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It’s Graduation Day at Tekedia Institute Mini-MBA

By
Ndubuisi Ekekwe
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0

It’s Graduation Day at Tekedia Institute Mini-MBA. Our Learners are now #ready2lead because they’ve acquired the capabilities to advance the wealth of nations, the prosperity of firms, and the improvements in communities. The graduation academic festival has already started with graduation events taking place in many cities. 

Good People, Tekedia Institute is Africa’s temple for the mastering of entrepreneurial capitalism, and the unalloyed pursuit of the mission of firms, to fix market frictions and accelerate human welfare, through world-class affordable business education. 

In this graduation ceremony, Lead Faculty of Tekedia Institute, Ndubuisi Ekekwe, will deliver a graduation message titled  “Unlocking The Era of Opportunities”. Here are the details:

Graduation Lecture: Unlocking The Era of Opportunities

Date/Time:  Sat, Dec 2 | 7pm – 8.30pm WAT

Presenter: Prof Ndubuisi Ekekwe

Zoom Link – click here for members and login 

* As the graduation ceremonies take place across cities, I congratulate everyone. Go into the market and lead. You’re #ready2lead. Again, to all the generous sponsors of our ceremonies, we THANK you. This is the #best school.

Binance To End Support for BUSD, Wormhole Raises $225M at $2.5B Valuation; Mark Cuban Sells Major Stake in Dallas Mavericks for $3.5B

By
Paul Ugbede Godwin
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0

Binance to delist and end support for $BUSD stablecoin in December 2023

Binance, one of the largest cryptocurrency exchanges in the world, has announced that it will delist and end support for its BUSD stablecoin by the end of December 2023. This decision comes as a result of regulatory pressure and compliance issues that have affected Binance’s operations in several countries.

BUSD is a stablecoin pegged to the US dollar, which was launched by Binance in partnership with Paxos Trust Company in September 2019. BUSD was designed to offer traders and investors a convenient and secure way to access the US dollar on the Binance platform, as well as to facilitate cross-border payments and remittances.

However, Binance has faced increasing scrutiny from regulators and authorities around the world, who have accused the exchange of facilitating money laundering, tax evasion, market manipulation, and other illegal activities. Binance has also been banned or restricted from operating in several jurisdictions, such as the UK, Japan, Germany, Canada, and the US.

As a result, Binance has decided to delist and end support for its BUSD stablecoin, as well as other tokens and services that may pose regulatory risks. According to a blog post published by Binance on November 30, 2023, BUSD holders will have until December 31, 2023, to withdraw or convert their BUSD tokens to other cryptocurrencies or fiat currencies. After that date, BUSD will no longer be available on the Binance platform or any of its affiliated platforms.

Binance has also advised its users to exercise caution when dealing with BUSD or any other stablecoins, as they may be subject to volatility, liquidity issues, legal uncertainties, and regulatory actions. Binance has stated that it will continue to work with regulators and authorities to comply with local laws and regulations, and to provide a safe and reliable service to its customers.

Binance’s decision to delist and end support for its BUSD stablecoin marks the end of an era for one of the most popular and widely used stablecoins in the crypto space. It also reflects the challenges and difficulties that Binance and other crypto exchanges face in navigating the complex and evolving regulatory landscape of the global crypto industry.

The Proposed STABLECOIN ACT

The proposed Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act is a bill that aims to regulate the issuance and use of stablecoins in the United States. Stablecoins are digital assets that are designed to maintain a stable value by being backed by another asset, such as a fiat currency or a commodity.

The STABLE Act would require any entity that issues or operates a stablecoin to obtain a banking charter, comply with banking regulations, and obtain approval from the Federal Reserve and the FDIC. The bill also grants the Federal Reserve the authority to impose fees and restrictions on stablecoin transactions.

The proponents of the STABLE Act argue that it is necessary to protect consumers and financial stability from the risks posed by unregulated stablecoins. They claim that stablecoins could facilitate money laundering, tax evasion, fraud, and market manipulation, as well as pose systemic threats to the financial system if they fail to maintain their peg or face a run on their reserves. They also contend that stablecoins are essentially deposit substitutes that should be subject to the same rules and oversight as banks.

The opponents of the STABLE Act counter that it is an overreach that would stifle innovation and competition in the crypto space. They assert that stablecoins are already subject to existing laws and regulations, such as anti-money laundering and consumer protection rules, and that imposing additional burdens would create barriers to entry and reduce access to financial services for the unbanked and underbanked populations. They also argue that stablecoins are not deposit substitutes, but rather payment instruments that enable faster, cheaper, and more inclusive cross-border transactions.

