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Surge in BTC coincides with optimism on Wall Street Tech Stocks

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Bitcoin, the world’s most popular cryptocurrency, has been on a tear lately, reaching new highs and breaking records of $70,000 but retraced back to $68k range where it is currently trading. The latest surge in BTC price coincides with a wave of optimism on Wall Street, as tech stocks rally and investors anticipate more stimulus and innovation from the Biden administration.

There are several factors that could be contributing to the BTC rally, but one of the most obvious ones is the increased demand from institutional investors. According to a recent report by CoinDesk, institutional investors bought more than $1.5 billion worth of BTC in January, surpassing the previous record set in December.

Some of the notable buyers include MicroStrategy, which added another $10 million worth of BTC to its balance sheet, and Tesla, which announced a $1.5 billion investment in BTC and plans to accept it as a payment method.

Another factor that could be boosting the BTC price is the growing adoption of the cryptocurrency by mainstream platforms and services. For instance, PayPal, which launched its crypto service in October, has seen a surge in user activity and volume, as more than 26 million merchants can now accept BTC and other cryptocurrencies as payment.

Moreover, Visa, Mastercard, and BNY Mellon have also announced plans to integrate crypto into their networks and offerings, signaling a shift in the attitude of the traditional financial sector.

A third factor that could be influencing the BTC rally is the tech optimism on Wall Street, as investors bet on the recovery and innovation of the tech sector amid the pandemic. Tech stocks have been outperforming the broader market, as companies like Apple, Amazon, Netflix, and Tesla have reported strong earnings and growth.

One of the main drivers of this change has been the emergence and adoption of decentralized finance (DeFi), which is a set of protocols and applications that aim to provide financial services without intermediaries, using blockchain technology and smart contracts. DeFi has enabled users to access lending, borrowing, trading, investing, insurance and more in a permissionless and transparent way, creating new possibilities for innovation and inclusion.

Another key factor has been the growth and diversification of the crypto ecosystem, which now includes thousands of different tokens, platforms and projects, each with its own value proposition, use case and community.

Some of the most prominent examples are Ethereum, which is the leading platform for smart contracts and decentralized applications; Binance Coin, which is the native token of the largest crypto exchange by volume; Cardano, which is a scalable and sustainable platform for smart contracts and governance; and Polkadot, which is a network that connects and secures different blockchains.

The tech sector is also expected to benefit from the Biden administration’s policies, such as increased spending on infrastructure, clean energy, and research and development. These factors could create a positive feedback loop for BTC, as more tech companies adopt and invest in the cryptocurrency, and more investors see it as a hedge against inflation and currency devaluation.

The crypto market has also become more visible and relevant to various stakeholders, such as institutional investors, regulators, media and mainstream audiences, who have recognized its value, innovation and potential. In this blog post, we will explore some of the key trends and factors that have shaped the crypto market and its future prospects.

Join us to Master How To Build a Multinational Career

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How do we make careers multinational? What are the ingredients in the 21st century knowledge economy? How do you begin in the village and land in the trading halls of New York City? How can we go international in this age?

Yes, you like to give speeches which pay $5,000 per hour. How can you expand that business, from Lagos, Nairobi, etc to Tokyo, London, etc. You sing in the community. Any aspiration to sing for the world? The world pays!

Join me at 7pm WAT tomorrow for Tekedia Mini-MBA Personal Economy class, focusing on Planning a Multinational Career, as we continue how you can build your own economy, not your company’s or Nigeria’s economy, but yours. That is why Tekedia Mini-MBA is unique: you are not just trained to make the company better. We put efforts on YOU and your Personal Economy.  Advance your leadership ascent and go global!

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Moroccan Fintech Tookeez Secures $1.5 Million to Bolster Technical Capabilities

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Tookeez, a Moroccan fintech startup, has successfully secured $1.5m in funding to bolster its technical capabilities and expansion efforts.

The investment round was led by Azur Innovation Fund, a prominent public-private seed capital fund based in Casablanca.

