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Binance Eyes United Arab Emirates Expansion as it Seeks to Deepen Operations in The Middle East

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Crypto exchange company Binance is eyeing an expansion into the United Arab Emirates (UAE), as it seeks to deepen its operation into the middle east region, while it faces strict regulations in Europe.

Binance Dubai general manager Alex Chehade disclosed that UAE is a prime destination for crypto businesses seeking a clear path forward and noted its friendly stance toward digital assets.

Speaking on Binance’s proposed expansion to the United Arab Emirates, he said,

“Binance identified that the senior leadership of the UAE wanted to establish the region as a focal point for Web3. They are trying to diversify away from fossil fuels, and they see crypto as a great driver for doing so.

“Binance is here in the UAE because we have been given the surety that we can set up operations and build for the future. You don’t want to set up where the goalposts move. For big businesses, you need predictability, you need to plan and you need to budget”.

Chehade further stated that UAE’s Virtual Assets Regulatory Authority (VARA) is a key driving force behind the surge of crypto-related interest in the region. He noted that the region’s clear framework for people and businesses makes it easy to engage with, which has led to the influx of young people in the region.

On Binance Arabic handle on Twitter, the company posted a statistic, which showed the UAE ranked 1st in crypto owners globally at 27.67%.

Recall that in December 2021, Binance signed an agreement with Dubai World Trade Centre Authority to establish an industry hub for global virtual assets.

Also, last year November, Binance Holdings received in-principle approval from Abu Dhabi Global Market to operate as a crypto asset broker. The company is also eyeing web3 tech investments in the UAE and has appointed a fund manager based in Abu Dhabi.

The crypto exchange expansion to the Middle East is coming, following its intense scrutiny from financial regulators across the world.

In May this year, Binance announced that it would cease operations in Canada, citing the challenging regulatory environment. In July 2023, the crypto exchange exited the Netherlands, after it failed to obtain a virtual asset service provider (VASP) from the local regulator.

Last week, Belgium’s FSMA regulator ordered Binance to cease offering any virtual currency services in the country, adding to pressure on the world’s biggest cryptocurrency exchange.

Binance which was founded by Changpeng Zhao in Shanghai in 2017, has grown to dominate the crypto industry, which handles $65bn (£53bn) in daily trades but has recently continued to face intense scrutiny from keen regulators to clamp down on money laundering.

Notably, it is understood that the collapse of one of Binance’s biggest rivals, FTX, and the criminal proceedings that have followed, have negatively impacted the crypto sector, which has led to increased scrutiny on crypto exchanges.

In the UK, as part of the increased regulatory actions in the crypto industry, Binance is mandated to register with the FCA, which requires crypto exchanges to prove they have systems in place to prevent money laundering and terrorism financing.

Global financial watchdogs have expressed concern over issues including securities rules and consumer protections, and at the same time, Binance has been reported to struggle to keep up its compliance function on par with its rapid growth.

Design with Human-Centricity, Time for Human-Centered Design

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The Igbo Nation says that “ahia oma na-ere onwe ya” [good products sell themselves because the referral system works]. Paraphrasing king Oliver de Coque’s “good music comes from Chi [God]”, allow me to write that “good products come from design”.

Tomorrow, one of the top leading design experts, Dr Obinna Anya of Google, will teach us about Human-Centered Design in Tekedia Mini-MBA. Come and learn #design which is centered around humans. Design wins markets because every great company has a great product, and great products come from design.

You gotta design with human-centricity in mind. This is Tekedia Institute Mini-MBA; the best teach here.

Register here.

HSBC Will Offer Bitcoin and Ethereum ETFs to Customers

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HSBC, one of the largest banking and financial services organizations in the world, has announced that it will offer Bitcoin and Ethereum exchange-traded funds (ETFs) to its customers. This is a significant move for the bank, which has been cautious about embracing cryptocurrencies in the past. HSBC Bank offers a wide range of financial services, such as personal banking, wealth management, commercial banking, and global banking. HSBC Bank has a strong presence in Hong Kong, with over 100 branches and 250 ATMs across the city.

ETFs are investment products that track the performance of an underlying asset, such as a stock, a commodity, or a cryptocurrency. They allow investors to gain exposure to the asset without having to buy or store it directly. ETFs are traded on stock exchanges and can be bought and sold like any other security. HSBC’s decision to offer Bitcoin and Ethereum ETFs is a sign of the growing demand and acceptance of cryptocurrencies among institutional investors. The bank said that it will provide access to these ETFs through its global markets division, which serves clients such as hedge funds, pension funds, and sovereign wealth funds.

