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CBN Guidance Note on Beneficial Ownership in Nigeria, Garnishee Suits in Nigeria

By
Emmanuel Ifeanyi Ogbuka
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0

CBN Guidance Note on Beneficial Ownership in Nigeria

The Central Bank of Nigeria on January 12,2023 launched a guidance note prescribing several regulations on the issue of beneficial ownership pursuant to the existing new legal and regulatory framework on Money-laundering, Terrorism Financing and Proliferation Financing in Nigeria.

This article will be dealing with the following topics of :-

– The objectives of the CBN Regulatory Guidance note on beneficial ownership.

– The scope of this guidance note.

– Determining who beneficial owners are and what constitutes beneficial ownership. 

– Responsibilities of Financial Institutions by virtue of this guidance note.

What are the objectives of the CBN Guidance note on beneficial ownership in Nigeria?

The CBN guidance note was issued to assist Financial Institutions with yardsticks for identifying and verifying the beneficial owners of legal persons and legal arrangements in line with extant Anti-Money-laundering/ Combating the Financing of Terrorism/Combating Proliferation Financing (AML/CFT/CPF) laws and regulations in Nigeria.

What is the applicability scope of the CBN Guidance note?

The guidance note applies to all Financial Institutions (FIs) under the regulatory jurisdiction of the CBN.

Who is a beneficial owner by virtue of this guidance note?

The term “beneficial ownership”  refers to the natural persons who ultimately own or control a customer and/or the natural person on whose behalf a transaction is being conducted. This also applies to the persons who exercise ultimate effective control over a legal person or arrangement.

In line with the requirements of the Financial Action Task Force (FATF) a beneficial owner must not be the legal owner of a corporate vehicle, but a person who exerts effective control over the corporate vehicle or a person on whose behalf a transaction is being conducted.

How is beneficial ownership determined?

This is to be done by identifying the following people :-

– Individuals owning or holding at least 5% of the issued shares of a corporate vehicle directly or indirectly.

– Individuals controlling a corporate vehicle.

– Individuals exercising at least 5% of the voting rights in a legal person (corporate vehicle) directly or indirectly.

– Individuals having a right to directly or indirectly appoint or remove majority of the directors of the legal person (corporate vehicle).

What are the means prescribed by the CBN Guidance note for identifying beneficial ownership?

FIs under the CBN Guidance note are to look at certain determinants to find out beneficial ownership which include :-

  1. Certificates of Incorporation.
  1. Particulars of Shareholders.
  1. A corporate vehicle’s memorandum/articles of association.
  1. Partnership Agreement.
  1. Resolutions.
  1. Nominee Director agreements.
  1. The Internet & Social media.

What are the responsibilities of Financial Institutions (FIs) under the CBN guidance note?

The responsibilities of FIs by virtue of the CBN guidance note are :-

  1. To identify and manage Money-laundering/Terrorism Financing and Proliferation Financing risks posed by legal persons and legal arrangements.
  1. To apply Enhanced Due Diligence (EDD) on complex corporate vehicle structures that pose higher Money-laundering/Terrorism Financing and Proliferation Financing risks.
  1. To understand the nature of the customer’s business, its ownership structure, taking into cognizance the complex ownership structure where shareholders are multiple legal persons or complex arrangements in different nominee shareholders.

Garnishee Suits in Nigeria

The whole process of litigation and lawsuits for the purpose of securing remedies for perceived wrongs would be utterly useless without the means or ability to enforce judgments obtained in court. 

This is why Judgment Enforcement techniques have been a core specialization area for many legal counsel, with the most commonly used method of judgment enforcement being the Garnishee Suit.

This article will be looking at what garnishee suits are, the parties to a garnishee suit, the differences in commencing garnishee suits against certain persons, and the process of commencing a garnishee suit.

What exactly is a garnishee suit?

A garnishee suit is simply a lawsuit commenced by a judgment creditor (a party in whose favour a monetary court judgment was passed) for the purpose of securing a judgment enforcement order in the form of an attachment of monetary assets belonging to a judgment debtor (a party against whom a monetary court judgment was given) and in the custody of a 3rd party known as a Garnishee, typically a bank. 

