- Cryptocurrency: Paxful Suspends Nigerian Accounts
Paxful Inc, a peer-to-peer cryptocurrency marketplace based in Estonia, has suspended thousands of Nigerian accounts with millions of dollars.
The company accused the affected Nigerians of engaging in illegal trading or failed to abide by its TOS (Terms of Service).
According to a statement released by the company on Twitter “All accounts that have been shut down have a reason for it. We will not shut down any account unless they violate our TOS (Terms of Service).”
The affected traders, in turn, accused the company of unethical practices and stereotyping Nigerians despite its own investigation saying otherwise.
Paxful generated over $20 million profit in 2018 alone, surprisingly 40 percent of that amount was from Nigerian customers.
Samuel Olanrewaju, one of the affected Nigerians with suspended Bitcoin account worth $60,000 said, “We have about three million Nigerians trading on Paxful platform and they accounted for 40 per cent of its revenue. Despite this, the leadership of the firm was always referring to Nigerians as scammers. I once challenged the Managing Director, Ray Youssef, for referring to us as scammers on an online forum.
“Paxful allowed all kinds of illegal trading because it was making profits from them. They even allowed Nigerians and other nationals to sell iTunes and Walmart cards in spite of the fact that these cards cannot be exchanged in Nigeria.”
Olanrewaju further stated that thousands of Nigerian traders are affected by the false allegation, adding that a lot of traders have lost their earnings.
However, a Non-Governmental Organisation, United Global Resolve for Pace, has filed a petition to the Central Bank of Nigeria, the Economic and Financial Crimes Commission, and some other concerned government operatives.
The petition filed on April 2, 2009 and signed by UGRP Executive Director, Shalom Olaseni reads: “A few days ago, our organisation was approached by some Nigerians who complained bitterly that Paxful Incorporated, the company that owns the online cryptocurrency trading and exchange platform, ‘https://paxful.com’ has been ripping them of their life investment in cryptocurrency by suspending their accounts, deactivating their wallets and refusing to return the value in their accounts to them even after investigation and finding that they were not involved in any fraudulent activities.”
“The respondent has, through willful disregard for contract and rules of commercial transaction, done a lot to rob Nigerians of their hard-earned money by its unrestrained activities of blocking their accounts and stating that investigation will be conducted.”
“At the end of the investigation, the respondent always comes out to say the vendor has done nothing wrong and thereafter release their accounts without the funds in it.”
Bitcoin Hits Record $19,259 a Coin on Tuesday as Demand Jumps Through the Roof
Demand for the world’s most dominant cryptocurrency, Bitcoin, rose to a record high on Tuesday amid Trump’s renewed attack on China and general global uncertainty.
Bitcoin rose by 5.2 percent to $19,259.64 or N9.471 million per coin as of 2.24 pm Nigerian time on Tuesday.
Ripple rose by 25.05 percent to 0.00003271 BTC or N233.25 per coin, representing over 100 percent increase in the last one week.
Similarly, Bitcoin Cash advanced to fourth place among the most capitalised cryptocurrencies after gaining 16.90 percent in the last 24 hours to 0.00154 BTC or N129,101 per coin with N2.36 trillion market capitalisation and N170.29 billion volume of trade in the last 24 hours.
Demand for cryptocurrencies rose late on Monday after President Trump renewed his trade war with China, in a move that suggested he is out for revenge.
Few reports have said China was supporting the President-elect, Joe Biden, prior to the US presidential election, and as such was using cyberspace to push that agenda like Russia did in 2016.
The surged in global tension despite COVID-19’s three different vaccines led to an increase in demand for cryptocurrencies by institutional investors in the last 24 hours.
Also, demand for crypto assets on both PayPal and CashApp platforms has exceeded the entire supply of newly minted bitcoins, suggesting a serious supply pressure and likely surge in price above the current level in the near-term.
Bitcoin could set a new all-time record high in few days if demand remains high.
Paypal Bullish on Bitcoin But as a Currency
Dan Schulman, the Chief Executive Officer, PayPal, said he is positive about bitcoin’s usefulness as a currency and believed that single fact will prevail over the buy and hold ethos.
According to Schulman, there will be more use cases for cryptocurrencies over time. This, he said would boost cryptocurrency acceptability, growth and stability.
He said “I think that there’ll be more and more use cases for cryptocurrencies,” that make bitcoin more widely accepted, more stable and probably “more valuable” over time.
Schulman further explained that at this stage, central bank digital currency is now a global inevitability. As that happens, “you’ll have more and more utility happen with cryptocurrencies,” he said.
“Both may play important roles going forward,” he said.
PayPal got into cryptocurrency space as an exchange two months ago after pulling out of Facebook’s Libra Group following parliament’s rising scrutiny into Facebook businesses.
Symatri Launches Kala Pro Wallet With Enhanced Cryptocurrency Protection
Kala Wallet, which is used by over 30,000 people, has today launched its Pro Wallet, which comes with enhanced security features and three levels of theft insurance cover: Bronze, which covers up to $1,000; Silver, up to $10,000; and Gold, up to $100,000.
The new Kala Pro Wallet is protected through a partnership with Coincover, creators of the safety standard for crypto, which provides theft cover underwritten by Lloyd’s of London.
While cryptocurrency continues to grow in popularity, a constant concern for anyone that holds – or is considering holding – crypto is the potential to lose access to their assets, whether through an accidental loss of their keys, or a malicious attack.
With Coincover in place, the Kala Pro Wallet provides peace of mind by offering financial protection should a user’s cryptocurrency be inaccessible or stolen. It also notarizes the insurance policy on the Kala blockchain for further proof of coverage.
Darren Olayan, CEO of Symatri, said, “Our community of 30,000 Kala Wallet users already benefit from Kala blockchain’s inherent value and asset verification capability within the Symatri ecosystem, and with the launch of our Pro Wallet they can access enhanced protection against theft and loss.
“We aim to provide the most versatile, secure and usable cryptocurrency and platforms, and our partnership with Coincover supports this ambition.”
David Janczewski, co-founder and CEO of Coincover, added, “As more people benefit from their crypto assets being protected, the popularity of cryptocurrency will continue to grow, and we’re delighted to help companies like Symatri make cryptocurrency an important and useful part of people’s daily lives.”
Kala Pro Wallet offers coverage at three levels, paid annually: Bronze, up to $1,000 coverage for $45; Silver up to $10,000 for $195; and Gold up to $100,000, for $1,020.
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