Iceland’s Prime Minister Katrín Jakobsdóttir has vowed to focus more power on producing food internally while reducing the energy expenditure in data centers and bitcoin mining. Jakobsdóttir stated that while the country was working to achieve carbon neutrality, bitcoin and cryptocurrencies were “not part of that mission.” Iceland’s Prime Minister to Shift Power Away From […]
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Nigeria Declares Food Emergency After Sixth Consecutive Increase in Inflation Rate
The Nigerian government declared a food price emergency after the latest data from the National Bureau of Statistics (NBS) showed that the country’s inflation rate had gone up by 0.38% to 22.79%. The NBS said the June inflation figure does not “fully capture the impact of the fuel subsidy removal and the unification of the exchange rate.”
Naira Depreciation
According to data from the Nigerian National Bureau of Statistics, the country’s June inflation rate rose to 22.79%. The nearly 0.4% increase from the May figure of 22.41% is the sixth consecutive time the rate has gone up prompting the Nigerian government to declare a food price emergency.
In its latest report, the NBS also said the West African nation’s “headline inflation rate was 4.19% points higher compared to the rate recorded in June 2022, which was 18.60%.” The data from NBS also showed that in the past twelve months, Dec. 2022 is the only month when the inflation rate dropped.
The June Consumer Price Index (CPI) numbers may not fully capture the impact of the fuel subsidy removal and the unification of the exchange rate.
— NBS Nigeria (@NBS_Nigeria) July 17, 2023
In the past, Nigerian authorities have attributed the surge in the inflation rate to the depreciation of the naira. However, after Bola Ahmed Tinubu was inaugurated as Nigeria’s president in late May, his government honored its pledge to remove the decades-old subsidy on fuel. Removal of the subsidy saw the price of petrol reportedly rise by more than 100%.
Impact of Subsidy Removal
Commenting on the likely impact of the subsidy removal, the NBS suggested in a tweet that the data captured does not fully account for what has happened since the price of petrol went up. The statistical body added:
This is because the data collection for computing the rate for the reference month typically stops around the middle of the month, meaning that the June numbers only reflect approximately two weeks of the policy impact on consumer prices.
According to NBS, the full effect of the policy change will only be seen “in subsequent months.”
In addition to the subsidy removal, the devaluation of the naira in early June from just under NGN470 per dollar to more than NGN700 per dollar is also believed to have contributed to the marginal increase in the inflation rate.
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Grubhub Announces Free Bitcoin Rewards On Food Deliveries
Grubhub, an American online food delivery platform, has come up with an exciting new way to engage its users. The company has partnered with Bitcoin rewards company Lolli to allow its users to earn Bitcoin (BTC) on every order.
Integrating crypto into a simple routine activity – like ordering food online, is yet another effort at driving crypto adoption.
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Lolli has partnered with many companies in various sectors to offer customers BTC rewards.
Serving Bitcoin With Food
In a Wednesday announcement, Lolli said that Grubhub customers will earn in BTC on their first order. Subsequently, they would get in BTC on other food orders using the platform’s extension. Before users can enjoy this benefit, they must activate Lolli on web or mobile before placing an order at Grubhub. And after a user earns up to , or roughly 0.00026 BTC at the current price of ,902, they would be able to transfer it to their own virtual wallet.
BTC trading at .9K | Source: BTCUSD on TradingView.com
CEO and Co-founder of Lolli Alex Adelman explained that Lolli’s mission is to integrate bitcoin into aspects of everyday life.
“Food delivery is a ritual for many and bitcoin rewards make bitcoin a part of that ritual. Giving users bitcoin rewards on every Grubhub order is an incredible milestone for bitcoin adoption, making earning BTC easier and more accessible than ever,” he said.
Grubhub’s Director of Growth Marketing, Bridget Scanlan, also expressed her pleasure with the partnership. For Grubhub, it is yet another way to reward its diners.
Last month, the company announced a new innovative food-delivery method to its University of Arizona customers. It now uses delivery robots known as rovers to deliver all orders from on-campus dining locations.
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Lolli is, however, not the first – nor will it be the last – company in the food industry to integrate crypto into its products. Just last month, fast-food chain Burger King, in partnership with Robinhood, gave its customers crypto prizes. Members of its Royal Perks loyalty program got to earn BTC, Ethereum (ETH), and Dogecoin (DOGE) after spending or more at the fast-food chain.
