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Sygnia to Launch It’s Cryptocurrency Exchange

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Sygnia, an innovative FinTech company based in South Africa is gearing up to launch its own cryptocurrency exchange platform. The company which provides asset management, stockbroking and administration services, as well as a wide range of savings products, to institutional and retail clients has announced that it will launch its cryptocurrency exchange later this year.

BusinessTech reports that the firm, which currently has R180.6 billion ($14.5 billion) in assets under management (AUM), plans to open the exchange — called SygniaCoin — during the third quarter of this year.

According to the Sygnia CEO, Magda Wierzycka.
We aim to launch SygniaCoin, a cryptocurrency exchange, in the third quarter of 2018,” “The cryptocurrency market is evolving at a rapid pace internationally and domestically, and is attracting both domestic and international flows.”

“With its fintech focus, Sygnia is well-positioned to become the first major financial services institution to embrace cryptocurrencies and to offer investors a secure trading and execution platform backed by an international infrastructure, well-designed custody and integration with standard savings products.”

Sygnia which manages and administers assets on behalf of over 600 domestic and international institutional clients and over 6 000 individual clients is trying to stay ahead of the curve to become a major player in the cryptocurrency and blockchain space here in Africa and beyond. The integrity of these relationships is the core of our business.

Even though the South African government has no policy regarding cryptocurrency, Wierzycka said that the Sygniacoin will base its operational and security policies on the BitLicense framework adopted by the NewYork states department of financial services. with the expectation that the government will establish futuristic guidelines.

A recent survey conducted found that 47 percent of South Africans who have not yet invested in cryptocurrencies plan to do so in the future. Even though the cryptocurrency market is currently seeing a downward trend, the interests and expectations from the cryptocurrency market are on the upward slide.

Whats your opinion about Sygnia’s exchange development? is it coming at the right time? will its framework Bitlicense stand the test of time? Share your opinion with us in the comments section below.
 Image source: 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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Cryptocurrency Terms Every crypto-Newbie Should Know

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The cryptocurrency space can be a bit overwhelming  for persons who are new to it. Having to deal with a lot of languages and words that you are not familiar with will only compound issues. So, here are some terms you should get familiar with;

ICO: Initial Coin Offering is a form of crowdfunding done on the ethereum platform. It is similar to an IPO– initial public offering where a private company raises capital  by offering the public its stock for the first time. However, an ICO involves creating a new token and raising money for it.

Airdrop:  A blockchain project or ICO can distributes free tokens or coins to the crypto community after its network or fork goes live. Basically, airdrops refer to free tokens.

Bitcoin: it is known as world’s first cryptocurrency, it is a decentralised, distributed form of electronic payment that utilizes peer-to-peer transaction without the need for a financial intermediary.
Altcoin / Alt: Alternative coins refer to any coin that isn’t Bitcoin.

Crypto: Cryptocurrencies are generally referred to as crypto.

FIAT: It is a government backed legal tender such as the US dollar. In other words it is simply paper money.

Token: Cryptocurrencies can also be referred to as tokens. Although, tokens are usually a means of crowdfunding, created and distributed to the public through an ICO and released to fund project development. A token is a unit of value of any cryptocurrency.

Satoshis (Sats): This refers to the smallest unit of a Bitcoin. If a Bitcoin is broken down to a  hundred millionths, it is known as Satoshis.

Satoshi Nakamoto: When Bitcoin was created, an anonymous personality simply known as Satoshi Nakamoto published the white paper. Although Satoshi created Bitcoin nobody knows who he is and why he chose to remain anonymous.

FOMO:  An acronym for the Fear Of Missing Out. Usually people will buy tokens as a result of emotional impulses. They do not want to miss out of the opportunity to own such tokens even when they are at their all-time high.

All Time High (ATH): Like the name implies, it is the highest price a particular cryptocurrency has seen so far. It is usually not an ideal time to buy an asset.
FUD: This refers to Fear, Uncertainty, and Doubt. FUD might cause an economy depression as people are emotional about bringing down the price of a coin down. Although they are sometimes unnecessary, but it is sometimes smart to react to one.