The bank also said that it will follow strict due diligence and compliance standards when offering these products, and that it will only work with regulated and reputable ETF providers. HSBC did not disclose which ETFs it will offer or when they will be available. HSBC’s move comes amid a surge in popularity and adoption of cryptocurrencies, especially Bitcoin and Ethereum, which are the two largest by market capitalization. Bitcoin hit an all-time high of over $60,000, while Ethereum reached a new record of over $4,000. Both cryptocurrencies have also attracted the attention and investment of major corporations, such as Tesla, MicroStrategy, and PayPal.

By offering Bitcoin and Ethereum ETFs, HSBC is joining other leading financial institutions that have embraced cryptocurrencies in some form or another. For example, Goldman Sachs recently launched a Bitcoin futures trading desk, while JPMorgan Chase started offering a Bitcoin fund to its wealthy clients. Moreover, several Bitcoin and Ethereum ETFs have been approved and launched in countries such as Canada, Brazil, and Germany.

HSBC’s announcement is likely to boost the credibility and legitimacy of cryptocurrencies in the eyes of investors and regulators. It may also encourage more banks and financial institutions to follow suit and offer similar products or services. However, HSBC also warned that cryptocurrencies are still volatile and risky assets that require careful research and understanding before investing.

Lightning Network hits All-Time High in Bitcoin and US Dollar Capacity

The lightning network, a second-layer solution that enables fast and cheap transactions on top of the bitcoin blockchain, has reached new milestones in terms of capacity and adoption. According to data from 1ML.com, the lightning network has surpassed 3,000 bitcoins (BTC) in total network capacity, equivalent to more than $120 million at current prices. This is an all-time high for both metrics, indicating that more users and funds are flowing into the lightning network.

The lightning network is designed to solve some of the scalability and usability challenges of bitcoin, such as high fees, slow confirmation times, and limited throughput. By creating payment channels between users that do not require broadcasting every transaction to the main chain, the lightning network allows for instant and low-cost transfers of bitcoin. The network capacity represents the amount of bitcoin that is locked in these payment channels, while the adoption reflects the number of nodes and channels that are active on the network.

The growth of the lightning network can be attributed to several factors, such as technological improvements, increased awareness, and rising demand for bitcoin transactions. Some of the recent developments that have boosted the lightning network include: The launch of Lightning Pool, a marketplace where users can buy and sell liquidity on the lightning network, creating a more efficient and decentralized network. The integration of lightning network support by major platforms and services, such as Twitter, Reddit, Bitrefill, Strike, and Fold, enabling millions of users to access and use bitcoin through the lightning network.

The emergence of innovative applications and use cases that leverage the lightning network’s capabilities, such as gaming, streaming, tipping, micropayments, and remittances. The lightning network is still in its early stages of development and faces some challenges and limitations, such as security risks, technical complexity, and user experience issues. However, as more developers, users, and businesses adopt and support the lightning network, it is expected to become more robust, reliable, and accessible for everyone who wants to use bitcoin as a global and open payment system.

President Tinubu Renames Fifteen Nigerian Airports After Past Leaders, Buhari, Awolowo and Dan Fodio Made the List of Honorees

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President Bola Tinubu, has renamed fifteen Nigerian federal airports after some past and notable leaders of the country.

The renaming of the airports was announced in a memo released by the Federal Ministry of Aviation dated June 1, 2023, and signed by Mrs Joke Olatunji for the Director of Airport Operations on Monday.

The statement noted that the President renamed the airports “as part of the reforms of the Aviation sector.”

The immediate past President Muhammadu Buhari, late chief Obafemi Awolowo, late SL Akintola, and the late founder of the Sokoto Caliphate, Usman Dan Fodio are some of the past Nigerian heroes that have been honoured and immortalized through the renaming of the airports.

The airports and their new names are listed follows:

  1. Akure Airport – Olumuyiwa Bernard Aliu
  2. Benin Airport – Oba Akenzua II
  3. Dutse Airport – Muhammad Nuhu Sanusi
  4. Ebonyi Airport – Chuba Wilberforce Okadigbo
  5. Gombe Airport – Brigadier Zakari Maimalari
  6. Ibadan Airport – Samuel Ladoke Akintola
  7. Ilorin Airport – Gen. Tunde Idiagbon
  8. Kaduna Airport – Hassan Usman Katsina
  9. Maiduguri Airport – Gen. Mumammadu Buhari
  10. Makurdi Airport – Joseph Sarwuan Tarka
  11. Minna Airpor – Mallam Abubakar Imam
  12. Nassarawa Airport – Sheikh Usman Dan Fodio
  13. Osubi Airport – Alfred Diete Spiff
  14. Port Harcourt Airport – Obafemi Jeremiah Awolowo
  15. Yola Airport – Lamido Aliyu Mustapha

Is the Economist Intelligence Unit Suggesting a Sustainable Playbook for Making Cities Livable?

