Africa - Prime Sport For Blockchain Revolution According To Binance

The Director of Binance Labs, Benjamin Rameu, reveals that the company believes Africa to be the next frontier for cryptocurrency growth.

The director believes that blockchain will enable large number of people to work together through aligned economic incentives where they can participate in their own governance codes.

The conditions controlling a Decentralized Autonomous Organization (DAO) can be decided by the token holders, for the token holders, and will eventually be independent on the whims of a politician.

Africa’s populations is predominantly young with countries like Ethiopia having a median age of 17.9 years which are quick to embrace new technology like blockchain.

The population of Africa is about 1.2 Billion people who are largely unbanked making the continent a prime destination for decentralized application that can enable its people to have access to financial services that traditional financial are unable to give in the continent.

Bitcoin Prices Hits $24,000 In Iran

Bitcoin price in Iran skyrocketed to an all time high of $24,000 recently.

The cause of this amazing bull run is a combination of foreign currency demand, economic sanctions and an improved regulatory environment by the government that has recently acknowledge Bitcoin mining as a legitimate industry.

The president of Iran himself, President Hassan Rouhani approved plans to mainstream Bitcoin mining.

The record price registered on the Iranian exchange EXIR as investors looks for an alternative store value amidst falling rial.

The Islamic country will try to leverage cryptocurrencies to compensate from the lose oil sales brought about by US economic sanctions.

Iran is not the first country to try to use cryptocurrency to circumvent economic sanctions using cryptocurrencies.

Venezuela is another country that is hit by US economic sanctions which is trying to utilized cryptocurrencies to mitigate its negative effects.

Multibillion Korean Money Manager Seeks Goldman Sach’s Crypto Expertise

A multibillion South Korean money manager and post service operator, The Korea Post has sought Goldman Sach’s expertise to learn more about cryptocurrencies.

Kang Seong-Ju, the President of the said organization reveals that he has met with David Solomon, Goldman’s new Chief Executive, in his recent visit to New York and asked to pass their know-how in the cryptocurrency area to learn its strengths and weaknesses.

There are no plans at the moment to put money in cryptocurrency according to Kang but this initiative is a baby step towards learning about the assets’ potential that might hint of possible integration.

Goldman Sachs is one of the few Wall Street firms that offers regulated Bitcoin futures and planning to introduce cryptocurrency custody services for institutions like Korea Post.

However there are no business arrangement between Goldman and Korea Post regarding a potential business partnership can be confirmed at the moment.

Coinbase Considering Crypto ETF

According to a Business insider report last September 6, 2018, cryptocurrency exchange and wallet service giant Coinbase is looking to create a cryptocurrency-based exchanges traded fund (ETF).

To do this, the crypto giant has asked the assistance of Wall Street Investment management giant BlackRock.

It has been reported that Coinbase held talks with the $6 trillion asset manager BlackRock’s blockchain working group to discuss how they can form a crypto-based ETF that will enable retail investors to gain access to the volatile crypto market.

It remains unclear whether if there are other initiatives that are at the works behind the scenes aside from the crypto-based ETF.

Coinbase’s efforts to create a crypto-based ETF comes after U.S. Securities and Exchange rejections of 9 separate ETFs submitted by three applicants.

However, the agency will review its decision with no set deadline in sight.

Australians To Invest In Crypto With Spare Change

A fintech startup based in Perth, Australia plans to improve access to investment opportunities and enhance user understanding of the new technologies that will lead to momentous changes in finance.

Through its app called Bamboo users will be able to use spare change from their electronic transactions to carry out micro-investments in crypto portfolios.

The apps investment strategy closely resembles that of the Raiz Investment App, formerly known Acorns, which enable users to make micro-investments.

The app is set to be released in Australia and the US later this year but the company has sets its sights on the market potential of developing countries such as the US.

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