Africa’s cryptocurrency market is now the third fastest-growing in the world, Bitcoin Magazine reported Tuesday (Nov. 2).
Data from Chainalysis showed Africa received more than $105.6 billion from July 2020 to mid-2021, with the continent also leading in retail-sized bitcoin payments — the highest in the world with a transaction volume of 7%, leading the rest of the world’s 5.5%.
The report said Nigeria, South Africa and Kenya are all among the Top 20 Global Crypto Adoption Index from Chainalysis, as well, with Africa boasting some of the biggest grassroots crypto adoption in the world.
Nigeria is the largest market on the continent and has seen a trading volume in the first quarter of $99 million, while Kenya and Ghana are second and third, with $34.8 million and $27.4 million respectively.
In other news, Coinbase has said users can now borrow up to $1 million from the company and use bitcoin as collateral, Bitcoin.com reported.
The crypto exchange said borrowers will “pay just 8% APR with no credit check,” per the report.
Customers will be able to borrow as much as 40% of the value of the bitcoin in their account up to $1 million. The exchange said customers will only pay the interest, due and there won’t be prepayment or late fees, according to the report.
Meanwhile, Australia’s Commonwealth Bank (CBA) will offer its users direct access to buy, sell and hold bitcoin through its banking app in 2022, according to a Wednesday (Nov. 3) press release.
This makes CBA the first bank in the country to offer direct access to bitcoin, putting it among several other financial institutions around the world that are opening up to crypto; however, it’s unclear whether customers will be able to withdraw their bitcoin to an external wallet.
CBA also announced its partnerships with crypto exchange Gemini to facilitate trading, and blockchain analysis firm Chainalysis for compliance and intelligence services.
The bank’s users will be able to access up to 10 crypto assets, including bitcoin, ethereum and litecoin, with a pilot program rolling out in the coming weeks.
In other news, the U.S. Securities and Exchange Commission (SEC) has delayed deciding whether or not to approve Valkyrie’s bitcoin exchange traded fund (ETF), a report from Coindesk said Tuesday (Nov. 2).
The deadline will now be extended from its previous deadline of Dec. 8 to Jan. 7, 2022. The Commission’s reasoning included wanting a longer period to “consider the proposed rule change and the issues raised in the comment letters that have been submitted in connection therewith,” the notice said.
Bitcoin ETFs have been hotly anticipated for some time now, but none that give direct exposure to the underlying asset have been accepted.
Meanwhile, Coinbase Global is testing out a subscription service for customers to trade on the exchange without fees, Bloomberg reported.
Customers will still have to pay the spread fees for sales and purchases, but Coinbase said the new feature is a way to test the waters on how to better serve customers, according to the report. The news comes as companies that don’t charge fees, like Robinhood, gain more popularity.
Lastly, Siam Commercial Bank (SCB) has said its subsidiary Siam Commercial Securities Company is buying 51% of Bitkub, a local crypto exchange, Bitcoin.com reported.
With the new acquisition, SCB will be able to add more value in the long term as the financial world changes, according to the report. The sale went through for $536 million.