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Naira appreciates despite fall in forex turnover when bitcoin rallies above $50k

Naira appreciated against the US dollar on Thursday to close at N414.73/$1, representing a 0.09% gain when compared to N415.1/$1 recorded in the previous trading session. This is despite the significant fall in the volume of forex turnover at the official window. FX turnover dropped by 49.9% on Thursday to $107.92 million. 　　On the other hand, naira fell marginally against the US dollar on Thursday at the parallel market to close at N572/$1, from an average of N571/$1 recorded in the previous day. This is according to information obtained from BDC operators interviewed by Nairametrics. 　　Nigeria’s foreign reserve reduced by 0.03% on Wednesday, 22nd December to close at $40.6 billion compared to $40.61 billion recorded as of the previous day. The continuous decline in the nation’s external reserve is attributed to the intervention by the apex bank in the official forex market. 　　Trading at the official NAFEX window 　　The exchange rate at the Investors and Exporters window closed at N414.73/$1 on Thursday, which represents a 0.09% appreciation compared to N415.1/$1 recorded a day before. 　　• The opening indicative rate closed at N413.77/$1 on Thursday, which represents a 27 kobo appreciation compared to N414.04/$1 recorded in the previous trading session. 　　•

2022-01-20Deep Dive

Why experts predict metaverse property investment could be better than physical

Lets not go any further. According to a Fortune report, there is actually a “land grab” going on, and it has no end, apparently. It has created a real estate bubble of sorts in which the cheapest available Metaverse plots are $13,000.　　Okay, let‘s step back a bit, please, because, for that kind of cash, you can buy an apartment in Mexico City or a rural home in Bulgaria, Italy, Spain, France, Portugal, or Greece. Don’t believe it？ Check out Property Under 20K and see for yourself. Take a look at this opportunity for two homes on 200 square meters of land in Sevilleja de Jara, Spain, for example. 　　But wait! In November of last year, Republic Realm, a virtual land developer, paid a whopping $4.3 million for a Metaverse property from video game company Atari. According to the Wall Street Journal, this was the largest metaverse property sale publicized yet.　　One week before that record-breaking purchase, the Metaverse Group, a subsidiary of Tokens.com, had bought a plot of digital land in the so-called fashion district of Decentraland for about $2.3 million.　　These digital real estate transactions shine a bright light on the growing appetite for Metaverse land, the online 3D space of

2022-01-19Deep Dive

UK to impose strict restrictions on misleading crypto ads

In a bid to restrict misleading ads concerning cryptocurrency, the UK Treasury on Tuesday announced its plans to regulate cryptocurrency advertisements as other financial products and ensure that the ads concerning crypto adhere to proper and ethical advertising standards to limit the spread of false information.UKs crackdown on misleading crypto ads　　The UK treasury plans to bolster crypto ads regulation by bringing them in league with other financial products. By doing so, the treasury will ensure that all crypto ads adhere to proper advertising standards and limit the spread of misleading information amongst investors. The treasury further stated that it intends to promote “fair and clear” advertising regarding cryptocurrency　　The Treasury also published a legislation response that states the proposed legislation will also be examined and regulated by the Financial Conduct Authority (FCA) to effectively regulate the rampant misleading advertisements in the UK.　　“Research suggests that understanding of what crypto is declining, suggesting that some users may not fully understand what they are buying,” the U.K Treasury said in a statement.　　The UK treasurys decision to bring crypto advertising under the scope of regulation as other financial products intends to mitigate any possible risks that may end up deceiving investors or promote misleading information.　　Chancellor

2022-01-19Deep Dive

Crypto billionaire Sam Bankman-Fried names 2 potential ethereum-killers as the next big blockchains:

