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Binance CEO on Stablecoin Strategy: Diversify to spread risk across different Stablecoins

By
Paul Ugbede Godwin
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Stablecoins are digital assets that are designed to maintain a stable value against a reference currency, such as the US dollar or a basket of currencies. Stablecoins are often used as a medium of exchange, a store of value, or a unit of account in the crypto ecosystem, especially for traders and investors who want to avoid the volatility of other cryptocurrencies.

However, stablecoins are not without risks. Some of the challenges that stablecoin issuers and users face include regulatory uncertainty, technical vulnerabilities, market fluctuations, and liquidity issues. These risks can potentially affect the stability, security, and usability of stablecoins, and pose threats to the wider crypto industry and the global financial system.

That is why Binance, the world’s leading cryptocurrency exchange and ecosystem builder, has adopted a diversified and prudent approach to its stablecoin strategy. In a recent interview with CoinDesk, Binance CEO Changpeng Zhao (CZ) shared his views on the current state and future prospects of stablecoins, and explained how Binance is positioning itself to offer a variety of stablecoin solutions to its users and partners.

CZ said that Binance does not have a preference for any specific stablecoin model or issuer, but rather supports multiple options to cater to different needs and preferences in the market. He said that Binance aims to provide “a basket of stablecoins” that can serve as “a hedging tool” for users who want to reduce their exposure to the risks of any single stablecoin.

According to CZ, Binance currently supports over 30 different stablecoins on its platform, including fiat-backed ones like USDT, USDC, BUSD, PAX, and DAI, as well as algorithmic ones like FEI and FRAX. He said that Binance also plans to launch more fiat-backed stablecoins in the future, especially for regions where there is high demand for local currency pegs.

CZ also revealed that Binance is working on its own algorithmic stablecoin project, codenamed Project U, which is still in the early stages of development. He said that Project U is intended to be a “decentralized” and “community-driven” stablecoin that will use a combination of smart contracts, oracles, and governance mechanisms to maintain its peg.

CZ acknowledged that algorithmic stablecoins are more complex and challenging than fiat-backed ones, but he expressed confidence that Binance has the expertise and resources to overcome the technical and operational hurdles. He said that Binance’s goal is to create an algorithmic stablecoin that is “more transparent”, “fairer”, and “more robust” than existing ones.

CZ also commented on the regulatory landscape for stablecoins, which has become more scrutinized and uncertain in recent months. He said that Binance is always compliant with the local laws and regulations in the jurisdictions where it operates, and that it cooperates with regulators and policymakers to educate them about the benefits and challenges of stablecoins.

He said that Binance supports the development of clear and consistent regulatory frameworks for stablecoins, as long as they are not overly restrictive or discriminatory. He said that Binance believes that regulation should be “principles-based” rather than “rules-based”, and that it should foster innovation and competition rather than stifle them.

CZ concluded by saying that Binance is optimistic about the future of stablecoins, and that it will continue to innovate and invest in this space. He said that Binance’s vision is to make stablecoins more accessible, reliable, and useful for everyone in the crypto industry and beyond.

Industry Leaders to Share Insights on Shaping the Future of Banking at the Inaugural CIBN Generation Next Forum

By
Rasheed Adebiyi
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Experts and the banking industry leaders have been lined up by the Chartered Institute of Bankers of Nigeria (CIBN) to speak at the inaugural Generation Next Forum. The programme, organized by the foremost banking professional body in Nigeria, will see industry pioneers and thought leaders convening for an enthralling event that would be filled with insightful discussions, strategies, and cutting-edge technology exhibitions.

The event with the theme “Industry 5.0 Banking Revolution: Insights for Generation Next’’  holds at the Queen’s Park Events Centre, Victoria Island, Lagos on Thursday 3 August, 2023. Speakers and Industry leaders lined up for the event include Ken Opara, President and Chairman of Council, CIBN;  Nath Ude, MD, Nova Merchant Bank;  Abubakar Suleiman, MD/CEO Sterling Bank; Mitchell Elegbe, Founder/CEO, Interswitch; Jacob Stanley, CEO StanbicIBTC and VP FintechNGR. The event would also feature Akin Morakinyo, Registrar/Chief Executive, CIBN; Yvonne Johnson, MD/Co-Founder, Indicina; Eizu Uwaoma, Founder & CEO, Hexavian Group; Ade Bajomo, President, FintechNGR; Nefa Etomi, Head, Expansion Strategy and Operations, Paystack as well as Iyin Aboyeji, Founding Partner, Future Africa.

