Nigeria’s new crypto initiative by Developing Africa Group and Koibanx
The Nigerian government signed an exclusive 3-year IPR (Intellectual Property Law) agreement with Developing Africa Group to launch a national wallet that will enable the international trading of all forms of Intellectual Property that are created and registered within the country, both locally and internationally.
In this context, the IPR exclusivity agreement consists of the government granting Developing Africa Group -a regional software development company- to build the country’s official platform so that its people can upload any IP forms and market them, sell or exchange them abroad, while collecting royalties and income from these operations in their wallets.
The IP forms reached by the agreement mentioned above include trademarks, patents and all kinds of copyrights, such as songs, lyrics, videos, shows, conferences, podcasts and all forms of content that can be transmitted.
Developing Africa Group has chosen Koibanx , with the approval of the Government, as the tokenization and payments engine to be used in the country and Algorand Blockchain as the protocol on which it will run.
Koibanx, the leading company in Latin America in tokenization of assets and blockchain financial infrastructure, will be in charge of implementing the wallet, the token for both the IP that is sold and the stable token (equivalent to Naira) to pay creators, in addition of the overall technical integration of the various vendors in play, including one of the world’s leading card issuers, a streaming platform, and major legal and data mining firms, to be announced prior to launch date .
All tokens will be released on the Algorand Blockchain. “The Algorand protocol not only provides the performance, scalability, security, and functionality needed to implement such a large-scale project, but it is also environmentally friendly, which is important to the government and has great philosophical overlap with the ‘maker economy industry’ we are targeting here,” said Ben Oguntala, CEO of Developing Africa Group.
This is not the first implementation of “Koibanx-Algorand”, the synergy already extends to several recent national public and private initiatives in Latin America, including a national blockchain-based citizen identification and information program in Colombia (which currently has more than 9 million users), El Salvador’s National Registry platform (comprising IP but also property titles, vehicles and legal entities) and more than 10 different payment implementations for banks in the region.
Koibanx-Algorand are making great strides in Latin America to bring more efficient infrastructure and tools to the region’s burgeoning digital economy.
“What the Developing Africa Group has achieved is truly amazing. The Nigerian DPI wallet is probably the largest crypto project in the world. When we took on the challenge of El Salvador (Koibanx also managed the implementation of the Chivo Wallet Lightning Network) we impacted the lives of millions of citizens, after this experience we embarked on the platform of the Colombian government assisting tens of millions. I believe that this initiative could easily change the lives of more than 50 million people. Since we launched Koibanx in 2015, we were convinced that Blockchain technology and cryptocurrencies were the fundamental bricks for economic development in emerging markets, being able to have an active participation in how it is happening is definitely a privilege”, commented Leo Elduayen,
The initiative itself shows two big facts that the crypto industry has been taking on since its inception. First of all, it is not just a coincidence that the adoption of cryptocurrencies and tokenized assets take place in “emerging markets” (El Salvador, Nigeria, Colombia, Panama, Paraguay).
Second, Latin America and Africa share much more than one can appreciate firsthand, in terms of socioeconomic conditions, demographics, inflationary currencies, cryptocurrency adoption, financially underserved population, and rapidly increasing smartphone penetration.
The executives of the aforementioned companies have already confirmed that while the initiative begins to develop (it will be launched before January 2023), they are already in talks to replicate the format in Colombia and Central America (countries and a region with great African descent). We are about to see Latam and Africa become the epicenter of the crypto world.
About Developing Africa Group
Developing Africa Group (DAG) is a UK-based intellectual property rights (IPR) trading organization dedicated to using IPR as a means to Africa’s development through job creation, business services and enabling much-needed development opportunities in Africa.
It seeks to achieve this goal by developing a multi-sector IPR platform that will enable ordinary Africans to discover their IPRs, register them and gain access to the international market to commercially exploit their IPRs. DAG seeks to work across African countries using IPRs as a means to create trade and jobs in Africa.
More information: https://developingafrica.net
Founded by Turing Award-winning computer scientist Silvio Micali, Algorand’s public open source blockchain infrastructure provides interoperability and the ability to handle the volume of transactions needed for defis, financial institutions, and governments to seamlessly transition to FutureFi.
The technology of choice for more than 700 global organizations, Algorand enables the simple creation of next-generation financial products, protocols and value exchange.
More information: https://algorand.com
Founded in 2015, Koibanx is the leading company and pioneer in providing blockchain-based financial platforms and products for the Latin American financial system. It leads the technological revolution of the industry in the region, providing payment services and asset tokenization to the banking and financial sector in Argentina, Colombia, Mexico, El Salvador and Uruguay.
Through its platform, its clients’ infrastructure becomes more secure, agile and profitable for payments, factoring and tokenization of assets, thus enabling the possibility of reaching new market segments. Koibanx works the rails that allow multi-asset payments, turning the holdings of the financial system into liquids, allowing mixed and partial payments using cryptocurrencies, fiduciary money, securities, raw materials and loyalty points.
More information: www.koibanx.com