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Coinbase and Binance Regulatory Tussle

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Coinbase, the leading cryptocurrency exchange in the US, has filed a new brief in its ongoing lawsuit with the Securities and Exchange Commission (SEC), accusing the regulator of overstepping its authority and violating due process.

The brief, which was submitted on October 27, 2023, is a response to the SEC’s motion to dismiss Coinbase’s complaint, which was filed in September 2023. The complaint challenged the SEC’s decision to threaten Coinbase with legal action if it launched a lending program that would allow users to earn interest on their crypto holdings.

Coinbase argues that the SEC’s decision was arbitrary and capricious, and that it violated the Administrative Procedure Act (APA), which governs how federal agencies make rules and regulations. Coinbase claims that the SEC failed to provide any clear guidance on how it determines whether a crypto product is a security or not, and that it applied a different standard to Coinbase than to other platforms that offer similar products.

Coinbase also asserts that the SEC violated its constitutional rights by depriving it of due process and equal protection under the law. Coinbase says that the SEC did not give it a fair opportunity to respond to its allegations, and that it discriminated against Coinbase by singling it out for enforcement action without any rational basis.

Coinbase concludes its brief by asking the court to deny the SEC’s motion to dismiss, and to grant Coinbase’s motion for a preliminary injunction, which would prevent the SEC from taking any action against Coinbase until the case is resolved.

Coinbase’s lawsuit is one of the most high-profile legal battles in the crypto industry, as it could have significant implications for the future of crypto regulation in the US. The case is being closely watched by other crypto companies, investors, and lawmakers, who are eager to see how the court will rule on the complex and controversial issues involved.

Binance has set up trading platform in Hong Kong to apply for a license.

Binance, one of the world’s largest cryptocurrency exchanges, has announced that it has established a trading platform in Hong Kong to apply for a license under the new regulatory framework. The move is part of Binance’s efforts to comply with the local laws and regulations, and to enhance its global presence and legitimacy.

Hong Kong has recently introduced a new licensing regime for crypto exchanges, which requires them to obtain approval from the Securities and Futures Commission (SFC) before operating in the city. The SFC has stated that it will only grant licenses to platforms that offer trading services for professional investors, and that comply with anti-money laundering and counter-terrorism financing rules.

Binance’s Hong Kong platform, which is expected to launch in the first quarter of 2024, will cater to professional investors only, and will offer a range of crypto products, including spot, futures, options, and margin trading. Binance said that it will also implement robust security measures, risk management systems, and governance structures to ensure the safety and integrity of its platform.

Binance’s CEO, Changpeng Zhao, said that the Hong Kong platform is a strategic step for Binance to expand its global footprint and to serve the needs of its customers in different markets. He added that Binance is committed to working with regulators and industry partners to foster innovation and growth in the crypto space.

“We are excited to launch our Hong Kong platform, which will provide a regulated and compliant environment for crypto trading in one of the world’s leading financial hubs. We believe that Hong Kong has a lot of potential to become a major crypto market, and we look forward to contributing to its development and prosperity,” Zhao said.

Binance’s Hong Kong platform is the latest addition to its growing network of regional platforms, which include Binance US, Binance Singapore, Binance UK, Binance Australia, and Binance Jersey. Binance said that it will continue to explore new opportunities and partnerships to offer more localized and tailored services to its users around the world.

4 Top Tips for Making Money By Investing In Cryptocurrency

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Cryptocurrency has evolved over the past decade from a perceived fad to a lasting financial asset. The market is now renowned for its accessibility and potential for online earnings, with terms like ‘crypto millionaires’ and ‘crypto bros’ becoming common vernacular. As cryptocurrency continues its shift into mainstream finance, many individuals are looking to capitalize on its wealth-building opportunities.

The cryptocurrency market boasts a plethora of avenues for financial gain, including investment, active trading, and staking. In this article, we will explore various strategies for profiting from cryptocurrency and introduce promising projects like the Scorpion Casino Token that hold the potential for impressive returns.

Here Are Top 4 Tips To Ensure Crypto Success:

1.   Participate in Crypto Presales

Cryptocurrency presales present an enticing opportunity for substantial earnings. However, it’s crucial to exercise caution as not all presales are created equal, and the market is rife with pump-and-dump meme coins. To maximize your returns, seek projects with potential, longevity, and utility.

