Nigeria’s Coinazer expands to Brazil. 3 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Nigeria’s Coinazer expands to Brazil

Nigerian cryptocurrency startup, Coinazer, has made entry into a new market, expanding into Brazil.

The development comes after the startup amassed 5,000 customers and facilitated transactions worth over US$3.8 million.

CEO Achigonye JohnPaul disclosed this in a press release seen by Ripples Nigeria on Tuesday, October 17, 2023.

Founded in April 2022 by CEO Achigonye JohnPaul, alongside Egbuonu Ikenna, Malachi Chidera, and Nnaji Joshua, Coinazer provides access to cryptocurrencies and blockchain technology.

According to the CEO, Coinazer’s cryptocurrency wallet gives users full control over their digital assets, offering a platform to buy, sell, and trade a wide range of cryptocurrencies.

JohnPaul highlighted Coinazer’s competitive edge, saying, “Coinazer’s competitive edge lies in its commitment to addressing the identified market gaps and providing a holistic solution that combines the benefits of blockchain technology with financial inclusivity.”

Trivia: What is the purpose of an application’s activation key?

A. It encrypts and decrypts an application’s data files.

B. It detects whether the application has been modified after installation.

C. It provides a data interface for other applications to interact with it.

D. It proves the user purchased the application and has a license to use it.

See Answer below

2. Cape Town’s iiDENTIFii enters Zambia in Partnership with Zanaco

South African digital identity startup, iiDENTIFii, has joined forces with Zambian bank Zanaco to introduce its identity solution to consumers and citizens in Zambia.

iiDENTIFii has developed face authentication technology that verifies users via their mobile phones or computers within seconds.

The startup serves multiple industry sectors and counts major pan-African banks, insurers, and mining companies among its clientele for both customer and employee authentication.

Having secured $15 million in growth capital last year to fuel its expansion across Africa, iiDENTIFii has now teamed up with Zanaco, a leading bank, to launch its operations in Zambia.

This partnership aims to make identity verification, along with the benefits it offers, accessible to a broader audience.

Gur Geva, the founder and CEO of iiDENTIFii, highlighted the significance of this venture by saying, “In Zambia, we aim to address challenges related to digital exclusion, limited access to services, and identity fraud.

“Many individuals across the continent lack recognized identification, which hampers their access to banking, healthcare, and government services.”

He continued, “Collaborating with financial institutions like Zanaco is pivotal. By integrating our identity verification solutions, Zanaco can extend its reach to underserved populations, enabling them to open bank accounts, access credit, and make secure transactions.

“This partnership not only fosters financial inclusion but also strengthens data protection and security, driving positive change in Zambia’s digital landscape.”

For Zanaco, this partnership marks a significant stride in its longstanding commitment to financial inclusion through its banking platforms.

Mutisunge Zulu, Zanaco’s Chief Risk Officer, underlined the impact of their digital banking solutions by stating, “Our digital banking solutions have significantly impacted underserved communities by breaking down barriers to financial access.

“Through user-friendly mobile and online banking platforms, we have brought banking services to areas previously lacking access. This has led to increased financial inclusion, allowing individuals to save, transact, and access credit more easily.”

3. Proptech startup, Lisa, launches in South Africa

South Africa’s commercial real estate sector is on the brink of a transformative shift as Dutch-based technology platform, Lisa BV, unveils its smart leasing platform in the country, marking a significant development in the proptech landscape.

This pivotal move follows Lisa BV’s acquisition of the core leasing technology platform from Inospace, South Africa’s largest last-mile logistics operator.

The announcement was made by Rael Levitt, the Founder and CEO of Inospace, who heralded the arrival of Lisa’s proptech solution.

Under the terms of the deal, Inospace has entered into a three-year license agreement with Lisa to oversee its extensive half-a-million-square-meter property portfolio.

Valued at approximately US$20 million, the smart leasing platform recently secured over US$2 million in funding, with Buffet Investments, led by South African property billionaire Jonathan Beare, playing a significant role in the funding round.

Lisa’s platform represents a substantial leap forward in the proptech sector, offering a comprehensive suite of services to property owners, managers, brokers, and tenants.

The platform’s flagship product, Lease, automates lead-to-lease processes for multi-let property companies, optimizing and expediting transactions.

Rael Levitt elaborated on Inospace’s decision to transfer its leasing-focused technology to Lisa, stating, “Inospace’s choice to sell its leasing technology to Lisa underscores the growing demand for efficient, technology-driven solutions in the South African commercial property market.

“Our smart leasing platform has revolutionized Inospace’s operations, enabling us to be more agile and responsive to market demands.”

Lisa’s platform provides real-time demand data, empowering property professionals to make informed decisions regarding leasing and asset management.

Hein Pretorius, CEO of Lisa, expressed confidence in the platform’s rapid adoption in South Africa and key European markets.

“Inospace’s success story exemplifies the potential of technology to revolutionize leasing ecosystems. Lisa’s products are poised to make a significant impact on the industry.”

The Engage solution is also scheduled for rollout in the first half of 2024, further enhancing tenant experiences and fortifying customer relationships.

4. FTC issues warning on crypto deposits not being FDIC insured

The U.S. Federal Trade Commission (FTC) has issued a consumer warning, cautioning that cryptocurrency deposits are not protected by the Federal Deposit Insurance Corporation (FDIC).

The agency emphasized that if a crypto company faces financial difficulties, the funds are not insured or guaranteed by the FDIC, and the government may not be obligated to intervene and help recover the deposited money.

FTC’s Consumer Education Specialist, Cristina Miranda, clarified the distinction, stating that deposits in FDIC-insured banks are safeguarded up to $250,000 in case of a bank’s failure.

However, she emphasized that the situation is different when it comes to funds deposited with crypto-based financial services providers.

Speaking on the development, she said, “The funds you deposit with a crypto-based financial services provider… That money isn’t FDIC insured or protected if the crypto company goes under.”

Miranda referenced an example involving Voyager Digital LLC, a crypto-based financial services provider that had falsely claimed that money deposited through the “Voyager App” was FDIC insured in case of any issues.

She clarified that Voyager was never an FDIC-insured bank, and FDIC insurance does not cover cryptocurrencies or crypto assets.

Trivia Answer: It proves the user purchased the application and has license to use it

A software activation key is a string of letters and/or numbers used to register or activate a software application. You may receive an activation key when you purchase a commercial software program.

The purpose of an activation key is to prevent software piracy by ensuring only users who have purchased a program can use it.

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