Scalex—a pan-African, first-of-its-kind hybrid Peer-to-Peer (P2P) and Ramp platform, has closed an undisclosed SAFE investment with Cardano’s major investors EMURGO. Scalex disclosed this news during a conversation with TechCabal to announce its pre-seed raise series.
The Peer-to-Peer (P2P) and Ramp platform, Scalex, was founded by Nnaemeka Nwosu (CEO & Product Lead), James Ademuyiwa (Head of Blockchain), Ngati Jalani (Strategy Lead), Joel Ajide (CTO), and Adeniyi Adedamola (Lead Design) in February 2021 to tackle the notorious fraud-ridden P2P market in Africa.
Africans can access the Crypto and Web3 ecosystem through Scalex’s automated P2P and Ramp platform, ensuring zero fraud.
After the CBN circular banning crypto banking in Nigeria followed by the consequent high influx of Nigerians into the space, Peer-to-Peer platforms became the go-to infrastructure for many upon which Scalex emerged to create solutions to enhance seamless, fraudless, and hassle-free peer-to-peer (P2P) cryptocurrency transactions.
Speaking with Joel Ajide, Scalex CTO, he mentioned that “like every other development, bad players were not slack in riding on the ignorance of newbies and those migrating from centralised platforms to the P2P market to satisfy their crypto trade needs.”
“Even two-thirds of Scalex founders,” he continued, “had been victims of fraudulent P2P platforms; therefore, this led to the proprietary technology powering Scalex and its solutions. The solution Scalex provides as an automated P2P, and ramp platform answers the questions that my other teammates and I have about the possibility of eliminating bad players.”
“We didn’t just step out to build a solution to our sad individual experiences; we also, along the way, found out that we were building layer 0 of the crypto economy in Africa. Scalex’s Head of Blockchain, James, said in a statement. “We figured we have been saddled with the responsibilities of eliminating the fraud-plaited barrier positioned to gatekeep the crypto-economy by Africans,”
Emurgo’s investment in Scalex was necessitated by the alignment of Scalex’s mission with Cardano’s lead investor’s visionary plans for the African continent. “EMURGO Africa is excited to support Scalex’s vision to provide more secure and seamless next-generation financial access across Africa, which aligns with our goal to build socially impactful solutions in Africa.” Shogo Ishida, co-CEO for the Middle East & Africa at EMURGO.
“Scalex is exerting its efforts to empower and provide more inclusive opportunities for everyone. EMURGO Africa is very excited to work with Scalex to tackle regional challenges and leverage scalable, sustainable, and interoperable solutions in Africa,” Shogo added.
Speaking on the arrays of solutions offered by Scalex, “we have a bucket of solutions aimed at facilitating the seamless integration of users into the crypto ecosystem to promote financial inclusion and Web3 adoption in the continent. Scalex P2P, our primary feature, is a hybrid automated peer-to-peer platform enabling users to easily buy and sell cryptocurrencies, eliminating the scam barricade popular in the industry,” James added.
Scalex’s most-sort-after solution is the “Bridge,” an On/Off Ramp infrastructure that enables users to get fiat to crypto; and crypto back to fiat from any crypto platform globally. Scalex is also working on expanding this Ramp to Web3, as the “W3Ramp” enables users to bridge from fiat into DeFi/Web3 protocols on Polygon, Solana, Ethereum, and recently, Cardano, owing to the recent investment by Emurgo.
Scalex has also catered for developers, having built an array of Tools, API, and SDK solutions that enable exchanges, merchants, and crypto platforms to easily process On/Off Ramp transactions across Africa.
“At Scalex, we are furthering the narrative, redefining how Africans journey through the crypto space. From designs that simplify the prevalent complexities in the space to an infrastructure built on the foundation of security and data protection, we have ensured new users have the best, guarded experience. These factors, combined with the most affordable fees, have contributed to our consistent month-on-month growth since going public in October 2021 with just over 500 users to well over 10k users and growing all the while being bootstrapped,” said Emeka Nwosu, CEO and Product Lead.
“The focus is way beyond the retail scope. By building upon our robust tech stack, we intend to open up the continent to more global crypto platforms and chains through various integrations and APIs while keeping an eye on possible NFT launchpads and untapped DeFi spaces,” Emeka added.
James told TechCabal that users should expect the release of the Scalex’s Mobile App in a few months. Scalex started in Nigeria with a Web App accessible at www.scalex.africa, with Africa-wide expansion in view.
PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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