'Femi Michael, Author at Cryptotimes Africa

PayPal Sees Stablecoin Generating Revenue From Payment Flows

by 'Femi Michael August 9, 2023

PayPal USD becomes first stablecoin by a global payments giant Company sees a number of ways to monetize stablecoins PayPal Holdings Inc., which became the first global payments firm to launch a stablecoin on Monday, plans to generate revenue from the product from its use…

News

Bitcoin Miner Marathon’s Quarterly Loss Narrows, Revenue Jumps

by 'Femi Michael August 9, 2023

Revenue more than tripled to $81.8 million in second quarter The crypto miner sold over 1,800 Bitcoin in the last quarter Marathon Digital Holdings Inc.’s second-quarter loss narrowed and revenue jumped as the Bitcoin miner increased sales of the cryptocurrency in the…

News

Cryptos are here to stay, even with CBDCs allure

by 'Femi Michael August 8, 2023

Cryptocurrencies may continue to flourish even in the wake of greater adoption of formal digital currencies by central banks.Evidence from countries that have successfully rolled out digital versions of their fiat currencies, shows that the Central Bank Digital Currencies (CBDCs) are not…

News

Block’s Cash App Rides High: Bitcoin Revenue Rockets Amid Cryptocurrency Evolution

by 'Femi Michael August 7, 2023

The cryptocurrency realm is no stranger to volatility, but amid the ever-shifting landscape, Block, the innovative payment technology company previously known as Square, has emerged as a steadfast player. Riding on the wings of its mobile application, Cash App, Block has revealed…

Industry

US SEC gets emergency relief to halt Digital Licensing’s crypto asset fraud scheme

by 'Femi Michael August 6, 2023

WASHINGTON, Aug 3 (Reuters) - The U.S. Securities and Exchange Commission on Thursday said it had obtained emergency relief to halt Utah-based Digital Licensing Inc’s crypto asset fraud scheme involving 18 defendants. The SEC obtained a temporary asset freeze, restraining order, and…

Coins

US jobs data makes South Africa Rand gains

by 'Femi Michael August 6, 2023

JOHANNESBURG, Aug 4 (Reuters) - The South African rand rebounded against the dollar on Friday after the U.S. currency fell on employment data. At 1501 GMT, the rand traded at 18.4300 against the dollar , nearly 1.4% above its previous close. It…

News

Kenya suspends Worldcoin crypto over privacy concerns

by 'Femi Michael August 6, 2023

Kenya on Wednesday suspended the Worldcoin crypto project that relies on an eye scan to verify a user’s identity, citing concerns about data protection. Worldcoin, set up by OpenAI chief executive Sam Altman, began operating in June in Germany and provides users…

News

The Crypto Cycle and Monetary Policy for USD

by 'Femi Michael August 5, 2023

We examine fluctuations in crypto markets and their relationships to global equity markets and US monetary policy. We identify a single price component—which we label the “crypto factor”—that explains 80% of variation in crypto prices, and show that its increasing correlation with…

News

Central Bank of Nigeria Looking to Make eNaira Amendments to Boost Adoption and Wallet Activity

by 'Femi Michael August 1, 2023

The volume and value of transactions involving the CBDC have been relatively constrained. While the eNaira experienced a recent surge in usage due to cash shortages, the majority of wallets (98.5%) remain inactive According to the Acting Governor of…

News

Safaricom, Kenya’s Leading Telecom, Sets Up Subsidiaries to Invest in Early-Stage Emerging Technologies Startups

by 'Femi Michael August 1, 2023

According to the company, these subsidiaries will be dedicated to supporting both seed-stage and growth-stage startups. The new subsidiaries are not intended to replace Spark Fund, which was launched eight years ago. safaricom, the leading telecommunications company in Kenya, says it will…