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Food, safety, and companionship are innate human needs that are satisfied through hedonic experience. Happiness is based on the satisfaction of needs, which is influenced by both external living conditions and inner abilities. Poor living conditions can have a negative impact on happiness, especially when demands exceed human capabilities. Societies are systems for meeting human needs, but not all of them are equally effective. Happiness can be increased by improving the fit between social institutions and human needs.

This background sheds light on the reasons governments, private businesses, and members of the civic space always strive to make the environment fit for human needs, enhancing their capacities to strive for themselves towards attaining what interests them the most.

Several experts and scholars have worked and are still working on how to make cities and towns livable for humans and non-humans. Meanwhile, this piece takes a look at the place of the Economist Intelligence Unit’s yearly ranking of cities across the world with the intention of calling the attention of political and business leaders to critical aspects that need short-, medium-, and long-term initiatives in making cities livable.

The EIU considers stability, healthcare, culture and environment, education, and infrastructure indicators for the assessment of over 100 cities. To illustrate our proposition that this organisation is making significant contributions to how stakeholders should be thinking and acting on making cities livable for everyone, we leveraged the top 10 most livable cities between 2021 and 2023. In this regard, we considered Auckland, Adelaide, Amsterdam, Auckland, Brisbane, Calgary, Copenhagen, Frankfurt, Geneva, Melbourne, Osaka, Perth, Sydney, Tokyo, Toronto, Vancouver, Vienna, Wellington, and Zurich.

These cities are mostly in the global north, while a few are in the global south. From the data, we have gleaned that some of the cities have consistently been ranked between first and third, suggesting that government at the city and national levels did well during the years. To further substantiate our proposition, we examined public interest through information seeking about the cities using the Google Search Engine. Interestingly, our analysis suggests that the higher these cities EIU ratings, the more the public develops an interest in understanding them. This is highly detected for Geneva, Zurich, and Melbourne (see Exhibit 1).

Our analyst notes that the Economist Intelligence Unit’s (EIU) yearly rating of the most livable cities has become a prominent benchmark for individuals and families seeking to relocate. It is on this basis that we provide some strategies for stakeholders, especially the governments of cities that have constantly been ranked within the least livable city paradigm.

Exhibit 1: Ratings against global public interest in select most livable cities between 2021 and 2023

Source: Economist Intelligence Unit, 2021-2023, Google Trends, 2021-2023, Infoprations Analysis, 2023

Impact of the EIU’s Ratings on Urban Migration

Reputation and Perception

Cities ranked highly by the EIU gain a reputation for offering a high quality of life, attracting migrants seeking better opportunities.

Decision-making Tool

The EIU’s rating serves as a valuable tool for individuals and businesses when considering relocation options, influencing migration patterns.

Economic Growth

Cities with high livability ratings often experience increased economic activity, as businesses and investments are drawn to the favorable conditions.

Strategies for Cities to Attract and Accommodate Newcomers

Focus on Livability Factors

Prioritize investments and policies that address the EIU’s livability factors, such as improving infrastructure, healthcare services, and education systems.

Marketing and Promotion

Leverage the EIU’s ratings in city marketing efforts to highlight the city’s strengths and attract potential migrants.

Talent Attraction

Develop initiatives to attract skilled professionals, entrepreneurs, and innovators by offering incentives, networking opportunities, and supportive business environments.

Affordable Housing

Implement strategies to address housing affordability issues, such as promoting mixed-income developments, rent control measures, or subsidized housing programs. e. Cultural Exchange Programs: Foster social integration by promoting cultural exchange, community events, and initiatives that celebrate diversity.

Sustainable Development

Emphasize environmental sustainability by implementing eco-friendly infrastructure, promoting green spaces, and adopting renewable energy solutions. g. Enhanced Public Services: Invest in public transportation, healthcare facilities, education institutions, and other vital services to meet the needs of a growing population.

Participatory Governance

Engage residents in decision-making processes through participatory urban planning, ensuring their voices are heard and their needs are addressed.