Metaplanet, a publicly traded corporation on the Tokyo Stock Exchange, has announced an investment of 23.351 bitcoins, with an average purchase price of 10,706,180 yen per BTC, totaling 250 million yen (.6 million). The company now holds 141.0727 bitcoins, with an average purchase price of 10,278,391 yen per BTC, amounting to a total aggregated purchase […]
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South African Fintech Startup Ukheshe Acquires 100% Stake in EFT Corporation
South African fintech startup Ukheshe recently announced that it has acquired a 100% stake in EFT Corporation, an Africa-focused payment services provider. According to the startup, the acquisition takes Ukheshe closer to its stated goal of attaining a larger footprint in Africa and beyond.
Access to New Technologies and Markets
The South African fintech startup, Ukheshe, recently disclosed that it had acquired a 100% stake in EFT Corporation, an Africa-focused payment services provider. The acquisition provides the combined entity with access to new technologies and opportunities and enhances Ukheshe’s exposure to different markets, customers, and business opportunities.
According to a statement from Ukheshe, the acquisition of EFT Corporation from its parent firm Loita Transaction Services (LXS) came nearly two years after it acquired the digital payment platform Masterpass. The takeover also occurred just a few months after the fintech startup closed its funding partnership with Development Partners International (DPI) in 2023.
Remarking on his company’s latest high-profile acquisition, Clayton Haywards, the co-founder and CEO of Ukheshe said:
“The market is ripe for consolidation and disruption, bringing together these like-minded executive teams & our great products positions us to dominate the African continent as the preferred banking solutions partner.”
As explained in the statement, the acquisition moves Ukheshe closer to its goal of expanding its footprint across Africa and beyond. This in turn helps the fintech startup deliver increased value to its stakeholders.
Stephen Enderby, CEO at EFT Corporation, said Ukheshe’s acquisition ended his firm’s search for a partner to support its digital strategy. James Griffiths, Partner at DPI, said the acquisition underscores his firm’s confidence in Ukheshe’s leadership and its growth potential.
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NFT-Based Firm Remilia Corporation Sues Independent Contractors Accused of Siphoning $1 Million
Remilia Corporation, a digital art and non-fungible token (NFT)-related business, has filed a lawsuit against three independent contractors whom it accuses of siphoning million from the company. Founder Krishna Okhandiar denied claims the three had at any point “sought equity shares in Remilia while negotiating their contracts.”
Trio ‘Failed to Perform at an Adequate Level’
Remilia Corporation, a digital art and non-fungible token (NFT)-related business, has filed a lawsuit against three individuals accused of illegally taking control of the company’s revenues. In the lawsuit filed with the U.S. District Court of Nevada, Remilia and founder Krishna Okhandiar allege that John Duff, Henry Smith, and Maxwell Roux acted illegally when they allegedly took control of million belonging to the business.
Good morning. A developer who worked on Bonkler took steps that allowed him to divert ~MM USD in Remilia’s generated fees.
The Bonkler reserves, main contract and NFTs are safe; only Remilia’s revenue from Bonkler was compromised.
We’ve temporarily paused Bonkler’s daily mint… pic.twitter.com/1QOQDiXka3
— ♡ Charlotte Fang
Crown Prince (@CharlotteFang77) September 11, 2023
In addition, the company and its founder denied that the three, who worked as independent contractors, had “sought equity shares in Remilia while negotiating their contracts.” Instead, Remilia asserts that the three were assigned managerial roles that “each failed to perform at an adequate level.” The trio’s poor performance culminated in their demotion, the lawsuit said.
‘Serious Miscalculations’
Commenting on the legal steps that the company has taken to recover lost funds, Okhandiar, who goes by the name Charlotte Fang on X (formerly Twitter), said Remilia has since “temporarily paused Bonkler’s daily mint.” The founder also explained how the trio orchestrated the conspiracy and why this ultimately failed.
“The developer also seized codebases and coordinated with two others on the team in an attempt to seize control of our social media, followed by demands for a significant portion of our treasury, including the NFT reserves. However, some serious miscalculations were made—we easily identified the individuals involved and will pursue them to the fullest extent of the law. We expect all our property to be returned,” Charlotte Fang wrote on X.
The founder added that Remilia’s reserves were not affected and that users’ assets remain secure. Okhandiar, however, acknowledged that Remilia has lost control of three social media accounts and said users should now avoid using these.
Meanwhile, in the lawsuit filed on Sept. 11, Remilia and Okhandiar said they are seeking the court’s favorable judgment on 11 charges being leveled against Duff, Smith, and Roux.
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India’s National Payment Corporation Unveils Blockchain Platform Vajra
The post India’s National Payment Corporation Unveils Blockchain Platform Vajra appeared first on DCEBrief.
