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Dangote Loses Forbe’s Africa’s Richest Man Crown, Following Naira’s Floatation

By
Samuel Nwite
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2

Aliko Dangote, the Chairman of Dangote Group, a leading conglomerate in Africa, is no longer the richest man in Africa, according to Forbes.

In a billionaire list updated recently by the Magazine, Dangote lost his long-held position to South African billionaire Johann Rupert, after the wealth of the Nigerian plummeted by a whopping $3.4 billion in a day, following the decision of the Nigerian government to float the naira, the nation’s currency.

Rupert’s staggering $12 billion fortune saw him climbing to the first spot, usurping Dangote’s 10-year reign. The Nigerian serial entrepreneur has occupied the throne since 2013.

But Billionaire Africa noted that Dangote remains Africa’s richest man judging by Bloomberg’s Billionaire Index, which puts his fortune above Rupert’s. While Forbes estimates Dangote’s fortune at $10.8 billion, Bloomberg places his net worth at $16.8 billion, positioning him as the wealthiest individual on the African continent. Meanwhile, Johann Rupert’s net worth remains steady at $13.3 billion.

Dangote’s fortune has faced storms since 2014, when he reached an unprecedented financial milestone with a groundbreaking $20 billion mark, making him the first African entrepreneur to reach the threshold.

The billionaire’s fortune has been in decline over the past decade, according to Forbes records. Starting at $25 billion in 2014, his fortune gradually declined to $14.2 billion, largely influenced by currency devaluations that have negatively impacted the wealth, income, and purchasing power of Nigerians, per the record.

The latest decline to Dangote’s fortune follows Wednesday’s announcement by the Central Bank of Nigeria that the nation’s forex market has been fully deregulated. The naira depreciated as much as N750 per dollar – a major drop from the N4669 per dollar traded in the Investor and Exporter window previously. The development wiped off enormous fortune from the coffers of Nigerian billionaires, not only Dangote.

The floatation of the naira had a severe impact on his assets, including his substantial 86 percent stake in Dangote Cement, his holdings in Dangote Sugar Refinery, and his private interests in Dangote Industries, per Billionaire.

However, the floatation saw other Nigerian billionaires, including industrialist Abdul Samad Rabiu, and telecom and oil mogul Mike Adenuga lose huge fortunes.

Rabiu’s net worth experienced a $2 billion decrease, falling from $8.2 billion to $6.2 billion, causing him to lose his position as the fourth-richest person in Africa to Egyptian billionaire Nassef Sawiris, who currently boasts a net worth of $6.9 billion according to Forbes.

With the deregulation of the Nigerian forex market, which means that market forces will hence determine the value of the naira against the US dollar, Dangote and other Nigerian billionaires will likely see their fortune plunge further.

2023 Price Prediction for Decentraland (MANA), Polygon (MATIC), and Uwerx (WERX) Crypto Presale

By
TI Partners
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0

Brace yourself for a riveting journey into decentralized wonder as we unlock the enigmatic price predictions for three trailblazing crypto projects: Decentraland (MANA), Polygon (MATIC), and Uwerx.

Amidst this crypto symphony, we encounter Uwerx, the freelancing industry’s disruptor, revolutionizing how freelancers and clients collaborate with its distinctive approach and exclusive attributes.

Decentraland (MANA): Empowering Users in the Virtual World

Decentraland (MANA) is an exciting virtual reality platform on the Ethereum blockchain. Its immersive virtual world offers users a remarkable opportunity to explore, create, and earn money.

Think of it as a digital universe where users can buy virtual land, build incredible structures, and unleash creativity.

The live price of Decentraland (MANA) currently stands at $0.461079, with a 24-hour trading volume of $51,505,296. Industry experts anticipate that by Q4 2023, the price of Decentraland (MANA) will rise to an average of $0.5377491597.

Polygon (MATIC): Layer-2 Solutions Redefined

Polygon (MATIC) is a faster, cheaper, and more scalable version of Ethereum. It’s an Ethereum token that works hand in hand with the Polygon Network, a game-changing protocol that builds and connects different blockchain networks compatible with Ethereum.

Polygon (MATIC) is a Layer-2 solution that supercharges Ethereum’s scalability and functionality. By leveraging Layer 2 sidechains, Polygon makes transactions on the Ethereum network faster and more affordable.

The current price of Polygon (MATIC) is $0.8982 per token, with a 24-hour trading volume of $302,247,390. Crypto analysts have been crunching the numbers, and their predictions for Polygon (MATIC) in Q4 2023 show that the price might fluctuate between $1.10 and $1.26 during that period.

Uwerx (WERX): Presale Stages in the Fast Lane

Uwerx’s presale is currently in Stage 5, offering tokens at an attractive rate of $0.041 each, with a generous 15% bonus on every purchase. Don’t miss this golden opportunity to be a part of Uwerx’s growth and success.

