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Herculis Gold Coin (XAUH) enables investors to own Swiss LBMA gold starting at just 0.01 grams, removing the traditional barriers that have kept it out of reach for most buyers

Gold has served as a store of value for millennia. Yet for most of modern history, actually owning physical gold remained out of reach for the average man. High minimum purchase amounts, dealer premiums, storage costs, and security concerns created obstacles that favored institutional and high-net-worth buyers.

That calculus is changing. Herculis Gold Coin (XAUH) represents a new model where fractional gold ownership becomes as accessible as buying a cup of coffee. Each XAUH token represents one gram of Swiss LBMA 999.9 fine gold and can be divided into units as small as 0.01 grams. At current gold prices, that equates to an entry cost of roughly $1.35 to $1.40.

 

Traditional Gold Investment Barriers

Physical gold bars remain the biggest obstacle to entry. Standard LBMA 400-ounce bars, the benchmark for institutional trading, demand roughly $1.2 million in capital at current prices. Even smaller one-kilogram bars still cost $135,000–$140,000, making them impractical for ordinary investors. Retail buyers turn to one-ounce coins or small bars, but those come with heavy premiums—typically 3%–8% above spot price. A coin priced at $2,500 while gold trades at $2,350 means the buyer starts $150 in the red. These costs create high barriers that shut out smaller investors.

Beyond purchase price, storage and insurance costs steadily chip away at returns. Bank safety boxes range from $50 to $300 per year, while private vaults can cost several thousand depending on size and location. Insurance coverage typically adds 0.5%–1% of asset value annually, translating to $250–$500 per year for a $50,000 holding. Over a decade, these recurring charges can consume thousands of dollars, eroding the stability gold is meant to provide.

ETFs and futures offer exposure without physical delivery, but they bring their own complications. Gold ETFs charge custody fees of 0.2%–0.4% annually that compound over time, while futures contracts require deep market knowledge and significant collateral—each representing about $320,000 in notional value. For smaller investors, these combined costs, complexities, and minimums make traditional gold ownership or trading effectively off-limits, preserving gold as an asset class dominated by institutions and wealthy individuals.

The Fractional Ownership Solution

XAUH eliminates most traditional barriers through tokenization. The minimum investment is one XAUH token, representing one gram of Swiss LBMA 999.9 fine gold. At approximately $135 to $140 per gram based on gold spot prices, this already makes gold ownership more accessible than buying gold coins or bars.

But divisibility extends further. XAUH tokens can be split into increments as small as 0.01 grams. This granularity enables position sizing that matches any budget. An investor with $10 can buy approximately 0.07 grams of gold exposure. Someone with $100 can acquire roughly 0.73 grams. This flexibility lets users allocate precisely, no matter their account size.

No custody fees apply after the initial purchase. Traditional gold investors pay ongoing storage and insurance costs regardless of whether they trade. XAUH holders incur no recurring fees. The gold remains stored in Swiss vaults managed by Herculis House, BRINKS, and LOOMIS, fully insured and audited quarterly, at no additional cost to token holders.

Trading fees on centralized and decentralized exchanges vary based on each platform’s spread against the gold spot price. Transfer fees on the JAMTON protocol are just 0.02%. This compares favorably to dealer premiums on physical gold, which can consume 3% to 8% of purchase value, or management fees on gold ETFs that erode returns annually.

Redemption for physical gold requires a minimum of 500 XAUH tokens (500 grams). For investors wanting to take delivery, redemption fees are 1% for quantities of one kilogram or more, and 3% for the 500-gram minimum. Shipping costs are additional. Most XAUH holders will likely trade tokens rather than redeem for physical metal, similar to how most ETF shareholders never take delivery.

The cost structure favors buy-and-hold strategies. After the initial tokenization or purchase fee, holders pay nothing to maintain their position. Compare this to physical gold where storage and insurance create ongoing expenses, or ETFs where management fees accumulate year after year.

 

Target Demographics for Fractional Gold Ownership

Younger investors are a primary market for fractional gold products. Millennials and Gen Z often begin with limited capital but still want balanced, diversified portfolios. Traditional gold minimums excluded them entirely – a graduate with $1,000 couldn’t practically allocate the recommended 5–10% to gold when a single ounce cost more than $2,000. Fractional ownership through tokens like XAUH changes that equation, allowing precise allocations of $50 or $100 and enabling smaller investors to participate without the traditional entry barriers. It turns gold from an exclusive asset into something accessible to anyone with a smartphone and a modest budget.

The model mirrors fractional stock investing, where users can buy small portions of expensive shares – for example, $10 of a $500 stock. That same democratization now extends to gold, attracting a new generation that values flexibility and transparency. In emerging markets, where a one-kilogram bar can cost more than an annual income and local dealers charge premiums above 10%, digital gold tokens offer a practical alternative. These digital gold tokens, available through Telegram wallets or supported exchanges, bypass middlemen and offer fair pricing in regions long underserved by traditional finance.

Crypto investors form another key demographic. Many seek assets that combine blockchain convenience with the stability of real-world value. Gold-backed tokens like XAUH bridge that gap, merging digital portability with the timeless security of gold. And accessibility isn’t limited to crypto natives – anyone familiar with digital payments can buy or transfer gold-backed tokens easily, making ownership as simple as sending a message. This shift redefines how investors of all backgrounds can protect value and diversify wealth in the digital age.

 

Modern Portfolio Strategies and Micro-Investing

Portfolio theory traditionally recommends allocating between 5% and 10% of total assets to gold as a hedge against inflation and currency devaluation. For investors with $1,000 portfolios, that suggests $50 to $100 in gold exposure. Traditional minimums made this impractical. Buying a single gold coin for $2,500 would overweight a small portfolio massively. Fractional ownership makes precise allocation possible.

Fractional gold also makes dollar-cost averaging practical. An investor can commit to buying $25 of gold-backed tokens monthly regardless of price. Over time, this strategy averages out price volatility, buying more grams when prices fall and fewer when prices rise. With physical gold, the minimum purchase amount makes regular small buys impossible. Even quarterly purchases of one-ounce coins require $2,500 or more in available capital.

Rebalancing a portfolio means selling assets that have grown too large and buying those that have fallen below target levels. When gold appreciates significantly, rebalancing might suggest selling a small amount to restore target allocation. If gold rises from 5% to 8% of portfolio value, an investor with a $10,000 account needs to sell roughly $300 in gold. Fractional tokens enable precise adjustments. Physical gold’s indivisibility creates practical problems for small accounts where selling one coin might remove all gold exposure.

Integration with decentralized finance platforms expands the token’s utility beyond simple ownership. XAUH can serve as collateral for loans in DeFi protocols, allowing investors to access liquidity without selling their gold position. Holders can deposit tokens in liquidity pools and earn yield from trading fees. These applications turn gold into a productive asset rather than passive storage in a vault.

Risk management strategies become more sophisticated with fractional ownership. An investor might want 3% gold exposure as a hedge but can’t achieve this precisely when forced to buy full ounces or bars. A $5,000 account targeting 3% gold allocation requires exactly $150 in exposure. Fractional tokens enable this level of precision.

 

Educational Barriers and Solutions

Investing in gold has traditionally required understanding purity standards, refinery reputations, authentication methods, and storage security. These knowledge barriers discouraged many people who found the learning curve too steep. Questions about karats versus fineness, the difference between bullion and numismatic coins, and how to verify authenticity created friction.

LBMA standards simplify some complexity. LBMA certification guarantees 999.9 purity and adherence to responsible sourcing standards. XAUH‘s backing by Swiss LBMA gold eliminates concerns about metal quality. Investors no longer need to master purity standards or compare refineries.

PX Precinox SA refines the gold backing XAUH tokens. The country’s long-standing reputation for precision and reliability supports this supply chain. The “Swiss Made” designation carries weight that reduces due-diligence requirements for individual investors, who can rely on that established reputation rather than conduct independent verification.

Quarterly audits by Swiss firms verify gold reserves. Results are available through the Chainlink decentralized oracle network protocol. This transparency addresses the trust question that complicates gold ownership. Without audits, investors have to trust custodians – but regular verification and public reporting through blockchain oracles restore accountability.

Blockchain immutability provides additional assurance. Every XAUH token’s creation is recorded permanently on the blockchain. The total token supply can be compared against audited gold reserves. This transparency exceeds what traditional gold storage offers, where investors typically receive statements from custodians but can’t independently verify holdings.

 

Comparing Accessibility Models

Owning physical gold demands both significant capital and expertise. Buyers must evaluate products, identify reputable dealers, arrange secure storage, and manage insurance. The learning curve is steep and the ongoing management burden is substantial. For someone without existing precious metals knowledge, the barrier to entry can feel insurmountable.

Gold ETFs reduced these issues significantly. Investors can buy shares through standard brokerage accounts with the same ease as purchasing stocks. No storage or insurance concerns arise. However, annual custody fees erode returns over time. A 0.4% annual fee might seem small but compounds significantly over decades. ETF shares also aren’t redeemable for physical metal in most cases, meaning owners never have the option to take delivery.

