What happened: A recent report jointly prepared by CV VC and Standard Bank has shown that blockchain venture funding in Africa reached $474M in 2022, up from $89.6M in the previous year for an almost 430% increase. Details: The figure means that Africa became the only region with growth in triple-digit percentage, surpassing all other regions, including the U.S., Asia, and Europe. The blockchain startups in the region raised $474M in funding last year by signing 29 new deals. Seychelles and South Africa became the countries securing the vast majority of the total funds, with an 81.2% rate combined. Why it matters: Blockchain startups in Africa have generally raised the smallest share of global venture funding. The projects in the region were able to secure only 1.8% of the total funds worldwide last year despite the huge growth in financing. The region had managed to collect even less in 2021, with a 0.3% share. Since the blockchain startups in the area have much less access to funding when compared to those in other regions, the recent growth is considered a huge milestone. Where to see the impact: The rise in funding is expected to help accelerate blockchain adoption in the developing region and help blockchain startups, including H20 Securities, Jambo, Pyypl, and VALR, build much more innovative projects.
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Bankrupt crypto exchange FTX's plan to relaunch has reportedly seen attention from Tribe Capital, a San Francisco-based venture capital (VC) firm with over $1.6B assets under management. A recent report from Bloomberg citing people familiar with the issue has pointed out that the firm is preparing to lead a $250M fundraising campaign to revive the exchange. More: - The $250M funding will include $100M financing from Tribe itself and its limited partners.
- FTX's attorney Andy Dietderich recently revealed that the firm was assessing the possibility of relaunching the exchange with its stakeholders, stating that the company recovered over $7.3B of crypto assets in cash and liquid.
- Dietderich also said the bankrupt exchange would make a final decision on a possible relaunch within the current quarter.
- The firm attorney added that a possible restart would require a significant amount of capital.
- According to Bloomberg's report, Tribe's bid includes an estimated 9 million customer accounts, FTX US, FTX Australia, FTX Japan, FTX EU, FTX International, and LedgerX, excluding the VC portfolio and crypto assets.
- If the proposal becomes successful, the exchange will be relaunched under the name of FTX again.
- FTX's native token, FTT, increased by 18% in value following the news.
Zoom Out: - Tribe invested in many crypto-related firms, including FTX, FTX US, and Kraken, in the past.
- FTX, previously the third-largest crypto exchange, filed for Chapter 11 bankruptcy in November 2022, with all the entities under the roof of FTX Group consisting of around 130 firms.
- The downfall followed the claims that the exchange's former CEO, Sam Bankman-Fried (SBF), used customer funds in FTX to compensate for losses at FTX's sister company Alameda Research.
- SBF currently faces trial with 13 charges, including bank fraud, money laundering, and bribery, to which he pleaded not guilty.
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Russia's central bank has prepared a new draft law to allow certain institutions to use crypto and other digital assets for international trade, according to a recent report. The bank has also started negotiating with the government about which institutions will be allowed to use crypto. More: - Speaking at a recent event, the central bank's chair, Elvira Nabiullina, said they support the use of digital assets by the state agencies for settlements with foreign entities, though they oppose the crypto usage within the state.
- As part of the proposed legislation, Russia is expected to build special institutions that will operate crypto mining and crypto transfers to foreign entities.
- These operations will be initially carried out by state-owned companies.
- In the ongoing process, certain private enterprises will also be allowed to carry out the same operations.
Zoom Out: - Russian President Vladimir Putin banned payments with digital assets, including crypto, for goods and services across the country by signing a bill in July 2022.
- In March, Russia also rose to the second spot after the U.S. in crypto mining, passing Kazakhstan in the ranking despite the ban.
- The country's central bank most recently postponed the launch of the pilot of its central bank digital currency (CBDC), also known as the digital ruble, expected to start on April 1 since the related legislation was not ready.
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Popular crypto exchange Kraken's Irish subsidiary, Payward Europe Solutions, has received authorization from Ireland's central bank to operate as a virtual asset service provider in the country. The move came ahead of the European Union's (EU) long-awaited crypto regulation, the Markets in Crypto Assets (MiCA). More: - MiCA is expected to be passed by European lawmakers in a vote on April 20, though it will not take effect until 2026.
- Many crypto firms tried to register with the regulators in the region before MiCA to be exempt from the stricter rules of the new regulation as an already registered entity.
- Kraken's Payward Europe Solutions has become the third crypto company to receive authorization from Ireland's central bank after Gemini and Coinbase.
- The exchange's head of European operations, Mark Jennings, said the firm's registration in Ireland demonstrates its intent to follow Europe's most robust standards and its commitment to increase crypto adoption across Europe.
Zoom Out: - Kraken is in a bit more troubled situation with the regulators in its native U.S.
- In February, the U.S. Securities and Exchange Commission (SEC) forced Kraken to halt the operations of its staking service for U.S. customers and to pay a $30M fine to settle, citing that the platform offered unregistered securities.
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Bitcoin-friendly El Salvador's central bank has announced that it registered 80 firms to allow them to operate as a Bitcoin service provider in the country over the last two years. The registered companies include the government's official digital wallet Chivo, Bitcoin custodian Paxos, and crypto service provider Bitcapital. More: - The increased registered firm number aims to accelerate Bitcoin adoption in the country.
- 58 out of 80 registered firms are crypto exchanges, while there are two Bitcoin ATM service providers on the list.
- Most registered crypto exchanges offer Bitcoin custody and storage services.
- The country also recently granted its first digital asset service provider license to crypto exchange Bitfinex's El Salvadorian arm, Bitfinex Securities El Salvador.
- The license allows Bitfinex to offer its secondary trading service for digital assets within the country in a regulated manner.
Zoom Out: - In September 2021, El Salvador became the first country to accept Bitcoin (BTC) as a legal tender under the leadership of President Nayib Bukele.
- The Legislative Assembly of El Salvador also recently passed a law outlining the new regulatory framework for digital assets.
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The largest coffee chain Starbucks has announced the launch of its second paid NFT collection, dubbed The Starbucks First Store Collection, on the Polygon blockchain. The NFTs were put up for sale on the Nifty Gateway NFT marketplace as of April 19. More: - The 5,000-item collection depicts the elements from Starbucks' first-ever store opened in 1971 in Seattle's Pike Place Market.
- Each NFT costs $100, and every user can purchase only one NFT from the collection.
- The popular coffee house released its first paid NFTs, dubbed Siren Collection, featuring a version of the brand's famous Siren logo, in March.
- Each NFT in the collection was similarly put up for sale for $100, and the 2,000-item series sold out within 20 minutes.
- Siren-themed NFTs have since gained around 400% in value, reaching a floor price of $495.
Zoom Out: - Starbucks first announced its foray into Web3 in May 2022 in its earnings call, hinting at the brand-themed NFTs that would give access to exclusive experiences.
- In September last year, the company also introduced Odyssey in partnership with Polygon and Nifty Gateway as part of its loyalty rewards program.
- The beta testing of Odyssey launched last December with several interactive experiences, including games, virtual tours related to the brand's history, virtual coffee education, Odyssey Points that can be exchanged for rewards, and free Journey Stamp NFTs that can be traded.
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 |  | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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