Africa’s first cryptocurrency, Zugacoin has risen high in demand as United States Government direct Banks to start accepting Cryptocurrency.
The U.S. Office of the Comptroller of the Currency (OCC) had issued a letter approving U.S. banks to use public blockchain networks.
The letter addressed national banks and federal savings associations participating as nodes on a blockchain and storing or validating payments made in native digital assets or stablecoins.
The OCC’s letter stands in contrast to a bill introduced in the last Congressional session that would have required stablecoin issuers to obtain bank charters. That aggressively anti-stablecoin proposal resulted in hundreds of thousands of dollars in donations sent to leading cryptocurrency advocacy group Coin Center.
Just like Zugacoin, other Cryptocurrencies rose and became high in demand. Bitcoin gained nearly 13% already in 2021 at last check, trading hands above $34,000.
Ether is trading just below $1,100, roughly 25% below its record high of $1,448, while Zugacoin traded above 48,000 Dollars, making it the highest best seller in the world.
The currency which is first of it’s kind in Africa Specially created to help Nigerians and other Africans at large to tackle poverty in terms of buying and trading with Zugacoin owned by Archbishop Dr Sam Zuga a Tiv Indigene of Benue State, Nigeria is expected to hit 100,000 Dollars before the end of 2021.
“So, you are strongly advised to invest in ZUGACOIN for a brighter financial future by buying on indoex, Coingeko, coinmarketcap and other exchange platforms,” Sam Zuga noted.
The founder, Archbishop Sam Zuga added, “We are going to teach State Governments in Nigeria and the Federal Government how to increase their IGR by 300% through ZUGACOIN in 2021. We will start giving loans to all African countries in 2022. Nigerians would get financial stability through ZUGACOIN. We have many projects that will improve the lives of Nigerians. If God is for us, who can be against us?”
Citigroup Partners with Central Banks to Build CBDCs, CEO Reveals
Citigroup Inc CEO Michael Corbat recently revealed that the bank has been partnering with central banks globally to build Central Bank Digital Currencies.
While CBDCs have gained wild popularity in the past two years, Citigroup CEO predicted their rise during Bitcoin’s 2017 epic surge. At the time, he observed that BTC’s parabolic rise would spark an interest in digital currencies from central banks.
Three years later, Michael Corbat has revealed that his bank is helping world governments in their CBDC pursuit. Speaking on Friday at the Bloomberg Invest Talks, Citigroup CEO reiterated that CBDCs are the inevitable future of money. The banking veteran, who took over at the helm in 2012, didn’t reveal the specific governments the bank was working with.
“We’ve been working with governments around the world in terms of the creation and commercialization of sovereign digital currencies. I think it’s inevitable that they will be coming,” he told David Rubenstein, the co-founder of The Carlyle Group (NASDAQ: CG).
The Citi chief noted that millennials have changed the financial services industry, making digital payments a critical part of the bank’s services. This switch to digital payments is one of the factors that have led to the rise of cryptocurrencies, and consequently, CBDCs.
On Bitcoin, Corbat believes that they will continue to serve as viable currency alternatives:
“I think that some of these currencies will just be continued alternatives and sources of payments that people can take advantage of, based on the underlying nature of what they are.”
Citi spokesperson Danielle Apsilos reiterated Corbat’s comments, revealing that “Citi is providing experience-based insights into the design choices involved in the formulation of digital currencies.”
Apple Co-Founder Steve Wozniak Floats New Company Efforce and WOZX Token
As a blockchain-based energy startup, the Steve Wozniak-backed Efforce will be building the investment capabilities on its platform through its newly unveiled WOZX token.
Steve Wozniak, the genius engineer who co-founded Apple Inc (NASDAQ: AAPL) about 45 years ago, has floated a new company called Efforce. According to the press release announcing the new venture, Efforce comes off as a blockchain-based energy marketplace that affords companies around the world to undertake energy-efficient projects without barriers.
