Coinbase Expands to Africa, A Partnership with Yellow Card Will Make It Happen

Coinbase has partnered with Yellow Card to expand access to its products to 20 African countries.

On January 11, cryptocurrency exchange Coinbase unveiled its partnership with Yellow Card, the largest and most licensed Stablecoin on- and off-ramp on the African continent, to expand access of its products to emerging economies across the African continent.

“Our new partnership […] will help usher in the future of money by giving millions of users access to USDC and fast, reliable and cheaper transactions on our decentralized and open L2 database through Coinbase and Yellow products Card,” Coinbase said in a statement on Jan. 11.

Expansion to Emerging Economies

Coinbase will expand access to its products through this new partnership with Yellow Card, starting with 20 African countries, including Nigeria, South Africa, Botswana, Ghana, Kenya and Tanzania. Both companies will provide millions of African users with access to USD Coin (USDC) on Coinbase Wallet and the Yellow Card app.

Coinbase noted that many of these countries have high inflation and rely on remittances, so it hopes the partnership with Yellow Card will offer a more economically viable way to transact in the region.

“Many of these markets also need economic opportunities for younger-than-average populations,” Coinbase added, noting that Africa is “by far” the youngest continent.

Coinbase and Yellow Card hope to “increase economic freedom” in many of these countries, whose economies have suffered from high inflation and dependence on remittances and the lack of a modern financial system highly sought after by younger generations. As they state in their press release:

“Young people are more likely to recognize the benefits of cryptocurrencies: Nore than seven in 10 cryptocurrency owners worldwide (72%) are under 34 years old.”

Plan to Make the Global Financial System “More Accessible”

To open access to a more modern and global financial system, they will facilitate access to USDC on Base for cheaper fees and faster transactions than traditional transfers starting in February 2024.

In Coinbase Wallet, users will be able to purchase USDC directly from their Wallet Application, in addition to sending USDC without any charge to messaging applications and social networks, as they noted:

“Coinbase wallet users will be able to easily send usdc without fee on any platform where they can share a link, including messaging apps like WhatsApp, iMessage and Telegram, as well as via popular social media and email apps.”

Users of the Yellow Card platform can purchase USDC on Base and transfer via the L2 blockchain, also benefiting from cheaper fees and easy access to the stablecoin. Chris Maurice, co-founder and CEO of Yellow Card, expressed his excitement in a post on X (formerly known as Twitter). Maurice is optimistic about the future of the partnership and the solutions it could bring to African people and businesses.

The partnership aims to protect the savings of users across the African continent from “unstable currencies” and economic volatility due to high inflation rates of up to 18.5%. They will offer lower shipping rates, with the maximum rate being 2%.

In addition to offering access to the global financial system to small and medium-sized businesses (SMEs) by allowing merchants to set up a Wallet in less than a minute and expand their growth.

The Coinbase and Yellow Card partnership will expand solutions for people and businesses in 20 African countries by making the global financial system more accessible.

By Audy Castaneda

Senator Elizabeth Warren Thinks SEC Is Wrong Following Bitcoin ETF Approval, and other News

Senator Elizabeth Warren lashes out at the SEC over its approval of Bitcoin ETFs, accusing it of being wrong in law and policy.

US Senator Elizabeth Warren has not hesitated to express her disagreement with the recent approval of several Bitcoin spot ETFs by the Securities and Exchange Commission (SEC). In a forceful message shared on her X account, Warren criticized the regulator’s decision, arguing that they are “wrong in law and wrong in policy.”

Warren took on X (formerly Twitter) to express her concerns in the following terms:

“The @SECgov is wrong on the law and wrong on the policy with respect to the Bitcoin ETF decision. If the SEC is going to let crypto burrow even deeper into our financial system, then it’s more urgent than ever that crypto follow basic anti-money laundering rules.”

