As you know Africa's adoption of crypto is skyrocketing and we have a lot to share about what has been going on, so let’s jump right into it. Starting with some rather disappointing news coming from South Africa.
SOUTH AFRICAN MILLIONAIRE BITCOIN TRADER WANTED FOR R500K FRAUD
The South African Police Service (SAPS) has confirmed Sandile Shezi is now a wanted man after he allegedly scammed a man R500,000. Shezi is also accused of scamming other 3 victims who claim to have lost millions after investing in his scheme
The said people have come out to claim that they had invested large monies where Shezi failed to deliver on his promise to provide the returns.
On a happier note, October is going to be big for East Africa as Jelurida Africa just announced the upcoming East Africa Blockchain Expedition, starting on the 23rd.
The program is designed to educate the residents of East Africa on blockchain technology through the storytelling of personal experiences. The participants will obtain blockchain certification through the program hence paving the way for adoption of blockchain.
The mission that Jelurida has in mind is to bring the concept of blockchain technology to the residents of East Africa & get them acquainted with its potential.
From this brief article, it is indeed a fact that such initiatives will accelerate the adoption of cryptocurrencies in Africa.
Cameroon is not falling behind though. In order to really send Francophone Africa to the moon, Ejara, a one-year-old company founded by Nelly Chatue-Diop, has raised $2million to help the region pioneer the use of crypto & investment services. The funding round had the following companies: Coinshares Ventures & Anthemis Group, Mercy Corps Ventures, Lateral Capital, LoftyInc Capital, and NetX Fund.
Ejara has more than 8000 users from Cameroon, Ivory Coast, Burkina Faso, Mali, Guinea & Senegal as well as French-speaking Africans in the diaspora (Europe, Asia and the US) and caters to them via a partnership with crypto payment infrastructure company MoonPay so that they can remit money to friends and family in Africa.
Ejara is an app for Africa and its diasporas to access various investments, offering fractional shares, commodities, cryptocurrency, and more.
Essentially, Ejara caters for two types of customers: a majority of users who use it to buy cryptocurrency in order to store for future plans, and business owners who conduct regular transactions.
EXPANSION OF CARDANO IN AFRICA IS A ‘CHANCE TO DESIGN NEW SYSTEMS,’ SAYS IOHK CTO
After Cardano’s Alonzo upgrade which introduced smart contract capabilities, and the success of the high-profile Cardano Summit, more players- both in and out of the crypto sector- have their eyes set on Cardano
Apart from partnerships with Dish & Boost Mobile, Pellerin spoke about Cardano’s relationship with Chainlink and the importance of oracles. Oracles provide data from the outside world to smart contract platforms. Pellerin pointed out that a DEX would require information such as USD/ADA conversion rates and for this, oracles were necessary.
Pellerin noted that the Ministry of Education of Ethiopia was the first government to work with Cardano to issue digital IDs and documents to students and professors. Furthermore, he discussed how Cardano could help an Africa-based mobile company include even areas without 5G coverage.
He explored how Cardano could enable African countries to reduce their dependence on the dollar & euro.
Coming to why Cardano was focusing on Africa, Pellerin said,
“It’s a great place in the world to develop blockchain because we have a chance to design new systems, taking blockchain into account at first, right? And so that gives us way more flexibility in terms of design than trying to adapt a legacy system that’s already digitized through cloud solution, etc, which is a different type of exercise.”
Finally, MoneyGram has partnered with the Stellar Development Foundation to enable crypto payouts in local currencies to users.
MoneyGram will utilize the USDC stablecoin to settle payments and convert payout’s to users’ local currencies.
The partnership comes months after MoneyGram began accepting bitcoin at its locations in May 2021 after entering into a partnership with the CoinMe exchange.
That will be everything for this week’s News Digest. Make sure to keep an eye out for upcoming news and don’t forget to follow us on our social media, so you don’t miss out on the updates on the project, as well as a lot of fun content coming your way.
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