The Scorpion Casino Token, for instance, has garnered substantial attention. Functioning as a global Crypto Casino and Sports Betting platform, it generates daily revenue while enhancing the $SCORP Token through a comprehensive daily Buy-Back, Burn, and Reward System. This robust ecosystem has naturally attracted crypto investors and whales.

2.   Explore Staking

Staking involves investing in cryptocurrency by locking a specific amount of coins in your wallet for a predetermined duration. In return, your crypto holdings generate passive income, with the interest earned contingent upon the cryptocurrency type and the quantity staked.

3.   Adopt the Buy and Hold Strategy

The ‘buy the dip’ strategy entails acquiring cryptocurrencies from an exchange when prices dip and selling them at a later date for potential profits. Coins like Bitcoin, Ethereum, and Dogecoin experience daily price fluctuations, offering opportunities for strategic buying and selling.

4.   Earn Interest

Cryptocurrency investments offer a chance to accrue interest through ‘yield farming.’ By lending your cryptocurrency to a platform, you receive interest payments. This method, while associated with some risk, provides a means of generating passive income based on the platform and the cryptocurrency lent.

One More Thing Before You Go…

Successful cryptocurrency investors invest time in thorough project research. Examining Twitter pages, websites, whitepapers, and other sources is essential for gauging a project’s potential. For example, projects like the Scorpion Casino Token offer extensive information on their website and social media channels, serving as positive indicators of their legitimacy and potential.

 

For more information;

Presale: https://presale.scorpion.casino/

Twitter: https://twitter.com/ScorpionCasino

Telegram: https://t.me/scorpioncasino_official

“Nigerian Universities need productive, not subsistence entrepreneurship for axing unemployment”

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Dr. Lukman Raimi is an Assistant Professor of Entrepreneurship, School of Business and Economics, Universiti Brunei Darussalam, Brunei Darussalam. He has held positions across tertiary institutions in Nigeria. He was formerly Principal Lecturer at Yaba College of Technology, Lagos. He was also an Assistant Professor at American University of Nigeria, Yola before proceeding to Brunei Darussalam. He has diverse experience in teaching entrepreneurship and mentoring entrepreneurs, startups and students. He had served as judge and mentor for Tony Elumelu Foundation Entrepreneurship Programme in 2021 and 2022 respectively. He is a well published scholar who combines both classroom and industry experience of 25 years. In this interview, he shared insights with Tekedia on the state of entrepreneurship education in Nigerian tertiary institutions. Here are the excerpts of this explosive and insightful discussion.

Tekedia: How would you describe the current state of entrepreneurship education in Nigerian tertiary institutions?

Raimi: The state of entrepreneurship education in Nigeria can be described as merely ambitious and aspirational. We haven’t started yet; We’re still scratching the surface. We are only introducing entrepreneurship education, although there are some ambiguities here and there regarding the teaching methodology/pedagogy, infrastructure, and adequacy of resources. Worse, the previous entrepreneurship education curriculum used in Nigerian tertiary institutions was pedagogically weak and had ambitious learning outcomes that were neither measurable nor achievable. As a result, in implementing the old curriculum, many universities confused entrepreneurship with vocational training by teaching university students tailoring, food preparation, and small puff-puff trading, among other things. Despite the positive intentions of the designers of the previous curriculum, it was implemented with an emphasis on creating livelihood ventures, something our parents have been doing for ages. We do not need to promote subsistence-type  start-up in the Nigerian university system. What we need is productive and impactful entrepreneurship education. There is a difference between the productive, impactful entrepreneurship that the US, UK and China focus on and the subsistence business creation that we have focused on. We need the former to combat unemployment and create numerous jobs, including products and services for the global consumer market, using digital platforms and digital payment systems. The latter teaches students in the fields of physics, medicine, pharmacy, accounting, agriculture, engineering, history, psychology, biology, data science, mathematics, economics, chemistry, and other subjects how to sell Indomie noodles, rice, drinks, and puff-puff on campus is a professional activity, not entrepreneurship. They should have an entrepreneurial mindset to identify gaps in society that they can fill with their academic and professional skills by creating value through products, services, and business solutions. If students want jobs in tailoring and food sales, why should they go to universities at all? These ancient professions are better taught outside of universities.

