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DeFi could solve Africa’s foreign exchange problems, neobank CEO says
The CEO and co-founder of neobank Canza Finance claims that utilizing Baki for foreign exchange trades in Africa creates a hub for African businesses to participate in intra-African and FX trades at a reduced cost.
Forex liquidity and currency swaps are hard to access for many in Africa, which limits the use of United States dollar-based services in the continent’s import-dependent economies. This creates a vacuum that decentralized finance (DeFi) could solve, leveraging cryptocurrencies, blockchain networks and services, according to the CEO of Canza Finance, Pascal Ntsama IV.
Speaking with Cointelegraph, the CEO and co-founder of Canza Finance — a neobank enabling decentralized cross-border payments for Africans — said that Canza’s new DeFi technology, Baki, aims to address this challenge by providing decentralized foreign exchange (FX) for African currencies, enabling slippage-free swaps at central bank rates. It also seeks to create a hub for businesses to participate in intra-African and FX trades at a reduced cost. Read More
This Web3 security protocol recovered $800K in user funds after Vulcan Forged exploit
This Web3 security protocol halted on-chain transactions to recover $800,000 in Vulcan Forged user funds after a Web3 gaming platform suffered a security breach.
As Web3 gets bigger, it struggles to keep up with the malicious actors targeting users’ funds across different blockchains and networks. This security protocol takes a preventive approach against hacks and exploits, freezing assets before they get stolen.
Web3 benefits from being a digital-first ecosystem for innovation and growth. However, it also opens up the appetite of malicious actors, including hackers and exploiters, in the digital realm. The bigger crypto and Web3 get, the more they become vulnerable to hacks and exploits — victimizing users and causing the loss of billions.
From decentralized finance (DeFi) platforms to nonfungible token (NFT) marketplaces, no one can claim full invulnerability against attacks targeting investors, traders and funds stored across the Web3 industry. DeFi exploits also move the related crypto market in a negative direction, as seen when decentralized exchange (DEX) KyperSwap saw its total value locked tanking after a $46 million exploit. Read More
You Can Earn Bitcoin by Playing PC Shooter ‘Splitgate’—Here's How
Free-to-play shooter Splitgate is like Halo meets Portal, and soon you’ll be able to win Bitcoin by playing on PC.
Splitgate, a first-person shooter that pairs arena-style blasting with the ability to spawn and travel through portals, will implement the ability to earn Bitcoin by playing thanks to a new Lightning Network integration from fintech startup ZBD.
ZBD has collaborated with Splitgate developer 1047 Games to roll out the Bitcoin integration for the PC version of the free-to-play shooter, with an upcoming tournament set to showcase the Lightning payments functionality while awarding players a share of a 0.5 Bitcoin prize pool—about $19,000 worth as of this writing. Read More
US regulators doing ‘good job of alienating’ crypto sector — Cardano founder
Charles Hoskinson took a jab at the perceived inconsistency in applying decentralization standards by the U.S. SEC.
The United States’ approach to cryptocurrencies could do more harm than good, and it risks losing major players by the time they “get their act together,” Cardano founder Charles Hoskinson has said.
“When you look at some of the U.S. regulators, in particular, they’ve done a really good job of alienating most of the industry. They aren’t clear at all,” Hoskinson told Cointelegraph on the sidelines of the recent Abu Dhabi Finance Week. Read More
Great news, Markethivers! The wallet is now installed on the Markethive platform. Markethive has kept its promise and delivered a complete working wallet. This mighty, robust, and secure wallet encompasses all aspects of facilitating your business and securing all your financials within Markethive, like earnings and payments, dividends paid from your ILPs, retail products, etc.
This is a significant step in the right direction for monetizing Markethive’s ecosystem as it endeavours to ensure and restore sovereignty and financial freedom increasingly being stripped from us by a global authoritarian regime. This article will illustrate what you need to know and do to access the now-operational wallet.
Understand that access and functions of the wallet are only for Entrepreneur One (E1) members at this stage. E1 members can now retrieve their Hivecoin (HVC) from their cold storage to their hot wallet. (You can do this in preparation for the forthcoming coin exchanges and your 3rd party self-custody wallet.) You can also transfer HVC to other members within Markethive via the wallet. Read More
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Moons Surge Double-Digits as Reddit Renounces Contract, Burns 98,000 Tokens
Reddit has "officially renounced" the contract for the Community Points token Moons, rendering the token fully decentralized.
Moons, the crypto token of Reddit's r/cryptocurrency community, is up by double-digits on the day after Reddit "officially renounced" the Moons contract.
The social media platform burned its remaining 98,000 Moons tokens as part of the process, which also imposes a hard cap on the supply of approximately 83 million Moons.
The r/cryptocurrency subreddit's mod team hailed the move as a "significant milestone" for the community in a statement, noting that it "now has assurance that there will be no further changes to Moons' contract in the future." With no requirement for a new token to be deployed, Moons can "easily retain existing exchange listings," the mod team said. Read More
Grayscale Report Sheds Light on Bitcoin's Broad Ownership and 'Sticky Supply' Dynamics
A new report from Grayscale Investments reveals that bitcoin ownership is more widely distributed than commonly believed, with 74% of addresses holding less than $350 worth. However, around 40% of bitcoin supply is concentrated among institutions like exchanges, miners, governments, public companies, and long-term holders.
Grayscale Research Team’s Bitcoin Analysis — Supply Dynamics Poised to Jolt Markets:
Grayscale Investments, one of the largest digital asset managers in terms of assets under management (AUM), has published a study that discusses bitcoin (BTC) ownership. Grayscale delves into the “stickiness” of bitcoin’s supply, exploring why the firm believes this aspect is especially pertinent at present, and its potential implications for the asset going forward. Read More
This company introduces a fractional ownership marketplace for real estate
Digital tokenization is setting the stage for a more inclusive and efficient property market.
Blockchain technology, which lays the foundation of cryptocurrencies, has the potential to transform the real estate sector.
Thanks to the now-rising trend of real-world asset tokenization, blockchain technology is poised to become an influential part of the real estate sector. By tokenizing real estate on the blockchain, investors have the opportunity to reach a larger market and perform trades and transactions much more efficiently.
One of the most significant innovations emerging at the intersection of real estate and blockchain technology is fractional ownership. This concept allows multiple investors to own shares in a property, drastically lowering the entry cost. Importantly, by tokenizing real estate, owners have the opportunity to track all transactions on-chain, ensuring transparency and security in investment records. Read More
What is market manipulation in cryptocurrency?
In the cryptocurrency space, market manipulation refers to the deliberate use of different deceptive strategies to artificially inflate or deflate the price of cryptocurrencies.
One of the signs of market manipulation includes sudden, unusual price increases or decreases that have nothing to do with important news or trends. Unusual high trade volumes concentrated in a brief period of time may indicate attempts at manipulation, particularly when coupled with a spike in social media excitement or well-coordinated online conversations.
Moreover, persistent anomalies in the market or opaque trading methods may indicate manipulative activity, raising doubts about the market’s integrity among investors and authorities. Also, pump-and-dump schemes are prevalent in the crypto sphere, where a group deliberately inflates the price of a cryptocurrency by disseminating false information to entice buyers, who subsequently sell their holdings at a profit. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