Wormhole crypto RAISES $225M AT $2.5B VALUATION as Mark Cuban sold major stake in Dallas Mavericks for $3.5B

Wormhole crypto, a decentralized platform that enables cross-chain transfers of any digital asset, has announced that it has raised $225 million in a Series B funding round led by Andreessen Horowitz. The round values the company at $2.5 billion, making it one of the most valuable projects in the crypto space.

Wormhole crypto was launched in 2020 as a solution to the problem of interoperability between different blockchains. The platform allows users to move any token or NFT from one chain to another, without relying on centralized intermediaries or bridges. Wormhole crypto supports Ethereum, Solana, Binance Smart Chain, Polygon, and Terra, and plans to add more chains in the future.

The company claims that it has processed over $1 billion worth of cross-chain transfers since its inception, and that it has over 100,000 active users. Wormhole crypto also boasts a strong ecosystem of partners and integrations, including Metamask, Phantom, Serum, Raydium, and OpenSea.

The new funding will be used to expand the team, scale the platform, and launch new features and products. Wormhole crypto plans to introduce a governance token, a liquidity mining program, a decentralized exchange, and a NFT marketplace in the coming months.

Andreessen Horowitz, one of the most prominent venture capital firms in Silicon Valley, has been actively investing in the crypto space. The firm recently launched a $2.2 billion crypto fund, and has backed projects such as Coinbase, Compound, Uniswap, and Dapper Labs.

Marc Andreessen, co-founder and general partner of Andreessen Horowitz, said in a statement: “We are impressed by the vision and execution of Wormhole crypto. They are solving a critical problem for the crypto industry and enabling new possibilities for innovation and growth. We are excited to support them as they build the future of cross-chain interoperability.”

Mark Cuban sold a majority stake in the Dallas Mavericks for $3.5 billion.

In a stunning move, billionaire entrepreneur Mark Cuban has announced that he is selling a majority stake in the Dallas Mavericks, the NBA franchise he has owned since 2000. The deal, which values the team at $3.5 billion, is one of the largest in sports history and marks the end of an era for Cuban and the Mavericks.

Cuban, who made his fortune in the dot-com boom, bought the Mavericks for $285 million in 2000, when the team was struggling on and off the court. Under his leadership, the Mavericks became one of the most successful and popular teams in the league, winning their first and only championship in 2011. Cuban also transformed the fan experience, investing in state-of-the-art facilities, technology and entertainment.

The buyer of Cuban’s stake is a consortium led by David Bonderman, a private equity mogul and co-owner of the Seattle Kraken, an NHL expansion team. Bonderman said in a statement that he is honored to acquire one of the most iconic franchises in sports and that he will respect and build on Cuban’s legacy. He also said that he plans to keep the current management and coaching staff, including general manager Donnie Nelson and head coach Rick Carlisle.

Cuban said that he decided to sell the team because he felt it was time for a new challenge and that he wanted to focus on his other ventures, such as his role as a judge on the reality show Shark Tank and his investments in various startups. He also said that he will remain a minority owner and a fan of the Mavericks and that he trusts Bonderman and his partners to take the team to new heights.

The deal is expected to close by the end of the year, pending approval from the NBA Board of Governors. The Mavericks are currently fourth in the Western Conference with a 15-8 record and are led by superstar Luka Doncic, who is widely considered one of the best players in the world.

Argentina Declines Invitation To Join BRICS

By
Paul Ugbede Godwin
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0
TOPSHOT - Argentine presidential candidate for the La Libertad Avanza alliance Javier Milei waves to supporters after winning the presidential election runoff at his party headquarters in Buenos Aires on November 19, 2023. Libertarian outsider Javier Milei pulled off a massive upset Sunday with a resounding win in Argentina's presidential election, a stinging rebuke of the traditional parties that have overseen decades of economic decline. (Photo by Luis ROBAYO / AFP) (Photo by LUIS ROBAYO/AFP via Getty Images)

Argentina has officially announced that it will not accept the invitation to join the BRICS group of emerging economies, which includes Brazil, Russia, India, China and South Africa. The decision was made after a careful evaluation of the costs and benefits of joining the bloc, as well as the current political and economic situation in Argentina and the region.

The BRICS group was formed in 2009 as a platform for cooperation and dialogue among the five major developing countries, which together account for about 40% of the world’s population and 30% of the global GDP. The group has been expanding its influence and agenda, covering issues such as trade, investment, infrastructure, energy, health, education and security. The group also established its own development bank, the New Development Bank (NDB), in 2014, with a capital of $100 billion.

