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
Bitcoin Cash Support Added to HTC Flagship Smartphone, the Exodus 1
The Exodus 1 which is an Android powered mobile phone is the first native web 3.0 mobile devices with architecture that secures crypto assets. The device has an easy to use digital wallet, Zion Vault whose software interfaces with the device’s hardware security.
The wallet allows users to store and make transactions using the bitcoin cash cryptocurrency without having to be exposed to remote system penetration.
According to Bitcoin.com, the partnership will see HTC pre-loading the firm’s popular wallet app on the device. In turn, Bitcoin.com will offer for sale the Exodus 1 Flagship device and other lower device from the manufacturer on the Bitcoin.com online store. The lower priced device Exodus 1s will also feature same native bitcoin cash support which the flagship users are to enjoy.
Speaking on the partnership, Bitcoin.com CEO Stefan Rust said “There are so many synergies between Bitcoin.com and HTC. We are very excited to be on this incredible journey together.”
Roger Ver, the Executive Chairman contributed saying “Bitcoin.com’s partnership with HTC will enable Bitcoin Cash to be used as peer to peer electronic cash for the millions of HTC smartphone users around the world.”
Based on the news reporting arm of bitcoin.com, HTC sees great promise in cryptocurrency and that is the reason why it has added support for bitcoin cash.
The Taiwanese firm’s Decentralized Chief Officer Phil Chen speaking on the importance of the partnership between both organizations said “Smartphones are everywhere and have proliferated across the planet. It’s very important for the adoption of crypto that it is easy to store and use, no matter which cryptocurrency is preferred by people. So the fact that BCH, one of the biggest cryptocurrencies, is now easy to use on our smartphone is very important for us. Together, HTC and Bitcoin.com are helping to bring crypto to the masses.”
He went further saying HTC believes in user ownership of, control of their data and cryptocurrency presents the best opportunity to start the journey into owning personal data. Understanding the fear of users owning and controlling access to their data, Phil Chen believes this will significant impact the business models and revenues of these ‘powerful firms’.
HTC believes the smartphone will be the tool which will allow users manage, access, store their digital assets.
Bitcoin.com revealed that future plans of the partnership includes offering discounts when paying for goods in BCH as well as sales of the Exodus phones on store.bitcoin.com
Businesses Can Now Accept Ether as BitPay Add Support for Ethereum
Largest global blockchain payment processor Bitpay has announced customers will soon be able to safely, securely and compliantly accept Ethereum for purchases without the need for any further integration.
It also revealed that wallet users will be able to store and use the second largest cryptocurrency by market cap in their wallet and BitPay Prepaid Visa Cards holders can top up debit cards.
BitPay formerly supports Bitcoin and Bitcoin Cash and has now added Ethereum to its list of supported digital assets on its payment processing platform.
Accesses to foreign exchange in some jurisdiction is a challenge to businesses and with the advent of bitcoin, businesses can easily and effortlessly receive payments from all over the world from users with the three supported cryptocurrencies.
BitPay speaking on the achievement was quoted saying “It is exciting to see BitPay leading the way in integrating Ethereum into global payment systems,” said Vitalik Buterin, founder and creator of Ethereum. “This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real world use cases for cryptocurrencies.”
BitPay offers stable coin settlement with Circle CENTRE USDC, Gemini Dollar (GUSD), and the PAX as well as in 12 currencies and direct deposits in 37 countries.
According to BitPay, it calculates prices displayed on invoices in 150 countries and can settle in over 200 countries. It further said that, for merchants who desire to be settled by bank transfer, the transfer is initiated the next day and cryptocurrency is settled the next day.
BitPay was founded in 2011 as the pioneer bitcoin and blockchain payment with large number of merchants already using its payment processor such as Microsoft, Newegg, Dish Networks etc. It enables users to manage digital assets with the BitPay walllets and turn digital assets into dollars with the BitPay Visa Card.
Blockchain-enabled SIM to be Launched by China Telecoms Corporation
China telecom corporation limited CHA, has made public its serious considerations in developing a blockchain-enabled 5G sim card according to a Chinese website, Sina News.
The leading arm of the Chinese telecom research had released the white paper which outlined key moves to be implemented on the sidelines of China International Smart Industry Fair recently. The paper had also pointed out some details of how this sim card would support ERC-20 tokens and Ethereum, also stating that it would have compatibility with almost any type of phone. Explicit details on plans to turn a smartphone into a decentralised node were also highlighted
This news has also come as a good one for those who intend to buy and sell Cryptos using their mobile phones. The telecom of China has its eyes on the 5G which is the major prize for the corporation
According to the whitepaper, blockchain has emerged as the only technology that presents users with the opportunity of securing their fragile data, hence the issue of the huge flow of data this advancement will come with will not be an issue, even with the advent of IoT enabled devices
China telecom is of the opinion that it can perform better as it attacks the low quay of current blockchain phones such as Samsung’s Galaxy S10 and HTC’s Exodus One which it accused of playing the market by incorporating specific blockchain instead of going for higher technical standards.
Coinbase Reports an Increase In The Level of Activity in Blockchain Activities Into Universities
According to recent research carried out by a major cryptocurrency exchange platform Coinbase, it was discovered that about 56% of the top 50 Universities in the world had one of more cryptocurrency and Blockchain classes offered.
An indication of growth in interest for blockchain
This research carried out by Coinbase was published in an official blog post which also used rankings from the US news as well as world report for the listing of top 50 universities. The findings also took into account both students offering undergraduate and graduate courses.
It was discovered that twice the number of students, when compared to last year, were beginning to take courses in blockchain and Cryptocurrency.
Apart from having a doubled interest amongst the top universities of the world in taking classes on blockchain and Cryptocurrencies, the study also reflected that these students had already gone as far as creating student-run clubs related to crypto.
There was a 42% increase in the offerings related to this field.
The report also revealed that nearly 70 percent of crypto and blockchain classes are in departments that are outside computer science, including law, the humanities, and economics. A Cornell alumnus said:
“We’ve had so many professors reach out to learn more about blockchain and see how it applies to their field. It’s really cool to be part of a community where there’s so much engagement.”
The African continent not being left out of this action
Meanwhile, the African continent is not left behind as countries such as Nigeria have shown an increased level in activities that are blockchain and cryptocurrency inclined, considering the fact that there has been a series of events both past and future that have been organised by bodies such as Cryptotvplus to increase the level of awareness amongst university students.
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