Did you see what Africa is doing with Web3?

by · October 20, 2022

If you’ve spent time reading about blockchain and Web3, you know that this industry is filled with big buzzwords and half-baked concepts. But concepts like decentralized identity services, or DIDs, really bring meaning and utility to Web3. If you haven’t yet wrapped your mind around DID, it refers to a self-owned, independent identity that enables reliable data exchange. In other words, it puts digital identity management and administration directly in your hands instead of any third party.

In this week’s Crypto Biz, we take a look at a Web3 partnership designed to bring DID-powered payment solutions to Africa. We also chronicle Maple Finance, the European Central Bank and Nasdaq.

Payments platform Fuse integrates ChromePay to bring DID services to Africa

Is Web3 possible without decentralized identity services, or DIDs? It depends on who you ask. For Web3 payment solutions Fuse and ChromePay, DIDs will play an important role in expanding access to the decentralized internet, especially in places like Africa. This week, the companies announced a new partnership to bring a suite of DID-powered Web3 payment products to the African continent. Specifically, ChromePay will integrate the Fuse blockchain, allowing users to access both traditional and blockchain-based payments directly on their mobile devices.

Maple Finance Launches $300M Lending Pool for Bitcoin Mining Companies

Crypto lending platform Maple Finance shows no signs of slowing down amid the bear market. The company announced this week that it would provide up to $300 million in secured debt financing to Bitcoin (BTC) mining companies. Why is this important? Well, for one, the loan could help miners stay afloat during one of Bitcoin’s most severe downturns. The loan will be secured by physical and intellectual assets owned by the mining companies, including their BTC mining rigs.

The European Central Bank chooses Amazon and 4 other firms to create prototypes of digital euro app

The European Central Bank, or ECB, will prototype its digital euro app with five e-commerce and fintech companies led by Amazon. Nexi, EPI, Worldline and CaxaBank round out the list of partners the ECB has chosen to develop specific functions for the digital euro prototype. Although the ECB has been vague about its intention to release a digital central bank currency, the monetary authority appears to be laying the groundwork for its implementation. I’m not a fan of CBDCs, so make of this what you will.

Nasdaq is reportedly developing crypto custody services for institutions

The bear market can be a perfect opportunity for institutional investors to learn about crypto and, by extension, start investing in the digital asset class. (Regulatory clarity will also help.) It was reported this week that financial firm Nasdaq is preparing to offer digital assets — a move that could make buying and holding BTC and other cryptocurrencies more palatable to institutional investors. In my view, it’s only a matter of time before banks, hedge funds and family offices start doing crypto. At this stage, no considering Bitcoin is a major career risk for investors. Ignore BTC at your own risk!

Before You Go: Why Did The Crypto Market Dump After The Ethereum Merger?

Ethereum’s long-awaited merger was successfully completed last week, but even that didn’t prevent crypto prices from crashing again. In this week’s market report, I sat down with Marcel Pechman, Benton Yaun and Ray Salmond to discuss the factors affecting the crypto markets. I also shared my thoughts on when Bitcoin could reach its definitive cycle bottom. You can watch the full replay below.

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