The approval of these Bitcoin ETFs, presented by prominent asset managers such as BlackRock, Grayscale and Ark Invest, has generated controversy and has led the senator to highlight the urgent need for cryptocurrencies to comply with strict anti-money laundering regulations if they are going to have a broader presence in the financial system.

Responding to criticism, SEC Chairman Gary Gensler justified the decision, highlighting a change in circumstances following a court order related to Grayscale. Gensler stated that the Commission operates within the confines of the law and conforms to judicial interpretations, emphasizing that circumstances had evolved after the court order that led to a review of Grayscale’s application.

BlackRock CEO Larry Fink Would Be Interested in Ethereum ETF

The CEO of asset management giant BlackRock recently revealed his interest in an Ethereum-based ETF, amid growing interest in cryptocurrency markets. This announcement highlights the growing importance of Ethereum in the digital finance space, and Fink’s words, leading the world’s largest asset manager, carry significant weight suggesting a possible shift in investment strategies towards blockchain technologies.

Fink expressed his vision by stating the following:

“I see value in having an Ethereum ETF. These are just steps towards tokenization, and I truly believe that is where we are going.”

This endorsement may influence other reputable financial institutions to explore similar avenues, further strengthening the position of Ethereum as a leading cryptocurrency in the market.

Genesis Global Trading Resigns from New York Operations and Receives $8 Million Fine

Cryptocurrency firm Genesis Global Trading has reached an agreement with the New York Department of Financial Services (NYDFS), agreeing to cease operations in the state and pay an $8 million fine. The announcement, made on January 12, reveals that the company will also hand over its BitLicense, obtained in 2018. This agreement comes after an investigation that identified “significant flaws” in Genesis’ cybersecurity and anti-money laundering programs.

NYDFS Superintendent Adrienne Harris noted that Genesis Global Trading’s lack of a functional compliance program demonstrated “disregard for the Department’s regulatory requirements” and exposed both the company and its customers to potential threats.

CoinShares Moves Towards Acquisition of Valkyrie Funds, Consolidating Its Presence in the United States and the Bitcoin ETF Market

The European cryptocurrency investment firm, CoinShares, confirmed on January 12 its interest in acquiring Valkyrie Funds, its American competitor and issuer of the recently approved Bitcoin spot ETF. The acquisition will strengthen CoinShares’ efforts to expand in the US market.

Although the terms of the agreement were not disclosed, a CoinShares spokesperson highlighted that “It was only logical that we expand to the United States and join the race for the Bitcoin Spot ETF.”

By Leonardo Perez

What Price Could Bitcoin Reach This Year After ETF Approval?

Numerous analysts have been making predictions about where the price of Bitcoin could go this year, in light of the approval of Bitcoin ETFs this week.

Bitcoin exchange-traded funds (ETFs) have finally been approved in the US, opening the doors to greater mainstream adoption.

With greater access and exposure to Bitcoin through these new investment vehicles, analysts predict that the BTC price could reach a new high sometime in 2024.

This week was monumental for Bitcoin and the crypto industry in general, as the SEC approved the listing and trading of 11 Bitcoin spot ETFs.

This regulatory green light allows new investors to gain exposure to BTC price movements without directly owning the coin. On the first day of Solo trading, these newly approved ETFs recorded volume of over $2.6 billion, led by heavy hitters like BlackRock, Grayscale, and Fidelity.

The Fidelity Bitcoin ETF surpassed $1 billion in trading volume just 30 minutes after the opening bell. Beyond the impressive initial trading activity, the approval itself has important meaning: it signals that Bitcoin continues down the path of widespread adoption as an institutional asset class.

The SEC has historically taken a cautious stance toward cryptocurrencies and appears willing to allow access to Bitcoin through a regulated ETF. However, some commissioners have expressed concerns about investor protection issues, which has dampened enthusiasm slightly.

Analysts Make Bold Predictions on Bitcoin Price in Wake of ETF Approvals

This week’s events have led numerous analysts to make predictions about where the price of Bitcoin could go this year.

