Connect with us

Technology

KuBitX Creates Africa’s first usable Stable Coin among other milestones

Published

on

Over the past few weeks we at KuBitX have been busy fine tuning our blockchain solutions while also working to raise some operational funding to help us go full blast with our marketing and scaling plans. The good news is that our efforts are finally paying off and you can rest assured we are taking this project further into the mainstream, where it needs to be. Remember KuBitX is all about adoption and inclusion?

In the past few months, we have also been working on how to ensure our supporters get the best value for their contributions. We understand one of the ways to do this is to bring more utility and relevance to our native exchange token (KBX – KubitCoin)  and a number of business decisions have been made regarding the way forward especially when it comes to listing and getting it into the hands of more people both in crypto and the mainstream. We will talk more about KBX later but let us first discuss our issuance of Africa’s first usable stable coin.

Naira Stable Coin (NGNX)

Stable coins. We have all heard of them but they have either been associated with scandals or are typically merely used for trading against crypto pairs. We believe this amazing innovation of blockchain technology can be put to better use such as facilitating real life merchant payments, instant currency swaps and cross-border remittances. It is for this reason that we created NGNX, Africa’s first usable stable coin — a digital asset pegged 1:1 to the Nigerian Naira.

Why did we start off with NGNX? Nigeria boasts the highest population, highest youth population and highest mobile device penetration in all of Africa. It has the biggest economy and it’s teeming youth population are strong adopters of crypto — an evidence which can be seen in the volume of Bitcoin traded by Nigerians monthly. By creating this Naira pegged asset, we are not only helping more mainstream people to embrace certain applications of Blockchain tech, we are also facilitating further adoption of the technology and thus helping it mature better and faster in our own way. Our NGNX will be “swappable” in real time with other pegged tokens we plan to create once all the business and audit procedures are set in place.

Today, people who own NGNX can currently use it on KuBitX PROW to:

  • Send XLM to their peers in any part of the globe
  • Receive funds from their peers across the globe via XLM swap pathways. More pathways are being created starting with other countries in Africa.
  • Pay for airtime, internet, entertainment, utility and other services for over 3000 merchants in Africa’s largest economy
  • Fund their KuBitX Exchange account to exchange for other kinds of assets listed on the Exchange.

Fiat Payment Gateway Integration on Exchange

A major challenge crypto adopters in Africa and other emerging markets have is the difficulty in obtaining the top crypto (BTC, ETH, XLM etc) or the fact that they usually buy them at a premium, and often with steep transaction fees. Since we pride ourselves in helping adoption and fostering inclusion, we have decided to integrate a fiat payment gateway to the Exchange so that people can more easily invest in promising assets and projects they want without losing time and money due to the volatility in a high frequency trading environment. Our fiat gateway also ensures people can buy assets closer to the real price without having to pay the steep 2–3% fees being offered by the likes of MasterCard or Visa. It is another way of showing how much we care about how much we can give to our community and not merely what we can take from them.

Also Read Interview With Doja Culinary Company CEO, Onaopemipo Dara

Currency Conversion on KuBitX Exchange

For the sake of ease and convenience of portfolio management, we have added currency conversion to the settings so that our users can decide to see the prices of assets as well as their wallet balances in any of the currencies we have made available most notably the NGN, KES, ZAR, UGX, USD, GBP, RUB, EUR and CAD.

Exchange Liquidity

You may have noticed the reduction of the available trading pairs on the exchange, but you will have also noticed that the available pairs are coming alive. In the following weeks, we will be working to ensure there is more liquidity for the projects listed on the exchange. We do not believe in listing every project out there, we only want to list the most viable ones we can access. As our operations stabilise even further, we will be conducting community voting events as well as initial exchange offerings to bring on board high quality projects for our esteemed users.

Bonus referrals and Loyalty Discounts for payments using KBX

We believe in giving back, we cannot emphasize this enough. For this reason we will be giving back money to our users whenever they or their referrals pay for their bills on KuBitX PROW. When a referred person pays a bill, the referrer gets 5% of the transaction fees. A referrer is also eligible to earning 3% of the transaction fee of his/her downline’s first referral. People will always pay bills so we believe this is a good way for mainstream adopters of our KuBitX PROW to earn passive income.

