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Crypto-currencies and Blockchain

Stakeholders Applaud ZONE Blockchain Payment Infrastructure

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Stakeholders across the finance and payment landscape in Africa, have commended Appzone on the launch of Zone, Africa’s first blockchain platform for payment processing.

At the official launch event held recently in Lagos, the stakeholders, made up of captains of industry and business leaders, discussed the significant role that Zone will play in decentralizing payments and inter banks transactions across Africa, whilst also calling for increased collaboration from all in the finance and technology sectors, to advance Africa’s Fintech Industry.

While delivering the Keynote address at the event, Mr. Uzoma Dozie, CEO and Founder of Sparkle, disclosed that with the right amount of collaboration and adoption, Zone will improve existing payment infrastructure and create robust experiences for players in the market.

Mr. Dozie added: “Zone is built on a new technology that addresses trust and transparency in the sense that users don’t have to rely on the bank’s central system where they are locked out of the process. With Zone, users are more aware, and they perfectly understand every single bit of the process, which creates the transparency needed to build trust and increased adoption.

According to Dozie, the Covid-19 pandemic made people more aware of the need to embrace digital finance, fostering the appreciation needed to increase adoption of digital finance and payment technologies.

Speaking about the unique features of Zone, Mr. Obi Emetarom, CEO and founder of Appzone Group, described Zone as more than a blockchain payment platform. According to Obi, Zone is a financial network, made up of different financial institutions, that delivers payment processes and real time settlement.

“The Zone platform offers users exciting opportunities, it is a ubiquitous network because is connects all sorts of financial institutions from payment companies, micro finance banks to fintech to digital banks. Zone also uses peer to peer routing, which means that all the institutions leveraging the platform can connect directly without any middleman, ensuring reliability and scalability,” added Mr. Emetarom.

“Zone has also started off a network across Africa that enables anyone to do real time transactions anywhere on the continent. Ultimately, Zone is set to deliver a compliant and stable pan African digital currency,” Obi concluded.

Developed by Appzone Switch, a subsidiary of Appzone Group, Zone forms the foundation of Appzone’s plans to build out Africa’s first decentralized payment network which will allow inter-bank transactions to be processed directly between banks without the involvement of an intermediary.

While speaking on the rationale behind the launch of Zone, Mr. Uche Elendu, CEO of Appzone Switch said: “We are happy to officially unveil Zone as a decentralized blockchain based payment infrastructure that enables real-time settlement of fiat transactions, both in-country and out-country, while enabling the retail distribution of stable digital currencies including Central Bank Digital Currencies (CBDCs) in Africa.”

The plan is for Zone to manage stable coin wallets for regular individuals on the same distributed ledger that currently facilitates payment authorization and settlement.

With 10 commercial Banks in Nigeria already connected to the network, Zone provides Banks and Fintechs with simple APIs for various types of transactions including account-to-account transfers, merchant payments, and cash transactions at ATMs or agent locations. The platform’s architecture achieves high through-put and record transaction success rates, while eliminating typical reconciliation issues that delay refunds to customers where necessary.

By connecting every financial service provider to Zone’s decentralized payment network, Appzone Switch envisions a future beyond cash where payments are frictionless and instantaneous within and between every African country so that Africa can accelerate trade and economic prosperity.

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Crypto-currencies and Blockchain

Cryptocurrency: Binance Introduces Crypto Price Widget

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Binance has announced the introduction of the Binance Crypto Price Widget as part of its ongoing effort to make cryptocurrency trading both more accessible and more widely understood.

The Binance Crypto Price widget is an easy to install, easily integrated tool that provides value to website visitors by sharing live, reliable updates on top cryptocurrency prices from the largest cryptocurrency exchange in the world.

“Websites benefit from the widget because it offers an engaging, interactive experience for visitors,” points out Binance’s Director in West & East Africa, Nadeem Anjarwalla. He further explains that the widget delivers news around prices, data and developments in the crypto world. “By providing this information, visitors are encouraged to spend more time on the site. But, more than this, because the information is credible and reliable, the website gains a reputation for credibility and reliability, too. In this way, it is able to build an audience who are regular to check in regularly with a source they trust.”

The information on offer is extremely comprehensive, offering live prices of up to 10 cryptocurrencies as well as fiat currencies. The widget is flexible, too, with website owners able to choose a customizable price, while the appearance can also be customized to match the website design and branding. Owners can also choose to integrate the widget as a ticker providing real-time feeds, or a blog.

Anjarwalla says that the widget can be installed directly onto a website with just a few clicks, starting with a visit to the Binance Crypto Price Widget page. “From there, website owners choose the appropriate code and paste it onto the location on their own website where they would like visitors to access it.”

The benefits for visitors are clear, too: having access to up-to-the-minute information for the most popular cryptocurrencies, from the world’s largest cryptocurrency, is a major advantage for those wishing to build their crypto portfolio.

“We realise that, for many would-be investors, the world of crypto remains difficult to understand and somewhat daunting. Tools like the Binance Crypto Price Widget have been made available specifically to change this mindset and to make investing more simple for everyone,” Anjarwalla concludes.

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Crypto-currencies and Blockchain

Mastercard and Web3 Players Join Forces on Blockchain Transactions Trust

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Mastercard is teaming up with Web3 players on an on-chain identity and verification framework covering a variety of applications in payments, remittances, ticketing and NFTs.