Blockstream CEO Adam Back confidently stated via a bet on Twitter that Bitcoin would surpass the $100,000 level before the next halving in April 2024. Back believes six-figure Bitcoin is firmly within our reach after years of regulatory setbacks.

Similarly, CoinFund Managing Partner Seth Ginns sees substantial upside for Bitcoin, predicting a rally to $1 million per coin within the current market cycle. While a seven-figure BTC price may seem overly optimistic for some, Ginns suggests even his most conservative estimate of between $25,000 and $75,000 in 2024 would represent respectable returns.

Renowned analyst Michael van de Poppe also joined the group of bullish Bitcoin forecasters and tweeted that BTC could reach between $300,000 and $600,000 in this market cycle. With the crypto community energized by the launch of spot Bitcoin ETFs, anything seems possible, according to these prominent market commentators.

Given that Bitcoin could be set to see billions in new capital flows thanks to these SEC-approved ETFs, it’s worth examining whether this rising tide could spill over into the altcoin market. An under-the-radar coin could benefit from the validation and attention that Bitcoin is now receiving.

New Bitcoin Minetrix Project Set to Benefit from ETF-Driven Excitement and Adoption

Bitcoin Minetrix (BTCMTX) appears well-positioned to build on the momentum generated by the approval of 11 Bitcoin spot ETFs in the US. Developers have created an innovative “Stake-to-Mine” model that allows users to earn BTC mining returns staking. the native token BTCMTX.

With a clear path for new institutional capital to flow into Bitcoin, Bitcoin Minetrix can capture some of that investment in both BTC and cryptocurrencies more broadly. If the spot approval of the BTC ETF accelerates widespread Bitcoin adoption as expected, it would organically increase demand for related services such as simplified mining.

Similarly, any increase in legitimacy coming from the ETF greenlight could improve confidence in promising crypto projects like Bitcoin Minetrix.

By Audy Castaneda

More than 1% of the Argentine Population Has Registered in Worldcoin Word ID

Argentina has experienced a significant growing interest in World ID adoption, with adoption greater than 1% and a constantly growing rate. This phenomenon reflects the growing acceptance of digital verification technology in the country and the rest of the world. World ID is presented as a tool designed for people to digitally verify their humanity, while preserving their online privacy.

Argentina has experienced a record of interest in the adoption of World ID, an innovative product from the Worldcoin Foundation, which has reached verification levels greater than 1% of its population, placing it at the same level as Chile and Portugal.

This phenomenon reflects the growing acceptance of digital verification technology, especially in the context of the pioneering digital wallet, World App, developed by Tools for Humanity (TFH). This, despite the fact that the project has been classified by its detractors as dangerous.

Argentine Population’s Growing Interest in Worldcoin’s Word ID

In response to the overwhelming demand and favorable reception in Argentina for Worldcoin’s Word ID, TFH has implemented a significant update to the verification process within the World App. This main purpose of such improvement is to guarantee inclusion and efficiency, considering the diverse demands of the unique individuals that make up the Argentine population.

The latest update features an appointment booking window, designed to streamline verifications with Orb and reduce wait times for those who have booked an appointment, a requirement now mandatory in Argentina.

All World App users can now easily locate the nearest Orb, schedule appointments and unlock the verification process up to one hour before the scheduled appointment, with availability extending up to two hours afterward, subject to change. Additionally, users have the flexibility to cancel and reschedule their appointments based on their needs.

Worldcoin Word ID Growing Despite Criticism

Worldcoin surpassed 2 million registrations in July of last year. To date, nearly 3 million people worldwide have verified their World ID, a flagship product of the Worldcoin Foundation, using the Orb, with more than 500,000 verifications performed in Argentina alone. Worldcoin (WLD) also had a good close to 2023 thanks to its new integrations.

These figures represent more than 1% of the population. Other countries, such as Chile, the United States, Spain, Germany, Portugal and Singapore, are also actively participating in the World ID verification process.