Bearish / Bullish: When the price trend in the Market is stagnant or downward it is called Bearish. But when the when the price trend is upward, it is called a Bull market.

HODL:  On a Bitcointalk Forum, someone mistakenly spelt HOLD as HODL and it has come to mean “Hold On for Dear Life.”  One can choose to hodl a cryptocurrency when the market trend is down rather than selling it off.

Buy Low, Sell High / Buy High, Sell Low: To make profit, the aim is to buy a particular cryptocurrency at a low price and then Sell High. You could also Buy High, Sell Low to avoid total loses or just simply HODL.
Lambo: There is an assumption that when crypto traders become wealthy they buy a Lamborghini. The term “Lambo” has come to refer to what people will do when they become wealthy.

Whale:  When someone owns a large amounts of cryptocurrency.

 

 

 

What other crypto terms do you know? 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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What You Need to Know About a Cryptocurrency Wallet

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What do you think of when you hear the words cryptocurrency wallet- a wallet you can slip right into your back pocket pops into your mind right? Well a cryptocurrency wallet is not a physical wallet but a software program that holds  the private and public keys of an individual’s cryptocurrency account and it interacts with various blockchain to enable sending and receiving digital currencies and gives the user an opportunity to monitor their balance. To make use of any cryptocurrency, you need a cryptocurrency wallet.

How do these wallets work?

Cryptocurrency wallets do not store physical currencies like your pocket wallets. Instead of currencies it stores your public and private keys and interfaces with various blockchain. This ensures that users can check their balance, send and receive money etc. In other word all that exists are records of transactions stored on the
blockchain.

Types of Cryptocurrency Wallets

There are basically three categories of cryptocurrency wallets –software, hardware, and paper.

Software Wallets

These wallets are like software programs or applications that can be downloaded on desktop, mobile or online. Wallets installed on a PC or laptop can only be accessed from the single computer in which they are downloaded and they are the most secure wallets. You could also have an Online wallet which runs on the cloud and can be accessed from any computing device. But then, online wallets are more vulnerable to hacking attacks and theft. You could also make use of a mobile wallet that will run on an app on your phone.

Hardware Wallets

Instead of storing your private keys online, you can store them on a hardware device like a USB. You can also make transactions online with your hardware wallets. Since they stored offline, they promise increased security. All you need to do to carry out a transaction with your hardware wallet is to simply plug in your device to an internet-enabled computer, enter a pin, send and confirm currency.  


Paper Wallets

Although paper wallet refer to a physical copy of your public and private keys, they could also be a piece of software that can be used to safely generate a pair of keys which can then printed. Paper wallets are not only easy to use, they also provide a very high level of security.

How to Keep Your Cryptocurrency Wallets Safe

  • You should always remember that no matter the wallet you use,you will lose your money if you lose your private keys. Also you’d lose your money if your wallet gets hacked. You cannot reclaim lost currency or reverse transactions you made so if you send money to a scammer it’s gone. You must be very careful when transacting. You can take these steps to protect your currency.
  • Ensure you backup your wallet. You can keep the bulk of your funds in a cold storage such as a paper or hardware wallet. This will ensure that you are protected in the event of a computer failure and you can recover your wallet if it gets lost or stolen. However you will not be protected against determined hackers.
  • Update your software to ensure you have the latest updated security available. Update the software of your wallet and your computer or mobile.
  • You should also add extra security layers such as setting long and complex passwords. You could also ensure that all withdrawal of funds requires a password. Also ensure to use reputable wallets that provide extra layers like two-factor authentication.

 

 

What wallet do you use? 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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African Politicians Place the Blockchain Technology in Their Manifesto

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Politicians are exploiting all communication mediums available to them to influence public opinion when it will benefit their party. Considering how tech savvy Africans are now, it comes as no surprise that the route of technology is where African politicians are willing to take. African politicians are now exploring the blockchain technology in their quest to stay relevant politically. A typical example is Zimbabwean political party, the MDC Alliance which delivered it manifesto recently  and it is coated with promises of the Blockchain technology.