Crypto billionaire Sam Bankman-Fried said two ethereum killers are the most promising blockchains this year: solana and avalanche.　　In an interview with Decrypt, the FTX boss said solana, which is the seventh largest by market capitalization, has done something few others have done, which is scale.　　“Theyre one of the only chains that has a real plausible path forward here in scaling to the level you would need to get to if you wanted industrial-scale usage,” he said to Decrypt.　　Solanas total value of $42 billion pales in comparison to ethereums whopping $375 billion, according to CoinMarketCap data. But, a recent note from Bank of America pointed out that the blockchains “proof of history” mechanism allows for low transaction fees, ease of use, and scalability, relative to others like ethereum which has become known for its high gas fees.　　As for avalanche, Bankman-Fried said, “it is a real chain; its a cool chain, and I think that theres a world in which it gets absolutely huge.”　　Currently, avalanches native AVAX cryptocurrency is ranked No. 12 with an approximate $20 billion market capitalization and a six-fold increase in the last year.　　Avalanches token, along with solana, cardano and polkadot, have been dubbed ethereum killers because their rival

2022-01-19Deep Dive

FTX the Fastest-Growing Crypto Exchange in 2021: Report

Key Takeaways　　FTX has released an impressive end-of-year report for 2021.　　The report concludes that FTX was the fastest-growing cryptocurrency exchange in 2021.　　FTXs success is likely attributable to its aggressive fundraising and advertising campaigns.　　FTX has released its end-of-year report for 2021, revealing it to be the fastest-growing crypto exchange over the past year.　　FTX Growing Fast　　2021 was a good year for FTX.　　The third-largest crypto exchange released its end-of-year report Tuesday, revealing itself to have been the fastest-growing crypto exchange over the past year. In a chart outlining relative growth since the start of 2020, FTX has outpaced every other major crypto exchange, growing almost 600%.　　By comparison, the current largest crypto exchange, Binance, grew approximately 380% in the same period. Coinbase, the largest crypto exchange in the U.S., came in third, with just under 300% growth.　　Also detailed in the report were FTX‘s spot trading volumes. The exchange facilitated an immense $719 billion worth of spot trades throughout 2021, a 2,400% increase compared to 2020’s numbers. The report states that the increase in spot trading can be attributed to the dramatic uptake of FTX‘s spot margin market launched in Dec. 2020. According to the report, the exchange’s spot margin market is now the largest peer-to-peer

2022-01-19Deep Dive

Coinbase Partners With Mastercard to Make NFT Purchase Easy

Leading cryptocurrency exchange Coinbase has teamed up with payment processing giant Mastercard to simplify purchasing non-fungible tokens.　　According to an official blog post today, Coinbase is planning to make it easier for newcomers to join the booming NFT market by employing a similar strategy as it did with its cryptocurrency exchange.　　Despite the growth of NFTs in recent months, Coinbase said purchasing digital collectibles is still a complex experience for many users.　　However, the digital asset platform has collaborated with Mastercard, and both companies will classify NFTs as “digital goods” to allow customers to purchase such collectibles with ease.　　Meanwhile, Coinbase recently launched an NFT peer-to-peer marketplace dubbed Coinbase NFT.　　The platform allows users to mint, purchase, sell, showcase, and discover digital collectibles.　　By partnering with Mastercard, Coinbase hopes to unlock new ways for users to pay for NFTs using their Mastercard card in the future.　　“Thanks to our work with Mastercard, we‘ll be able to provide a better customer experience on Coinbase NFT, and plan on working to find ways to bring this opportunity to the broader ecosystem through Mastercard’s scale and global network,” the crypto exchange said.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2022-01-19Deep Dive

Malaysia to Explore the Potential Launch of a CBDC

Bank Negara Malaysia (the central banking institution of the nation) has reportedly joined the global race to develop a digital version of its national currency. As of the moment, the project is still in a research mode as the county is only “assessing the value proposition” of such a financial product.　　Launching a central bank digital currency has been a target for many countries recently. While Chinas efforts are by far the most advanced globally, other nations such as Mexico, Indonesia, and Nigeria have also started exploring the initiative.　　According to a recent Bloomberg coverage, Malaysia is the newest state dipping its toes. Despite not making any final decisions, the Asian country has started researching how a central bank digital currency could affect its monetary network and whether it will be beneficial for its economy:　　“While a decision has not been made to issue CBDC, we have focused our research on CBDC via proof-of-concept and experimentation to enhance our technical and policy capabilities, should the need to issue CBDC arise in the future.”　　A few months ago, Bank Negara Malaysia joined forces with the central banks of Australia, Singapore, and South Africa to organize a cross-border payments trial using multiple CBDCs. The financial institutions