Gold certificates represent another middle ground. Banks issue certificates representing gold ownership without physical delivery. Storage and insurance are handled by the bank. However, the gold typically isn’t allocated to specific customers. In bankruptcy scenarios, certificate holders might become unsecured creditors rather than having claim to specific metal.

Some dealers offer gold savings programs that let customers make small, regular purchases. Over time, these accumulate into enough for physical delivery once minimum thresholds are met. These programs charge premiums and storage fees, increasing total cost. They also lock investors into single dealers, limiting flexibility.

XAUH combines accessibility advantages of ETFs with redemption rights for physical metal. Unlike certificates, the backing gold is allocated and audited. Unlike savings programs, no premiums or ongoing storage fees apply. Unlike ETFs, holders can redeem tokens for Swiss LBMA gold bars starting at 500 grams. The model preserves optionality while eliminating most traditional costs and hindrances.

 

Market Implications of Democratized Access

When barriers fall, participation rises. Fractional stock ownership contributed to millions of new investors entering equity markets. Similar expansion seems likely for gold as tokenization reduces minimum capital requirements and eliminates ongoing custody fees.

The real shift is distributional. Historically, gold was held mainly by wealthy individuals, institutions, and central banks. Fractional ownership expands participation across income levels and regions. This democratization aligns with cryptocurrency’s original ethos of financial inclusion and removing intermediaries.

The technology already exists for digital gold accounts with low minimums. Established institutions have brand recognition and regulatory ties that new entrants often lack. Incumbent institutions have brand recognition and regulatory relationships that new entrants lack. However, their traditional overhead makes offering low-fee models difficult. Physical vault networks and established overhead create pressure to charge fees that token-based models avoid.

Conclusion

By tokenizing gold into fractional units, XAUH removes the barriers that long kept the asset exclusive to the wealthy. With minimums starting at just 0.01 grams, no custody fees, and 24/7 availability through platforms like Telegram, owning gold becomes attainable for anyone with a smartphone. This accessibility resonates across demographics – from young investors and emerging market savers seeking inflation protection to crypto users looking for a stable, asset-backed store of value. Many of these groups previously faced high costs, complexity, or logistical hurdles.

Fractional tokens modernize gold’s role in diversified portfolios by enabling precise allocations, regular micro-investments, and flexible rebalancing. As regulation catches up and more exchanges list gold-backed assets, adoption will accelerate. The tokenization model behind XAUH illustrates how blockchain can turn traditionally exclusive asset classes into open, inclusive investment opportunities – bringing the centuries-old appeal of gold into the digital era.

2026 OUTLOOK | Top 15 Web3 VCs in 2025 and How They’re Looking at 2026

 

 

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After a long phase of rapid expansion, the global stablecoin market has stopped growing and entered a consolidation phase.

Industry sources say this plateau (around ~310 billion) reflects higher compliance costs from tighter rules in the U.S and EU and the fact that U.S Treasury yields are more attractive than holding non-yielding stablecoins.

Key points

• Issuance slowing: Institutional stablecoin issuers now face tougher regulatory requirements like stricter reserve standards under the US GENIUS Act and the EU’s Markets in Crypto-Assets regime which has raised compliance costs and discouraged aggressive minting.

• Treasury yields matter: With real yields on U.S government debt trading higher, the opportunity cost of holding stablecoins that don’t pay direct interest has risen, reducing speculative demand.

STABLECOINS | Circulation of Stablecoins Doubled in the Past 18 Months, Says McKinsey

• Market size staying steady: Data show the total stablecoin supply has hovered around ~$310 billion since late 2025 after more than doubling during early 2024–2025.

MILESTONE | Stablecoins Cross $300 Billion in Market Cap for the First Time

• Macro stress and market behavior: The plateau comes after a sharp market sell-off in October 2025 that triggered widespread deleveraging, shrinking demand for on-chain liquidity.

MILESTONE | Crypto Markets Record the Largest Single-Day Liquidation Event in History

• Yield debate heats up: Banking groups are pushing to curb or ban yield-bearing stablecoins in upcoming U.S legislation (CLARITY Act), arguing they could compete with traditional deposits, a claim industry leaders like Circle’s CEO have strongly rejected.

CLARITY ACT | U.S Senate Banking Committee Unveils Draft Crypto Market Structure Bill With Proposed Amendments

Stablecoins may now be viewed less as high-growth instruments and more as foundational infrastructure for payments and settlement. The market’s next expansion phase could hinge on clearer regulations and products that offer yield without triggering regulatory pushback.

2025 RECAP | Stablecoins Surged by ~50% in 2025 – The Biggest Year on Record

 

 

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The Ethiopian government has officially announced it is looking for investment partners to help build and operate Bitcoin mining infrastructure, part of its broader economic and digital transformation strategy.

Speaking at the Finance Forward Ethiopia 2026 conference, Prime Minister Abiy Ahmed said state-owned Ethiopian Investment Holdings (EIH) is actively seeking experienced partners who can bring capital, mining technology and operational expertise to a national Bitcoin mining initiative. The aim is to generate direct revenue for the country from Bitcoin mining rather than relying solely on private operators.

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This move falls under the government’s ‘Digital Ethiopia 2030′ strategy, which focuses on strengthening the financial sector, boosting digital infrastructure and deepening technology adoption across the economy.

REPORT | The Digital Ethiopia 2030 Strategy Highlights Blockchain as Part of its Core Industry 5.0 Tools and Priorities

Ethiopia has quietly become one of Africa’s leading Bitcoin mining hubs, driven by its abundant renewable hydropower resources – including major projects such as the Grand Ethiopian Renaissance Dam – and historically low electricity costs. By mid-2025 there were about 23 licensed Bitcoin mining operations in the country, collectively consuming roughly 600 MW of power at rates near $0.032 per kilowatt-hour and accounting for ~2.5% of the global Bitcoin hash rate.

BITCOIN | A Look At Bitcoin Mining in Africa and How You Can Get Involved

State-owned utility Ethiopian Electric Power (EEP) has played a key role, partnering with foreign firms and selling electricity for mining operations. In 2024, EEP generated tens of millions of dollars in foreign revenue from power exports and Bitcoin mining agreements.

BITCOIN | Ethiopia Government Generates $55 Million from Bitcoin Mining Operations Over the Past 10 Months

Under the new initiative, the government hopes that public-private collaboration will unlock greater economic value from the mining sector, strengthen local technical skills, and more fully integrate Bitcoin mining into Ethiopia’s long-term development agenda.

LIST | A Look At 10 Key Milestones Behind Ethiopia’s Rise As a Bitcoin Mining Haven in 2024

In this article, we explore the key milestones that propelled #Ethiopia into the ranks of global Bitcoin mining powerhouseshttps://t.co/EtQcpEBTBr @KalKassa @qrb_labs @WestDataGroup pic.twitter.com/tCxj4Wye4f

— BitKE (@BitcoinKE) January 3, 2025

 

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The Office of the Data Protection Commissioner (ODPC) has officially confirmed that WorldCoin’s parent company, Tools for Humanity, has deleted all biometric data previously collected from Kenyan citizens.

The regulator said this followed a compliance audit to ensure the deletion aligned with the Data Protection Act, 2019, putting a spotlight on data privacy enforcement in Kenya.

WorldCoin’s biometric data collection in Kenya, where thousands of people had their iris and facial scans captured via ‘Orbs‘ in exchange for crypto rewards, quickly drew regulatory fire.

REGULATION | Kenya Data Protection Office Issues Notice as Locals Throng for WorldCoin Registration

Kenyan law views biometric information as sensitive personal data, and companies collecting such data must comply with the Data Protection Act, 2019.

REGULATION | WorldCoin CEO Grilled by Kenyan Parliament – Says Over 635,000 Kenyans Have Downloaded the App

In May 2025, Kenya’s High Court ruled that WorldCoin’s data gathering was unlawful, largely because it:

Didn’t conduct a mandatory Data Protection Impact Assessment (DPIA) before processing biometric data.

Failed to obtain valid, informed consent from participants, instead offering cryptocurrency as an inducement.

Operated without proper registration as a data controller or processor under Kenyan law.

REGULATION | Kenya High Court Declares WorldCoin Operations Illegal, Orders Deletion of Biometric Data

This ruling was part of a judicial review application brought by local rights groups, including Katiba Institute and others, underscoring serious privacy and regulatory gaps.

Following the court decision, the Kenyan government halted WorldCoin’s operations in August 2023 citing privacy and security concerns as thousands queued up especially at public registration points like KICC in Nairobi to get their eyes scanned.

REGULATION | The Kenya Ministry of Interior and National Administration Suspends WorldCoin Activities Pending Risk Assessment

Parliamentary committees and MPs also grilled authorities over the handling of the data and demanded transparency on deletion and verification long before the 2026 confirmation.

