February 11, 2023

❤Crypto Aid for Earthquake Victims in Turkey🪙

February 11, 2023

February 11, 2023 I View in your browser I Sign up here

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Your 5 minute emerging market web3 weekly update

In This Issue

Eastern Europe🔸Crypto Community Unites to Aid Turkey After Devastating Earthquake🔸Russian Banks Have Mixed Feelings Towards the Digital Ruble

Asia🔸Serbia Will Assist South Korea With Do Kwon Manhunt🔸Three Arrows Capital Founder Fails to Comply with Twitter Subpoena

Latin America and The Caribbean🔸UNICEF Selects Brazilian Company to Develop Giga Token to Help Bring Internet Access to Schools🔸Argentina Aims to Regulate Crypto With Proof of Solvency Requirement

Africa🔸African AI-Blockchain Startup Fastagger Secures Investment from Swiss VC🔸South African Crypto Exchange Lays Off 35% of Staff Amid Crypto Winter Storm

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Eastern Europe

Image Credit: VOA via Wikimedia Commons

Several major crypto exchanges, including Binance, OKX, Huobi, Bitget, Bybit, Gate.io, and Bitfinex, have pledged financial assistance to aid victims of the recent earthquakes in Turkey. Binance is airdropping $100 in BNB tokens to all its users in the affected regions, a total of around $5 million. Binance Charity has also created a public donation address for Bitcoin, Ethereum, BNB, BUSD, and Ripple. Other exchanges, such as OKX and Bitget, have pledged 1 million Turkish lira each, while Bitfinex, Tether, Keet, and Synonym have pledged 5 million liras. Despite the ban on crypto donations in Turkey, non-profit organization Ahbap has obtained permission from the Financial Crimes Investigation Board and opened wallet addresses for funds to be sent.Russian Banks Have Mixed Feelings Towards the Digital Ruble (2 minute read, Russian)

Gazprombank has expressed concern that the introduction of the digital ruble in Russia may lead to a loss of income for banks. Yakov and Partners, a consulting company, has estimated that banks could lose 50 billion rubles each year due to the digital ruble, while retailers could save at least 80 billion rubles per year. Despite the potential loss for banks, Gazprombank see the digital ruble as an opportunity for banks to create innovative financial services using smart contracts.

Asia

Image Credit: Terraform Labs, Envato Elements

Serbian authorities will "actively cooperate" in the apprehension of South Korean national Do Kwon, who is wanted on fraud charges, according to the Seoul Prosecutors' Office. Kwon is the CEO of Terraform Labs and is believed to be living in Serbia. The move reflects pressure to speed up the investigation into the collapse of Terraform Labs's Terra-Luna cryptocurrency project.

Kyle Davies, founder of the collapsed Singapore-based crypto hedge fund Three Arrows Capital, has failed to respond to a subpoena issued over Twitter to gather information related to the firm’s assets. The subpoena was tweeted to a newly created account and ordered Davies to provide 3AC liquidators with documents related to accessing account information, including seed phrases and private keys, and details on accounts at centralized or decentralized exchanges and other assets. The bankruptcy court in the Southern District of New York has granted a motion compelling Davies to respond by March 16 and the founder will be required to provide documents and appear in a virtual hearing on March 14.

Latin America and The Caribbean

Image Credit: UNICEF

Rio de Janeiro-based software startup Investools will develop the Giga Token for UNICEF, a UN organization that defends and protects children's rights. In collaboration with UNICEF and the International Telecommunication Union, Investools will create a blockchain marketplace for government stakeholders and internet service providers (ISPs) to provide internet connectivity to schools in exchange for tokens. The marketplace aims to encourage ISPs to improve connectivity for less privileged schools and demonstrate how cryptocurrencies can be used as an incentive for connectivity.Argentina Aims to Regulate Crypto With Proof of Solvency Requirement (3 minute read, Portuguese)

Ahead of a visit by global money laundering regulator FATF in September, Argentina's government is considering regulations for cryptocurrency companies after the collapse of FTX. The local regulator, CNV, is studying the release of requirements for proof of solvency, with a possible congressional vote in the coming weeks to give it oversight authority. The regulations will focus on exchanges and will be implemented gradually, with a working group to be created with the industry to agree on new regulatory parameters, including companies meeting asset and solvency requirements.

Africa

Image Credit: Giorgio Trovato via Unsplash

Fastagger Inc., a Kenyan AI and blockchain startup, has received investment from Swiss blockchain venture capital firm CV VC. This is the first time a Web3 and AI startup based in Africa has received investment from the Swiss ‘Crypto Valley’ blockchain hub. Fastagger uses AI and blockchain technology to increase sales and access to finance for the 90% of SMEs in emerging markets impacted by climate change, and its CEO, Mutembei Kariuki, says the investment will be used to further develop and scale the company's technology. The amount Fastagger received has not been disclosed.

Luno, a South African cryptocurrency exchange, has announced that it is laying off 35% of its workforce due to the adverse effects of the ongoing crypto winter. The company's affiliation with FTX, which filed for bankruptcy, has caused a decline in confidence in the crypto industry and has resulted in a reduction in trading volume for Luno. The CEO, Marcus Swanepoel, stated that the layoff would mainly affect the marketing teams.

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