What is the major legal framework governing garnishee suits in Nigeria?

Garnishee suits in Nigeria are governed by the Sheriffs and Civil Process Act of Nigeria (or the “SCPA”) .

How are garnishee suits commenced?

Garnishee suits are commenced usually by heading to the same court that granted the original monetary judgment through an application made ex-parte(without the need to put the judgment debtor on notice) which when granted will be served or brought to the notice of the garnishee who is then required to appear in court and give returns to the court on the statement of the judgment debtor’s account domiciled with them if any.

Can garnishee suits be commenced against any judgment debtor without notice?

No. For some debtors like government agencies, it is presumed rightly that the appropriate garnishee would be the Central Bank of Nigeria (CBN). To commence such a suit against such bodies the prior consent of the Attorney-General of the Federation (AGF) must be sought.

What happens when a garnishee appears in court and lies that an account belonging to the judgment debtor is either empty or not domiciled with them?

This would qualify as perjury that can lead to criminal prosecution.

What happens when the judgment debtors are the banks themselves?

In seeking to enforce a monetary judgment against a bank via a garnishee order, the appropriate garnishee would be the Central Bank of Nigeria. 

Updated: ADC Endorses Labour Party’s Peter Obi for President of Nigeria

By
Samuel Nwite
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0

Editor’s Note: The ADC had disowned this endorsement:” The African Democratic Congress (ADC) on Monday dissociated itself from the purported endorsement of other political parties and their candidates for 2023 by a faction of the party. This was contained in a statement by Patricia Akwashiki, the ADC Board of Trustees Chairperson in Abuja. Mrs Akwashiki described the alleged endorsements as fraudulent, void and of no effect since they were being carried by a faction of the party not known to law for pecuniary gains. She blamed a faction of the party, led by its immediate past National Chairman, Ralph Nwosu, for the anti-party activity.”

The African Democratic Congress (ADC) has endorsed the Labour Party’s presidential candidate, Peter Obi, for the February 25 election.

The endorsement is the latest for the Labour Party’s presidential flagbearer, who has recorded unprecedented popularity following massive support from the Nigerian youths.

The two parties, ADC and LP, had on Monday, formed an alliance with other partners that will see them support Obi and his vice Datti Baba-Ahmed. The alliance was witnessed by the ADC National Chairman, Chief Ralph Okey Nwosu; BoT Chairman, Dr. Mani Ibrahim, and LP chieftain, Prof. Pat Utomi.

The partners of the alliance; Nigeria Mothers for Good Governance, Fulani United, Nigeria Artisans, League of Imams, Nigeria Traders, Yoruba United, Mega Political Coalition, Kanuris United, Amalgamated Coalitions, CEG Groups and Nigeria Legions United, were part of the eventful signing of a Memorandum of Understanding between the LP and the ADC.

However, the ADC National Chairman explained that the partnership was only a collaboration and not a merger with the Labour Party.

However, a faction of the ADC has disassociated itself with the endorsement, describing it as fraudulent. A statement by Senator Patricia Akwashiki the Board of Trustees Chairman of the faction said the endorsement is void and of no effect since they were being carried by a faction of the party not known to law for pecuniary gains.

“They have divided themselves into three groups and collected money from APC, PDP and Labour. One party, three endorsements within the space of four days. Shameful,” the statement said.

The faction under the interim leadership of Senator Patricia Akwashiki, described the endorsement as “criminal and shameful” and those who made it happen as “renegades” who no longer belong to the party.

But a statement issued by the ADC BoT Chairman, Dr. Ibrahim, indicated that the decision is in line with the party’s values.

Read the statement below:

“We founded this party over 16 years ago and we knew it was not going to be easy, but we committed to invest ourselves in the struggle.

“At the time we were sure that the structures in place were so fluid, undisciplined, corrupted and frail to carry the country.

“Almost every Nigerian today shares that sentiment. Time has proved us so right.

“We told ourselves that we are going to be the grassroots political party with an inclusive culture and unique character that will champion the transformation of Nigeria and Africa;

“A party to birth a new Nigeria nation, where opportunities abound for all as a result of justice, rich diversity principles and values, and creative leadership with capacity to inspire the greatest innovative pursuit amongst our youths and entire people.

