In the crypto-verse, Nigeria remains one of the fastest-growing and lucrative markets for crypto traders and global investors to be in.
Data retrieved from a Chainalysis report ranked Nigeria as the eighth (out of 154 countries) in its 2019-2020 global adoption index. Africa’s largest economy is first among other African countries in peer-to-peer payments (moving $139 million in the past year).
The increased usage by many young, educated Nigerians is often attributed to the high bureaucratic processes by many commercial banks for transfers, not forgetting stringent cash control mechanisms set by the Nigerian Central bank in controlling cash flows. Crypto provides low-fee remittances and an alternative way to preserve and grow wealth.
Nairametrics decided to seek the opinions of crypto experts on what cryptos they would consider investing in, apart from the known flagship crypto Bitcoin. Their responses were as insightful as they were diverse, ranging from popularly known altcoins to some new ones.
Clement Hugbo – Founder and CEO at Crevatal Technologies
“As volatile and unpredictable as cryptocurrencies are, they are still one of the best investments to get right on and it’s never too late.
5 Cryptocurrencies I will advise to invest in at this time are:
- Binancecoin, BNB
- Ethereum, ETH
- Bundle token (coming soon)
- PhoenixDAO, PHNX
- Uniswap, UNI.
I chose these tokens because they not only have infrastructures and working products to back their assets, but they play deeply within the DeFi ecosystem which currently is the future of money.
While Binance is the largest cryptocurrency exchange in the world and has diverse use cases for its token, it recently launched its own Smart chain, bringing DeFi possibilities and flexibilities to more developers and communities. Bundle token will be Africa’s Binance coin as its use cases are diverse, being a partnering project with Binance. PhoenixDAO has diverse products like staking dApps, DAO, events and so much more, with brands using her protocols for products development.
Ethereum, being the mother of smart contracts and Tokenization, has diverse use cases by devs and communities in the ecosystem.
Lastly, Uniswap is the mother of DeFi and decentralization, enabling traders to transact in a permissionless and decentralized platform, completely excluding their parties.
My choices are based on the consistent use cases of these tokens and their relevance to creating lasting solutions in the Blockchain ecosystem.”
Henry Muna – Founder & CEO, Muna Wallet
“USDN (Neutrino USD) is an algorithmic stablecoin soft-pegged to the US Dollar and collateralized by WAVES.
The stable exchange rate is maintained using an advanced stability algorithm.
USDN offers 10-15% annual percentage returns without the risk of liquidation.
It leverages the staking reward system of the Waves monetary policy and LPoS consensus algorithm. Staking rewards are distributed according to your contribution to the network with additional USDN.
Its asset is available on Waves and Ethereum blockchain, with staking services available on Muna, Waves.exchange, Kucoin, and any Etheruem wallet.
1 USDN = 1 USD; it lets traders hedge against market volatility.
USDN staking is governed by a smart contract, not by a central authority.
Neutrino’s smart contract resilience is verified by Beosin (Chengdu LianAn) Technology Co. Ltd.”
David Effiiong (Davizoe) – National community director at Bitfxt Technology
Ethereum: It’s a blockchain that allows decentralized applications to be built on.
Dapps are decentralized applications without censorship which give people freedom. People are building games, and social media platforms on it because of its scalability.
On ethereum, smart contracts are built also; it acts as the middle man.
EOS: EOS is a blockchain network that is more scalable and allows Dapps, and smart contracts to be built. The transaction on this blockchain is less than 5 secs, and on Eos.io you can build several blockchains on it.
The recent mind-blowing announcement is the partnership of Google with EOS; this shows its scalability.
BitDeFi (BFi): It’s a decentralized finance (DeFi) token that brings the banking system on the blockchain.
BFi is just 200,000 max supplies and 50% will be burnt because it uses a burning mechanism which makes it a deflationary token. I can boldly say it’s 100k in max supply because of 50% burning away.
BitDeFi allows you to perform all bank use cases like savings, investment, loan, capital rendering, and many more.
20,000 of BFi will be available for the next 5 –10yrs and it’s a community token which allows banking to be decentralized.”
Charles Okaformbah – Blockchain Solutions Architect
“Asides Ethereum, from a protocol pov, and value that DAO tokens seem to garner in the long run, I would advise traders to look at Polkadot’s DOT.
Currently sitting in the top 10 of coinmarketcap, with one of its founders being Gavin Wood (cofounders of Ethereum), it’s a cross-chain protocol that connects several chains together in a single network, allowing them to process transactions in parallel and exchange data between chains with security guarantees.
