Tag: Report

Lack of proper financial services boosts crypto ownership in Nigeria, says report

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A new study has revealed staggering growth in crypto adoption across Nigeria, fueled by limited access to affordable fiat-based financial services in Africa.  Crypto exchange KuCoin’s “Into the Cryptoverse Report” highlights that many Nigerian citizens have started using cryptocurrencies as a viable alternative to store and transfer assets. According to the report, 35% of the Nigerian population aged 18 to 60 — or 33.4 million people — have owned or traded cryptocurrencies during the last six months. Out of those people, nearly 17.36 million (or 52% of Nigerian crypto investors)…

Blue Chip and Metaverse NFTs propel growth of NFT Market, says Nansen report

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On Tuesday, blockchain data analytics platform Nansen released its quarterly report on the state of nonfungible tokens, or NFTs. The report highlighted the rapid growth of the NFT market over that of the cryptocurrency market year-to-date, and it predicts of an $80 million market cap by 2025.  As Cointelegraph previously reported, Nansen recently released six NFT indexes weighted by market capitalization denominated in Ether (ETH): Nansen NFT-500, Nansen Blue Chip-10, Nansen Social-100, Nansen Gaming-50, Nansen Art-20 and Nansen Metaverse-20. According to the Nansen 2022 Quarterly NFT Report, The NFT market continues outperforming…

FDIC Asks All Banks to Report Crypto Activities

On Thursday, the Federal Deposit Insurance Corporation (FDIC) issued a financial institution letter – a letter sent to CEOs of FDIC-insured banks – requesting that banks should notify their regional FDIC director of their crypto activities. This request applies to both current and future crypto-related activities. Source

The FDIC wants US banks to report on current and intended crypto-related activities

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The Federal Deposit Insurance Corporation, the United States government corporation that insures depositors at U.S. commercial and savings banks, issued a financial institution letter Thursday. The letter requests the institutions supervised by the agency to notify the appropriate regional director of their activities with crypto-related assets or their intentions to engage in crypto-related activities.  According to the letter, “It is difficult for institutions, as well as the FDIC, to adequately assess the safety and soundness, financial stability, and consumer protection implications without considering each crypto-related activity on an individual basis.”…

Meta may introduce tokens and digital currency lending services to apps: Report

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Social media giant Facebook’s parent company Meta is reportedly planning to introduce virtual currency named after CEO Mark Zuckerberg as well as lending services to apps it owns, which may include Facebook, WhatsApp, Instagram, and Messenger.  According to a Financial Times report on Wednesday, the move toward tokens and virtual currency is aimed at exploring alternative sources of revenue as interest in Facebook and Instagram drops. Meta’s potential virtual currency, which employees have reportedly dubbed ‘Zuck Bucks’, will be aimed at use in the metaverse. Facebook owner Meta targets finance…