The CIBN Generation Next Forum promises to be an educative and insightful event for all stakeholders in the financial and technology sectors. As traditional banking faces transformative shifts in a rapidly evolving digital landscape, this forum comes as a beacon of knowledge and foresight to address the needs of the next generation of banking professionals and customers.

Throughout the event, attendees will have the opportunity to hear from eminent speakers and industry veterans, who will share invaluable insights and strategies for shaping the future of banking. The discussions will delve into key topics such as digital banking, blockchain technology, fintech disruptions, customer experience, and regulatory frameworks, among others.

The highlight of the CIBN Generation Next Forum will be an exclusive exhibition, where emerging start-ups would showcase cutting-edge technologies and innovations in the financial world. This exhibition, organized by Opolo Global Innovation, will offer a unique opportunity for attendees to witness firsthand the latest advancements that are reshaping the financial landscape.

With its comprehensive agenda and exceptional lineup of speakers, the CIBN Generation Next Forum aims to inspire and equip banking professionals, entrepreneurs, fintech enthusiasts, and policymakers with the knowledge and tools they need to thrive in the future of finance.

The event promises to be an immersive experience for all attendees, providing networking opportunities and fostering collaborations between finance and technology experts, industry players, and innovators.

In light of the ongoing global digital revolution, the CIBN Generation Next Forum stands as a beacon of transformation and a testament to the commitment of CIBN and Opolo Global Innovation Hub in driving finance-technology collaboration in Nigeria.

Join us for the liberation of the mind on #microtransactions at Tekedia Mini-MBA Live

By
Ndubuisi Ekekwe
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Today, we continue our conversation on the mechanics of markets as our Faculty Afolabi Olamide of Touch and Pay Technologies Ltd (YC W22), the creators of Cowry card in Lagos, comes to Tekedia Mini-MBA Live. In less than three years, they grew from 1,000 to more than 3 million users, demonstrating the power of innovation.

What do they do? They digitize small payments like N200, N300, etc, making sure that revenue is assured for merchants, owners, vendors and companies. And the vision has worked, maximally: if you take care of the kobos, the Nairas will take care of themselves.

With more than 99% system reliability through a closed network, they made customers to become FANS, and when fandom happens in markets, you thrive. And it is contactless which means the card lasts longer in the rain, sun, and harmattan. Olamide will speak, and we will learn from him on why design wins markets. The market players include danfo owners, bus drivers, shops, etc who upon deploying their solutions see bigger revenue. Yes, when leakages are blocked, revenue increases. You can also see why Tekedia Capital invested in this company.

Join us for the liberation of the mind here

Senegalese Government Suspends TikTok Until Further Notice, Over Threat to The Stability of The Country

By
Ojukwu Emmanuel
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The brand is growing

The Senegalese government has suspended social media platform TikTok, over concerns that the app is used to spread hateful messages, threatening the stability of the country.

The country’s Minister of Communication, Telecommunications, and the Digital Economy, Hon. Moussa Bocar Thiam, announced this via a statement on Wednesday.

The statement reads,

“The minister informs the public that it has been observed that the TikTok application is the social network favored by people with bad intentions to spread hateful and subversive messages threatening the stability of the country”.

This decision by the Senegalese government is coming two days after it restricted the use of mobile internet in the country, due to hateful and subversive messages on social media, following calls for protests over the arrest of opposition politician Ousmane Sonko. He was charged with plotting an insurrection, criminal conspiracy, and other offenses.

It is worth noting that Senegal has witnessed sporadic violent protests throughout the year, as opposition supporters have accused President Macky Sall of leveling charges against Sonko to disqualify him from the next election.

Political party in Senegal, PASTEF communiqué, said that President Macky Sall in his despotic determination to hold on to power in the country, albeit by Proxy, has just opened the floodgates to chaos by imprisoning his opposition on spurious grounds.

Macky Sall’s opposition, Sonko, said a local judge in the capital Dakar ordered him held temporarily following fresh charges against him, which includes conspiracy against the state and calls for insurrection. The charges are different from an earlier one of corrupting youth.

That led to Sonko’s conviction in June this year, which ignited deadly protests across the nation with 23 people killed. Sonko is popular among Senegal’s youth and has been seen as a threat to the ruling party ahead of the 2024 election.