In addition to the bonus referral payments, we have also negotiated discounted transaction fees for our users when they pay their bills on the PROW using our KBX tokens. This helps the user get a good deal as well as adding more utility to the token itself which benefits all owners.

Work is also ongoing to allow our esteemed community to be able to stake their KBX tokens for periodic rewards. More information will be provided on this at a future date.

One more thing (One Big Partnership)

We signed a huge deal to co-create something that can change the way funds/value is moved across Africa by people and especially mainstream businesses. We are super excited about this partnership and we believe it is positioning us further in an influential place within Africa and beyond as far as Blockchain innovations is concerned. We will share more details of this after the Easter break.

Yet one more thing (#BWCLagos19)

Women across Africa attended the maiden Blockchain Women Conference held in Lagos, Nigeria which was attended by the likes of Eric Annan (KuBitX CEO) and Reggie Middleton (Veritaseum CEO). At the event, KuBitX CEO pleaded with Africans to let go of a scarcity mentality and start collaborating to build strong and meaningful blockchain projects so that in the next few years, Africans can look at themselves as Blockchain solutions co-creators and not merely consumers as has been the typical trend with past major technology waves. When also puzzled about why KuBitX was giving so many top notch features out so cheaply, Eric Annan responded to say

“we are focused in bringing value to the entire continent, because Africans have been saddled with exorbitant charges, poor customer support including random unexplained closure of accounts by some platforms. We are more concerned about the people and the value we can bring them, hence we will continue to strive to make it easier for the continent to have easier access to useful and reputable digital assets in the coming months. We plan to do this with features such as card payment and direct bank deposit. This is only possible as a result of our commitment to strategic synergies and partnerships with the mainstream”

Thanks for your patience and support so far. Keep supporting us as we work to bring you value both in how we serve you as well as how we make KuBitX bigger and stronger. We have a few other things cooking which we would only be at liberty to share once all the background and paperwork has been completed. For now, the team will just keep doing what they know best — work, innovate, collaborate,deliver, improve, rinse and repeat.

Happy Easter Holidays

From KuBitX Team

 

Technology

Lisk and CV Labs Africa Unveil VC Curated Blockchain Incubation Hub

Published

on

Lisk Chief Project Officer, Dominic Schwenter (Image: Supplied).

With nearly a million developers, a flourishing cross-industry entrepreneurial mindset, and a remarkable surge in blockchain adoption, Africa’s ability to lead blockchain technology impact is undeniable. Yet, technology entrepreneurs face barriers like limited access to finance and expert mentorship. Lisk’s Blockchain Incubation Hub intends to solve that issue.

Lisk is a fast and scalable Layer 2 (L2) network secured by Ethereum. As a member of the Optimism Superchain, Lisk provides builders and users some of the cheapest fees possible in the Ethereum ecosystem (currently sub 1 cent) and is actively contributing to the larger Superchain mission of onboarding the next 1 billion people to Web3. Lisk’s strategic decision to focus on emerging markets stands as a testament to its commitment to innovation and inclusivity. By prioritizing these regions, the team acknowledges the transformative potential they hold for the global community. 

Download BAO E-MAGAZINE

Dominic Schwenter, Chief Project Officer at Lisk, speaking of the incubation program, said “As an established infrastructure project, that has long focused on making Web3 technologies more accessible to builders and users around the world, we fully understand the tremendous opportunity the African continent represents for the future of the blockchain industry. By working with established partners such as CV Labs and its VC pillar, CV VC, we intend to bring our mutual excellence to support African pioneers who harness ingenuity to empower their communities. Blockchain is the engine for propelling local economies across the continent and we are well aware of the great quality of the developer community in Africa. There’s no one better to solve challenges than local developers, founders, and entrepreneurs“.