2022-01-19Deep Dive

U.K. Government to Crack Down on Crypto Advertising

The Government of the United Kingdom has published its plans to impose stringent restrictions on crypto advertisements. The strengthened rules focus mainly on misleading claims in adverts that might cause consumers harm.　　Crypto Regulatory Landscape Continues Taking Shape　　Her Majestys Treasury is clamping down on misleading marketing.　　The Treasury of the United Kingdom published the governments plans for legislation surrounding misleading cryptocurrency promotions today. While the government body emphasized its willingness to encourage innovation, it seeks to regulate cryptoassets under the same standards as other forms of financial advertising.　　The Financial Conduct Authority of the U.K. already has strict standards by which financial promotions on other instruments like equities or insurance products must abide. The Treasurys outlined plans involve amending the Financial Promotion Order to include digital assets within the purview of the existing financial promotion regimes.　　The Financial Services and Markets Act of 2000 bars businesses from promoting financial instruments without approval from the Financial Conduct Authority or the Prudential Regulation Authority, yet the FCA currently is limited in its authority to regulate cryptocurrencies.　　According to the Treasurys announcement, the FCA “will shortly be consulting on their proposed financial promotions rules that will apply to cryptoassets,” and this legislation will appear before parliament when “parliamentary

2022-01-19Deep Dive

Australian Regulator Warns Against Investing Retirement Funds in 'High Risk' Crypto-Assets

An Australian regulator has warned residents seeking to self-manage their retirement funds to be wary of investing in crypto-asset investments that promise high returns in a short space of time. The regulator reiterates in the warning that crypto-assets are a high-risk and speculative investment.　　Scammer Tactics　　The Australian financial services regulator, the Australian Securities and Investments Commission (ASIC), has warned residents that self-manage their superannuation funds to be wary of scammers that are using the lure of quick and high returns offered by crypto assets to defraud unsuspecting victims.　　The watchdog added that superannuation fund members that wish to “transfer superannuation [retirement savings] out of a regulated fund into a self-managed superannuation fund (SMSF)” should seek advice from a licensed adviser before making the switch.　　In a public warning issued on January 17, 2022, the ASIC also details some of the tactics used by scammers that Australians need to be on the lookout for. The warning states:　　“Do not rely on social media ads or online contact from someone promoting an ‘investment opportunity.’ Be wary of people ‘cold calling’, text messaging, or emailing you with a recommendation to transfer your super to an SMSF, or invest in crypto-assets via your SMSF.”　　For Australians that decide to

2022-01-19Deep Dive

Wikipedia’s Editors Don’t Want to Classify NFTs as Art

NFTs are revolutionizing the art world, opening doors to many artists and allowing them to explore a different dimension of art-making. As artwork, NFTs have made their way to the worlds most renowned auctions and even hit records in sales.　　However, NFTs have been a controversial topic, and even the editors of Wikipedia, the largest online encyclopedia, are unsure whether non-fungible tokens can be considered art.　　The discussion on Wikipedia started when editors began reviewing the list of most expensive artworks by living artists, which featured digital artist Beeples NFTs but excluded Pak, another successful artist and NFT seller.　　Beeple and Pak have made successful NFT sales, and their artwork is highlighted on the list of most expensive non-fungible tokens.　　“I see that Paks Merge has been removed but we are keeping Beeples Everday Sale, should that not also be removed from this list？ It is also an NFT sale so if Merge doesnt qualify then perhaps Beeple shouldnt qualify？ The Beeple work also consists of a large number of works and is not a single work like say a Koons sculpture. It is a compilation of works - sold as one - but does that make it a single artwork？ I would argue

2022-01-18Deep Dive
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