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Unfavorable Macroeconomic Conditions Force Nigerian Crypto Startup Quidax to Downsize Workforce

By
Ojukwu Emmanuel
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0

Nigerian crypto startup Quidax has laid off 20% of its workforce, citing unfavorable macroeconomic conditions.

The startup however clarified that its layoff is not related to the recent FTX upheaval, which has no doubt negatively impacted the crypto industry.

Quidax lay off some members of its workforce coming months after the crypto startup sponsored the Seventh season of the Nigerian reality show, Big Brother Naija.

The startup joins the likes of other Nigerian startups such as Wave, Vezeeta, SWVL, Kuda and 54 gene that have laid off some members of its workforce this year.

In a statement, the startup said,

“We have some difficult news to share with our community today. Following the economic downturn around the world, we have had to make some tough decisions at Quidax.

“We had to say goodbye to 20% of our exceptionally talented people. We deeply value our people and it has not been an easy decision to make.

“In June 2021, the global economy was on track to stage a solid post-COVID recovery with at least a 5.6% growth.

“Things were looking up and we made several plans and growth projections as a company at the start of 2022. In 2022, the three largest economies – China, the USA, and the Euro area – saw reduced growth. This has affected the global economy, which slowed to 3.2% growth”.

Laid off employees at the startup will be given a severance package coupled with a health insurance package for them and their families.

Quidax further went ahead to douse the tension of its customers by assuring them that their funds are safe as they are insured through an insurance cover.

This year, the crypto startup has made several moves to support its vision, which included the signing of Mavin records founder and CEO Michael Collins popularly known as ‘Don jazzy’ as its brand ambassador.

In September, the company also announced the launch of a US Dollars (USD) savings feature which enables customers to earn up to 10% annual interest when they save in USD with interest paid daily.

Launched in 2018, the startup has processed over 3.2 billion dollars worth of transactions since its launch and has grown its customer base from 50 customers in 2018 to over 400,000 customers across 72 countries today.

Ghana to Use Gold to Buy Imported Petroleum Products As Inflation Soars

By
Samuel Nwite
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0
A man holds Ghanian currency in his hands on September 20, 2016 in Accra, Ghana. Ty Wright/Bloomberg News

Ghana’s Cedis, by virtue of misfortune, became the worst performing currency in the world – compounding the country’s troubled economy as inflation accelerated as much as 37.8% as at October.

As part of efforts to tame the inflation that has seen the cost of living skyrocket in the West African country, Ghana’s central bank has continued to raise its benchmark interest rate. Last month, the monetary policy committee lifted the cost of borrowing by 250 basis points to 24.5%, as cedis weakened 41% against the dollar in 2022.

Despite attempts by the authorities to curtail the impact of rising inflation, Ghana’s economy has been spiraling downward, forcing businesses to shut down as the cost of fuel and other goods and services soar.

In October, Ghanaian traders locked their shops in a three-day protest aimed at bringing the plights of businesses to the notice of the government. Joseph Obeng, the leader of the Ghana Union of Traders Association, the country’s largest lobbying group for retailers, said that soaring inflation, which has pushed exchange rates up, has “deeply eroded” the capital of business owners by over 50% this year.

“As I speak to you now, we are not able to service our loans contracted by local banks and external suppliers. We are now at our weak end and can no longer endure any further suffering,” Obeng said.

Against this backdrop, the government on Thursday announced that Ghana is developing a new strategy that would see it buy oil products using gold rather than U.S. dollar reserves. This move was announced on Facebook by Vice President Mahamudu Bawumia. He said the plan is to protect Ghana’s foreign exchange reserve that has been on massive decline due to intense pressure from dollar demand by oil importers.

The weight of the demand, which falls heavily on Ghana cedis as oil cost rise globally, has been responsible for the currency’s decline – driving the cost of living up.

Bawumia said the gold-oil barter regime would take pressure off cedis by preventing exchange rate from impacting the cost of goods and services.

“The demand for foreign exchange by oil importers in the face of dwindling foreign exchange reserves results in the depreciation of the cedi and increases in the cost of living with higher prices for fuel, transportation, utilities, etc.

“To address this challenge, the Government is negotiating a new policy regime where our gold (rather than our US dollar reserves) will be used to buy oil products. The swap of sustainably mined gold for oil is one of the most important economic policy changes in Ghana since its independence.

“If we implement it as envisioned, it will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency with its associated increases in fuel, electricity, water, transport, and food prices. This is because the exchange rate (spot or forward) will no longer directly enter the formula for the determination of fuel or utility prices since all the domestic sellers of fuel will no longer need foreign exchange to import oil products,” he explained.

Ghana has about 8.74 metric tons in gold reserves, a quantity that is considered large enough for the gold-oil barter regime.

The government has ordered all large-scale mining companies to sell 20% of their entire stock of refined gold at their refineries to the Bank of Ghana from Jan. 1, 2023.

