How Nestcoin survived the FTX crash: I had the opportunity to speak with
@YeleBademosi
, CEO and Co-founder of Nestcoin about how the company survived the FTX crash and its pivot to Onboard.
How this startup made ₦400 MILLION (GMV) and ₦100 MILLION (true revenue) from selling smallchops online.
There are some very interesting lessons I learnt from writing about
@smallChopsng
.
@UcheUkonuJnr
is one hell of a businessman
Is this really an exist scam? Here are some red flags about Patricia's token (PTK)
1. The token is not available on any of the obvious blockchain where tokens are launched. It's not on Smart Chain and it's not on Ethereum.
However, someone close to the company is saying
Mobile self-checkout startup Jump n Pass has signed a deal to activate its services at all Justrite stores in Nigeria. Shoppers will be able to scan and pay for their items online without having to queue at the store’s checkout point.
I've spoken to a few sources who believe there has been another breach at Flutterawave. I was able to speak with the beneficiary of another ₦200m, sent directly from Flutterwave.
Before Zone's (formerly AppZone) $8.5m raise, I had the pleasure chatting with CEO about the company's blockchain solution and how it works. And I say it's the first true financial innovation in Nigeria since the creation of NIBSS.
African startup, Deimos makes $20 million a year in revenue, but the CEO says "REVENUE IS VANITY, PROFIT IS SANITY, AND CASH FLOW IS KING!"
I had an interesting conversation with Andrew Mori, CEO of Deimos last week, and he shared very interesting facts
I spoke to a Starlink user who has gone from getting 100 Mbps in February this year to 20 Mbps in March. Lately, there has been complaints about Starlink becoming slower, and some believe there are too few Starlink satellites serving too many people.
@RicHassani
is creating a very unusual Fan/Celebrity relationship. Aside from his enormous musical talent, this is another side of him that interests me.
In 2017 Lady Gaga missed a show she was supposed to perform at because she got sick. To make it up to fans, she got everyone a pizza (cost her couple thousand dollars). In her apology she said,
"I think money is a very good motivator, although it is not a thing that a lot of people care to admit,"
@Harri_obi
said this during my interview with him.
In case you're wondering how it all started, here's a timeline of Flutterwae's troubles in Kenya
--
- July 2022: Asset Recovery Agency (ARA) freezes $52 million in accounts linked to Flutterwave.
-September 2022: ARA freezes another $3.3 million belonging to Flutterwave.
Breaking: DLM Trust cancels partnership with Patricia to pay ₦2 billion in withheld customer funds. It said Patricia breached the agreement. But in just about 24 hours??
A Flutterwave IPO, make GB a billionaire? Very unlikely, but let's do some assumptions/calculations.
1. It's very hard to determine what will happen to a company in the event of an IPO. But let's use the market capitalisation formula and let's see what comes up.
"Moniepoint employees touch grass."
Had a super fun conversation with
@moniepoint
's
@DidiUwem
about how the company has maintained a rapid growth pace within a short period.
Very few African companies are building blockchain infrastructures from scratch, which makes this impressive.
The L1 blockchain by The Zone brings fiat and CBDCs on the blockchain.
Now that petrol is ₦617 per litre, electric vehicles aren't a bad option. The only problem is they're not affordable. However, we have EV car makers in the country, but do they have want Nigerians want at a juicy price point?
4. Converting customers' balances to PTK without their consent looks very bad on Patricia. In fact, according to SEC guidelines, any entity launching a token to be used by Nigerians must first submit a roadmap of the token to SEC.
₦142 million hack: an Uber driver, two Bureau De Change traders, a senior special assistant to a Nigerian governor, a driver, and a musician have been questioned in connection to a hack on Glover, Patricia's sister company.
I spoke with 2 African AI experts;
@olumideokubadej
, an AI research scientist at Spotify and Oayinka Omolere, PM at an AI startup, and we talked about OpenAI’s Sora from an African perspective.
You live in Nigeria and have $90,000 to buy a car.
Here are your options: An EV, a petrol car, or a CNG car, which are you going for?
The best option is the EV. Why? Reply with 123 and I'll send an article to your DM
Most interesting is where he gets motivation from. I thought he was going to say Elon Musk or Steve Jobs, but it turns out he's inspired by the likes of
@Fosudo
and other creators.
Imagine connecting a tree to the internet. That is exactly how Ubirch started. This company can transform data from a physical object in the real world to data that is digitally available. Read my interview with the CEO
Nigerian fintech startup, Carbon has acquired Vella Finance, an SME banking startup. Vella Finance will now become Carbon Business, Carbon's new business banking product.
Binance is not stopping operations in Nigeria. It is stopping naira-related service. This means you can't deposit naira, withdraw naira, do spot trading with naira pairs.
@Freelanceroffu1
@NwaAbaIV
@CNN
You said humans procreate because they're selfish and egotistical. Your parents created you which means they are selfish, if you have kids that means you're selfish,
There's also no white paper so there's no tokenomics. I understand why users will be sceptical about a token they know nothing about. Even rug projects give tokenomics Lol.
@Nestcoin
has launched
@MetaverseMagna
, a platform that provides Africans with gaming assets that helps them participate in play-to-earn games in the metaverse.
CBN lifts crypto ban. Banks can now facilitate crypto related transactions!
What the CBN is saying basically is that since the SEC has it's guidelines for crypto companies, it'll also have it's guidelines on how it's banks will deal with those companies.
Lesley John Jumbo is so full of surprises. He's obviously a smart kid but he doesn't even like school. He doesn't like the vibe. He just finished secondary school but will further his education just for the knowledge.
