Gluwa, an open finance platform that connects capital from developed markets to emerging markets using blockchain technology, has disclosed its plan to partner with the Lagos state government to transform the state agricultural sector.
With a plan to digitize agricultural assets, the startup has expressed its commitment to ensure that Lagos State becomes fully self-sufficient in areas of food security amongst others. This, it said would be achieved through the deployment of its blockchain technology.
This was disclosed by the Chief Executive Officer of Gluwa Tae Oh while speaking at the launch of the Agricultural and Food Systems road map in Lagos state.
He said, “Agriculture being one of the backbones of the Nigerian economy, with only 35% of the population employed, the agricultural sector must be modernized for the government and the organized private sector to realize its full potential and enjoy its benefits.
“According to the five-year Lagos State Agricultural and Food Systems road map, where the sector is projected to generate upwards of $10bn by the year 2025, it will be of immense value for agricultural assets to be identified, recorded, and traded using innovative blockchain technology”.
Gluwa’s CEO further disclosed that the project will entail partnering with the Lagos State ministries of agriculture, finance, science and technology as well as the lands bureau on the integration of physical farmlands into non-fungible tokens, to provide access to digital asset-backed loans for all Lagos State farmers.
Investors king understands that Blockchain technology is currently used in the agricultural sector in different parts of the world, due to its ability to track the provenance of food, thus creating trustworthy food supply chains which help to build trust between producers and consumers.
Reports reveals that 1.7 million Lagosians are food insecure, hence deploying blockchain technology in the state Agricultural sector will improve production output, thereby ensuring food security.
Blockchain.com Secures $110 Million Funding Round Amid Crypto Market Resurgence
Blockchain.com, a prominent player in the cryptocurrency exchange and wallet services sector, has successfully closed a $110 million funding round, spearheaded by UK-based Kingsway Capital.
This financing round signals a resurgence in venture-capital investments within the crypto space, underscored by the ongoing rebound in digital asset prices this year.
The Series E strategic financing not only attracted Kingsway Capital but also saw participation from notable investors such as Baillie Gifford, Lakestar, Lightspeed Venture Partners, Coinbase Ventures, and others.
In a strategic move, Blockchain.com is welcoming two new board members from Kingsway and Lakestar.
However, the company’s valuation post-funding is reported to be less than half of its $14 billion valuation in the spring of 2022, as disclosed by an anonymous source familiar with the matter.
Blockchain.com faced challenges, typical of many crypto enterprises, amid the market downturn in 2022.
The company, which had disclosed significant exposure to the Three Arrows Capital hedge fund collapse, navigated through the industry-wide turbulence, including staff layoffs.
The resurgence in the cryptocurrency market in 2023, marked by Bitcoin’s more than doubling in price, has contributed to renewed optimism.
The anticipation of regulatory approval for a cryptocurrency exchange-traded fund (ETF) has been a driving force.
This funding round for Blockchain.com reflects a broader trend of thawing venture-capital investments in the crypto space, showcasing a renewed confidence in the industry’s prospects.
Kaldi Company Set to Revolutionize the Global Coffee Value Chain Through Kaldicoin
Kaldi Company Ltd, a pioneer in combining blockchain, Web3, AI, IOT-enabled traceability, and a novel crypto economy to revolutionize the coffee value chain and alleviate poverty amongst millions of smallholder coffee farmers globally, announced today that it has received regulatory approval from the Financial Services Authority in the Isle of Man for Kaldicoin, its new digital currency.
This milestone permits Kaldi Company to engage in a range of activities related to convertible virtual currency, including issuing, transmitting, transferring, providing safe custody, administering, managing, and trading the Kaldicoin digital currency under the supervision of the Isle of Man Financial Services Authority.
The global coffee industry is a rising $450+ billion annual market marred by inequalities. 44% of the world’s 12.5 million smallholder coffee farmers, who collectively produce 80% of the world’s coffee, live in poverty. 22% of these farmers and their families are enduring extreme poverty, surviving on less than $1.90 per day.
Kaldi Company is the first company to provide an integrated platform, KaldiMarket™, utilizing blockchain, Web3, AI, IOT-enabled traceability, and a novel, partially but significantly asset-backed crypto economy that creates profitability for smallholder farmers while also providing a higher dollar return for their crops.
It delivers this by linking smallholder farmers directly to global wholesale buyers and passing on savings generated through logistic automation to the farmers. KaldiMarket also addresses critical problems of cost transparency, supply chain inefficiencies, and price volatility within the global coffee industry, so smallholder coffee farmers, their families, and communities can make a profitable and sustainable living from coffee farming.
