Stay in the Know

• 🌍 Kenya Web3 hub launch?

• 👀 US to tackle exchanges

• 🪙 Worldcoin crypto token?

Good morning. As we approach the half way mark for the year, take some time to appreciate finding the Web3 space, as you are still early to this wonderful innovation and future of finance.

🌍 Kenya Web3 hub launch?

We are back with some African related news again! This time the Kenyan government has partnered with Abu Dhabi-based blockchain platform, Venom Foundation, to launch a blockchain and Web3 hub in Africa.

The aim is to drive blockchain innovation across key sectors including finance, supply chain, agriculture, business, and cross-border trade, adding to the many other Web3-related occurrences within Africa already this year.

The hub will serve as a central platform for African technology companies and government entities, facilitating knowledge exchange and stakeholder collaboration. The deal includes Venom providing tools and resources to support Kenya and other African countries in their digital transformation, including blockchain-based solutions for supply chain management, land registry, voting systems, and asset tokenization.

The partnership underscores Kenya's commitment to next-generation technology. Moses Kuria, Kenya's Cabinet Secretary for Investments, Trade, and Industry, believes that the establishment of the blockchain hub will catalyze further innovation in various industries, benefitting the people both nationally and globally.

Africa has become a hotbed for innovation, and the implementation of blockchain technology is growing rapidly. In 2021, the continent saw a 429% increase in blockchain deals, as companies raised $474 million compared to $90 million in the previous year. This growth surpasses the global funding average, which only grew by 4%, so certainly a big step in the right direction for African regions.

Venom Foundation's CTO, Christopher Louis Tsu, believes that by bringing next-generation blockchain technology to the continent, it will empower people and help not only Kenya but many other African nations to capitalize on their assets and participate in new global markets competitively.

The moves keep on coming for Africa, and if this Web3 hub goes ahead, it could spark even more adoption into the regions 👀

👀 US to tackle exchanges

The U.S. Department of Justice (DOJ) is taking aim at crypto exchanges that enable criminal actors to cash out their gains, as part of its fight against illicit activity in the crypto space.

Eun Young Choi, director of the National Cryptocurrency Enforcement Team (NCET), has promised a crackdown on these exchanges and businesses that do not comply with anti-money laundering or know-your-customer rules.

Choi described investment scams as "pig butchering" schemes, where scammers build relationships with victims over several months. The NCET aims to bring more enforcement actions against these scams after busting $112 million from six of them last month. The FBI estimates that investment fraud stole $3.31 billion from people in 2022, with crypto-related scams accounting for over $2.5 billion of that figure.

By targeting exchanges that allow criminal actors to profit from their crimes, the DOJ hopes to have a multiplier effect in reducing crypto crime. With the crypto industry growing and evolving rapidly, it's more important than ever for regulatory bodies to keep up.

This is definitely good news in terms of crime for crypto in the US but it seems that exchanges cannot get a break from the government recently.

🪙 Worldcoin crypto token?

The boss of OpenAI, Sam Altman, is reportedly close to securing $100 million in funding for Worldcoin, a project aimed at creating a collectively owned and globally distributed cryptocurrency.

According to a Financial Times report, the funds will come from a mix of “existing and new investors,” and this is impressive considering the extended crypto winter. Worldcoin also previously had a Series A funding round led by a16z, with investors that included Digital Currency Group, Coinbase Ventures, and others.

Worldcoin was co-founded by Altman, Alex Blania, and Max Novendstern, and work on the project began in early 2020. The project's executives said that the aim of the project is to "tackle two problems" raised by the growing complexity of artificial intelligence. Worldcoin is preparing to launch its blockchain protocol and start recording transactions within the next six weeks, following its beta phase.

Recently, Worldcoin launched its gas-free crypto wallet for verified humans. Now considering that gas fees especially for Ethereum have been excruciatingly high over the past few weeks due to meme coins taking off, it’s fair to say that any gas-free crypto wallet would be highly welcomed.

One thing for sure is that this is another interesting occurrence within the crypto world and one that may add some positive results for current and future crypto enthusiasts and investors, but let’s see if the funding is secured first!

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Written by Lewis 🕵️

DYOR – authors of All Things Flooz newsletter own cryptocurrencies and stocks.