His supporters have said the charges are to prevent him from running again for president after he placed third in 2019 race.

The fierce politician announced while in detention that he was going on a hunger strike, urging his supporters to stand up and resist oppression. He is currently facing a string of legal woes he claims are aimed at keeping him out of politics.

With the current ban on the short-form video platform, TikTok, which the Senegalese government termed as a tool used to spread hateful content, it will only intensify the political crisis and civil unrest in the country.

These act of government nations shutting down access to the internet and different social media platforms, has become prevalent among African countries.

A reference to when the Nigerian government in October 2020 shut down citizens’ access to Twitter during the EndSARS protest against police brutality.

These shutdowns typically occur during periods of political unrest, elections, or government crackdowns on dissenting voices. Governments have cited reasons such as national security, maintaining law and order, or preventing the spread of misinformation as their justifications for these actions.

Meanwhile, shutting down social media platforms has been a controversial measure, often criticized by human rights organizations and advocates of free speech, as it restricts citizens’ access to information and limits their ability to communicate.

Uber Integrates M-Pesa as A Payment Option on Its Platform, to Enhance Seamless Payment Process For Riders in Kenya

By
Ojukwu Emmanuel
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0

Multinational transportation Network company that operates through a mobile app, Uber, has integrated M-Pesa, a mobile money service, to enhance a seamless payment process for riders in Kenya.

M-Pesa announced on Wednesday that its strategic partnership Uber, will see riders across Kenya pay for trips through its mobile money service. It further noted that it will mark a significant step towards further integrating mobile money services into the country’s transportation industry.

Safaricom, the parent company of M-Pesa, highlighted the advantage this collaboration with Uber brings to drivers who lack traditional bank accounts. According to statistics by Uber Kenya, approximately 20% of drivers on the platform currently lack bank accounts, limiting their ability to harness the full potential of digital transactions.

Previously, riders who wished to pay for trips via M-PESA had to request the driver’s M-PESA number and send the cab fare directly to them. While this method worked for some, it did not involve Uber, leaving it up to the driver to remit their commission to Uber.

Speaking on its collaboration with M-Pesa, the Head of East Africa at Uber, Imran Manji said,

“Through the integration of M-Pesa for trip payments, we are excited to bring ease and convenience of mobile money to riders on our platform. We are pleased to have found a partner in Safaricom in order to take these significant steps towards enhancing financial inclusion in the country”.

Also commenting on its collaboration with Uber, Safaricom CEO, Peter Ndegwa highlighted the usefulness of the feature.

He said, “This partnership with Uber will enable us to provide thousands of drivers and delivery people alongside millions of customers with a fully digital solution with faster, secure, affordable,  and convenient payments through M-PESA. We maintain a strong commitment to working with partners such as Uber as they enable us to deliver more value and opportunities to our customers in line with our purpose to transform lives”.

The M-PESA integration goes beyond settling cab fees. Drivers can now receive their disbursements using M-PESA if they choose to do so. Previously, disbursements were limited to bank accounts. However, those without bank accounts can opt for the M-PESA option with the new channel.

Alternatively, those with bank accounts can still choose M-PESA and eliminate one-step transaction charges when transferring their disbursements from the bank to mobile money wallets. This collaboration aims to empower thousands of drivers with greater financial inclusivity and convenience.

However, it is worth noting that the integration of M-Pesa into Uber’s payment ecosystem is not entirely new. The partnership initially happened in May 2023, when Uber introduced M-Pesa as a payment option for its food delivery service, Uber Eats.

This allowed consumers to pay for deliveries seamlessly through M-Pesa, while delivery personnel could conveniently receive their earnings via the mobile money platform.

Safaricom’s mobile money service, M-Pesa, has continued to solidify its dominance in Kenya’s payment landscape, with a significant majority of the Kenyan population utilizing the service for their financial transactions.

M-Pesa has engaged in several strategic partnerships with various companies to expand its services and offerings. These partnerships aim to enhance the M-Pesa ecosystem, increase its user base and provide additional value to its customers.

M-Pesa has continued to play a crucial role in promoting financial inclusion in Kenya, by providing access to basic financial services to a large population of people, allowing them to send and receive money seamlessly.

The service’s success has also led to the expansion beyond Kenya to other countries in the region, further solidifying its status as a dominant player in the mobile money market.

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