Blockchain Weekly: New EMEA Crypto Trading Tools
In the history of blockchain, the initial emphasis on currency still maintains a firm grip on the public imagination of the technology. Still, proponents of non-monetary use cases have long talked about the potential of smart contracts and tokenization to transform a wide range of processes.
For example, Owen Odia, the Nigeria country manager of global cryptocurrency business Luno, recently told PYMNTS that she believes “blockchain can have an impact on all sectors, from the public sector to logistics, to retail because [three advantages]transparency, access to information, [and] the speed of the transaction.”
Watch the interview: Consumers in emerging markets are lukewarm about the value of CBDCs
Certainly, for those who believe in blockchain’s transformational potential, the past week has seen an exciting development. In Europe, the Middle East and Africa (EMEA), as cryptocurrencies gain mainstream acceptance, more use cases are also emerging on the scene.
Cryptocurrency exchange made easier
In EMEA, crypto firms continue to provide solutions for cryptocurrency exchange and payments in an evolving regulatory and economic environment.
One of Europe’s largest digital asset investment groups, CoinShares, launched a new platform this week – HAL. The new service allows users to access CoinShares’ trading algorithms on a platform of their choice, helping to put professional trading strategies in the hands of a larger number of investors.
In the same week, crypto exchange FTX announced that it has received a new license from Cyprus’ Securities and Exchange Commission, which will allow it to offer a range of services throughout the European Economic Area (EEA).
On Thursday (September 22), PYMNTS reported that FTX founder Sam Bankman-Fried is said to be in talks with investors to secure a new round of funding that would raise as much as $1 billion, valuing the firm at roughly $32 billion.
Read more: Sam Bankman-Fried’s FTX is asking backers for up to $1B to $32B valuation
While FTX is now fully licensed in the EEA, the UK’s Financial Conduct Authority has warned consumers that the platform is operating in the country without proper authorisation.
More about this: UK FCA: FTX not recognized to conduct business in the region
Meanwhile, in Africa, Nigerian startup SafeSenda has recently launched an application that facilitates the management, exchange, conversion, consumption and settlement of cryptocurrency into naira bank accounts.
In widely reported comments, company co-founders Nkechi Iyke-Ukaegbu and Ikechukwu Ukaegbu said the startup was inspired by the lack of a safe and easy process for crypto-to-naira exchange and settlement to local bank accounts in the country. . They added that SafeSenda offers a simpler alternative to peer-to-peer (P2P) platforms.
Booming MENA Blockchain Market Expands Use Cases
As a recent report on the state of the blockchain industry in the Middle East and North Africa (MENA) highlights, the technology has the potential to transform the telecoms sector in the region.
One MENA-based company pioneering the use of blockchain outside of the financial sphere is Egypt-headquartered Web3 communications firm Pravica, which last week launched its decentralized networking platform Pravica Club.
Pravica, which uses the Stacks blockchain to ensure communication security, added the new platform to its existing secure messaging service. The Pravica Club is a kind of chain Discord club designed for communities that want to mobilize a decentralized architecture for chat, payments and identity.
Pravica Club users are on board with their decentralized identity from BTC domains registered through a smart contract on Stack’s blockchain. This makes it ideal for groups that prioritize privacy, as it means that no personal information is required to join and all communication is secured by the blockchain.
Announcing the new product, Mohamed Abdou, founder and CEO of Pravica, highlighted its value to the “Web3 creator economy.” He said blockchain media is “especially relevant in the era of the metaverse where individuals will need decentralized identities, secure communications and P2P financial transactions.”
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