The startup announced plans to use the funds to expand further into Morocco its base, as well as the MENA region. The funds will also be used to develop its blockchain technology system.

With this strategic investment, Tookeez aims to establish itself as a leading force in Africa’s loyalty program landscape, targeting a reach of 4 million active users by 2028.

CEO of Tookeez Siham Elmejjad expressed gratitude for the investors’ trust, emphasizing the fundraising as a crucial step in their development. The goal is to reach 4 million active members by 2028, positioning tookeez as a genuine ecosystem for economic and financial inclusion in the region.

Also Speaking on the funds raised, lead investor Azur Innovation Fund expressed strong support for Tookeez, recognizing its potential to revolutionize the customer loyalty landscape.

President of Azur Innovation Fund Adnane Filali said,

“We are proud to partner with Tookeez, a company redefining the way businesses and consumers interact through loyalty programs. Their vision perfectly aligns with our mission of supporting impactful entrepreneurs who are shaping the future”.

Founded by Hicham Amadi, Tookeez facilitates interoperability between different loyalty programs, allowing users to effortlessly convert their points across a diverse array of partners. This interoperability not only enhances user flexibility but also encourages broader engagement with loyalty initiatives.

Tookeez offers a user-friendly solution by aggregating loyalty points from various programs into a single, secure digital wallet. This empowers users to seamlessly transact across a vast network of partner stores and brands using their accumulated points. Businesses, on the other hand, benefit from a streamlined system that allows them to offer point-based redemption options to their customers.

The financial landscape in Africa and the Middle East is witnessing remarkable growth, with the loyalty market projected to reach $6.48 billion by 2024. A steady compound annual growth rate (CAGR) of 12.1% from 2019 to 2023 underscores the region’s burgeoning potential, with expectations of continued expansion at a CAGR of 9.7% between 2024 and 2028.

While the North African market boasts a burgeoning landscape of loyalty program startups, the Moroccan arena sees stiff competition from contenders like WaR and Advantages Entérprises. However, tookeez stands out with its innovative approach and strategic partnerships.

As Tookeez secures substantial backing for its technical advancement, it is poised to further disrupt the fintech space, offering a transformative solution to streamline loyalty programs and enhance the user experience across the region.

Benefits of Climate-Smart Agriculture in Nigeria

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Climate change is one of the most pressing challenges facing the world today, especially for developing countries like Nigeria that depend largely on agriculture for food security, income, and employment. According to the World Bank, Nigeria is among the most vulnerable countries to climate change impacts, such as rising temperatures, erratic rainfall, droughts, floods, and pest infestations.

These impacts threaten to undermine the productivity and profitability of the agricultural sector, which contributes about 25% of the country’s GDP and employs about 70% of the labor force.

To cope with these challenges and ensure sustainable development, Nigeria needs to adopt climate-smart agriculture (CSA), an integrated approach that aims to increase agricultural productivity, enhance resilience to climate variability and change, and reduce greenhouse gas emissions.

CSA is not a one-size-fits-all solution, but rather a context-specific set of practices and technologies that can be tailored to different agro-ecological zones and socio-economic conditions. Some examples of CSA practices and technologies include:

Climate-resilient crop varieties: These are crops that have been bred or genetically modified to withstand drought, heat, salinity, pests, and diseases. For instance, researchers from the International Institute of Tropical Agriculture (IITA) have developed improved varieties of cassava, maize, cowpea, yam, and banana that can cope with climate stress and yield more than conventional varieties.

Conservation agriculture: This is a set of techniques that aim to conserve soil health and water resources by minimizing soil disturbance, maintaining soil cover, and diversifying crop rotations. Conservation agriculture can improve soil fertility, water retention, erosion control, and carbon sequestration, while reducing labor and input costs.

Agroforestry: This is a system that integrates trees with crops and/or livestock on the same land. Agroforestry can provide multiple benefits such as enhancing soil quality, diversifying income sources, providing fodder and fuelwood, creating microclimates, and sequestering carbon.

