1. Home
  2. South Africa

South Africa

Nearly 20 Countries Eyeing BRICS Membership, Some Even ‘Begging’ To Join: Russian Deputy Minister

Nearly 20 Countries Eyeing BRICS Membership, Some Even ‘Begging’ To Join: Russian Deputy Minister

Senior Russian diplomat Sergey Ryabkov says the line to get into BRICS is getting more and more competitive. According to a report from Tass, a publication owned by the Russian government, Ryabkov says that nearly 20 countries are currently waiting to get into BRICS, the economic coalition currently made up of Brazil, Russia, India, China […]

The post Nearly 20 Countries Eyeing BRICS Membership, Some Even ‘Begging’ To Join: Russian Deputy Minister appeared first on The Daily Hodl.

Digital Asset Traders Withdraw $208,000,000 Worth of Crypto From KuCoin Following Government Charges: Nansen

From cricket to crypto: AB de Villiers ventures into Web3

South African cricket icon AB de Villiers trades his bat for Web3 as he discusses his love affair with NFTs and a partnership with a novel Ethereum-based investment platform.

AB de Villiers is a household name in the world of cricket, renowned for his swashbuckling batting style and records in the shorter formats of the game. Perhaps less well known is his involvement in the Web3 and cryptocurrency space as he moves on from an illustrious sports career.

The 39-year-old South African sat down for a wide-ranging interview with Cointelegraph as he shifts his attention to the world of Web3. From his love affair with nonfungible tokens (NFTs) to an ambassadorship with a Web3 investment platform, De Villiers has familiarized himself with the ins and outs of the wider cryptocurrency ecosystem.

As the South African explained in the first episode of Crypto and Sport, his personal experience navigating the crypto ecosystem has tossed up some testing deliveries to bat away. It has also led him to become an ambassador for a new Ethereum-based Web3 investment platform looking to open up retail investor access to opportunities in promising new start-ups.

Hands off my Mutant Ape!

De Villiers admits that he kept the crypto space at an arms’ length for a number of years despite the best efforts of Web3 savvy friends and family to compel him to explore the industry as early as 2017.

Related: Planet of the Bored Apes: BAYC’s success morphs into ecosystem

While his brothers pressed him to invest in Ripple’s native XRP in those early days, De Villiers remained skeptical of the crypto ecosystem and kept his distance, until he started exploring trading more seriously after downloading Trading View:

“I started to follow some of my favorite stuff. Obviously the markets as well, gold, commodities, the Nasdaq and S&P 500. I just found a bit of interest, started reading a little bit about the markets around the world and then obviously also crypto, Bitcoin, Ethereum, XRP were my first interests.”

A couple of years later, NFTs took off with collections like Bored Ape Yacht Club scoring hundreds of millions of dollars in sales. De Villiers brushed up on the intricacies of the space with the help of a friend working in the industry.

A variety of Mutant Apes listed on NFT marketplace OpenSea. With a current floor price around 9.5 ETH, each avatar of the 20,000 strong collection is valued at over $18,000.

Getting to grips with Metamask and its various wallet and network connections, token swaps and blockchain bridges, De Villiers quickly became enamored with collecting NFTs. Describing his experience as being littered with highs and lows, the former Proteas captain was particularly proud of being a Mutant Ape owner which also happened to be his first NFT trade.

“I think I started off with an amazing bang. I bought an M2 mutant ape. Amazing as a first investment. I went straight for the big one. Obviously it's not overboard, but still an M2 is a biggie.”

His dose of NFT dabbling went on for some time, with De Villiers estimating that his NFT trophy cabinet held over 300 digital collectibles before an unfortunate incident left him scrambling. Enticed by a malicious NFT masquerading as a new Pudgy Penguin drop, De Villiers inadvertently gave a hacker access to his wallet by signing a malicious contract more than a year ago:

“I tapped on it, it looked very legit. There was a $1 gas fee. The minute I hit that gas fee, it stalled. I hit it about five times, which ultimately meant that I gave this guy access to my whole wallet.”

De Villiers ended up losing a portion of his collection before sending the remainder of his NFTs to another wallet for safe-keeping and admitted that the experience had made him recognize some of the challenges navigating Web3 for newcomers:

“I made a couple of mistakes and it cost me dearly, but that is something I really want to talk about. For anyone who wants to invest in NFTs, blockchain or Web3, it's all new and it's complicated, or it can be unless you simplify it as much as possible.”

Leveling the investment playing field

The experience also led him to get involved with Common Wealth as an ambassador. The Ethereum-powered Web3 investment platform aims to give retail investors early access to start-ups that are traditionally stonewalled for conventional venture capital investors. It ‘levels the playing field’ for retail investors to invest in high-potential early-stage Web3 projects, as De Villiers tells Cointelegraph.

The platform allows the average investor access to early stage projects and companies at seed and private sale rounds. Users are able to invest in a variety of funds with crypto to access tokenized shares issued as genesis NFTs .

