Mariblock Weekly: Crypto’s Double Edge: Regulation and Rising Crimes

Nigeria’s first regulated stablecoin is put online

Topline: The CNGN, a stablecoin in Naira, was launched last week and is now available on the exchange temporarily under license, Busha and the CNNG platform. (Details))

• CNNG is issued by CBDC packaged under the supervision of the Stablecoin Africa Consortium.
• As of February 9, 66.1 million CNGN tokens were in circulation, distributed between 18 holders. As the image below shows, the little-known Bantu blockchain currently has more than 75% of the total CNNG supply.

It should be noted: The Packed CBDC was one of the seven entities to which the Nigeria’s Title and the exchange commission granted provisional licenses last year.

ENAIRA VS CNNG: While CNNG and the digital currency of the Central Bank of Nigeria, the Aaira, are digital assets supported by the Naira, CNGN is issued by a private entity – similar to American stablecoins like USDT and USDC.

Why this counts: Nigeria was the first on the CBDC stage in Africa, Launch of the EAIRA in 2021.

• However, it is struggle To evolve and obtain general adoption due to technical problems with its composition, a lack of clear use cases, low consumer confidence and poor advertising.
• Can the big question: can CNGN gain a real traction, or will it be struggling like the inès-especially given the notoriety of the Nairas as an unstable currency?
• Of course, only time will tell us. But if the exchanges adopt it and natively do so in their platforms for transactions denominated in Naira, this will gain a little traction.

However, the transmitter has its views beyond cryptographic trading, targeting use cases such as payments and funding.

Zoom out: There is an increasing push for local stablecoins in Africa, with industry players defending local alternatives to dollar assets.

• In the edition of last week, we mentioned that the Kenya virtual asset chamber of trade (VACC) proposed a stablecoin Kenyan as part of its political recommendations to regulators.
• Mento Labs also actively develops localized stablecoins, including CKES, which is fixed 1: 1 at Kenyan Shilling and operates on Celo blockchain.

Starkware is launching a 4 million dollars fund for African blockchain projects

Topline:Starkware, the company behind the Ethere-2 network of Starknet Ethereum, created a venture capital fund of $ 4 million to take care of blockchain startups in Africa. (Details))

Investment focus: The fund, led by Moroccan entrepreneur Kheireddine Kamal, will invest per year in 6 to 8 start -up projects.

• Eligible startups must have small teams (1 to 5 people) and build real world products on Starknet.
• It gives priority to French -speaking startups from West and Central Africa, in East Africa, Nigeria and Ghana.

Financing details: Startups at the start of the stadium can receive up to $ 150,000 in grants.

• More advanced startups can obtain up to $ 500,000 in investments and in equity financing.
• The selected teams will also gain mentorship and access to HR industry, marketing and business growth experts.

Zoom out: African Blockchain startups historically struggled to attract funding, receiving only 1.8% of world venture capital at the beginning of 2024.

• This fund could help change this – at least for projects based on Starknet.

The South African STARTUP 6DOT50 introduces payment of cryptography for car purchases

Topline: The South African Society for Crypto 6DOT50 payments has teamed up with automotive financing platforms to allow purchases using cryptocurrency at 1,400 dealership at a national scale. (Details))

How it works: Users convert Crypto to good Fiat via the 6DOT50 platform.

• These vouchers can then be exchanged in participating automobile dealers.
• The system currently supports eight cryptocurrencies, including Bitcoin.

Global image: The regulatory clarity in South Africa has enabled companies like 6dot50 and Cryptoconvert in Thrive.

Connect with Oluwaseun to ATS

Topline: Our founder, Oluwaseun Adeyanju, will be in Nairobi this week, representing Mariblock at the Africa Tech summit.

• He would love to connect with so many blockchain and digital active manufacturers.
• Plan a conversation with him using this link.

To come soon: Round Table Mariblock 2.0

Topline: The next edition of the Mariblock round table is coming soon!

• If you missed the stablecoins edition in December, you have missed deep information from industry experts on the growing role of staboins in economic growth and innovation through Africa.

Here is another photo of the event. We shared one last week.

Here is your chance to compensate for this.

• Details will be published soon, but as a weekly Mariblock abundance, you will receive the first tête-à-tête. Stay listening for more updates!
• We are open to partnerships. Answer this email if you want to know more.

Catch up

🌍 Stablescoins find an adjustment of the product market on emerging markets (Techcrunch)

🌍 Cedar Money, a Stablecoin payment platform, collects a seed fund of $ 9.9 million (TechCrunch)

🌍 The African billionaire account pirated by cryptographic crooks (Forbes)

🌍 Africa is the key to the adoption of cryptographic mass (Cointelegraph)

The Dhabi Crypto Mining Company of Dhabi of Dhabi Phoenix Group enters Africa with a power purchase agreement (reuters / press release)

Opportunities

• Visa opens the requests for cohort 4 of its Africa Fintech Accelerator program. Deadline: March 25, 2025. (Details))
• The African Blockchain Talent Society Web3bridge has opened the waiting list for its 13th cohort. Join the waiting list here.

That’s it for this week.

Until the next time, stay informed.

Acclamations,

Ogechi.