XRP Now has a Higher Market Capitalization than BNB

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July 16, 2023

XRP, the native cryptocurrency of the Ripple network, has surpassed BNB, the native cryptocurrency of the Binance Smart Chain, in terms of market capitalization. According to CoinMarketCap, as of July 16, 2023, XRP has a market cap of $82.3 billion, while BNB has a market cap of $80.7 billion. This makes XRP the fourth-largest cryptocurrency in the world, behind Bitcoin, Ethereum and Tether.

What caused this sudden surge in XRP’s value? There are several factors that may have contributed to this phenomenon. One of them is the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), which has been dragging on since December 2020. The SEC alleges that Ripple and its executives sold unregistered securities in the form of XRP tokens, while Ripple argues that XRP is a digital asset and not a security. The case has been closely watched by the crypto community, as it could have significant implications for the future of XRP and other cryptocurrencies.

Recently, there have been some positive developments for Ripple in the court case. For instance, on July 15, 2023, Judge Sarah Netburn denied the SEC’s motion to access Ripple’s legal communications regarding XRP’s regulatory status. This was seen as a victory for Ripple, as it could protect its privileged information from being disclosed to the SEC. Moreover, on July 14, 2023, Ripple filed a motion to compel the SEC to produce documents related to its internal discussions on whether Bitcoin and Ethereum are securities or not. This could potentially expose the SEC’s inconsistency and bias in regulating cryptocurrencies.

Another factor that may have boosted XRP’s price is the growing adoption and innovation of the Ripple network. Despite the legal uncertainty, Ripple has continued to expand its global partnerships and use cases for its cross-border payment solutions. For example, on July 13, 2023, Ripple announced that it had partnered with BankDhofar, one of the largest banks in Oman, to enable instant and low-cost remittances between Oman and India using its On-Demand Liquidity (ODL) service powered by XRP. Additionally, on July 12, 2023, Ripple revealed that it had launched a new feature called Hooks, which allows developers to create smart contracts on the XRP Ledger.

The price movements of XRP and BNB reflect the changing sentiment of the market. XRP has gained more than 300% in the past six months, while BNB has lost about 20% in the same period. XRP’s rally has been driven by several factors, such as the growing adoption of its cross-border payment network, the anticipation of a favorable outcome in the SEC lawsuit, and the launch of new products and services by Ripple and its partners.

BNB’s decline has been attributed to several factors, such as the regulatory crackdown on Binance, the competition from other decentralized exchanges (DEXs) and automated market makers (AMMs), and the overall market correction that has affected most cryptocurrencies. BNB’s utility as a governance token and a fee discount token for Binance and its ecosystem may have also diminished as users seek more decentralized and compliant alternatives.

Meanwhile, BNB has also faced some regulatory hurdles, as Binance, the world’s largest crypto exchange by trading volume, has been under scrutiny from authorities in several countries, such as the UK, Japan, Canada, and Thailand. Binance has been accused of operating without proper licenses, facilitating money laundering, and offering derivatives products without authorization. Binance has denied any wrongdoing and said it is working with regulators to comply with local laws.

The price movements of XRP and BNB reflect the changing sentiment of the market. XRP has gained more than 300% in the past six months, while BNB has lost about 20% in the same period. XRP’s rally has been driven by several factors, such as the growing adoption of its cross-border payment network, the anticipation of a favorable outcome in the SEC lawsuit, and the launch of new products and services by Ripple and its partners.

BNB’s decline has been attributed to several factors, such as the regulatory crackdown on Binance, the competition from other decentralized exchanges (DEXs) and automated market makers (AMMs), and the overall market correction that has affected most cryptocurrencies. BNB’s utility as a governance token and a fee discount token for Binance and its ecosystem may have also diminished as users seek more decentralized and compliant alternatives.

It is hard to predict whether XRP will maintain its lead over BNB in the long term, as both cryptocurrencies face significant uncertainties and opportunities in the future. However, one thing is clear: the crypto market is dynamic and constantly evolving, and investors should always do their own research and due diligence before making any decisions.

