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Tega Abikure; Creating a Window to a New Financial Economy using KureCoin

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Tega Wisdom Abikure is a firm believer in teamwork. As the founder and Ceo of KureCoin, it is imperative that he surrounds himself with a team that is motivated towards solving the payment problems of Africa. During an interview with CryptoTvPlus, Tega Abikure explains his journey in the cryptosphere and how his project aims to create a window into a new financial economy.

Problems such as access to capital have plagued businesses and individuals in Africa for a long time. However, Tega and his team are focusing on utilising the blockchain to create a system of zero collateral loans using crypto assets. Prior to launching The KureCoinHub platform, Tega Abikure explained that he ventured into the cryptosphere in 2015 “through an enterprising and investment group” he belonged to.

In his words, Tega Abikure considers the blockchain as “that technology just like the internet that will take our way of conducting business processes to another level. Africa will no longer be seen as a dark continent but like another part of the world where business/transaction will be carried out effortless and seamless…I call it the freedom tool for Africa.” This will explain why his company is focused on revolutionizing payments in Africa through KureCoin.

Tega Abikure explained that his product KureCoin is focused on “solving Africa’s payment and settlement problems using Blockchain technology breakthrough.” He also aims to create a massive window into the new economy by providing financial services to the new economy, since our current financial service providers are yet to do so.This is why Kurecoin, a decentralized cryptocurrency built with proof of stake (PoS) algorithm is offering a seamless and secure mode of transactions for investors within the KureCoinHUB ecosystem.

Beyond building a project to solve financial issues in Africa in particular and the world at large, Tega Abikure has some milestones he aims to achieve in the coming years. He lists his milestones thus; “I aim to build our own Blockchain for African project, business and government. And being an Apex financial service provider to the crypto economy and beyond.” The motion to achieving these milestones has been set by the KureCoin team as the KureCoinHub Ecosystem comprises the Kurecoin Hub Cryptocurrency Bank Project, which aims to give secure and global transactions through the KurePay card. KureCoin Hub aims to utilise KureCoin to tokenize the business world through its platform.

As the CEO and founder of KureCoin, Tega Abikure describe the challenges he has identified in the cryptosphere. He listed “social challenges, slow adoption and lack of massive education” as the problems facing the cryptosphere. He and his team aims to improve adoption by “showcasing how cryptocurrency and Blockchain technology will aid businesses and individuals.” He also aims to improve adoption, he explained his methods saying; “We have partners with several tech hubs to educate people on Blockchain, use cases and adoption. Our project is a live example of how local businesses can accept payment and settlement without the hassle of dealing with payment.”

With the aim of solving Africa’s financial difficulties facing Africa, KureCoin encompasses three aspects, an E-wallet to allow a finding of accounts through debit and credit cards, local bank accounts and crypto wallets. It also includes a payment gateway that will enable SMEs to receive payments via cryptocurrency wallets and Kure Card which will allow users to access all of the platform’s product on a global scale. KureCoin was able to complete its ICO between May and June last year. The company was able to achieve this through a team of great minds.

To describe his team, Tega Abikure says, “Our team comprises of the best minds in the world. A team of excellent people, dedicated and unreservedly passionate about the success of this project and have owned the vision of the project so much so that working with everyone has been awesome..it’s amazing!” Gathering a team of like minds to help build a company can be a difficult task but Tega Abikure explains his strategy saying “We looked out for people that their willingness to learn outweighed their competence.” Asides having a great team, great leadership also matters and he explains how he is able to keep his team on their toes. To him, the strategy involves reviewing previous projects so the team can see how far they have gotten which will, in turn, motivate them to do more. He say, “You can only inspire by becoming, as a result of what you’ve become – your team will be motivated and then inspired. Inspiration comes from doing the talk. I always try to do my talk.”

When Tega Abikure is not working on his project, he doubles as a financial advisor and a business mentor and coach. He has some great experience with working with Africa financial situation as he had worked with Finedge consult providing funds for local companies in Africa through foreign venture capitalists.  He is a Co-founder of the HOYB project (heart of your business) a project dedicated towards empowering and mentoring young entrepreneurs.

Tega Abikure can be found on Linkedin, Twitter, Instagram and Facebook

 

What do you think about Tega Abikure’s financial plan for Africa? Share your opinion with us in the comment section below.
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I am a blockchain and cryptocurrency journalist fascinated with sharing the knowledge of this wonderful technology in the simplest language possible.

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Digital Assets Exchange Luno Launches Cryptocurrency Literacy Tour For Varsities in Nigeria

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Owenize Odia, Country Manager for Luno Nigeria facilitating a session at the recently launched Cryptocurrency literacy Tour for Universities by Luno

Luno has kicked off its cryptocurrency adoption program for Nigerian universities dubbed “Cryptocurrency Literacy Tour for Universities” launching out with the University of Lagos as the first of a series of tour where it will go about canvassing for the favourable adoption of cryptocurrency through knowledge in 6 Nigerian universities.

