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Binance To Launch $1B Fund To Develop BSC Ecosystem

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Binance Growth Fund-Investor-King

Binance, the world’s leading blockchain ecosystem and cryptocurrency platform, has launched a $1 billion Growth Fund for Binance Smart Chain, to accelerate the adoption of digital assets and blockchain technology.

In the span of the next few months multiple programs will be set up under its umbrella to empower the growth of cryptocurrencies worldwide. Designed to incubate rising blockchain-crypto projects the fund will also run advanced technological development programs.

“BSC’s growth has attracted 100M+ DeFi users with just an initial funding of $100 million,” said Changpeng Zhao (CZ), CEO at Binance. “With the new contribution of $1B, it can disrupt traditional finance and accelerate global mass adoption of digital assets to become the first-ever blockchain ecosystem with one billion users,” he added.

The $1 billion fund will be divided into 4 broader categories:-

Talent Development – Innovation

A total of $100M funds are reserved for Talent Development which includes mentoring developer communities, educating new crypto investors, providing academic scholarships to institutions, running bootcamps and supporting R&D around Cryptography, High-performance Consensus protocol, Cross-chain/Multi-chain infra, RegTech & Deep Analytics and more.

Liquidity Incentive Program – Trading

The Liquidity Incentive initiative will run sub-programs to encourage participation from traditional financial markets as well as crypto. It will provide flexibility and support for professional traders and institutions to provide more liquidity in DeFi protocols. For instance, more contribution in liquidity pools in Automated Market Makers, borrowing and lending in money markets, yield farming in vaults, higher arbitrage gains and more. This will be targeted in developing compliant relationships between investors and evolving emerging digital asset markets. A total of $100M funds are reserved under the Liquidity Incentive initiatives.

Builder Program – Technological startups

The Builder Program will be boosted with an additional $300 million. Of which, $100 million will be utilized to conduct regional and global hackathons, joint bug bounty programs, developer conferences and will support existing mainstream development programs. The remaining $200 million will be used to incubate 100 innovative dApps/infra buildings on top of BSC who will receive mentoring from top Venture Capitalists and infrastructural support from the BSC core community.

Investment/Incubation Program for Industrial development

To accelerate mainstream adoption and bring disruption to financial infrastructures a total of $500 million will be reserved. This fund will be utilized to grow decentralized computing, gaming, metaverse, virtual reality, artificial intelligence and blockchain-based financial services. With collaborations from industry-leading organizations, the investment fund will target scaling blockchain technology for real-life use cases and will bridge the gap between crypto-blockchain and the current technical-financial sectors.

“The thriving blockchain startup ecosystem has encouraged us to invest our time, efforts and resources in helping companies build from 0 to 1. With the $1 billion initiative, our focus will be widened to building cross-chain and multi-chain infrastructures integrated with different types of blockchains. We’re gearing up to bolster the adoption of crypto and blockchain to accelerate its growth globally.” said Gwendolyn Regina, Investment Director, BSC Accelerator Fund

With a concentrated focus on blockchain-rich regions such as Russia, India, South East Asia, Europe, US and South America; the BSC community will lead the growth of BSC regionally. The BSC core community will work closely with leading fintech companies, crypto advisors, blockchain researchers and influential people across the globe to spread the basic vision of financial inclusion and sovereignty.

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Cryptocurrency

Funds Flowing Into Crypto Space Hits $1.5 Billion Last Week

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New money flowing into cryptocurrency space rose to a record-high of $1.47 billion last week, according to a report by CoinShares.

The huge capital inflow was after the U.S Securities and Exchange Commission approved Bitcoin ETF investing in futures and the broad-based rally that followed the announcement. Year-to-date, investors have dumped a total of $8 billion into crypto funds.

Bitcoin, the world’s most dominant cryptocurrency, rose to an all-time high of $66,974 per coin last week.

Most of the inflows go into Bitcoin-focused funds, Bitcoin focused funds accounted for 99 percent of all the $1.47 billion inflows recorded last, up from the $70 million Bitcoin exposed funds attracted in the previous week.

CoinShares attributed Bitcoin’s new attraction to the two bitcoin futures listed after SEC approval.

This is a direct result of the U.S. Securities and Exchange Commission (SEC) allowing a bitcoin ETF investing in futures and the consequent listing of two bitcoin investment products,” the report noted.

SEC had approved the first Bitcoin futures ETF, ProShares Bitcoin Strategy ETF, on October 15, 2021. It was the approval that drove Bitcoin back to $60,000 a coin before it set a new all-time record.

