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Stablecoin

What are Stablecoins? Top Stablecoins to Watch in H2 2024

In H1 2024, the stablecoin sector witnessed 24.3% growth in market cap according to CMC data. It also dominated the DeFi sector and is stated to be a fast emerging digital asset. Popular stablecoins such as USDT and USDC showed substantial growth in users apart from increases in market cap.

July 24, 2024 6 mins read
Ferrari Broadens Crypto Payment Initiative to European Market

Ferrari Broadens Crypto Payment Initiative to European Market

Ferrari is extending its cryptocurrency payment options to its European dealer network this month, following a successful U.S. launch. The luxury sports car manufacturer will broaden this initiative to other international markets where cryptocurrencies are legally accepted, according to a Reuters report. The Italian automaker initially introduced crypto payments in

July 24, 2024 2 mins read
Nigerian Court Advances Binance Money Laundering Case to September

Binance Tax Evasion Trial Verdict in Nigeria Postponed to October

The decision in the tax evasion trial against Binance, a cryptocurrency exchange, is expected from a Nigerian court on October 11th. Among Binance’s four accusations of tax evasion is a failure to register with the Federal Inland Revenue Service (FIRS) of Nigeria. Local media reports that Ayodele Omotilewa, a lawyer

July 13, 2024 1 min read
The country's vice president, Kashim Shettima, has said that Nigeria is prepared to surpass other developed nations economically and technologically. As part of Nigeria's plan for digital transformation and leadership in Africa, Shettima revealed this on Tuesday when he inaugurated the AI Expertise Blockchain and Technology Training and Outsourcing Initiative in Dutse, the capital of Jigawa State. In collaboration with the prominent tech firm Gluwa, the AI Expertise Blockchain and Technology Training and Outsourcing Initiative seeks to provide training in artificial intelligence, blockchain, and other cutting-edge technologies to 1,000 Nigerians every year. The Vice President urged Nigerian youngsters to embrace the initiative, stating that it is critical to the country's economic future, at the initiative's debut at the Yakubu Gowon NYSC Orientation Camp, Fanisau, Dutse. According to him: “We are not merely catching up with the rest of the world; we are poised to overtake them. This initiative offers its beneficiaries the chance to become part of a global workforce, driving innovation that will shape our future”. Together with outlining the initiative's wider goals, he said that the federal government is aiming to establish a nationwide network of tech centers that would sustain Nigeria's economic development for many years to come. The Vice President expressed gratitude for the collaboration with Gluwa, saying it is in line with President Tinubu's plan to transform Nigeria's digital technology space. He praised Gluwa for empowering Aella Microfinance Bank and enabling the flow of nearly N100 billion to two million Nigerians, while also acknowledging the substantial impact of the company. Jigawa State Governor Umar Namadi highlighted the significance of the initiative in his previous speech, calling it a unique chance that is right at the young people's doorstep. According to him, the new initiative prioritizes innovation and digital technologies and is in line with Jigawa State's 12-Point Agenda as well as the federal government's Renewed Hope Agenda. The governor went on to announce the creation of a new ICT & Digital Economy Agency, stating, that they are more committed than ever to re-establish Jigawa State as a significant ICT hub in Nigeria. Shettima had earlier announced the launch of the fourth iteration of the Expanded National Micro, Small, and Medium Enterprises (MSMEs) Clinic, revealing that President Bola Tinubu had issued an executive order directing the federal government to provide N150,000 grants to each state's business owners as part of its support for MSMEs nationwide. He said that the N150,000 that the president had allocated to each MSMEs was an outright grant that did not need to be repaid. One of the federal government's initiatives to facilitate business in Nigeria is the Expanded National MSME Clinics. These are a series of business forums that are arranged throughout the nation to offer MSMEs immediate solutions to problems they face. The first, second, and third editions of the clinics were introduced earlier this year in the states of Benue, Ogun, and Ekiti, respectively. The MSMEs sub-sector, according to Shettima, is the backbone of the country's economy and has been a top priority for the Tinubu administration. They not only account for over 45% of Nigeria's GDP and 96% of all businesses in the country, but they also provide a vital lifeline for 80% of the workforce. Malam Umar Namadi, the governor of Jigawa State, had earlier expressed gratitude to the federal government for granting the state's citizens dividends of democracy via the MSME Clinics and other similar initiatives dispersed around the region. Namadi called the initiative a unique chance for operators in the state's small business sector and encouraged both current and prospective entrepreneurs to use the services offered by the clinics.

Transactions Fees on KuCoin to Incur 7.5% VAT for Nigerian Users

The cryptocurrency exchange KuCoin has stated that transaction fees will henceforth be subject to a 7.5% VAT. Those Nigerian users who have completed the KYC registration process will be hit by this new charge. The transaction fees, and not the overall transaction volume, will be subject to this VAT as

July 3, 2024 2 mins read
Orbs Integrates Advanced dLIMIT and DCA Protocols into Sushi DEX

Fuse and NexusPay Partner to Enhance Crypto Payment Experience

Fuse is thrilled to announce a new collaboration with NexusPay, the industry-leading stablecoin account solution. Collaboratively, the duo will address the shortcomings of conventional financial institutions, providing remote areas and communities with the means to actively participate in the economy. Built with the FuseBox Web SDK, NexusPay expands the availability of digital assets

June 27, 2024 2 mins read
Tether Launches Gold-Backed Stablecoin Tied to US Dollar

Tether Launches Gold-Backed Stablecoin Tied to US Dollar

Tether, the company behind the popular USDT stablecoin, has unveiled Alloy, a pioneering platform on Ethereum designed to mint a gold-backed stablecoin pegged to the U.S. dollar.  aUSDT, the first Tethered asset, just launched!aUSDT is a synthetic dollar over-collateralised by XAUt (Tether Gold). Alloy by Tether is an open platform

June 18, 2024 2 mins read
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