Notable Provisions of The CBN Guidelines on The Non-Oil Export Stimulation Loan Facility (NESF) Framework

By

Emmanuel Ifeanyi Ogbuka

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July 16, 2023

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The Non-Oil Export Stimulation Loan Facility (NESF) was introduced by the Central Bank of Nigeria (CBN) to diversify the revenue base of the economy and to expedite the growth and development of the non-oil export sector.

The Facility was conceptualized to help redress the declining export financing and reposition the sector to increase its contribution to economic development.

This article will be looking at the provisions of the framework governing the NESF loan, particularly with regard to its objectives, value, eligibility criteria and application procedure.

What are the objectives of the NESF Facility?

The objectives of the Facility are to:

– Improve access of exporters to concessionary finance to expand and diversify the non-oil export baskets;

– Attract new investments and encourage re-investments in value-added non-oil exports production and non-traditional exports;

– Shore up non-oil export sector productivity and create more jobs;

-Support non-oil export-oriented companies to upscale and expand their export operations as well as capabilities; and

-Broaden the scope of export financing instruments.

What are the eligibility criteria as prescribed by the NESF guidelines?

Eligible Borrowers/Beneficiaries

Non-oil export-oriented enterprise that fulfills the under-listed conditions shall be eligible to participate under the NESF as long as they:

– Are duly incorporated in Nigeria under the Companies and Allied Matters Act (CAMA).

– Have verifiable export off-take contract(s).

– Provide satisfactory credit reports from at least two licensed indigenous credit bureaux in line

with the provisions of CBN Circular BSD/DIR/GEN/CIR/04/014 dated April 30, 2010.

Eligible Transactions

Eligible transactions that shall qualify for funding under the NESF shall include:

– The export of goods processed or manufactured in Nigeria;

– The export of commodities and services, which are allowed under the laws of Nigeria;

– Imports of plant & machinery, spare parts and packaging materials, required for export-oriented production that cannot be sourced locally;

– The resuscitation, expansion, modernization and technology upgrade of non-oil export industries;

-Export value chain support services such as transportation, warehousing and quality assurance infrastructure;

-Working capital/stocking facility; and

– Structured trade finance arrangements.

Participating Financial Institutions (PFIs)

The following shall be eligible to participate under the Facility:

– Deposit Money Banks (DMBs).

– Development Finance Institutions (DFIs).

What are the features of the NESF loan?

Lending Limit

Term loans under the Facility shall not exceed 70% of verifiable total cost of the project subject to a maximum of ?5,000,000,000.00.

Tenor

The NESF shall have a tenor of up to 10 years and shall not exceed the 31st of December, 2027.

Working capital/stocking facility shall be for one year with the option of roll-over once subject to the approval of the CBN.

Repayment

Repayments of principal and interest shall be quarterly and in accordance with the agreed repayment schedule.

Moratorium

-Moratorium shall be for one (1) year.

– In the case of construction projects, the option of roll over for a period of up to one (1) year may be allowed, subject to approval by the CBN.

What is the prescribed interest rate of an NESF credit facility? 9% annually.

What is the application procedure for a facility under the NESF guidelines?

Submission of Requests

-A PFI shall submit an application to CBN on behalf of its customer in the prescribed format.

-In the case of loan syndication, the lead bank shall submit an application on behalf of other banks. All correspondence with respect to the application shall be with the lead bank.

Documentation Requirements

-Each request for a facility is to be accompanied by the following documents:

– A written request from the project promoter to a PFI seeking funding under the NESF.

– A completed application form.

– Certified true copies of documents on business incorporation.

– The applicant’s preceding three (3) years tax clearance certificate.

– An audited statement of accounts for the last three (3) years (where applicable) or the most recent management account for companies less than three (3) years in operations.

– A feasibility study/ business plan of the project.

– Relevant permits/ licenses/ approvals (where applicable).

– Any other document requested by the CBN.

What are the roles and responsibilities of stakeholders in the NESF facility framework under the guidelines?

The Central Bank of Nigeria

– To provide loanable funds for the implementation of the scheme.

– To issue the NESF guidelines.

– To act as the managing agent.

– To determine lending limits and applicable rates.

– To provide regulatory and supervisory oversight.

– To sanction PFIs for infractions.

– To monitor and evaluate the projects.

The Participating Financial Institutions (PFIs)

– To disburse funds to eligible export companies at the approved rates.

– To ensure timely disbursement of funds to approved projects.