Uwerx’s presale stages have achieved remarkable speed, with Stage 1 completed in just 17 days and Stage 2 concluding within 8 days. This rapid progress highlights the enthusiasm and confidence surrounding Uwerx’s mission.

Uwerx sets itself apart from industry giants by offering a minimal transaction fee of just 1%, significantly lower than Upwork’s 10% and Fiverr’s 20%. This equitable fee structure benefits freelancers and clients, fostering a more balanced ecosystem.

Comprehensive audits by SolidProof and InterFi Network assure users of Uwerx’s integrity and reliability. These rigorous evaluations validate the platform’s commitment to security and trust, instilling user confidence.

Demonstrating transparency and autonomy, Uwerx plans to renounce its contracts when ready to launch on centralized exchanges. Additionally, taxes will be reduced to zero, reinforcing Uwerx’s dedication to a fair and independent platform.

Introducing the Uwerx Vault, a secure storage solution for WERX tokens. Users can store their tokens in the vault, engaging in the staking concept and earning rewards based on platform variables. This feature enhances active participation and engagement within the Uwerx ecosystem.

Uwerx’s listing on CoinSniper and its forthcoming listing on Uniswap by August 1st enhance its visibility and accessibility. These listings expand Uwerx’s reach, providing more opportunities for users to engage with the platform and participate in its growth.

Uwerx (WERX): Igniting the Freelance Revolution with Unprecedented Support

Uwerx is gearing up for an exciting Test Airdrop, supported by an overwhelming 98.2% in a Twitter poll. Mark your calendars for July 31st, the end of the presale, when this much-anticipated event will take place.

Responding to the community’s demands, Uwerx is implementing an imminent 25-year token lock, backed by an impressive 82.8% of voters. This move will ensure long-term stability and security, solidifying Uwerx’s commitment to its investors.

With over 5,500 sign-ups, a strong Twitter following of over 1,600, and a vibrant Telegram community of over 1,600 members, Uwerx has garnered significant interest and support. This enthusiastic backing speaks to the platform’s potential for success.

Uwerx (WERX) Approaches Beta: User Testing and Feedback Drive Platform Enhancement

Uwerx’s Alpha Platform is making strides, with the release of a PDF version on May 19th. Exciting updates are on the horizon as the web-based version of Uwerx is ready to debut in the coming weeks. Get ready to explore the platform’s new features, including a landing page, sign-in/sign-up page, and a user dashboard that puts you in control.

Over the next few weeks, Uwerx will continually release additional parts of the Alpha platform, allowing users to experience features like the login page, user dashboard, settings, and job-related functionalities. Uwerx’s commitment to delivering a robust and user-friendly platform is evident.

The transition from the Alpha Version to the Beta Version represents an exciting phase where users can actively test the platform and provide valuable feedback. Their input will contribute to refining and improving the platform, ensuring it meets users’ needs and expectations.

Uwerx values user input and encourages engagement. Users can share their thoughts, recommendations, and ideas on the platform’s design through the dedicated feedback email at feedback@uwerx.network. Their active participation in shaping the platform’s future is highly valued.

Uwerx’s progress, supportive community, and ambitious roadmap position it as a key player in the freelance industry revolution. With its unique approach and exclusive attributes, Uwerx presents a compelling investment opportunity investors should consider maximizing their gains.

Join the presale and take advantage of the 15% bonus!

 

Presale: invest.uwerx.network

Telegram: https://t.me/uwerx_network

Twitter: https://twitter.com/uwerx_network

Website: https://www.uwerx.network/

Future of Cryptocurrency and DeFi in USA

By
Paul Ugbede Godwin
-
0

Cryptocurrency is digital money that can be used to buy things online. It is different from regular money because it’s not controlled by a government or a bank, but by a network of people who use it. DeFi, short for decentralized finance, is an area of cryptocurrency focused on enabling access to financial services such as trading, lending, and borrowing without incurring the costs or delays associated with traditional rent-seeking middlemen (i.e., banks, financial institutions, etc.).

The fast-growing DeFi system holds promise for a new financial architecture that can eliminate the need for traditional intermediaries and reduce rents (excess profits) in the financial sector. However, it also generates formidable challenges for regulators, who need to balance the benefits of innovation with the risks of illicit finance, such as money laundering, tax evasion, and financial malfeasance. How the technology and regulation of the DeFi system evolve has important consequences for the global economy and ultimately to the United States’ standing in it.

Cryptocurrency and DeFi have the potential to democratize finance by providing access to financial services and products to anyone with an internet connection and a compatible device. They can also reduce costs, increase efficiency, and foster innovation in the financial sector by eliminating intermediaries and enabling peer-to-peer transactions.

