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Understanding Tax Treaties and Using Them To Optimize Business Taxes | Tekedia Mini-MBA

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You run a business in Nigeria, and the company also operates and earns revenue in the United States. You pay American tax. Then you also pay Nigerian tax. How do you use the tax treaties between Nigeria and the USA to reduce your tax burden?

Your company is based in London and you also have a branch in Lagos. You pay Nigerian taxes. How do you use the tax treaties between the associated respective countries to reduce your taxes?

Nigeria and most African countries have tax treaties with leading economies we do business with across the world? Are you utilizing those tax treaties to deepen competitive advantages? Are you even aware of them?

Join  us tomorrow at Tekedia Mini-MBA as a zen-master in this business teaches us. Emmanuel Eze, formerly of Nigeria’s FIRS, the tax agency, and now in the nucleus of tax policies and evolutions at the continental African level will explain why you must not be wasting money because of your ignorance of tax treaties.

Tekedia Mini-MBA >> our product is knowledge; pick your seat for the next edition here

Why NGRAVE & MetaMask’s Collaboration is Changing Web3 Security — Plus Wallet’s Advanced Asset Management Explained!

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With digital currencies gaining momentum, cities and platforms are reimagining finance to make it more accessible. Detroit, notably, plans to accept Bitcoin and Ethereum for tax payments by mid-2025, setting itself as the largest U.S. city to adopt this path.

Meanwhile, tools like NGRAVE ZERO are bolstering security by pairing offline wallets with MetaMask, creating a more secure Web3 experience.

In tandem with these shifts, Plus Wallet is streamlining digital asset management. Its NFT support, multi-chain compatibility, and security features make it practical for both new and experienced users alike.

Crypto Tax Payments Soon in Detroit

Detroit plans to accept cryptocurrency for tax payments in mid-2025, marking it as the largest U.S. city to move forward with this option. Managed through PayPal, residents can use Bitcoin and Ethereum for taxes, with an automatic dollar conversion to stabilize values.

Mayor Mike Duggan highlighted the goal of improving financial inclusivity and accessibility, reinforcing Detroit’s reputation as a tech-friendly city. The city is also exploring blockchain for transparent and efficient operations. Officials, including Treasurer Nikhil Patel, see this system as a way to simplify payments and reduce costs.

Detroit is inviting blockchain innovators to submit proposals for civic projects by December 15, 2024. This forward-looking initiative aligns with the city’s crypto support and could influence similar moves by other cities.

MetaMask & NGRAVE Join Forces for Stronger Security

NGRAVE, developer of the ZERO offline hardware wallet, has joined forces with MetaMask to make Web3 access more secure. This integration empowers users to safely interact with decentralized apps, DeFi, and crypto transactions by combining NGRAVE’s air-gapped security with MetaMask’s Web3 tools.

With this collaboration, users can link their NGRAVE ZERO wallets to MetaMask, signing transactions offline securely. By generating QR codes within MetaMask, transactions are easily approved via the ZERO device, keeping private keys offline and shielded from online threats.

NGRAVE CEO Ruben Merre notes that this collaboration pairs offline security with full Web3 functionality, ensuring private key safety. MetaMask’s Alex Jupiter also highlighted the increased user control offered. Moreover, NGRAVE co-developed the ERC-4527 protocol, which supports all ERC20 tokens and EVM chains available on MetaMask.

Plus Wallet: Simplifying Asset Management

Plus Wallet provides a versatile and secure solution for managing digital assets. Available for iOS and Android, it supports popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Litecoin (LTC), and Solana (SOL), allowing seamless management of multiple assets within one platform.

A key feature of Plus Wallet is its NFT support, letting users collect, showcase, and securely store non-fungible tokens. The wallet also grants easy access to decentralized apps (dApps), so users can engage directly with various DeFi platforms.

In security terms, Plus Wallet uses advanced encryption to safeguard private keys, storing them locally. Additional safeguards, like biometric authentication (Face ID) and PIN codes, ensure that assets remain accessible only to the wallet’s owner.