“The Bank of Ghana and the Precious Minerals Marketing Company (PMMC) will coordinate with the large-scale mining companies to ensure compliance with this directive,” Bawumia said.

“The gold to be purchased by the Bank of Ghana and the PMMC will be in cedis at spot price with no discounts,” he added.

African Digital ROSCA Fintech, AjoMoney, A Tekedia Capital Portfolio, Rebrands to Tyms Africa

By
Ndubuisi Ekekwe
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0

Tekedia Capital made an additional investment in AjoMoney this month. Today, we are excited to announce that AjoMoney is now called Tyms Africa: “The new name Tyms Africa is from the word Times which can either mean multiple or period. Two months ago, we pushed out a sub-product using the name Tyms, which is the Tyms Microcredit powered by ROSCA for financially excluded Nigerians. We were able to communicate our solution and differentiate our offerings easily without the need to include the name ‘ajo'”. 

The core business remains – and that is digitizing the rotating savings and credit association (ROSCA). Well done Ibrahim Adepoju and Chineye Ochem. 

To learn more about Tyms, go here https://tyms.africa/ . For Tekedia Capital, here https://capital.tekedia.com/ .

With this rebranding, the focus will now be on the great products instead of why ajo, not esusu, ego ozuzu, etc.

AjoMoney, a Nigerian Fintech founded in 2021 to digitize the rotating savings and credit association (ROSCA) which is also known as ajo or esusu or adashe in Nigeria has announced its ongoing rebranding across platforms and name changed to Tyms Africa.

AjoMoney has been a good name but it has limited us to just ajo in areas of sales, pivoting, expansion, customer relations, and better communicating our offering beyond the regular ajo. While ajo is a term used for ROSCA by the Yoruba tribe in Nigeria, it could also be referred to many other forms of savings beyond the community financing network.

We are building an alternative financing and credit platform by leveraging on the rotating savings and credit association (ROSCA) model to serve micro businesses in need of microcredit as well as SMEs, corporate employees, and even Africans in the Diaspora. We make it possible for them to leverage their community in a more modern and digital approach with data-driven membership decisions.

Over time, many couldn’t differentiate our solution from other brands whose names also contain the word ‘ajo’, until they took their time to consume our service, and this was making it difficult for a lot of people to understand our differentiation.

The new name Tyms Africa is from the word Times which can either mean multiple or period. Two months ago, we pushed out a sub-product using the name Tyms, which is the Tyms Microcredit powered by ROSCA for financially excluded Nigerians. We were able to communicate our solution and differentiate our offerings easily without the need to include the name ‘ajo’.

Also, our customers have experienced multiple growths (multiple) in their endeavours using our platform and we always come in when they need us the most (period).

So, we decided to go with a name that communicates our solution and customers’ experience, with enough flexibility to alternate the solution, introduce new products and also ease our local and international expansion.

With our ongoing expansion in Rwanda and Uganda. We also see the name as the best fit for our product.

Over the next month, Tyms Africa will extend the penetration of its inclusive microcredit solution powered by ROSCA to micro businesses (i.e mom and pop shops) who will be able to access burden-free short-term credit to scale their business without the need to submit a bank statement, no internet required and no collateral required. AsidesTyms Microcredit, Tyms ROSCA, which is the digital ajo or esusu for MSMEs and corporate employees have also been upgraded with full functionality, securities, and automation, making it possible for Africans at home and in the diaspora to collectively run a contribution without hassles.

Big Eyes On A Mission To Upset Cardano And Hedera With Its Value-Studded Protocol

By
TI Partners
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0

With the raging crypto collapse, the cryptocurrency market has become increasingly unpredictable, and it won’t be much of a surprise if the top-rated tokens start dropping in valuation. Big Eyes is a new meme coin project about to hit the market, and its launch could displace coins like Cardano and Hedera from their positions on the crypto charts. Here’s a review of Big Eyes’ key features and why it’s the next big thing in the cryptocurrency market.

Cardano (ADA) The Fast Transaction Crypto

Cardano launched in 2017 and became an instant success among users because of its innovative policies in the cryptocurrency market. The token ranks among the top 10 tokens on the significant crypto charts, proving its popularity in the crypto space.

Cardano (ADA) is famous for its fast transaction execution and low gas fees. Both are due to its novel blockchain model and the Ouroboros protocol it runs. The combination of both is responsible for the platform’s success.

The Cardano blockchain consists of two layers, a settlement layer, and a computing layer. The settlement layer handles all the users’ wallets and accounts, ensuring they are accurately balanced. The Ouroboros protocol, a proof of stake protocol, is located on the settlement layer to verify the account settlement after every transaction. On the other hand, the computing layer is responsible for executing transactions.

Cardano is powered by the ADA token, which functions as a voting and a tradable token. It sells for $, according to CoinMarketCap.

Hedera (HBAR) The Enterprise Grade Crypto

Hedera (HBAR) is an enterprise-grade cryptocurrency platform, as it plans to cut across several markets in the crypto space to satisfy user demands. The platform launched in 2020 and hopes to offer a fast and secure network for its users.

