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WHAT IS DEFI AND WHY DOES IT MATTER?

  Things have been changing rapidly in the crypto space and DeFi happens to be an ongoing trend and it's quite an interesting space to be. DeFi is the short form for decentralized finance and it was designed as a financial system that is accessible to everyone and reduces the need to hope and count on a central authority like banks and brokerages. It is dependent on no single entity and utilizes smart contracts on Blockchain (a public database where thousands of computers all over the world verifies transactions). Now, I know you are wondering what exactly are smart contracts? Smart contracts are simply self executing codes stored on the blockchain. For example, let's say you want to send money to a friend tomorrow, only if the temperature gets to 30°C, such orders can be put down in a smart contract. Let's continue… Decentralized finance stores all transactions on the blockchain and this reduces the risk of hackers focusing on banks to steal your funds. Below are the follo
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An Additional Blow: Central Bank of China Closes a Company That Aids Cryptocurrency Transactions.

  China haven't stop repeating its combative position in opposition to the cryptocurrency corporation as it stares up another threat targeted at native firms. A local company that was suspected to be rendering software services to Cryptocurrency companies have been closed by People's Bank of China. As usual, the price of bitcoin fell following the unfavorable news. It was reported that China's central bank shut down a company known as Beijing Tongdao Cultural Development Co. because they were suspected to have been aiding software assistance to firms carrying out cryptocurrency transactions. They also stated that their position about cryptocurrency still stands and they are not ready to reconsider because of high risks for investors and all those involving themselves in the cryptocurrency industry.  The statement "seriously" threatened every applicable institutions not to aid virtual currency-linked services in any way at all. The Public Bank of China said that cu

Crypto Trading Platforms in India are Still Finding it Difficult to Fix Banking Collaborators

  The banking services in India still stands on restricting access to Crypto exchanges in the country. The banks show no interest in doing business with exchanges located in India. As maintained by Reuters on Thursday, Crypto exchanges in India are still not able to register accounts with the banks. Despite the fact that there's no ban on crypto in the country, banks are still taking action as regards the advice of Reserve Bank of India (RBI) to avoid crypto exchanges. In May, RBI stated its take about the issue, declaring that banks have not been stopped from aiding transactions for crypto exchanges. As a matter of fact, India's Supreme court reversed a preceding FBI order that stopped banks from aiding account assistance to crypto exchanges. The restricted access to banking services causes huge disturbances such as hindering the range of immediate payments for withdrawals. Since banks are still reserved, crypto exchanges in India are starting to think about other payment deal

Bank Of France Governor: Europe Should Regulate Crypto As Quickly As Possible

      Bank of France governor François Villeroy de Galhau has recommended the urgent framework for cryptocurrency regulation to avoid potential erosion of Europe’s monetary sovereignty. France has been one of the most forward countries when it comes to virtual currencies. In 2019, for instance, the French parliament approved a law to enable cryptocurrency-focused companies to be licensed by the AMF, the country’s financial watchdog. Now, the central bank’s Villeroy has asked the European Union to urgently regulate the cryptocurrency space. This request advocates that cryptocurrencies should be regulated within one or two years or risk losing Europe’s monetary sovereignty. “I must stress here the urgency: we do not have much time left, one or two years. On both digital currency and payments, we in Europe must be ready to move as quickly as needed or risk an erosion of our monetary sovereignty — something we cannot tolerate,”  Villeroy  said  during a Paris Europlace financial conference

Over 650 US banks to offer Bitcoin trading to 24 million customers

A deal between two payments giants NCR and NYDIG, will allow community banks and credit unions to enable cryptocurrency trading via mobile apps. The move will allow direct competition between these institutions and cryptocurrency exchanges across the US.   Forbes recent article stated that National Cash Register (NCR) currently provides digital banking service to ATMs and point-of-sale establishments such as the restaurant business in 160 countries worldwide. It is the largest global provider of point-of-sale software, primarily to grocery and other retail stores, serving 180,000 restaurants and dominating the sector with a 45% market share.  Sometime in May, NCR partnered with Flexa to allow Sheetz customers to pay for goods with cryptocurrencies such as bitcoin, ether, litecoin, doge and others. Since then,  “dozens” of clients have reported to them that clients were using their savings to buy cryptocurrencies.  NCR decided not to try and dissuade their banking clients from buying bi

Mexico's Third Richest Person Said He Would Rather Hold Bitcoin for the Next 30 Years

  While saying that fiat currencies are all “scam,” Salinas Pliego stated that he'd rather hold only bitcoin for the next 30 years if he had to make a choice. Ricardo Salinas Pliego, Mexico third richest man remains with his approval for bitcoin by specifying that his bank is going to begin using BTC. He marked off BTC limited supply as its most key benefit, he also added that if he was to choose only one asset to invest for the next 30 years, it will certainly be Bitcoin. Pliego's Bank to Study BTC The Mexican industrialist, initiator, and chairperson of Grupo Salinas, has made known his support for the first cryptocurrency for years. His first purchase came at $8,000, and most recently, he advised every investor to think of getting at least a minimum amount for their personal portfolios. In a current interview in Mexico, he declared about the cryptocurrency once again and stated that having a finite quantity of only about 21 million coins to exist is “the pivotal part.” In ad

Understanding The P2P( Peer -to- Peer) payments Frame work and avoiding scam

 P2P( Peer -to- Peer) payment that doesn’t involve a third party  P2P exchange is a common way of exchanging cryptocurrency for fiat/local currency, this is done using the Escrow system. It’s important we get to understand the risk involved and how to avoid them Join us today Saturday26th June 2021 at 5:00pm @Clubhouse with Adedeji Owonibi, Founder & COO Convexity, Toju Kaka Blockchain Consultant & Convexity in-house Crypto Trader, Jahdiel Chris Chidi Founder Cryptocribz & President The Blockchain League  for a brief breakdown on the risk of P2P and how to avoid being scammed  Make sure to download the clubhouse app and join us this Saturday 5pm. Make sure to come along with your question as well. 👉 link to the session https://bit.ly/convexityhub