Crypto Biz: DID you see what Africa is doing with Web3?

In the event you’ve spent any time studying about blockchain and Web3, that this trade is crammed with huge buzzwords and half-baked ideas. However, ideas resembling decentralized id providers, or DIDs, deliver actual which means and utility to Web3. In the event you haven’t but wrapped your thoughts round DID, it refers to a self-owned, impartial id that permits trusted knowledge trade. In different phrases, it places digital id administration and administration instantly in your arms as a substitute of some third occasion’s. 

On this week’s Crypto Biz, we check out a Web3 partnership designed to deliver DID-powered fee options to Africa. We additionally chronicle Maple Finance, the European Central Financial institution and Nasdaq.

Funds platform Fuse integrates ChromePay to deliver DID providers to Africa

Is Web3 even attainable with out decentralized id providers, or DIDs? It is dependent upon who you ask. For Web3 fee options Fuse and ChromePay, DIDs will play an important position in increasing entry to the decentralized web, particularly in locations like Africa. This week, the businesses introduced a brand new partnership to deliver a set of DID-powered Web3 fee merchandise to the African continent. Particularly, ChromePay will combine the Fuse blockchain, permitting customers to entry each conventional and blockchain-based funds instantly on their cellular gadgets.

Crypto is booming in Africa!

A brand new report reveals enterprise funding for African cryptocurrency startups grew 11x in 2022.

(Reporting by way of @ezrareguerra) https://t.co/aJwcPQSr9V

— Cointelegraph (@Cointelegraph) Might 23, 2022

Maple Finance launches $300M lending pool for Bitcoin mining companies

Crypto lending platform Maple Finance is displaying no indicators of slowing down amid the bear market. The corporate introduced this week that it will present as much as $300 million price of safe debt financing to Bitcoin (BTC) mining companies. Why is that this necessary? Effectively, for starters, the mortgage might assist miners keep afloat throughout considered one of Bitcoin’s most extreme downturns. The mortgage can be secured by bodily and mental property owned by the mining companies, together with their BTC mining rigs.

European Central Financial institution chooses Amazon and 4 different companies to prototype digital euro app

The European Central Financial institution, or ECB, will prototype its digital euro app with 5 e-commerce and fintech corporations led by Amazon. Nexi, EPI, Worldline and CaxaBank spherical out the listing of companions the ECB has chosen to develop particular capabilities for the digital euro prototype. Though the ECB has been imprecise about its intent to launch a central financial institution digital forex, the financial authority seems to be laying the groundwork for its implementation. I’m no fan of CBDCs, so make of this what you’ll.

Nasdaq reportedly getting ready crypto custody providers for establishments

The bear market may be an ideal alternative for institutional buyers to find out about crypto and, by extension, start investing within the digital asset class. (Regulatory readability may even assist.) It was reported this week that monetary providers agency Nasdaq is getting ready to supply digital asset custody providers — a transfer that would make shopping for and holding BTC and different cryptocurrencies extra palatable for institutional buyers. For my part, it’s solely a matter of time earlier than banks, hedge funds and household workplaces start dabbling in crypto. At this stage, not contemplating Bitcoin is a significant profession threat for buyers. Ignore BTC at your peril!

Earlier than you go: Why did the crypto market dump after the Ethereum Merge?

Ethereum’s extremely anticipated Merge was accomplished efficiently final week, however even that didn’t stop crypto costs from crashing once more. On this week’s Market Report, I sat down with Marcel Pechman, Benton Yaun and Ray Salmond to debate the elements impacting crypto markets. I additionally shared my ideas on when Bitcoin might attain its definitive cycle backside. You may watch the total replay under.

Crypto Biz is your weekly pulse of the enterprise behind blockchain and crypto delivered on to your inbox each Thursday.

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