As an educator with over 25 years of administrative, teaching, research and consulting experience, there is a difference between teaching entrepreneurship and training entrepreneurs. Universities should teach entrepreneurial education. The university startup centres, accelerators and incubators are intended to train entrepreneurs. The bitter truth is that we cannot all be entrepreneurs, but we can all be entrepreneurial in any career we pursue. This conceptual threshold should be the premise of entrepreneurship education in Nigerian universities. The role of universities is therefore to teach entrepreneurship education to instill an entrepreneurial mindset at the early stages. Subsequently, the knowledge acquired through teaching awakens the entrepreneurial intention and later stimulates the students’ entrepreneurial activities during or after graduation. Some of these students become entrepreneurs, some become intrapreneurs, and some become entrepreneurial leaders.

Tekedia:  Recently, the National Universities Commission (NUC) introduced a new curriculum tagged the Core Curriculum Minimum Academic Standard (CCMAS) with a new approach to entrepreneurship curriculum. Do you see the new curriculum having impact?

Frankly, the new curriculum called Core Curriculum Minimum Academic Standard (CCMAS) developed by the National Universities Commission (NUC) for implementation is commendable, detailed and the best thing that can happen to the university knowledge ecosystem. It is more comprehensive, better, and more pedagogically sound than the previous curriculum. Congratulations to NUC; The new curriculum highlights the need to make entrepreneurship a practical education. Instructors teaching various course-specific entrepreneurship courses in the new curriculum should consciously engage with students in direct exchange of experiences, collaboration, demonstration, and experimentation using practical techniques. This action-based method with a series of specific practices improves their KSAs (knowledge, skills, and abilities), problem-solving skills, values, innovation, and creativity to become entrepreneurs or act entrepreneurially. I used the old curriculum for this. Over three years, I also learned about several international entrepreneurship education curricula in the US, UK, India, and Southeast Asia, which gave me a basis for comparison. The new curriculum is very good and as mentioned, one of the best things to happen to entrepreneurship education in Nigeria. However, frankly, and obviously, it may have minimal impact, not because it is deficient, but because effective entrepreneurship education requires qualified entrepreneurship educators who have received training in action learning, experiential learning, problem-solving learning, and competency-based learning methods. I am aware that NUC does this. More importantly, there is access to good entrepreneurship education books, case studies, educational videos, and podcast materials to reflect classroom reality using PowerPoint features. Financing is also an important success factor. Most universities still teach entrepreneurship in theory, like economics and business management, and lack access to infrastructure facilities, teaching materials and stable electricity supply. Apart from Pan Atlantic University, Covenant University and Afe Babalola University with a clear roadmap for entrepreneurship education, I am not sure there is any university in Nigeria that aligns its entrepreneurship education with an ecosystem. Recently, the Opolo Global Innovation Hub sought to spark impactful entrepreneurship and innovation in some universities in Nigeria and Tekedia Mini-MBA also serves as a valuable knowledge-bridging measure. I attended the latter’s training and received the certificate.

Tekedia: In your opinion, what are the most critical skills and knowledge areas that entrepreneurship education should impart to students, especially in a developing economy like Nigeria?