REGULATION | The Government Should Disable WorldCoin Virtual Platforms and Blacklist IP Addresses, Say Kenyan Lawmakers Report

In May 2025, the High Court didn’t just find Worldcoin’s activities unlawful, it ordered the permanent deletion of all biometric data collected from Kenyans. This meant WorldCoin had to remove iris and facial scan data from its systems under supervision of the Office of the Data Protection Commissioner (ODPC) within seven days.

 

This ruling prohibited WorldCoin from further processing or transferring biometric data unless it fully complied with legal requirements.

Regulators also noted that if WorldCoin wants to restart operations in Kenya, it must meet stringent local legal requirements including valid consent frameworks, DPIAs, proper registration, and compliance with cross-border data handling rules.

These developments matter because they reflect how Kenyan authorities are interpreting digital identity projects and crypto-linked data collection practices. WorldCoin’s case sets a precedent and becomes a test of Kenya’s data protection regime in balancing innovation with privacy rights and legal safeguards.

REGULATION | Kenyan Security Minister ‘Reluctant to Allow Cryptocurrencies’ Following WorldCoin Debacle

 

 

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Crypto payments in Kenya are quietly crossing a major threshold. What was once an underground peer-to-peer workaround is now surfacing as a functional, mainstream payment flow linking Binance, M-PESA TILLs and PAYBILLs, and direct settlement into Kenyan bank accounts, including KCB.

The shift was highlighted by Nick Mwendwa, CEO of Riverbank Solutions, who confirmed that users can now move value from crypto holdings such as USDT, USDC and Bitcoin into everyday merchant payments that ultimately settle into bank accounts and mobile wallets.

The feature was first noticed in 2025 by a crypto trader online who shared the experience at the time.

Binance now allowing the selling and buying of crypto through mobile money in Kenya.

•Minimum deposits set at 1,200 •USDT/KES at around 134.20 for buying pic.twitter.com/jeopGtv6qN

— Theo (@Theo_mwangi) September 29, 2025

For years, Binance P2P has been the de facto on-ramp and off-ramp for Kenyan crypto users. The system operated at scale but largely out of public view, sustained by informal trust networks and quiet execution.

 

That era, industry insiders say, is ending.

“What we used to do quietly in P2P has gone mainstream,” Mwendwa said, noting that crypto can now be used to pay merchants through standard M-PESA channels without the need for opaque workarounds.

P2P | Binance P2P to Shut Down the Cash Zone Option from April 2025

From Workarounds to Infrastructure

The ability to pay via TILL and PAYBILL numbers, rails already embedded across Kenyan commerce, marks a structural shift. Crypto is no longer just an asset class or trading instrument; it is increasingly functioning as a settlement layer that plugs into the country’s dominant payments infrastructure.

This evolution has important implications for builders and fintech firms. Many payment providers have long had crypto-adjacent capabilities but avoided public promotion due to regulatory uncertainty. With these flows now visible and functional, companies can begin to design products more openly around crypto-to-fiat settlement, according to Nick.

Regulation Is Catching Up

The development comes as Kenya moves closer to formal virtual asset regulation, following proposals by the Capital Markets Authority and broader policy discussions around licensing, custody, and consumer protection.

What this moment reveals, however, is that usage has consistently preceded regulation. Crypto payments have already embedded themselves into everyday financial behaviour. Regulation is now arriving to organise, supervise and legitimise an ecosystem that is already operating at scale.

Industry observers note that this mirrors earlier phases of Kenya’s fintech growth, where innovation often ran ahead of formal rule-making.

EDITORIAL | Kenya Passes Landmark Crypto Law – Binance and Coinbase Expected to Lead Licensed Entrants

Why Banks Have a Strategic Edge

The quiet emergence of bank-settled crypto payments also highlights why Kenyan banks may be better positioned than expected in the next phase of digital assets.

Banks already control:

Settlement accounts

Compliance and KYC infrastructure

Liquidity management

Trusted links to mobile money systems like M-PESA

As crypto transactions increasingly terminate in bank accounts, traditional lenders are becoming critical endpoints, not bystanders. Rather than being disrupted, banks can embed crypto flows into existing products – treasury services, merchant acquiring, cross-border payments and settlement.

EXPERT OPINION | The Stablecoin Opportunity Banks Are Missing

This creates a significant advantage over standalone crypto firms that still need access to banking rails to complete transactions.

The integration of Binance, M-PESA and bank settlement signals a broader transition: crypto in Kenya is moving from informal utility to recognised financial infrastructure.

As regulation takes shape, the market is likely to see clearer roles emerge with banks, payment processors and crypto platforms converging rather than competing outright.

What was once whispered about in P2P circles is now happening in plain sight. And in Kenya’s fast-moving financial landscape, that visibility may be the clearest sign yet that crypto payments are here to stay.

How USDT Donations Via the Binance P2P Platform Supported the June 2025 Kenya Gen Z Protests

 

 

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Strategy (formerly MicroStrategy), the bitcoin treasury company led by Michael Saylor, pushed its corporate Bitcoin holdings past 709,000 BTC with a massive $2.13 billion acquisition of 22,305 BTC, according to a U.S. Securities and Exchange Commission filing. This latest buy, funded through share and preferred stock offerings, represents the company’s largest purchase in over a year and underscores its core mission: accumulate Bitcoin relentlessly and hold it as a strategic treasury asset.

As of the January 2026 disclosure, Strategy owns 709,715 BTC, representing roughly 3.37 % of the total 21 million bitcoin supply. The company has spent about $53.9 billion acquiring these coins at an average cost of ~$75,979 per BTC. Despite short-term unrealized losses reflected in its Q4 financials, a point of scrutiny among analysts, Strategy’s leadership has doubled down on the narrative that long-term growth in bitcoin-per-share is the company’s most vital benchmark.

Michael Saylor’s strategy is unapologetically simple but bold:

Raise capital via equity and preferred stock offerings (ATMs) and channel that capital directly into Bitcoin.

 

This model bypasses traditional operational revenue, instead using capital markets as the fuel for BTC accumulation. While critics call this approach risky leverage, supporters view it as disciplined capital allocation into a deflationary asset class.

CASE STUDY | Strategy Inc. – A Corporate Playbook for Bitcoin Adoption in Africa

Who Are the Biggest Public Corporate Bitcoin Holders?

According to data from BitcoinTreasuries.net and other trackers, here’s how the top public companies stack up by BTC holdings:

Strategy Inc. (MSTR) — ~709,715 BTC — by far the largest public corporate holder.

MARA Holdings, Inc. (MARA) — ~53,250 BTC — major mining and holding company.

Twenty One Capital (XXI) — ~43,514 BTC — diversified digital asset treasury.

Metaplanet Inc. (MTPLF) — ~35,102 BTC.

Bitcoin Standard Treasury Company (CEPO) — ~30,021 BTC.

Bullish (BLSH) — ~24,300 BTC.

Riot Platforms, Inc. (RIOT) — ~18,005 BTC.

 

These figures represent publicly traded companies that hold Bitcoin as a treasury asset, and while many others hold BTC in smaller amounts, Strategy’s holdings dwarf the next largest public holders by more than an order of magnitude.

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The Rise of Bitcoin Treasury Companies

Michael Saylor and Strategy essentially invented the modern corporate Bitcoin treasury playbook. In 2020, when MicroStrategy first started converting cash reserves into BTC, few corporate treasuries considered holding digital assets. That move was widely covered as a bold shift in corporate finance and it quickly became a playbook imitators would follow.

That playbook is straightforward:

Raise capital through equity and preferred stock sales.

Acquire Bitcoin in large blocks using proceeds.

Hold indefinitely with minimal selling, treating Bitcoin as a strategic reserve rather than a trading asset.

Today, hundreds of companies, both public and private, have adopted some variation of this model, holding Bitcoin on their balance sheets as a hedge against inflation, diversification from cash and bonds, and a long-term growth asset.

By late 2025, more than 180 companies had reported Bitcoin holdings, spanning diverse sectors beyond tech and mining.

BITCOIN | Altvest, Africa’s First Publicly-Listed Firm to Add Bitcoin to Treasury Reserve, Rebrands to ‘Africa Bitcoin Corporation’

Challenges Facing Treasury Companies

Despite the explosive growth of Bitcoin treasury companies, the model has faced increasing scrutiny and criticism.

 

Market Volatility & Valuation Risk – Bitcoin’s price swings can create large unrealized losses on balance sheets. Strategy itself reported notable unrealized losses in late 2025, impacting investor sentiment and stock price performance even after large BTC purchases.

Premium vs. Fundamentals – Some critics argue that companies like Strategy earn valuation premiums that aren’t justified by underlying fundamentals essentially selling a stock that holds an asset without additional revenue diversification. This dynamic has led to debates on fair value and sustainability of the treasury model.

Credit Risk & Regulatory Scrutiny – Analysts warn that heavy corporate Bitcoin holdings can heighten credit risk, particularly for firms using debt instruments to finance buys. Additionally, regulatory uncertainty, especially in areas like tax treatment, accounting standards, and custody practices, remains a key operational headwind.