Luno, an exchange based off of South Africa was launched in 2013. It has since continued its growth trajectory by adding new users across 40 countries spanning more than 4 continents. It presently boasts of up to 3 million registered users across its platform with Nigeria as one of its biggest market.

Speaking on this development, Owenize Odia, the Country Manager for Luno said:

We are committed to educating our customers given the nature of the market and the tendency for people to fall into the wrong hands while online

With its debut tour kicking off in Unilag and having 300 youths in attendance, Luno is clearly taking the charge to bringing about perceptual shift and a favorable disposition towards cryptocurrencies which it says has not been properly understood. Through its representative Odia, it argues that the current financial systems was built for a non-digital age, ignoring the needs of the modern individual. Citing on the decentralized nature of a peer to peer digital currency like the bitcoin, it is not dependent on any central government or authority as obtainable with fiat.

She continued by saying

We are contributing by investing heavily into our Luno Learning Portal, which helps the public, the media, and other stakeholders educate themselves about the facts, opportunities, and risks in the cryptocurrency market,

In her post on LinkedIn, Odia assured the participants and other stakeholders that Luno would continue to focus on awareness initiatives such as this in Nigeria and Africa at large, thereby providing a reliable platform where just about anyone can visit either buy or sell cryptocurrencies.

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Cryptopia Capitulates, Appoints Grant Thornton as Liquidator.

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Cryptopia Caputulates, Appoints Grant Thornton as Liquidator

New Zealand based Cryptocurrency Exchange which was hacked in January 2019 Cryptopia capitulates, appoints Grant Thornton as Liquidator in its move to start settling affected platform users.

This decision was reached according to the liquidator’s press release that the management after efforts were made in an attempt to return the exchange to profitability which proved unsuccessful and as such it became the interest of all stakeholders to liquidate the Company.

Liquidator David Ruscoe was quote saying,

We realize Cryptopia customers will want to have this matter resolved as soon as possible. We will conduct a thorough investigation, working with several different stakeholders including management and shareholders, to find the solution that is in the best interests of customers and stakeholders,

According to the Liquidator, the process is expected to span into months due to the complexity of the situation.

However, they (Liquidators) are focused on securing the assets of all stakeholders for their benefits and as such during this period, exchange activities will be suspended.

They further went on to say they are working with relevant authorities and independent experts as it concerns the exchange’s legal obligations.

In spite of this, as the news reached CryptoTwitter, the news of the liquidation has met a combination of pity, sadness and vexation of users of the Exchange with one saying and comparing Cryptopia to Binance

Another user felt he has been cheated and commented thus

Before its hack, Cryptopia was home to a large number of listed tokens and coins which attracted many Cryptocurrency Traders.

Despite the clamour for ultra-high security in exchanges and the call for users to hold their digital assets themselves on their private key held wallets, users still hold their assets on exchanges which are a prime target for hackers.

Recently on the 7th of May, Binance was hacked and it suffered a substantial loss of about 7000 BTC worth about $40m as at that date. Though it was a dent on the whole industry, the exchange reported it will indemnify all loss via its SAFU Fund.

The comparison of Cryptopia to Binance speaks volume of the nature of the industry. It’s better to exchange assets on an exchange that has insurance than those which doesn’t.

It’s also better to be outrightly transparent as Cryptopia was in liquidating the firm and settling stakeholders.

However, the question that must be answered is, will the small guy in a remote village of a third world country with assets on the exchange valued at about $50 or less receive indemnification? If yes, to what extent?

To answer this, let’s wait months to see or worse, years as is the case with Mt. Gox.

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Binance Gets Hacked of 7000 BTC

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Binance Gets hacked

Looks like CZ Would Have to Take Solace via the Liverpool Invite Afterall

Binance has been hacked after several unsuccessful attempts by hackers for a period of one year now as issued in its press release. With this hack, perpetrators successfully carted away with 7000 BTC in a single transaction. The damage could be more in the coming days CZ opines, as the team is taking time to investigate how deep this damage could be.

Binance announced itself to the world and without any doubt becoming the exchange trading platform of choice for most traders in the space. And swiftly, displacing veterans in the space such as Bittrex, Poloniex etc, for top positions, little doubt was left in the minds of many as to the height Binance could attain within the space as the cryptocurrency adoption continues to gain traction globally.

While Binance was making a good name for itself with the mantra “Exchange the world”, hackers were also making plans to ink their activities in the books of history as one of the successful clandestine groups who have successfully carried out a heist on the most popular exchange. February 2018, saw hackers attempt to breach the exchange security systems which was botched as they unsuccessfully got hacked themselves. It was in the news how the hackers themselves got hacked. After successfully targeting and breaching several user accounts via API (Application Programming Interface), the hackers pumped a VIA/BTC  pair by over 10,000% and then immediately sought to cash out by withdrawal. This attempt was botched as the risk management mechanism built in triggered an alarm that automatically froze withdrawal leaving the hackers funds trapped in the exchange.

