- Bitcoin Mania Lifts Rival Coins to Record Highs
Bitcoin is getting most of the attention in crypto-assets, especially given its recent meteoric rise, but institutional investors may be looking for the next big thing.
Larger-cap crypto-assets have been outperforming their smaller counterparts, Fundstrat technical strategist Rob Sluymer wrote in a report. He sees this as evidence some bigger players may be seeking new investments within the asset class.
“Cryptocurrencies such as ripple, litecoin, NEM and zcash to name a few, materially outperformed,” Sluymer wrote, “potentially reflecting new institutional interest looking beyond bitcoin with a focus on liquidity.”
In the same report, noted crypto-bull Tom Lee points out that bitcoin’s correlation to other asset classes — equities, bonds and commodities — has been declining, which he says is a reason institutions may want to consider cryptocurrencies in their portfolios.
“It represents natural diversification,” Lee said.
Ether and litecoin, the second and fourth biggest cryptocurrencies, have surged to all-time highs amid the optimism that bitcoin futures will attract institutions to the fledgling market. The rallies come as speculators flock to Coinbase.com Inc., whose app has climbed to the top of Apple Inc.’s download rankings. Known mainly as one of the easiest ways to trade bitcoin, the site also provides access to trading litecoin, ether and bitcoin cash.
Litecoin has more than doubled since Dec. 10, before bitcoin derivatives started trading on Cboe Global Markets Inc., while ether has soared more than 40 percent in that time to $633, according to CryptoCompare, a website tracking digital currency prices. The CME Group Inc. introduced its own futures contract Sunday. Litecoin and ether were little changed Monday, according to prices on Bloomberg.
Given the relatively new interest in the asset class, anything that could indicate changes in flows or interest might be of use to investors. Sluymer sees the performance of crypto-asset indexes as one important tool to watch for “internal shifts developing within the crypto universe.”
Jumia Nigeria Appoints Sunil Natraj as CEO, Outlines Ambitious Expansion Plans
Former Jumia Ghana CEO to Lead E-Commerce Giant as Massimiliano Spalazzi Steps Down
Jumia Nigeria, a prominent player in the e-commerce sector, has announced the appointment of Sunil Natraj as its new CEO.
Natraj, the former CEO of Jumia Ghana, will take the helm of the e-commerce business in January 2024, succeeding Massimiliano Spalazzi, who has been with Jumia Group for 11 years and will be stepping down in December 2023.
The announcement came during a media parley held in Yaba, Lagos, Nigeria, with Francis Dufay, the CEO of Jumia Group, unveiling Natraj as the new leader.
Natraj expressed Jumia’s commitment to becoming a truly Nigerian company and continuing the initiatives started by Spalazzi.
“We want to continue what Spalazzi started,” Natraj stated, emphasizing Jumia’s vision to expand its presence beyond Lagos.
He disclosed plans to extend operations to additional Nigerian cities, with Akure and Ilorin on the radar and a focus on cities en route to Ibadan, Warri, and Benin in the first quarter of 2024.
The overarching strategy is to create a comprehensive network covering the entire country.
Dufay outlined the ambitious goal of targeting cities with populations exceeding 20,000 people, citing successful precedents in Ghana, Cote d’Ivoire, and Senegal.
He acknowledged the challenges faced by Jumia, including a workforce reduction in Q4 2022 and a 73% cut in advertising budgets in Q3 2023.
Despite the hurdles, Dufay highlighted Nigeria as Jumia’s largest market and affirmed the company’s determination to navigate and thrive in the ever-evolving e-commerce landscape.
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Flutterwave Expands Financial Frontier: Acquires Money Transfer Licenses for 13 U.S. States
Africa’s Leading Payments Tech Firm Facilitates Faster, Affordable, and Secure Transfers between the U.S. and Africa
In a significant move towards advancing financial connectivity between Africa and the United States, Flutterwave, Africa’s premier payments technology company, has proudly announced its acquisition of money transfer licenses for 13 key U.S. states.
This strategic expansion aims to expedite, streamline, and secure the transfer of money from the U.S. to Africa and back.
The states covered by the newly acquired licenses include Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota.
These additions, combined with Flutterwave’s existing partnerships and licenses, now empower the company to serve customers seamlessly across 29 states in the U.S.
Money transfer licenses, issued by state regulators, play a pivotal role in enabling financial technology companies like Flutterwave to engage in the transmission of money.
The acquisition of these licenses fortifies Flutterwave’s commitment to regulatory compliance, safety, and the soundness of its services.
Stephen Cheng, Executive Vice President, Global Expansion and Partnerships at Flutterwave, emphasized the significance of this milestone.
“Getting these licenses expands our regulatory footprint, demonstrates our ability to deliver services with safety and soundness, and fosters trust among regulators, partners, and customers,” stated Cheng.
“We’re growing and are committed to servicing customer needs in as many geographies as possible, particularly with a significant African diaspora.”
Flutterwave’s popular solutions, such as the Send App, are set to benefit greatly from this expansion.
The Send App facilitates easy and secure money transfers between the U.S. and Africa, catering to both individual users and enterprises that rely on Flutterwave for global last-mile payouts.
“Sending money between the U.S. and Africa has been challenging for the African diaspora. These licenses pave the way for Flutterwave to make the Send App available to the African diaspora in the U.S., offering a super user-friendly money remittance experience,” explained Olugbenga Agboola, Founder and CEO at Flutterwave.
“Our mission is to connect Africa to the world and the world to Africa by simplifying payments for endless possibilities. These licenses move us one step closer to our vision, and we will continue to expand this feat to ensure coverage for all states in the U.S. and beyond.”
Flutterwave remains steadfast in its commitment to providing accessible remittance services across the U.S. and has outlined plans for further expansion of licensing coverage in the near future.
This ambitious endeavor reflects the company’s dedication to fostering financial inclusion and creating a seamless financial bridge between continents.
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