Sats & Gwei | FTX collapse hits Africa hard | Investors getting paid in Bitcoin by Sun exchange | Alibaba aims to accelerate crypto adoption Africa | And more!

Bankless Africa presents Sats & Gwei, a podcast for your weekly crypto news update from all around Africa!

In this week’s roll-up, we talk about the worst week of the year, we try to extrapolate on the sheer amount of loss that this has caused for people.

The insolvency of FTX has led to the inability for people to withdraw their rightful funds, with hacks, NFTs for funds and strange flights, the entire situation is shaping up to be the most devastating bearish debacle we have seen in a long time, if ever. Kenyans for example lost over $700m because of this, the 134 firms included in the Alameda bankruptcy filing will also be immensely devastated, a handful of which are African based.

The story is ever developing, and community research is heavily encouraged. As mentioned in the podcast, here are some links you can use for research and/or confirmation purposes:

Official Alameda bankruptcy filing https://www.docdroid.net/F0TqEsL/alameda-chapter-11-db-pdf#page=6
Suspicious txns https://etherscan.io/address/0x26C5A34Bc8398fbD395b518ffAb27724D7CC9617#tokentxns 

With an average decline of 27.98% in our market watchlist from last week, the overall market sentiment is concerning to say the least.

Sun Exchange is a South African solar power company which is challenging the status quo by giving investors the option to have their payouts done in the South African rand which is typical, or Bitcoin. There are of course pros and cons to both, but Sun Exchange wants to offer the options so they can appeal to all kinds of investors; with the minimum investment being as little as $4, the pool of investors is indeed global.

Data Mynt continues to get into partnerships that seem geared to making them the best service providers in the continent while also encouraging a swifter adoption of crypto. With the Alibaba cloud partnership, cloud storage and crypto are brought closer to home. Africa and Latin America have not yet adopted cloud storage as the west world has, not to say that they should copy that, but they have not been given the opportunity to understand it or access it easily in some cases. Partnerships like these are evidence that we have quite a ways to go still, all that’s needed is intentional movement.

One of the biggest eSports gaming tournaments will be hosted in November by the illustrious Cassava Network & Play1st. Developing economies like ours have not quite had the chance to fully embrace things such as gaming on a grand scale. Slowly though, the entire tech industry is opening up to the possibility of gaming as an exciting and potentially lucrative career option. If you would like to participate in the tournament, be sure to register your clan here and apply for the tournament before the 16th of November. 

Listen to these and other news in today’s episode to get all the relevant news and updates for the week. 

Thank you for tuning in.

If you enjoyed this episode, please leave us a rating/review, let us know how we can continue to serve you in the best way possible.

Sats & Gwei is a BanklessAfrica podcast that brings you weekly crypto/web3 headlines about the African continent. Stay up to date with the most relevant crypto happenings across Africa.

Disclaimer:

None of what is shared in this show is financial advice. Only the opinions of the individuals that make this show possible. Remember to always  do your own research. Verify, don’t trust.

Follow our Twitter https://twitter.com/Bankless_Africa

 Follow us on instagram https://www.instagram.com/invites/contact/?i=4zmo4lqcj8rr&utm_content=n74dwjo
Follow us on linkedIn https://www.linkedin.com/in/bankless-africa-799178233
Join us on telegram https://t.me/banklessafrica

Subscribe to our newsletter https://banklessafrica.substack.com/

Learn more about crypto and web 3 on our website https://banklessafrica.com/