources to make their entrepreneurial visions a reality. This, in turn, will foster a more sustainable environment that encourages a focus on entrepreneurship over charity.”
Akon City named after the himself according to the Rapper will be built on a 2,000 acres of land provided by the President of Senegal and it will be a fully functional crypto-based city with Akoin as the transactional currency.
The “Lonely” singer has stated himself that the City will a short drive from the country’s capital, Dakar. It’s also going to have an airport.
The singer believes that the initiative will bring power back to the people and also security to the currency system. It will also allow people to in various ways to advance themselves and not rely on government’s intervention.
On the technicalities involved in the project, Akon who noted he would want to run for the Presidency, stated that he only comes up with the concepts and knows nothing about the technical aspects but he lets the geeks figure it out.
The project according to the rappers and business man said, it will be a 10-year building block and though the project has started, stage two will commence from 2025.
Italian Football Club Juventus Now Has Its own Crypto Token $JUV.
Italian football Club Juventus has partnered with sports focused blockchain firm Socios.com to launch a cryptocurrency token $JUV.
Socios.com is the world’s first blockchain-based fan voting and rewards platform. A tokenized voting platform that gives fans the power to crowd-manage their favorite sports teams.
The token which football fans can purchase via the Social’ App grants holders the right to vote on certain club decisions and earn rewards.
In sport focused token offering ‘Fan Token Offering FTO™, a significant number of the 20,000,000 total supply the JUV token is already available for sale to interested fans.
Giorgio Ricci, Chief Revenue Officer of Juventus speaking on the development said;
“We are proud to be the first Club to be activated by Socios.com on its platform, inaugurating a new way to interact with our fans around the world”.
The price of $JUV will fluctuate according to supply and demand once the marketplace feature is launched, and Fan Tokens can be traded by fans on exchanges.
Alexandre Dreyfus, the founder and CEO of Socios.com who also commented on the partnership between both organizations said;
“99.9% of sports fans are not in the city/country of the team they are supporting. We created these fungible fans tokens to allow fans to have an influence over some fan-based initiatives”.
$JUV is currently priced at around €2 (~$2.2) apiece. A limited number of these tokens are also available for free via Socios app’s Augmented Reality feature, Token Hunt.
According to Socios.com, it also has other clubs that are ready to join its platform and six are already lined up for tokenization by Q1 2020.
These include Paris Saint-Germain (PSG) and Atlético de Madrid (tokens for which will be launched in late January); West Ham United, Galatasaray and A.S. Roma (in February) and esports provider OG (in March), per the announcement.
The Socios app is available to download for Android and iOS users can apply for a beta version of the app.
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