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Crypto Exchange Roqqu Receives Regulatory Approval to Operate in South Africa

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Nigerian crypto exchange company Roqqu has received regulatory approval to operate and provide crypto-related services in South Africa, as it expands its operations.

Announcing its regulatory approval to operate in South Africa, the crypto exchange took to its Twitter handle to announce the news.

Roqqu wrote, “South Africa is one of the biggest crypto and blockchain adopting countries in Africa and today Roqqu just received regulatory approval to operate in South Africa”.

With Roqqu’s expansion to South Africa, the crypto exchange will allow users to buy cryptocurrencies such as Bitcoin, Ethereum, and USD Coin, allowing users to withdraw funds using South African currency Rand.

Investors King understands that Roqqu has prioritized South Africa as a key target in its quest to dominate the African market. The head of product at Roqqu Mr. Israel Ololade disclosed that during intensive research carried out by the company to streamline strategic cities and countries to pioneer Roqqu’s target of global adoption and borderless transactions, they found the move to South African worthy.

The crypto exchange previously outlined its growth plans, claiming that it aims to reach 5 million clients by 2023 and focus on South Africa as the central location for its expansion.

Apart from South Africa, the crypto exchange has set its sights on Ghana, Kenya, Uganda, and Tanzania for regional expansion in the near future.

Roqqu claims to have over 1.4 million active customers as of January this year. The same month, it received a virtual currency license for the European Economic Area, effectively giving it the green light to operate in over 30 countries. The crypto exchange platform strategy centers on facilitating cross-border transactions through cryptocurrencies, primarily in African countries.

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Tether Recovers All $20 Billion Lost in 2022, Market Capitalization Hits A New Record High

Tether has recovered all of the $20 billion it lost in 2022 after TerraUSD collapsed as it hits a new record-breaking market capitalization of $83.2 billion.

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Largest stablecoin issuer in the market Tether has recovered all of the $20 billion it lost in 2022, after TerraUSD collapsed as it hits a new record-breaking market capitalization of $83.2 billion.

Tether’s proven resilience and unwavering commitment to industry-leading transparency practices, and its ability to weather market volatility have solidified its reputation as a trustworthy platform.

Speaking on its recovery and record-high market capitalization, CTO of Tether Paolo Ardoino said,

“Today’s numbers demonstrate that people want access to financial freedom, and when given that access, they will make use of it. Between our battle-tested resilience in the face of market volatility and our industry-leading transparency practices, Tether has proven that it can be trusted, and customers are responding in kind.

“Tether tokens offer a safe harbor for the unbanked and allow people in emerging markets to keep their buying power, even when their national currency is being devalued”.

Analysts at digital asset research Conor Ryder said that Tether’s rise suggests peg stability is far more important for most stablecoin holders than issuer transparency.

The company’s recent surge in market capitalization and its successful recovery from last year’s setback signify a pivotal moment for stablecoins and the overall crypto landscape. It also reinforces Tether’s position as a trusted and resilient player, instilling confidence in investors and further solidifying stablecoins as a crucial component of the cryptocurrency ecosystem.

Tether’s judicious management of its assets has been instrumental in this recovery. With approximately 85% of its holdings in cash, cash equivalents, and short-term deposits, it exhibits a robust asset base.

Recall that the instability that shook the crypto market last year saw Tether as well as other stable coins lose a huge part of their market cap which saw investors exit the market in drove.

Meanwhile, Investors King understands that while Tether has managed to recover its market value other stablecoins such as USD Coin (USDC), have struggled to regain their previous market capitalization levels.  Analysts suggest that it implies that investors’ confidence may not be fully restored in the stablecoin sector yet.

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Central African Republic Passes Law That Allows Foreign Investment in Cryptocurrencies

The Central African Republic, a landlocked country in Central Africa has recently passed a law that allows foreign investment in cryptocurrencies after it adopted Bitcoin as a legal tender last year.

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The Central African Republic, a landlocked country in Central Africa has recently passed a law that allows foreign investment in cryptocurrencies after it adopted Bitcoin as a legal tender last year.

Announcing the passage of this law, the CAR government said,

“The new law for the tokenization of natural resources sets down the framework for using Bitcoin and the country’s virtual currency, Sango, in the investment process. This includes foreign nationals wishing to invest in mining, agricultural, and forestry assets.

“Investors have the right to transfer abroad all annual profits accruing to them after payment of taxes, duties, and other obligations”.

Investors King understands that CAR is the first country in Africa to adopt Bitcoin as a legal tender, and the second in the world after El Salvador.

This decision has however put the country at odds with the Bank of Central African States (BEAC), the regional central bank that serves the Economic and Monetary Community of Central Africa (CEMAC), which the Central African Republic is a member of and violates the CEMAC Treaty.

President of Central African Republic Faustin-Archange Touadéra disclosed that the country’s crypto coin ‘Sango Coin’, which was launched in July last year, will be the next-generation currency for the country and will be a gateway to the country’s natural resources.

He said that Sango Coin is part of the CAR’s vision to have an integrated capital market that could stimulate commerce and sustain growth. He talked about the need for financial inclusion and the need for the country’s citizens to easily have access to cryptocurrencies via smartphones.

Explaining the project’s benefits, he stated that the citizens will gain at every level, as they will live in a country in full economic development, which means employment and prosperity.

Moreover, they will benefit from virtual transactions, which in contrast to traditional banking, have the advantage of rapid access, fast execution, lack of bureaucracy, and low cost. For us, a formal economy is no longer an option.”

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Patricia Halts Withdrawals After Hackers Stole $2 Million in Cryptocurrency Assets

The leading crypto trading company in Nigeria, Patricia, has paused withdrawals on its platform, following a security breach that saw it lose millions in crypto assets.

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The leading crypto trading company in Nigeria, Patricia, has paused withdrawals on its platform, following a security breach that saw it lose millions in crypto assets.

The company reportedly lost a whopping sum of $2 million in cryptocurrency and Naira as hackers successfully breached its security in January 2022, the company disclosed in a statement released over the weekend.

Announcing the breach, the company said, “Our services are divided into three arms: Patricia Personal, Patricia OTC Desk, and Patricia Business. Not long ago, we were victims of a breach. Patricia Personal, the retail trading application, was solely affected by this breach; BTC and Naira assets were compromised. Every other crypto balance remains unaffected, and we assure the public that all our customers and merchants’ assets are secure”.

Patricia however did not disclose the magnitude at which the assets were affected. It hinted that it may have become a target for hackers due to its increased popularity as a Bitcoin exchange platform.

Acknowledging the risks associated with public recognition, the company assured its customers of its commitment to pursuing and collaborating with security agencies to protect their assets. The company reportedly partnered with a security firm to conduct a comprehensive audit of its operations.

Findings by Investors King reveal that while Patricia has assured customers that their funds are safe following the pause of withdrawals, while very few are not worried, several others are not taking it likely as they have gone to the company’s post to express their concerns and grievances.

Founded in 2017, Patricia has become well-known for crypto and gift card trading, a feat it says has made it become a target for bad actors. With over 6 years of experience across the board, the company is led by a team that challenges the status quo.

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