Argentina was invited to join the BRICS group in 2018 by China, which holds the rotating presidency of the bloc this year. China has been Argentina’s largest trading partner since 2009, and has also invested heavily in the country’s infrastructure, energy and mining sectors. Argentina’s former president Mauricio Macri expressed interest in joining the BRICS group but did not formally accept the invitation.

However, Argentina’s current president Alberto Fernández, who took office in December 2019, has adopted a different stance on the BRICS group. Fernández has prioritized strengthening ties with Argentina’s traditional allies in Latin America and Europe, as well as with the United States, which he visited in April this year. Fernández has also been dealing with a severe economic crisis in Argentina, which was exacerbated by the COVID-19 pandemic. Argentina is currently negotiating with the International Monetary Fund (IMF) to restructure its $45 billion debt, which is due to expire in 2024.

The debt, which was accumulated during the previous administration of Mauricio Macri, represents the largest loan in the IMF’s history. Argentina has been in default on its debt since May 2020, when it failed to make a $500 million interest payment. Since then, the country has been in talks with the IMF to reach a new agreement that would allow it to restore its debt sustainability and access international markets.

The negotiations have been complicated by several factors, including the impact of the COVID-19 pandemic, the political uncertainty ahead of the midterm elections in November 2023, and the divergent views between Argentina and the IMF on the appropriate fiscal and monetary policies for the country. Argentina has argued that it needs more fiscal space and lower interest rates to support its economic recovery and social spending, while the IMF has insisted on fiscal consolidation and structural reforms to improve the country’s productivity and competitiveness.

The latest round of talks, which took place in Washington DC in October 2021, ended without a breakthrough, but both sides expressed their commitment to continue working towards a deal. The IMF’s managing director, Kristalina Georgieva, said that she had a “constructive and frank” meeting with Argentina’s economy minister, Martín Guzmán, and that they agreed on “the importance of reaching a comprehensive and durable agreement that fosters growth, creates jobs and reduces poverty”. Guzmán, for his part, said that he had a “positive and productive” dialogue with Georgieva, and that they discussed “the main elements of a possible program that is consistent with Argentina’s economic and social objectives”.

The next steps in the negotiation process are unclear, as both parties have not set a timeline or a deadline for reaching an agreement. Some analysts have speculated that a deal could be reached by early 2024, while others have suggested that it could be delayed until after the elections or even until 2023.

The uncertainty has increased the pressure on Argentina’s financial markets, as investors are concerned about the country’s ability to service its debt and avoid another default. The country’s sovereign bond yields have risen to over 20%, while its foreign exchange reserves have fallen to $42 billion, barely enough to cover its short-term obligations.

In a statement issued on Monday, Argentina’s foreign ministry said that joining the BRICS group would entail “significant commitments and obligations” that are not compatible with Argentina’s current priorities and capacities. The statement also said that Argentina values its “strategic partnership” with China and its “cordial and constructive” relations with the other BRICS countries, and that it will continue to seek cooperation and dialogue with them on various issues of mutual interest.

The BRICS group has not yet commented on Argentina’s decision, but analysts say that it is unlikely to affect the group’s cohesion or agenda. The BRICS group held its 13th summit in October this year in Beijing, where it discussed its post-pandemic recovery plans and its role in global governance.

The outcome of the negotiations will have significant implications for Argentina’s economic and social prospects, as well as for its relations with the international community. A successful agreement with the IMF could help Argentina restore its macroeconomic stability, boost its growth potential, attract foreign investment, and regain access to global credit markets. A failed or delayed agreement, on the other hand, could worsen Argentina’s economic situation, increase its vulnerability to external shocks, trigger social unrest, and isolate it from its main partners and creditors.

Bondly, A Tekedia Capital Portfolio Startup, Provides Peace of Mind via Escrow Services

By
Ndubuisi Ekekwe
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0

How do you deal with Trust deficiency in the digital world, especially in Africa? In the last few days, we have invested in Dojah and Bondly to provide roadmaps. Dojah ensures that the person is who he/she says he/she is and Bondly brings another layer: we know you but we will still escrow the payment.

Together, we do believe that freelancers, SMEs, large companies, etc can operate more confidently in the digital commerce-sphere, with these infrastructures, through embedded APIs and other distribution mechanisms. For more on Bondly, go here mybondly.com; for Tekedia Capital, capital.tekedia.com and for Dojah, here dojah.io .

