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Insurtech Platform Curacel Raise $3 Million in Seed Funding, Plans Expansion Into North Africa

By
Ojukwu Emmanuel
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0

Nigerian insurtech platform Curacel has raised $3 million in seed funding as it plans to expand its operations into North Africa, starting with Egypt and Morocco.

The startup aims to drive insurance penetration in emerging markets via APIs enabling insurers to connect with digital distribution channels and administer their claims. The seed funding round included many local and global investors.

Speaking on the recent funds raised, Curacel Chief Executive Officer and Co-founder Henry Mascot disclosed that the startup is looking forward to delivering more technology solutions to drive up insurance inclusion.

In his words, “We are bullish on the potential of the right technology in the right places to close the protection gap across Africa and emerging markets.

“It is an exciting time for us as we secure the capital to deliver the vision and onboard the people who have built these technologies at scale in more mature markets, and we are looking forward to delivering more technology solutions to drive up insurance inclusion.”

Founded in 2019 by John Dada and Henry Mascot, Curacel is an AI-powered platform for claims processing and fraud management. It automates the insurance claims process, allowing staff to process claims volumes quickly and efficiently, and automatically vets claim to detect fraud, waste, and abuse.

Many insurers’ processes in Africa are time-consuming, expensive, and prone to fraud and waste because they use paper and antiquated technology, which has resulted in billions lost by African Insurers yearly to fraudulent practices.

Hence insurtech startup Curacel is focused on providing technology to help insurers mitigate losses while digitizing and settling more legitimate claims. The company’s co-founder Henry Mascost in an interview stated that in late 2019, Curacel started solving a problem for health insurance companies around the infrastructure for digitizing claims.

The startup is building the rails to make insurance work for the next billions of Africans and empowering businesses everywhere with the technology to embed insurance for their users.

With Grow, Curacel’s embedded insurance product, more than 100 banks, fintechs, logistics companies, and other tech-enabled companies, including ALAT (Nigeria’s first digital bank), Palmpay, Float, Providus, etc, are empowered to increase their recurring revenues by offering digital insurance products that are seamlessly embedded into their existing products and services, driving much-needed insurance penetration and customer loyalty.

The startup has processed more than $100 million worth of claims, working with more than 20 insurers and more than 5 000 service providers in 8 countries across the continent. In 2022, it grew its transaction volume by 600% and increased its revenue by 500%.

What do you think about Ordinals on the BITCOIN NETWORK?

By
Paul Ugbede Godwin
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0
Bitcoin is soaring

Basically the ERC-721 standard on Bitcoin Network allows you to “Inscribe” individual Satoshi’s with data known as the Ordinals [Bitcoin NFTs]. Anyone still bullish on what this can do for BTC Adoption, will this new discovery taint the original digital P2P cash that Bitcoin started as, I don’t know but it’s pretty wild what’s going with the Ordinals trends in the Crypto and NFT space and its great to see builders building amazing blockchain infrastructures.

Since this new meta launched weeks ago, Ordinals NFT transactions has been limited to spreadsheet OTC trading— due to a non availability of marketplace to process trades. Interestingly, Mark Hendrickson of the Hiro Wallet Project, announced on microblogging platform Twitter that; “Hiro Wallet has begun rolling out support for Bitcoin, and Ordinals for a truly cross-protocol Bitcoin Web3 experience.”

With the new bridge, Extension users can send Bitcoin from their Hiro Wallet using the same Secret Key or Ledger device for managing their STX and other assets (such as BNS names and NFTs) across accounts. Send to all Bitcoin address types, with additional support for sending to BNS names coming soon.

Users can view their BTC holdings as stored on the account’s Native SegWit address under “Balances”. They can also copy this address under “Receive” and soon reveal Taproot addresses for the deposit of Ordinal inscriptions (more on that below!). All inbound and outbound Bitcoin transactions appear within the “Activity” tab, alongside other Stacks activity such as contract executions and deployments. You can access this Bitcoin functionality now for testing by switching your network to “Testnet” with the latest version (v3.34.0) of the Hiro Wallet extension. Mainnet activation is expected soon later this week.

Meanwhile, the fun is only getting started as we roll out expansive support for both Stacks-based NFTs and Ordinal inscriptions. By connecting Hiro Wallet to apps like Gamma, you’ll be able to pay for new inscriptions and deposit them directly into your account as “Collectibles” Mark stated.

The simplest way to describe Ordinal Theory according to ChainLeft, an early advocate of Ordinal Theory — Is to track the provenance of fungible sats on Bitcoin and assign a “non-fungible” value to them. It’s up to the collectors to subscribe to accept this method and find value in it. Different methods to track provenance aren’t new in Blockchain’s.

Counterparty (XCP) tracks provenance through linked UTXOs in transactions.

Namecoin (NMC) tracks provenance through name identifiers.

Ethereum (ETH) tracks provenance through smart contracts

Ordinals are actually “sats”, not the images you see shared around. With ordinals, you could philosophically assign a “non-fungible” value to technically fungible satoshis (1/100 millionth of a $BTC). Here’s alpha: I think in the future these early sats will have a lot of value.