CV Labs is a renowned blockchain accelerator and ecosystem builder within the Web3 space. CV Labs is a business pillar of CV VC, the Swiss headquartered blockchain venture capitalist. Lisk and CV Labs both originate from the world’s most mature blockchain hub – Crypto Valley. Each has local and active teams on the ground in Africa, committed to harnessing Africa’s ability to drive the future of the web – one that enables data transparency, new economies, and, most of all, a better way of interacting and transacting for Africans.

Gideon Greaves, MD of CV VC Africa, said “Our experience in creating interconnectedness among our African and global portfolio companies is a bedrock for their growth. As Africans ourselves, we are very excited to empower the Lisk Blockchain Incubation Hub with our ecosystem pillar CV Labs, leveraging local insights and global understanding for maximum impact. Importantly, CV VC’s investor-focused curation will support the appropriation of grant funds to ensure projects with impact and utility succeed”.

African nations are among the strongest adopters of cryptocurrencies, utilizing them both as a store of value, payment, and exchange purposes. Concurrently, the technology behind crypto, blockchain itself, is increasingly important in other ways for Africa due to its immutability which can address longstanding issues such as corruption, lack of transparency, and inefficiencies in sectors like finance, supply chain, and governance.

Builders on blockchain technology can enhance trust, promote financial inclusion, enable secure transactions, and streamline processes, particularly in regions with unreliable infrastructure and weak institutions. Additionally, blockchain can support individuals by enabling access to financial services and property rights, fostering their socioeconomic growth, and unlocking new opportunities.

Despite restricted global funding, technology ecosystems in Africa are emerging, and 15 African countries feature in the Top 100 Global Ecosystems. As Africa accounts for nearly 20% of the global population and a median age of 18.8 years, the continent’s youthful demographic presents a potent force for innovation. While 77% of VC funding in Africa comes from outside the continent, The Lisk Blockchain Incubation Hub is committed to enabling African entrepreneurs to achieve self-fulfilling revenues and new funding sources by becoming market-ready with viable products that meet African needs.

Continue Reading

Technology

EMURGO Africa Unveils EMURGO Labs

Published

on

EMURGO Africa, the investment and commercial arm of Cardano in Africa, today announced the launch of EMURGO Labs, a dedicated development entity for emerging Web3 technologies. The Labs is designed to support the growth of established and nascent Web2 and Web3 organizations. EMURGO Labs is set to spearhead the digital transformation across borders, leveraging the transformative power of the Cardano blockchain.

This will will serve as the central hub for fostering the growth of both established and burgeoning Web2 and Web3 organizations throughout the region. By leveraging the unparalleled power and potential of the Cardano blockchain, EMURGO Labs aims to empower innovation, facilitate cross-border expansion, and contribute to the overall expansion of the global blockchain ecosystem.

“The launch of EMURGO Labs marks a significant step forward in our mission to unlock the transformative potential of blockchain technology in Africa, Middle East and GCC,” said Ahmed M. Amer, CEO of EMURGO Labs. “Through comprehensive support services, strategic partnerships, and industry-leading expertise, I am confident that EMURGO Labs will become the premier destination for Web3 ventures seeking to thrive in this dynamic region” added Amer.

Download BAO E-MAGAZINE

EMURGO Labs is dedicated to delivering a broad spectrum of services, meticulously designed to meet the evolving needs of the digital era, enabling organizations to seamlessly migrate from Web2 to Web3 while also enhancing and expanding the capabilities of already established Web3 entities.

  • Blockchain Solutions Development: Partnering with global enterprises, startups, and accelerators, EMURGO Labs is at the forefront of investing in and developing groundbreaking blockchain solutions with real world use cases
  • Custom Software Development: Tailored software solutions are crafted to drive digital transformation, propelling enterprises into the future.
  • UI/UX Design: With a focus on user-centric design, The Labs ensures intuitive user experiences and sleek interfaces for Cardano blockchain applications, setting a new standard in usability and aesthetics.

Aiming to engage a broad spectrum of stakeholders, from Web2 and Web3 startups, banks, and large corporations to governments and the wider business community, The Labs is strategically positioned. By appealing to investors, blockchain enthusiasts, media, and policymakers, it is poised to become a pivotal player in the global blockchain ecosystem.

