REGULATION | Crypto Exchanges to Stop StableCoin Sales in Nigeria Amid Apparent...
source link: https://bitcoinke.io/2024/03/strike-announces-entrance-into-african-markets/
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ANNOUNCING | Strike Announces Initial Entrance into 7 African Markets for Bitcoin and USDT On and Off-Ramping to Local Currency
Strike gives customers local fiat on & off-ramps, enabling them to buy and sell bitcoin and USDT through a product suite that includes a mobile app, and an API. For example, a business with a South African division of their company could repatriate revenue in Rand back into the United States as USD into their corporate bank account. Settlement is the same day and the fees are cheap.
Bitcoin payments solutions company, Strike, has announced its maiden expansion outside of the United States with several African countries set to benefit from the company’s facilities.
Strike gives customers local fiat on & off-ramps, enabling them to buy and sell bitcoin and USDT through a product suite that includes a mobile app, and an API.
I just published Announcing Strike Africa
Today, we are launching Strike Africa, expanding our full suite of #Bitcoin services into Gabon, Ivory Coast, Malawi, Nigeria, South Africa, Uganda, and Zambia with more markets to come in the future.
LFG!
https://t.co/icN0DZ4bGS pic.twitter.com/khxKecltAY
— Jack Mallers (@jackmallers) February 27, 2024
According to a post by CEO, Jack Mallers, the Strike App now offers:
- Major on & off ramps
- Buy & sell bitcoin
- Buy & sell USDT
- On-chain payments
- A full-service Lightning Network wallet
- Global P2P payments, and more
The service is now available in the following countries:
with more markets in Africa to come.
How Much Does it Cost to Send Money in Malawi? https://t.co/8VvLhNK3UO #Malawi
— BitKE (@BitcoinKE) July 17, 2020
Strike customers in Africa can do the following in supported markets:
- Buy & sell bitcoin
- Buy & sell USDT
- Send & receive on-chain payments with a free on-chain withdrawal option
- Send & receive Lightning Network payments with bitcoin
- Send & receive Lightning Network payments with USDT
- Receive payments to their Lightning Address as bitcoin
- Receive payments to their Lightning Address as USDT
- In-app shopping over the Lightning Network with their bitcoin
- In-app shopping over the Lightning Network with their USDT
- P2P Strike users around the world with bitcoin
- P2P Strike users around the world with USDT
- Conduct fast and cheap cross-border payments
- Cash out to local currency
Additionally, Strike users in the United States can now instantly send money to their family back home in Africa that is received as USDT, which they can then exchange for bitcoin or cash out to local currency as they’d like.
The Strike API will also become available across the aforementioned markets. According to Mallers, businesses and developers can open a Strike account and get access to a range of services including:
- BTC, USD, USDT
- Bitcoin infrastructure
- On-chain payments
- Lightning Network payments
- Exchanging currencies (BTC/USD, etc)
- Sending fiat currencies over Lightning (USD, USDT, etc)
- Receiving fiat currencies over Lightning (USD, USDT, etc)
“Your account allows you to buy, sell, hold, send, and receive Bitcoin, and buy and sell USDT. If you’re looking to invest your balance sheet into Bitcoin and USDT, let us do the hard work for you,” Mallers said.
Strike, which in 2023 reached a deal with African payments mobile app, Bitnob, to facilitate payments into Africa, will also now be offering cross-border payment solutions available to local businesses. Strike uses Bitcoin technology to execute B2B cross-border payments for business customers that are affordable and settle quickly, the CEO said.
In partnership with Bitnob, Strike is currently available in:
- Ghana
- Kenya
- Nigeria
Bitnob and Strike Now Facilitate Instant, Low Cost Money Transfers from America to Ghana
, Kenya
, Nigeria
The payment partnership runs on the #BITCOIN Lightning Networkhttps://t.co/xUeT3uT4Q6 @Bitnob_official @Strike @jackmallers @lightning @starkness
— BitKE (@BitcoinKE) January 13, 2023
“For example, a business with a South African division of their company could repatriate revenue in Rand back into the United States as USD into their corporate bank account. Settlement is the same day and the fees are cheap. Open networks win.”
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Several crypto companies in Nigeria, including Binance, are discontinuing the purchase of USDT and USDC stablecoins using the Naira, a new report says.
“There was a meeting of crypto founders on Tuesday [February 27 2024] morning, and a number of them agreed to suspend the trades on their platform,” a person at that meeting told a local publication.
At least two cryptocurrency exchanges have informed their Nigerian customers about this new development, the report adds.
“We are suspending the buying and selling of USDT and USDC for Naira. This means you can’t buy or sell USDT or USDC with Naira,” said a notification sent by one exchange to customers.
This decision comes amid renewed scrutiny from the Central Bank of Nigeria (CBN), with recent service outages blamed on interference by government agencies.
REGULATION | #Binance Not Working for Users in #Nigeria Amid Allegations of Government Inteference
Among the speculations is that the apex bank could use telcos to block access to those websites and apps in Nigeria, while the Central Bank of Nigeria allegedly ordered Binance… pic.twitter.com/63BOMJzxFj
— BitKE (@BitcoinKE) February 22, 2024
Binance and other exchanges are facing increased regulatory scrutiny as authorities believe that crypto platforms facilitate speculation and potential manipulation of exchange rates. During the past week, users experienced difficulties accessing the websites of crypto exchanges such as Coinbase, Quidax, and Binance.
The heightened volatility in Nigeria’s foreign exchange (FX) markets has prompted various policy responses. Olayemi Cardoso, the Central Bank governor, alleged that ‘$26 billion has passed through Binance Nigeria from sources and users we cannot identify.’
A separate report said speculative trading on the Binance peer-to-peer service played a significant role in the ‘113.1% devaluation of the Naira against USDT’ since February 2023.
The report, by a coalition calling itself the Digital Currency Coalition, though unverified, is revealing as to why Binance and other crypto firms may be facing another onslaught, since the lifting of the 2021 crypto ban.
Company officials are not resorting to unique measures in an increasingly hostile environment.
“The office asked us not to wear Binance t-shirts and caps and to not attend Binance-related events for now,” a Binance employee who asked not to be named told a local news outlet.
“It is exactly as it was during the ENDSARS protests in 2020,” an early-stage crypto investor in the country told the outlet, adding that he has received warnings from peers to avoid attracting attention from law enforcement.
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