– To ensure due diligence is followed in the administration of credit facilities.

– To bear the credit risk on loans granted to beneficiaries under the NESF.

– To ensure timely remittance of principal and interest payments due to the CBN.

– To monitor and ensure proper utilization of funds.

The Beneficiary

The beneficiary shall:

– Utilize the funds for the purpose for which it was granted.

-Adhere strictly to the terms and conditions of the loan and comply with all relevant laws and regulations.

– To make the project site(s) and records accessible to CBN and PFIs for inspection.

– To provide periodic reports on the status of the project in prescribed format as well as periodic financial statements in line with extant company registration regulations.

What are the provisions of the guidelines on discontinuation of the facility ?

All undisbursed funds, repaid amounts or discontinued facility shall be reported and funds returned to CBN within 5 working days giving details of the facility and reasons for discontinuation.

What is the penalty for defaults under the NESF guidelines?

-In the event of default in loan repayment of principal and/ or interest by the borrower, the PFI shall have the right to charge its prevailing interest rate on the amount in default.

– The failure of a PFI to disburse funds to the borrower within the period agreed in the loan agreement shall attract a penal charge of the maximum lending rate of the PFI for the period that funds were not disbursed.

Nigeria Needs To Check The Barber and the Razor As Seychelles Joins The Big BANS

By

Ndubuisi Ekekwe

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July 16, 2023

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Yes, now Seychelles has included us in the unfortunate list: “Seychelles’ decision to close its ports of entry to Nigerian passport holders has stirred criticism, prompting the country’s Vice President Ahmed Afif to offer an explanation on why the tourist island made the decision.”

The East African country announced it is tightening immigration policies for Nigerians, citing drug trafficking and cyberfraud as reasons.

Afif told reporters on Thursday that the travel restriction does not include Nigerians with diplomatic passports and active work or residency licenses issued by the island nation, according to NAN.

“For the others, the government will keep its eyes open and SEBS (Seychelles Electronic Border System) will analyze much more to find out what reasons they are coming, for example someone who is coming for a holiday for only one day. We have to ask questions because it is strange and we have seen that happening,” Afif said.

Good People, Nigeria needs a major reset, and we cannot blame these countries, from UAE (Dubai) to South Africa, and now Seychelles. The National Orientation Agency (NOA), if it is still operating in action, not just in name, has a huge assignment to execute in the nation.

In the Igbo Nation, there is a proverb which says that when the barber keeps messing up a haircut, you need to check if the problem is from the barber or that the razor is not sharp. Nigeria needs to check what the root cause is right now! And that has to be done urgently as the reputation of the nation continues to fade.

Comment on Feed

Comment 1: We know the Nigerian tribes mostly involved in illegal drugs overseas, be it in Malaysia, South Africa, Ghana, Thailand etc.

My Response: “We know the Nigerian tribes mostly involved in illegal drugs overseas” I was not expecting you to go that level. Honestly, that is not typical of you. Hope they did not hack your LinkedIn.

But if you use real data, illegality and drugs are well distributed across Nigeria, and every tribe has a specialty. All are good on drugs, others are superb on stealing government money, some are good on embezzling and raking companies. So, you may be surprised that everyone is guilty. This is not a tribal issue my brother: this is a national problem.

And the big one, Dubai does not know us by tribe since everyone goes with the same passport!

Comment 1R: All tribes are included in these. We are all Nigerians irrespective of our tribes. The big question is since the day we have been playing the tribal and ethnic card, where has it led us to? The problem of Nigeria is not a tribal problem but a family problem. We all represent a family and charity begins at home! Hence, morals should be taught at home rather than blackmailing tribes.

All said, Nigeria will be great again!

Comment 1A: Prof Ndubuisi Ekekwe; I wish you read my comment again, I did not mention any of the tribes, we have over 250 tribes in Nigeria.

I just threw a fishing hook to the river, I don’t know the fish that will be caught.

My comment is to arouse each tribe to rise up and assess themselves.

With what I wrote, people will start re-assessing the extent of their community involvement and making correction at the starting point ie family.

