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Bloomberg ETF Analysts Are Bullish On Approval of Bitcoin ETFs As Jack Dorsey Invests to Decentralize Bitcoin Mining

By
Paul Ugbede Godwin
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0

The Bitcoin community is eagerly awaiting the decision of the U.S. Securities and Exchange Commission (SEC) on whether to approve the first spot Bitcoin exchange-traded fund (ETF) in the country. Several applications have been filed by different firms, but the deadline for the SEC to act on them is January 10th, 2024.

According to Bloomberg ETF analysts, the chances of approval are very high. In a recent note, they reaffirmed their “90%” approval odds for spot Bitcoin ETFs, citing the positive signals from the SEC chair Gary Gensler and the growing demand from investors. They also noted that the SEC has already approved several Bitcoin futures ETFs, which are based on contracts that track the price of Bitcoin, rather than holding the actual cryptocurrency.

Spot Bitcoin ETFs, on the other hand, would directly invest in Bitcoin and store it in a secure custody service. This would provide more exposure and liquidity to the Bitcoin market, as well as lower fees and tracking errors for investors. Spot Bitcoin ETFs are already available in Canada and Europe, where they have attracted billions of dollars in assets.

Bloomberg ETF analysts believe that the approval of spot Bitcoin ETFs in the U.S. would be a game-changer for the cryptocurrency industry, as it would boost the adoption and legitimacy of Bitcoin as an asset class. They also expect that the approval would trigger a rally in the price of Bitcoin, which has been trading sideways in recent weeks.

However, they also caution that there are still some risks and uncertainties involved. The SEC could delay its decision beyond January 10th or impose strict conditions or limitations on the spot Bitcoin ETFs. Moreover, the regulatory environment for cryptocurrencies is still evolving and could pose challenges for the ETF providers and investors.

Therefore, they advise investors to be prepared for volatility and diversify their portfolios with other types of ETFs, such as those that offer exposure to blockchain technology, digital payments, or cybersecurity. They also recommend investors to do their own research and due diligence before investing in any cryptocurrency-related products.

Jack Dorsey funds $6.2 million initiative OCEAN to decentralize Bitcoin mining globally.

Jack Dorsey has announced a new initiative called OCEAN, which stands for Open and Clean Energy Access Network. The goal of OCEAN is to decentralize Bitcoin mining globally by providing a transparent, non-custodial mining pool that anyone can join and benefit from.

Bitcoin mining is the process of securing the Bitcoin network and creating new bitcoins by solving complex mathematical problems using specialized hardware. However, Bitcoin mining is also criticized for its high energy consumption and environmental impact, as well as its centralization in certain regions and entities.

OCEAN aims to address these challenges by leveraging renewable energy sources, such as solar, wind, and hydro, to power Bitcoin mining operations. OCEAN will also use an open-source software that allows anyone to run their own node and verify the transactions on the network, without relying on a third-party intermediary.

OCEAN is funded by a $6.2 million grant from Dorsey’s Square Crypto, the cryptocurrency arm of his payment company. Dorsey has been a vocal supporter of Bitcoin and its potential to create a more inclusive and fair financial system. He has also expressed his vision of making Bitcoin more accessible and sustainable for everyone.

OCEAN is not the first project that Dorsey has backed to promote Bitcoin decentralization. In June 2021, he announced that Square was building a hardware wallet for Bitcoin that would enable users to store and manage their own private keys. He also revealed that Square was developing a platform called TBD, which would enable developers to create decentralized applications on top of Bitcoin.

OCEAN is expected to launch in early 2024, with the first batch of miners being distributed to selected participants around the world. OCEAN hopes to attract more miners and users to join its network and contribute to the security and growth of Bitcoin.

Digitizing Nigeria’s Agricultural Sector Will Boost Productivity And Increase The GDP – NITDA

By
Ojukwu Emmanuel
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0

The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, has stated that introducing digital technologies in Nigeria’s agricultural sector will boost productivity, fostering a notable increase in the country’s Gross Domestic Product (GDP).

Inuwa made this disclosure at the Policy Dialogue session in collaboration with the Office of the Presidency, the Federal Ministry of Agriculture & Food Security, and the International Fund for Agricultural Development (IFAD) at the Barcelona Hotel, Abuja, Nigeria.

The NITDA boss disclosed that with smallholder farmers producing an estimated 90% of the country’s food and contributing 21% to the GDP of $477 billion, digitization of the Agricultural sector, will significantly increase the GDP by $67 billion.

The policy dialogue session, themed “Deepening Partnership for Scale-up of Information & Communications Technology for Development (ICT4D) for Smallholder Farmers”, was held to bring together relevant stakeholders towards transforming critical sectors of the economy through digitization.