In October 2019, G7 finance ministers and central bank governors wanted to know what would happen if stablecoin use became mainstream. A report was created, and they decided that it should not happen yet. I covered why in this article
A billion-dollar reason why financial companies need to start investing in blockchain. As of 2021, 13 of the world’s largest banks had invested $1 billion in blockchain.
From crypto-powered mobile money to PoS agents that deal in crypto, there a a few crypto/blockchain startups on my radar for next year. Follow me as I'll be sharing how they work and what they're all about.
Jumia Food is shutting down in Nigeria! It says it does not have profitabily potential like it's physical goods business. Bolt Food has also left Nigeria.
Over the past two days, Africans on X have delved into the social and cultural biases that could emerge when the development of AI is left in the hands of a few. Here are three reasons why Africa needs an AI strategy.
Why do I feel Nigeria's financial system could lead blockchain use globally? Lol. I can't absolutely rationalise why I think that, but when the thoughts of cNGN mixes with the eNaira and other crypto regulations in my head, I feel it could happen.
SMEs are using Opay
Uber people are using Opay
POS people are using Moneypoint’s POS
Filling stations are using Accelerex’s POS
Online vendors are using FVD
Tech people are using Kuda
All the women have Piggyvest
All the men have Bamboo, Cowrywise or Risevest but they also
3. Does Patricia have a bouyant cash reserve to power it's dollar pegged PTK? Considering it just came out of an alleged $2m breach, I find it hard to see how it'll have enough cash to power the peg.
Personally I get a lot complaints from crypto newbies about how hard some crypto wallets are to use. As kind of a newbie myself I understand thier grievances. So I had a chat with
@LeadWallet
CEO,
@Obasifrancis
Could there be a negative effect if more Nigerians start using USDT not just for cross-border transactions but for savings and even day-to-day transactions?
The token has not bee launched yet and will serve as an instrument of holding debt within Patricia's books.
2. The token is also not on any aggregator which means there's basically no way to confirm if it's even pegged to the dollar.
This acquisition is coming barely nine months after Payday announced its $3 million seed round and three months after it got in talks to be sold.
Bitmama will absorb 100% of Payday's customers and Payday will function under the umbrella of Changera, Bitmama's cross-border paymen
Do the majority of P2P crypto trades happen outside exchanges? I learned this in my conversation with
@juwon_adebayo
, and many of the USDT merchants I spoke to confirmed it.
Hip hop influencers played a huge role in growing Cash App's active users from 7 million in 2017 to 30 million in 2020.
When a musical power house like Davido decides to start a bitcoin exchange, what happens?
@TheOnlyKemi
@TokunboAdesina
@OPhilmartins
Ever imagined getting salaries without working?
Sounds sweet, but the CEO was only using an office full of staff to gain the trust of clients from his arbitrage trading business.
The story gets deeper
Imagine sliding into someone's DMs the same as showing up at their door. When you show up at the door of someone you don't know, you say "hi" and tell them the reason why you're there. That's how I think about it when DMing someone. It's awkward to just say "hi"
Lesley is so smart, 🤯he could literally become a dev, make good money, and forget about school. However, he knows Nigeria is so behind when it comes to hardware tech so he wants to be the reason people pay more attention to hardware.
After my interview with USDT CTO, I realised maintaining a peg is actually very hard. Of course, Patricia will not be playing on the same level as USDT, but ọmọ...
I had my first encounter with cryptocurrency in 2020 and here are 3 things I'll focus if I were to start a blockchain-powered financial company.
- No one cares how it works, just make it work.
- Forget the buzzwords (Crypto, blockchain NFT).
- Focus on one problem.
Having the right team is one of the biggest lessons Yele took from the sad event. A team that sticks with you through thick and thin. But another hidden lesson for startups is humility. Staying true to users, and not losing sight of why you started.
Just like the initial breach reported in March, there is evidence that Flutterwave called for the accounts that received the money to be frozen. The image below is a court document shows a request to freeze accounts that received the ₦2.9bn sent from Flutterwave.
In all the transactions, there's always mention of a Chinese payer. What exactly is going on? Should the crypto traders be detained for conducting their business as usual?
He doesn't deny the fact that he'd like to build a company with his talent and make a ton of money, but he knows the value of hardware tech, and promoting it is his main priority.
I would build my own phone. I'll take camera from the Pixel, chip from the iPhone, screen from Samsung, battery from iPhone since I'm using the chip, charging tech from Xiaomi.
I think Web3 is a buzzword that should never have existed. It distracted world from real use cases of crypto and blockchain.
Going by my own definition of Web3 which is anything that utilises crypto or blockchain, one use case in Nigeria is cross border transactions.
"To my beautiful fans. I couldn't be more devastated that I am unable to perform tonight. I sing this entire show live, and pride myself in giving it all, but when I sang in the rain at Citi I got sick and have been pushing through. I am so sorry to anyone who had their heart set
No promises, but Lesley could be at Lagos Startup Expo next month. So if you'd like to meet him or you're doing amazing, you'd like to talk to me about? Register to attend here.
@0mah_Shullz
@enyzman
@milesabovetech
@ehisssss
Well, not complete nonsense. I think it still rules in terms of videos. I've not seen videos on the Pixel though but iPhone had always dominated in that regard.
Amazing session with
@remmieajayi
I'm super grateful 🙏🏾🙏🏾. The second picture is something I was able to create after the tutorial.
@remmieajayi
how did I do?