Emerging Onchain This Week #2
Hello crypto friend 👋
Welcome to the second edition of the Emerging Onchain This Week. Feast on crypto developments from across Africa over the last 2 weeks. 🍽️
Crypto news from around Africa
-5 Most Popular Coins in Africa in Q1 2023
User activities analyzed by CoinmarketCap show that Bitcoin was the most popular coin in Africa in Q1 2023, followed by meme coins like WikiCat.
According to CoinmarketCap, the following were the top most viewed coins in Africa as of Q1 2023:
-Kenya's Treasury plans to tax cryptocurrency exchanges
There are plans to tax cryptocurrency exchanges, that serve over 4 million Kenyans, 1.5% on commissions earned. Cryptocurrency exchanges have until May 7th to register with the Capital Markets Authority to avoid penalties.
This comes after Kenya’s proposed 2023 Amendment to the Capital Markets Bill which suggested that cryptocurrencies be defined as ‘securities’ and proposed criteria for cryptocurrencies to enter Kenya.
-African Blockchain funding grew by over 400% in 2022
Standard Bank-powered venture firm CVVC has published its 2022 African Blockchain report. As per the report, African blockchain startups raised about $474 million across 33 deals in 2022, representing a 429% increase year-over-year.
Worthy of mention is the fact that two blockchain unicorns were born right in Africa, namely Kucoin and Scroll.io.
-GreenHouse Capital and Emurgo Africa team up to invest in Web3 startups.
Nigerian venture capital firm, GreenHouse Capital, has partnered with Emurgo Africa, to invest in Web3 startups across Africa.
The partnership will provide funding, mentorship, and technical support to startups. GreenHouse Capital has invested in Nigeria’s Bitmama and Busha. Here’s a database of the other African crypto startups they and other local/ foreign VCs have invested in.
-Gluwa to invest $35 million in African crypto startups
U.S.-based blockchain company Gluwa is looking to commit up to $35 million to African crypto exchanges. The funding will startups build and fill up the gaps created by the exit of African-focused exchanges like Paxful and LocalBitcoin.
Gluwa is also reportedly working with the Nigerian government on creating a more enabling crypto regulatory framework. Last year, alongside Binance, they were listed as a potential partner for the creation of a virtual zone within the Lekki Free Zone.
-KuCoin launches P2P service in Ghana and Kenya
Leading crypto exchange KuCoin has expanded its peer-to-peer (P2P) trading service into Ghana and Kenya.
Crypto users in these African countries will benefit from KuCoin's zero fee option when trading with Bitcoin, ETH, USDT, and KCS. They join the likes of TBD, Metamask and Moonpay in deepening their presence in Africa.
-African P2P platform Mukuru launches Drive-Thru service in Zimbabwe
Leading crypto peer-to-peer (P2P) payment platform Mukuru has launched a drive-thru service in Zimbabwe with Paynow, with plans to expand to other African countries.
Customers can use Mukuru to send and receive money, buy airtime, and pay bills without leaving their cars. The initiative is expected to improve accessibility and convenience of making digital payments in the region.
ICYMI: Global crypto news
-US government holds $6B worth of Bitcoin
The United States government reportedly holds about 205,514 BTC worth $6 billion, which it acquired through seizures. Back in 2016, the U.S. Department of Justice (DOJ) seized $3.6 billion worth of Bitcoin and another 70,000 BTC from the Silk Road showdown.
Meanwhile, the government has received the court’s approval to sell part of the assets, after it sold 9,861.17 BTC for $215.5 million in March 2023.
-Binance.US backs out of $1B Voyager deal
The United States division of Binance has withdrawn its offer to acquire the frozen assets of Voyager Digital, citing uncertain regulatory conditions.
Notwithstanding, Voyager said it would work to directly compensate investors using the “toggle option” in its bankruptcy plan.
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