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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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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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African Infrastructure Firm Raises $150M to Launch Crypto Water Token

A new cryptocurrency-powered water supply infrastructure system has received a massive investment from global investment firm GEM Digital.

South Africa-based H20 Securities has raised $150 million from investment firm GEM Digital through the sale of the H20N token.

By investing such a large amount, GEM Digital will have H20N tokens, which will be used to target funding for water distribution infrastructure in areas that do not have sufficient access to fresh water.

GEM Digital is a $3.4 billion investment firm based in the Bahamas that specializes in alternative investments such as digital assets and resource mining devices. H20 Securities aims to bring about more significant development in water infrastructure around the world and hopes that its solution will increase the availability of water for the world’s population.

In a joint announcement on July 4, H20 Securities CEO Julius Steyn said: “The focus with the H2ON token is primarily to finance water projects internationally and not so much the technical engineering and construction of such projects.” .

GEM Digital is used to investing in technologies designed to improve the environmental effects and living conditions of humanity. His portfolio includes investments in Changing World Technologies, a food waste processing company, and Neos Ocular, a company that produces lasers to improve vision.

GEM previously invested in digital asset management service QBNK Holding AB.

The H20N will be used to settle accounts between H20N network participants, including water plant operators and their customers. By raising funds to finance water projects, it aims to reduce the time it takes for water providers to deliver to new customers compared to traditional means.

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Sudbury woman saved from Potential cryptocurrency scam

One woman was in the right place at the right time, which kept her from becoming the latest victim of a cryptocurrency scam.

How a woman was stopped from being the last victim

The elderly woman is believed to have withdrawn approximately $30,000 from her bank account. He then headed to a bitcoin ATM in the city of Sudbury. There, she was directed, over the phone, by someone claiming to be on the Microsoft support team. They were giving you instructions on how to transfer the money through the machine and send it to a specific address.

Area police say what most merchants probably already know… that the caller was not from Microsoft. They were actually a scammer looking to get some cryptocurrencies they didn’t earn. Sudbury Police Spokesperson Lieutenant John Perodeau explained in an interview:

She was hacked. Fortunately, we were able to intervene and she was able to deposit the money into her account.

Crypto scams have increased in volume in recent years as the prices of many assets, despite recent declines, have risen sharply from two years ago. Perodeau says the woman fell victim to ransomware that ended up causing all files on her computer to be encrypted and locked. They gave him a phone number that he thought was Microsoft support. He called the department for help without realizing that this was all part of the scam.

He was instructed over the phone to buy bitcoins through the machine and send the funds to “Microsoft”. Perodeau explained:

As soon as you provide the code, the money will disappear.

Bitcoin ATMs are becoming much more common. On the one hand this is not a bad thing as it contributes to the growing legitimacy and popular appeal of digital currencies, but it has also led to the resurgence of crypto crime as with so many ATMs it is much easier to scam people and steal your digital funds.

Seniors are often targets of these types of scams because they don’t realize the breadth of today’s new technology. They also tend to have limited knowledge of cryptocurrencies and digital finance.

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TikTok Star Khaby Lame to be Binance Spokesperson

Binance has partnered with popular TikTok content creator Khaby Lame to spread awareness about cryptocurrencies.

From TikTok to Web3

The Italian-Senegalese viral content creator will be Binance’s new global brand ambassador to increase awareness and adoption of Web3. Khaby Lame is known for his hilarious, silent videos in which he debunks popular misconceptions and calls out cryptic modern tricks. Khaby became the most followed content creator on TikTok (145 million followers) because of his “nonsense” attitude and straightforward sense of humor. Speaking about partnering with Khaby, Vice President of Global Marketing at Binance, James Rothwell commented:

“With so much nuance around Web3 and misinformation in the world, it was a perfect match to have Lame on board to help debunk some of the myths surrounding that space.”

Debunking Web3 Misconceptions

Khaby’s videos are characterized by him navigating overly complicated “life hack” scenarios without saying a word while doing the famous “Khaby move”. Partnering with Binance will see him address misinformation and misconceptions about Web3 and cryptocurrencies in his signature style, while trying to simplify complex topics in the marketplace. Khaby released a statement about the partnership, saying:

“I consider my followers as my family and I’m always looking for new challenges and interesting content to share with them. I’ve been curious about Web3 for some time now and jumped at the chance to partner with a leader like Binance because it aligns perfectly with what I usually do: making complex things easy and fun for everyone.”

Khaby publishes first video sponsored by Binance