To deepen user engagement, Plus Wallet offers a rewards program where users can earn USDT through crypto swaps, as well as a referral program providing additional incentives. With a mobile-friendly design, real-time notifications, and an intuitive layout, Plus Wallet offers a seamless experience for both newcomers and experienced crypto users.

Plus Wallet also empowers users by allowing them to vote on which blockchain networks to prioritize, aligning the wallet with evolving community needs and offering a secure, user-driven platform for digital assets.

Final Perspective

Detroit’s decision to accept Bitcoin and Ethereum for taxes highlights an important step toward integrating digital assets into routine financial processes.

At the same time, platforms like NGRAVE and MetaMask are advancing security, promoting safer use of decentralized applications.

Within this evolving space, Plus Wallet is emerging as a trusted tool for efficient asset management, with an emphasis on security, multi-chain support, and user-friendly design, delivering a solid choice for users as they navigate digital finance.

Explore Plus Wallet:

Website: https://pluswallet.app/

Download: https://onelink.to/pluswalletapp

Twitter: https://x.com/pluswalletapp

Instagram: https://www.instagram.com/pluswallet.app/

Multichoice Nigeria Loses 234,000 Subscribers Between April and September 2024

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MultiChoice Group, a leading South African pay-TV operator, has revealed a steep decline in its Nigerian subscriber base, losing 243,000 customers across its DStv and GOtv services between April and September 2024.

The company attributed this downturn largely to Nigeria’s soaring inflation, which has exceeded 30%, spurred by rising food, fuel, and electricity costs. For the six months ending in September, MultiChoice noted that both Nigeria and Zambia were key contributors to its shrinking subscriber base across the African continent, with Nigeria facing inflationary pressures and Zambia contending with severe power outages due to drought conditions.

MultiChoice’s Nigerian unit has experienced notable losses recently. This year’s report adds to the previous disclosure from the financial year ending March 2024, where MultiChoice noted an 18% reduction in Nigerian subscribers, further highlighting the impact of high living costs on consumers.

Across its Rest of Africa operations, MultiChoice reported a total loss of 566,000 subscribers, a notable but improved decrease compared to the 803,000 subscribers lost during the second half of the previous financial year. Zambia and Nigeria together accounted for the majority of this downturn, with Zambia’s energy crisis contributing significantly.

MultiChoice CEO Calvo Mawela addressed the difficulties posed by the current economic environment, describing the situation as the “most challenging operating conditions in nearly 40 years.” Mawela explained that in addition to typical currency fluctuations, abnormal currency weakness over the past year and a half has drained profits by around R7 billion.

To stabilize, the company has been focusing on reducing operating costs and streamlining its business model. Mawela expressed optimism, stating, “We are making good progress in addressing the technical insolvency that resulted from non-cash accounting entries at the end of the last financial year.”

He further assured that the group is expected to return to a positive net equity position by November 2024, citing over ZAR10 billion in liquidity as a buffer.

Rising Streaming Competition and MultiChoice’s Strategic Shift

In response to increased competition from streaming platforms and shifting consumer habits, MultiChoice is recalibrating its strategy. Mawela acknowledged the challenge, noting that Showmax, MultiChoice’s streaming service, achieved a 50% year-on-year growth in paying subscribers, which positions the company to participate actively in the continent’s evolving streaming market.

To meet demand and expand its streaming presence, MultiChoice allocated an additional ZAR1.6 billion to support Showmax’s growth.

MultiChoice Nigeria’s response to inflation has included three price increases on its DStv and GOtv bouquets within the past year—first in April 2023, followed by another in November, and a third implemented in May 2024. This most recent price adjustment led to legal challenges; in April, the Competition and Consumer Protection Tribunal (CCPT) in Abuja issued a ruling against the price hike following complaints from a Nigerian customer.

MultiChoice, however, proceeded with the price increase, which resulted in the Tribunal imposing a fine of N150 million on the company and ordering it to grant a one-month free subscription to its Nigerian customers.

