Just in case you missed it, Russia Banned Crypto. Over the weekend, President Vladimir Putin signed a law banning digital payments across the Eurasian nation.
According to the new law, residents of Russia are prohibited from using “digital securities and utility tokens” (or just cryptos) to pay for goods and services.
What does this mean for everyday crypto brethren? This could contribute to lower crypto prices. As we have seen when china banned cryptostrict regulations often affect the market, and we may see more red arrows in the coming weeks.
CAIF RAISES $112 MILLION FOR AFRICAN STARTUPS
The pan-African fund Cathay AfricInvest Innovation Fund (CAIF) has raised 112 million dollars (110 million euros). The fund is the result of the partnership between the Tunisia-based multi-asset investment platform Afrinvest and venture capital company of European origin Cathay-Innovation. The fund finances startups in the start-up or growth phase in Africa.
The second time is the charm
When CAIF first announced its fund in 2019, it was aiming for a $168 million increase for Series A to Series C investments, but missed out. This time, CAIF adjusted its expectation to $102 million and exceeded its target.
Investors in this fund include Proparco, SIFEM, AfricaGrow, BIO, Europe Investment Bank, Triodos Investment Management FMO, DFIs, multinationals and HNIs in Europe, Africa and the Middle East.
Startups the fund has invested in so far
CAIF finances companies in the fintech, mobility, digital content, agritech, health, AI and edtech sectors. Selected startups that are in the growth stage will receive investments ranging from $1 million to $10 million. Up to $1 million will be invested in early-stage startups,
So far he has invested in African startups like 54gene, OZÉ, Migo, GOMYCODE, Aerobotics and WhereIsMyTransport. He has also invested in non-African startups that operate on the continent, including PalmPay, KaiOS, Boomplay and startup Heetch.
Its portfolio companies have served nearly 150 million users, and it plans to double that impact with further new investments.
When asked on how CAIF will invest during this economic downturn, CAIF co-director Yassine Oussaifi highlighted the continued success of his portfolio companies. He said the fund is driven by good metrics and continued growth, so he will confidently invest in innovative startups he believes in.
SEND BY FLUTTERWAVE
Don’t just send money, send money fast. Send and receive money directly to mobile wallets, bank accounts, barter, or cash pickup with $end.
AMAZON SUES OVER 10,000 FACEBOOK ADMINISTRATORS FOR FALSE REVIEWS
People sell lies for a living, and it’s not just politicians. Global retailer Amazon is taking a few of those people to court. He filed a court case against the administrators of more than 10,000 Facebook groups who pay buyers to post falsehoods in the form of reviews about products sold on its marketplace.
Ten thousand groups?
Yes, you read that right. Ten thousand groups. One of the groups identified in the lawsuit is “Amazon Product Review,” which had more than 43,000 members. There are more groups on Facebook and other social media platforms. The cumulative number of fake reviews is in the millions.
The liar game
Product review hasn’t always been this “trick show.” Amazon allowed shoppers to review products whether or not they were paid to do so. However, due to the large number of sponsored reviews that turned out to be fake, the company now only allows approved members of its review program. Vine give paid reviews. However, the paid reviews continued in the shadows and turned into an elaborate lying game.
Popular online stores, Amazon, eBay, Google App Store and others have been in a long fight with fake reviews. Amazon said it has technology that flags these fake reviews. He said he stopped more than 200 million suspected fake reviews before they were seen by customers in 2020. He also said he takes proactive legal action against bad actors such as this lawsuit.
Meta, the parent company of Facebook, has underline that it works with Amazon and will continue to work across the industry to reduce spam and fake reviews.
Amazon surveys To display that groups of fake reviews hide from Facebook’s detection tools by swapping letters in words or replacing them with symbols during conversations. For example, “R*fnd Aftr R*vew” (refund after review).
Well, let’s see how many of them can continue to escape the letters of the law.
LEARN WITH PAYSTACK
Join Interswitch and Paystack engineers John Falade and Olawale Komolafe as they debate on-premises security versus cloud security on this week’s Tabs vs Spaces show.
AFYAREKOD PUTS MEDICAL DATA OF KENYANS ON THE BLOCKCHAIN
Over the past decade, blockchain technology has continued to gain widespread adoption in Africa. Existing tech startups are improving their processes to leverage the benefits of blockchain, and today we’re sharing AfyaRekod’s progress!
AfyaRekoda Kenyan-based health tech startup, has launched a blockchain-based platform which enables hospitals and other stakeholders to retrieve health data and patient medical histories, all in real time. If adopted, this technology means for the average Kenyan unrestricted access to personal health records anytime, anywhere.
By this to researchPoor health information systems have characterized the health system of African countries and contributed to a major challenge in feeding a continent of healthy people.
However, health tech companies in Africa are daring to change this narrative, one startup at a time.
Earlier this year, Nigeria’s Medsaf shared with TechCabal its plans to ensure that all drugs in its robust marketplace are loaded into a blockchain database, allowing users of those drugs to gain insights and track the movement of medicines from manufacturers to consumers.
A bigger picture: Despite brilliant position of cryptocurrency As the most adopted blockchain technology in Africa, the increase in blockchain adoption by other startups is exciting, especially since such breakthroughs can significantly change the narrative of adoption of technology and living conditions in Africa. We support them!
IN OTHER TECHCABAL NEWS
Got an iPhone or Android with only one SIM card slot? Good, integrated SIM cards (eSIM) can double your options.
inq., a pan-African IT solutions provider currently present in 9 African countries, has announced an agreement with Sweden’s Enea AB to license Enea Edge’s state-of-the-art intellectual property (IP) through a perpetual development license.
TRY FINCRA PAYMENT SOLUTIONS
fincra provides easy-to-integrate APIs developed and designed to launch seamless and reliable global payment solutions.
With Fincra’s customizable APIs, developers can build financial apps fast.