Market Sentiment & Price Pressure – Some Bitcoin treasury companies trade at significant discounts to their net asset value (NAV), which can weaken the perceived strength of the strategy and reduce capital-raising effectiveness.

Governance and Transparency – Because on-chain reserves aren’t always publicly verifiable, especially for companies that don’t disclose wallet addresses, investors often rely on SEC filings rather than real-time proof-of-reserves. This creates transparency debates within the treasury company world.

PRESS RELEASE | The First Bitcoin Treasury Company Receives a B- Rating from a Major Credit Rating Agency

The corporate Bitcoin treasury movement catalysed by Saylor’s Strategy has had real ripple effects:

Smaller public companies and even non-crypto firms have announced Bitcoin holdings to attract investors and diversify their balance sheets.

Traditional institutional investors increasingly consider Bitcoin exposures via treasury companies or proxy stocks.

Debates in media and analytical reports now center on strategic treasury policies, risk management, and the long-term role of digital assets in corporate finance.

EXPERT OPINION | Bitcoin, Digital Asset Treasuries and the Road to 2026: Director of Institutional at Gemini on Where Crypto Is Headed

 

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At the World Economic Forum in Davos, the Nairobi International Financial Centre Authority (NIFC) made a strong case for Nairobi as Africa’s premier destination for finance, innovation, and regulated digital assets – signaling a strategic push that could transform Kenya’s crypto ecosystem.

NIFC’s CEO, Daniel Mainda, told global investors that Nairobi has shifted from “momentum to architecture,” focusing on regulatory clarity, strong institutions, and real economic outcomes rather than provisional experiments. The engagement in Davos showcased plans to support blockchain infrastructure and scalable digital platforms.

 

“Kenya has made a deliberate shift from momentum to architecture. Through the Nairobi International Financial Centre, we are building markets – not experiments – anchored in regulatory clarity, strong institutions, and real economic outcomes.

Nairobi is positioning itself as Africa’s trusted platform for capital, innovation, and regulated digital assets, offering active facilitation, sandbox support, and targeted incentives for regional headquarters, holding companies, venture capital and private equity funds, and high-growth startups.

We will compete on regulatory quality, not regulatory arbitrage – and we are open for serious business.”

REGULATION | Kenya’s Crypto Regulatory Capture is Actually Regional – Here’s Why It Matters for East Africa

Crypto Regulation: From Law to Market

A key pillar of Kenya’s strategy is the country’s new legal framework for virtual assets, which has begun to take shape:

In October 2025, Kenya’s Parliament passed the Virtual Asset Service Providers (VASP) Act, formalizing rules for crypto and digital asset firms and providing legal recognition for virtual assets.

Under the Act, the Central Bank of Kenya (CBK) and the Capital Markets Authority (CMA) are designated to license and supervise digital-asset activities, from exchanges and wallets to trading services.

Detailed operational regulations – the rules that explain exactly how licensing and compliance will work in practice — are now being developed by the National Treasury, CBK, and CMA to activate the licensing regime.

REGULATION | ‘We Have Not Licensed Any VASPs Under the [VASP] Act to Operate In or From Kenya,’ Says Central Bank and Capital Markets Regulator

Once implemented, this regulatory structure will give digital-asset businesses confidence that compliance, investor protection, and risk-management standards are in place, addressing concerns that have previously slowed institutional and retail participation in the Kenyan market.

REGULATION | The Kenya Crypto Regulation is Unique and We’ll See It Adopted Across East Africa, Says Yellow Card Senior Legal Counsel

A Competitive Advantage for Finance and Crypto

NIFC’s message in Davos, that Nairobi is open for serious business, was backed by commitments from global players like ChainBLX SPC and SCC Fund SP to establish operations in Kenya with NIFC support.

For the crypto sector specifically, the regulatory momentum positions Kenya to attract exchanges, fintechs, and digital platforms seeking a clear, regulated base for African expansion. Industry observers expect that once formal licensing begins, global players will be more willing to enter the Kenyan market, much like in other jurisdictions where legal certainty opened the door for licensed operations.

EDITORIAL | Kenya Passes Landmark Crypto Law – Binance and Coinbase Expected to Lead Licensed Entrants

For the Kenyan crypto community and the broader Web3 ecosystem, the NIFC’s positioning and the completion of crypto regulations represent a critical turning point:

Clarity and oversight from CBK and CMA could reduce risks such as fraud and unregulated activity.

A regulated environment helps legitimate exchanges and service providers establish operations locally, potentially boosting job creation and innovation.

With clear rules, Kenya can better compete with South Africa and other African markets advancing crypto frameworks.

2025 RECAP | South Africa Had Approved 300 Crypto Firms Out of 512 Applications as of December 2025

As NIFC continues to roll out incentives for regional headquarters, venture capital, and financial services firms, the combination of regulatory progress and strategic positioning could make Kenya a magnet for digital-asset investment – turning Nairobi into one of Africa’s next big crypto hubs.

REGULATION | Bank of Uganda Governor Lists 6 Foundational Pillars for Crypto Regulation in the Country

 

 

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As PayStack marks its 10th anniversary, the company isn’t just celebrating a decade of powering payments across Africa, it’s staking a bold claim in the future of digital money.

PayStack operates in key African markets, handling growth that has accelerated since its acquisition by global payments leader Stripe in 2020. That partnership has helped scale PayStack’s payment volume more than twelvefold and now ties the business into some of the most exciting innovations shaping global finance.

[WATCH] Nigerian Payment Startup, PayStack, Gets Acquired by Online Payment Firm, Stripe, for Over $200 Million

The Stack Group and a Stablecoin Vision

To reflect broader ambitions, PayStack announced the creation of The Stack Group (TSG), a new parent company that will house payments, banking, consumer finance, and a new tech arm called TSG Labs.

PRESS RELEASE | Stripe-Owned Nigerian Fintech, PayStack, Launches Holding Company, The Stack Group, as it Celebrates 10-Year Anniversary

This arm is explicitly charged with pushing into emerging technologies, including stablecoins and other blockchain-linked financial infrastructure.

Crucially, PayStack says it is finalizing a stablecoin license in a key market, indicating its intent to build or issue digital cash that can move at internet speed and with lower friction than traditional money.

Stablecoins, digital assets pegged to stable assets like the U.S. dollar, are rapidly becoming core rails for fast, low-cost global payments.

Yellow Card, Flutterwave, Onafriq: Why Africa’s Fintech Sector is Turning to Stablecoins

Stripe itself has been one of the biggest builders in this space:

Stripe and crypto partner, Paradigm, developed Tempo, a new blockchain optimized for stablecoin payments, remittances, and micropayments at high speed.

INTRODUCING | Global Fintech Giant, Stripe, Launches Tempo, a Payments-Focussed Blockchain for Stablecoins

Stripe’s acquisition of stablecoin platform, Bridge, has enabled it to launch Open Issuance, letting businesses create and manage their own stablecoins.

MILESTONE | Stripe Makes Headlines with $1.1 Billion Acquisition of Bridge, the Largest Deal in Crypto History

Major fintechs like Klarna have already launched USD-pegged stablecoins on Stripe’s blockchain infrastructure, with broader adoption expected in 2026.

Introducing KlarnaUSD, our first @Stablecoin.

We’re the first bank to launch on @tempo, the payments blockchain by @stripe and @paradigm.

With stablecoin transactions already at $27T a year, we’re bringing faster, cheaper cross-border payments to our 114M customers.

Crypto is…

— Klarna (@Klarna) November 25, 2025

Through its new group structure and ambitions to secure stablecoin licensing, PayStack is positioning itself to ride this wave of digital money innovation – potentially offering merchants and customers in Africa access to programmable, blockchain-enabled money that moves as fast as the internet.

A Second Decade, Redefined

What began as a mission to simplify online payments in Africa is now expanding toward end-to-end money movement solutions that tap into cutting-edge global payment technologies.

With Stripe’s deepening investment in stablecoins and blockchain infrastructure, PayStack’s next decade could see it become a bridge between traditional African finance and the emerging world of digital dollars.

STABLECOINS | Leading African Fintech, NALA, Partners with Noah to Launch a Stablecoin Settlement Network on Regulated Rails

 

 

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A post by Senator Ihenyen, Lead Partner at Infusion Lawyers and currently serves as the Executive Chair of the Steering Committee, Virtual Asset Service Providers Association (VASPA).

 

As the initial dust settles on the Securities and Exchange Commission (SEC) Nigeria’s Circular No. 26-1 – which outlines new minimum capital requirements for capital market operators (CMOs) – a troubling picture is beginning to take shape.

With virtual asset service providers (VASPs) now classified as CMOs, a comparison with global digital asset regulatory regimes shows that Nigeria’s new ₦2 billion (about $1.4 million) minimum capital requirement for Digital Asset Exchanges (DAXs) is not just steep, it ranks among the most restrictive globally. This raises concerns that the policy may end up constraining the very local capacity and resilience the government should be encouraging in order to keep Nigeria competitive in this fast-evolving sector.

