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Have you seen what Africa is doing with Web3?

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Have you seen what Africa is doing with Web3?

If you’ve spent any time reading about blockchain and Web3, you know that this industry is full of big buzzwords and half-baked concepts. But concepts such as decentralized identity services, or DID, bring real meaning and utility to Web3. If you’re not familiar with DID yet, it’s a self-contained, independent identity that enables reliable data exchange. In other words, it puts the management and administration of the digital identity directly in your hands instead of those of a third party.

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

The Fuse payment platform integrates ChromePay to bring DID services to Africa

Is Web3 even possible without Decentralized Identity Services, or DID? It depends who you ask. For Web3 payment solutions Fuse and ChromePay, DIDs will play a vital role in expanding decentralized internet access, 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 traditional and blockchain-based payments directly on their mobile devices.

Maple Finance launches $300 million loan 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 provide up to $300 million in secured debt financing to bitcoin (BTC) mining companies. Why is this important? Well, for starters, the loan could help miners stay afloat during one of Bitcoin’s most serious downturns. The loan will be collateralized by physical and intellectual assets held by the mining companies, including their BTC mining rigs.

The European Central Bank chooses Amazon and 4 other companies to prototype the digital application of the euro

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

Nasdaq Reportedly Prepares Crypto Custody Services for Institutions

The bear market could be an ideal opportunity for institutional investors to learn more about crypto and, by extension, start investing in the digital asset class. (Regulatory clarity will also help.) It was reported this week that a financial services company Nasdaq prepares to offer digital asset custodial services — a move that could make buying and holding BTC and other cryptocurrencies more palatable to institutional investors. In my opinion, it’s only a matter of time before banks, hedge funds, and family offices start getting into crypto. At this stage, no since Bitcoin is a major professional risk for investors. Ignore BTC at your peril!

Before you go: why did the crypto market empty after the Ethereum merger?

The highly anticipated Ethereum merger was successfully completed last week, but even that hasn’t stopped crypto prices from collapsing again. In this week Market report, I sat down with Marcel Pechman, Benton Yaun, and Ray Salmond to discuss the factors impacting the crypto markets. I also shared my thoughts on when Bitcoin might reach its final cycle low. You can watch the full replay below.

Crypto Biz is your weekly pulse of the activity behind blockchain and crypto delivered straight to your inbox every Thursday.