China News by Thebittimes.Com

Can DeFi Create a Universal Bank for the Unbanked?! The rapid rise of decentralized finance (DeFi) has sparked an ongoing conversation about its potential to revolutionize financial services. One of the most compelling opportunities that DeFi offers is the ability to provide banking services to the unbanked – individuals who do not have access to traditional banking systems. With billions of people around the world still unable to open a bank account, can DeFi become the universal bank for the unbanked? The Problem with Traditional Banking Traditional banks have several barriers that make them inaccessible to many people, especially in developing regions. These include: Geographical Barriers  Many rural areas do not have nearby banks or ATMs, making it difficult for residents to access financial services. High Fees  Traditional banking systems often impose high fees for opening and maintaining accounts, conducting transfers, or accessing loans. Strict Requirements  Many banks have s...

The Bitcoin gaming economy gets a boost from Zebedee’s expansion into Africa, complementing its Brazil and Philippines operations. Gamers in Africa can now send and receive small amounts of Bitcoin (BTC) while playing classic titles like Counter-Strike. Zebedee, a fintech and payments processor targeting the gaming space, has partnered with crypto exchange platform Bitnob to offer payments and gaming reward options in Africa using the Bitcoin Lightning Network (LN) . Within the partnership , African users can earn Bitcoin through Zebedee-powered apps and games. Zebedee’s offering serves as a second layer in games that allows developers to replace vague in-game points rewards with satoshis, the smallest denomination of Bitcoin. Through the partnership with Bitnob, these, in turn, can be converted to a local currency like the Nigerian nairas. Related: Polygon becomes second-largest gaming blockchain after user activity surges in March Zebedee’s chief strategy officer Ben Cousens expla...

Cassava Network’s recent V3 product launch allows Africa’s Web2 users to get onboarded to Web3 while earning rewards and increasing their income. Cassava Network, an African Web3 platform focused on NFTs, gaming and loyalty rewards, has launched the third version of its platform , featuring an integration with non-custodial smart contract wallet Unipass to lets users use email addresses instead of seed phrase and gas. In a move to onboard Africans from Web2 into Web3, the partner ship enables users who create Cassava accounts to automatically sign up on UniPass and have access to holding, sending and receiving on-chain digital assets across multiple EVM blockchains. In an interview with Cointelegraph, Benjamin Obenze, a business developer for Cassava Network, explained how African users and businesses can use the new version to get into the Web3 space. “With Cassava V3, we have made it easy for African users to interact with their favorite Web2 and Web3 brands. As users interact wit...

Gridless Compute, a hydro-powered Bitcoin mining initiative, tweeted that the project has successfully powered a rural community and lowered its existing energy rates. A hydro-powered crypto mining project based in Africa released an update on its efforts to bring energy developments to rural communities via Bitcoin (BTC). On Dec. 9, Gridless Compute tweeted photos and commentary on how their hydro- power BTC mining rigs are power ing an entire rural settlement while also lowering Energy rates for 2,000 people, the equivalent to 500 families. According to the tweet, costs decrease from $10 per month to $4. All of this while securing BTC’s underlying blockchain network.  Powering a rural Kenya village and securing the #Bitcoin network with excess hydropower, all while lowering rates to 2000 people (500 families, ~$10/month to $4). @GridlessCompute pic.twitter.com/9GUlAU6265 — jack (@jack) December 9, 2022 Earlier this week, the project also shared results of a successful $...

On one hand, companies are bearing the brunt of the after-effects of FTX’s collapse. To stay afloat, a host of measures like laying off staff to cut down costs are in play. On the other, companies with a steady foot, like Goldman Sachs, are looking to pour in money into the space. The choppy macro state of affairs has not stopped companies from branching out and expanding. On Tuesday, Africa n Bitcoin Mining Company Gridless announced that it secured $2 million from a seed investment funding round. The same was led by Stillmark and Block, Inc. This comes in addition to an angel round led by Factor[e]. The investment will be used to support the company’s plans for expansion of Bitcoin mines across Africa n markets. Commenting on the latest development, Erik Hersman, CEO of Gridless, said, “Africa needs affordable electricity. Our work in supporting renewable energy mini grid developers fills a gap, helping developers expand faster, be mor...