REGULATION | SEC Nigeria Raises Minimum Capital Requirements, Sets Higher Bar for Crypto, Fintech, and Capital Market Operators

The Great Disconnect: Nigeria vs. the World

When viewed alongside established global hubs, Nigeria’s “capital muscle” strategy begins to look less like a safety buffer and more like a formidable barrier to entry.

Jurisdiction Licensing Category Minimum Capital Requirement (Approx. USD) European Union (MiCA 2026) Crypto-Asset Service Provider (CASP) $54,000–$163,000 (€50k–€150k) Hong Kong (SFC) Virtual Asset Trading Platform (VATP) $640,000 (HKD 5M paid-up) Mauritius / El Salvador VASP / DASP Varies (highly competitive / low) South Africa FSCA No specific minimum (based on financial soundness and liquidity) Nigeria (SEC 2026) Digital Asset Exchange (DAX) $1,400,000 (₦2 billion)

Under the European Union’s landmark Markets in Crypto-Assets (MiCA) framework, a company can obtain a license to operate across 27 countries for a fraction of what it costs to launch in Nigeria alone. While SEC Nigeria maintains that such capital levels are necessary to ensure “resilience,” many stakeholders – including myself – argue that Nigeria’s market, though high in adoption, remains nascent in terms of institutional depth.

 

Analytical Insight: The Capacity Conundrum

At the heart of industry pushback is a unified concern reflected in a public statement by the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the umbrella voice of Nigeria’s blockchain ecosystem.

The central message is clear: at this early stage of development, Nigeria lacks the local institutional capacity to compete globally if entry thresholds are set at a fully mature institutional level from the outset.

 

Three key concerns stand out:

Stifling Homegrown “Unicorns” By requiring $1.4 million in paid-up capital, the SEC appears to be demanding finished products rather than nurturing growth. Most of today’s global exchanges started small before scaling. In Nigeria, however, the “small” innovator risks becoming legally extinct.

The “Foreign Giant” Advantage Such a high bar effectively rolls out the red carpet for well-capitalized foreign firms, while local innovators, who may have the technical expertise but not billions in liquid capital, are pushed aside. This could result in a digital economy dominated entirely by external players.

Capital Intensity vs. Market Reality Unlike traditional financial institutions, crypto startups are fundamentally technology-driven. Their capital needs are tied to research, development, and security, not idle funds sitting in a paid-up account. Forcing $1.4 million to remain dormant is, for many startups, a “capital death sentence.”

Premature and Commercially Unjustifiable If Nigeria were a fully developed financial market like New York or London, such a requirement might be defensible. In an emerging ecosystem, however, it represents a mismatch. Indeed, the disparity could even deter “foreign giants,” pushing them to explore more commercially viable jurisdictions. Regulators must recognize this economic reality, as well-intentioned policies can still produce unintended consequences. Nigeria needs a more balanced path forward.

A Constructive Path Forward

To foster a genuinely competitive industry, the SEC should consider a comprehensive tiered licensing framework:

 

Tier 1 (Startup) Lower capital requirements for firms with limited transaction volumes.

 

Tier 2 (Growth) Graduated increases in capital as firms scale operations.

 

Tier 3 (Institutional) The full ₦2 billion requirement for exchanges handling large-scale public retail volumes.

 

This tiered approach could also be extended to other licensing categories. It would allow the market to develop organically while managing risk, rather than suffocating innovation under excessive capital demands however unintentional.

These views align with the positions of industry associations and professional bodies across Nigeria, all of which stress the importance of regulators genuinely listening to stakeholders. Cooperation, collaboration, and inclusive consultation in policymaking are essential not only for protecting markets but also for building trust and ensuring smooth compliance.

Without a ladder such as the one proposed, Nigeria risks winning the “stability” battle while losing the “innovation” war. By the time the June 2027 deadline arrives, we could be left with a “stable” market devoid of local players, or even sufficient foreign ones, to sustain it.

If regulation is truly meant to serve consumers and investors rather than bureaucracy and red tape, Nigeria must create a globally competitive environment that enables access to cutting-edge financial innovation.

REGULATION | IMF Flags Nigeria’s Crypto Surge as a Threat to FX Stability, Capital Controls – Urges for ‘Enforceable Legal Framework Urgently’

 

 

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This post is adapted from this original post.

PayStack, a company solving payments problems for ambitious businesses in Africa, today announces the launch of The Stack Group (TSG), a parent holding company that will aggregate the tech-focused family of brands connected with Paystack. TSG Founding shareholders include Stripe, Shola Akinlade (Founder and CEO of Paystack), and existing Paystack employees. The agreements establishing TSG as the parent holding company were signed in October 2025, and are subject to the requisite regulatory approvals.

[WATCH] Nigerian Payment Startup, PayStack, Gets Acquired by Online Payment Firm, Stripe, for Over $200 Million

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TSG launches as the parent holding company to a family of complementary brands – including Paystack, Paystack MFB, Zap and TSG Labs (a new venture studio/incubator)

The group reports profitability following >12x payment volume growth since acquisition by global payments giant Stripe 5 years ago; the announcement coincides with Paystack’s 10-year anniversary in January 2026

The agreements establishing TSG as the parent holding company were signed in October 2025 and are pending the requisite regulatory approvals 

TSG Labs will also develop products beyond fintech, including AI-led offerings 

Since its acquisition by Stripe in 2020, Paystack has grown its payment volume by 12x and is licensed and operational in Côte d’Ivoire, Ghana, Kenya, Nigeria, and South Africa, with regulatory approvals for Egypt and Rwanda, representing ~46% of Africa’s GDP. This product-first approach to pan-African growth has since led to Paystack becoming profitable at the group level, the company announced.

Nigeria’s Paystack Gets Payment Service Provider Licence from the Central Bank of Kenya

This news follows the recent launch of Paystack MFB in Nigeria. Functioning as a standalone bank, Paystack MFB allows the group to internalise core financial rails and provide the banking and credit infrastructure required by over 300,000 Nigerian merchants. These capabilities enable the development of elegant, compliant, and much-needed end-to-end money-movement solutions and will continue to power the company’s mission of building technology solutions for Africa, to power African ambition.

FINTECH AFRICA | Leading Nigerian Fintech, PayStack, Reduces Operations Outside of Africa, Moves to Prioritize Local Teams

Providing a corporate umbrella for a family of complementary brands that innovate in different domains, TSG companies will be united by shared values and deep knowledge of building technology products to solve Africa-specific challenges, while remaining operationally independent. At the outset, TSG will include:

Paystack –  innovates within merchant payments

Zap – innovates within consumer payments

Paystack Microfinance Bank – innovates within banking

TSG Labs – innovates with emerging technologies and builds new products both within and beyond financial technology

 

Shola Akinlade, CEO and Paystack Founder, says,

“The launch of TSG signals a larger scope of ambition for us and sets the tone for the next decade of our company.

Having worked with thousands of companies across the continent since 2016, it is clear that there are significant opportunities to support businesses beyond payments, and TSG enables us to address the challenges African companies face. 

Thank you to the Stripe team for their continued belief in Africa’s potential, and our ability to create transformative technology companies for the continent, and beyond.” 

 

The announcement comes as Paystack celebrates its 10-year anniversary in January 2026.

LIST | Here is the List of Countries in Africa Where Stripe Stablecoin-Based Accounts Are Available

 

 

 

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Cross-chain DeFi bridges – protocols that let users move assets from one blockchain to another – have become a central piece of the blockchain ecosystem. They enable liquidity to flow between networks and support multichain DeFi activity.

Despite their utility however, bridges also funnel enormous value through systems that remain comparatively insecure, making them a prime target for hackers.

 

Bridged Volume: How Big Are Bridges?

Bridges now sit at the core of multichain activity. Data from blockchain analytics firms show that bridges routinely process billions of dollars in transactions each month; some estimates put total bridged volume across all chains above $6 billion per month.

Over the last several years, bridges have handled tens of billions of dollars in asset transfers – acting not just as niche tools but as backbone infrastructure for decentralized finance. For example, aggregated statistics suggest over $100 billion in cumulative value has passed through cross-chain bridges since 2022.

That enormous throughput is precisely why attacks on these systems can be so damaging.

2025 RECAP | Solana Dominated All Major Blockchain Networks by Revenue in 2025

Bridge Hacks: A History of Losses

Bridges have a long and troubled history of exploitation. Analyses show that:

Between 2021 and mid-2024, attacks on bridges resulted in more than $3 billion in losses from dozens of incidents, including major bridges like Ronin, Nomad, Multichain, and Wormhole.

Bridge exploits constitute a significant share of DeFi hacking losses, historically up to ~50% or more of total DeFi exploit value.

In 2022 alone, Chainalysis estimated that $2 billion was stolen across 13 bridge hacks, accounting for about 69% of the crypto stolen that year.

