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Kenyon International West Africa Limited Funds 50 Scholars to Tekedia Mini-MBA

By
Ndubuisi Ekekwe
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0

Join me to thank Kenyon International West Africa Limited for funding 50 scholars to Tekedia Institute Mini-MBA.  “Our aim is to cause a paradigm shift in the mindset of many Africans and help them discover their entrepreneurial strength, which is needed for us to experience a sustainable economic boom as a continent,” the company noted on its motivation for this generosity to young people. We wish Kenyon more markets, more wins and more opportunities, and thank you for funding the FUTURE.

To learn more about Kenyon, go here .

 

 

Circle’s Injects over $3Billion in a Bid to Stabilize $USDC

By
Paul Ugbede Godwin
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0

The crypto community was in temporal jeopardy over the weekend due to reports that some crypto-friendly banks in the United States packed up and one of the most prominent stablecoins in the Crypto space, $USDC lost its peg to the US dollar and dropped as low as $0.8.

Circle announced that it had redeemed 2.9 billion USDC and minted 700 million USDC on March 13, that was down from an earlier estimate of $4 billion to $12 billion without a U.S. government’s intervention for banks. Circle says it will continue to add new transaction banking partners with 24/7/365 capabilities.

Although the Circle-issued stablecoin regained its peg on Monday, the discussion on how stablecoin de-pegging has become a recurrent theme in the crypto space still lingers.

For the uninitiated, stablecoins are a type of cryptocurrency designed to have a stable value relative to a specific asset or a basket of assets, typically a fiat currency such as the US dollar, Nigerian naira, euro or Japanese yen.

They are designed to offer a “stable” store of value and medium of exchange compared with more traditional cryptocurrencies like Bitcoin, which can be highly volatile. Fiat money, cryptocurrencies, and commodities like gold and silver are examples of assets used to collateralise or “back” stablecoins. The leading stablecoins in the space include the Tether-issued $USDT, Circle-issued $USDC, Binance’s $BUSD, $DAI and the defunct Terra’s $UST.

The only stablecoin that hasn’t encountered problems or depegged in the last ten months is Tether $USDT. All others have, at one point, put traders in a state of panic by losing their peg to $1. As a matter of fact, Terra’s $UST, which is supposed to be a stablecoin, currently trades at $0.02, a 97% decrease from the $1 mark.

Update from Circle

A stable U.S. banking system where deposits are safe and accessible is essential to the global financial system and to the operations of every fiat-backed stablecoin.

That was recognized by the U.S. government’s actions on Sunday, March 12, when the U.S. Treasury, Federal Reserve and the FDIC together stepped in to ensure that ordinary depositors were not harmed by the failures of Silicon Valley Bank and Signature Bank.

Since the failures of Signature Bank and Silvergate Bank, our core transaction banking partners, our teams have been working around the clock to restore USDC liquidity operations, including bringing on new transaction banking partners. We began processing minting and redemption requests on Monday morning, March 13, when the U.S. banking system re-opened, and are currently working through the backlog. We have more to do here, including adding new transaction banking partners with 24/7/365 capability, and we will keep our community posted on our progress.

On March 13, Circle has redeemed $2.9B USDC and minted $0.7B USDC. Moreover, as part of our ongoing initiatives to strengthen the USDC reserve, we now hold the cash portion of the reserve at BNY Mellon, except for limited funds held at transaction banking partners in support of USDC minting and redemption.

The majority of the reserve is invested in the Circle Reserve Fund, managed by BlackRock and custodied at BNYM, which is principally comprised of short dated U.S. Treasuries.

Silicon Valley Bank Newly Appointed CEO Tim Mayopoulos Calls on Customers to Bring Back Deposits

By
Ojukwu Emmanuel
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Newly appointed CEO of Silicon Valley Bank Tim Mayopoulos in a private Zoom meeting run by SVB for a select number of LPs and investors urged customers to return their funds, stating that the bank is open for business.

He disclosed that it is the most important thing customers can do to ensure Silicon Valley Bank survives while assuring them that both existing and new deposits will be protected by the FDIC.

In his words, “We are doing everything we can to rebuild, win back your confidence, and continue supporting the innovation economy. We recognize that the past few days have been an extremely challenging time, and we are grateful for your patience”. We are open for business and are hard at work bringing all systems and solutions back online to support you”.

Despite SVB disclosing that it was up and fully operational, the CEO however stated that things are still in the works. The bank stated on the call that it is still working to get cross-border solutions, including international wires back online. As regards other services and business units that SVB had from securities to venture debt, beyond the protected arm deposits, the future operating model is still being evaluated.

Mayopolous, who disclosed that the bank is back to conducting business as usual, since FDIC took over customers’ deposits, addressed social media’s perception of SVB that the bank is not in a wind-down mode. He further added that the future of the bank is still being discussed but will need at least some of its customer’s deposits as part of the diversification strategy.

Toward the end of the Zoom call, Mayopolous assured customers that they will be clear with everything that will be ongoing at the company to ensure to earn back their trust.

In his words, “Trust is a very delicate thing, it takes a long time to build trust, and it’s very easy to lose trust quickly. What we know here is we can’t take our clients for granted. The events of the last few days have unsettled people and put people in some really difficult positions.

“We are not oblivious to that, in everything that we are trying to do going forward we are trying to do our best to be clear and open with what’s happening and what is not happening”.

Following the collapse of the tech-focused Silicon Valley Bank, it was assumed by the new Silicon Valley Bridge Bank, a “Bridge Bank” operated by the Federal Deposit Insurance Corporation (FDIC), which transferred all deposits and assets from the failed institution to the newly formed bank.

