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Paxful is creating “a means of wealth preservation in Africa”

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Africa is taking the crypto bull by the horn and investing in the blockchain technology as well. Cryptoprenuers and crypto enthusiasts are spreading the blockchain gospels to the unbanked in the continent. Bitcoin is no longer new to the people as the rate at which peer to peer transactions are spreading in the continent has increased. Paxful is a big part of the African cryptocurrency story and its CEO, Ray Youssef sees Bitcoin as a financial liberating tool for the Black Nation.

Ray who moved from having a successful startup to being a homeless man on the streets of Manhattan and finally becoming the CEO of Paxful understands the priority of reaching the Unbanked. He explains, “We Focused on Helping the Unbanked…It was technically the same as LocalBitcoins, which is a solicit service and an escrow service. It wasn’t local–there were no local trades allowed. It was like ‘GlobalBitcoins.’ We focused on gift cards and helping the unbanked.”

Ray also spoke about Nigeria and how the African country is doing in the crypto world.   He says, “All of a sudden, Nigeria started popping up on our radar…Why are all these Nigerians on Paxful?” He explained that Nigerians were interested in cryptocurrencies as a means of “wealth preservation.” He says, “they have huge limits [on debit/credit cards] over there…these folks have a lot of issues. We saw that yeah, the unbanked in America have it rough. But if you’re unbanked outside of America, it’s even worse, because you’re completely segregated from the world economy.”

Paxful has already introduced the #BuiltWithBitcoin project as a means of helping the African people have equal financial opportunities. Despite the barriers plaguing the nation financially, people are finding their way around it through peer to peer payments.

Besides finding a way across payment difficulties. Ray believes that, “When you help them help themselves to build their own businesses and create their own wealth–and get Bitcoin in to the hands of people around them–you’re making ‘nodes of prosperity.’ They will hire their friends and family, and then bring in other people. That’s how it starts.” Paxful is building not a company, but an opportunity for people to be financially liberated, and with the rate at which the gospel of Bitcoin is being spread peer to peer payment has a long way to go in creating a less financially dependent structure in the continent.

 

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

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Justin Sun & Tron Foundation Sued owing to Bad Working Condition, Discrimination & Assault

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The founder of Tron Justin Sun and the Tron foundation has been sued by former employees for workplace aggression.

The lawsuit which was filed by last year in a 70 page document in the state of California by Richard Hall and Lukasz Juraszek revealed they have been victims of aggressive and hostile working environment.

The ex-employees are suing for $15 million in damages and government actions against claims of labour violations on the grounds of wrongful termination, discrimination, emotional distress and hostile work environment.

In the lawsuit, the plaintiff expressed undue pressure to deliver by fast-tracking the BitTorrent Software releases.

Lukasz Juraszek also claimed CEO of Tron, Justin Sun physically assaulted the Head of engineering however, there was apology issued for the assault.

Same Head of Engineering was also seen according to Lukasz Juraszek to have also hit a manager whom the former is known to always launch attacks at.

The 70-page document also showed some ethical issues with the management of the organization, specifically on the issue of copyright infringement.

Based on the report of the Court document, Richard Hall said he flagged some risk of third parties hosting copyright-infringement and child pornographic contents but CEO of Tron, gave little to no ears about the issue.

Lukasz Juraszek also claimed the manager physically assaulted by the Head of engineering, Cong Li told him that Cong Li appears to “hold him to impossibly high engineering standards”.

Not long after, he was kicked out of the company for reporting observation to human resources. According to the lawsuit, Lukasz Juraszek said after he was kicked out, an unknown user accessed his work computer from another location and his emails disappeared.

Richard Hall on the other hand, claimed Cong Li threatened him to deter him from recording their conversation, according to the lawsuit, the following words were used “if you go tighter with me, I will go tighter with you”, he also said “things will end badly for you”, “I cannot protect you” according to the lawsuit.

The plaintiffs also claimed Chinese nationals came from Mainland to replace both of them and other local nationals.

And these Chinese workers also behaved less responsible towards local laws and this gave Justin Sun upper hand in enforcing unfavourable work timetable.

Justin Sun has been involved in several controversy over the life of his company starting from the plagiarism of the Tron Blockchain white paper and codes, to his involvement in pump and dump schemes as well as the postponement of his lunch with Warren Buffet.

The former employees are suing for $15 million.

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Gaius Chibueze A.K.A Bitcoin Chief Ranked  Amongst Top 2019 Crypto Traders on Binance

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Gaius Chibueze aka Bitcoin Chief

Nigerian National and celebrity bitcoin advocate Gaius Chibueze popularly  known Bitcoin Chief was  ranked amongst the top cryptocurrency traders in 2019 according to Binance traders rankings. 

The rank which was posted by the vocal Bitcoin advocate and founder of AbitNetwork on instagram showed he ranked above 97.00% of other traders on Binance. 

According to the same screenshot shared via his Instagram handle, the total volume of trades entered all through the year was 100% Spot Trade. 

This meant Gaius Chibueze didn’t utilize the futures or margin trading platforms owned by the leading cryptocurrency exchange. 