Inuwa disclosed that in a bid to transform Nigeria’s economy through digital innovation, President Bola Tinubu has directed the Federal Ministry of Communications, Innovation, and Digital Economy to accelerate Nigerian economic diversification by enhancing productivity in critical sectors through technological innovation.

Digitalization of the Agricultural sector across the globe has been proven to boost productivity and spur economic growth. With these cutting-edge technologies, it has brought about a minimized rate of post-harvest losses on the agricultural value chain.

This implies that the digitization of Nigeria’s agricultural sector will play a significant role in enhancing the nation’s GDP.

With digitization, it will enhance the transfer of information, majorly among smallholder farmers as it relates to market information. This is essential because farmers need real-time information dissemination for efficient agronomic practices. This can also assist in reducing production costs and risk, as farmers are authorized to make healthy decisions.

Also, the utilization of digital tools will increase the adoption of innovations by improving the ability of farmers to take up new challenges, as well as guarantee access to beneficial sales outlet for their farm produce.

According to several stakeholders, Nigeria has a booming supportive environment for agricultural digitalization. Therefore, efficient support of the digitalization of the agricultural sector in Nigeria will ameliorate the negative influence that has hampered its success. Digitalization can also enhance the ability of agricultural producers for poverty reduction and other livelihood improvements.

However, with the digitization of the Agricultural sector in Nigeria, smallholder Farmers will need more training on the utilization of digital tools for agricultural production.

There is a need for the creation of significant awareness of agricultural digitalization, especially through the institution of ICT hubs. 

Three Crucial Questions for Encouraging Sustainable Digital Transformation in Universities

By
Mutiu Iyanda
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0
A university

Universities all around the world have faced many challenges, some of which they have overcome and some of which still exist. Observing the latest developments in the international education sector, our analyst observes that administrators and owners of universities are approaching problems in unique ways. They are also meeting the demands of their consumers, clients, and other important stakeholders in a different way at the same time. 

Nevertheless, our analyst notes that a recent report from one of the largest international consulting firms, Ernest & Young, demonstrates that industry stakeholders must drastically change their perspectives and methods in order to bring about a genuine and long-lasting digital transformation in their system. After analyzing the report “Is your university’s transformation centered on tech or people?,” our analyst came to this conclusion. 

However, our analyst points out that the recent report of Ernest & Young, one of the biggest global consulting companies in the world, shows that stakeholders in the industry need a radical shift of mindset and approaches to making real and sustainable transformation happen in their environment. Our analyst reached this conclusion after dissecting the report titled “Is your university’s transformation centered on tech or people?”

The analysis, which is based on views from over 3,000 students and hundreds of university staff across ten countries, provides unique insights into what students and staff seek from digital transformation. It also contains initiatives that EY believes colleges may take to center their transformation programs on people. 

EY’s team asked three critical questions:

  1. How can university leaders meet student expectations and support their success?
  2. How can digital technology help staff to create better content and seamless processes that improve student experience?
  3. How can researchers be better supported to conduct leading-edge research?

Some key insights: 

  1. One-third of students are not happy with their choice of university, or are neutral at best.
  2. Forty-five percent of students indicate that if funds were available to invest in technology, they would like to see teachers trained to deliver digital learning more effectively.
  3. Staff across the spectrum are overwhelmed and overworked and would like to use technology more effectively to be more efficient in their roles

The results surface clear messages to Higher Education leaders from the people that future digital transformation initiatives need to serve: 

  1. Students 
  1. Convince me to enroll at your university by showing me that I belong, making discovery and enrolment easy, and offering programs that will accelerate my career. 
  2. Teach me effectively using digital technology, with 24/7 access to content and high-quality teaching experiences. 
  3. Support me in succeeding at university by giving me personal support to achieve my goals and making it simple to engage with the university and find connections. 
  1. Teaching Faculty 
  1. Empower me with evidence, training and support to deliver world-class digital or blended learning. 
  2. Free me to devote more to teaching or research. 
  3. Enlighten me with the data I need to improve learning outcomes for my students.
  1. Researchers 
  1. Equip me with the tools I need to conduct world-class research. 
  2. Connect me with my research community to drive better collaboration. 
  3. Focus me on work that matters by removing the burden of research administration. 
  4. Promote me so my research outputs reach a wider audience. 
  1. Administrators 
  1. Show me the data I need to do my job better and faster. 
  2. Free me from busy work so I can focus on more value-add activities.

 

MicroStrategy Purchases Additional 16,130 Bitcoin for $593.3M, as NP-Hard Ventures Secures €12M Funding

By
Paul Ugbede Godwin
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0

MicroStrategy, a leading business intelligence and cloud computing company, has announced that it has acquired 16,130 more Bitcoin in the fourth quarter of 2023, worth about $593.3 million at the time of purchase. This brings the company’s total Bitcoin holdings to 181,000, which it claims to be the largest corporate Bitcoin treasury in the world.