Precision farming: This is a system that uses information and communication technologies (ICTs) such as sensors, drones, satellites, mobile phones, and artificial intelligence to monitor and manage crop production. Precision farming can help farmers optimize inputs such as seeds, fertilizers, pesticides, and water, while increasing yields and reducing environmental impacts.

Water management: This is a set of strategies that aim to improve water availability and efficiency for irrigation and other purposes. Water management can include rainwater harvesting, drip irrigation, mulching, water recycling, and watershed management.

The benefits of CSA in Nigeria are manifold. First, CSA can boost food production and security by increasing crop yields and quality, diversifying food sources, and reducing post-harvest losses. According to a study by the International Food Policy Research Institute (IFPRI), CSA could increase Nigeria’s cereal production by 24% by 2050 compared to a business-as-usual scenario.

Second, CSA can enhance resilience and adaptation by reducing exposure and sensitivity to climate risks, strengthening coping and recovery capacities, and diversifying livelihood options. For example, a project by the World Bank-supported West Africa Agricultural Productivity Program (WAAPP) has helped over 200,000 farmers in Nigeria adopt CSA practices such as improved seeds, conservation agriculture, and agroforestry, resulting in increased incomes and reduced vulnerability to climate shocks.

Third, CSA can mitigate greenhouse gas emissions by reducing deforestation, enhancing carbon sinks in soils and biomass, and promoting low-carbon energy sources. According to a report by the Food and Agriculture Organization (FAO), Nigeria has the potential to reduce its agricultural emissions by 34% by 2030 through CSA interventions.

However, despite these benefits, CSA adoption in Nigeria faces several barriers such as lack of awareness among farmers and policymakers; lack of supportive policies and incentives; lack of access to finance; lack of extension services; lack of infrastructure; lack of markets; lack of research; lack of coordination; and socio-cultural factors. To overcome these barriers and promote uptake and integration of CSA into policy and practice in Nigeria.

Flutterwave Shuts Down Barter, Shifts Focus to Enterprise And Remittance Business Segments

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Nigerian fintech Unicorn Flutterwave has shut down its consumer payment platform Barter, as it shifts focus on its business and remittance segments.

While retail remains important to us, our immediate focus is optimizing services for businesses and remittance solutions”, the startup said.

In 2017, Flutterwave launched Barter as a consumer product that facilitated personal and small merchant payments within Africa and across its borders. Flutterwave was one of the first tech startups to offer Nigerians the ability to make international payments following the roll out of Barter.

According to the startup CEO Olugbenga Agboola, he said during the launch call that the app was rolled out to simplify digital payments so that more Africans can be included in the payment revolution. This was evident in the design of the app, which helped users manage their finances and earn endless benefits from merchants.

The shutdown of Barter is coming after Flutterwave in 2022, announced plans to revamp Barter to become a platform servicing platform and money transfer needs.

In July 2022, a temporary halt occurred due to internal issues at its card provider Union54. Reports revealed that startups who had previously issued virtual Visa dollar cards provided by Barter noted that it was not reliable enough.

Last month, in an email to customers the fintech notified users to withdraw their money stating that their Barter accounts will become inactive and accessing their funds will be impossible.

Before the shutdown of Barter, the app was a lifestyle payment solution that operated globally with an initial user base in Nigeria, Kenya, Ghana, and South Africa.

The app enabled Visa cardholders to initiate payments within the app and make online and mobile payments by attaching their card details to their GetBarter app profile while non-card carriers can generate a virtual card upon registration.

The app also enabled Visa users to receive money from any Visa card account either domestic or international.

With the shutdown of Barter, Flutterwave is doubling down on proven winners by focusing on remittance and enterprise. In October last year, the fintech disclosed that its biggest revenue driver was the enterprise segment. In comparison, Barter only accounted for about 1% of the company’s $2 billion worth of transactions.

Over the last few years, Flutterwave has doubled down on consumer payment services with new products such as Send App and Swap. The fintech remittance product aims to capture a significant market share in Africa’s $54 billion remittance market. It however remains unclear how much progress both products have made.