A payment gateway that enables African businesses to get paid in stable cryptocurrencies, Ivorypay, recently announced a strategic partnership with Tether, the issuer of the world’s most used stablecoin, USDT. This collaboration marks a significant milestone, allowing Ivorypay to offer faster, cheaper, and more stable digital transactions across the continent.

The integration of USDT into Ivorypay’s ecosystem provides several benefits for businesses and individuals:

• Increased Affordability: Transactions are now cheaper due to Tether’s stable value, reducing reliance on volatile cryptocurrencies.
• Enhanced Stability: USDT acts as a buffer against market fluctuations, boosting user confidence in using digital currencies for everyday transactions and cross-border remittances.
• Wider Acceptance: Tether’s widespread adoption allows Ivorypay to tap into a larger user base.

“Partnering with Tether aligns perfectly with our vision of simplifying and securing crypto transactions across Africa,” said Oluwatobi Ajayi, CEO of Ivorypay. “This partnership empowers us to cater to more users and offer the fastest and cheapest digital payment solutions on the continent, ultimately boosting user trust and adoption rates.”

This collaboration is expected to significantly enhance the reliability and inclusivity of Ivorypay’s financial services across Africa. With its growing payment ecosystem (including Ivorypay for businesses and Mansa, the crypto payment app for consumers), Ivorypay is poised to drive further innovation in the African payment sector.

Bitcoin Halving Took Place: Did It Ignite a Bull Run?

The highly anticipated Bitcoin halving event, which occurred on April 20, 2024, has come and gone. Leading up to the event, Google searches for “Bitcoin Halving” skyrocketed, reflecting the potential impact on Bitcoin’s price.

What is the Bitcoin Halving?

The halving is a programmed event that occurs roughly every four years, where the reward for mining a Bitcoin block is cut in half. This event reduces the overall supply of new Bitcoins entering circulation, potentially influencing demand and price.

Did History Repeat?

Analysts predicted that the reduced supply post-halving could lead to price increases due to increased buying pressure. Historically, Bitcoin experienced a significant bull run following the 2020 halving. However, the market may have already factored in the halving event, potentially dampening its impact on price.

Market Reaction Unclear

While Bitcoin was already on an upward trend in 2024, reaching a new all-time high in March, it’s too early to say definitively whether the halving has ignited another bull run. The overall market conditions and investor sentiment will ultimately determine the price trajectory.

Economic Update: Nigeria Struggles as Egypt and South Africa Show Signs of Stability

The economic fortunes of several African nations continue to diverge significantly in 2024. Here’s a quick snapshot:

• Nigeria: Struggling with a depreciating Naira and a shrinking GDP, Nigeria faces an urgent need for economic reforms. The IMF projects its GDP to decline from $477 billion in 2022 to $253 billion in 2024 (in USD terms). President Tinubu’s policies haven’t yielded significant results so far.
• Egypt: As the world’s second-highest debtor, Egypt devalued its currency to attract investment. This strategy appears to be working, with the IMF increasing its loan and attracting additional funding from the EU and World Bank. However, Egypt’s growth is projected to slow down to 3.0% in 2024.
• South Africa: Despite slower growth (projected at 0.9% in 2024), South Africa’s relatively stable Rand and its position as the most industrialized African economy offer a more optimistic outlook.

The Race for the Top Spot:

Nigeria, previously Africa’s economic leader, has been surpassed by Egypt due to the Naira’s depreciation. South Africa also remains a strong contender in the race for the continent’s economic leadership.

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