“A nation where every one of us and our future generation can dream big dreams and see their dreams come true. A nation where no one is oppressed.

“Are we succeeding? Sure yes. We never fooled ourselves that we were going to produce the President or governors in even 10 years. We knew that nation building in a highly corrupted space is a struggle.

“Things may be murky today; but the signs of the rainbow are beginning to be evident. To show that we have made good progress, in 2018, ADC emerged as a party of choice after a due diligence scrutiny conducted by eminent persons and leaders of civil societies in the country.

“Despite the struggles we’ve faced in the last six months as a party, our determination has made us come out stronger.

“We presently have over 1,400 candidates running for several positions: governorship, Senate, House Representatives and state assemblies.

“Within the last four months, different youth and women organizations have openly endorsed ADC and proposed to work with our candidates at the grassroots.

“Nigerians in Diaspora are solidly behind over 200 of our candidates that cut across all regions.

“Today, we come together as a family and as a formidable third force: our Grand Patrons and Board of Trustee members; our National Executive Council; our National Working Committee; our Diaspora Network and our National Youth Council to take stand in solidarity, moving forward for the viable presidential candidate the entire nation is clamoring for.

“After our due diligence and critical assessment of the 17 presidential candidates and what they have to offer Nigerians, and after consulting our Grand Patron and former President, Olusegun Obasanjo, we decided as a party that the Obi-Datti Movement is a worthy cause to endorse.

“Today, we form this Star Alliance for one purpose only: to ensure a loud victory.

“Ladies and gentlemen of the media, it has been over 22 years since we embraced democracy as a Nation. The first presidential election that heralded this republic was held on the 27th of February, 1999 and in a week time, we would be coincidentally marking the eve of that event in which General Olusegun Obasanjo, one of the highly respected military veterans, an Owu man from Ogun State, South West Nigeria, was elected President.

“This Star Alliance is significant, because we must decide to shape the space mindfully going forward or believe me, this country is doomed.

“A whole generation of 20/30 years has passed since, after the annulled June 12 election of 1993.

“This democracy was as a result of the combined efforts and sacrifices of many: civil society leaders, concerned professionals, labour, PRONACO and NADECO, Nigeria’s International friends, and many other individuals and patriots.

“We do not stand alone in this solidarity. Our Star Alliance Partners include the following: Nigeria Mothers for Good Governance, Fulani United, Nigeria Artisans, League of Imams, Nigeria Traders, Yoruba United, Mega Political Coalition, Kanuris United, Nigeria Professional Group, DG Global Groups, Amalgamated Coalitions, Groups and Nigeria Legions United.”

Opensea to run on Zero Fees Amidst rising tensions from BLUR

By
Paul Ugbede Godwin
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0

A few days ago, Opensea, the world’s most popular NFT market aggregator for buying and selling digital arts and collectibles, announced a zero platform fee and a 0.5% creator’s fee on all collections old and new on its marketplace.

This is coming after the newly created NFT platform, BLUR, has been trending in trading volumes and market traction. Opensea in the past charged 2.5% fees on all transactions and creator’s set royalties as they so desired.

Creators Fees and Royalties have been an intense topic in the NFT space with some NFT Marketplaces like x2y2 and Blur are currently running a zero fee NFT marketplace. Blur, which launched in November of last year has made it possible for buyers to decide or set creators fees at desired rate, many flipper and degen traders have leverage on this imprint— meaning you don’t have to pay an extra box before buying or trading NFTs on their platform.

Blur is at an advantage due to the recent $BLUR Airdrop to those who bidded on NFTs, many degenerates got a minimum of 1323 Blur Tokens, currently $1,800 as a thank you bonus for trading on their platform. This new bidding paradigm of Blur for airdrop farming is driving degens to the marketplace.

The war on NFT exchanges is becoming interesting with Opensea updating its policies and Blur topping the daily NFT trading volumes since last week Friday. Blur moves to 0% fees; Opensea blocks Blur, Blur blocks Opensea; Opensea moves to 0% fees for you — sounds good right? Maybe not.

With all marketplaces now using 0% royalties to gain market share, projects’ only income stream will be cut off. Royalties were the only thing keeping many NFTs alive, NFTs backed by VCs and corporations will become the norm.

