Economy
Bitfinex Targets Emerging Markets to Drive Crypto Adoption
By Adedapo Adesanya
One of the earliest cryptocurrencies in the world, Bitfinex, has said amid a global shift, it will be focusing on emerging markets and exploring new ways to bring financial services to those who need them most.
This was made known by the Chief Technology Officer (CTO) of Bitfinex, Mr Paolo Ardoino, in a chat with Business Post.
“We believe this year will be focused on greater innovation, more transparency, freedom for everyone not served by traditional technologies and financial systems, and an end to practices that have tarnished our industry and obscured the promise that it holds.
“We will also be focusing on the long-term development of the Bitfinex Securities platform. We believe Security Tokens represent the next generation of capital markets,” he explained.
“By matching the technology of the digital asset industry with clearly defined issuer obligations, investor protection, and regulatory oversight, STOs offer investors and issuers a faster, cheaper, and lower friction way to invest, raise capital, and trade. This sets the stage for an exciting 2023 for both Bitfinex Securities and STO markets more broadly,” he added.
The CTO noted that the company had worked relentlessly to educate customers about the benefits and attributes of Bitcoin and the blockchain while providing a technically superior environment to buy, hold, and sell tokens.
“We believe that Bitcoin provides a technology and a payment solution that meets the need for a fast, efficient, and private service. With no centralized servers and unnecessary intermediaries – and at near zero cost – it enables financial inclusion and financial freedom,” he said.
“We are also inspired by the Bitcoin ethos of decentralization to develop peer-to-peer solutions that enable freedom of speech and are proud to be a major shareholder in Holepunch, which has pioneered distributed systems.
“We strongly believe that mass acceptance of crypto is most likely to occur because of its permissionless features and ability to create a more open and equitable world. Bitfinex was born at the dawn of the Bitcoin revolution, and everything we do is focused on creating simple, dependable, and accessible technology that promotes freedom,” he added.
However, he noted that the crypto space has come with many challenges, just as the market continues to evolve.
“Periodically, a new wave of speculation comes accompanied by new cryptocurrencies, which focus more on leveraging trending technologies than necessarily truly understanding them. Part of my role has been to educate and speak about the difference between bitcoin and stablecoins versus other more speculative coins.
“I believe crypto has a lot of potentials to help the unbanked population as long as it’s understood as a freedom tool rather than a quick rich scheme. Myself, and everyone at Bitfinex, is driven by the ethos of Financial Freedom, and we take on the challenge to educate the whole community about this,” he said.
To this end, Mr Ardoino said Bitfinex is at the forefront of promoting cryptocurrency adoption.
“In many Emerging Markets, particularly where there is currency volatility, Bitcoin provides a store of value, a form of remittance, and a gateway to financial freedom,” he added that there are 2 billion people who do not have a bank account because they are too poor and the banks do not want the costs of maintaining those accounts.
To this end, “With Bitcoin, it can be stored for free on the blockchain and can be sent around the world at zero or very low costs. We are also committed to providing a wide range of applications that enable the use of Bitcoin beyond just a savings tool.
“The impending launch of the Volcano Token will set another precedent demonstrating how emerging markets can use Bitcoin to tap access to capital and create a whole new economy,” Mr Ardoino said.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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