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Nigeria Emerges As Paxful’s Biggest Market

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Paxful, a global peer-to-peer fintech, has said Nigeria is now its biggest market with a volume of $1.5bn.

It disclosed this on Tuesday in a statement, titled ‘Nigeria emerges as Paxful’s biggest market, hits $1.5bn in volume with over 1.5 million users.’

The Chief Executive Officer and Co-founder of Paxful, Ray Youssef, said, “Our mission at Paxful is to give everyone equal access to finance no matter who they are or where they are so they can control their own money and build the future they want with financial freedom.

“The financial system is failing 99 percent of the world’s population; it is disconnected and out of date. This means there is no way out of income inequality for a lot of people in the world. With cryptocurrencies, we see an alternative: a way to rest the financial system based on equality.”

He added, “We are on track for a 20 per cent+ increase in volume this year. We are seeing growth in all our markets and especially among groups or in countries where there’s a real need for cryptocurrencies: where the traditional financial system is failing people, whether that is because of extreme volatility, strict capital controls, or high transaction costs.

“People are looking for freedom from these constraints and find that in cryptocurrencies. So, there is a real increase in people using cryptocurrencies for their original purpose – as currencies and not just as a speculative asset.”

Paxful announced that over $5bn had been traded to date on its platform globally, with over six million users.

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Dogecoin Jumps 24 Percent as Elon Musk Hints at Improving Network’s Transaction Efficiency

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Dogecoin is once again making a bull run after Tesla’s Elon Musk tweeted “potentially promising” news for the network.

On Thursday evening, a tweet from Elon Musk (Dogefather) official Twitter handle affirmed that Tesla and its CEO are “Working with Doge devs to improve system transaction efficiency. Potentially promising”.

Prices across major exchanges including Binance, Bitfinex, FTX, Gemini and Poloniex are posting around 26 percent gains over a 24-hour period The cryptocurrency is currently changing hands for around $0.53. The increase came even as other major cryptocurrencies’ prices sank.

Meanwhile, U.S. cryptocurrency exchange Coinbase announced it would be adding Doge to its suite of crypto offerings, possibly due to client demand as has been the case with other major exchanges.

The world’s second richest man has played a large role in Doge’s astronomical 9,400 percent rise in value since it was just a pup trading at around $0.005 on Jan. 1.

Musk’s handiwork has previously affected Doge’s price. Last month, Tesla’s CEO hinted the Shibu Inu-inspired crypto would feature on Saturday Night Live with Musk calling himself the “Dogefather.” Prices immediately spiked on the tip, jumping 24 percent from $0.25 to $0.31

Doge’s price continued to soar leading up to Musk’s appearance on the show, touching an all-time high of around $0.74 but immediately cooled after traders’ hopes were dashed by Musk’s meager mention of the crypto that night.

The problem, some argue, is that Doge is unlikely to survive without Musk’s help, though developers appear to be making headway in a project that once had zero involvement from crypto technicians.

Doge started as a joke in 2013 by creators Jack Palmer and Billy Markus to draw newcomers to the cryptocurrency industry. It has since gained immense fame at least partly because of celebrity endorsements from the likes of Snoop Dogg and Kiss’s Gene Simmons.

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Goldman Sachs Executive Quits After Making Millions From Dogecoin

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A senior manager at Goldman Sachs in London has quit the US investment bank after making millions from investing in Dogecoin, the joke crypto asset which has risen by more than 1,000 percent in value this year.

City sources said Aziz McMahon, a managing director and head of emerging market sales, had resigned from the bank after making money from investing in the digital currency based on the Doge internet meme.

Backed by famous supporters including the Tesla founder, Elon Musk, the rapper Snoop Dogg and the Kiss bassist Gene Simmons, the digital asset similar to bitcoin has soared in value over recent months.

Based on an internet meme – a humorous online phrase or photo, on this occasion a dog called Doge – the cryptocurrency rose above $0.72  against the dollar last week in anticipation of Musk’s appearance on the hit US TV show Saturday Night Live.

It has plunged by more than 30 percent this week since Musk’s appearance to about $0.50, according to Coindesk. However, it is still up by more than 1,000 percent from the start of 2021.

Little is known about how much money McMahon made exactly from betting on Dogecoin, after his departure was first reported by the website efinancialcareers. The banker, who has worked for Goldman Sachs for 14 years, did not respond to requests for comment. However, sources said they believed it was a substantial sum and that he had since left Goldman Sachs.

It is believed Aziz made the money investing on his own personal account and was not involved in trading cryptocurrencies for Goldman Sachs.

Created in 2013 by two software engineers from IBM and Adobe, the Dogecoin digital currency started as a joke parodying bitcoin. It has however rocketed in value amid a wave of speculative investment in crypto assets, fuelled by a buzz online and an aim to perpetuate the joke by pumping up its value.

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What’s REALLY Behind Musk’s Bitcoin U-turn?

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Elon Musk’s sudden u-turn regarding Bitcoin on Twitter – which sent prices plummeting by 15% – could be more of a PR stunt than anything else, says the CEO of one of the world’s largest independent financial and fintech organisations.

The observation from Nigel Green, deVere Group’s chief executive, comes as the Tesla billionaire boss said the company will halt sales of cars using Bitcoin due to the environmental impact of mining that cryptocurrency.

Mr Green comments: “Musk is once again flexing his influencer muscles on social media.  In a somewhat Trumpian move, he’s taken to Twitter to announce a major u-turn.

“Just a few months ago, to much fanfare, Musk announced that his company Tesla had bought $1.5 billion worth of Bitcoin and that it would accept it as payment for cars. The move was one of the reasons the cryptocurrency’s price has soared this year.”

He continues: “All of a sudden, he’s not so keen due to environmental concerns. But why now? Those issues surrounding the environmental impact have not come up in the last few months? Did Musk seriously not know about them before he bought $1.5 billion Bitcoin?

“There are serious and important environmental matters which urgently need to be addressed about Bitcoin mining. Any action to support the further transition to fully using sustainable energy must be championed – it is something I whole-heartedly support.

“According to research 76% of cryptocurrency miners currently use electricity from renewable energy sources as part of their energy mix. Which begs the question: why, with all his immense resources and power is Musk not able to ensure that all his Bitcoin is mined this way?

“In addition, why is he not using this influence to further advance and incentivise renewable energy for cryptocurrencies – something that Twitter founder Jack Dorsey has previously tweeted about and with which Musk agreed on the social platform.”

Could there also be another driver behind the Bitcoin move?

“Musk likes being known as being a contrarian. He likes to go against the crowd in a high-profile way.  Is his waning interest in Bitcoin at a time when huge amounts of institutional investment from major Wall Street banks is pouring in, part of this?” asks Mr Green.

With the fundamentals of Bitcoin – the very ones that are attracting enormous institutional and retail interest remaining unchanged – many investors are likely to use this current price drop from recent all-time highs as an important buying opportunity.

Previously the deVere CEO observed that inherent traits of cryptocurrencies are ever-more attractive. “These characteristics include that they’re borderless, making them perfectly suited to a globalised world of commerce, trade, and people; that they are digital, making them an ideal match to the increasing digitalisation of our world; and that demographics are on the side of cryptocurrencies as younger people are more likely to embrace them than older generations.”

Mr Green concludes: “Clearly, Musk still believes in Bitcoin – he didn’t sell any – and I now hope he will use not just words but his immense resources to further expediate the transition to sustainable energy for crypto mining.”

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