Africa Crypto News: Onafriq Adopts USDC As Nigeria Hunts CBEX Scammers.

The last week of April brought several notable crypto stories from Africa. African payment service provider Onafriq is leveraging USDC to enhance cross-border settlements.

Africa-focused payment service provider Onafriq is integrating USDC to streamline cross-border settlements across the continent, as reported by материалы.

This partnership introduces cross-border settlements in USDC, a stablecoin that combines the efficiency of a digital international payment system with the stability of the world’s de facto reserve currency.

African countries often face fragmented payment systems and currencies, leading to bureaucratic international settlements. This blockchain-based solution offers institutions and individuals a faster and more cost-effective option. Stablecoins are a cornerstone of modern crypto trading, blending the convenience of digital currencies with the relative stability of national currencies.

Concurrently, the Economic and Financial Crimes Commission of Nigeria is pursuing eight individuals—four Nigerians and four Kenyans—implicated in the collapse of the African crypto exchange CBEX.

The exchange appears to have been a fraudulent operation, with its promises of extravagant returns exceeding standard financial market rates.

The crypto exchange collapsed earlier this year, leaving many users with irretrievable funds. A report by Bitcoin.com in February revealed a collective loss of over $1 billion by CBEX users. The exchange had boasted a user base of over 1.5 million by early 2024, primarily in East African nations such as Kenya, Uganda, and Tanzania.

In other news, UAE-based Phoenix Group has poured additional resources into its Bitcoin mining operations in Ethiopia, expanding its total power allocation in the country to 130 MW.

This integration expands Phoenix Group’s mining capacity in Ethiopia to 500 MW across five nations, powered by clean hydropower, enabling large-scale and sustainable Bitcoin mining.

The company’s goal is to rank among the top ten global crypto-mining firms, and this investment showcases its commitment to that goal.

With more miners entering the network, the Bitcoin hash rate is at near all-time highs. This indicates a healthy and competitive network with a secure blockchain.