More project-owned marketplaces

This was already true for gaming ecosystems but will also be implemented by the largest names in NFTs. Want to trade Yuga assets? Sure, but only on their marketplace with enforced royalties. For projects that are pre-mint they know they won’t receive any money after the initial raise. The solution— Reserving 5 to 20% of the supply to sell on a weekly/monthly basis.

Blur took over the market because of low fees AND token incentives. Marketplaces won’t be valued by their revenue but by market share:

• Binance has cashback

• Credit cards give you % kickback

The marketplace war will get a lot uglier.

According to Crypto data analyst, NFTStatistics.eth opines that, “the average royalty across Ethereum NFT marketplaces had gone from 5% to 2.3% since the summer. Got as low as 1.7% and the only reason it was brought higher was Sewer Passes blocking Blur. With Blur’s work-around, the the average went back lower.

The real move in royalty rate happened when Blur launched. To me that was really when this move happened. OS tried to use their exchange block to protect royalties but when Blur got around it, Opensea lost all leverage in protecting royalties. $Blur traders will be automatically disqualified from getting any future Opensea airdrop, the war for top marketplace continues. Opensea did a great mistake in the last year’s by not incorporating OpenDao $SOS as it incentives (airdrop) imprint to the NFT Community after much appeal from 9x9x9eth.

New projects which can block exchanges will STILL be able to enforce royalties. A lot of folks seem to not realize this. Anyone who blocks LooksRare and SUDO will have royalties enforced on OpenSea, Blur, and x2y2 (til someone builds another workaround that gets liquidity).

Art Blocks were not tradable on Blur but Friendship Bracelets and PACE Art Blocks were. So was Brain Drops. Those royalty rates were starting to be affected but remained high. Buyers were still opting for OpenSea. Will be interesting to see how royalties evolve.

Many artists and founders are not really down with the new OpenSea policy on royalties. FrankDeGods, creator at DeGodsNFT and Y00Ts said on microblogging platform Twitter that;

The creators make products that can be traded on marketplaces. The marketplaces make features that attract users to buy/sell on their platform. The users decide what marketplaces they buy/sell on. The users dictate the direction of the market. They always have and always will.

Before someone mentions how creators generate the demand… I 100% agree that we do. But we could have made a regular startup, sold art in traditional ways, but we chose crypto/NFTs. The thing that makes NFTs inherently unique is the ability for marketplaces to aggregate and enable trading on these digital goods.

Opensea Press Release

There’s been a massive shift in the NFT ecosystem. In October, we started to see meaningful volume and users move to NFT marketplaces that don’t fully enforce creator earnings. Today, that shift has accelerated dramatically despite our best efforts. We’ve worked to defend creator earnings on ALL collections when others didn’t. And when we introduced the Operator Filter, it was our belief that on-chain enforcement was the best way for creators to secure their revenue stream from the ongoing resale of their work.

We’re making some big changes

1) OpenSea fee ? 0% for a limited time

2) Moving to optional creator earnings (0.5% min) for all collections without on-chain enforcement (old and new)

3) Marketplaces with the same policies will not be blocked by the operator filter.

We thought we could catalyze widespread enforcement of creator earnings, and we hoped others might come up with more resilient solutions – this hasn’t happened. Recent events – including Blur’s decision to roll back creator earnings (even on filtered collections) and the false choice they’re forcing creators to make between liquidity on Blur or OpenSea – prove that our attempts are not working.

Today, ~80% of total ecosystem volume does not pay full creator earnings, and the majority of volume (even accounting for inorganic activity) has moved to a zero-fee environment.

While we continue to uphold on-chain enforcement through the operator filter, we’re moving to a different fee structure that reflects the needs of today’s ecosystem. First and foremost – We’re dropping our OpenSea fee to 0% for a promotional period of time. Second – We’re moving to a minimum 0.5% creator earnings model, with the option for sellers to pay more. This applies to all collections that do not use on-chain enforcement (old and new). Third – We’re updating the operator filter to allow sales using NFT marketplaces with the same policies (including Blur, as they make good on their promise). Now, creators won’t have to make the false choice between receiving earnings on OpenSea or Blur.