In a different twist, a closely followed crypto strategist is predicting a huge upside for one under-the-radar Ethereum (ETH) altcoin. Pseudonymous analyst Cantering Clark tells his 159,800 Twitter followers that he has his eye on Hashflow Token (HFT).

The last tickerless chart I shared did a 3x this week. I have been building a spot position in this one patiently because the setup is looking like it has quite a move ahead of it. Three things in its favor.

New coin and new chart effect.

Not microcap but not overweight already.

Low unit bias.

Although, Cantering Clark initially shared a tickerless chart, he eventually unveiled the name of the low-cap altcoin on his radar. “This is not a microcap but smaller never the less so be mindful, but HFT looks like it is going to push much higher before what is probably a long corrective re-accumulation period. I am long.”

Hashflow is the 262nd-ranked crypto asset with a market cap of $110.87 million. At time of writing, HFT is trading for $0.62, up more than 20% in the last 24 hours. Looking at the analyst’s chart, he believes HFT could rally to as high as $1.02. The blockchain project recently announced a roadmap for 2023, which includes plans to launch the Hashverse, Hashflow’s gamified, storyverse-driven decentralized autonomous organization (DAO) that allows users to stake tokens, complete quests and earn non-fungible tokens (NFTs).

Hashflow is built on the Ethereum network for interoperability, zero slippage and miner extractable value (MEV)-protected trades. Decentralized exchanges (DEXes) traditionally rely on automated market markers (AMMs) to enable on-demand trading of assets, but Hashflow uses a request-for-quote (RFQ) model that allows for professional market makers to manage liquidity pools. Next, Cantering Clark says a key price range for Bitcoin ($BTC) is around $22,200, where he notes that the king crypto could either find resistance or break through it with momentum.

Coca-Cola Reports A Surge in Revenue in the Fourth Quarter, Beat Analysts’ Expectations

By
Ojukwu Emmanuel
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0

Giant beverage company Coca-Cola in its quarterly report, witnessed a surge in revenue in the fourth quarter, beating analysts’ expectations.

The company whose share price rose 1% in premarket trading, disclosed that its recent increase in revenue was as a result of increase in the prices of its drinks.

Coca-Cola reportedly raised prices to offset inflation and said it didn’t affect demand for its drinks during the fourth quarter. Pricing and the mix of beverages contributed 12% to revenue growth, while concentrate sales rose 2%.

But those higher prices have hurt demand for coke products like simply Orange Juice and Fairlife Milk. Coke revealed that its unit case volume, which strips out the impact of currency and price changes, fell 1% in its fourth quarter.

The Zacks Consensus Estimate for the company’s fourth-quarter revenue was pegged at $10.01 billion, suggesting 5.7% growth from the prior-year quarter’s reported figure.

The estimate for the company’s 2022 revenue was pegged at $42.9 billion, suggesting 10.9% growth from the prior-year quarter’s reported figure. For 2022 earnings, the consensus mark for earnings was pegged at $2.48, suggesting growth of 6.9% from the year-ago quarter’s reported figure.

Coca-Cola reported 45 cents earnings per share, the same as Wall Street expectations. The company’s revenue rose to 7%, reporting a revenue of $10.13 billion, compared to the $10.02 billion Wall Street expectations.

The beverage giant reported fourth-quarter net income attributable to the company of $2.03 billion, or 47 cents per share, down from $2.41 billion or 56 years per share a year earlier.

Coca-Cola said its net income fell 16% to $2 billion for the October-December period, partly because the strong U.S. dollar impacted overseas profits.

Unit case volume was flat in North America and slipped 5% in its Europe, Middle East, and Africa segment. Chief Executive Officer of the company James Quincey said last quarter that European consumers were changing their behavior in response to soaring inflation.

Both Coke’s sparkling soft drinks segment and its water, sports, coffee, and tea division reported flat volume for the quarter, although there were some bright spots. Coke Zero Sugar’s volume climbed by 9%, and its coffee business saw a volume increase of 11% as the company expanded its Costa brand.

The weakest spot was Coke’s juice, value-added dairy, and plant-based beverages segment, which saw its volume shrink by 7% in the quarter. The company said the suspension of its Russian business weighed on the division.

For 2023, Coke projects comparable revenue growth of 3% to 5% and comparable earnings per share growth of 4% to 5%. Wall Street was forecasting revenue growth of 3.9% and earnings per share growth of 3% for the year.

Old Naira Notes Are No Longer Legal Tender – Central Bank of Nigeria

By
Samuel Nwite
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0

Despite the Supreme Court’s interim order, barring the Central Bank of Nigeria (CBN) from implementing its February 10 deadline for the phasing out of old N200, N500 and N1,000 notes, the apex bank has announced that the old notes are no longer legal tender.

The development was disclosed on Monday by Haladu Idris Andaza, CBN’s branch controller in Bauchi, amid rising concern about the status of the old notes following the expiration of the deadline and the continuous scarcity of the new naira notes.