Tim Mayopoulos, the former CEO of Fannie Mae, was appointed by the Federal Deposit Insurance Corporation (FDIC) to lead Silicon Valley Bank. He takes over after the bank was shut down by regulators as a result of a run on its deposits, which left it with insufficient capital.

For more than six years before joining fintech Blend, Mayopoulos was the CEO of mortgage financier Fannie Mae. Following his appointment as CEO of SVB, he has continued to reassure the bank’s customers that the institution is fully operational and ready to earn the trust of customers.

He also encouraged the new customers to consider working with the bank, saying that they are giving out new loans and opening new accounts.

Binance Introduces Zero Trading Fees on BTC/TUSD, Others

By
Paul Ugbede Godwin
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In a bid to spread liquidity around different markets, the world leading Cryptocurrency Exchange Binance is Commissioning zero fee trading on TUSD and other trading pairs on its platform.

Binance Users will continue to enjoy zero maker and takers fees when trading BTC on the BTC/TUSD spot trading pair only.

Changpeng Zhao, Binance CEO noted that; “We add pairs and provide liquidity. Binance aims to be an open platform.”

The BUSD zero maker fee promotion will now exclude the BNB/BUSD, BTC/BUSD and ETH/BUSD spot and margin trading pairs. All other BUSD spot and margin trading pairs will not be impacted.

Standard trading fee will apply to the BTC/AUD, BTC/BIDR, BTC/BRL, BTC/BUSD, BTC/EUR, BTC/GBP, BTC/RUB, BTC/TRY, BTC/UAH and BTC/USDT spot and margin trading pairs, as well as the BNB/BUSD and ETH/BUSD spot and margin trading pairs.

From 2023-03-22 00:00 (UTC), the calculation of maker fee and taker fee rebates will resume for the spot and margin pairs stipulated above. In addition, the corresponding trading volume on the above BTC spot and margin trading pairs will count toward VIP tier calculation and all Liquidity Provider programs.

Binance reserve the the right to cancel Sybil accounts bent on wash trading on the above pairs.

However, Binance is reportedly suspending deposit and withdrawal services via bank transfers and card payments for UK customers after its local banking partner stopped providing support for transactions in British pounds. As per Bloomberg.

Paysafe, a London-based online payments company, said it would stop providing one of its products to Binance’s customers in the UK, citing local regulators’ approach to cryptoassets. Paysafe didn’t say whether it would drop support for other crypto services in the long run.

Global Crypto Market Cap Spikes As Dogetti, JournArt & C+Charge Presales Look To Capitalize On Bull Cycle

By
TI Partners
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0

The global cryptocurrency market capitalization showed a steady spike prompted by rejuvenated investor confidence after the US government threw a safety net to Silicon Valley Bank depositors. The global crypto market cap rose by 11.41% to $1.12 trillion after traders were given an assurance by US authorities that deposits at the now-closed Silicon Valley and Signature banks would be protected.

Last week, the cryptocurrency industry was thrown into turmoil after US-based Silvergate Capital, Silicon Valley Bank, and Signature Bank, all banks which were once considered crypto-friendly entities announced their closures in the aftermath of the FTX crash in November last year. The trio of closures plummeted the crypto market capitalization to a 3-month low of $912 billion causing a ripple effect across the board.

However, as the industry tackles the ongoing controversies, new entries Dogetti (DETI), JournArt (JART), and C+Charge (CCHG) will look to capitalize on the next bull run.

Dogetti – The New Era of Doge

Dogetti (DETI) is one of the latest ERC-20 tokens in the cryptocurrency industry with a commitment to creating a sustainable and long-term project and a coin that is owned and controlled by its users, the “Dogetti Family” while simultaneously generating wealth into the Decentralized Finance (DeFi) ecosystem and creating a sense of belonging and shared purpose among its holders.

The project is powered by the Ethereum network and has had its smart contract fully audited by SolidProof, Soken, Coinsult, and Solidarity Finance and has been validated as 100% secure.

Dogetti is currently in the presale stage and since its launch in February, the project has captured the likes of both new and seasoned crypto investors. Now in stage 2, Dogetti has so far raised $557,322 in presale tokens and will progress to stage 3 after it accomplished its target of $4 million in presale tokens.

A DETI token is currently priced at $0.00029 which is a 300% spike from its launch price of $0.00007 and will jump by a further 900% in stage 5 when the currency launches live. Unfortunately, in a presale time is money, hence users have been offered a very limited offer that could earn them a 50% bonus on all DETI purchases by simply using the presale family code DON50.

C+Charge – The Green Energy Token

C+Charge (CCHG) is a utility token with a full-bodied Peer-to-Peer (P2P) payment system for EV charging stations built on blockchain technology. How the token works is that CCHG users will be allotted individual electronic wallets, which can be used to pay for EV charging with the utility token, where holders can earn rewards in the form of carbon credits.

Built on the Binance Smart Chain network, C+Charge has been fully audited by SolidProof, with team KYC verified by Coinsniper, and as opposed to meme coins or other cryptocurrencies, C+Charge tokens have a unique utility for a real-life use case.

JournArt – A Second Life for Dogs

JournArt (JART) is a Binance Smart Chain powered token bearing JournArt DogGirls as NFTs. With a 10% reflection feature that will remain active for as long as the buyer is a JART holder, JournArt is considered unique as this is 10% of every transaction across the JournArt ecosystem.

Regarded as an adventurous and spontaneous token that expresses compassion towards dogs, JournArt plans to advocate for animal love and end the abandonment of animals by rescuing abandoned and mistreated dogs to give new hope to the furry friends.

Find out more about Dogetti (DETI):

Presale: https://dogetti.io/how-to-buy

Website: https://dogetti.io/

Telegram: https://t.me/Dogetti

Twitter: https://twitter.com/_Dogetti_

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