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Nigeria’s Virtual Free Zone is in the offing as new partnerships take shape

This blog highlights the latest news in the crypto space

Inspired by Dubai’s Virtual Free Zone, talks are ongoing between Binance Holdings Limited, the Nigerian government, and Talent City to establish a digital economic zone in Nigeria. The Virtual Free Zone aims to drive economic growth through digital innovation. Nigeria was the first country in Africa to launch eNaira, a Central Bank Digital Currency (CBDC), and was ranked sixth in the 2021 Global Crypto Index adoption by Chainalysis. We shall be following up on how Nigeria’s tech entrepreneurs adopt blockchain technology and other African countries as well.

Cardano blockchain builder, Input Output Builder (IOG), has partnered with Kenya’s fintech Pezesha. Charles Hoskinson, the co-founder of IOG and Cardano, said in a statement, “Facilitating the movement of capital into emerging markets to support economic growth and job creation is a core promise of blockchain and cryptocurrencies. Pezesha plans to create a $100 million financing opportunity for SMEs.

Have you ever imagined how crypto can revolutionize international trade? Russia is set to legalize the use of crypto in international trade. The Bank of Russia and the Ministry of Finance consider this a necessary move to support cross-border settlements. The fewer the intermediaries the lower the cost. Blockchain also enhances transparency and the technology would be an enabler for international trade akin to how the Beta Partner facilitates individuals to launch social media campaigns and track results in real-time.

Whenever you are carrying out crypto transactions, it is important to countercheck to confirm amounts and addresses. It follows that Crypto.com transferred $70 million to a woman who was owed $70. In addition, it is important to always do your own research (DYOR), to avoid crypto scams, and only engage in genuine projects such as Adbank’s.

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Stay tuned for upcoming developments. Coming soon…

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