Here are some standout bridge losses:

Ronin Bridge (March 2022) – over $625 million stolen

Nomad Bridge (August 2022) – ~$190 million

Wormhole Exploit – ~$325 million

These incidents underscore both the high value of bridged assets and the severity of security flaws.

69% of Total Crypto Stolen in 2022 So Far ($2 Billion) is Via Cross-Chain Bridges

Bridge Exploits in 2025

2025 was an especially bad year for crypto hacks overall. Security firms reported around $2.5 billion lost due to hacks, scams, and exploits during the first half of 2025 alone.

In early 2025, bridges were used extensively not just as targets but as laundering channels for stolen assets:

In H1 2025, over $1.5 billion, roughly 50+% of all hacked crypto value, was routed through cross-chain bridges, far outpacing traditional mixers such as Tornado Cash, which received about $339 million (≈11%) of stolen assets.

That shift shows bridges have become not only targets of hacks but also the preferred conduit for moving stolen funds because of their liquidity and speed.

To put that in context, bridges in the first half of 2025 accounted for more than half of all stolen crypto values laundered, even as the total hacking landscape expanded.

This means bridges are not a fringe threat, they rank among the largest vectors for crypto theft and money-laundering activity in the entire Web3 ecosystem.

2025 RECAP | Crypto Losses Increased by ~40% YoY in 2025

Why Bridges Attract So Much Risk

Cross-chain bridges are inherently complex, involving:

Smart contracts on multiple blockchains

Custodial mechanisms (lock/mint or burn/unlock models)

Validator sets or multi-signature systems that act as intermediaries

That complexity increases the attack surface compared with more simple DeFi protocols. Researchers estimate that since 2021, attacks on bridges alone have cost users and protocols over $3 billion in assets, a figure reinforced by academic analyses.

These vulnerabilities, especially private key management and smart contract bugs, explain why hackers repeatedly target bridge logic and why stolen funds can move through bridges faster than they can be traced or stopped.

REALITY CHECK | ~80% of Crypto Projects Don’t Bounce Back After a Hack

The Big Picture

Bridges now process such a high volume of value that their security profile has systemic implications:

Massive volume: Billions move across bridges monthly, dwarfing the amounts typically locked in more traditional DeFi products.

Hacks and laundering: Bridges accounted for ~50%+ of laundered hack value in 2025, a striking shift from older tools like mixers.

Historical losses: Over multiple years, bridges have been exploited for billions in user funds, representing a disproportionate share of DeFi’s security losses.

For builders and investors, that combination,

Huge transaction volumes

Repeated security failures, and

An outsized share of theft-related use cases

underscores why many analysts call bridges ‘crypto’s next systemic risk.’ 

PROJECT SPOTLIGHT | How 2 Nigerian Engineers Built HyperBridge – The First ‘Truly Decentralized Bridge’ Globally

 

 

 

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Let me start with a question: if you live or work in Africa, what single word would you use to describe your day-to-day experience?

Strange? Fun? Tedious?

Today, we’re going with one word: dysfunction.

 

When Dysfunction Becomes the Default

In large parts of Africa, dysfunction isn’t an anomaly, it’s the norm. That might sound provocative, but for many on the ground, it’s just reality.

Consider a few examples:

Around 70% of Africans self-medicate without seeing a doctor, bypassing formal healthcare entirely.

In South Africa, 80% of everyday transactions are still done with cash even though digital payment options exist.

Roughly 600 million Africans still lack reliable access to electricity.

At the same time, innovation is rising: startups across healthcare, fintech, energy, and agriculture are building solutions for these very problems. Yet, dysfunction persists.

REPORT | South Africa’s Online Retail Sector Outpacing Physical Retail by 10x – Crypto is Least Preferred Payment Option

The Market That Never Got Built

There’s a place in Nigeria called Onitsha Market, one of West Africa’s largest marketplaces, where goods worth about $5 billion are traded annually.

But this market wasn’t designed, it emerged. Traders filled spaces organically, leading to overcrowded alleys, blocked drains, makeshift electrical wiring, and a congested maze that functions more by instinct than planning.

This isn’t unique to Onitsha. Similar scenes play out across markets like Gikomba in Nairobi and Ariaria in Nigeria, where informal systems continue because they simply work even if they’re chaotic.

These environments persist not because of ignorance, but because they have value and familiarity, even if they’re risky or inefficient.

 

Why Traditional Innovation Struggles

Take Jumia for example. When it launched in 2009, it promised to move commerce online by taking people out of messy markets and into the convenience of e-commerce.

More than a decade later, e-commerce still makes up under 3% of retail in most of Africa, rising to only about 6% in Nigeria, Jumia’s largest market.

To get there, Jumia had to build:

Its own logistics network because postal systems weren’t reliable

A proprietary payments layer since digital rails were underdeveloped

A massive marketing push to convince people to trust buying online

Even after all that, the traditional, informal systems still outperform because they’re trusted, predictable, and familiar.

Africa’s First Unicorn and e-Commerce Platform, Jumia, Struggles as Stock Price Drops 70% Since IPO

The Real Infrastructure: Trust

What underlies so much of Africa’s “dysfunction” isn’t just poor systems, it’s a lack of trust in formal services.

Cash still dominates in many countries because it offers finality. Once a payment is made, it’s done. There’s no failed transfer or pending reversal.

Surveys also show low trust levels in institutions and businesses, and many customers fear hidden fees or poor service.

So rather than switching to a new solution, people stick with what they know – even when it’s inefficient or risky.

REPORT | Morocco Leads Globally as the Most Cash Reliant Country (74%) Followed by Egypt, Kenya

Dysfunction Isn’t a Bug, It’s a Service

Call it Dysfunction as a Service: networks of informal, improvised systems that deliver just enough value to beat fragile newcomers.

For a new product to succeed, it doesn’t just have to be modern, it has to be more trusted and predictable than the dysfunctional but familiar systems people already navigate daily.

The companies that have succeeded, like M-PESA or Paystack, did not replace old ways outright. They slotted into trusted behaviours, making the new option feel safer and easier than the old.

 

The Takeaway

The biggest competitor for many African startups isn’t another company – it’s dysfunction itself.

To win, innovation must focus on trust, predictability, and understanding how people already operate, not just on technology alone.

EDITORIAL | In Crypto We Trust? Why Credibility Is the Real Currency (or Token) in the Age of Decentralization

 

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This post adapted from this original post.

Security breaches are more than just a financial hit for crypto projects – they often signal the beginning of the end. According to industry experts, nearly 80% of crypto projects that suffer major hacks never fully recover their operational footing or market trust, even after fixing technical vulnerabilities.

 

The Root Cause: Breakdown in Trust and Response, Not Just Lost Funds

Mitchell Amador, the CEO of Web3 security platform, ImmuneFi, explains that the critical damage from hacks isn’t just the initial theft, but how teams respond once an exploit is uncovered. Many protocols enter a state of paralysis the moment an attack is detected because they lack predefined incident response plans. This hesitation leads to confusion, slower decision-making, and additional losses as teams scramble to assess the damage.

Communication failures make matters worse. Projects often avoid pausing contracts or issuing clear updates out of fear of reputational damage – but silence tends to amplify panic among users instead of containing it.

2025 RECAP | 4 Out of 5 New Tokens (~85%) Launched in 2025 Have Crashed

Trust: The Most Fragile Asset in Crypto

For crypto projects, trust is often more valuable than capital.

Once users lose confidence in a protocol’s security or leadership, liquidity dries up and community support evaporates. Alex Katz, co-founder of the security firm, Kerberus, notes that even after technical issues are patched, the reputational damage from a breach frequently marks the beginning of a project’s decline.

Modern hacks aren’t always about code flaws. Increasingly, human error and social engineering attacks – such as malicious approvals or fake interfaces that trick users into exposing keys – are driving losses, underscoring that human-centric vulnerabilities remain hard to eliminate.

EDITORIAL | In Crypto We Trust? Why Credibility Is the Real Currency (or Token) in the Age of Decentralization

The Rising Cost of Crypto Hacks

The trend isn’t abstract; data shows that crypto-related hacks resulted in $3.4 billion in total losses in 2025, the highest recorded since 2022. A handful of major incidents – including the multibillion-dollar breach at the exchange Bybit — accounted for a disproportionate share of that damage.

2025 RECAP | Crypto Losses Increased by ~40% YoY in 2025

Better security however doesn’t guarantee crisis readiness. While smart contract security tools and audit practices are improving – and experts predict 2026 could be the strongest year yet for smart contract security – the unresolved issue for many protocols remains operational readiness.

Amador stresses that acting decisively and communicating early, even amid uncertainty, is far less harmful than letting fear and indecision deepen a crisis.

For crypto projects, surviving a hack isn’t just about code – it’s about trust, transparent communication, and preparedness. Projects that incorporate concrete incident response plans and prioritize community communication stand the best chance of weathering security setbacks and rebuilding confidence.