Moving on>>>>>

My Response: No issues. You wrote “tribes” which is fair enough. My point is that outside Nigeria, we’re all Nigerians. We have to deal with this from the Nigerian angle. In the EFCC file, every tribe is represented. In the prison, every tribe is represented. This issue is really specialty but we’re united by one thing: degradation of the Nigerian reputation.

Comment 2: Sad, but we have to tell ourselves some home truths. When our people are leaving the country in droves (aka Japa) it doesn’t send a good signal to foreign countries. Secondly, following the mess caused by non availability of passport booklets, there is significant increase in Nigerians in diaspora ditching their Nigerian passports. They no longer see any benefit of dual nationality. They rather apply for a visa. The hassle to apply/renew a Nigerian passport, joined with this created reputation has changed peoples allegiance. How do we reverse this trend, our politicians have brought upon the country and its people is no longer a million dollar question. It’s more like a trillion dollar question now.

Comment 3: Countries, both big and small have seen Nigeria finish! Seychelles is a small nation, and they cannot allow you people to overwhelm them with bad behaviours. We don’t have great reputation when it comes to excellent conduct. So if we believe that we are being treated less than we deserve, we will have to prove it.

It is not enough to demand tier 1 treatments from others, you have to show your leadership credentials too, and we haven’t been showing that. You all will be alright.

If you use real data, illegality and drugs are well distributed across Nigeria, and every tribe has a specialty. All are good on drugs, others are superb on stealing government money, some are good on embezzling and raking companies. So, you may be surprised that everyone is…

— Ndubuisi Ekekwe (@ndekekwe) July 16, 2023

SEC Acknowledges BlackRock’s Spot Bitcoin ETF Application, Cardano’s DeFi Ecosystem Now Among Top Protocol

By

Paul Ugbede Godwin

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July 16, 2023

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The U.S. Securities and Exchange Commission (SEC) has officially acknowledged the receipt of BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF) on July 14, 2023. This marks the first time that the SEC has accepted a filing for a spot Bitcoin ETF, which would track the price of the underlying asset rather than futures contracts or other derivatives.

BlackRock, the world’s largest asset manager with over $10 trillion in assets under management, submitted its application for the BlackRock Bitcoin Trust on June 30, 2023. The trust would hold Bitcoin and value its shares based on the CME CF Bitcoin Reference Rate, a daily benchmark price for Bitcoin in U.S. dollars. The trust would also use Coinbase Custody Trust Company as its custodian for the Bitcoin held by the trust.

The SEC has 45 days from the date of publication of the notice to approve, reject, or extend the review period of the application. The SEC can extend the review period for up to 240 days before making a final decision. The notice states that the SEC is seeking public comments on various aspects of the application, such as the suitability of Bitcoin as an underlying asset, the valuation and liquidity of Bitcoin, the potential for market manipulation and fraud, and the cybersecurity and operational risks involved in holding and transferring Bitcoin.

The approval of a spot Bitcoin ETF would be a major milestone for the cryptocurrency industry, as it would provide retail investors with a more accessible and regulated way to gain exposure to Bitcoin. It would also likely boost the demand and price of Bitcoin, as well as its adoption by institutional investors. Several other firms, such as Fidelity, VanEck, and WisdomTree, have also filed applications for spot Bitcoin ETFs with the SEC, but none have been acknowledged so far.

BlackRock has been showing interest in Bitcoin and cryptocurrencies for a while. In January 2023, BlackRock added Bitcoin futures as an eligible investment for two of its funds. In March 2023, BlackRock’s CEO Larry Fink said that he was “fascinated” by Bitcoin and that it could become a “great asset class”. In June 2023, BlackRock’s CIO of Global Fixed Income Rick Rieder said that Bitcoin could “take the place of gold to a large extent”.

Cardano’s DeFi Ecosystem now stands tall among Top Protocols

Cardano is one of the most innovative and ambitious blockchain projects in the industry. It aims to create a decentralized platform that can run smart contracts, decentralized applications, and support a flourishing DeFi ecosystem. Cardano has seen a surge in adoption and activity in recent months, as evidenced by its impressive metrics and milestones.

DeFi, or decentralized finance, is a term that refers to the use of blockchain technology and smart contracts to create financial services that are transparent, permissionless, and trustless. DeFi allows users to access lending, borrowing, trading, investing, and other services without intermediaries or centralized authorities. DeFi has been one of the most explosive trends in the crypto space, with the total value locked (TVL) in DeFi protocols surpassing $100 billion in 2023.