Another screenshot also shared by Mr. Gaius Chibueze also puts him at a total completed trade of 894 of which he only accessed his account 35 times all through the year 2019.

As one of the earliest Bitcoin investor in Africa, Bitcoin Chief as he is popularly known by many has over the years exploited his skills in training and exposing people all over the world, helping them to be self sufficient in the world of crypto trading. He continues to groom people while being vocal against fraudulent schemes which portray a false representation of what crypto is about.

The rise of Tatcoin 

The founder of ABiTnetwork, Gaius Chibueze, author of several books and tutor to thousands of people all over the globe in late 2019, through his company ABiT Network launched the ERC-20 Token, TATCOIN. TATCOIN is a utility token which is poised to be the next big thing

Speaking on the reason for TATCOIN, CEO ABiTnetwork Mr. Gaius Chibueze said “at ABiTnetwork, we are always looking for smart solutions to prevailing issues in the economy,” In recognition of these issues in Africa, ABiTnetwork has leveraged on blockchain technology to provide solutions amongst which is the new cryptocurrency called the TATCOIN.”

Tatcoin will be utilized as the official transactional currency of the ABiT Network ecosystem. It will also be traded on cryptocurrency exchanges. 

The token will serve to simplify payment processes for goods and services on the ABiT Network. It will be available to all users of the ABiT suite of products. Though it’s understandable that its utility may extend even beyond the ABIT suites of products. 

Users using the token for payments on ABiT will also be entitled to discounts on purchases. 

Token Sale for Tatcoin is currently ongoing ABiTnetwork. Accepted cryptocurrency for purchase of Tatcoin are Bitcoin, Ethereum, Binance Coin (BNB) and EOS.

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Over 4000 Complaints filed against Dunamiscoin, Directors to Appear before Court on Jan. 22

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Over 4000 complaints has been filed against the organization  since the collapse of the money making scheme last December according to a report by the State Prosecutor. Directors of Dunamiscoins Resources limited is to appear before the court on the 22nd of January.

According to local media, the Observer, The Directors of the organization Mary Nabunya and Samson Lwanga were charged with 65 counts for obtaining money under false pretenses on appearance before the Court on Monday the 6th, January, 2020.

The Directors were accused of operating a fraudulent scheme which resulted in the loss of investment of hundreds of persons. The 65 counts  related to obtaining money by false pretense and conspiracy to commit felony was read to the accused by Senior Grade One Magistrate Roselyn Nsenge 

Based on report from Observer, the Prosecutor told the court that between the period of February 14th and December 3, 2019 at the New Taxi Park in Kampala district, the two accused directors conspired to commit felony by obtaining money under false pretenses, an act that is against the Penal Code Act. 

The accused obtained fraudulently over $2.5million from unsuspecting victims with the promise to provide return on investment of 30% at in 21days. 

The suspects have pleaded not guilty to the charges brought against them they are to be remanded in Luzira prison till the next court day, 22nd January, 2020.

The suspects were arrested and have been in custody since the 10th of December after the collapse of the platform. Prior to the collapse of the money making sham, the organization grew in size such that it was able to set up shops in several places including Kampala, Masaka and Mbale.

Haruna Asiimwe, the lead complainant in an interview said victims were duped by the organization’s officials into investing money with the promise of earning a 30% interest in three weeks.  According to him, it came as a surprise when the company ended its operations on the 3rd of December. 

However, the firm according to a statement from Uganda Police in 2019 revealed through its Directors that they are willing to refund the money but their major accounts in Centenary bank, Stanbic bank and GTBank are frozen by the authorities. 

 

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Nile University has partnered with Cryptography Development Initiative in Nigeria (CDIN)

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Abuja based tertiary institution, Nile University has partnered with the Cryptography Development Initiative in Nigeria (CDIN) to help equip students of the University with the necessary tools needed in the current digital age.

The MoU which was signed on the 15th of October, 2019 with the attendance of the Vice Chancellor of the University, Professor. Dr. Osman Nuri Aras and Mr. Adeolu Fadele, the President of CDIN.

Also present were other officials of the institution such as the Deputy Vice Chancellors Professor Steve Adeshina and Professor Nurettin Can. Others from other facilities were also present.

The partnership according to the Vice Chancellor of the University, Prof. Nuri Aras believed will help prepare the students of the University to face the digital world with the necessary tools.

Deputy Vice Chancellor – Admin, Professor Nurettin Can contributing said “the partnership with CDIN will provide the University’s students a wonderful opportunity to supplement their theoretical knowledge with valuable practical experience.”

President of CDIN Mr. Fadele Adeolu speaking on the partnership said Nile University has shown foresight in partnering with CDIN as not very many academic institutions appreciate the value of skills offered by the initiative.

About CDIN

“The Cryptography Development Initiative in Nigeria is a non-governmental organization and a platform for bringing stakeholders in Nigeria to work on a common interest of addressing gaps in cryptography.

According to its website CDIN envision Nigeria among nations of the world leading advancements in cryptographic innovations and breakthroughs.

It’s mission is to create a platform for encouraging the learning and practice of cryptography in Nigeria and collaboration among relevant stakeholders.

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