In the new curriculum, the NUC has beautifully captured the critical skills and knowledge expected at the end of the learning experience. As an educator, I believe that entrepreneurship education in Nigeria must be practical, action-oriented, context-specific, and oriented towards local challenges and a supportive entrepreneurial environment. It aims to teach students independence, motivation, and self-employment skills and to promote economic growth and innovation through value creation, value delivery and value capture. This practical training begins by teaching fundamental business concepts in entrepreneurship, allowing students to identify opportunities while understanding customer needs and preferences. Entrepreneurship requires dealing with complex challenges as well as sophisticated problem-solving and critical thinking skills. For students who want to become entrepreneurs or intrapreneurs, problem-solving education prepares them to overcome obstacles and make informed decisions. While business planning and strategy are important, not all students excel at financial matters. Therefore, teaching them to develop comprehensive business plans using the “Economics of One Unit of Sales” approach can provide a solid foundation. This method helps students present their business goals, strategies, and financial projections. A holistic entrepreneurship education program should include financial management, budgeting, obtaining financing, and effective cash flow monitoring. Additionally, students must be familiar with marketing principles to reach customers and expand their customer base using both online and offline marketing strategies. Risk management is an essential part of entrepreneurship and involves taking, calculating, and limiting risks. Students must understand risks in the context of legal and regulatory requirements, recognize the benefits of insurance, and apply risk mitigation strategies. Additionally, networking and relationship building are crucial as they provide students with valuable support and opportunities. Therefore, entrepreneurship training also includes instruction on networking and relationship management. In today’s dynamic landscape, technology and digital skills are essential.  These enable students to explore opportunities in e-commerce, social media marketing, AI, and data analysis and to optimize business processes. Equally important are emotional intelligence, resilience, and adaptability, especially in crises and periods of emotional stress. The ability to adapt to changing circumstances and persevere in the face of adversity is an important resource skill for entrepreneurs. Finally, entrepreneurship education should provide students with practical experiences anchored in a global perspective. In an increasingly connected world, hands-on involvement through internships, projects, and the hands-on experience of starting small businesses is invaluable. Understanding global markets, trade and opportunities is beneficial even for companies that focus on local markets. Essentially, Nigerian entrepreneurship education must provide practical, comprehensive training to prepare students for the diverse world of entrepreneurship.

Tekedia: How can Nigerian universities enhance collaboration with industry and startups to provide real-world experiences for students interested in entrepreneurship?

The question of educating people to think and act entrepreneurially was raised several times. Entrepreneurship education is not taught in isolation; It requires universities to build an ecosystem that uses the Triple Helix or Quadruple Helix models. Improving collaboration between Nigerian universities and industry/start-ups to provide practical experience to students interested in entrepreneurship can be mutually beneficial in several ways. Below are some recommended strategies that can facilitate this collaboration. First, it makes sense to set up incubation centres and innovation centres on campus where students can work on their entrepreneurial projects. These hubs can also serve as spaces where industry experts and startup founders can mentor and collaborate with students. Second, public and private universities must actively seek partnerships with local industries and successful startups through joint research projects, guest lectures, workshops, internship opportunities, and sponsored entrepreneurship programs. When it comes to guest lectures and workshops, universities should invite industry experts and start-up founders to share their experiences, insights, and practical knowledge with students on campus, providing real-world perspectives on entrepreneurship. Collaborative Research Projects (CRPs) should be developed to address real-world challenges and create innovative projects with commercial potential. These CRPs can attract resources and funding for entrepreneurial initiatives on college campuses and engage students and faculty in opportunities for innovation and practical problem-solving. The role of internships and external programs in entrepreneurship education cannot be underestimated. Universities must enable internships and external internships for students at industrial companies and start-ups. These hands-on industrial learning experiences provide students with direct insight into entrepreneurship and help them build valuable networks. Universities also need to develop mentoring programs to connect students with experienced entrepreneurs and industry experts. Industry mentors can support students in developing their startup ideas and overcoming the challenges of entrepreneurship. In the UK and other advanced learning ecosystems, entrepreneurship competitions, hackathons and business plan competitions are recognized in collaboration with industry partners. These events offer students the opportunity to present their ideas and receive feedback from industry experts. The annual NUC-EDC Business Plan Competition is a commendable development. The impact of alumni engagement is enormous. Universities should use the alumni network to connect current students with graduates who have gone on to become successful entrepreneurs. Alumni can provide mentorship, investment opportunities and networking connections. Alumni, in collaboration with universities, can conduct joint workshops and training programs with industry partners on topics such as business development, marketing and technology to equip students with practical skills needed for entrepreneurship.

Tekedia: Are there successful case studies or examples of Nigerian universities effectively integrating entrepreneurship education into their academic programmes? What lessons can we learn from them?