Lolli Steadily Pushing Crypto Adoption
According to Lolli, it is the first bitcoin rewards application that allows people to shop online and earn BTC. The company has teamed up with over 1000 top brands and merchants, including Microsoft, Kroger, Sephora, and Macy’s, to offer customers BTC rewards.
Lolli believes that bitcoin is a “global alternative currency and universal store of value and wants to share it with the world.”
Featured image by Panbeta, Chart from TradingView.com
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Blockchain-Powered Food Marketplace, Bistroo, Adds More Crypto Payment Options
Bistroo, a blockchain-powered takeaway startup, has announced the addition of more crypto payment options, according to a press release on October 28th. This peer-to-peer food ecosystem will now allow merchants to accept payments in Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Litecoin (LTC) and Bitcoin Cash (BCH).
The additional payment options extend Bistroo’s footprint in the crypto ecosystem, given that the platform was already supporting payments through its native token BIST and fiat currencies. Bistroo is also the pioneer P2P food takeaway platform to embrace crypto payment options and blockchain infrastructure.
The project raised million back in May 2021 and has been working on expanding its crypto payment options. As such, Bistroo is currently collaborating with crypto payments service provider Coinpayments, which allows customers globally to pay over 100,000 merchants through the BIST token.
With other major cryptocurrencies joining the list, Bistroo is optimistic about cementing crypto adoption in the food takeaway business. This decentralized platform only acts as a facilitator by creating an ecosystem where restaurants and customers can interact directly instead of going through an intermediary.
The firm’s Co-Founder and CEO Bas Roos commented on the latest milestone, with an emphasis on the paradigm shift from centralized marketplaces into protocol economies,
“Bistroo is on a mission to set ourselves up on the global stage with our unique business model. The future is moving towards a protocol economy where parties can directly interact with each other, and Bistroo is taking the first steps in that direction, offering a better value proposition for the food ordering platform market.
“Enabling our users to transact in crypto is an integral part of that journey,” added Roos.
The announcement also notes that Bistroo will give merchants and customers who use crypto payments a grace period on commission fees. In doing so, Bistroo hopes to incentivize more adoption by restaurants and customers looking to shop or get reviews from food takeaway platforms.
Notably, Bistroo charges a significantly lower commission fee than its traditional competitors; while the former charges 5%, fees on third-party food ecosystems can go as high as 15%. Even better, Bistroo gives autonomy back to restaurant owners, enabling them to customize their menus, access liquidity and offer customer incentives through the BIST token.
So far, the platform has assisted restaurants in extending their services to about 25,000 customers while processing over .3 million in transactions, according to the live tracker on its website. Going into the future, Bistroo’s goal is to become the leading PaaS e-commerce technology, supporting food shops
Crypto Eats – Is There a New Food App to Be Released in UK?
Rumors are always what keeps the FinTech industry going and competitive. Amongst so many rumors, one is of a new food delivery app in development.
Crypto Eats, maybe soon be proud to announce its arrival sooner rather than later, as it aims to be launched in early 2022 or before the end of Q4 2021. The said decentralized food delivery app has been in the developing process since the last year, in order to bridge a food delivery payment system, which can bring in the use of the Cryptocurrencies, as well as the Credit card for the payments. Info from the sources is that the new food delivery app is being released in the UK, with all eyes on the reclusive blockchain developer, Wade Philips.
About Wade Philips
Wade, who as people might be aware had a secured private series A funding of million in May 2020 for such a project after stating that he didn’t join the Solana Developer’s team for personal reasons only a month before in April 2020, which could be due to the unconfirmed reports that he did not intend for it to be on the Solana network.
Reports of Wade Philips’ app in the development stage have been around for quite a while with a driver alleging to have been a part of the testing of the network last year.
The implications and timing of this launch can see high demand for downloads of the app from new customers using the Crypto Eats app as demand for apps and sites accepting cryptocurrencies start to increase with larger companies such as Paypal, AMC Theatres and Tesla already accepting bitcoin and other cryptocurrencies for payments. It won’t be long till UberEats may have to succumb to user demand.
Will a new startup be able to compete with the likes of Delivaroo and UberEats in the UK or will they have to also look at allowing Cryptocurrency payments on their app sooner rather than later? To keep up with the progress of new technology which allowed for companies like just eat to exist in the first place, only time will tell.
Research: Blockchain, IoT will Eliminate $31 Billion in Food Fraud by 2024
The post Research: Blockchain, IoT will Eliminate Billion in Food Fraud by 2024 appeared first on DCEBrief.
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