An innovative crypto economy underpins the coffee trading process on KaldiMarket, where new Kaldicoins (the platform’s native digital currency) are minted based on actual USD-denominated coffee sales on the platform and distributed as rewards for participation to coffee farmers and buying roasters. Kaldicoins are awarded to farmers in addition to the USD income from coffee sales and to buyers as a reward for purchase.
Only farmers can initiate the Kaldicoin minting process by selling their coffee on KaldiMarket, and they receive the largest share of the newly minted Kaldicoins, opening new opportunities to profit from their crops and enabling them to participate in the marketplace’s macro trading success across the rapidly growing green global coffee market.
Daniel Ball, CEO of Kaldi Company, commented, “Today, the crypto-regulatory environment is navigating challenging yet necessary growth. Trusted regulatory oversight is essential for market confidence, and we are pleased to achieve regulatory approval in a respected jurisdiction. This regulatory milestone reinforces our commitment to rebalancing the economics of coffee through our unique supply chain solution and new crypto economy and signals the trustworthiness of our brand in this space.”
Kaldi Company Founder and Chair, Professor Stefan Allesch-Taylor, added, “Kaldi Company is at the forefront of harnessing blockchain technology and tokenomics to drive meaningful global financial impact for millions of the world’s poorest coffee farmers. Kaldicoin is a powerful economic participation unit and profit multiplier designed to capture the money lost in the system to an inefficient supply chain and to pass this wealth to the KaldiMarket participants, the sellers (farmers), the buyers (roasters), and all Kaldicoin holders. This regulation strengthens our commitment to delivering financial empowerment, financial inclusion, and a profitable, sustainable future to smallholder coffee farmers worldwide.”
Nigeria Takes Bold Step Towards Digital Transformation with National Blockchain Policy
In a decisive move towards embracing the digital era, Nigeria has embarked on a groundbreaking journey of transformation with the introduction of its National Blockchain Policy.
According to the Minister of Communications and Digital Economy, Prof Isa Pantami, the policy sets the stage for a technology-driven future in the country.
Underlining the government’s commitment to this digital revolution, Prof Isa Pantami recently inaugurated the National Committee responsible for implementing the National Blockchain Policy. The committee comprises representatives from 29 institutions across both the public and private sectors, including academia. This diverse membership ensures a comprehensive approach to driving the adoption of blockchain technology across Nigeria.
The significance of this development was highlighted during a ceremony held in Abuja, where an impressive 32,022 Nigerians were honored for their successful completion of the Federal Government’s Blockchain Technology training program. This training initiative, organized to equip individuals with the necessary skills to support the policy’s implementation, marks a crucial step in building a workforce ready to harness the potential of blockchain technology.
The endorsement and support for the National Blockchain Policy came from none other than President Muhammadu Buhari himself, who, on May 3, approved the policy and issued directives to key regulatory bodies. The National Information Technology Development Agency, the Central Bank of Nigeria, the National Universities Commission, the Securities and Exchange Commission, and the Nigerian Communications Commission were tasked with developing regulatory instruments to facilitate the seamless integration of blockchain technology into various sectors of the economy.
The National Blockchain Policy serves as a roadmap for Nigeria’s adoption and utilization of emerging technologies. It aligns with the seventh pillar of the National Digital Economy Policy and Strategy, which focuses on creating a “Digital Society & Emerging Technologies.” Prof Isa Pantami explained that the policy forms an integral part of Nigeria’s broader digital transformation efforts, alongside policies on Artificial Intelligence and Robotics. These initiatives have already led to the establishment of the continent’s first-ever National Centre for Artificial Intelligence and Robotics (NCAIR), located in Abuja.
Emphasizing the pivotal role of technology in driving Nigeria’s digital economy, Prof Isa Pantami highlighted the significance of the fourth industrial revolution. This revolution has ushered in disruptive technologies such as Blockchain, Artificial Intelligence, Robotics, Cloud & Quantum Computing, Virtual & Augmented Reality, Autonomous Vehicles, Biotechnology, 5G, and Cybersecurity. Nigeria, proudly standing among at least three African nations actively involved in the fourth industrial revolution, is poised to leverage these advancements to bolster its economic growth and development.
The successful implementation of the National Blockchain Policy will have far-reaching benefits for Nigeria. It will provide a comprehensive framework for integrating blockchain technology into various sectors, nurturing indigenous talent, and creating a globally competitive ecosystem.
Furthermore, it will address critical issues of governance, security, interoperability, regulatory compliance, accountability, and transparency.
The policy’s effective execution is expected to foster innovation, improve government services, generate job opportunities, stimulate economic growth, instill public trust in governance, and promote citizen engagement.
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