Never try to aggressively scale a business until you can retain customers

By
Ndubuisi Ekekwe
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0

Money does not solve most fundamental growth problems in companies; product improvements do! Work hard to understand your customers, and do all to retain them before you begin to spend on massive scaling.

Never try to aggressively scale a business until you can retain customers. That customer retention is a validation of your business hypothesis via product-market fit.

A growth playbook which begins when a company cannot retain customers wastes resources. You are likely going to onboard customers, but the day that marketing or promotion blitz stops, the customers will move.

As an investor and an entrepreneur, this is not theory. Buying all the ad spaces in Nigeria, without a great product, will make you fail faster, and will never save that company. Yes, you just make it easier for many people to know you have no business mission at the shortest time possible!

Build. Pursue product-market fit. Then Scale.

Why That Product Is Struggling in the Market – Check Your Product-Channel Fit

Best Cryptocurrency to Invest in 2023 – Top Crypto to Buy Now

By
TI Partners
-
4
Bitcoin is soaring

Looking for the top crypto to invest in 2023? Considering the current bear market, some crypto enthusiasts argue that there has never been a better time to invest while prices are low before they are going to explode in the next bull run.

In this article, we take a look at the best cryptocurrency to buy now before the next bull market starts.

Best Crypto to Buy Now – Top 10 Potential List

Here’s a list of the top 10 best crypto to invest in now for 2023.

1.    Bitcoin (BTC) —  Overall Best Cryptocurrency To Invest In Now

2.    Ethereum (ETH) —  Most Promising Cryptocurrency To Buy

3.    Polygon (MATIC) —  Best Multi-Chain Protocol To Buy Right Now

4.    Cardano (ADA) —  Most Undervalued Crypto To Buy And HODL

5.    The Graph (GRT) —  Cheap Crypto To Invest In Now

6.    Cosmos (ATOM) —  Best Interoperability Token To Invest In Long Term

7.    Solana (SOL) —  Best Ethereum Alternative To Buy Before 2023

8.    Shiba Inu (SHIB) —  Best Meme Coin To Buy Before Next Market Rally

9.    The Sandbox (SAND) —  Fast-Growing Metaverse Project To Buy At The Current Dip

  1. Stellar (XLM) —  Cheap Crypto Coin With Growing Use Cases

 

>>>Buy Cryptos Now<<<

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

 

Read on to find our full views of the best crypto projects to invest in  listed above.

1. Bitcoin – Overall Best Cryptocurrency to Invest in Today

The overall best crypto to watch right now is Bitcoin. It is the most popular and most valuable crypto asset. It has also been around for longer, during which period it proved its resilience and the usability of BTC coins.

It, therefore, does not come as a surprise when our analysis and that of many analysts in the crypto market conclude that BTC is the best cryptocurrency to buy in 2023.

We also list it here because every time it skidded and lost significant value, its rebound was swift and always rallied to new heights. After the mid-2021 crash that saw it lose more than 50% of its value, it rebounded fast and rallied to new highs a few months later. Should the market start recovering in late 2022 or early 2023, we are confident that BTC will try to repeat this trend before possibly rallying to new heights.

By the end of 2023, analysts expect it to have rallied by as much as 300% – enough to help it recapture its late 2021 highs. And by the turn of the decade, a growing number of crypto analysts, fintech experts, and investors expect it to rally by more than 5000% to reach and break above $1 Million.

By the end of 2023, analysts expect it to have rallied by as much as 300% – enough to help it recapture its late 2021 highs. And by the turn of the decade, a growing number of crypto analysts, fintech experts, and investors expect it to rally by more than 5000% to reach and break above $1 Million.

>>>Buy Cryptos Now<<<

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

2. Ethereum (ETH) – Most Promising Cryptocurrency To Invest In 2023

Next up on this analysis of the best crypto to buy right now is Ethereum. Several factors make Ethereum one of the best cryptocurrencies to invest in today. The first is the unmatched resilience that has seen it post a quick rebound and rally to new peak prices after every crypto market crash. This has investors convinced that it will rally by the 400%+ needed to recapture its 2021 highs and possibly race up to new highs once the market starts recovering.

