Throughout blockchain’s history, the initial emphasis on money still holds a firm grip on the technology’s public imagination. But non-financial advocates have long touted the potential of smart contracts and other processes to transform them.
For example, Owen Odia, Nigeria country manager at global cryptocurrency business Luno, recently told PYMNTS that “Blockchain can impact every sector, from the public sector to logistics and retail. [three advantages]Transparency, access to information, [and] Transaction Speed”.
Watch the interview: Emerging market consumers Lukewarm at the price of CBDCs
Certainly, for believers in the transformative potential of blockchain, the past week has seen some exciting developments. As cryptocurrencies are gaining mainstream acceptance in Europe, the Middle East and Africa (EMEA), additional use cases are emerging on the scene.
Cryptocurrency exchange made easy
Crypto companies in EMEA continue to offer solutions for cryptocurrency exchanges and payments in an improved regulatory and economic environment.
CoinShares, one of Europe’s largest digital asset investment groups, launched a new platform this week – HAL. The new service allows users to access the CoinShares trading algorithm on their platform of choice, helping to put professional trading strategies in the hands of more investors.
In the same week, crypto exchange FTX announced that it has been granted a new license from the Cyprus Securities and Exchange Commission, allowing it to offer various services throughout the European Economic Area (EEA).
On Thursday (September 22), PYMNTS, FTX founder Sam Bankman-Fried was said to be in talks with investors to raise up to $1 billion in new funding.
Read more: Sam Bankman-Fried FTX sponsors up to $1B at $32B valuation
While FTX is now fully licensed in the EEA, the UK’s Financial Conduct Authority has warned users that the platform is operating in the country without the proper licence.
More on this: UK FCA: FTX is not recognized for doing business in the region.
Meanwhile, in Africa, Nigerian startup Safesenda recently launched an app that simplifies the management, exchange, withdrawal and settlement of cryptocurrency into Naira bank accounts.
In widely reported comments, the founders of the company, Nkechi Ike-Ukaigi and Ikechukwu Ukagi, said the startup was born out of the lack of a secure and simple process for crypto-to-naira and settlement in local bank accounts in the country. . He added that SafeSenda offers a simpler alternative to peer-to-peer (P2P) platforms.
The growing MENA Blockchain market expands the use cases.
A recent report on the state of the blockchain industry in the Middle East and North Africa (MENA) shows that the technology has the potential to transform the telecom sector in the region.
One MENA-based company pioneering the application of blockchain outside of finance is Egypt-headquartered Web3 communications firm Pravica, which last week launched its decentralized networking platform Pravica Club.
Pravica, which uses the Stacks blockchain to secure communications, has added the new platform to its existing secure messaging service. An on-chain Discord, Pravica club is designed for communities seeking a decentralized architecture for chat, payments, and identity aggregation.
Pravica Club users are onboarded with their decentralized identities from BTC domains registered with smart contracts on the Stacks blockchain. This makes it ideal for groups that prioritize privacy, because no personal information is required to join and all communications are secured by blockchain.
While introducing the new product, Pravika’s founder and CEO, Mohammad Abdu, highlighted its importance to the “Web3 creative economy”. Blockchain media is “especially useful in the age of the metaverse, where individuals want decentralized identities, secure communications, and P2P financial transactions,” he said.
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