Continue Reading

Technology

LG Electronics unveils latest state-of-the-art home appliances

Published

on

LG Electronics continues to set new standards in consumer electronics with the unveiling of its latest lineup featuring sleek, minimalist designs tailored to enhance the modern lifestyle.

In a world where technology seamlessly integrates into daily routines, LG Electronics understands the importance of design that not only complements living spaces but also elevates them. With a commitment to innovation and aesthetics, LG’s new range of products embodies the perfect balance of form and function. From cutting-edge Televisions to state-of-the-art home appliances, LG’s minimalist design ethos shines through in every product. With clean lines, premium materials, and intuitive interfaces, consumers can enjoy both sophistication and simplicity in their everyday interactions.

“We believe that great design should enhance the user experience, not distract from it,” said Mr. Hari Elluru, Head, Corporate Marketing, LG Electronics, West African Operations. “Our latest lineup embodies our dedication to creating products that seamlessly integrate into modern lifestyles, providing both style and substance.”

At LG, we have the latest designs, very durable and innovative products for every household, and it’s for this reason that, to prevent the incidence of the paradox of choice, we curated some budget-friendly home appliances we believe will make living comfortable for you.

Download BAO E-MAGAZINE

Smart TV

Why go to the cinema when you can create a cinematic experience in your home? When friends and family visit you, you can entertain them either by watching content together on an LG TV or by connecting your game with the LG TV so you can have an immersive experience. As far as picture and sound quality goes, LG TVs deliver only the best. So, immerse yourself and treat your guests to unforgettable TV experiences by investing in any of LG’s range of smart TVs. And what is more? Its ThinQ app feature is there to help maximize your TV experience in such a way you can’t imagine. You get to choose your favorite voice assistant and control your TV with your voice with an all new home screen to provide more convenience and control.

 Portable Bluetooth Speaker & Soundbar

Whether you are the indoor type or outdoor type, there is that speaker that helps whatever vibe you are in. And regardless of what your taste is, you can get a premium audio experience no matter the size of the speaker. Take, for instance, our portable speakers that allow you to carry your fun with you with or without the absence of power or our soundbars that serve as the perfect companion to your LG TVs. The good thing about these speakers is that even with their sleek design, there’s no compromise on sound quality.

Enjoy sound the way it’s meant to be enjoyed where all your movies and music are brought to life with sound that’s clearer and more immersive; thereby, giving you a more realistic audio experience. And not only that, with this sound bar, there is dimensionality to your sound as well as a greater sense of space and depth which all culminates in you discovering hidden audio details with unparalleled clarity, hearing every emotion just as the creator of the sound intended for you to hear.

Refrigerator

Want a fridge that keeps your food items and drinks cool and fresh for a long period without drilling a hole in your pocket? Well, you don’t have to think too far. This fridge is the perfect addition to your household gadgets. One amazing feature of this LG Instaview fridge is that when you knock twice on the door, you can see the contents of the fridge without opening the door. This helps to save time while saving the air inside the fridge. Cool, isn’t it?

Microwave Oven

Who says you have to retire to the kitchen after a stressful day at work? And who says you need a massive cooking gadget just to create little wonders that delight your tummy? LG NeoChef microwave is the go-to appliance for quick and easy meals. Whether it is to heat the food, bake, fry, or even ferment your homemade yogurt, LG NeoChef has the bells and whistles you need for gastronomy.

Air Conditioner

There is air and there is cool refreshing air that’s void of impurities. The latter is the kind of air that comes from the LG ArtCool air conditioner. LG’s ArtCool AC not only fills your space with the right kind of air for your lungs and skin, its design allows it to harmonise perfectly with your wall, adding to the beauty and style of your interior in a way most air-conditioners were not designed to. In addition to that, it is more energy saving and thanks to its inverter compressor, it expels air farther and faster. And not only that, you can access your air-conditioner at any time and from anywhere with a Wi-Fi equipped device and LG’s exclusive home appliances control app – ThinQ.

Continue Reading

Ads

Most Viewed