Use cases of cryptocurrency and DeFi

Lending and borrowing: Users can lend or borrow digital assets using smart contracts that automatically execute the terms of the agreement, such as interest rates, collateral, and repayment schedules. Users can also access a variety of lending platforms that offer different rates and terms, as well as earn passive income by supplying liquidity to these platforms.

Trading and investing: Users can trade or invest in a wide range of digital assets, such as cryptocurrencies, stable coins, tokens, derivatives, synthetic assets, and more. Users can also access decentralized exchanges (DEXs) that allow them to swap assets directly with other users without intermediaries or custody fees.

Savings and yield farming: Users can deposit their digital assets into protocols that generate returns by lending them out to other users or platforms. Users can also optimize their returns by moving their assets across different protocols that offer higher yields or incentives by engaging in practices such as yield farming and liquidity mining.

Insurance and risk management: Users can protect themselves from various risks, such as hacks, thefts, defaults, or market volatility, by purchasing insurance policies or hedging instruments that are issued and managed by smart contracts. Users can also provide capital to these protocols and earn premiums or fees for taking on risk.

Cryptocurrency and DeFi also pose significant challenges for users, developers, regulators, and policymakers in the U.S. market. Some of these challenges include:

Security and reliability: Cryptocurrency and DeFi rely on complex and novel technologies that are not immune to technical glitches, human errors, malicious attacks, or external shocks. Users may lose their funds or access to their funds due to bugs, hacks, scams, frauds, or network failures. Developers may face legal liabilities or reputational damages if their protocols malfunction or cause losses to users.

Taxation and compliance: Cryptocurrency and DeFi are subject to various tax rules and regulations in the U.S., depending on the nature and purpose of the transactions. Users may incur capital gains or income tax liability when they buy, sell, exchange, lend, borrow, or earn digital assets. Developers may have to comply with securities laws, anti-money laundering laws, consumer protection laws, or other applicable rules when they create or operate protocols.

Education and adoption: Cryptocurrency and DeFi require a high level of technical knowledge and financial literacy to use them safely and effectively. Users may face difficulties in understanding the risks, managing their assets, and navigating the complex and evolving regulatory landscape of cryptocurrency and DeFi.

Therefore, the future of crypto and Defi in the USA depends on how these challenges and risks are addressed. The USA needs to adopt a balanced and flexible approach to regulation that fosters innovation and protects consumers. The crypto and Defi community needs to enhance security and reliability of their platforms and services. And the public needs to be educated and informed about the benefits and drawbacks of using crypto and Defi. If these steps are taken, crypto and defi can become a powerful force for financial inclusion and empowerment in the USA and the world at large.

Wyre Shutdown Crypto Platform Citing Regulatory Uncertainty

By
Paul Ugbede Godwin
-
0

Wyre is a platform that provides infrastructure for the new economy. It enables users and developers to interact with both traditional payment networks and blockchain-based digital assets. Wyre offers easy-to-use APIs, a user-friendly dashboard, and a concierge OTC desk. Wyre also provides compliance and security solutions, such as KYC, KYB, sanctions screening, transaction monitoring, and authorization. Wyre is a regulated Money Service Business (MSB) founded in late 2013 and has offices in San Francisco, Hong Kong, and São Paulo.

Wyre supports various fiat and crypto currencies, such as USD, EUR, GBP, AUD, BTC, ETH, WETH, and DAI. Wyre also issues non-fungible tokens (NFT) to verified users on its platform. These tokens are similar to the blue checkmark on Twitter and are a first step towards bringing compliance on-chain. Users with these tokens can compliantly trade on a growing list of decentralized exchanges.

However, due to the downsize nature of cryptocurrencies industry in terms of poor market inflow and regulatory uncertainty, Wyre have announced its liquidation notice and wish to focus on other ventures, in a community note written to investors and customers it pointed out factors which forced it out of business and hope to return to the crypto industry when there is improvement on regulations and favorable market conditions.

Wyre: The End of an Era

It is with a heavy heart that we announce the closure of Wyre, one of the pioneers of crypto payments and fiat-to-crypto on-ramps. After almost 10 years of building and innovating in the crypto space, we have decided to wind down our operations due to the unfavorable market conditions and the financial challenges we faced.

Wyre was founded in 2014 with a vision to make crypto accessible and easy to use for everyone. We started as a peer-to-peer exchange platform that enabled users to buy and sell Bitcoin using bank transfers, credit cards, and other payment methods. Over the years, we expanded our services to include API solutions for businesses, wallets, and platforms that wanted to integrate crypto payments and offer their customers a seamless and secure way to buy, sell, and store crypto assets.

