Author: Louis Dike
Louis Dike
Louis Dike is the Publisher of Coinafrica, leveraging years of experience driving growth for global exchanges like Bybit, Bitget, and VTrader across Africa. A former Binance Tutor, he now channels his expertise into clear, insightful reporting that amplifies Africa’s voice in the global Web3 economy.
African cross-border payments startup Chimoney shutdown operations officially after struggling to secure enough funding to continue scaling its infrastructure business, according to reports from TechCabal. The Nigerian-founded fintech startup informed customers in May 2026 that it would discontinue services, stop new transactions, and begin refunding customer balances as part of its shutdown process. The closure marks another major reminder of the growing pressure facing African fintech startups as venture funding becomes more selective and infrastructure businesses struggle with rising operational costs. What Chimoney Built Founded in 2022 by Uchi Uchibeke, Chimoney positioned itself as a cross-border payment infrastructure for businesses,…
Nika Finance, a consumer-focused on-chain finance platform, has raised $2 million in an angel funding round as the company looks to expand its mobile products and AI-powered financial infrastructure. The startup announced the raise this week, describing the round as part of a broader shift in crypto funding away from speculative narratives and toward long-term product-focused businesses. According to the company, the round was backed by operators and business builders with experience scaling long-term businesses outside the crypto industry. Nika said the capital will be used to expand its product offerings across spot trading, perpetuals, staking, yield services, and AI-powered…
Global payments giant Mastercard has partnered with African stablecoin infrastructure provider Yellow Card to accelerate stablecoin-powered payment solutions across Africa, the Middle East, and other emerging markets. The partnership marks one of the clearest signs yet that stablecoins are increasingly moving beyond crypto trading into mainstream financial infrastructure. According to both companies, the collaboration will focus on building compliant and scalable payment systems powered by stablecoins, with initial rollout markets including Nigeria, Kenya, Ghana, South Africa, and the United Arab Emirates. Stablecoins Move Further Into Mainstream Finance The Mastercard and Yellow Card partnership will target several real-world payment use cases,…
Crypto payment infrastructure platform Breet has launched a $10,000 equity-free grant program aimed at supporting African startups building in fintech, cryptocurrency, stablecoins, and digital payments. The initiative, announced ahead of the Africa Technology Expo (ATE) 2026 in Lagos, reflects a growing shift toward infrastructure-led innovation in Africa’s digital finance ecosystem. Grant Targets Growth-Stage Builders Unlike traditional startup competitions, the Breet Builder Grant is designed for companies with live or near-live products, not early-stage ideas. The program will select two winners, each receiving $5,000 in equity-free funding after pitching live at ATE Lagos. Applicants are expected to: This approach prioritizes execution…
A Nigerian fintech firm has introduced a Bitcoin-powered naira settlement platform, marking a new phase in the country’s evolving digital finance ecosystem as crypto infrastructure increasingly integrates with local currency systems. The development comes amid broader regulatory and policy shifts aimed at strengthening transparency and control within Nigeria’s foreign exchange and remittance markets. Bridging Bitcoin and the Naira The platform, Tapnob enables users to settle transactions in naira while leveraging Bitcoin as an underlying settlement layer. This hybrid model reflects a growing trend in emerging markets where crypto is used as backend infrastructure rather than a user-facing asset. The launch…
Crypto exchange Bybit has released its latest Proof of Reserves (PoR) report, showing that major assets on the platform remain fully backed, with reserve ratios exceeding 100 percent across key cryptocurrencies and stablecoins. The update reinforces a growing industry trend toward transparency following high-profile exchange failures, with platforms increasingly publishing verifiable on-chain data to demonstrate solvency. Reserve Ratios Remain Above 1:1 Backing. According to Bybit’s latest disclosures, reserve ratios across major assets exceed user liabilities, indicating that customer funds are fully backed: Previous reports in 2026 show similar patterns, with BTC and USDT reserves around 108 percent and stablecoins maintaining…
The Bitcoin 2026 Conference in Las Vegas—one of the largest crypto gatherings globally—has ignited a heated debate across the industry, as critics argue the event reflects a growing shift away from Bitcoin’s decentralized roots toward institutional and political influence. The controversy gained traction following a widely circulated LinkedIn post by venture capitalist Carmelo Giuliano, who described the conference as a “departure” from Bitcoin’s original ethos. His critique mirrors a broader backlash emerging across crypto communities, where participants are increasingly questioning who controls the narrative of the industry. From Cypherpunk Ideals to Institutional Stage The conference, held from April 27–29 at…
The U.S. Federal Reserve has kept interest rates unchanged at 3.5% to 3.75%, marking the final policy meeting led by outgoing Fed Chair Jerome Powell. The decision reflects a cautious stance as policymakers continue to weigh persistent inflation risks against slowing economic momentum and global uncertainty. A Defining Moment in Jerome Powell’s Tenure Jerome Powell’s tenure as Federal Reserve Chair comes to a close at a time of delicate economic balance. During his leadership, the Federal Reserve navigated: Holding rates steady in his final meeting underscores the Fed’s current position: cautious, data-driven, and uncertain about the next move. Why the…
South Africa is considering new draft regulations that would require residents to declare certain categories of financial assets, including crypto holdings, as part of broader efforts to strengthen financial transparency and monitor capital flows. The proposal, currently under policy discussion, places crypto assets alongside traditional stores of value such as gold and foreign currency, marking another step in the country’s evolving regulatory approach to digital assets. Crypto Classified Alongside Traditional Financial Assets Under the proposed framework, individuals may be required to disclose: The inclusion of crypto in this category signals a shift in how regulators view digital assets—not as fringe…
Nigeria’s Web3 ecosystem recorded a significant rebound in 2025, with startups raising $43 million in funding, more than double the $20 million raised in 2024, according to the Nigeria Web3 Landscape Report by Hashed Emergent. The surge signals renewed investor confidence and highlights a broader shift in the country’s crypto market—from speculative trading toward utility-driven financial applications. Stablecoins Dominate Investment Flow Funding in 2025 was heavily concentrated in financial use cases: This concentration reflects the growing role of stablecoins as practical financial infrastructure, rather than speculative assets. Nigeria has emerged as a global stablecoin hub, with deposits growing more than…