OKEx Joins Kakao Corporation Backed Klaytn Blockchain Project as Ecosystem Partner
One of the leading digital asset exchanges in the world, OKEx has joined forces with Klaytn – a global public blockchain project as an Ecosystem Partner. As a part of the partnership, OKEx will be working closely with other partners in the Kakao Corporation backed blockchain project.
The Klaytn blockchain platform is an enterprise-grade, service-centric blockchain platform offering the best of both public and private chains through an efficient hybrid structure.
With a strong foothold in the cryptocurrency industry, OKEx is a logical choice for partnership in order to promote mass adoption of the Klaytn blockchain environment, as the platform currently has a userbase consisting of millions of users spread across more than 100 countries across the world. Meanwhile, Kakao Corporation is one of the major South Korean internet companies known for KakaoTalk mobile instant messaging application which is estimated to have over 220 million registered users.
The Klaytn blockchain project has a strong network of partners in the form of a Governance Council, Ecosystem Partners, Initial Service Partners, KLAY BApp (Blockchain Application) Partners and Investors. In addition to OKEx, other Ecosystem Partners at Klaytn include Samsung Blockchain, IDG Capital, Shinhan Bank and others, states the company’s recent news release.
Regarding the partnership with OKEx, the Head of Business at Ground X Chase Choi said, “We are delighted to welcome the global top exchange OKEx to join Klaytn… As Asia’s no.1 blockchain platform, we will further solidify and expand our ecosystem together with OKEx.”
According to OKEx, as an Ecosystem Partner, the company will be contributing towards the development of a stable blockchain ecosystem and connect to different networks and portfolios in the blockchain space. Excited to be part of the new initiative, the OKEx team is looking forward to extending its support to probe the blockchain adoption around the globe. In the words of Andy Cheung, Head of Operations at OKEx,
“We are excited to participate in this new initiative by Klaytn. We have strong faith to the team and the blockchain technology developed upon solid reliability and significant stability… Exchanges and projects itself should work together to define and adopt standards that will promote digital asset adoption globally. At OKEx, we are always keen to work with market players in expanding the market and bring in quality projects in accordance with market needs, and I believe this indicates a good start.”
As Klaytn works on creating a reliable blockchain-based business platform for enterprise customers, OKEx is currently in the process of bringing together forces in the cryptocurrency industry to create a global self-regulatory organization (SRO) which will help create universal operational standards for exchanges and trading platforms dealing with digital assets. It is to be seen how these new developments will affect the adoption of cryptocurrency and blockchain applications among the masses.
Image by Pete Linforth from Pixabay
The post OKEx Joins Kakao Corporation Backed Klaytn Blockchain Project as Ecosystem Partner appeared first on NewsBTC.
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Mitsubishi Corporation and Partners Will Move Real Funds Over RippleNet
Major corporations around the world are paying close attention to blockchain technology. Especially Ripple’s network is of great interest among Asian firms. Mitsubishi Corporation, together with a few partners, are planning to move real funds over RippleNet. This is another validation of Ripple’s existing technology, which is being trialed by various payment service providers.
Mitsubishi Eyes the Blockchain
Most people are familiar with the Mitsubishi name as a car manufacturer. The parent corporation, however, as bigger plans for the future. Together with MUFG Bank, Bank of Ayudhya, and Standard Chartered Bank, a blockchain trial has been planned. More specifically this venture focuses on RippleNet, the technology designed to facilitate cross-border payment flows.
The main purpose of this trial is to improve cash management. All parties involved deal with real-time and multi-currency payments on a daily basis. Even so, cross-border transactions remain slow, expensive, and subject to a fair amount of administration. With RippleNet, these payment flows can be improved upon significantly. Ripple officials comment on this trial by stating:
“The goal of the pilot is to demonstrate the commercial viability of delivering high-speed cross-border payments between independent banks. As global trade continues to increase, the problems associated with cross-border payments are being experienced by smaller businesses as well. These companies don’t have the treasury resources or experience in navigating the pitfalls of today’s payment rails.”
Another Big Test for RippleNet
It is not the first time Ripple’s technology is being put to the test. RippleNet is a growing venture which mainly collected support in the Asian region. Given this region’s position in the remittance world, it is normal new solutions need to be found to improve existing services. Additional tests on this scale will determine whether or not RippleNet is indeed a viable addition to the financial sector.
The trial in question will be carried out by Mitsubishi Corporation. Its subsidiaries’ accounts in Thailand and Singapore will see a real-world money transfer using RippleNet. It is also the first time a Japanese firm completes a cross-border payment transaction using Ripple’s technology. If successful, this test can set a big precedent for other domestic firms to explore.
Depending on how the pilot goes, the parties involved seek to commercialize this payment solution. Bringing RippleNet to the real world is an ongoing struggle, albeit things are proceeding as planned. With all of these firms showing a genuine interest in the project, Ripple has to deliver the goods. Having Mitsubishi Corporation, among others, on board at this stage certainly paints an interesting outlook.
Image from Shutterstock
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