Browsing: cryptocurrency

Crypto exchange platforms luring early-stage NFT traders. www.theexchange.africa
  • In 2021, the NFT market generated more than US$25 billion in trading volume, and 2022 appears to generate more figures than the previous year
  • NFTs are digital assets in the form of a digital file, an image, video or audio that a seller uploads to a cryptocurrency exchange platform for people to buy through cryptos
  • The KuCoin cryptocurrency trading platform announced on April 19 that it will launch a US$100 million Creators Fund to support early-stage NFT projects

Recently, Changpeng Zhao, the founder of the largest exchange platform, binance, argued that the NFT business is “bonkers”, expressing his disbelief about how successful the NFT market has become.

Changpeng quotes how almost a year ago, an NFT file sold at US$69 million, something the buyers will never even be able to touch physically!

“People may have lost their mind,” Mr Zhao told fortune.

Despite referring to the growing NFT obsession as

An African artist working on an NFT. NFTs are assets in the digital world that can be bought and sold just like any other piece of property. www.theexchange.africa

Non-Fungible Tokens (NFTs) are the new opportunity for anyone with anything they can monetise and an access to the internet to reap the benefits of minting money on the World Wide Web.

NFTs are “One of a kind” digital assets that can be traded like any other piece of property, but NFTs do not exist in any tangible form. It is possible to think of virtual or real assets as tokens that may be exchanged for tokens.

Therefore, an NFT is a digital title for a piece of content that may be sold on auction sites but is non-returnable because it is unique and irreplaceable. Because of this, its value fluctuates and it is useless as a means of exchange. Cryptocurrency and blockchain are the foundations of NFTs.…

Bitcon falls by 29% as $2.5 billion of Crypto is liquidated. www.theexchange.africa

The Crypto market in the world is looking ugly.

The bitcoin price fell to a three-month low on January 10, accelerating the slide that started when the Federal Reserve ignited a broad sell-off worth US$300 billion. The bank cautioned that it might move more quickly than previously expected to reverse policy meant to reinforce the economy during the Coronavirus pandemic.

Experts predict that the latest crypto fall will persist for weeks in the Federal Reserve measures continue to be more aggressive.…

Some cryptocurrencies. The beauty of transacting in cryptocurrencies in Africa is that they are not plagued with hyperinflation like the countries’ local currencies. www.theexchange.africa

In February, Nigeria dominated most tech news outlets following the ban on the trading of cryptocurrencies which triggered anger among Nigerians seeing cryptos as a safe haven in the populous economy.

The West African nation is the world’s second-largest Bitcoin market after the United States and despite this, the Central Bank of Nigeria (CBN) is cracking down on the trade of cryptocurrencies. 

Cryptocurrency technology is decentralized and no government, company, or person controls it.

Read: Is Bitcoin poor Africans’ alternative reserve currency?

In the crackdown directive on February 5CBN ordered commercial banks and other financial institutions to close accounts transacting with cryptocurrency exchanges.  A week later, Bitcoin’s value doubled. 

While the CBN has not clearly stated its reasons for the crackdown, the reality on the ground is that Africa’s giant economy is facing dollar shortages following the sharp decline in

Tanzania has moved to look into a possible profitable venture in Cryptocurrency.

A circular purported to be coming from the Directorate of Economic Research and Policy at the Central Bank of Tanzania (BoT) shows that the bank is conducting a study to assess the extent of cryptocurrency impact on the Tanzanian economy with a view to registering brokers for the business.The circular, in part, reads:

“Please be informed that the Bank of Tanzania is conducting a study to assess the extent of Cryptocurrency and Online Forex Trading and its implication to the economy in Tanzania. The result of this survey will determine whether or not there is any need to register brokers for this business in the country.”

The letter goes on to further state that BoT will conduct the survey by visiting various parts of Tanzania and interview selected individuals to gather the needed information for decision making.…