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Nigerian Mobility Fintech Lands US$20M From UK Development Finance Institution

A Nigerian fintech, Moove, recently secured a $20 million investment from British International Investment (BII). Moove said the funds will be used to democratize access to car ownership in Africa.

Extended credit based on driver performance and income analysis

The British development finance institution (DFI), British International Investment (BII), recently said that it has invested $20 million in Moove, the Nigerian mobility technology. According to a statement issued by the institution (formerly CDC Group), the 4-year structured credit investment is a reflection of BII’s “focus on mobilizing capital to build self-sufficiency and market resilience in Nigeria.”

Launched in 2020, Moove, which reportedly aims to “democratize access to vehicle ownership in Africa,” focuses on providing revenue-based vehicle financing for mobility companies. According to a report by Fintech Futures, Moove has been giving credit to drivers previously excluded from the financial system. Credit awarded is based on driver performance and income analysis.

Following the latest investment, Moove has raised $125 million so far this year and $200 million year to date. According to Moove, BII’s latest investment will be used to purchase fuel-efficient vehicles that will be leased to drivers.

“This will also alleviate one of the main obstacles to the development of ride-sharing transport infrastructure in Nigeria’s commercial capital,” the fintech said.

British investments in Nigeria

Speaking at a recent event that also marked the CDC Group’s name change to BII, British High Commissioner for Nigeria Catriona Laing said:

It is a pleasure to be in Lagos to celebrate the launch of British International Investment and to welcome Nick O'Donohoe during his visit to Nigeria. The BII is an important part of the UK's suite of tools and expertise to help Nigeria build its investment pipeline and increase investment in infrastructure, in particular for clean and green growth.

According to Laing, the launch of DFI represents a continuation of the UK’s partnership with Nigeria, which began 74 years ago, with investments in West African Fisheries and Slaughterhouses.

For his part, Nick O’Donohoe, CEO of BII, pointed out that “investing in the prosperity of Nigeria’s growing population requires innovative new alliances that can take advantage of the country’s abundant skills and knowledge”.

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PSG Club Sells Commemorative Tickets for NFT and NFT for First Japan Tour

Paris Saint-German (PSG), a renowned French football club, started selling commemorative NFT and NFT tickets for their first Japan tour since 1995 (age 27).

The football club stated on its website:

“In the summer of 2022, Paris Saint-Germain, one of the best football clubs in the world, will tour Japan! To commemorate your first visit to Japan in 27 years, we will be offering premium NFT tickets and commemorative NFT tickets that you can only purchase here and now.”

As per the announcement, there will be 3 NFT tickets (each ticket will cost around 180.36 ETH, which is over $205K at current prices) for the three scheduled matches for Japan.

On the other hand, the commemorative NFTs will feature moments captured in images and videos from the tour. The first match is scheduled to start on July 20 with Japan Kawasaki Frontale. PSG’s game will feature stars like Lionel Messi.

The sale will end on Wednesday and all ticket holders will have the opportunity to access the lounge and join the VIP party with the players.

Adoption of PSG Encryption

PSG is among the football teams that have adopted NFTs and Cryptos in their recent campaigns.

Last month, PSG revealed its plans to release an NFT collection that will commemorate its 10th league championship and also the Year of the Tiger with Taiwanese pop star Jay Chou. The collection must present 10,000 NFTs.

Furthermore, according to reports from last year, Lionel Messi, upon signing a contract with PSG, opted to receive part of his transfer package in cryptofan tokens.

The sports world appears to be on the cusp of adopting cryptocurrencies as more clubs sign partnerships with cryptocurrency organizations. These partnerships will be a huge boost for cryptocurrency companies as they will be able to reach new fans and investors.

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MicroStrategy Exec Defends BTC Despite Crash

MicroStrategy, the software giant that began investing in bitcoin in August 2020 and has since become one of the cryptocurrency’s largest institutional backers, lost more than $1 billion worth of BTC after the recent crash.

MicroStrategy still thinks BTC is the bomb

Bitcoin and various other digital currencies have not been doing well lately. In fact, they are in very bad positions. BTC, for example, hit a new all-time high of roughly $68,000 per unit in November of last year. Today, it is trading at just over $20,000 per unit, meaning virtually all of the gains the coin has made over the last five years are gone. The coin is down around 70%, while assets like Ethereum are even lower, trading around 75% below their all-time highs.

Despite the gloomy news, Michael Saylor, CEO of MicroStrategy, continues to defend BTC, stating in a recent series of tweets and social media posts that it is the best thing for the decentralized finance (defi) space.

On Twitter, Saylor wrote the following:

The strong ethical, economic, and technical foundation for defi is #bitcoin. The next generation of defi will be built using the #Lightning protocol and the #BTC token.

