Author: Editor

Sound, a web3 music platform, secured $20 million in funding to assist musicians in earning a consistent income throughout their careers. Andreessen Horowitz (a16z) led the Series A investment, with involvement from rapper Snoop Dogg, artist and producer Ryan Tedder, actor Ashton Kutcher-headed business Sound Ventures, and others. The purpose of Sound is to break the established income models of Web2 streaming services like Spotify and Apple Music. Since its beta launch in 2022, the company’s technology has enabled musicians to mint their songs on-chain as a non-fungible token (NFT) to sell directly to fans, generating $5.5 million in revenue…

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Last week, former CEO of Paxful, Ray Youssef warned users of the p2p crypto marketplace to halt trading on the platform. According to Youssef, Paxful is now “just paying legal bills” and “no African or any non-American should trust any IS corporation.” After earlier reports that indicated that Paxful had removed the reserve funds amount from the status page, Youssef had advised users to halt trading on the platform. This was a reply following a Twitter user who tweeted about the Paxful collapsing eventually like FTX, the former CEO had replied, “We get to the bottom of this.” Having exposed…

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Recently, the National Assembly of Namibian to legalize and regulate virtual assets such as cryptocurrencies. The measure is presently being gazetted, after which the legislation will go into effect. According to Iipumbu Shiimi, Minister of Finance and Public Enterprises, the new law is critical in protecting the needs of customers, preventing market manipulation, and limiting the risks of the laundering of cash and terrorist funding linked with virtual asset exchanges. Shiimi claims that the legislation’s goal was to provide a regulatory framework to safeguard consumers and reduce the possibility of money laundering. People who own, use, or trade in virtual…

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According to Bloomberg, South Africa’s financial authority has decided that all crypto exchanges in the nation will be needed to get licenses by the end of the year. According to Bloomberg, Financial Sector Conduct Authority (FSCA) commissioner Unathi Kamlana noted that the agency has received roughly 20 license applications since its latest launch and anticipates getting more before the November 30 deadline. Kamlana also stated that if crypto exchanges keep running without a license after the due date, the regulator expects to take “enforcement action,” which may include fines or the shutdown of non-compliant enterprises. According to the paper, Kamlana…

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Revix, a South African cryptocurrency investment company, has suspended withdrawals for some of its clients’ crypto assets owing to an unexpected termination of services by one of its service providers, according to . Due to this, a quarter of its clients’ cryptocurrency holdings got temporarily frozen, leading them to experience setbacks in withdrawing their assets. According to Revix, Haru Invest, a South Korean company, had prevented all digital assets’ removal since the beginning of June. The South African crypto investment company said it has invested 24% of its clients’ assets with Haru. On its website, Revix had updated that, “Given…

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The UK cryptocurrency business earned additional momentum on Thursday when the Financial Services and Markets Act 2023 became law. The act, a watershed moment in the United Kingdom’s independent financial legislation following its exit from the European Union, encourages the regulation of crypto assets in order to encourage their wider usage. The Act also establishes new goals for the UK’s regulatory authorities, such as the Financial Conduct Authority and the Prudential Regulation Authority. To ensure regulatory oversight and accountability, the measures focus on mandating regular reporting and emphasizing cost-benefit evaluations. The UK government expects that by abolishing EU legislation, the…

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EMURGO Africa, in strategic partnership with PwC, today unveiled the “State of Web3.0 in Africa” report, a forward-looking publication that provides an expansive and insightful analysis of the emergent influence of blockchain and Web3.0 technologies within Africa and the Middle East and North Africa (MENA) region. Unearthing compelling statistics, the report casts a spotlight on the pivotal rise of blockchain investment within Africa. Blockchain funding soared by a stunning 1,668% in 2022 compared to the preceding year, accumulating a total of USD 91 million in countries like Kenya, South Africa and Nigeria. This heralds Africa’s burgeoning presence within the global…

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have it that the Reserve Bank of Zimbabwe is edging closer to launching a peer-to-peer platform to push digital gold token transactions. According to the apex bank, the launch will decrease local demand for the country’s national currency. The platform will be launched towards the end of June 2023. As explained by the RBZ governor, John Mangudya, the P2P platform will reduce local demand for the U.S. dollar, an action which will eventually drive stability for the Zimbabwean dollar. Following some weeks after it launched its gold-backed digital currency, the central bank announced its latest digital gold token. According to…

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Centi, a Swiss fintech pioneer in a significant stride towards empowering the African diaspora community has partnered with Centbee a global digital cash wallet to redefine remittance services from Switzerland to Africa. This announcement was made recently at the London Blockchain Conference. Deploying advanced blockchain technology, this partnership is poised to make cross-border money transfers more streamlined, cost-effective and inclusive. Remittances are the financial backbone for many African households, with Switzerland’s sizeable diaspora community playing a significant role. According to the World Bank, in 2020 remittances from Switzerland to foreign countries surpassed $8.2 billion, with a substantial portion dedicated to…

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As the digital spotlight shines on the crypto markets, Ethereum, the second-largest cryptocurrency by market capitalization, perseveres as Ethereum (ETH) is attempting to strike a delicate balance between cautionary unpredictability and optimistic opportunities. Digital assets are navigating in unfamiliar territories, with an uncertain route and a clear absence of a dominant force dictating the market’s future trend. Charts, on the other hand, indicate a pattern that could provide traders with insight: an ascending triangle is forming, providing an ember of hope for a positive turnaround. As of May 22, ETH is trading at $1,810, with $3.63 billion in trading volume.…

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