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Cryptocurrency is still on the rise, especially the most notable of them all: Bitcoin. AfroTech previously reported on the basics of digital currency and debunked some myths about the growing market, and we’ll even explore this topic further at AfroTech 2021. View this post on Instagram A post shared by AfroTech (@afro.tech) Cryptocurrency expert Isaiah Jackson, author of “Bitcoin & Black America” and co-host of “The Gentlemen of Crypto,” is a huge advocate for bitcoin education, especially in the Black community. With nearly 19,000 subscribers, his YouTube show is a daily live stream that discusses Bitcoin and the cryptocurrency market from the lens of two Black men who are Certified Bitcoin Professionals. One of “The Gentlemen of Crypto’s” core values is bridging cryptocurrency and the community, its website reads. “We cannot miss, in my opinion, the biggest financial revolution of our lifetime,” Jackson told AT about Black people getting educated on bitcoin. “And we can’t be left...
If you have no clue how non-fungible tokens (NFTs) work, Doja Cat has you covered with her latest drop. The form of cryptocurrency has been taking the world by storm. However, for a lot of people, NFTs almost seem as if they’re reserved for the elite, with limited access and resources to materials as to how they work. The rapper, born Amala Ratna Zandile Dlamini, was intentional in making her collection one that is not only affordable but easy to use no matter where you fall on the knowledge of cryptocurrency. “I don’t know that much about NFT’s,” said the “Need To Know” singer, according to information provided to AfroTech. “But what I do know is that they can be bad for the environment and cost a fortune. Mine won’t. Get over to OneOf.com and check out my first NFT collection now.” Courtesy Photo Her exclusive collection was launched via the Green NFT platform, OneOf, curated specifically with musicians and fans in mind. Its debut Artist NFT collection featuring Doja Cat is just...
The spurious offspring of Twitch and Slack, Trading.TV recently announced the closing of a $6.1 million seed. The round was led by Tribe Capital, Navy Capital, L Catterton Growth, and Activant, Benzinga previously reported. A portion of the revenue will open a $1 million creator fund which will prioritize the monetization and growth of creative platforms before the fall projections for public availability. Founder and CEO Tobias Heaslip recognized a shift in lucrative revenue for the emerging creative economy during his decade tenure as a trader and analyst. His previous roles involved contributions for Morgan Stanley, Goldman Sachs, and Barclays. “It was sort of the golden age of investment banking as it relates to TMT deals and social media was just becoming an investable asset class,” Heaslip revealed in a statement.
TRiBL is a social networking platform on a mission to unite the diaspora. Beginning at the end of this month, TRiBL will rebrand its mobile application to include Pan-African commerce providing greater opportunities to circulate wealth within the Black community. With partnerships from Visa and cryptocurrency firms Circle Internet Financial & Paxos Brokerage, the company will soft launch digital wallets for users to access within the application to monetize approved group chats. Cryptocurrencies will provide Black creators and influencers an opportunity to gain income from fiat rates and greater visibility for fundraising opportunities.
When Quidax first launched in 2018, the African crypto exchange was entering a market that was nothing if not volatile. But with the explosion in popularity of such cryptocurrencies as Dogecoin and Bitcoin, the world of cryptocurrency is a very different one in 2021. And with this in mind, Quidax — which has already processed more than $3 billion in transactions, as of this writing — is ready to take the exchange global. In a press release announcement, it was revealed that the African crypto exchange first started thinking about its growth back in February of this year. They noted that they started with 50 customers in 2018, and exponentially exploded to over 400,000 customers in 2021. “We are set to become the global home of BEP20 tokens. This means that anyone in the world can trade over 100 cryptocurrencies in the Binance Smart Chain ecosystem on Quidax,” said Buchi Okoro, the CEO of Quidax, in the press release announcement. The African crypto exchange has also announced that...
One Louisiana native is using cryptocurrency to change the way the Black community views money. Chyna Bethley is a creative visionary who has her sights set on helping to create generational wealth through her business, Rich University. She’s also quite resilient having survived breast cancer, Hurricane Katrina, and the loss of her first business. She also recently partnered with The Steve and Marjorie Harvey Foundation to teach others how to invest in Bitcoin to build their wealth. AfroTech spoke with Bethley about how she ventured into the cryptocurrency space, how Rich University is a resource for the community, and what generational wealth means to her. Editorial Note: This interview has been edited for clarity and length. AfroTech: What is it about cryptocurrency that sparked your interest? Chyna Bethley: What’s so exciting is that we’re at the beginning stages of cryptocurrency and that’s the best part — the unknown. It’s an amazing feeling knowing that we have something that...
Rapper Lil Yachty is making a splash in the cryptocurrency world with his own personal venture. This week, the Grammy-nominated artist became the latest celebrity to try his hand at the $509.5 billion-valued global crypto market with the launch of his very own self-named currency, the “YachtyCoin,” Forbes reports . According to Complex, the newly-introduced currency will act as a “social token” in his name, popularity, and influence that will be offered up as leverage to purchase his work through the coin. Lil Yachty’s Ethereum-based token will reportedly debut on Fyooz — a “fully compliant, Swiss regulated, global platform where celebrities and influencers can issue their own cryptocurrency via the process of tokenization on the blockchain,” according to a statement from Fyooz. https://twitter.com/fyooz_io/status/1333888278135795717?s=20 The global pandemic has placed a huge strain on the music industry this year. Social distancing rules has forced it to pivot to creative tactics...