With controversial entities like McAfee tweeting that Binance exchange has been hacked, Binance quickly attacked him on Twitter that he’s trying to create FUD (Fear, Uncertainty and Doubts).

Responding after some months, McAfee apologized to CZ and the entire Binance Team that he obviously was wrong and CZ offering a cup of coffee when they meet someday, could there be no love lost between the duo?

One thing was clear, CZ shared with his fans how this event obviously was a blessing in disguise and had made his fanbase grow very quickly. This marked a new era for both the Binance Team and their maverick CEO. CZ was always in the news whether for bagging new partnerships, fostering industry growth or even for recent CZ vs BSV Craig Wright Binance delisting.

From yesterday’s hack, and as described by Binance in their press release, it sure looks like the hackers decided to stage a “hackathon” on Binance. The recent hack operation was well coordinated. Took time and patience to execute. Even Binance agreed the modus operandi of these hackers followed the “once beaten, twice shy” route. They were not going to be hasty allowing their funds get trapped again. Alas! They got through with the similar pattern in the past but this time more intelligently.

Apparently CZ had tweeted that #SAFU (Secured Asset Funds for Users) funds will be used to ensure everything is kept under control while the team investigate and try to do implement damage control. Industry Leader and TRON CEO, Justin Sun has offered open support for Binance offering to transferring 7000 BTC to the Binance wallet and buying BNB and USDT to help stabilize the situation.

One particularly interesting part of the AMA session held few hours after the unfortunate hack incident is that CZ and his teams are putting all options on the table in ensuring this issue is salvaged. One of such is a reorganization of the bitcoin blockchain network. This is already sparking heavy debate across social media. This option even though earlier considered has been dropped as outlined in his tweet.

Let’s not be quick to forget at that nicely designed parcel CZ unveiled on Twitter sent to him by Liverpool FC, looks like this is actually a great time for CZ to honour that Liverpool invite he brandished via his Twitter account considering how exciting the club is right now after the 4 – 0 thumping of Barcelona at Anfield last night in the UEFA Champions League Semi Finals clash.

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Bitcoin Trading at $6000, Ether at $173 at Bitfinex.

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Bitcoin Trading at $6000, Ether at $173 at Bitfinex.

An Opportunity for Arbitrage Hunters?

Bitcoin trading at $6000 on Bitfinex presents arbitrage opportunities for traders at a market volume of $38.9 million in Bitfinex. This is $300 over the reported price in Coinmarketcap as at Press time presenting arbitrage opportunities to traders.

Ether the second top cryptocurrency by market capitalization is trading at $173 as against the reported aggregate in CMC of $164. This is an interesting opportunity for arbitrage seekers. Sure appearing like a great opportunity considering some of the major top cryptocurrencies are experiencing some significant value increase in the exchange. This is evidenced with the variance as seen with other exchanges or the CMC reported aggregated data.

Bitfinex which was founded in 2012 and has its headquarters in Hong Kong is currently listed as the 44th top cryptocurrency exchange. This is according to Coinmarketcap data as at press time. It was one of the top and biggest exchanges, prior to the launch of some of the exchanges ahead of it.  However, it has been beset by a wide variety of allegations many of which it has up until now not been able to provide acceptable and substantial evidence to refute.

Arbitrage is a unique opportunity for traders to enjoy unique profits by trading the price differences between two different exchanges. According to Coinmarketcap and Bitfinex price data on Bitcoin and Ethereum, traders can be able to enjoy up to $300 and $10 profits respectively  with Bitcoin trading at $6000 on Bitfinex presenting arbitrage opportunities.

Even more, Bitfinex has recently announced the launch of their IEO in their attempt to raise $1 billion to continue financing its operation. This is expected to happen in the midst of its varied scandalous allegations such as wash trading, Tether’s full value not hedged against the Dollar, inability to provide clarity of Tether’s operative transparency, Bitcoin manipulation.

Bitfinex price data was removed from the data feed of Coinmarketcap yesterday with the sign of an asterisk * which the website says means

“Some prices are manually excluded from the average, denoted by an asterisk (*) on the markets tab. This action suggests price is not indicative of a “free market price”

Hence, its removal by CMC. This is coming after Coinmarketcap set new rules towards ensuring exchange transparency

Arbitrage provides a great opportunity for traders to make significant gains and profits. And as such, users are most likely to troop into the exchange. Be that as it may, many may not be considering the looming scandals and the rationality of the $1 billion funds to be raise via IEO.

Consequently, will anyone because of profit attempt getting into Bitfinex to enjoy Bitcoin trading at $6000 on Bitfinex presenting arbitrage opportunities? Let’s see how the arbitrage hunters react to this.

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