The company’s CEO, Michael Saylor, has been a vocal advocate of Bitcoin as a store of value and a hedge against inflation. He has repeatedly stated that he believes Bitcoin is superior to gold and other traditional assets, and that he intends to hold it for the long term. He has also encouraged other companies and institutions to follow his example and adopt Bitcoin as part of their balance sheet strategy.

MicroStrategy’s latest purchase comes amid a bullish market sentiment for Bitcoin, which has surged to new all-time highs in November 2023, reaching over $40,000 per coin. The cryptocurrency has also gained more mainstream recognition and adoption, with several countries, banks, and corporations embracing it as a legal tender, a payment option, or an investment vehicle.

MicroStrategy’s move is likely to boost the confidence and demand for Bitcoin among other investors and potential adopters, as it demonstrates the company’s commitment and conviction in the future of the digital asset. It also shows that MicroStrategy is not deterred by the volatility and regulatory uncertainty that still surround Bitcoin, and that it is willing to take advantage of the dips and accumulate more coins at lower prices.

The company’s stock price (MSTR) has also benefited from its Bitcoin strategy, as it has outperformed the S&P 500 index by over 300% since it started buying Bitcoin in August 2020. The company has also issued several convertible bonds and senior notes to raise funds for its Bitcoin purchases, indicating that it has a strong cash flow and credit rating.

MicroStrategy’s bold and visionary approach to Bitcoin has earned it the respect and admiration of many in the crypto community, as well as the attention and scrutiny of regulators and critics. The company has faced some legal challenges and investigations from the Securities and Exchange Commission (SEC) and other authorities over its Bitcoin disclosures and accounting practices, but it has maintained its compliance and transparency throughout.

MicroStrategy’s example may inspire more companies and institutions to follow suit and allocate some of their capital to Bitcoin, as they seek to preserve their wealth and enhance their returns in an uncertain and inflationary economic environment. MicroStrategy has proven that Bitcoin is not only a viable but a profitable and strategic asset class for the modern era.

NP-Hard Ventures has secured €12M funding and Tritemius Fund I

NP-Hard Ventures, a venture capital firm focused on investing in deep tech startups, has closed its first fund at €12 million, exceeding its initial target of €10 million. This is a remarkable achievement for our team, who have been working hard to identify and support the most innovative and impactful companies in the fields of artificial intelligence, quantum computing, biotechnology, and more.

Our fund was launched in 2021 with the vision of backing entrepreneurs who are solving some of the most challenging and important problems in the world, using cutting-edge technologies that are often considered NP-hard. NP-hard problems are those that cannot be solved efficiently by any known algorithm, and require a combination of creativity, expertise, and perseverance. We believe that these problems represent huge opportunities for creating value and positive change for society.

We are grateful to our limited partners, who have shown their trust and confidence in our strategy and portfolio. Our investors include leading institutions, family offices, and angel investors from Europe and beyond. With their support, we have been able to invest in 15 startups so far, across various stages and sectors. Some of our portfolio companies include:

Qubitica: A quantum computing platform that enables developers to build and deploy quantum applications in the cloud.

Biofy: A biotechnology company that uses synthetic biology and machine learning to engineer novel enzymes for industrial applications.

Zephyr: A software company that leverages artificial intelligence and natural language processing to automate legal document analysis and contract management.

Tritemius Fund I: A New Seed Fund for Internet 3.0 and Blockchain Startups

Tritemius Fund I, a €50M seed fund will focus on investing in early-stage startups that are building the next generation of internet and blockchain technology.

Internet 3.0 is the vision of a decentralized, open and user-centric web, where users have more control over their data, identity and digital assets. Blockchain technology is one of the key enablers of this vision, as it provides a secure, transparent and trustless infrastructure for peer-to-peer transactions and interactions.

At Tritemius, we believe that internet 3.0 and blockchain technology have the potential to transform various industries and sectors, such as finance, media, gaming, social networking, e-commerce, health care and more. We also believe that Europe is a fertile ground for innovation and talent in this space, and we want to support the best entrepreneurs who are creating impactful solutions for the future of the web.

Our fund will invest in pre-seed and seed-stage startups that are developing innovative products and platforms based on internet 3.0 and blockchain technology. We are looking for teams that have a clear vision, a strong technical expertise, a product-market fit and a scalable business model. We are also looking for startups that share our values of openness, collaboration and social impact.

As investors, we aim to be more than just capital providers. We want to be partners and mentors for our portfolio companies and help them grow and succeed in their journey. We will leverage our network of experts, advisors and industry partners to provide our startups with access to relevant resources, insights and opportunities. We will also foster a community of like-minded founders who can learn from each other and collaborate on common challenges and goals, the company wrote.