Cardano has been making significant strides in its DeFi development, especially after the launch of its smart contract functionality in September 2021. The Alonzo hard fork enabled Cardano to support a variety of DeFi applications, such as decentralized exchanges (DEXs), lending platforms, stablecoins, NFT marketplaces, and more. Since then, Cardano has seen a surge in activity and adoption in its DeFi ecosystem, as evidenced by the following metrics:

One of the main drivers of Cardano’s success is its DeFi ecosystem, which offers a range of services and applications for users and developers. From lending and borrowing, to stablecoins and decentralized exchanges, Cardano’s DeFi ecosystem provides a secure, interoperable and user-friendly environment for building and accessing decentralized financial products.

Some of the notable achievements of Cardano’s DeFi ecosystem include:

Launching the first decentralized exchange (DEX) on Cardano, called SundaeSwap, which allows users to swap tokens, provide liquidity and earn rewards. SundaeSwap leverages Cardano’s native token functionality and smart contract capabilities to offer a fast, cheap and secure DEX experience.

Introducing the first algorithmic stablecoin on Cardano, called Djed, which maintains a 1:1 peg to the US dollar by adjusting its supply according to market demand. Djed is backed by a basket of collateral assets, such as ADA and other tokens, and uses a governance token called DUSD to enable community participation and risk management.

Creating the first lending and borrowing protocol on Cardano, called Liquid Finance, which enables users to deposit their assets and earn interest, or borrow assets and pay interest. Liquid Finance uses a native token called LQ to distribute rewards and fees to liquidity providers and borrowers, as well as to govern the protocol parameters.

Developing the first non-fungible token (NFT) marketplace on Cardano, called CNFT.io, which allows users to create, buy and sell unique digital collectibles. CNFT.io supports various types of NFTs, such as art, music, gaming and sports, and leverages Cardano’s low fees and high scalability to offer a seamless NFT experience.

These are just some of the examples of how Cardano’s DeFi ecosystem is pushing the boundaries of innovation and adoption in the crypto space. With more projects and partnerships in the pipeline, Cardano’s DeFi ecosystem is poised to grow even further and challenge the dominance of other platforms.

Cardano’s DeFi ecosystem is not only impressive in terms of its features and functionality, but also in terms of its performance and potential. According to data from DeFi Llama, a website that tracks DeFi statistics across different blockchains, Cardano’s DeFi ecosystem has reached a total value locked (TVL) of over $10 billion as of July 15th, 2023. This means that more than $10 billion worth of assets are locked in various DeFi protocols on Cardano, indicating a high level of user confidence and activity.

Moreover, Cardano’s DeFi ecosystem has achieved this remarkable feat in a relatively short span of time, compared to other platforms. For instance, Ethereum, the leading DeFi platform by TVL, took more than four years to reach $10 billion in TVL, while Binance Smart Chain (BSC), another popular DeFi platform, took about nine months. Cardano’s DeFi ecosystem, on the other hand, took only about six months to reach this milestone, since the launch of its smart contract functionality in January 2023.

This shows that Cardano’s DeFi ecosystem is not only growing fast but also growing sustainably. Unlike other platforms that have faced issues such as network congestion, high fees, security breaches and regulatory scrutiny, Cardano’s DeFi ecosystem has maintained a high level of efficiency, security and compliance. This is thanks to Cardano’s robust design principles and rigorous research-based approach that ensure its solutions are scalable, interoperable and adaptable.

Cardano’s DeFi ecosystem is undoubtedly one of the most impressive and promising developments in the crypto space today. By consistently breaking records and delivering cutting-edge solutions, Cardano’s DeFi ecosystem now stands tall among the top platforms in terms of innovation, adoption and performance. As more users and developers flock to Cardano’s DeFi ecosystem, it is likely that it will continue to set new standards and lead the way for the future of decentralized finance.

