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Paxful Donates To Friends of Nigerian Basketball in Olympic Push

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 Paxful, the leading global peer-to-peer fintech platform, announced that it will be donating to the Friends of Nigerian Basketball Foundation (FONB), a non-profit corporation with a mission to amplify and support the global sport of basketball at all levels of engagement and competition. Additionally, Paxful’s Co-Founders Ray Youssef and Artur Schaback will give a personal donation to the FONB. 

The donation will directly support the D’Tigers, the Nigeria men’s national basketball team during their Olympic run in Tokyo, Japan later this month. Paxful will be donating on behalf of the Built With Bitcoin Foundation, a humanitarian organization devoted to creating equitable opportunity by providing clean water, access to quality education, sustainable farming, and humanitarian support—all powered by cryptocurrencies.

The Nigeria men’s national basketball team is led by Head Coach Mike Brown, associate head coach for the Golden State Warriors. The D’Tigers are currently ranked 1st in Africa and 22nd in the world by the FIBA World Ranking and they are showing great promise during the Las Vegas, Nevada exhibition games this week–beating both the men’s national teams for the United States and Argentina. Nigeria will tip-off its Olympic schedule against Australia on July 25 (1:20 a.m. PDT) to open play in Group B of the preliminary round, followed by games against Germany (July 27, 6 p.m. PDT) and Italy (July 30, 9:40 p.m. PDT).

Ray Youssef, CEO and co-founder of Paxful, said: “Paxful is incredibly proud to donate to the Friends of Nigerian Basketball Foundation. On the Olympic stage, the D’Tigers will bring pride and confidence to not only the people of Nigeria – but to all of Africa. It’s time for Nigeria to show the world their grit and determination.”

Artur Schaback, COO and co-founder of Paxful, said: “All eyes will be on Tokyo this month, as athletes bring pride to countries around the world. The Nigeria men’s national basketball team already have exhibition wins under their belt – and they have the right coaches and players to bring home a medal. I am thrilled to support the team as they chase this dream.”

Mike Brown, Head Coach of the Nigeria men’s national basketball team, said: “We’re going to Tokyo to try and win. This is the mentality of the entire organization and we’re excited to have support from companies like Paxful who truly believe in the people of Nigeria.”

Founded in 2015 and completely bootstrapped since then, Paxful is headquartered in New York with offices in Estonia, the Philippines and Russia. The team has doubled in size over the last 12 months, growing to over 400 people.

About Paxful

Paxful is a peer-to-peer finance platform for people to make payments, transactions, and send money by buying and selling cryptocurrencies as a means of exchange. Founded in 2015 by Ray Youssef and Artur Schaback, Paxful’s mission is to help everyone have equal access to finance no matter who or where they are. Six million people use Paxful to buy and sell Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) with almost 400 different payment methods.

Ray Youssef, co-founder and CEO of Paxful, set up the Built with Bitcoin Foundation to provide people with access to education and water. To date, the foundation has built six schools (two in Rwanda, two in Kenya, and two in Nigeria), multiple water projects, and cultivated dozens of farms. The Built with Bitcoin Foundation is funded by Paxful and the cryptocurrency community.

About the Friends of Nigerian Basketball Foundation

The Friends of Nigerian Basketball Foundation (FONB) is a non-profit corporation. Donations provide training, travel, and organizational support to the FONB program. Our mission is to amplify and support the global sport of basketball at all levels of engagement and competition; while encouraging inclusion through positive international, national, community, and individual relationships with the nation of Nigeria and those who are connected to the Nigerian diaspora around the world.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Merger and Acquisition

United Kingdom Ordered Meta, Formerly Facebook, to Sell Giphy

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The United Kingdom’s Competition and Markets Authority (CMA) has instructed Meta – formerly known as Facebook – to sell Giphy, the American search engine that allows users search for and share short looping videos which are without sound, that are similar to animated GIF files.

The CMA stated that the merger deal could possibly be harmful to social media users and advertisers in the UK. It also found that the deal would further boost Meta’s already strong market power, as it would limit other platforms’ ability to use Giphy GIFs, which will, in turn, drive more traffic to sites owned by Facebook (WhatsApp, Instagram and Facebook).