However, while Ether (ETH), the native cryptocurrency of the Ethereum blockchain and the world’s second-largest cryptocurrency by market value, also reached an all-time high at $4,361 a coin last week, funds exposed to Ether saw outflows for a third consecutive week. Ether outflows stood at $1.4 million last, stated the report.

This is minor profit-taking as the price closes in on all-time highs.

Altcoins like Solana (SOL) also saw inflows at $8.1 million, Cardano (ADA) and Binance coin (BNB) attracted inflows estimated at $5.3 million and $1.8 million, respectively.

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eNaira

President Buhari Says E-Naira Could Increase Nigeria’s GDP By $29 Billion

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Enaira launching in Abuja - Investors King

President Muhammadu Buhari, in a statement signed by the Presidential spokesperson, Mr. Femi Adesina and made available to the media at the unveiling of Nigeria’s Central Bank Digital Currency, the E-Naira, said that the new digital currency has the potential to increase Nigeria’s GDP by $29 billion over the next 10 years.

The President reiterated that the launch of the E-Naira makes Nigeria the first country in Africa and one of the first few countries in the world to launch a digital currency. He further said he expects the currency to enable the government to send direct payments to citizens eligible for government welfare programs as well as foster cross-border trade and assist in moving many more people and businesses from the informal sector into the formal sector, therefore, increasing the tax base of the country.

The President then congratulated the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, his deputies, and the entire team of staff who worked tirelessly to make the launch of the currency a reality.

Meanwhile, earlier in the day, the Buhari Media Organisation (BMO), the approved body for operating digital communications of the Presidency, said that Nigeria will surpass the International Monetary Fund’s (IMF) projections of 2.6 percent economic growth in 2021 and 2.7 percent growth in 2022. The Group believes under President Buhari, the non-oil sector is progressing and this can be seen in the sector’s contribution to the GDP of Nigeria.

Mr. Niyi Akinsiju, the chairman of the organization, and Mr. Cassidy Madueke said this in a statement in Abuja. The full statement given by the organization said ” This is not the first time that the IMF is making such projections, but Nigeria never ceases to disappoint it by recording higher economic growth. In 2019, IMF projected a 2.1 percent economic growth for Nigeria, but against its prediction, Nigeria recorded real growth of 2.27 percent in Gross Domestic Product (GDP).

The statement further said “In a like manner in 2021, the IMF also projected that Nigeria’s economy would fall by 5.4 percent due to the COVID-19 pandemic. It later reversed its projection to 4.3 percent, but contrary to that, Nigeria recorded 1.8 percent. 

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eNaira

eNaira: Buhari, Emefiele Launch eNaira at State House Abuja

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Enaira launching in Abuja - Investors King

President Muhammadu Buhari and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Monday, October 25, 2021 officially launched eNaira, Nigeria’s Central Bank Digital Currency (CBDC) in state house Abuja.

Nigeria is now one of the few countries to have launched digital currency ahead of nations like the United States, United Kingdom, etc.

The CBN believed eNaira will help plug loopholes in the financial system, curb illicit financial flows, strengthen security, improve data collection and monitoring.

Enaira launching in Abuja - Investors King

Speaking on why he approved CBN’s decision to launch a digital currency, the president explained that his approval was “underpinned by the fact that the CBN has been a leading innovator in the form of money they produce, and in the payment services they deploy for efficient transactions.”

“They have invested heavily in creating a Payment System that is ranked in the top ten in the world and certainly the best in Africa,” the president said at the event in Abuja.

“This payment system now provides high‐value and time‐critical payment services to financial institutions, and ultimately serves as the backbone for every electronic payment in Nigeria.”

President Buhari further said, “estimate suggests the adoption of new CBN digital currency is estimated to increase Nigeria’s GDP by $29 billion over the next 10 years.

“We have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens.”

Africa’s largest economy has now launched two mobile applications for eNaira – eNaira speed wallet and eNaira merchant wallet – on Google playstore and Apple store to facilitate adoption and usage.

These applications tell eNaira potential users to“Get Ready With Your Accurate BVN Data For Your Hitch-Free Enrolment.

To sign-up on the eNaira speed wallet, you would be required to input the following details exactly as captured during your BVN enrollment.

First Name, Last Name, Date of Birth, State of Origin, and Email.

Your Banks are waiting to assist you in validating and updating your BVN details to ensure seamless enrolment to the eNaira Platform.

Enaira launching in Abuja - Investors King

During the launching in Abuja on Monday, Emefiele announced that N500 million worth of eNaira or $1.21 million has already been minted.

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