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Pan-African P2P Crypto Startup, VIBRA, Shuts Down in Nigeria, Kenya and Ghana

 1 year ago
source link: https://bitcoinke.io/2023/10/uniswap-launches-android-wallet/
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Uniswap Launches Wallet for Android (Beta) with Interesting Features – BitKE

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Uniswap has announced the launch of a beta version of their wallet application on Android, previously only available on PC and iOS mobile devices.

“We’re excited to bring Uniswap to everyone’s pocket with the release of Uniswap on Android. Uniswap first launched on iOS in April and in less than a month became a top 3 wallet for new downloads. Now, we’re bringing a simpler and safer way to swap on the go to Android users. Sign up for the Beta here.”

“WEN ANDROID?” How about now? 🔥🔥🔥

🫳
🎤

The Uniswap wallet is coming to Android users 🌐

The beta is LIVE — sign up here to get early access ✅https://t.co/9OHhpSqbez pic.twitter.com/vXsn2NS5Sx

— Uniswap Labs 🦄 (@Uniswap) October 12, 2023

The decentralized exchange (DEX) which has processed over $1.7 trillion since inception has had increasing success despite the crypto winter. For instance, Uniswap’s spot trading volume surpassed Coinbase in the first quarter of 2023, the first time in history.

Here are some of the interesting features available on the Uniswap Android beta app:

  • According to Uniswap, its Android adaptation is built to enable discovering top tokens, automatically switching between Mainnet and L2s, and swapping in a fraction of a second.
  • The Android beta app enables users to choose coins on various blockchain networks without needing to manually switch networks. The app automatically identifies the network a specific coin is on and switches to that network seamlessly, eliminating the need for user intervention.
  • Currently, it supports Polygon, Arbitrum, Optimism, Base, and BNB Chain, with plans to expand compatibility to more blockchain networks in the future.
  • The wallet has a feature that routes Ethereum transactions through a private pool to mitigate front-running and sandwich attacks. However, users have the option to disable this feature if they prefer.
  • Additionally, the wallet automatically identifies most coins with built-in transfer fees and displays these fees within the interface to inform users about the associated costs.

The announcement included a sign-up link for an email waitlist, which will be used to distribute copies of the app to early adopters. Furthermore, the team intends to make the app’s open-source code available in the coming weeks as a part of its security audit, which will be conducted by Trail of Bits.

Sign up for the Beta here.

Follow us on Twitter for the latest posts and updates

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VIBRA, the Pan-African P2P cryptocurrency platform co-founded by Vincent Li, has ceased its operations in all 3 of its markets:

  • Nigeria
  • Kenya
  • Ghana

VIBRA had secured $6 million in funding in 2021. Participants in the round included:

  • Lateral Frontiers VC
  • CRE Venture Capital
  • Musha Ventures
  • Dragonfly Capital

According to reports in Nigeria, VIBRA had said it was undergoing a strategic pivot following emails to customers back in July 2023.

However, employees who spoke to a local publication dismissed the idea of a strategic pivot. Moreover, even though Co-Founder Li, who is also a Co-Founder of the Web3 accelerator, Adaverse, had told reporters the company was only shutting down in Nigeria, this is not the case.

When Africa Blockchain Lab initially announced that it had secured $6 million for VIBRA back in December 2021, the stated objective was to ‘promote the widespread adoption of digital assets and blockchain technologies in Africa.’

The startup had an educational initiative called #VIBRAinClass, which allowed experts to earn income by teaching Africans about blockchain. Tutors had the opportunity to earn up to $400 or $100 per class over the course of 4 months. Students could also earn up to ₦1,000 in each class. Nevertheless, it seems that the slowdown in the cryptocurrency sector dissuaded potential new participants.

In addition to education, the approach of using incentives for customer acquisition, which is common in blockchain startups, turned out to be quite costly for the company.

“Nigerians are very crypto-curious and are willing to try new ways to earn money, but they also have huge expectations of crypto companies,” said a former employee.

“Nigerians see cryptocurrencies as a path to quick wealth creation. You need to be able to fly ten people out to Dubai to impress them,” added the former employee.

VIBRA joins Pillow, another startup which decided to halt operations in Nigeria and Ghana in June 2023. The closure of Pillow was attributed to the existing regulatory environment and its influence on the connected financial infrastructure.

VIBRA also joins LazerPay, another Web3 African startup which shut down in April 2023 after failing to secure additional funding.

Follow us on Twitter for the latest posts and updates

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