The Hedera network will operate on a Hashgraph technology, which comprises a proof of stake protocol alongside a gossip protocol ensuring peer-to-peer interactions. The platform also supports smart contract 2.0, a version of smart contracts superior to the older ones. These would guarantee a more predictable gas fee rate than the unstable rates associated with other smart contracts.

HBAR is the official token for the Hedera network, and it functions as a governance token and a staking token, as it is used to secure the network.

Big Eyes (BIG) The New Meme Coin

The Big Eyes platform is gaining traction in crypto as the community only keeps growing daily. The presale was a testament to the token’s popularity, earning more than $9.5 million in about two months.

Big Eyes (BIG) will be looking to take advantage of the crypto collapse to rise through the ranks in the cryptocurrency market. The central focus of the token’s protocol is the NFT club, Sushi Crew, which will allow the members to mint and manage their own NFTs from their profiles. The developers have loaded the club with discounted tokens for sale to members, which will further increase participation on the Big Eyes platform.

Big Eyes (BIG) has made significant progress in preparing the platform for the launch date. The token now features smart contracts, which will help automate the network. The coin has been listed on CoinDex and Coincheckup, and users anticipate listing on CoinMarketCap and CoinGecko to increase its reach within the crypto space.

Big Eyes (BIG) is also interested in giving back to society through charity. The token is most interested in conserving marine life within the oceans. To this end, the developers have planned to donate to charities in fish conservation worldwide. Such projects will be funded by a unique wallet containing 5% of the total token supply.

The Big Eyes platform has lots of potential for the future, especially in the NFT trade aspects. Its memecoin status will also make it gain more followers among crypto users, thus increasing traffic on the website and the token’s cryptocurrency price.

Join the Big Eyes presale today to book your tokens before the coin officially launches. Get ready for the Black Friday special offer by clicking here (becomes live Friday the 25th), and using the code BLACKFRIDAY50!

To learn more about Big Eyes, Check out this video.

Big Eyes Coin (BIG)

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

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

Big Eyes Coin Almost Hits The $10M Mark – Will It Join Bitcoin At The Top?

By
TI Partners
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0

Big Eyes Coin (BIG) is a new cryptocurrency that is preparing to launch into the crypto world. Currently, it is in presale and has raised over $9 million during its presale phase. Approaching the $10 million mark, it seems as if Big Eyes is on the right track to big success. But, can it join Bitcoin (BTC) at the top?

Market Leaders: Bitcoin, Ethereum, Dogecoin

Bitcoin is the number one cryptocurrency in the world. It is the most popular and has held the number one position since it launched. This is due to Bitcoin being the very first cryptocurrency to exist. The success that cryptocurrencies have seen over the years is credited to Bitcoin as it introduced the new idea of digital currencies to society.

Although Bitcoin was not popular when it first came out, it managed to gain popularity over the years. This is because when Bitcoin and the idea of crypto were initially introduced, the majority of individuals were hesitant about the reliability and security that came with it. But now, crypto has been adopted worldwide and Bitcoin remains at the top.

Ethereum (ETH) and Dogecoin (DOGE) are also two cryptocurrencies that have seen major success in their time and are two of the biggest market leaders alongside Bitcoin. This is due to their originality as they stand out in the market. Ethereum is the largest blockchain in the crypto world and is unique due to its advanced smart contract technology. Similarly, Dogecoin is unique as it brought forward the concept of meme coins – where crypto users can come together as a community and share an interest in online memes.

Bitcoin, Ethereum, and Dogecoin have all seen big success over the years due to their originality. This has led them to become some of the biggest cryptocurrencies in the world. Is Big Eyes on track to do the same?

Big Eyes Coin Learns From The Best

Big Eyes is a meme coin and has been doing well during its presale phase. At the time of writing, Big Eyes is in stage six of presale and is coming up to the $10 million mark of funds raised during this period. This is an exceptional figure for a new project to raise so early on in its journey, providing users with strong hopes for it being successful in the long term.

As mentioned above, a strong way for a crypto project to become successful is credited due to its uniqueness. Fortunately, Big Eyes does just that by standing out from the crowd and creating a different meme coin that opposes the typical ones.

Many meme coins take on a dog theme which is the most common theme when it comes to meme coins. This is because new projects want to be associated with Dogecoin as it is the biggest meme coin. However, Big Eyes has taken a different approach by adopting a cat theme which has not been seen in the meme coin sector before.

Ensuring to stand out in the market and have a variety of features to attract a wide audience, it seems as if Big Eyes has the potential to become a market leader in the long term. For example, Big Eyes is set to release its very first NFT collection very soon. Users who purchase a Big Eyes NFT will have access to the exclusive Big Eyes Sushi Crew – a club for NFT holders.

With a lot to offer, it seems as if Big Eyes will do well once it has launched. Learn more about Big Eyes below.

 

Big Eyes Coin (BIG)

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

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

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