With Efforce projected to overhaul the energy efficiency marketplace, investors will be able to invest their excess liquidity through the platform while having access to energy efficiency models for use in their organization.
“Energy consumption and CO2 emissions worldwide have grown exponentially, leading to climate change and extreme consequences to our environment. We can improve our energy footprint and lower our energy consumption without changing our habits. We can save the environment simply by making more energy improvements,” said Wozniak. “We created Efforce to be the first decentralized platform that allows everyone to participate and benefit financially from worldwide energy efficiency projects, and create meaningful environmental change.”
With the energy efficiency projects currently at a $250 billion valuation, the opportunities for small companies to partake of this project is at a very low ebb. Huge amounts of investments are required for companies to transform their energy needs to a sustainable one and accessing the funds needed for this has usually proved difficult especially for the less liquid firms. The coming of Efforce is hence billed to democratize the energy investment approach.
“We have created a business model that allows anyone to participate in the greater good of making the world cleaner and healthier, all by leveraging efficiency for economic growth,” said Jacobo Visetti, project lead, and co-founder, Efforce. “Energy efficiency is a way to create a sustainable future, and this is a way to help counter climate change, reduce carbon — and make money while you do it.”
As a blockchain-based energy startup, the Steve Wozniak-backed Efforce will be building the investment capabilities on its platform through its newly unveiled native token, the WOZX token, named after the iconic tech maven.
In a dual listing announcement made by Efforce, the WOZX token has been listed on the cryptocurrency exchange hbtc.com with plans to be listed on Bithumb Global in the coming week. The launch of the WOZX token has signaled a commendable inaugural rally for the entire project as the launch spurred an increased valuation of the network by tenfold to $950 million according to the New York Post.
The growth trajectory of Efforce is promising, taking in consideration the expertise of the brains behind the project. As detailed in the press release, “the company is run by veteran executives highly familiar with the energy efficiency sector, who after a decade of experience with the less efficient but still-profitable ESCO (Energy Service Company) model began to develop the Efforce business model and platform.”
Bitcoin Breaks $19K, New All-Time High Seems Imminent
Bitcoin (BTC) passed above $19,000 on Tuesday, after rallying $7,000 in one month. The leading cryptocurrency is now within sight of its all-time high of $19,783 reached on Dec. 17, 2017.
The price of bitcoin (BTC, +3.49%) was $19,001 at press time, representing a 2% gain in the past 24 hours, according to the CoinDesk 20 index.
This took place after the bitcoin price broke the $17,000 level and then $18,000 level within the same week.
On Friday, the world’s largest asset manager BlackRock’s chief investment officer, Rick Rieder, said on CNBC that bitcoin could take the place of gold to a large extent because crypto is “so much more functional than passing a bar of gold around.”
The market capitalization of bitcoin also hit its all time high this week to about $329 billion, according to data provided by crypto analytic firm CryptoQuant.
According to Guy Hirsch, managing director for US at eToro, 2020’s bull market “debunks” the idea that bitcoin is a “Tulip Bubble” because “tulips never had a second wave of buying the same way bitcoin has.”
With retail on-ramp platforms including PayPal and CashApp being more prevalent in 2020 than 2017, bitcoin’s price could break $20,000 “in the not-too-distant” future, Hirsch added, predicting that the retail investors will kick in the market and propel the price.
All but two of the other coins from the CoinDesk 20 including ether and XRP (XRP, +35.13%) have also been in green in the past 24 hours.
With increased institutional investors entering the bitcoin market, as well as miners not liquidating their positions, “it appears likely that price will continue to rise,” according to a newsletter by CryptoQuant on Nov. 13.
Breaking News2 months ago
9Mobile’s Payment Service Bank To Go Live Monday As Board Appoints Branka Mracajac CEO
Action3 months ago
AiroPay Prepares to Launch Digital Banking App November 24
Breaking News2 months ago
Pantami, Sanwo-Olu To Launch Hope Payment Service Bank
Top Stories3 months ago
NASA Selects Nokia To Build Cellular Network On The Moon