According to the CMA, Meta’s sites dominated social media usage time up to around 73 percent, and could eventually outperform social media rivals like TikTok, Twitter and Snapchat by leveraging Giphy. The Authority then added that before the merger, Giphy had launched ”innovative advertising services” which brands like Dunkin’ Donuts and Pepsi which it could possibly have brought to the United Kingdom.

The CMA also stated that at the time the merger was made, Giphy’s advertising services were terminated by Facebook. That move removed a vital part of potential opposition in the market. The CMA was concerned by this move, calling it particularly concerning considering that Facebook is in control of about half of the £7 billion display advertising market in the UK.

Facebook had acquired Giphy for a reported fee of $400 million, with an aim of integrating the service into Instagram. After a month, the CMA started an investigation into the merger and decided in August that Facebook could hinder social media rivals such as TikTok and Snapchat from tapping into Giphy’s GIFs.

Meta had initially stated that the CMA did not have jurisdiction because Giphy was not operational in the United Kingdom, adding later that Giphy’s paid services were not display advertising by the definition of the CMA.

In October, Meta was fined $70 million by the CMA for breaking some rules related to the deal by failing to report necessary information and changing its chief compliance officer on two different occasions without receiving permission.

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Panasonic Confirms Data Breach after Hacker Attack

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Japanese tech giant Panasonic has affirmed that the company has been a victim of a data breach after some hackers were able to access the company’s internal network.

In a press release dated November 26, the company stated that its private network was illicitly accessed by a “third party” on November 11, and also stated that some data which was on a company file server had been retrieved during the breach.

However, a spokesperson for Panasonic, Dannea DeLisser stated that the data breach started on June 22, and ended on November 3. She also said that the very first unauthorized access was detected on November 11.

The company which is based in Osaka, Japan provided additional details about the breach. In the press release, the company said that although it is conducting its own investigation into the breach, it is also working with a third-party organization to investigate the data leak. The third party organization is also looking into whether or not the breach included personal information of customers or sensitive information which concerns social infrastructure.

Immediately the unauthorized access was discovered by the company, the incident was reported to the appropriate authorities who went ahead to set up some security countermeasures, which also contained steps to avert external access to the network. The company closed the statement by apologizing for concerns and inconveniences caused by the data breach.

This type of incident is not completely new to Panasonic, as just under a year ago Panasonic India faced a ransomware attack in which hackers leaked about 4 gigabytes of data, including email addresses and financial details.

The data breach also comes at a period when Japanese technology companies are facing waves of cyberattacks. NEC and Mitsubishi Electric were victims of hackers in 2020, and Olympus was also made to suspend operations in Europe, Africa and the Middle East after being a victim of a ransomware attack.

The trend of cyberattacks in Japan is likely to reduce public faith in the company, especially since it has been hacked twice since last year.

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Merger and Acquisition

Seplat Energy to Acquire ExxonMobil’s Nigerian Shallow Water Business

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Seplat Energy Plc, Nigeria’s leading indigenous energy company, has confirmed that it is in the process of acquiring ExxonMobil’s Nigerian shallow water business.

The company disclosed in a statement signed by Mr. Emeka Onwuka, Chief Financial Officer, and accessed by Investors King.

ExxonMobil has been selling off its businesses in Europe, Africa, and Asia in recent years to focus on a few mega-projects at home and abroad.

The statement reads, “Seplat Energy Plc, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, notes the recent press speculation and confirms that Seplat Energy, together with a partner, is in competitive discussions to acquire ExxonMobil’s Nigerian shallow water business.”

According to Seplat, there is no certainty as to the outcome of the ongoing discussions.

“Deliberations are ongoing and accordingly, there can be no certainty as to the outcome. A further announcement will be made as and when appropriate, in line with regulatory requirements,” Seplat stated.

The announcement is coming a few days after Seplat Chairman, ABC Orjiako resigned from his position as the Chairman of the company following a debt scandal with Zenith Bank Plc.

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