Secondly, there are a lot of developments taking place in the Ethereum ecosystem. The most recent being the highly anticipated switch from POW to POS consensus mechanism. This makes the Ethereum network more scalable and highly efficient.

It is also expected to cut down ETH token supply while staking a reduced number of tokens in circulation. And these two, among other key developments to the network, were expected to trigger a rebound for ETH and catapult its token prices to new highs.

We must also observe that ETH token price action is respectful of the larger market trends. It arises when the market is rallying and dips when the market crashes. Given the growing optimism towards a recovering market in 2023, investors expected ETH token prices to obey this market trend – further confirming why ETH is the best crypto to invest in 2023.

>>>Buy Cryptos Now<<<

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

3. Polygon (MATIC) – Best Multi-Chain Protocol To Buy Right Now

One of the best cryptocurrency to buy today for high potential returns is Polygon. It is one of the largest and most popular and valuable layer-2 scaling protocols for the Ethereum network. Originally designed to solve the scalability issues on the ETH network, investors watched with bated breaths as Ethereum sought to address this challenge with The Merge.

In the end, Polygon doubled down on its resilience and sustainability by not allowing The Merge to have a significant impact on its MATIC token prices. And this informed our decision to feature it among the best cryptos to buy before 2023.

Much of this may be attributed to the fact that brands are still looking for higher scalability – than is currently offered by the post-merge ETH – and will, therefore, continue using Polygon. This means that even with The Merge, experts expect Polygon to continue collaborating/partnering with brands that will expand MATIC token use cases, effectively pushing up its prices.

Moreover, Polygon is a multi-chain protocol expected to launch on other blockchains. This will also serve to rev up the use cases and demand for MATIC tokens, which ultimately pushes their price and your investment up.

>>>Buy Cryptos Now<<<

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

4. Cardano (ADA) – Most Undervalued Crypto To Buy And HODL

One of the best cryptocurrency to invest in 2023 for proponents of the Smart Contract is Cardano. The leading crypto has a reputation for safety and was designed to address the many ills bedeviling the Ethereum network. But its commitment to safety has slowed down the development process of the Cardano ecosystem – making it appear sluggish and un-dynamic.

For instance, even though it launched in 2017, it has only integrated a handful of the meeting crypto technologies – starting with the smart contract feature it onboarded in late 2021.

This has had a significant impact on its token prices, earning it the tag of the most undervalued crypto. But over the last few months, the 8th most valuable cryptocurrency has revamped developer activity on its network. It has onboarded multiple crypto technologies and committed to significant upgrades to the Cardano network – starting with the Vasil hard fork.

These, plus ADA’s resilience, a recovering crypto market, and more collaborations/partnerships with both on- and off-chain brands, are expected to trigger an unprecedented value gain for Cardano. They also have experts convinced that ADA tokens are ripe for an untamed upward value gain.

During the incoming market recovery season – possibly in 2023 – they expect ADA tokens to rally by the 800% needed to recapture its all-time high. And these are the primary reasons why we include it in our basket of best cryptocurrencies to buy in 2023.

>>>Buy Cryptos Now<<<

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

5. The Graph (GRT) – Cheap Crypto To Invest In 2023

Next up on this list of the best cryptos to buy is The Graph. It is a revolutionary indexing protocol for querying data on such blockchain networks as Ethereum. Through effective data querying, The Graph makes it possible for developers to come up with more sophisticated, efficient, and reliable smart contracts.

The Graph is expected to play a particularly crucial role in helping advance Web3, blockchain gaming, smart contract, metaverse, and more emerging crypto technologies.

We, therefore, feature it among the best cryptocurrencies to buy in 2023 because it has a highly promising future. And among the key factors expected to help trigger its value run is the much-anticipated market recovery – expected to kick off in 2023.

We also believe it to be among the best cryptos to invest in before 2023 because it is grossly undervalued. Despite the revolutionary impact this protocol has on the market, it continues selling for pennies. Much of this can nevertheless be attributed to the slow uptake of crypto and blockchain technologies.

We, therefore, feature it here because we expect a sped-up adoption of blockchain technology to trigger its upward price correction. Not forgetting the unmatched resilience that helped it survive some of the most devastating crypto market crashes – especially the mid-2021 crypto market dip.