Community investors decide which projects to back through different funds, with voting power proportionate to their investment in a respective fund. Fund NFTs can be sold, traded or fractionalized on the platform or other marketplaces, which affords access to capital that is typically locked up for long time frames in conventional seed investment rounds.

For De Villiers, giving the everyday investor access to an easy to use platform with a low financial barrier to entry to traditionally exclusive early fundraising rounds resonated with his views on financial inclusivity.

He draws parallels to the socio economic landscape in South Africa, with its multitude of cultures and a regrettably large disparity of wealth, and the potential for projects like Common Wealth to tackle inequality:

“I love the fact that the common person, that's why it's called Common Wealth, can get an opportunity alongside the most wealthy person out there, the guy who has been involved with this space for ten years, who knows all the tricks, the ins and outs, this just gives you a level playing field.”

With some 9.5 million followers on Twitter and more than double that on Instagram, De Villiers added that his alignment with the project was assured by the pedigree of individuals behind Common Wealth. Prominent team members include alumni from Google, Activision Blizzard, Intel, Cardano and Facebook that have built the Ethereum-powered mobile optimized platform.

De Villiers continues to adjust to life after an illustrious cricket career that saw him named ICC One Day International player of the year three times. Broadcast work is on the cards for the 39-year-old, while he admits that he’d like to continue exploring the Web3 industry in various capacities, whether it is apportioning investments into BTC, ETH, NFTs and other promising Web3 projects.

That comes with the usual caveat of caution when investing in the cryptocurrency space, given a long history of market volatility and other criticisms of the nascent sector.

Magazine: Crypto scoring big with European football

Digital Asset Traders Withdraw $208,000,000 Worth of Crypto From KuCoin Following Government Charges: Nansen

BRICS to Strengthen Economic Cooperation — Sherpa Calls for Increased Trade in National Currencies

BRICS to Strengthen Economic Cooperation — Sherpa Calls for Increased Trade in National CurrenciesSouth Africa’s BRICS Sherpa says one of the priorities at the upcoming BRICS summit is “to strengthen economic cooperation.” He added: “We need a stable global financial architecture, a global financial arena. That is why we say that we need to trade in our own currencies.” He also believes that the recession forecasts by the […]

Digital Asset Traders Withdraw $208,000,000 Worth of Crypto From KuCoin Following Government Charges: Nansen

BRICS to Promote National Currencies Before Issuing Common One

BRICS to Promote National Currencies Before Issuing Common OneThe BRICS bloc is now focused on expanding the use of the currencies of its members, according to the representative of one of them. The establishment of a single currency for the group is not an immediate task at this point in time, the diplomat indicated in an interview. Wider Use of National Fiats of […]

Digital Asset Traders Withdraw $208,000,000 Worth of Crypto From KuCoin Following Government Charges: Nansen

BRICS Currencies to Have No Alternative, Former Russian President Medvedev Says

BRICS Currencies to Have No Alternative, Former Russian President Medvedev SaysFiat currencies of BRICS member states will have no alternative in the future, according to former President of Russia Dmitry Medvedev. Nations in the bloc need to think about their digital forms and a digital currency issued by the group as a whole, the Russian politician said. Ruble, Yuan, Other BRICS Currencies to Take Over […]

Digital Asset Traders Withdraw $208,000,000 Worth of Crypto From KuCoin Following Government Charges: Nansen

BRICS ‘Getting Applications to Join Every Day,’ Attracts 19 Requests Before Summit

BRICS ‘Getting Applications to Join Every Day,’ Attracts 19 Requests Before SummitOver two dozen nations have applied for BRICS membership ahead of its upcoming annual summit, the representative of the hosting nation revealed in an interview. The organization which unites leading emerging economies will discuss its enlargement in early June. BRICS to Talk Expansion as Number of Candidates Continues to Grow The BRICS group of nations […]

Digital Asset Traders Withdraw $208,000,000 Worth of Crypto From KuCoin Following Government Charges: Nansen

Crypto exchange Roqqu receives South African approval to expand operations

Nigerian crypto exchange Roqqu received the green light to operate in South Africa, providing on and off-ramps to South Africa's Rand currency.

Nigerian crypto exchange Roqqu has been granted regulatory approval to operate in South Africa, allowing users to purchase cryptocurrencies and withdraw funds with the country's fiat currency, the South African Rand, according to local media reports.  

South Africa has been a top priority for Roqqu as the exchange seeks to expand its dominance in the African market. In a previous interview with Cointelegraph, the company ranked South Africa as a focal point for its growth plans, which includes reaching 5 million clients in 2023.

Roqqu has its sights set on Ghana, Uganda, Kenya, and Tanzania for regional expansion in the near future. 

Roqqu claimed to have over 1.4 million active customers as of January, when it also received a virtual currency license for the European Economic Area, effectively giving it the green light to operate in over 30 countries. It took two years for the exchange to receive permission from the region's regulatory authorities.