He was also quick to comment on the recent behavior of the Securities and Exchange Commission (SEC) around the regulation of cryptocurrencies. He says:

Today @GaryGensler discussed #crypto regulation with @WSJ. Aside from #bitcoin, most cryptocurrencies (especially POS networks) represent unregistered securities without the full and fair disclosures necessary to protect investors.

There is a dark cloud hanging over MicroStrategy as it recently took out a huge loan to buy even more units of bitcoin. This was before the recent bloodbath that started to take place, and it was claimed that if Bitcoin dropped to $21,000 or below, a margin call would be required. Now that the asset is below that threshold, people are wondering if that call will come through.

Saylor, however, is working to reassure merchants that the company is in a good place and no calls have yet been made. He stated:

As long as the Silvergate loan remains secured with an LTV of less than 50%, there will be no margin call. We manage accordingly.

MicroStrategy, before its bitcoin purchases, was known for producing software, though now the company has become synonymous with the world’s number one digital currency by market value. The company started trading BTC about two years ago and hasn’t stopped since.

At one point, the company had over $5 billion in BTC funding, though that number has likely dropped significantly with the recent bear market in play. The company, however, has inspired many other institutions, such as Square, to take BTC seriously and start investing.

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Binance Eliminates Bitcoin Trading Fees on 5th Anniversary

The world’s largest cryptocurrency exchange will eliminate bitcoin spot trading fees effective July 8, as it celebrates its fifth year of operations.

Binance will eliminate bitcoin trading fees on its global platform to celebrate its fifth anniversary.

The move by the world’s largest cryptocurrency exchange comes on the heels of a similar strategy adopted by its US subsidiary, Binance.US. At the end of last month, the US company eliminated fees for spot bitcoin trading, as it sought to increase its presence in the country and generate competition. Shares of American rival Coinbase took a hit after the feature was announced.

Binance’s move covers more ground than its American counterpart. The global exchange said in a press release on Wednesday that from July 8, 2022, users will be able to trade fee-free spot BTC in 13 pairs, between fiat and stable currencies, including the euro and pound sterling. , as well as both. Most popular stablecoins on the market: USDT from Tether and USDC from Circle. Traders can get the benefit of reduced fees with US Dollars only on Binance.US.

“In keeping with our user-first philosophy, Binance has always strived to offer the most competitive fees in the industry,” Binance Founder and CEO Changpeng Zhao said in a statement. “At its core, Binance is an inclusive platform that takes accessibility into account. Removing trading fees on selected BTC spot trading pairs is another move in this direction.”

Other fiat currencies that will also be subject to the new free rule include the Brazilian real, the Australian dollar, the Russian ruble and the Turkish lira. The feature will be available “until further notice,” Binance said.

Despite providing a convenient gateway to Bitcoin, centralized exchanges can become a security hole if users take advantage of them as escrow providers. Those interested in reducing risk can mitigate exposure to third parties by insuring their own bitcoin, which, despite the learning curve, could pay off in the long run.

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The Italian government will provide $46 million in grants for blockchain projects

All companies developing IoT, AI or blockchain technology will be able to apply for government grants as long as the funds are used in specific sectors such as healthcare.

The Italian Ministry of Economic Development has announced that certain blockchain projects will qualify to apply for up to $46 million in government grants starting in September.

In an announcement on Tuesday, the ministry said that public or private companies and research firms will be able to apply for government funds for the development of projects related to artificial intelligence, the Internet of Things and blockchain technology. The fund will have an initial budget of €45 million, approximately $46 million at the time of publication, for expenses and costs of €500,000 to €2 million as part of the Italian government’s targets for investments in technology, research and innovation.

“We support companies’ investments in cutting-edge technologies with the aim of stimulating the modernization of production systems through increasingly interconnected, efficient, safe and fast management models”, said the Minister of Economic Development, Giancarlo Giorgetti. “The objective of competitiveness requires the manufacturing industry to constantly innovate and utilize the potential of new technologies.”

The government ordinance was made possible by a decree in December 2021 that establishes the criteria for using the fund and a subsequent one in June 2022 in which the ministry established the terms and conditions for submitting applications. Under the decree, companies of any size will be able to apply for grants as long as the funds are used for IoT, AI or blockchain in sectors such as industry and manufacturing, tourism, healthcare, environment and aerospace.

As a member of the European Union, Italy is likely to be affected by recent regulations agreed by the EU Parliament aimed at bringing cryptocurrency issuers and service providers under its jurisdictional control under a single regulatory framework. The country’s securities regulator, the Italian Commission of the Stock Exchange and Companies, or CONSOB, has previously warned residents about the potential risks of investing in cryptocurrencies, while Organismo Agenti e Mediatori is largely responsible for granting regulatory approval. The regulator has given the green light to major cryptocurrency exchange Binance to open a branch in Italy.