>>>Buy Cryptos Now<<<

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

6. Cosmos (ATOM) – Best Interoperability Token To Invest In Long Term

Cosmos is the top cryptocurrency to invest in for long-term wealth. Cosmos prides itself as the crypto of the future and the catalyst for an interoperable crypto verse. These bold claims are backed by its Inter-Blockchain Communication (IBC) protocol – a tool that allows for communication and data sharing among blockchain technologies.

It is also backed by the Cosmos SD that makes it possible for virtually anyone and their brand to create interoperable blockchain apps and programs – without the need for programming skills.

This says that its ATOM tokens will continue gaining value moving into the future. And seeing that the coin is already trading more than 70% below its 2021 highs, we expect this value gain to begin as early as next year. And this explains its inclusion in our list of the best cryptocurrencies to buy in 2023.

Some of the other reasons why we feature it here include the fact that it is massively resilient and, therefore, expects it to survive the current market downturn. We also expect a sped-up adoption of blockchain and crypto technologies to play a critical role in triggering an upward price correction for ATOM tokens.

>>>Buy Cryptos Now<<<

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

7. Solana (SOL) – Best Ethereum Alternative To Buy Before 2023

Solana is one of the best cryptos for 2023, especially when it comes to investing at a significant discount. Solana is arguably the most potent threat to Ethereum and the fastest-growing smart contract network. Although it went live in 2020, it has overtaken the likes of Cardano and is on the verge of catching up with Ethereum with regard to a number of integrated crypto technologies.

And some of the projects launched here have become immensely popular and user successful – led by the likes of Samoyed Coin meme currency, Star Atlas metaverse, and the STEPN GameFi token. But what happens when we cannot even have to worry about it?

These, plus its highly promising future, make Solana an altcoin of the future. They also form part of the reasons why we feature Solana among the best cryptos to invest in in 2023.

We also feature it here because it has performed exemplarily well in the past and proved its resilience. By the time it peaked in late 2021, it was already up its ICO by more than 130000%. And although it has lost more than 80% of this peak price, its historical performance during market downturns and the level of developer activity taking place on the network have everyone convinced it would rebound fast.

>>>Buy Cryptos Now<<<

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

8. Shiba Inu (SHIB) – Best Meme Coin To Buy Before Next Market Rally

Crypto hunters looking to buy top digital assets on the cheap might also consider Shiba Inu as the best cryptocurrency to invest in 2023. Shiba Inu is one of the most popular and valuable meme coins.

SHIB also has one of the largest communities of followers online – ranging from celebrities to crypto influencers. It shot to popularity during the early 2021 market rally when it rallied by more than a million percent in less than three months. It also rebounded fast and rallied to new highs after the mid-year market crash. And these have everyone convinced that SHIB is the best crypto to buy and hold before the next market rally – possibly in 2023.

But the stellar price performance and massive resilience aren’t the only reasons why we consider SHIB the best cryptocurrency to buy in 2023. Others include the fact that there have been a lot of developments within the Shiba Inu ecosystem. And they are all expected to have a positive impact on SHIB token prices. These include the launch of the Shiba swap DEX, the Shib token launch, and the increased burn rate for SHIB tokens.

We also cannot rule out the possible revival of the meme coin frenzy that helped SHIB post unimaginable gains in 2021. We also expect its large community of followers to try to trigger multiple artificial price pumps as soon as the market starts recovering, adding to the reasons why it is worth buying today.

>>>Buy Cryptos Now<<<

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

9. The Sandbox (SAND) – Fast-Growing Metaverse Project To Buy At The Current Dip

The Sandbox is one of the most popular, valuable, and fastest-growing metaverse projects. It also has solid fundamentals and intends to eventually morph into the largest blockchain-based social media platform in the world.

Additionally, there have been a lot of developments taking place in The Sandbox metaverse, especially the integration of such crypto technologies as NFT and play-to-earn games. And all these are aimed at solidifying the SAND token’s position as the crypto of the future.

These form part of the reasons why we feature SAND among the best cryptocurrencies to invest in 2023.