The few successful case studies of Nigerian universities that I know of that effectively integrate entrepreneurship education into their academic programs include Pan Atlantic University, Covenant University, Afe Babalola University, and the American University of Nigeria, among others. For example, Pan Atlantic University’s Center for Enterprise Development Services (EDS) teaches entrepreneurship and trains entrepreneurs to address the shortage of creative businesspeople and business managers. It provides professional business development and support services to small and growing businesses in Nigeria. Another model is Covenant University’s Center for Entrepreneurial Development Studies, which empowers the university’s graduates and the host community to become entrepreneurs to transform them into productive wealth creators who can contribute significantly to national socio-economic and human development. The centre operates and coordinates the Entrepreneurial Development Studies (EDS), a tailor-made program of the university. Entrepreneurship Education (EE) is a semester-long program and a required course for all students, regardless of major. The EDC is responsible for coordinating and communicating the theoretical perspectives of entrepreneurship, coordinating practical demonstrations in selected entrepreneurial areas, and facilitating community impact and capacity-building initiatives. Meanwhile, entrepreneurship at Afe Babalola University is a dynamic and integral part of the educational experience, reflecting the institution’s commitment to fostering innovation, creativity, and self-reliance in its students. The American University of Nigeria also follows a similar model to Covenant University.

 

Turning Your PhD Thesis into a Business

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University Graduation Cap with Scroll Icon Student Education Symbol Isolated Realistic Design Vector Illustration

Earning a PhD is an extraordinary achievement, representing years of dedication and expertise. Yet, many PhD holders, particularly in Africa, find themselves struggling to secure jobs after completing their doctoral programs. In this piece, our analyst explores the fascinating journey of transforming your academic expertise into a thriving business. By harnessing the recommendations embedded within your thesis, you can not only create job opportunities for yourself but also contribute to economic growth and innovation in your country.

Identify Marketable Ideas: Within the pages of your thesis lie invaluable recommendations. These may include theoretical concepts that could have practical applications, policy suggestions addressing real-world issues, or managerial strategies that can optimize processes. Your first step is to identify the most promising ideas that could address specific needs or gaps within your community or industry.

Validation of Concepts: Before venturing into the world of entrepreneurship, it’s essential to validate your concepts. Engage with potential stakeholders, whether they are industry experts, prospective clients, or government agencies, to ensure that there is a genuine demand for your ideas. Gathering feedback at this stage can help refine your approach and ensure that your business idea resonates with the market.

Creating a Business Plan: To turn your thesis recommendations into a successful business, you must develop a well-structured business plan. This plan should encompass your business model, target market, revenue streams, and funding requirements. Seek guidance from local business development centres or mentors who can provide valuable insights and help you refine your strategy.

Read:The Impossible 17,831 Jobless PhDs In Nigeria

Securing Funding: One of the most significant challenges in starting a business is securing the necessary funds. Explore a variety of funding sources, including grants, loans, or potential investors. Look for both local and international opportunities and be prepared to present your business idea convincingly to potential financiers.

Building a Strong Team: While your research may have primarily focused on individual accomplishments, building a business typically requires a collaborative effort. Surround yourself with individuals who complement your skills and share your vision. Collaborate with fellow PhD holders who bring diverse expertise to the table, as a strong team is crucial for success.

Leveraging University Resources: Many universities offer programs designed to support entrepreneurship. Investigate the resources available at your alma mater, such as incubators, mentorship programs, and networking events. These resources can be invaluable in the early stages of your business journey.

Read: How the Length, the Breadth and the Depth of Your PhD Thesis Make You a Complete Doctor of Philosophy

Adaptation and Evolution: The transition from academic recommendations to real-world business practices may require some adaptation. Be flexible and open to evolving your concepts based on feedback from your target market. The ability to pivot when necessary is a fundamental entrepreneurial skill.

Establishing a Strong Online Presence: In today’s digital age, having a robust online presence is vital for businesses. Create a professional website and engage with potential customers through social media. Building a strong brand image can set you apart from competitors and broaden your reach.

Promoting Your Expertise: As a PhD holder, you are an expert in your field. Leverage your knowledge and expertise to build credibility for your business. Publish articles, give talks, and participate in relevant conferences to establish yourself as a thought leader in your industry.