It’s been in development for years now and the DOT token is majorly used as a governance token.
Another project from a utility pov would be Kittiefight’s KTY (full disclosure, I’m a team member). Online Betting generates massive tonnes of revenue for its stakeholders.
What if that revenue is shared with a community of users who participate in the funding of each game’s jackpot via a DeFi backed algorithm? Not only that, KTY serves as a utility token for in-game activities. Currently, Kittiefight is rated 8 in the Top 10 DeFi lending platform by coinmarketcap.”
It’s fair to say that the crypto experts interviewed were not short on selecting different altcoins that serve as alternatives to Bitcoin.
That said, crypto experts are also taking advantage of altcoins and their prevalence for high price swings. As the old financial saying goes, volatility is king, on the basis that volatility provides a great way to increase one’s holdings and potentially make some good profits.
Dubai-based hedge fund plans to sell $750 million worth of Bitcoin for Cardano and Polkadot
FD7 Ventures has revealed plans to sell about $750 million worth of their Bitcoin holdings over the next month.
A Dubai-based, global crypto investment fund, FD7 Ventures with about a billion-dollar under management recently reveals a plan of selling about $750 million worth of their Bitcoin holdings over the next month to increase the company’s positions in Polkadot and Cardano.
Such a move will effectively sell-off a majority of the investment fund’s flagship crypto assets in buying rising cryptos like Cardano and Polkadot. According to the hedge fund, the increase in these altcoin holdings will better cater to the needs of its investors who are looking to diversify their portfolios in the growing crypto market.
- Polkadot’s native DOT token serves two clear purposes: providing network governance and operations, and creating parallel chains by bonding. Its founders are Dr. Gavin Wood, Peter Czaban, and Robert Habermeier.
- The fast-rising crypto asset is an open-source multichain protocol that enables the cross-chain transfer of any data or asset types, cryptocurrencies, thereby expanding blockchains interoperable with each other.
- Cardano (ADA) has been tipped to outperform, on the bias that it had its smart contract launch last month, which will lead to a significant amount of applications built on Cardano in 2021.
- This means that more developers will see it as an attractive medium for building their desired apps.
Also, Prakash Chand, Managing Director at FD7 Ventures revealed why such crypto assets based on their fundamentals showed more future.
“Aside from the fact that Bitcoin was first to market and society has given it meaning as a store of value, I think Bitcoin is actually pretty useless,” Chand said.
Chand says the firm intends to sell $750 million in Bitcoin in order to increase its exposure to Cardano (ADA) and Polkadot (DOT), which he believes are the foundation of the new internet and Web 3.0.
The fund manager also believes Ethereum could outperform Bitcoin in the coming years;
“I’ve been lucky enough to spend lots of time with the brightest minds in crypto and I’m willing to bet that each of Ethereum, Cardano, and Polkadot will be more valuable than Bitcoin within the next few years,” he said.
The hedge fund has already started the process of converting their Bitcoin (BTC) to such Cryptos and expects to finish the conversion transactions by mid-to-end of March.
A billion XRP worth $415 million released
XRP recently unlocked 1 billion XRP worth about $415 million from an escrow account.
The seventh most valuable crypto asset by market capitalization, XRP recently unlocked 1 billion XRP worth about $415 million, from an escrow account.
Whale Alert, an advanced crypto tracker, monitored these large crypto movements, which occurred in two different 500 million XRP transactions in real-time some hours ago.
500,000,000 XRP (206,722,279 USD) unlocked from escrow at Ripple Escrow wallet
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (206,722,279 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) March 1, 2021
500,000,000 XRP (208,296,110 USD) unlocked from escrow at Ripple Escrow wallet
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (208,296,110 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) March 1, 2021
At the time of writing this report, XRP traded at $0.419061 a daily trading volume of $4,092,935,822 USD. XRP is down 1.89% for the day.
Ripple had earlier set up a strategy where it released 1 billion XRP monthly for sale, for the purpose of funding its company operations, and to invest in start-ups of interest, with the rest kept back in the escrow accounts.
What this means; In simple terms, the implication of this is more liquidity in the Ripple network, as more investors will now have access to those XRP.
What you should know; Ripple (XRP) plays dual roles as a payment platform and a currency. It is an open-source platform that was created to allow quick and cheap transactions.
- Ripple has gained the attention of major global banks such as Bank of America, Santander, Standard Chartered, and Barclays for international transactions worldwide.
- It is following hard on the heels of its arch-rival and traditional banking payment system, SWIFT, with its fast-rising payment network, better known as Ripplenet.
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