Others include its resilience, which our analysts believe will play a key role in helping SAND survive the current market downturn. And given the metaverse token’s respect to crypto market dynamics, we also expect a recovering crypto market to have a significant impact on SAND tokens. Not forgetting the many collaborations and partnerships with both on- and off-chain brands that SAND token is yet to cash out.

>>>Buy Cryptos Now<<<

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

 

10. Stellar (XLM) – Cheap Crypto Coin With Growing Use Cases

The final project to consider on this list of the best crypto to buy right now is XLM. Stellar Lumens is woven off the same cloth as Ripple and promises to revolutionize the global banking industry.

Stellar intends to solve the financial inclusivity challenge facing the majority in the world – considered underbanked or unbanked – by giving them access to decentralized banking services. This effectively makes it the ultimate crypto of the future.

Such optimism about its future value in the crypto verse has helped sustain XLM’s uptrend. And as we approach the upcoming market recovery, we expect this resilience to continue fueling altcoin’s upward gains. This explains its inclusion in our index of best cryptos to buy in 2023.

The altcoin is already trading more than 85% below its January 2018 highs. And given its overreliance on Ripple’s price action, we expect a positive verdict in the ongoing Ripple vs SEC case later in the year or early 2023 to have a positive impact on XLM token prices. Either way, we expect a recovering market to help thrush XLM token prices to rally by as much as 400% before the end of 2023 to recapture its 2021 highs.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

 

How to Invest in the Best Crypto 2023

Do you want to start buying either of these crypto assets immediately and aren’t sure how to get started? We recommend registering with the all-popular and user-friendly popular crypto exchange. The process is straightforward, and you could invest in crypto in less than 5 minutes.

Step 1: Register an account

Search for a crypto exchange on your browser and click on the “Join Now” option on the exchange’s official website. Complete the registration form that pops up by keying in your name, address, phone number, email address, and country of residence, as well as your income sources and trading experience.

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Virtual currencies are highly volatile. Your capital is at risk.

Step 2: Verify your identity

You will also need to verify your identity by uploading a copy of a government-issued identity card, be it a driver’s license or passport.

Step 3: Deposit funds into the approved account

Once the account is approved, log in and on the user dashboard, tap the “Deposit Funds” icon on your user dashboard. On the funding tab that pops up, choose your preferred payment option and follow the prompts to complete the cash transfer.

Step 4: Choose the crypto you wish to invest in

On the user dashboard, click on the “Discover” tab to reveal the asset classes supported on eToro. Choose ‘Crypto’ and identify the digital asset you wish to buy from the list of cryptocurrencies supported on eToro that pops up here.

Step 5: Invest in best cryptos

Hit the “Buy” icon against your preferred crypto asset. On the trading menu that pops up, customize the trade by indicating the number of tokens you wish to invest in or the amount of fiat you wish to spend on the purchase. Then hit the “Open Trade” button to initiate the transaction.

Conclusion: What is the Best Crypto to Buy Now?

There goes what our analysts and the majority in the crypto community believe to be the best cryptocurrencies to invest in today. We have told you why each of these cryptos is worth buying today and their most likely future price action.

In summary, this guide has revealed the top 10 best cryptocurrency to invest in 2023 for long term returns. By discussing a range of different projects with various objectives and goals, this ensures that investors can diversify with less risk involved.

Overall, however, we would argue that Bitcoin or Ethereum is one of the best cryptos for 2023. Both coins are currently undervalued.

 

FAQs

What is the best crypto to invest in Today?

Bitcoin remains the best crypto to invest in right now because it has not only proven its resilience, posted incredible gains in the past, has the backing of a highly reliable and trusted blockchain technology, but also has a highly promising future.

Which crypto coin will explode ?

No one can pinpoint with utmost accuracy what cryptocurrency will explode soon. Nonetheless, we are confident that Ethereum could be the next crypto to explode. We, however, have discussed other projects that will shoot to unprecedented heights over the next few months if the market starts recovering.

Which is the best crypto of the future?

Several coins on this list have a hugely promising future, and their value is expected to explode over the next few years. They include Solana, Decentraland, Uniswap, Polygon, Ethereum, Binance Coin and even Bitcoin.

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