2025 RECAP | 4 Out of 5 New Tokens (~85%) Launched in 2025 Have Crashed

 

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In Q4 2025, the Human Rights Foundation (HRF) awarded 1.3 billion Satoshis through its Bitcoin Development Fund to support 22 projects building censorship-resistant financial tools, open-source Bitcoin infrastructure, and education initiatives around the world.

The grants span Bitcoin Core development, mining decentralisation, Lightning infrastructure, privacy tools, and grassroots education, with a strong focus on regions facing financial repression and authoritarian control across Africa, Asia, and Latin America.

FUNDING | Human Rights Foundation Grants 1 Billion Satoshis (10 $BTC) to Support 23 Global Bitcoin Projects – 4 Are African Projects

Bitcoin Decentralisation & Network Infrastructure

Stratum V2 (Stratum Reference Implementation) (USA / Global) – Performance testing, integration, and maintenance of the mining protocol that lets individual miners build block templates independently of mining pools.

Braidpool (Global) – A peer-to-peer, open-source mining pool that reduces centralisation and improves censorship resistance by rethinking how blocks and rewards are coordinated.

Education & Community Development

Open Money, Closed Access (OMCA) (Global) – Builds Bitcoin-based financial tools for low-cost, private transactions in regions affected by conflict, surveillance, and restricted banking access.

Learning Bitcoin from the Command Line (Global) – Hands-on curriculum teaching developers how Bitcoin works from the ground up using real command-line tools.

Bitcoin Indonesia & Bitcoin House Bali (Indonesia) – Expanding workshops and meetups to grow Bitcoin literacy and real-world adoption across Indonesia.

The Bitcoin Learning Center (Thailand) – Training students from Southeast Asia to use Bitcoin as a censorship-resistant financial tool.

Bitcoin Core & Protocol Development

Devgitotox (France) – Core contributor improving Bitcoin’s reliability and security.

Stratospher (Spain) – Bitcoin Core developer focused on long-term protocol robustness and network resilience.

Sovereign Engineering (USA) – Building decentralised applications across Bitcoin, Nostr, and Ecash to protect civil liberties.

OpenSats Initiative, Inc. (USA) – Non-profit funding open-source Bitcoin and freedom-tech development through transparent grants.

LIST | 2 Out of the 14 Recipients of the Latest HRF Bitcoin Development Grants are African Projects

Lightning & Developer Training

Africa Free Routing Lightning Developer Bootcamp (Ethiopia, Uganda, Burkina Faso & Pan-Africa) – Expanding Lightning developer training across Africa to build local, censorship-resistant payment infrastructure.

Programming Lightning (Global) – Self-paced Lightning Network development courses helping grow the global builder community.

Freedom Tech & Privacy Tools

Zapstore (Global) – A decentralised app store on Nostr enabling censorship-resistant distribution of software.

Validating Lightning Signer (VLS) (USA) – Improves Lightning security by separating key management for self-custody users.

Vexl (Czech Republic) – Peer-to-peer Bitcoin trading app that enables private, KYC-free acquisition of bitcoin.

ngx_l402 by Dhananjay Purohit (India) – Web server module enabling censorship-resistant Bitcoin payments for websites and APIs.

BTCPay Server (Global) – Self-hosted, permissionless payment processor protecting activists and nonprofits from financial censorship.

Bitika (Kenya) – Expanding Bitcoin access through M-PESA, making self-custody and Lightning payments easier for Kenyans.

HRF’s Bitcoin Development Fund continues to back the builders and educators who are quietly strengthening the foundations of a permissionless, censorship-resistant financial system — ensuring Bitcoin remains usable for people living under restrictive political and economic conditions.

LIST | 4 African Projects, Out of 20 Globally, Among the Latest Recipients of Bitcoin Development Fund Grants by Human Rights Foundation (HRF)

 

 

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A growing share of fee revenue in the blockchain industry is now being captured by decentralized finance (DeFi) applications rather than by the underlying networks themselves, highlighting a shift toward user-facing products and away from base layer chains.

According to data shared by Jamie Coutts, chief crypto analyst at Real Vision, DeFi applications today generate five times more fees than the blockchains they operate on. This suggests that wallets, decentralized exchanges (DEXs) and other protocols closest to users are increasingly capturing economic value, while the underlying networks receive a proportionally smaller share.

 

“Hard to ignore the relative shift in DeFi. Only 1.5yrs ago, DeFi apps generated ~2X the fee revenue of blockchains. Today it’s closer to 5X. (see chart)

While I am a believer that blockchain’s network effects will always command a premium, it makes sense that more value than what is currently ascribed should drift to the front end – wallets, DeFi apps, and protocols closest to users,” Coutts wrote in a post on X.

 

DeFi Protocols Dominate Fee Rankings

Fee data compiled by DeFiLlama shows that the highest-earning crypto products over the past 30 days were overwhelmingly DeFi protocols or applications, not base-layer blockchains.

Of the top 20 entities by fees,

Solana was the only blockchain, earning just over $20.4 million in that time.

By comparison, the stablecoin issuer, Tether, dominated the rankings with $563 million in fee revenue.

Ethereum appeared further down the list, with about $10.3 million in fees in 27th place.

REPORT | MemeCoin Creation Platform, Pump.fun, Collected $525,000 in Average Daily Fees, Says Solana Q2 2024 Report

This dynamic underscores the growing role of DeFi apps – from wallets to trading and finance protocols – as the primary fee generators in the ecosystem. As developers and institutional investors increasingly focus on front-end products, the value captured by these applications continues to rise relative to the networks that power them.

Although DeFi protocols lead in revenue capture, on-chain activity remains concentrated on a few chains.

Solana was the most active network over the past month, with more than 68 million active addresses, a 14 % increase, while Ethereum recorded around 13 million monthly active addresses, up 53%.

MILESTONE | Solana Now Commands Over 50% in Total DApp Revenue – Ethereum Declines Below 13%

 

 

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A growing share of fee revenue in the blockchain industry is now being captured by decentralized finance (DeFi) applications rather than by the underlying networks themselves, highlighting a shift toward user-facing products and away from base layer chains.

According to data shared by Jamie Coutts, chief crypto analyst at Real Vision, DeFi applications today generate five times more fees than the blockchains they operate on. This suggests that wallets, decentralized exchanges (DEXs) and other protocols closest to users are increasingly capturing economic value, while the underlying networks receive a proportionally smaller share.

 

“Hard to ignore the relative shift in DeFi. Only 1.5yrs ago, DeFi apps generated ~2X the fee revenue of blockchains. Today it’s closer to 5X. (see chart)

While I am a believer that blockchain’s network effects will always command a premium, it makes sense that more value than what is currently ascribed should drift to the front end – wallets, DeFi apps, and protocols closest to users,” Coutts wrote in a post on X.

 

DeFi Protocols Dominate Fee Rankings

Fee data compiled by DeFiLlama shows that the highest-earning crypto products over the past 30 days were overwhelmingly DeFi protocols or applications, not base-layer blockchains.

Of the top 20 entities by fees,

Solana was the only blockchain, earning just over $20.4 million in that time.

By comparison, the stablecoin issuer, Tether, dominated the rankings with $563 million in fee revenue.

Ethereum appeared further down the list, with about $10.3 million in fees in 27th place.

REPORT | MemeCoin Creation Platform, Pump.fun, Collected $525,000 in Average Daily Fees, Says Solana Q2 2024 Report

This dynamic underscores the growing role of DeFi apps – from wallets to trading and finance protocols – as the primary fee generators in the ecosystem. As developers and institutional investors increasingly focus on front-end products, the value captured by these applications continues to rise relative to the networks that power them.

Although DeFi protocols lead in revenue capture, on-chain activity remains concentrated on a few chains.

Solana was the most active network over the past month, with more than 68 million active addresses, a 14 % increase, while Ethereum recorded around 13 million monthly active addresses, up 53%.

MILESTONE | Solana Now Commands Over 50% in Total DApp Revenue – Ethereum Declines Below 13%

 

 

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The Nigeria Securities and Exchange Commission (SEC Nigeria) has announced a sweeping revision of minimum capital requirements (MCR) for all regulated capital market entities, significantly raising the financial threshold for operators across traditional finance, fintech, commodities, and the digital assets ecosystem.

The new framework, contained in Circular No. 26-1 dated January 16, 2026, is issued pursuant to the Investments and Securities Act, 2025, and represents the most comprehensive capital overhaul of Nigeria’s capital market in over a decade.

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According to the SEC Nigeria, the revision is aimed at strengthening market resilience, improving investor protection, and aligning capital adequacy with the growing complexity and risk profile of modern market activities – particularly in digital assets, fintech, and commodity markets.

