Tekedia Capital announces investments in Pass and TradeGrid. Nigeria’s Pass is an emergent digital bank with an operating layer of one-click checkout which reduces abandoned carts for online merchants. It has partnerships with Gokada, MaxNG and other digital platforms including some major multinational FMCGs.
TradeGrid is a California-based company but wholly operating in Africa. It is an online marketplace focusing on connecting all parties in the downstream sector of the global new energy, and oil & gas industry. Other services offered by the firm include finance, logistics, amongst others.
At Tekedia Capital, our goal is to deploy $millions of dollars in category-king companies that would build the Next Africa. We do that by pooling resources through a syndicate where members invest together. Learn about Tekedia Capital and join us here – https://school.tekedia.com/tekedia-capital/
Tekedia Capital offers a specialty investment vehicle (or investment syndicate) which makes it possible for citizens, groups and organizations to co-invest in innovative startups and young companies in Africa and around the world. Capital from these investing entities are pooled together and then invested in a specific company or companies.
We invest in mainly technology-anchored companies and are sector-agnostic which means those companies could be operating in any industry, including finance, real estate, education, health, logistics, etc. The opportunity is open for individuals in Africa, Africans in diasporas, global citizens in any place in the world, investment groups and organizations around the world.
Coinbase, the largest American cryptocurrency exchange platform went public through direct listing on Wednesday with a record $100 billion valuation.
The listing, which makes Coinbase the most valuable exchange in the world, has come with a wave of noise, and for a company that is little over 10 years old, it is expected. It has also propelled gains for other cryptocurrencies.
Leading cryptocurrency, bitcoin rose above $64,000, a record new high during the week. Dogecoin, which originally started as an internet parody more than seven years ago, has surged more than 85% in the last 24 hours and is trading at $0.13, putting Its market cap at over $17 billion.
The cryptocurrency market has continued on its frenzy trajectory, buoyed by growing institutional acceptance and recent investors’ welcoming attitude.
Bitcoin hit $1tr in market capitalization in just 12 years, faster than the biggest names in Silicon Valley and Wall Street. It took Microsoft about 44 years to hit a valuation of $1 trillion. Apple took 42 years, while Amazon took 24 years and Google took 21 years.
Coinbase, whose users primarily deal in bitcoin and ethereum,reported last week that its revenue soared 847% in the first quarter to $1.8 billion, and that it now has 56 million verified users. Analysts said its $100 billion listing marks a watershed moment for cryptocurrency.
How Bitcoin is minted
“Coinbase is the watershed moment in terms of legitimizing some valuations you see in crypto, particularly around DEXs who have a tiny fraction of the amount of employees and opex [operating expenses] that a Coinbase or ICE has. Crypto is an asset with incredible volume and diversity, which is poised to grow even more. Coinbase showcases how profitable exposure to this market can be. Also, I expect a wave of M&A and VC activity on the heels of this as private investors will be asking their fund managers for exposure to this space,” said Ben Lilly, co-founder of Jarvis Labs.
The exchange platform’s shares opened at $381 today, a change of around 52% percent. It has moved above $400 as of the time of filing this report, putting its value above $105 billion, larger than the NYSE and Nasdaq combined.
With its 56 million verified users, the company hosts 6.1 million monthly transacting users, according to its first quarter financial statement, released this week. With its huge user-base, Coinbase estimates that it scored between $730 million and $800 million in profit on revenues of $1.8 billion during the first quarter of the year.
With the gain recorded across the cryptocurrency market during the week of Coinbase listing, analysts believe the craze is just getting started.
“Digital currency and the digital dollar, those are all things that the government should actively be pursuing. The ship has sailed in crypto. Crypto is a phenomenon, whether or not anybody wants it to be or not. It’s here to stay,” Coinbase Chief Operating Officer Emilie Choi said in an interview with Protocol on Wednesday morning.
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said he believes the Coinbase “IPO” could boost Bitcoin to $70,000.
“Coinbase IPO May Boost Bitcoin to $70,000, Like Tesla to $60,000 — The lowest 30-day volatility since October indicates Bitcoin is ripe to exit its cage and bull-market continuation is favored for the next $10,000 move. Similar to Tesla’s equity-wealth allocation to Bitcoin..”
While the fear of volatility remains, Coinbase’s historic listing has made a statement: cryptocurrency can no longer be taken for granted.
Coinbase, a cryptocurrency exchange, hasevolved to become the largest publicly traded exchange in the world. It began life in Nasdaq today and closed the day at $85.8 billion. With that, it has eclipsed the previous king, Hong Kong Exchange, which has a valuation of about $74 billion. Yes, Coinbase is more valuable than Nasdaq which houses it!
Coinbase, the largest U.S. cryptocurrency exchange, made history by going public on Wednesday, closing at $328.28 and giving it an initial market cap of $85.8 billion. The Nasdaq had set a reference price of $250 a share. Coinbase is the first major digital currency exchange to go public in the U.S., and the company recently estimated that it oversees about 11% of the total cryptocurrency market. The move also comes a day after Bitcoin reached a fresh high above $63,000, having more than doubled its price this year.
So, a public market has now validated everything: Coinbase which helps people buy and trade cryptocurrency has real value. It is no more the secret Wall Street traders, but real people who are pumping money to make this clear call. Yes, there is nothing else to expect as real people have voted with their money.
And if Nigeria is reading, this game is ending very soon. You need to take a better position by regulating cryptocurrency, and allow your young people to participate. Follow the clear instruction of the Vice President of the nation where henoted: “There is a role for regulation here. And it is in the place of both our monetary authorities and SEC to provide a robust regulatory regime that addresses these serious concerns without killing the goose that might lay the golden eggs. So it should be thoughtful and knowledge-based regulation not prohibition.”
We need to stop our own-goals – and listen to Prof Yemi Osinbajo, a professor of Law.
This observation may not be evident to many, but it has played like this for years: Edo and Delta states have always done very well in Nigeria’s National Sports Festival. In short, if you have been looking at the data for years, the Southsouth geopolitical zone has outperformed other regions. In the current edition, here is a breakdown of the topmedal table:
What do lawyers do during deals? What is due diligence and how do you position your firm to pass one? What is transaction intelligence? What do market makers look for? A Partner at @Niccom LLP, Barrister Chike Obimma, will be in Tekedia Live tomorrow to discuss Transaction Due Diligence and Business Intelligence.
Thur, April 15 | 7-8pm WAT | Transaction Due Diligence/Business Intelligence – Chike Obimma, Partner at NICCOM LLP (Commercial Law Firm) LLP.
Zoom link in the Board.
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