JPMorgan is now the first bank in the U.S. to create and test its own cryptocurrency. This move could be a catalyst for other large institutions. Tagged as the JPM Coin, the bank’s cryptocurrency is based in U.S. dollars. The bank said it plans to expand to other currencies once the prototype has been thoroughly tested, but the coin is specifically for business-to-business transactions. Individual JPMorgan clients won’t be able to use the cryptocurrency until decisions are made after the testing phase. As a heavy critic of Bitcoin, JPMorgan said its cryptocurrency is more regulated. “We are supportive of cryptocurrencies as long as they are properly controlled and regulated,” Umar Farooq, head of Digital Treasury Services and Blockchain at JPMorgan, said. “As a globally regulated bank, we believe we have a unique opportunity to develop the capability in a responsible way with the oversight of our regulators.” JPM Coin will be issued to institutional clients on the Quorum Blockchain...
Black Girls Code has partnered with blockchain software technology company, ConsenSys, to launch an international training program aimed at helping young Black girls learn about cryptocurrency and the foundations of blockchain technology. Students in the program will get the opportunity to participate in blockchain developer conferences, including a hackathon sponsored by ConsenSys. “The ConsenSys team has consistently impressed me with their commitment to creating pathways for access and inclusion within the blockchain ecosystem and their passion for introducing these tools to the next generation of coders,” said Kimberly Bryant, Black Girls Code’s CEO to Forbes. The curriculum will reach Black Girls Code chapters all over the world, from Oakland, New York City, Atlanta and Johannesburg, South Africa, according to Forbes. Black Girls Code has introduced 60 young women of color to blockchain technology since last August, educating students on how to make their own smart contracts...
A Ghanaian based company is on a mission to make sure cryptocurrency can be adopted by many, not just a few. Mazzuma is using blockchain and artificial intelligence to innovate mobile payments. The platform makes use of the distributed ledger system and its own cryptocurrency to allow for secure online transactions. Founders Kofi Genfi and Nii Osae Osae Dade launched the platform in 2015 as the flagship product for their software innovation company CYST. The two were recognized this year by Forbes Africa 30 under 30 for their contribution to Africa’s tech ecosystem. “The most unique feature about Mazzuma is its sheer simplicity in its usage,” said Genfi in an email to AfroTech. “Mazzuma’s unique multichannel approach allows consumers to use financial services in ways you hadn’t imagined before.” The team launched the third phase of its initial coin offering (ICO) with digital token MAZ created to allow for instant and free global mobile payments. The Ghanaian-based company is driven...
The price of Bitcoin dropped significantly over the weekend and continued to fall Monday marking a new low in the cryptocurrency’s value. Bitcoin fell as low as $3,520 reflecting a 36 percent drop from Monday’s opening price of $5,553, according to Coindesk. At press time, it crept back up and hovered around $3,700 on Bitstamp. After recently celebrating ten years, this becomes the worst drop the best-known digital currency has ever experienced. In April 2013 prices dropped from $165 to $91. The price of the cryptocurrency hit an all-time high almost a year ago reaching $20,000 in December 2017 , bringing the decline to 80 percent. The performance of the virtual currency has struggled this year as the price of one bitcoin has dropped $15,000 since its 2017 high with a loss of $700 billion, according to CNBC . Investors say they predict the cryptocurrency will continue to decline to 85 percent from its peak.
Ohio businesses are in for some big changes this week — they will now be allowed to pay taxes with Bitcoin. The state launched ohiocrypto.com as a portal for businesses in the state to pay a range of 23 taxes which include cigarette, sales, and commercial activity taxes. Ohio’s Treasury office will use the third-party processor, Bitpay, to process the Bitcoin payments, which are converted into U.S. dollars and deposited into a state account. Ohio’s move is the first in the nation, while Georgia, Illinois, and Arizona have similar programs in the works. “It’s a very interesting move,” said Phillip Dancy, a New York-based investment banker. “It’s still surprising because Bitcoin could and probably will take another hit.” Bitpay assumes all of the risks in Bitcoin pricing, according to the OhioCrypto website. Bitcoin users also pay taxes on the cryptocurrency because it is considered a commodity in the U.S. “I think this is a brilliant decision and natural progression for bitcoin users...
As cryptocurrency and blockchain gain traction across the world, more Black women are entering the space, building companies and even creating their own coin. However, Black women thriving in this growing sector say their work is going unseen. The cryptocurrency market is fairly new and coins like Bitcoin , Ethereum and Litecoin have become the most popular, but anyone can create a cryptocurrency. “ Bitcoin set a precedent for how you popularize a currency and how to add value to it,” said Tavonia Evans, creator of Guap Coin . “ A lot of people don’t have the understanding that cryptocurrency is real money. You can really use it, you can cash it out.” Evans created Guap Coin as a way to support Black-owned businesses and philanthropic initiatives. “It’s one thing to support Black businesses and to buy Black, but if you don’t have a platform to be able to see how it’s growing and how it has an impact, then it becomes a movement that dies,” Evans said. Guap Coin was originally built...
Ripple is a blockchain company known for its campaign to persuade the financial industry to use XRP to facilitate cross-border payments. The team recently hired Kahina Van Dyke as Senior Vice President of Business and Corporate Development. The new role will see her focusing on driving new partnerships across the global finances industry. Van Dyke is a veteran in the banking industry with more than 20 years of experience at companies such as Mastercard and Citibank. She makes this transition from her most recent role as Facebook’s Global Payments Director. In an interview with Fortune, she stated that the international payment system’s web of “correspondent banks” needs to be shaken up, which aligns with what we’ve seen from Ripple. With experience at a fast-paced company like Facebook, Van Dyke should be able to help advance the financial industry while blockchain and cryptocurrencies are becoming more familiar.