Nigerian Government Partners With Algorand to Launch Major Crypto Initiative

Nigerian Government Partners With Algorand to Launch Major Crypto Initiative

  • Developing Africa Group has been granted exclusive rights under the agreement.
  • The project is a significant step forward in the worldwide use of cryptocurrencies.

Nigeria’s government would have exclusive intellectual property rights for a national wallet for the next three years. The Developing Africa Group has agreed to help build a nationwide wallet. Commercialization of IP forms registered and generated in the nation would be allowed.

Nigeria to Launch Major Crypto Initiative, IP Exchange Marketplace & Wallet, on #Algorand w/ @developingafro & @koibanx
3-year agreement will enable commercialization of all IP created & registered within Nigeria, both locally & internationally. https://t.co/SRPXRMl7Yt pic.twitter.com/MGN9SKFQWS

— Algorand (@Algorand) May 24, 2022

To establish a platform for anyone to upload any intellectual property rights and trade or sell them internationally, Developing Africa Group has been granted exclusive rights under the agreement. Patents trademarks, and all copyrights, including videos, shows, lectures, podcasts, and any streamable material, are among the IP forms described above.

Collaboration With Koibanx

The Developing Africa Group picked Koibanx as their tokenization and payment engine. The wallet will be constructed on top of the Algorand blockchain system. With Koibanx, a leading Latin American asset tokenization and blockchain financial infrastructure business in charge of the wallet and token development, the inventor will get a stable token (equivalent to the Naira) that will compensate for their intellectual property.

Koibanx’s CEO, Leo Elduayen, stated: 

“The Nigerian IPR Wallet is probably the largest crypto project worldwide. When we took El Salvador’s challenge we impacted the life of millions of citizens, after this experience we embarked on the Colombian government platform handling tens of millions.”

Algorand and Koibanx have collaborated before, and not their first time together. In Latin America, Koibanx-Algorand aims to make the region’s growing digital economy run more smoothly by implementing more efficient infrastructure and software. It has worked on projects throughout Latin America, Columbia, and even El Salvador for both commercial and public sector clients and organizations there. The project is a significant step forward in the worldwide use of cryptocurrencies.

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