The exchange's strategy centers on facilitating cross-border transactions through cryptocurrencies, primarily to African countries. According to the Roqqu CEO Benjamin Onomor, "Africans who live and work in diaspora send over $5 billion yearly back home, they do so with so much stress and have to wait days in some cases before the funds get to their family members in Africa." He continued: "This is an issue as many families depend on this remittance for critical needs such as food and shelter."

Data from Chainalysis shows that the Middle East and North Africa is the fastest-growing region in the world for crypto adoption, transacting over $566 billion in cryptocurrencies between July 2021 and June 2022, up 48% from the previous year.

Cointelegraph recently reported that Africa's crypto-focused startups raised $474 million in funds last year, a 429% jump from the $90 million figure in 2021. The growth in capital flows surpassed the global average, which only saw a 4% increase in blockchain funding in 2022.

Magazine: Bitcoin in Senegal: Why is this African country using BTC?

Digital Asset Traders Withdraw $208,000,000 Worth of Crypto From KuCoin Following Government Charges: Nansen

African blockchain ventures outpace global funding growth: Report

Africa witnessed a 429% YoY increase in venture funding in 2022, with the majority of funding coming from Seychelles and South Africa.

The African continent continues to be a fertile ground for the growth and implementation of blockchain technology.

In the African Blockchain Report 2022 by Crypto Valley VC, it was stated that blockchain deals in Africa raised a total of $474 million, resulting in a 429% increase in African blockchain venture funding. This growth in funding for African blockchain ventures surpassed the global average, which only saw a 4% increase in blockchain funding.

According to the report, African blockchain funding demonstrated a growth rate that was over 12.5 times higher than that of general African venture funding on a year-on-year basis. Specifically, African blockchain ventures raised $474 million through 2022, reflecting a 429% increase in funding. In contrast, overall African venture funding saw a 34% increase, with $3.14 billion raised across 570 deals during the same period.

In 2022, African blockchain startups raised a total of $474 million, reflecting a 429% year-on-year increase compared to the $90 million raised in 2021. Africa experienced the highest growth rate in funding among all regions. Meanwhile, the US remained steady at $15.2 billion in funding, while Asia and Europe saw a year-on-year increase of 50% and 35%, respectively, with $4.74 billion and $4.88 billion in funding.

African blockchain venture funding by nations. Source: CV VC African blockchain report 2022

In the past year, Seychelles and South Africa were responsible for 81% of the blockchain venture funding in Africa, having raised $208 million and $177 million, respectively. Moreover, the number of African blockchain deals increased by 12% year-on-year, from 26 to 29.

African blockchain venture funding made up 1.77% of global blockchain venture funding, which saw an impressive 407% year-on-year increase, with several countries contributing to the surge. In comparison, the US concluded 137 deals, while Asia and Europe had 84 and 78, respectively.

Related: Web3 economy to gain more traction in Africa through DeFi-based financial inclusion

Nigeria is currently the frontrunner when it comes to the number of blockchain startups that have received funding, followed by South Africa, Seychelles, and Kenya. However, despite Nigeria having the highest number of deals in the continent in 2022, it only accounted for 3.4% of all African blockchain venture funding, with an average deal size of $1.25 million.

When taking into account the substantial increase in blockchain funding in Africa and the fact that there was a relatively small increase in the number of blockchain deals, it shows that the median deal size has significantly risen. This suggests that businesses are securing more substantial funding, and investors are becoming more confident in African blockchain ventures.

Magazine: Bitcoin in Senegal: Why is this African country using BTC?

Digital Asset Traders Withdraw $208,000,000 Worth of Crypto From KuCoin Following Government Charges: Nansen

Brazil President Expresses Support for BRICS Currency, Calls for Replacement to Dollar in Global Trade: Report

Brazil President Expresses Support for BRICS Currency, Calls for Replacement to Dollar in Global Trade: Report

Brazil President Luiz Inácio Lula da Silva thinks BRICS countries should have a currency other than the US dollar for international trade. Bloomberg reports that Lula spoke on the dollar while visiting the BRICS’ New Development Bank in Shanghai this week. BRICS is an economic alliance, and the acronym stands for the countries of Brazil, […]

The post Brazil President Expresses Support for BRICS Currency, Calls for Replacement to Dollar in Global Trade: Report appeared first on The Daily Hodl.

Digital Asset Traders Withdraw $208,000,000 Worth of Crypto From KuCoin Following Government Charges: Nansen

Brazil’s President Lula Urges Developing Countries to Abandon Dollar as Global Reserve Currency

Brazil’s President Lula Urges Developing Countries to Abandon Dollar as Global Reserve CurrencyAccording to Brazil’s president Luiz Inácio Lula da Silva, developing countries should abandon the U.S. dollar and strengthen their own national currencies. During a speech at the New Development Bank in Shanghai, Lula expressed his nightly pondering: “Why do all countries have to base their trade on the dollar?” Brazil’s President Wants to Reduce the […]

Digital Asset Traders Withdraw $208,000,000 Worth of Crypto From KuCoin Following Government Charges: Nansen