Summing Up Recent Crypto Developments

In recent crypto developments, Jia Raised USD 4.3 M in Seed Funding, Block partners with Yellow Card partnership, and Binance withdraws from Canada. Ivorypay gets backed by Crypto Valley VC. What are the implications of these developments?

Kenyan Fintech Startup Jia Raised USD 4.3 M Seed Funding

Jia, a blockchain-based fintech that provides loans to micro and small businesses in emerging markets, has secured $4.3 million in seed funding. The funding round was led by early-stage backer TCG Crypto amongst others. The fintech plans to use the funding to expand its operations in Kenya and the Philippines before entering new markets in West Africa, Latin America, and Asia. Jia offers loans to borrowers who receive tokens upon repayment. The tokens can be redeemed at an agreed rate based on Jia's profits. profile.

Why do these matter?

The seed funding will allow Jia to expand its operations in Kenya and the Philippines and later enter new markets in West Africa, Latin America, and Asia. This expansion will provide more opportunities for micro and small businesses in these regions to access loans and grow their businesses.

Block and Yellow Card Partnerships

Block, a prominent blockchain company, has partnered with Yellow Card, an African crypto exchange. This collaboration aims to expand access to cryptocurrencies and blockchain technology in Africa. Yellow Card and Block's TBD, a Bitcoin-focused developer platform, tested their cross-border payment infrastructure to send money between the U.S., Ghana, Nigeria, and Kenya. This collaboration can make cross-border payments and liquidity exchanges more accessible and affordable and provide compliant cross-border payments and fiat off-ramps.

Why do these matter?

While the partnership between Block and Yellow Card signifies the growing interest of the African market in cryptocurrencies and blockchain technology, it also presents an opportunity to expand access to digital currencies.

Binance withdraws from Canada.

In a separate and notable move within the cryptocurrency space, Binance, the world's largest crypto exchange by volume, announced its decision to halt operations in Canada last week due to the challenging regulatory landscape. In a tweet on Friday, the company cited the restrictions on stablecoins and investor limits imposed on crypto exchanges by the Canadian Securities Administrators (CSA), making it untenable for the platform to continue its services in the Canadian market. This development highlights the need for exchanges to adapt and comply with evolving regulatory frameworks. The regulatory landscape is crucial in shaping the cryptocurrency industry, ensuring investor protection, and mitigating risks.

Why do these matter?

Binance's exit from Canada could impact Canadian cryptocurrency traders who relied on the exchange's services, thus leading to a shift in the market as users seek alternative platforms to fulfill their crypto trading needs. It also signals a strong drive by regulators to enhance investor protection and mitigate risks associated with cryptocurrencies and stablecoins. Finally, it exposes the substantial regulatory risk faced by the industry. To ensure long-term viability, exchanges must stay compliant and adapt to regulatory changes or withdraw.?

Ivorypay gets backed by Crypto Valley VC

In April 2023, Ivorypay, a Nigerian crypto payment solution, was chosen by Crypto Valley VC (CV VC) to participate in their current round of global blockchain startup accelerators. Ivorypay is a payment gateway that allows businesses to receive payments in stable cryptocurrency and use Defi and NFT for growth. As part of the accelerator program, Crypto Valley VC is investing in Ivorypay and providing access to other funding opportunities.

Why do these matter?

This recognition and access to funding opportunities and support from Crypto Valley VC could potentially accelerate the growth and development of Ivorypay's payment gateway solution. This, in turn, deepens crypto penetration in Africa.

***About: Ifunanya is a Senior Consultant at KoreFusion. Based in Hong Kong, Ifunanya built her career working in Nigeria across retail, commercial, and corporate banking.?More recently, her experience includes being a pioneer employee in Africa's fintech sector and working in Hong Kong’s fintech scene. If you've enjoyed this piece, don't hesitate to like, leave a comment and share the article with others.

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