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Why the SEC Revised Capital Thresholds

The Commission said the updated capital framework is designed to:

Enhance the financial soundness and operational resilience of regulated entities

Align capital levels with the scope, complexity, and risk exposure of regulated activities

Promote market stability and systemic risk mitigation

Support innovation and the orderly development of emerging segments, including digital assets and commodities markets

Who the New Rules Apply To

The revised MCR applies to all entities regulated by the SEC, including:

Core and non-core capital market operators

Market infrastructure institutions

Capital market consultants

FinTech operators

Virtual Asset Service Providers (VASPs)

Commodity market intermediaries

Key Changes Across Market Segments

Core Capital Market Operators

Minimum capital levels were sharply increased across brokerage, dealer, and fund management activities:

Broker (client execution only): ₦600 million (up from ₦200m)

Dealer (proprietary trading): ₦1 billion (up from ₦100m)

Broker-Dealer: ₦2 billion (up from ₦300m)

Inter-Dealer Broker: ₦2 billion (up from ₦50m)

For portfolio and fund managers:

Tier-1 Portfolio Managers: ₦5 billion

Applies to managers with NAV or AuM above ₦20 billion

Managers with NAV/AuM above ₦100 billion must hold at least 10% of NAV/AuM as capital

Tier-2 Portfolio Managers: ₦2 billion

Private Equity Fund Managers: ₦500 million

Venture Capital Fund Managers: ₦200 million

Non-Core Capital Market Operators

Significant increases also apply to issuing houses, registrars, trustees, and advisers:

Tier-1 Issuing House: ₦2 billion

Tier-2 Issuing House (with underwriting): ₦7 billion

Registrar: ₦2.5 billion

Trustees: ₦2 billion

Underwriters: ₦5 billion

Corporate Investment Advisers: ₦50 million

Individual Investment Advisers: ₦10 million

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Market Infrastructure Institutions

Infrastructure providers now face some of the highest capital thresholds:

Central Counterparty (CCP): ₦10 billion

Clearing and Settlement Company: ₦5 billion

Composite Securities Exchange: ₦10 billion

Non-Composite Securities Exchange: ₦5 billion

Trade Repository: ₦150 million

Fintech and Digital Assets: A Clear Regulatory Signal

The revised framework formally integrates digital assets and fintechs into Nigeria’s capital market structure, setting explicit capital floors for crypto-related businesses.

FinTech Operators

Robo-Advisers: ₦100 million

Crowdfunding Intermediaries: ₦200 million

 

Virtual Asset Service Providers (VASPs)

The SEC introduced new capital benchmarks for crypto operators, many of which previously had no defined minimums:

Ancillary Virtual Asset Service Providers (AVASP): ₦300 million

Digital Asset Offering Platform (DAOP): ₦1 billion

Digital Asset Intermediary (DAI): ₦500 million

Digital Asset Platform Operator (DAPO), including token issuers: ₦500 million

Real-World Asset Tokenization and Offering Platform (RATOP): ₦1 billion

Digital Asset Exchange (DAX): ₦2 billion

Digital Asset Custodian: ₦2 billion

The move signals the SEC’s intention to professionalise and de-risk Nigeria’s crypto market, raising barriers to entry while favouring well-capitalised and compliant operators.

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Commodity Market Intermediaries

New thresholds were also introduced for commodities operators:

Collateral Management Companies:

Tier-1 (Local/Regional): ₦200 million

Tier-2 (National/International): ₦500 million

Commodities Broker/Dealer: ₦50 million

Warehousing Operators: ₦500 million

Compliance Timeline and Enforcement

All affected entities are required to comply with the revised minimum capital requirements on or before June 30, 2027.

The SEC warned that failure to meet the new thresholds within the stipulated timeline could result in regulatory sanctions, including suspension or withdrawal of registration .

The Commission also noted that transitional arrangements may be considered on a case-by-case basis, with further guidance on capital verification and compliance processes to be issued separately.

The revised capital framework marks a decisive shift toward tighter regulation, stronger balance sheets, and institutional-grade market participation, particularly in crypto and fintech.

For digital asset operators, the changes reinforce Nigeria’s message: crypto is no longer fringe – but it must be well-capitalised, regulated, and resilient to operate at scale in Africa’s largest economy.

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South Africa has been officially removed from the European Union’s (EU) list of High-Risk Third Country Jurisdictions, marking another major milestone in its ongoing financial-sector reforms that have strengthened credibility with global markets and regulators.

The decision, published by the EU on January 9 2026 and coming into effect on 29 January 2026, follows Pretoria’s exit from the Financial Action Task Force’s (FATF) grey list in October 2025, and a similar removal last year from the United Kingdom’s high-risk list.

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Why the EU Delisting Matters

South Africa’s inclusion on the EU’s high-risk list in August 2023 was an automatic consequence of its FATF greylist status. Countries on this list were subject to enhanced due diligence by EU financial institutions – meaning stricter documentation, continuous monitoring and senior-management approvals for transactions – adding friction to trade, payments, and investment flows between South Africa and the EU.

The EU acknowledged South Africa’s work to strengthen its anti-money laundering and counter-terrorism financing (AML/CFT) regime, noting that the country had addressed strategic deficiencies identified by FATF and met its reform commitments.

However, National Treasury officials cautioned that delisting is not a signal that all deficiencies have been fully resolved; rather, it reflects significant progress, with further improvements required in detection, investigation and prosecution of financial crimes both in and outside the formal banking system.

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Links to Crypto Regulation, Enforcement and Financial Integrity

South Africa’s push to meet global AML/CFT standards has also intersected with growing efforts to regulate and enforce rules around cryptocurrencies – a sector that, until recently, operated at the fringes of traditional controls. While crypto assets have been used legitimately for innovation and investment, they have also posed risks for money-laundering and capital outflows.

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In 2025, the South African Reserve Bank (SARB) appealed a High Court ruling that had found cryptocurrencies were not subject to exchange controls, arguing such a ruling would have created a loophole allowing unrestricted outbound capital movement via cryptocurrencies. SARB’s appeal asserts that cryptocurrencies should fall within the ambit of exchange-control regulations to prevent circumvention of capital rules.

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This regulatory tightening and enforcement stance forms part of the broader effort to demonstrate compliance with international standards on illicit financial flows – a key component of the FATF evaluation process that underpins decisions like EU delisting.

While crypto regulation in South Africa continues to evolve, recent actions signal a stronger, more unified financial-regulatory system that aligns digital-asset oversight with AML/CFT requirements. This kind of enforcement likely helped bolster confidence among international partners and assessors.

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Positive Macro Signals: Credit-Rating Upgrade

Adding to the good news for South Africa, S&P Global Ratings upgraded the country’s sovereign credit rating in November 2025, the first such move in nearly 20 years. The long-term foreign currency rating was raised from BB- to BB, and the local currency rating was lifted to BB+, both with a positive outlook. This reflected improving growth prospects, a stronger fiscal trajectory and reduced contingent liabilities, particularly after better performance at state-owned enterprises such as Eskom.

National Treasury noted that the upgrade signals renewed confidence in how South Africa is managing its economy and fiscal risks. It also comes on the heels of broader reforms to strengthen transparency, fiscal consolidation and institutional performance – all of which tie back into the improved regulatory frameworks that address financial crime risks, including in emerging areas such as crypto.

 

The National Treasury welcomed the move, saying:

“South Africa is one of just three countries globally to secure an S&P upgrade in 2025, while continuing to maintain a positive outlook after the rating revision.”

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With the EU delisting and the S&P upgrade, South Africa is shifting perceptions from risk to resilience, offering a more stable outlook for investors, trading partners and global financial institutions. However, authorities emphasise that ongoing vigilance and reform are essential.

South Africa will undergo its next round of FATF evaluation, with a final report due by October 2027, reinforcing that delisting and rating upgrades are milestones along a continued journey toward global best practices in financial regulation and enforcement.

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The Tony Elumelu Foundation (TEF) is now accepting applications for the 2026 TEF Entrepreneurship Programme.

This programme is designed to equip young Africans with the tools, funding and ecosystem support needed to build viable businesses and create jobs.

 

What selected entrepreneurs receive

• US$5,000 non-refundable seed capital to launch or scale a business • 12 weeks of structured business training on TEFConnect •  World-class mentorship from business leaders and industry experts • Access to TEF’s pan-African entrepreneurial ecosystem • Entry into a network of over 24,000 TEF alumni across all 54 African countries

 

The TEF impact

 Since its launch in 2010, the Tony Elumelu Foundation has empowered over  2.5 million young Africans with access to business management training on its proprietary digital hub, TEFConnect, and disbursed over $100 million in seed capital to more than  24,000 selected entrepreneurs on the TEF Entrepreneurship Programme.

Collectively, these entrepreneurs have generated $4.2 billion in revenue and created more than  1.5 million direct and indirect jobs. Through its support for African entrepreneurs, TEF has lifted 2.1 million people out of poverty, with 45% of supported entrepreneurs being African women.

The 2020 Tony Elumelu Entrepreneurship Programme – 6th Edition – Now Open to Blockchain Startups

 

Who can apply

• Africans from any of the  54 African countries • 18 years and above • With a  business idea, an unregistered venture, or an existing business not older than five (5) years

 

How to apply

Visit  www.TEFConnect.com

Create an account or log in

Complete the application form carefully

Submit before the deadline

 

Applications close: 1 March 2026

 

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