The blockchain technology and its multiple use cases must have caught the eye of the party as they launched their manifesto titled the “New Zimbabwe Pledge for a Sustainable and Modernisation Agenda for Real Transformation” (SMART) at the Jubilee Centre in Harare. SMART which plans to focus on smart governance, nation-building, smart citizen rights, smart sustainable and inclusive economy, smart social justice and delivery and smart reconstruction, interests and protection, and remodelling of the nation’s infrastructure.

The manifesto details the expansion of the reach range of e-applications in governance, health sectors, education sector, accounting, engineering and across various sectors.
The MDC Alliance will ensure that the following services are available:

  • Online visa applications;
  • Online passport application
  • Online voter registration;
  • Online access to ID cards. births and death registration certificates.

It is obvious that data storage is one of the party’s priority. This is because data is one area that destabilizes the plans of governments. When policies are made for 100 people and the actual number of persons are 1000, that policy will not see light of day.
The manifesto further details that the MDC Alliance government will promote the integration and use of the Block Technology in the following areas:

  • Finance and Banking.
  • Identity Management
  • Asset registration
  • Crypto Assets
  • Revenue Collection

There is also a plan to integrate the  blockchain technology into industries through the following process:

  1. Setting up task force teams. for each of the priority areas identified above. made up of subject matter experts to fast track policy guidelines and to advise on the formation of permanent structures to deal with the continuous evolution in this space.
  2. Radical transformation of existing government departments to align with the new requirements of 4th industrial revolution. This include restructuring of existing departments and the formation of new departments.

The MDC Alliance is taking advantage of the recent ruckus between the Reserve Bank of Zimbabwe and a cryptocurrency exchange in the country. This  must have been a stimulant to the Manifesto. Other African politicians could take a cue from this beyond making promises that remain largely unfulfilled. The Government of Uganda, Kenya and Rwanda are already adopting the technology. We look forward to a time when beyond promises actions would accompany party manifestos.

 

What do you think about MDC Alliance Manifesto? 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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Cryptocurrency is Gaining Ground in Africa

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Bitcoin is one of the most popular cryptocurrencies in Africa and lots of people have been investing in it. For one, thing it is a cheaper and faster way for people to receive money in Africa. Considering the amount payment gateways such as Western Union charge for their services, cryptocurrencies offer a better option. Cryptocurrencies offer relief to countries who have been betrayed by their fiat such as Zimbabwe who are being affected by hyperinflation. Cryptocurrencies have being a saving grace to so many who are now currently spreading its gospel in Africa.

The amount of professionals trooping out of the continent daily seeking for greener pastures is increasing by the day. This affects the continent as it loses the needed manpower and human intelligence for its development. Also, the inflation the continent faces constantly leaves its entrepreneurs venerable and loans from banks doesn’t encourage them much either as the interest rates are somewhat on the high side. For Richard M. Bagorogo, a teacher in Uganda, he has a positive story to tell about cryptocurrencies. He sas, “What I have earned in one-and-a-half years from bitcoin is more than I earned in 10 years as a teacher. I am living on bitcoin because getting a job in this country is not easy.” While he worked as a teacher, Bagorogo couldn’t even enroll his children in the school he taught in. Like Bagorogo, lots of individuals involved in cryptocurrencies have positive stories to tell.

Crypto trading is easy for a lot of Africans to get involved in, armed with a smartphone, bitcoin wallet and internet connection more Africans are earning money through crypto trading. Zimbabwe already has a crypto exchange that is expanding to other parts of Africa and creating employment for its citizens. The country even had a bitcoin machine installed as the Zimbabwean dollar had fallen so low. Although countries such as South Africa, Uganda and Nigeria had earlier warned their citizens against investing in cryptocurrencies but that has not deterred their citizens from investing in the digital currencies. One Bitcoin is currently worth $6,710.00, as the gospel of cryptocurrency is spreading in Africa many more African entrepreneurs are exploring the option of trading or using cryptocurrencies to better their life.

 

 

 

What do you think about the impact of cryptocurrencies in Africa? 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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