Nigeria to launch a major crypto initiative, an IP Exchange Marketplace, and Wallet, on Algorand.
In partnership with Developing Africa Group and Koibanx, Nigeria is planning to launch a major crypto initiative, an IP Exchange Marketplace and Wallet on Algorand.
By Anna B Kiwanuka
The Nigerian Government has signed a three-year exclusive agreement with Developing Africa Group, a UK-based Intellectual Property Rights (IPR) Commercialization organization, to develop a national wallet. This will allow all IP forms developed and registered in the country to be commercialized worldwide, both locally and abroad. The Nigerian Government has granted Developing Africa Group the right to establish the country’s official platform for its citizens to upload any type of IP rights and trade, sell, or swap them abroad, while receiving royalties and proceeds on their wallets, as part of the IPR exclusivity agreement.
Trademarks, patents, and all types of copyrights, such as music, lyrics, films, shows, lectures, podcasts, and other forms of streamable content, are all covered by the agreement.
With the authorization from the Nigerian Government, the Developing Africa Group has chosen Koibanx as the tokenization and payment engine to be used in the country, and the Algorand Blockchain as the protocol to build on top of. Koibanx and Algorand will be in charge of implementing the wallet, the token to pay the creators, as well as the overall technical integration of the various vendors in play.
The Algorand Blockchain will be used to launch all tokens. “Algorand’s protocol not only provides the performance, scalability, security, and functionality required to implement such a large-scale project,” said Ben Oguntala, CEO of Developing Africa Group. “It is also environmentally friendly, which is important for the Government, and has a huge philosophical match with the ‘creators economy industry’ we’re targeting here.”
“What the Developing Africa Group has achieved is truly amazing. The Nigerian IPR Wallet is probably the largest crypto project worldwide. When we took El Salvador´s challenge, we impacted the lives of millions of citizens. I believe this initiative could change the lives of +50M people easily. Since we launched Koibanx back in 2015, we were convinced Blockchain tech and cryptocurrencies were the foundational building blocks for economic development in emerging markets. Being able to have an active part in how it is happening is definitely a privilege,” commented Leo Elduayen, Koibanx´s CEO.
The project itself refers to two major assumptions that the crypto sector has made since its inception. To begin with, the fact that crypto adoption and tokenized assets occur in “developing markets” (El Salvador, Nigeria, Colombia, Panama, and Paraguay) is not coincidental. Second, in terms of socioeconomic situations, demographies, inflationary currencies, crypto acceptance, financially underserved populations, and quickly expanding smartphone penetration, Latin America and Africa share far more than one can comprehend firsthand.
Executives from the above-mentioned organizations have already indicated that as the effort develops discussions are already underway to replicate the operation in Colombia and Central America (countries and a region with a strong African influence). We’re on the verge of witnessing Latin America and Africa become the crypto world’s epicenters. It will all be officially launched before January 2023.