Is Staking ETH Or Dot Worth It? How BEASTS Coins Referral Scheme Can Earn You $500 a Day

By

TI Partners

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July 16, 2023

0

Cryptocurrencies have revolutionized the financial landscape, offering new opportunities for investors to earn passive income. One such avenue is through staking, which involves holding and validating cryptocurrencies in a secure network. In this comparative article, we will analyze the similarities and differences between staking Ethereum and staking Polkadot, two prominent blockchain platforms in the crypto industry. We will also explore how the BEASTS Coin affiliate scheme has taken the crypto passive income world by storm, providing readers with valuable insights into the next big crypto investment.

Staking Ethereum

Ethereum, a prominent player in the crypto market, offers staking as a means of generating passive income. By staking Ethereum, users contribute their ETH tokens to the network and, in return, receive rewards. The staking process helps secure the Ethereum blockchain, promoting its decentralization and overall network efficiency.

The process of staking Ethereum is relatively straightforward. Users lock up a certain amount of ETH in a dedicated staking wallet, and their contribution aids in validating transactions and maintaining network integrity. As a reward, stakers earn additional ETH tokens over time, with the rate of return varying based on factors like the amount of ETH staked and network participation.

Staking Polkadot

Polkadot, another prominent blockchain platform, offers its own staking mechanism to incentivize user participation. Similar to Ethereum, staking Polkadot involves users locking up their DOT tokens to support network operations. By doing so, stakers contribute to the security and governance of the Polkadot ecosystem.

One key difference in staking Polkadot is the concept of “nomination.” Stakers have the ability to nominate trustworthy validators who will validate transactions on their behalf. This delegation mechanism ensures efficient network operations and encourages decentralization. In return for their contribution, stakers are rewarded with additional DOT tokens.

Introducing the BEASTS Coin Affiliate Scheme

While Ethereum and Polkadot offer staking as a means of passive income, BEASTS Coin takes a different approach. Operating as a meme coin presale, BEASTS Coin has garnered significant attention due to its unique referral scheme. Instead of staking, users can earn rewards by referring new buyers to the project.

The BEASTS Coin referral system is both simple and lucrative. By connecting their wallet to the BEASTS Coin website, users can generate their own referral code. This code can be shared with an unlimited number of people, allowing for vast referral opportunities. When a new buyer enters the referral code during their purchase, the referrer receives a 20% commission in the cryptocurrency used for the purchase (USDT/ETH/BNB). Additionally, the referred person receives 20% additional BEASTS tokens as a bonus, creating a win-win situation for both parties involved.

Captivating the Community With BEASTS Coin

BEASTS Coin has gone beyond the traditional boundaries of a cryptocurrency project by actively engaging its community. As a community and meme token, BEASTS Coin organizes a variety of activities to foster participation. These include social media competitions, giveaways, and frequent community events. By continuously involving their community, BEASTS Coin has managed to build an enthusiastic and loyal following, distinguishing itself from other presales in the market.

Ethereum and Polkadot have established themselves as prominent players. However, the BEASTS Coin affiliate scheme has introduced a refreshing and innovative approach to earning rewards in the crypto world. While staking Ethereum and Polkadot require users to lock up their tokens and contribute to network operations, BEASTS Coin focuses on the power of referrals.

The BEASTS Coin referral system allows users to generate their own referral code and share it with others. This opens up unlimited opportunities for earning commissions and additional BEASTS tokens. By leveraging the strength of its community, BEASTS Coin has managed to create a buzz and captivate its audience through engaging activities and events.

In conclusion, the BEASTS Coin affiliate scheme presents a unique and enticing proposition in the world of crypto investments. With its innovative approach, it has the potential to drive brand awareness and attract a wide range of investors. By combining the power of referrals with a vibrant community, BEASTS Coin sets itself apart from traditional staking mechanisms. So, if you’re looking for the next big crypto investment that offers both utility and excitement, don’t miss out on the opportunity to be part of the BEASTS Coin revolution.

Register your email and join the presale at BEASTS Coin’s website to unlock the potential of this groundbreaking project. Together, let’s unleash the power of BEASTS Coin and shape the future of passive income in the crypto world.

BEASTS Coin

Website: https://cagedbeasts.com

Twitter: https://twitter.com/CAGED_BEASTS

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XRP Now has a Higher Market Capitalization than BNB

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Notable Provisions of The CBN Guidelines on The Non-Oil Export Stimulation Loan Facility (NESF) Framework

What are the objectives of the NESF Facility?