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Luno to Commence Naira Deposit and Withdrawal After Raising $700 Million at $10 Billion Valuation

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Luno Exchange - Investors King

Luno, a cryptocurrency trading platform, has announced plans to commence Naira deposit and withdrawal on its platform through a third-party application.

In a statement forwarded to all users on Wednesday,  Luno management said customers in Nigeria will be able to deposit and withdraw funds in Naira.

However, customers are required to first upgrade their KYC information on the platform. “Failure to do so will mean you cannot deposit or withdraw Naira. This is necessary to ensure your security and that of your funds,” the company stated.

To read more on how to upgrade and verify on the Luno platform click here.

This is coming several months after the Central Bank of Nigeria (CBN) restricted deposit money banks from facilitating cryptocurrency payments to protect Nigerians from another MMM and unregulated crypto space with numerous cases of frauds and scams.

Platforms like Binance, the world’s leading crypto exchange platform, had launched a peer-to-peer deposit and withdrawal mechanism to ensure Nigerian customers continue to transact on the platform despite the restriction.

Explaining how Luno would achieve Naira deposit and withdrawal given CBN restriction, the Luno team said customers would be able to deposit and withdraw funds on the platform through vouchers they would purchase and redeem via a trusted third party.

“You will be able to deposit and withdraw funds to the Luno platform using vouchers purchased and redeemed through a trusted third party provider,” the Luno team said in the statement forwarded to all customers.

“We believe that this is the safest and easiest-to-use solution currently available to our customers in Nigeria and look forward to you experiencing it for yourselves.”

However, Luno said while it only facilitates payments between customers, it does not set the price of Bitcoin or any other currencies. This, it stated to address a possible fluctuation in price of currencies once it rollout its new third-party voucher deposit and withdrawal model.

“Luno does not set the price of bitcoin or any cryptocurrencies, we only facilitate transactions between customers. 

“The return of Naira deposits and withdrawals may cause significant price volatility, with the release of pent-up customer demand to buy and sell cryptocurrency causing unusual market behaviour that could last for several weeks.

“Stay tuned for more details about the voucher solution and how to use it in the coming weeks!”

Meanwhile, Digital Currency Group (DCG), the parent company of Luno, just raised US$700 million in an investment round led by SoftBank’s Vision Fund II and Latin American Fund. Other equity investors led by the two funds include Google’s Capital G, Ribbit Capital, GIC, Tribe Capital and Emory University who purchased stock from existing investors.

This put the company’s valuation at US$10 billion.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Bitcoin

Binance CEO Forecasts Bitcoin Surge Beyond $80,000 on Institutional Inflows

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bitcoin to Nigerian Naira - Investors King

Binance Chief Executive Officer Richard Teng has set his sights on Bitcoin surging beyond the $80,000 price level on the back of rising institutional investments into crypto-backed exchange-traded funds (ETFs).

Speaking at an event in Bangkok on Sunday, Teng highlighted the significant impact of the launch of Bitcoin ETFs in the United States earlier this year.

He noted that this development has attracted a considerable influx of institutional investors, propelling fresh funds into the cryptocurrency market.

Teng expressed confidence in Bitcoin’s upward trajectory, emphasizing that “we’re just getting started.”

Initially estimating Bitcoin to reach around $80,000 by the end of the year, Teng now believes that the cryptocurrency’s price will surpass this milestone.

He attributed this bullish outlook to a combination of decreasing supply and sustained demand within the market.

However, he cautioned that the rally wouldn’t be without its fluctuations, suggesting that the market’s ups and downs would ultimately benefit its overall health.

Bitcoin has already surged by an impressive 56% this year, reaching a record high of nearly $73,798 last week.

Despite concerns among some investors about a potential bubble, Teng remains optimistic about Bitcoin’s future trajectory.

Teng’s forecast comes in the wake of his appointment as CEO of Binance, succeeding co-founder Changpeng Zhao in November following the company’s $4.3 billion settlement with US authorities.

With relentless inflows into US spot Bitcoin ETFs since their approval in January, Teng expects further institutional adoption in the near term, with more endowments and family offices anticipated to increase their allocations into Bitcoin ETFs.

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Nigeria’s SEC Tightens Grip on Crypto: Raises Crypto Registration Fees

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Nigeria’s Securities and Exchange Commission (SEC) has announced a significant tightening of regulations governing cryptocurrency exchanges.

Under the proposed amendments, the registration fee for crypto exchanges is set to skyrocket from N30 million ($18,620) to N150 million ($93,000), a fivefold increase.

Also, application fees are set to rise from N100,000 ($62) to N300,000 ($186), while processing fees will surge from N300,000 ($186) to 1 million naira ($620).

These fee hikes signal the SEC’s intention to impose stricter oversight on digital asset exchanges and reflect a broader trend of regulatory scrutiny surrounding cryptocurrencies in Nigeria.

The SEC justified these changes by citing the need for clarity and incorporating feedback from industry stakeholders, particularly following engagements with the Central Bank of Nigeria (CBN).

The amendments also include a renaming of the rules and guidelines to “Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody,” emphasizing the regulator’s comprehensive approach to regulating the digital asset ecosystem.

This latest development comes amid growing tensions between Nigerian authorities and prominent cryptocurrency platforms.

Just recently, Binance, one of the world’s largest crypto exchanges, found itself embroiled in a dispute with Nigerian authorities over allegations of currency manipulation, resulting in the detention of two Binance executives.

Against the backdrop of Nigeria’s decision to abandon its currency peg and allow the naira to trade freely, the SEC’s move underscores the government’s determination to assert control over the country’s financial landscape, even as it grapples with economic challenges such as inflation and currency devaluation.

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Bitcoin Retreats from Record Highs Amid Debate Over Market Speculation

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bitcoin to Nigerian Naira - Investors King

The cryptocurrency retreated from its recent record highs, igniting a debate over the speculative fervor gripping global markets.

In Asian trading on Friday, Bitcoin plummeted by as much as 5.6%, shedding its gains from the previous day when it reached a new pinnacle of nearly $73,798.

Despite recovering slightly to trade at $67,300, the retreat has triggered concerns about the sustainability of the crypto bull run.

The moderation in Bitcoin’s surge, alongside a similar trend in other top cryptocurrencies like Ether, BNB, and Solana, reflects a broader shift in investor sentiment.

With both Bitcoin’s ascent and the performance of the top 100 tokens hovering around 60% for the year, market participants are reevaluating their risk appetites amidst a backdrop of escalating inflationary pressures.

In a Bloomberg Television interview, Bank of America Corp.’s Chief Investment Strategist Michael Hartnett sounded alarms, likening the market’s euphoria to the characteristics of a bubble, particularly evident in the technology sector’s “Magnificent Seven” stocks and the soaring highs of cryptocurrencies.

The debate over market speculation is gaining traction on Wall Street, with questions looming about the vulnerability of various asset classes to a potential pullback.

Proponents of Bitcoin point to fundamental supports, such as significant net inflows into US exchange-traded funds and an impending reduction in token supply growth.

However, Bitcoin’s stumble coincided with a surge in US yields and the dollar following a report revealing a spike in producer prices, exacerbating concerns about the Federal Reserve’s ongoing efforts to rein in inflation.

Also, data from Coinglass indicates a rise in caution within the derivatives market, with a notable increase in liquidated bullish crypto wagers and a slump in funding rates for Bitcoin perpetual futures, favored by speculators.

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