If you are a founder or a team working on internet 3.0 or blockchain technology, and you are looking for seed funding and support, we would love to hear from you. Please visit our website to learn more about our fund and our investment criteria, and to submit your application. We look forward to connecting with you soon.

Bolt Sacks 5000 Drivers in Kenya

By
Paul Ugbede Godwin
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0

Bolt, the ride-hailing company formerly known as Taxify, has announced that it has terminated the contracts of 5000 drivers in Kenya due to low ratings and poor performance. The company said that the decision was made after a thorough review of the drivers’ feedback and quality metrics, and that it was necessary to ensure a high standard of service for its customers.

Bolt’s country manager, Ola Akinnusi, said that the move was part of the company’s efforts to improve customer satisfaction and safety. He said that Bolt had introduced a new rating system that allowed customers to rate their drivers on a scale of one to five stars, and that drivers who consistently received low ratings or violated the company’s policies would be removed from the platform.

The ride-hailing industry in Kenya has been growing rapidly in recent years, offering convenient, affordable, and efficient transportation options for millions of commuters. According to Statista, the revenue in the ride-hailing market in Kenya is projected to reach US$47.05 billion in 2023, with a user penetration of 13.4%. However, the market is also highly competitive and dynamic, featuring a multitude of players that are constantly innovating and expanding their services.

1. Bolt

Bolt (formerly Taxify) is one of the most popular ride-hailing platforms in Kenya, operating in Nairobi, Mombasa, Kisumu, Nakuru, Eldoret, and Thika. Bolt offers a variety of services, including Bolt Go (low-cost rides), Bolt Lite (standard rides), Bolt Protect (rides with protective shields), Bolt Boda (motorcycle rides), and Bolt Business (corporate rides). Bolt also allows users to pay with cash, card, or M-Pesa. According to its website, Bolt has over 10,000 drivers and 500,000 riders in Kenya.

2. Yego

Yego is a local ride-hailing company that was launched in 2017. Yego operates in Nairobi and its environs, offering car rides, motorcycle rides, and delivery services. Yego claims to have over 15,000 drivers and 300,000 users on its platform. Yego also boasts of having the lowest commission rate for drivers (10%) and the lowest fares for riders. Yego accepts cash and M-Pesa payments.

3. Hava

Hava is another homegrown ride-hailing company that was launched in 2019. Hava operates in Nairobi and its surrounding areas, offering car rides and motorcycle rides. Hava claims to have over 5,000 drivers and 100,000 users on its platform. Hava also prides itself on having a transparent pricing model that does not include surge pricing or hidden fees. Hava accepts cash and M-Pesa payments.

4. A Nisa Taxi

A Nisa Taxi is a unique ride-hailing company that caters exclusively to women. A Nisa Taxi was founded in 2017 by Mehnaz Sarwar, a Kenyan woman who wanted to create a safe and comfortable transportation option for women. An Nisa Taxi operates in Nairobi and its suburbs, offering car rides with female drivers and female passengers only. A Nisa Taxi also provides free sanitary pads and Wi-Fi to its customers. A Nisa Taxi accepts cash and M-Pesa payments.

5. Farasi Cabs

Farasi Cabs is a relatively new entrant in the ride-hailing market in Kenya, having launched in 2020. Farasi Cabs operates in Nairobi and its neighboring counties, offering car rides and motorcycle rides. Farasi Cabs claims to have over 2,000 drivers and 50,000 users on its platform. Farasi Cabs also promises to have competitive fares and reliable service. Farasi Cabs accepts cash and M-Pesa payments.

These are some of the leading ride-hailing companies in Kenya that are competing with Uber, Little and SWVL for a share of the lucrative mobility market. Each of these companies has its own strengths and weaknesses, as well as opportunities and challenges. As the demand for ride-hailing services continues to grow in Kenya, we can expect to see more innovation and competition among these players.

“We have been monitoring the performance of our drivers and we have noticed that some of them have not been meeting our expectations. We have decided to expel 5000 drivers who have either received poor ratings from our customers or have been involved in incidents that compromise the safety and security of our riders,” Akinnusi said.

He added that Bolt was committed to providing reliable and affordable transportation options for its customers, and that it would continue to invest in training and incentives for its drivers. He also urged customers to always rate their drivers after each trip, and to report any issues or complaints through the app or the customer support channels.

Bolt is one of the leading ride-hailing companies in Kenya, competing with Uber, Little and SWVL. The company claims to have over 50,000 drivers and 1.5 million customers in the country. It operates in Nairobi, Mombasa, Kisumu, Nakuru, Eldoret and Thika.

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