World ID is presented as a tool designed for people to digitally verify their humanity, while preserving their online privacy.

This approach becomes crucial amid the rapid advancement of artificial intelligence and the prevailing need to differentiate between human-generated and AI-generated online content.

According to its creators, this process would be a significant initial step in facilitating access to financial services for the 4.4 billion people around the world who lack a verifiable digital identity. World ID verification through Orb is completely voluntary and does not require personal information such as name, email, or physical address.

Worldcoin’s Worldwide Impact

To date, nearly 3 million people worldwide have verified their World ID (a product of the Worldcoin Foundation) on an Orb, with over 500,000 verifications performed in Argentina alone, representing more than 1% of the population. Other countries participating in World ID verifications include the United States, Spain, Germany, Portugal and Singapore.

The Worldcoin protocol is designed to be the largest and most inclusive public financial and identity utility in the world and accessible to everyone. Worldcoin was originally conceived by Sam Altman, Alex Blania and Max Novendstern.

By Leonardo Perez

Solana Set for Big Upgrade: Analyst Predicts 47% Rise After Price Breakout

Solana, the fifth among cryptocurrencies by market capitalization, could see a substantial price increase if the current bullish momentum continues and it successfully breaks its downtrend correction.

With the recent approval of Bitcoin exchange-traded funds (ETFs) injecting new inflows and igniting a sense of bullish sentiment in the market, Solana (SOL) is emerging as one of the top gainers in the last 24 hours.

The cryptocurrency has seen a 4.5% rise, trading at $99, aiming to reclaim the important $100 milestone lost during a recent deep correction.

Solana Bulls Targeting $150-$165 Price Range

Renowned crypto analyst Ali Martinez suggests that Solana is breaking out of a bullish flag pattern formed on the 4-hour chart. A sustained close above the $106 mark may trigger a notable 47% rally, propelling SOL towards the $150 to $165 price range.

However, Solana has currently retraced below the upper boundary of the bull flag formation, which sits at $103. Despite this, a breakout could be imminent if growing interest in the token persists alongside sustained bullish momentum.

Such scenario would position SOL to reclaim its previously lost highs and set its course toward Ali Martinez’s price targets between $150 and $165.

SOL Market Cap Quadruples, DeFi and NFT Metrics Soar

Solana has shown notable performance during the fourth quarter of 2023, positioning itself as a leader in the cryptocurrency market rally, according to a recent report by Messari. One of Solana’s key achievements in the fourth quarter was its notable increase in market capitalization.

SOL concluded the year with a market cap of $43.8 billion, representing a staggering 423% quarter-on-quarter (QoQ) growth and a staggering 1,106% year-over-year (YoY) increase, which propelled SOL to surpass notable tokens such as ADA, USDC, and XRP in market capitalization, securing the fifth position among all tokens.

Solana started 2023 ranked 17th in market capitalization, highlighting its exponential rise in prominence. The Solana network’s decentralized finance (DeFi) total value locked (TVL) also saw significant growth.

Solana’s DeFi TVL increased by 303% QoQ and an impressive 505% YoY, reaching $1.5 billion. The report also highlights the notable increase in DeFi volume on the Solana network.

The average daily spot DEX volume saw a staggering 1,116% quarter-on-quarter growth, reaching $359 million. Among the contributors to this growth, Orca accounted for 45% of Q4 volumes, followed by Raydium with a 29% market share.

Phoenix, a fully on-chain central limit order book, stood out for averaging over 9% market share by DEX volume. Solana’s influence in the NFT space also saw substantial growth during the fourth quarter. Average daily NFT volume increased 356% quarter-on-quarter, reaching $4.8 million.

Solana’s market share in NFT volume, excluding Bitcoin, grew from 9% to 26% QoQ, demonstrating its growing importance in the NFT market.