What This Means for MultiChoice and the Nigerian Market

MultiChoice’s ongoing struggle in Nigeria is attributed to broader economic challenges facing consumers across Africa. The rising cost of living has placed considerable strain on consumer purchasing power, particularly in sectors like entertainment, which can be considered discretionary.

Additionally, the increased presence of affordable streaming services has presented a significant challenge to traditional pay-TV, as viewers turn to more flexible and cost-effective options. For MultiChoice, this shift underscores the importance of its investment in Showmax, which may be vital to the company’s future growth on the continent.

While MultiChoice’s strategy to mitigate financial loss through price increases and cost-cutting measures is essential to maintaining stability, it also underlines the delicate balance required to retain subscribers. The company’s recent price hikes, combined with Nigeria’s inflationary pressures, indicate that MultiChoice may continue to face a challenging environment unless broader economic conditions improve.

Your Guide to the Best Secure Wallets of 2024: Security, Usability, and Rewards Explored!

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With a staggering $1.38 billion in crypto reported stolen in just the first half of 2024, as noted by Reuters, the importance of a secure crypto wallet cannot be overstated.

This guide delves deep into the safest crypto wallets of the year: Plus Wallet, Crypto.com DeFi, Exodus, Coinbase, and Guarda. We assess their stringent security measures and also take a close look at their user-friendliness and rewards programs, helping traders make well-informed choices to protect their digital assets.

1. Plus Wallet: Fortified Security Meets Lucrative Earnings

Plus Wallet boosts the crypto trading scene by combining rock-solid security with substantial earning potential. This wallet uses top-notch encryption to protect your assets, keeping your private keys safe and confidential. It’s also proficient in handling cross-blockchain transactions with its advanced functionalities and is celebrated for its creative dual rewards system. Plus Wallet’s ‘Swap to Earn’ and ‘Refer to Earn’ schemes transform routine transactions into steady streams of passive income, providing USDT rewards for trading and the activities of newly referred users.

2. Guarda Wallet: Top-Notch Security for Diverse Crypto Management

Guarda Wallet offers unmatched security for handling a broad spectrum of cryptocurrencies. As a non-custodial wallet, it ensures users keep exclusive control of their funds—an important aspect amid rising platform insolvencies. Although its in-app purchase fees are on the higher side, possibly a deterrent for those watching their budget, Guarda stands as a reliable option for those who put a premium on security and want to manage a diverse portfolio.

3. Crypto.com DeFi Wallet: Seamless Swaps, Stellar Security

Integrated directly with its trading platform, Crypto.com DeFi Wallet provides a no-hassle asset management experience, particularly for those already trading on Crypto.com, starting with just $100 BTC. This wallet is tailored for users who value a fluid transition from trading to secure storage but might not be the best fit for those who prioritize lower fees or faster support responses.

4. Exodus Wallet: A Prime Pick for Newcomers

Exodus Wallet offers a welcoming setup that’s perfect for beginners, with a straightforward interface that makes managing cryptocurrencies a breeze. It comes with a built-in exchange and can be used across several devices, increasing its utility. The wallet facilitates trading, staking, and even NFT exploration on the Solana blockchain. Despite its software not being open-source—a potential issue for transparency advocates—Exodus is a favorite for its simplicity and multifunctional use.

5. Coinbase Wallet: Empowering Users with Key Control

Coinbase Wallet sets itself apart by allowing users to directly manage their private keys—a feature its sister site, Coinbase.com, doesn’t offer. It supports an extensive range of cryptocurrencies and NFTs, integrates with dApps, and sports a clean, straightforward design that’s attractive to DeFi and Web3 enthusiasts. Although it has ceased support for certain less-popular cryptocurrencies, potentially limiting some options, Coinbase Wallet remains a robust choice for those seeking a comprehensive, easy-to-use crypto management platform.

Which Wallet is the Safest?

In an era where securing digital assets is crucial, these wallets present solid options for managing and safeguarding your crypto holdings. While all offer robust security features, some, like Plus Wallet, also provide appealing perks such as ongoing rewards. Its ‘Swap to Earn’ and ‘Refer to Earn’ features, along with efficient cross-chain functionality, make daily crypto transactions profitable. When picking a wallet, it’s wise to choose one that meets your security standards and trading objectives.