Stay Persistent: The journey from academia to entrepreneurship is not without its challenges. It may take time to gain traction, but persistence is key. Keep learning, adapting, and pushing forward. Remember, this journey is a marathon, not a sprint.

Read: Why a PhD Holder Should Not Settle for a Care Worker Role

In Africa and beyond, PhD holders have the potential to transform their theses into thriving businesses. By identifying marketable recommendations, validating concepts, and following a well-structured plan, you can not only create job opportunities for yourself but also contribute to economic growth and innovation in your region. Your journey from academia to entrepreneurship starts with a single step, and your thesis is the foundation of that journey.

Multiple groups working towards nuclear power plants to mine Bitcoin in USA

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Bitcoin mining is a process that consumes a lot of energy and generates a lot of heat. According to some estimates, the global annual energy consumption of Bitcoin mining is comparable to that of some countries, such as Argentina or Norway. This raises concerns about the environmental impact of Bitcoin and its carbon footprint. But beyond the hype and speculation, there is another aspect of Bitcoin that deserves attention: its potential to catalyze a transition to carbon-free energy in the USA.

However, not all energy sources are equal in terms of their environmental impact. Some energy sources, such as coal or natural gas, emit a lot of greenhouse gases and contribute to global warming. Other energy sources, such as solar or wind, are renewable and clean, but depend on weather conditions and availability of land. Nuclear energy, on the other hand, is a reliable and low-carbon source of energy that can provide baseload power for Bitcoin mining.

Nuclear power plants use nuclear fission to generate heat and electricity. Nuclear fission is a process that splits atoms of uranium or plutonium into smaller atoms, releasing a lot of energy and some radioactive waste. The waste can be safely stored and managed, while the energy can be used to power turbines and generators that produce electricity.

Nuclear power plants have several advantages over other energy sources for Bitcoin mining. First, they have a high-capacity factor, which means they can operate at full power for most of the time, unlike solar or wind farms that depend on weather conditions. Second, they have a low marginal cost, which means they can produce electricity at a low price once the initial investment and fixed costs are covered. Third, they have a low carbon intensity, which means they emit very little greenhouse gases per unit of electricity produced, compared to fossil fuels.

Therefore, nuclear power plants can provide a sustainable and cost-effective solution for Bitcoin mining. In fact, there are already some initiatives that aim to use nuclear power for Bitcoin mining. For example, Oklo, a US-based company that develops micro-reactors, has partnered with Compass Mining, a Bitcoin mining service provider, to supply clean energy for Bitcoin mining.

Another example is Energy Harbor, a US-based power company that owns several nuclear plants, which has signed a deal with Standard Power, a Bitcoin mining hosting company, to provide carbon-free electricity for Bitcoin mining.

However, Bitcoin also offers an opportunity to transform the energy sector and accelerate the adoption of renewable sources. This is because Bitcoin mining is flexible and adaptable to different locations and conditions. Unlike traditional industries that depend on stable and reliable grids, Bitcoin miners can operate anywhere there is cheap and abundant electricity, regardless of its quality or availability.

This means that Bitcoin miners can take advantage of underutilized or stranded energy sources, such as solar, wind, hydro, geothermal, or even flared natural gas. These sources are often located in remote areas where there is no or low demand for electricity, or where the grid is unable to accommodate them. By using these sources for mining, Bitcoin miners can increase their profitability while reducing their carbon footprint.

Moreover, Bitcoin mining can also create a positive feedback loop for renewable energy development. By providing a steady and predictable demand for electricity, Bitcoin mining can incentivize investment in new generation capacity and grid infrastructure. This can lower the cost and increase the reliability of renewable energy, making it more competitive and attractive for other consumers and industries.

In this way, Bitcoin can be seen as a driving force behind unlocking carbon-free energy in the USA. By aligning economic incentives with environmental goals, Bitcoin can foster innovation and collaboration in the energy sector. This can lead to a greener future for America and the world.

These initiatives show that nuclear power and Bitcoin mining can coexist and benefit each other. Nuclear power can provide a stable and cheap source of energy for Bitcoin mining, while Bitcoin mining can provide a demand and revenue stream for nuclear power. This way, both sectors can grow and thrive in a sustainable manner.