The CEO of The Nigerian Economic Summit Group just sent an email, informing the Design Workshop leaders of the postponement of the 26th Nigerian Economic Summit. The Summit would have started on Monday. To the Discussion Leaders and the invitation-only participants I had nominated, please take note. Largely, there was no other option. 

The Nigerian Economic Summit Group regrets to notify you that due to current state of affairs in Nigeria, the 26^th Nigerian Economic Summit scheduled to hold from Monday 26^th to Tuesday 27^th October 2020, has been postponed till further notice.

A new date will be communicated in the nearest time possible.

Please bear with us as we regret any inconvenience this might cause you.

We thank you for your understanding.

‘Laoye Jaiyeola

I wrote here that Quibi is a bad business model. Today, we are learning that the company is shutting down. LinkedIn has included my perspective as one of the Editors’ picks. This is coming after Quibi raised $1.75 billion in funding.

Streaming service Quibi is shutting down. In a statement to employees and investors, founders Jeffrey Katzenberg and Meg Whitman said, “We are winding down the business and looking to sell its content and technology assets.” The service, which featured 5- to 10-minute video narratives meant to be consumed on a smartphone, had attracted $1.7 billion in funding in the run-up to its launch less than a year ago. Its employees will be laid off and paid a severance, anonymous sources told The Wall Street Journal.

The Verge expands the reason behind the shutting down.

Quibi, the struggling short-form mobile video startup led by founder Jeffrey Katzenberg and CEO Meg Whitman, is shutting down just six months post-launch after the company failed to find a buyer, according to a new report.

According to a Wall Street Journal report, Katzenberg called investors Wednesday to tell them Quibi was folding. That came after a restructuring firm hired by Quibi — which raised $1.75 billion in funding, including from major media companies including Disney, NBCUniversal, and WarnerMedia — provided a list of options to the company’s board of directors this week. One of the proposals: for Quibi to cut its losses and shutter the company.

Meanwhile, TikTok is fighting to ensure hate is out of its network.

The social media network that became popular for its teen dance challenges is now dealing with a problem familiar to some of its more mature competitors: hateful content. On Wednesday TikTok announced that it’s expanding its hate speech policies that already prohibit neo-Nazism and white supremacy to include “neighboring ideologies” like white nationalism and genocide theory. The service also said it will crack down on coded language and symbols TikTokers may use to spread hate speech (Fortune newsletter)

Which is a Better Business Model – Quibi vs Tiktok?

To our Nigerian members, I want to let you know that our Tekedia Community has been sending words of strength and encouragement from around the world. From Canada to Singapore to Benin Republic, the message is clear: peace and blessing.

Our immediate concern was how to pause a global product. But it seems our non-Nigerian members understand. I still apologize to all members who are not in Nigeria; a global product ideally should move on. But the challenge was that most of our staff team members are in Nigeria and with the situation there, we think it is best we give them time to “heal” psychologically. 

For Tekedia Mini-MBA Edition 2, “The Call to Execution (Summary)” is a big part of our program because it closes an edition. We will update in the Notes in the Board when that would hold next week. Our Board remains fully open but Live and Labs are paused.

Everyone should stay safe and please safety first.

Tekedia Team

Paypal Holdings Inc has delved into the digital currency market. The fintech company announced Wednesday that its customers could now buy, sell and hold bitcoin and virtual payments using the company’s online wallets.

The announcement resulted in the surge of bitcoin price on Wednesday. The company said its customers will also be able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021.

Under its cryptocurrency platform, US account holders will be able to buy, sell and hold cryptocurrencies in their Paypal wallets over the coming weeks. Consumers will be able to convert their selected cryptocurrency balance to fiat currency, with certainty of value and no incremental fees. The company said it plans to expand to Venmo and some countries in the first half of 2021.

“Paypal merchants will have no additional integrations or fees, as all transactions will be settled with fiat currency at their current Paypal rates. In effect, cryptocurrency simply becomes another funding source inside the Paypal digital wallet, adding utility to cryptocurrency holders,” the company said in a statement.

Paypal president and Chief Executive Dan Schulman said the company hopes the newly introduced service will encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by central banks and corporations.

“We are working with central banks and thinking of all forms of digital currencies and how Paypal can play a role,” he said.

Many central banks around the world, including China, are planning to develop digital currencies alternative to their fiat currencies.

“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly,” said Schulman.

Paypal has 346 million active users around the world and a record of $222 billion processed payment transactions in H1 of the year. The company believes its widely used platform will offer users around the world a chance to carry out cryptocurrency transactions as more countries embrace the national digital currency idea.

“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange,” added Schulman.

Paypal plans to feature Bitcoin, Ethereum, Bitcoin Cash and Litecoin, directly within the Paypal digital wallet. The financial service provider plans to develop the new platform through a partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.

To offer the digital currency services, Paypal secured a “first-of-its-kind” conditional Bitlicense from the New York State Department of Financial Services (NYSDFS). The Bitlicense means Paypal with commence cryptocurrency services in New York.

The company said it will provide account holders with educational content to help them understand the cryptocurrency ecosystem, the risks and opportunities related to investing in cryptocurrency, and information on Blockchain technology.

Paypal said the idea will be developed through partnership as it tries to explore the next generation of digital financial services infrastructure and enhancements to digital commerce through an internal blockchain-focused research team.

The company had in 2019, invested in TRM Labs, a company focused on helping financial institutions prevent cryptocurrency fraud and financial crime, and Cambridge Blockchain, a blockchain-based identity management and compliance software company. It was also a partner in Facebook’s Libra, though interference by US regulators forced it quit.

Meanwhile, bitcoin surged more than 5 percent to over $12,400, the highest level since July 2019, taking its total gain since last week above $1,000.

The leading cryptocoin has continued to gain since its halving in May. Analysts believe the growth is a result of economic uncertainties created by the coronavirus pandemic, which has pushed investors into search for a secure place to hide their money. Gold has proved to be a place of refuge for investors, and recently cryptocurrency, though analysts said investors should be wary of its volatility.