“For the avoidance of doubt, we wish to state categorically that CBN is ready and is open to receive all of those old notes based on certain conditions and criteria. Customers are free to come to the bank and deposit which they cannot do at the commercial banks anymore because the currency has ceased to be a legal tender since the 10th of this month,” Andaza said.

Earlier, the CBN governor Godwin Emefiele announced a 7-day window that follows the February 10 deadline, opened to allow people to deposit the old notes in their possession in central banks across the country.

Andaza said individuals and institutions with old banknotes can deposit them with branches of the apex bank across 36 states of the country.

“The management of the CBN decided that those customers will have a sigh of relief by coming to the offices of the CBN in all the 36 states in the federation including FCT to deposit their money. The customer has to go to the CBN portal and fill a form in the portal, there will be a form there concerning this currency redesign and exchange,” he added.

Governors of three northern states; Kogi, Kaduna and Zamfara, had earlier this month dragged the federal government to the Supreme Court, asking it to compel the CBN to rescind its policy on the new naira notes by allowing them to co-exist with the old notes. The three states cited the negative impact of the policy on the economy and the resulting suffering it has brought upon Nigerians.

In its ruling, the Supreme Court ordered the federal government to suspend the implementation of the February 10 deadline until the determination of the case on February 15. But the apex court’s jurisdiction to entertain the case has been called to question. In the federal government’s response to the lawsuit, the Attorney General of the Federation and the Minister of Justice, Abubakar Malami, said the singular fact that the CBN was not joined as a party in the suit robbed the apex court of necessary jurisdiction. He added that the federal government will be challenging the jurisdiction of the Supreme Court to handle the case on Wednesday.

Although Malami assured that the federal government will obey the order of the apex court in compliance with the rule of law, several reports indicate that the old notes are now being rejected by both commercial banks and the general public. It was gathered that the Lagos Island and Ikeja High Court registries turned down lawyers and litigants who attempted to make payments with the old notes, insisting that they pay only with the new naira notes.

According to reports, the registries began to reject the old notes because deposit money banks; namely FCMB, Polaris, UBA, and Fidelity, had refused to collect the old notes they had received from lawyers and litigants earlier.

The Supreme Court order was seen as a reprieve as scarcity of the new naira notes made the implementation of the naira redesign policy chaotic. It is not clear what will be the outcome of the three states’ lawsuit on Wednesday. But from what is currently playing out, further order from the Supreme Court against the naira swap policy will likely not be obeyed by the CBN.

In addition to the apex court’s questionable jurisdiction to handle matters relating to the naira redesign policy, economic experts have warned that using the courts to thwart policies of the central bank undermines its independence and sends the wrong signal to foreign investors.

Big Eyes Coin – a Rare Meme Coin with High Token Utility Plus Orca Network, Fundlife International And Seashepherd Emerge As Contenders

By
TI Partners
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0

For the longest time, meme coins have been known for their mass appeal, not utility. This is quite natural when you have famous celebrities like Elon Musk promoting cryptocurrencies by teasing possible scenarios; using Dogecoin as a payment option for Tesla cars is one instance of this.

Cryptocurrencies attracting unreasonably high inflows of cash without having any utility or a clear use case is a problem that the crypto industry faces on a regular basis. It’s what gives this nascent asset class a lousy reputation in the eyes of traditional banks and classically-attuned investors who are used to committing their money to major stock indexes such as the S&P 500.

So why are we still talking about crypto or meme coins?

Despite current events, there are still good, reasonably priced investments in crypto that provide you with a good return and have clear utility. And what’s more, we’re starting to see this in meme coins as well.

The subset of cryptocurrencies that started out as a joke among investors and speculators is now starting to produce meme coins that have clear use cases and that are actually useful to society and the environment. To prove it, we have a strong contender below.

Big Eyes Coin Wants to Save The Oceans And Here’s How They’ll do it

A cat-friendly meme coin, Big Eyes Coin is one of the few options on the market out there that holds plenty of appeal to investors and community members alike.

Big Eyes Coin is still in its presale, giving people the chance to get in on the ground floor of the investment and earn upside on their purchase. The meme coin has successfully raised $25.77 million so far and is in its 11th stage of funding.

With a price appreciation of 20% at every stage, you could have made more than 7 times your original investment if you put your money in from the start.

For the growing crowd of community members, Big Eyes has plenty of features in the works. A superstore; an upcoming Uniswap launch; regular airdrops in tokens and collectibles are just a few of them.

But what makes Big Eyes Coin a high-utility token? It has an eco-friendly goal of repairing the ocean’s ecosystem and to achieve this, 5% of all tokens will be donated to the following charitable organizations: Orca Network, Fundlife International, and Seashepherd.

If Big Eyes Coin achieves its ultimate goal of reaching $1 in token price, the donations towards its eco-friendly initiative will run in the billions since the total supply of Big Eyes Coin is 200 billion!

While this is a huge philanthropic goal, Big Eyes Coin was made for profit too. A limited-time promo code “LAUNCHBIGEYES200” gives out 200% bonus tokens to anyone who makes a purchase. Look at it this way: If you were to invest $10 in Big Eyes, the promo code gives you $20 in the form of Big Eyes Coins.

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

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