After decades of socio-economic woes, the African continent has found new hope in cryptocurrencies. It is the second largest continent by area, yet more than 57% of the total population is unbanked.
Although they are relatively small economies, African countries such as Kenya, Nigeria, Zambia, Tanzania, Ghana and South Africa are currently among the top 20 countries in the Global Crypto Adoption Index.
Many projects across Africa are already using blockchain technology and cryptocurrencies to allow the general population to participate in the ongoing decentralized finance (DeFi) movement.
With the Central African Republic (CAR) recently legalizing bitcoin as legal tender, African countries are increasingly attracting crypto projects, venture capitalists, and angel investors alike.
Financing of the new blockchain innovation center
As interest in African crypto adoption grows, Stratis, the Microsoft-aligned blockchain platform, has entered into a long-term partnership with the Charitable Foundation of King Oyo to fund a new blockchain innovation hub.
King Oyo (Rukirabasaija Oyo Nyimba Kabamba Iguru Rukidi IV) is the world’s youngest reigning monarch of the Kingdom of Tooro in southwestern Uganda.
Known for his keen interest in technology, Oyo recently established the King Oyo Science, Technology, Innovation and Industrialization Park in partnership with the Uganda Industrial Research Institute.
As part of this partnership between Stratis and the Charitable Foundation of King Oyo, Stratis will fund a new Blockchain Innovation Center designed to build knowledge and blockchain development capabilities in the Tooro Kingdom.
Additionally, both partners will work together on new blockchain use cases that can improve Tooro’s administrative efficiencies for the benefit of its employees.
However, one of the key areas for this partnership to focus on is agriculture. The Tooro Kingdom has abundant rainfall, natural resources, and sunshine.
Therefore, Stratis plans to use blockchain technology to introduce intelligent solutions to improve the kingdom’s performance through IoT devices. These devices will interact with the Stratis blockchain to create an immutable data warehouse capable of supporting a wide range of farming activities.
Bring OpenFi to Unbanked, Underbanked
Highlighting interest in leveraging Africa’s crypto adoption, Gluwa, the borderless finance platform that integrates DeFi primitives with global investment opportunities, has added a new product to its existing suite of products.
Dubbed “The Lottery Account,” this is Gluwa’s second investment-focused product to introduce a lossless, lottery-style stablecoin account. Users can deposit their sUSDC-G (L2 Gluwacoin) into collective liquidity pools and earn up to 4% APY.
An increasingly household name on the African continent, Gluwa offers the unbanked population access to a wide range of financial services including Gluwa Invest, Gluwa Exchange, Gluwa Capital, Gluwa Wallet, as well as DeFi services such as Credal and Creditcoin.
The platform recently partnered with Aella, an online lending platform for unbanked and unbanked people in Africa and other emerging markets, to facilitate payments, remittances, investments and other similar activities.
According to the official announcement, Gluwa’s lottery account follows the OpenFi (open finance) model, in which interest is earned through a combination of real-world (off-chain) credit financing operations and low-risk money market funds.
To participate in the daily draw, users must deposit the required amount before the closing time. Since the drawing takes place every 24 hours, users have a daily chance to win all the interest accumulated in the prize pool. If there is no winner, the prize will carry over to the next drawing, further increasing the prize pool and rewards.
The prize money is the interest derived from the deposits made by the users. Thus, the participants do not take any risks when participating. Additionally, there is no fixed lock-up period, allowing users to withdraw their sUSDC-G deposits when needed.
Discover new investment ideas with data you can trust
Read the full disclaimer and disclosure
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.