As Bitcoin ETF Approval Builds Confidence, Solana Wins

Following the approval of the Bitcoin ETF by the US SEC, TD Cowen argues that it must follow the lead of international cryptocurrency innovation. Analysts believe this measure is tactical; The SEC wants to strengthen its control over the cryptocurrency market ahead of possible legislative action.

As of January 11, Solana price is $102, with a market cap of $45 billion, which is up 12% on the daily chart. Its Layer 1 blockchain is one of the fastest and cheapest and hosts many DeFi platforms as well as NFT marketplaces.

According to CryptoPredictions, SOL price for today (12.01.2024) is forecast to be in the price range of $84,778 – $124,674. Solana price is expected to end at $99,739 today.

By Audy Castaneda

“Run-Score”, the Scam That Affects the Digital Yuan and Empties Shanghai ATMs

New digital yuan run-score scam allows hackers to empty ATMs in China, highlighting money laundering risks. The criminal gang managed to steal over 10 million yuan from more than 900 accounts in just one month. Chinese sources claim that the digital yuan recorded 950 million transactions worth 1.8 trillion yuan in June 2023, with 120 million open wallets.

In recent years, China has actively promoted the adoption of the digital yuan (e-CNY) in pilot regions, praising its security, anonymity and control features. However, with its increasing use, the digital yuan has unintentionally become a tool for illicit activities and scams, with numerous cases of fraud and money laundering in different regions.

On January 9, the Shanghai High Court of Justice unsealed the first case of fraud involving the central bank digital currency (CBDC) in Shanghai. Hackers took advantage of the digital yuan exchange function to quickly empty an ATM within two hours.

“Run-Score” Digital Yuan Scam Comes to Light

Said alarming incident has highlighted the urgent need to review and strengthen the regulatory framework surrounding the digital yuan to curb potential money laundering risks and improve supervisory measures.

In May 2023, Shanghai’s Yangpu district witnessed a planned heist by a hacker named Wang. Using more than ten mobile phone numbers to register digital currency accounts, Wang executed a rapid series of 30 transactions in just a few minutes. two hours, for a total of 123,000 yuan.

Wang’s actions emptied the ATM. The hacker was part of a broader network dedicated to run-score operations, exploiting digital yuan accounts for various illicit purposes.

The group’s leader, Xiao, orchestrated the robberies by coordinating his associates to determine the amounts withdrawn. They obtained the virtual currency from merchants Gong and Huang. Once the associates provided them with digital yuan account details and passwords, they passed them on to “brokers” like Wang. Subsequently, the “runners” withdrew cash from bank branches through ATMs.

Scam Affecting the Digital Yuan

Between May and June 2023, Xiao’s syndicate managed to divert more than 10 million yuan from more than 900 digital yuan accounts. 800,000 yuan came from victims of telecom network fraud.

Hackers are taking advantage of the public’s enthusiasm for digital yuan testing, devising fraudulent schemes to steal personal information and funds. Several regions have reported cases of money laundering related to the digital yuan. In Kunming, a man used digital yuan to purchase gift cards in a remote fraudulent money laundering scheme.

Growing Problems for Digital Yuan Adoption

Experts highlight the need to strengthen anti-money laundering regulations in digital yuan transactions. Current regulatory mechanisms, customer identification protocols and information systems are not sufficient to effectively combat money laundering.

Recommendations include defining the obligations and responsibilities of operating institutions and partners in anti-money laundering efforts, improving suspicious transaction monitoring capabilities, and adopting technological solutions such as smart contracts to improve security and auditing.

Although the digital yuan presents opportunities for illicit activities, its adoption rate appears to be strong. Former PBOC Governor Yi Gang revealed the statistics. Its total transactions reached 950 million with a cumulative value of 1.8 trillion yuan as of June 2023.

The digital yuan’s journey is not without its challenges. Its goals include countering Western sanctions, expanding the adoption of the Chinese currency abroad, and gradually decreasing the dominance of the US dollar.

By Leonardo Perez