Bitcoin News and Finance
Yellow Card Announces It’s Resuming Deposits and Withdrawals via the Naira Skip to main content

Yellow Card Announces It’s Resuming Deposits and Withdrawals via the Naira

Yellow Card has announced the resumption of naira deposits and withdrawals in Nigeria via a statement from the cryptocurrency exchange platform. The move by the company comes almost a year after a central bank directive forced Yellow Card to suspend deposits and withdrawals.

CBN’s Growing Interest in Digital Currencies

Almost a year after suspending services following a central bank directive, crypto exchange platform Yellow Card now says it is resuming local deposits and withdrawals in Nigeria. The company’s resumption of services also comes a few months after the Central Bank of Nigeria (CBN) launched its own digital currency.

In its statement published in the Vanguard, Yellow Card’s director of services Oparinde Babatunde suggested that the CBN’s altered stance on digital currencies may have influenced his company’s decision to resume services. He said:

The tide has changed and we are now seeing a growing interest from the CBN in them creating their own digital currency. Around October last year, they announced the release of the e-naira which is a digital form of the country’s currency and draws its value from the physical naira. In the coming months, we hope the CBN will reconsider their stance on cryptocurrency.

Similar to other crypto exchange platforms, Yellow Card was forced to stop naira deposits and withdrawals after the CBN ordered financial institutions to exclude crypto entities from the banking system. However, with this announcement, Yellow Card becomes the latest African cryptocurrency exchange platform to reveal it will be reinstating naira deposits and withdrawals.

User Safety

As previously reported by Bitcoin.com News, Luno Global was one of the first cryptocurrency platforms to announce that it would reinstate naira deposits and withdrawals. At the time of the announcement, Luno denied it had been in direct contact with the CBN but said it had been working with other stakeholders to find a solution that “prioritises the safety of its customers.”

According to Babatunde, Yellow Card too — whose users are projected to surge to 500,000 by the end of Q1, 2022 — will prioritize the safety of its users.

“We also have a strong focus on usability, trust and safety, having implemented Smile Identity to ensure the tier 1 traders are only able to submit documents once and they are scanned with an international db,” Babatunde is quoted explaining.

Besides enhancing the user’s experience, Yellow Card will also educate Africans about cryptocurrencies through webinars and platforms like the YC Academy, the Vanguard report said.

What are your thoughts on this story? Tell us what you think in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory