December 1, 2021
  • December 1, 2021

Africa’s third fastest growing crypto market

By on November 3, 2021 0

The African cryptocurrency market is now the third fastest growing in the world, Bitcoin Magazine reported on Tuesday, November 2.

Data from Chainalysis showed that Africa received more than $ 105.6 billion from July 2020 to mid-2021, with the continent also leading in retail bitcoin payments – the highest in the world with volume in transactions of 7%, leading the rest of the world 5.5%.

The report states that Nigeria, South Africa and Kenya are also in Chainalysis’s Top 20 Global Crypto Adoption Index, with Africa among the largest crypto adoptions in the world.

Nigeria is the continent’s largest market and recorded a trade volume of $ 99 million in the first quarter, while Kenya and Ghana are second and third, with 34.8 million and 27.4 million respectively. dollars.

In other news, Coinbase said that users can now borrow up to $ 1 million from the company and use Bitcoin as collateral, Bitcoin.com reported.

The crypto exchange said borrowers “will only pay 8% APR without a credit check,” according to the report.

Customers will be able to borrow up to 40% of the value of bitcoin in their account up to $ 1 million. The exchange said clients would only pay interest due and there would be no prepayment or late fees, according to the report.

Meanwhile, Australia’s Commonwealth Bank (CBA) will offer its users direct access to buy, sell and hold bitcoin through its banking app in 2022, according to a Wednesday (November 3). Press release.

This makes the CBA the first bank in the country to offer direct access to bitcoin, placing it among several other financial institutions around the world that are opening up to crypto; However, it is not clear whether customers will be able to withdraw their bitcoin to an external wallet.

CBA also announced its partnerships with crypto exchange Gemini to facilitate trading, and blockchain analytics firm Chainalysis for compliance and intelligence services.

Bank users will be able to access up to 10 crypto assets, including bitcoin, ethereum, and litecoin, with a pilot program rolling out in the coming weeks.

In other news, the U.S. Securities and Exchange Commission (SEC) has delayed its decision on whether or not to approve Valkyrie’s bitcoin exchange-traded fund (ETF), a report from Coindesk said on Tuesday (November 2).

The deadline will now be extended from its previous deadline of December 8 to January 7, 2022. The Commission’s reasoning included the wish for a longer period to “consider the proposed rule change and the issues raised in the letters of comment. that were submitted about with that, ”the notice states.

Bitcoin ETFs have been highly anticipated for some time now, but none that gives direct exposure to the underlying asset have been accepted.

Meanwhile, Coinbase Global is testing a subscription service that allows customers to trade on the stock exchange at no cost, Bloomberg reported.

Customers will still have to pay the spread fees for sales and purchases, but Coinbase said the new feature is a way to test the waters on how to better serve customers, according to the report. The news comes as companies that don’t charge a fee, like Robinhood, are growing in popularity.

Finally, Siam Commercial Bank (SCB) said its subsidiary Siam Commercial Securities Company was buying 51% of Bitkub, a local crypto exchange, Bitcoin.com reported.

With this new acquisition, SCB will be able to add more long-term value as the financial world changes, according to the report. The sale closed for $ 536 million.

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