Mastercard Crypto Credential is designed to help companies, developers, and individuals to realise the full potential of powering payments, commerce, and economic value on-chain and across borders.

Among the partners onboard are crypto wallet providers Bit2Me, Lirium, Mercado Bitcoin and Uphold, which are working on an initial project to enable transfers between the US and Latin America and the Caribbean corridors.

The company is also teaming up with public blockchain network organisations Aptos Labs, Ava Labs, Polygon and The Solana Foundation. Aptos says it is among the shortlist of blockchains to enable the identity and attestation element of sending and receiving funds through Web3.

The partners also intend to explore the utility of identity-oriented Web3 solutions use cases like NFTs, ticketing, enterprise, and payments.

Raj Dhamodharan, EVP, digital asset and blockchain product and partnerships, Mastercard, says: “With Mastercard Crypto Credential, we can help ensure that those interested in interacting across Web3 environments are meeting defined standards for the types of activities they’d like to pursue.

“Mastercard Crypto Credential will not only define verification standards and levels, but also provide necessary enabling technology to help bring more use cases to life.”

Separately, Mastercard has signed up another six blockchain and digital asset startups for its StartPath programme, giving participants training, access to channels and customers as well as subject matter expertise, and an opportunity for technical collaboration. The new members are Axelar, Cheeze, Coala Pay, Qonbay.io, RociFi Labs and Suberra.

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Crypto-currencies and Blockchain

As currency devaluation impacts African consumers, Stablecoins offer a safe and reliable alternative

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In recent years, many countries across Africa have been grappling with the growing challenge of currency devaluation. Currency devaluation refers to the decline in the value of a country’s currency relative to other currencies in the world. It can be caused by various internal or external factors. For example, weak economic fundamentals, such as high inflation, low GDP growth, high levels of debt or low foreign reserves, can erode investor confidence and lead to a decrease in demand for the currency, resulting in it losing value. 

According to Nadeem Anjarwalla, Director for Binance in West & East Africa, while currency devaluation can be used as a tool by governments to boost exports, stimulate economic growth, or reduce trade deficits, it can also have negative consequences for the economy and people of the country concerned. 

“Currency devaluation can erode the purchasing power of people’s money, cause inflation levels and the costs of living to increase, and create uncertainty in financial markets,” Anjarwalla explains, “all of which can result in reduced standards of living for consumers and less certainty when it comes to growing their money through traditional savings and investment vehicles.”

However, Anjarwalla points out that there is a solution to the challenge of currency devaluation and the impacts that a declining currency can have on people’s financial well-being. “Stablecoins provide a practical solution for African consumers to hedge against the currency devaluation that many countries on the continent are facing,” he explains, “by offering a stable way of growing the value of their money, easy digital access to their funds, and a steadily increasing number of opportunities to use Stablecoins to do secure cashless transactions.”

Stablecoins are a type of cryptocurrency that is pegged to a stable asset, like a traditional currency such as the US dollar, or a commodity like gold. This allows Stablecoins to maintain steady value and be less susceptible to the volatility often associated with other cryptocurrencies. These attributes make Stablecoins a reliable hedge against currency devaluation, even in uncertain economic conditions. 

“One of the most valuable aspects of Stablecoins in an environment of currency devaluation is that they offer a secure and efficient means of saving and growing money, making them a reliable option for long-term savings,” Anjarwalla explains, “So, African consumers can save their money in Stablecoins, secure in the knowledge that its value will remain relatively stable over time, and even have the potential to grow, regardless of the fluctuations happening in their country’s local currency.”

And the benefits of Stablecoins are not limited to their savings potential. They also offer fast and low-cost cross-border payments and transfers, making them a convenient option for remittances and international transactions. “African consumers can use Stablecoins to send and receive money across borders quickly and efficiently,” Anjarwalla says, “without being faced with a situation where currency devaluation in the recipient’s country means that the money is worth less when it reaches its destination.”

Anjarwalla points to the convenience and accessibility of Stablecoins as another compelling reason why growing numbers of consumers in Africa are turning to these innovative currencies to enhance their financial resilience in difficult economic times. “People can easily convert their local currency into Stablecoins through peer-to-peer exchanges or decentralised finance (DeFi) platforms,” he says, “ and they can then easily access their Stablecoins through cryptocurrency exchanges, like Binance (Binance.com), which provide a user-friendly platform for buying, selling, and trading the coins. What’s more, an increasing number of fintech companies in Africa are incorporating Stablecoins into their payment systems, enabling consumers to transact directly with them to pay bills, invest, and purchase everyday goods and services.” 

He points out that, as the demand for Stablecoins continues to grow in Africa, leading cryptocurrency exchanges, like Binance, are actively supporting their adoption on the continent as a viable way to counteract growing economic uncertainty and ongoing currency devaluation. “As one of the largest cryptocurrency exchanges in the world, Binance offers a wide range of Stablecoins, including Binance USD (BUSD), Tether (USDT), USD Coin, TrueUSD, and Dai (DAI),” he says, “which are pegged to the US dollar and provide a reliable hedge against currency devaluation for African consumers.” 

“By providing a secure and convenient platform for buying, selling, and using Stablecoins, Binance is not only offering African consumers a reliable and accessible option to safeguard their financial future by countering the negative impacts of currency devaluation,” Anjarwalla says, “but we are also contributing to greater financial inclusion and economic empowerment and resilience on the continent.”

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