Tekedia Capital invests in technology-anchored early stage startups and companies. Our opportunity antenna and grassroot connections with innovators enable us to see patterns as they develop.  We invite you to partner with us as we nurture and build category-king companies in Africa and beyond, and in the process advance citizens, communities and nations. At Tekedia Capital, we fund the foundations of the NEXT African economy.

As Recently As The 1960s, Securities Settlement Was Strictly Physical

By
Paul Ugbede Godwin
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0

In the past, the process of transferring ownership of securities from one party to another was very different from today. It involved the actual delivery of paper certificates that represented the shares or bonds being traded. This was a slow, costly and risky method that required a lot of manual work and verification.

It was not uncommon for transactions to take weeks or even months to settle, and for errors or frauds to occur along the way. This was the reality of securities settlement until the 1960s, when technological innovations and regulatory reforms started to transform the industry.

Privacy Enhancing Technologies

Privacy Enhancing Technologies (PETs) are tools and methods that aim to protect the personal data of individuals and organizations from unauthorized access, use, or disclosure. PETs can help users to exercise control over their own data, enhance their trust in online services, and comply with data protection regulations.

There are different types of PETs, such as encryption, anonymization, pseudonymization, data minimization, differential privacy, and zero-knowledge proofs. Each of these techniques has its own advantages and limitations, depending on the context and the goals of the data processing.

Encryption is the process of transforming data into an unreadable form, using a secret key. Only those who have the key can decrypt the data and access its original content. Encryption can protect data in transit (such as when sending an email or browsing a website) or at rest (such as when storing data on a device or a cloud service).

Anonymization is the process of removing or modifying any information that can identify a person or a group of persons from a dataset. Anonymized data cannot be linked back to the original individuals, even with additional information or sophisticated techniques. Anonymization can enable data sharing and analysis for research or statistical purposes, without compromising the privacy of the data subjects.

Pseudonymization is the process of replacing identifying information with artificial identifiers, such as random numbers or codes. Pseudonymized data can still be linked back to the original individuals, but only with access to a separate database that contains the mapping between the identifiers and the real identities. Pseudonymization can reduce the risks of data breaches and unauthorized access, while preserving some functionality and utility of the data.

Data minimization is the principle of collecting and processing only the minimum amount of data that is necessary for a specific purpose. Data minimization can reduce the exposure and impact of potential privacy violations, as well as the costs and complexity of data management. Data minimization can be achieved by applying techniques such as data aggregation, filtering, sampling, or deletion.

Differential privacy is a mathematical framework that quantifies the privacy loss of a data analysis algorithm. Differential privacy guarantees that the output of an algorithm does not reveal much information about any individual in the dataset, regardless of what other information is available. Differential privacy can enable privacy-preserving data analysis and machine learning, while providing rigorous and provable guarantees.

Zero-knowledge proofs are cryptographic protocols that allow one party to prove to another party that a certain statement is true, without revealing any other information. Zero-knowledge proofs can enable secure authentication, verification, and computation on sensitive data, without disclosing the data itself.

PETs are not only technical solutions, but also social and legal ones. PETs require the collaboration and coordination of various stakeholders, such as users, developers, providers, regulators, and researchers. PETs also need to comply with ethical principles and legal frameworks, such as the General Data Protection Regulation (GDPR) in the European Union.

PETs are not a panacea for privacy challenges, but rather a part of a holistic approach that involves awareness, education, empowerment, and accountability. PETs can help users to protect their privacy rights and interests, but they also come with responsibilities and trade-offs. Users need to understand how PETs work, what benefits and risks they entail, and how to use them effectively and appropriately.

How did technology change securities settlement?

Securities settlement is the process of transferring ownership of securities from one party to another after a trade. In the past, this process was very cumbersome and inefficient, as it required the physical delivery of paper certificates that represented the securities being traded. This method had many drawbacks, such as:

It was slow, as transactions could take weeks or even months to settle. It was costly, as it involved a lot of intermediaries, fees and paperwork. It was risky, as it exposed the parties to the possibility of errors, frauds or losses of the certificates.

However, in the 1960s, the securities industry underwent a major transformation, thanks to technological innovations and regulatory reforms. Some of the key changes were:

The introduction of electronic book-entry systems, which eliminated the need for physical certificates and enabled faster and cheaper settlement. The creation of central securities depositories (CSDs), which centralized the custody and administration of securities and facilitated their transfer and settlement. The adoption of delivery versus payment (DVP) mechanisms, which ensured that the delivery of securities and the payment of funds occurred simultaneously and reduced the counterparty risk.

These changes improved the efficiency, security and reliability of securities settlement, and paved the way for further developments in the global financial markets.

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