Bonk And Pepe Investors Express Strong Confidence In Yeti Ouro’s Long-Term Gains

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Memecoin investors have always been quick to snap up the best opportunities before the rest of the market, as the first-mover advantage is most prevalent in this sector. They were quick to jump onto Bonk in 2022 and made massive gains when it shot up to new heights this year. A year later, they spotted Pepe and reaped big in May when it hit a new record. This time, they are investing in the new utility meme coin Yeti Ouro (YETIO) for maximum gains in the upcoming bull run.

Pepe And Bonk Have Hit Their Prime

Pepe and Bonk are two of the most popular meme coins in the market. With a $5.4 billion market cap, Pepe is the third largest in the sector after Dogecoin and Shiba Inu. It’s also among the most traded and constantly beats SHIB on this metric, only trailing Dogecoin.

Pepe was a sleeping giant for most of last year and only started rising to the top in February this year. This run stretched all the way to May, when it set a new all-time high of $0.0000172 for a $7.02 billion market cap. However, it has failed to return to those heights, and despite a 62% jump in the past week, it trades 24% below its record price.

Analysts are split over what’s next for Pepe. Some believe that it could sustain this rally toward the end of the year. Major metrics like unique addresses and trading volume have been off the charts in the past week.

However, others say the glory days might be over despite this week’s gains. Pepe has failed to cultivate utility and has mostly relied on the overall market hype for its rise. Additionally, its circulating supply of 420 trillion tokens limits its upside.

Bonk has a similar story. Its $2 billion market cap makes it the fifth-largest memecoin. Just like Pepe, it shot to its all-time high in this year’s bull rally but had been on a downtrend since, up until last week’s broader market rally. Today, it trades over 40% below its all-time high.

Just like Pepe, Bonk has lacked utility and relied on flashy marketing and the overall meme coin hype for its ascent to the top. It’s also burdened by a massive circulating supply, which stands at 74 trillion. This results in modest gains—for instance, it would never hit $1 as this would push its market cap above $74 trillion, three times the entire US GDP.

Memecoin Investors Migrate to Yeti Ouro

Savvy investors are exiting positions in these memecoins whose chances of a parabolic surge have become limited and placing their money in memecoins that look poised to surge incredibly, and Yeti Ouro is topping the charts for the most in-demand newcomer.

Yeti Ouro is deployed on Ethereum and merges the excitement and fun nature of memecoins with the adrenaline and rewarding nature of play-to-earn gaming. Investors are already looking at it as the next 100X meme coin and the next Dogecoin rival.

Yeti Ouro is built around Yeti Go, a new and exciting racing game that is fun and engaging while also rewarding the players. Built on the Unreal Engine from Epic Games, Yeti Go offers a fully immersive experience where players compete around a course against their friends and other players. They must outwit and outfight their opponents while also dodging hazards along the course, making for a thrilling and action-packed game.

Yeti Go is a play-to-earn game that rewards its players with YETIO tokens, giving the token utility and setting it apart from the hundreds of memecoins in the market that have zero utility. Players also get to make in-game purchases, pay race entry fees and trade items on the in-game marketplace with YETIO.

YETIO has a maximum supply of one billion tokens, giving it a higher upside than other memecoins with trillions of tokens. The project has set aside 50% of the supply for its presale, which has already raised $261,000. It has also allocated a sizable percentage to its token burn mechanism to boost the value of the tokens.

Bonk And Pepe Vs Yeti Ouro

Bonk and Pepe have already hit their heights and can only yield modest gains. However, Yeti Ouro looks set to offer massive returns as more gamers flock to Yeti Go. At $0.012 in the presale, it provides an excellent discount for investors, allowing them to jump in before it hits new highs in the upcoming bull run.

 

Join the Yeti Ouro Community

 

Website: https://yetiouro.io/

X (Formally Twitter): https://x.com/yetiouro

Telegram: https://t.me/yetiouroofficial

Discord: https://discord.gg/YtUsEZ2ZrV