We are proud of what we have achieved and the impact we have made in the crypto industry. We have processed over $5 billion in transactions, served over 15,000 customers, and partnered with some of the leading names in crypto, such as Binance.US, MetaMask, Juno, and Bolt. We have also contributed to the development and adoption of cutting-edge technologies, such as the Lightning Network and stablecoins.

However, despite our best efforts and achievements, we could not overcome the challenges posed by the prolonged bear market and the regulatory uncertainty in the U.S. The crypto sector has been hit hard by the market slump and the crackdown by the SEC on various crypto companies and projects. Many of our partners and customers have also suffered or shut down as a result of these factors.

We tried to find a way out of this situation by seeking new funding sources and exploring acquisition opportunities. In fact, we were very close to being acquired by Bolt, a one-click checkout company, for $1.5 billion in September 2022. Unfortunately, the deal fell through at the last minute due to undisclosed reasons. Since then, we have been struggling to keep our operations running and our team intact.

We have reached a point where we can no longer sustain our business and fulfill our obligations to our stakeholders and customers. Therefore, we have made the difficult decision to shut down Wyre by the end of June 2023. This decision is not due to any regulatory agency direction or any legal issues. We are simply unable to continue operating under these circumstances.

We want to thank all of our customers, partners, investors, and employees for their support and trust over the years. You have been the driving force behind our success and innovation. We are deeply grateful for your loyalty and feedback. We also want to apologize for any inconvenience or disappointment this announcement may cause you. We hope you understand that this was not an easy decision for us.

If you have any assets on the Wyre platform, you can continue to withdraw them via Wyre’s dashboard until Friday, July 14th. After then, we will have a separate process to recover assets remaining on the platform. If you are interested in acquiring Wyre’s or its subsidiaries’ assets, please reach out to 88 Partners.

Wyre may be closing its doors, but we are not giving up on our vision and passion for crypto. We believe that crypto is the future of money and finance, and that it has the potential to transform the world for the better. We will continue to support and participate in the crypto community in any way we can. Wyre was more than just a company. It was a family, a movement, and an adventure. We are proud of what we have built and learned together. We are sad to say goodbye, but we are also excited for what lies ahead.

IMF Applauds Naira’s Floatation, Promises Technical Support to Help the Policy Succeed

By
Samuel Nwite
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0

The International Monetary Fund (IMF) has joined other voices to applaud the Nigerian government’s decision to float the naira, removing control pegs on the troubled currency.

The Fund, which has long advised Nigeria to float the naira, allowing market forces to determine forex rates, said on Friday that it is ready to provide the technical assistance needed for the success of the policy.

“The Fund greatly welcomes the authorities’ decision to introduce a unified market-reflective exchange rate regime in line with our long-standing recommendations. We stand ready to support the new administration in its implementation of FX reforms,” the IMF Representative in Nigeria, Mr. Ari Aisen, told ThisDay.

On Wednesday, the Central Bank of Nigeria announced that it has removed all segments of the FX market, collapsing different exchange rates into the Investor and Exporters (I&E) window.

Previously, the IMF had urged Nigeria to unify its exchange rates to attract foreign and portfolio direct investments. The Fund in its Article IV Consultation with Nigeria said Nigeria needs to make a range of economic policy changes, including the removing fuel subsidy.

“Directors encouraged a continued move toward a unified and market-clearing exchange rate by dismantling various exchange rate windows at the CBN. Providing clarity on exchange rate policy would help boost investor confidence, quell capital outflow pressures, and rebuild buffers,” it said.

Recognizing the recent upward adjustments in the policy rate, they urged the Central Bank of Nigeria (CBN) to remain prepared for the possibility of further rate increases if necessary. Additionally, they advised implementing supplementary measures such as fully offsetting central bank financing of fiscal deficits and gradually discontinuing credit intervention programs.

“Strengthening the CBN’s independence and establishing price stability as its primary objective is critical. Directors also urged the authorities to finalize securitization of the CBN’s existing stock of overdrafts and emphasized that the CBN’s budget financing should strictly adhere to the statutory limits,” the Fund said.

The Bola Tinubu-led administration has implemented two key recommendations of the IMF – the removal of fuel subsidy and the floatation of the naira. However, mitigating the impact of those policies remains a key issue to be addressed.

Experts have predicted that the removal of fuel subsidies will cause inflation to rise in the coming months. JPMorgan said earlier this week that the naira, which currently trades around N663 per dollar at the I&E window will likely settle around N600 per dollar in the coming months, but will cause an increase in headline inflation.

“The near tripling of fuel prices could see headline inflation jump closer to the 25 percent mark in June and remain firmly above 20% for the rest of the year,” the bank said.

The naira depreciated to more than N750 per dollar following the announcement by the CBN that the forex market has been deregulated.

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