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Blockchain-based Finance Provider Wala Gains Popularity Through Partnership and ICO

Ali Raza

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Blockchain-based Finance Provider Wala Gains Popularity Through Partnership and ICO

The financial service providing service, Wala, has been gaining momentum following its partnership with Newtown Partners and following Dala token sale.

The novel financial services provider platform, Wala, has been rapidly growing in popularity in the last two months. According to their website, Wala is a unique new banking system, which provides users with a social banking experience. Based on blockchain technology, Wala aims to cater to those individuals who cannot readily access traditional banking services.

The service is set to become popular amongst underbanked users as it boasts an investment from the banking service, Newtown Partners, several highly reputable advisors on their team, as well as an ICO, the Dala token sale which was launched recently.

Wala aims to provide finance solutions especially to users who cannot access traditional banking institutions in their regions. Users will be able to conduct transactions locally and internationally as well as apply for insurance and loans. Wala has been partnering with experts and traditional banks alike to perfect their platform. The platform has attracted an array of partners from across the world dedicated to providing users in unbanked and underbanked regions with cost-effective financial solutions.

The platform recently received an equity investment from the venture capital company Newtown Partners. The firm, which was established by Vinny Lingham and Llew Claasen, has confirmed that they are excited to be able to provide an estimated 3.5 billion individuals with free financial solutions.

Other collaborators include FINCA international as well as MVender. Two prominent firms in the banking industry with a focus on micro banking solutions.

Since its inception, Wala has gained a user base consisting of over 1 million located in 100 different regions. The service was launched in October earlier this year via the Ugandan Google Play Store. The initial test run confirmed that users hugely benefited from the service’s low-cost banking solutions. Wala proved a much longed for solution especially to those individuals in remote areas, as it removes obstacles commonly faced by individuals often excluded from banking services.

According to the CEO and founder of Wala, Tricia Martinez, by harnessing blockchain technology, as well as an ICO token sale, Wala has the ability to provide a host of banking services to individuals commonly excluded from traditional banking services due to several crippling factors. Martinez emphasized that Wala has been created to make banking easy and convenient.

Wala will first be introduced to Africa-based users before it gets introduced in other developing areas. The firm’s advisors include Miko Matsumura, Nicole Anderson, Jonathan Smith, Justin Spratt, Jason Henrichs, and Johan Bosini. All advisors have been chosen for their leadership and contribution to the blockchain and fintech industry.

Martinez noted that Wala is thrilled with the attention its receiving. She added that the firm’s advisors and partners were crucial elements to their success.

Wala recently launched its token sale, Dala, which will run from November and conclude in December. The ICO aims to raise $30 million by issuing its 300 million tokens. Using Dala, the Wala team hopes to develop more scalable solutions in the future, as well as creating other blockchain-based financial solutions for developing communities around the world.

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Switzerland Has Become the New Cryptocurrency Hub

Samantha Mitchell

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Canton of Zug

A small town in Switzerland, which has been christened as Crypto Valley, has suddenly transformed into a Cryptocurrency hub. Recently, a huge number of investors have been seen flooding this area even as one Blockchain professional declares it a financial revolution center.

An Evolving Virtual Currency Haven

Just half an hour drive from the main Swiss capital, Zurich, lies a small city always referred to as the canton of Zug. This small city has finally become the latest hub of Cryptocurrency. This followed the directive of the city council to allow Bitcoin to be used as a fee payment method for the registration office that serves the residents.

As reported in the Frankfurter Allgemeine, a local newspaper in Switzerland, Zug rose to the high ranks in the world of Cryptocurrency in 2014 when Vitalik Buterin, who later invented Ethereum, settled there.

Switzerland is now strategically placed at the helms of a tiny revolution in the whole financial sector. Those were the words of the person who heads Smart Container Group, a Blockchain-based logistics agency working in the city of Zug, Richard Etti.

And just a few hours ago, the person who is in charge of the Ministry of Economic Affairs in Switzerland, Johann Schneider-Ammann, gave out his hopes that the virtual currency will move out of the city of Zug and spread to other places in the country.

Crypto Nation Switzerland

According to Mr. Schneider, the talks of the Crypto Valley Zug shall have diminished in the next five or ten years to come. At that time, everybody would just be talking about the Crypto Nation Switzerland.

According to the words of the UBS former head of IT and innovation, Oliver Bussman, over fifty startups; both from the Blockchain and the virtual currency world have decided to settle in the canton. At the moment, Mr. Oliver Bussman works at the Crypto Valley Association as the manager and also doubles up as Blockchain entrepreneur advisor.

More People Want to Move to Zug

As part of his day-to-day activities as an advisor to Blockchain entrepreneurs, Mr. Bussman revealed that he receives close to five inquiries from various stakeholders in the world of virtual currency every day. These are people who want to move their businesses to Zug.

A research that was undertaken by PWC, a consulting company revealed that various firms across the world raised capital of $4.6 billion through the ICOs, {Initial Coin Offerings} that were held in last year alone.

One of the main benefits that draw many traders to the canton appears to be how the whole region has opted to take a liberal regulatory approach. Zug’s head of work and economy’s office; Bernhard Neidhart noted that this whole approach is what has improved the use of the entire Blockchain in the region. This even includes the applications of non-cryptocurrency applications. The Swiss Financial Market Supervisory Authority, which is the main financial regulator for the country has also shared its views concerning the new interests that have risen in the world of digital currency. It said that it has plans of regulating ICOs so that they can apply laws for anti-money laundering to certain sales.

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A Sudden Boom In The Cryptocurrency Market

Samantha Mitchell

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Bitocin Price Boom

Bitcoin, which is the largest Cryptocurrency in terms of market cap, has risen in its values since a market free fall period that was witnessed at the beginning of this year. This came after a financial regulator’s vote was undertaken in South Korea, and which later helped in quenching some of the strict stances it had earlier taken on the operations of these virtual coins.

No More Clampdowns

According to reliable reports, Financial Supervisory Service of South Korea through its governor, Choe Heung-Sik, has finally stated that the national government will still support virtual currencies trading, but if only done in the best manner. The sudden boom in the prices of Cryptocurrencies, especially Bitcoin could be attributed to the news that Bitcoin’s crackdown could be made easy.

Early Tuesday morning, {20th February 2018}, Bitcoin knocked a 3-week high of 9, 513.23 Euros. This was quite high based on what has been going on in the market for the past few weeks. This came with almost a 100% rise from the low of just 4,804.26 Euros that was seen at the beginning of February.

Revived Confidence

According to the Managing Director of UFX, an online brokerage firm, Dennis de Jong, the latest news could have granted new confidence to the traders and make them invest again in this market. He went ahead to note that the possible crackdown on exchange trading and the huge regulation threat has for a long time interfered with the operations of this virtual currency.

The latest reports from South Korea have, however, given the traders a new reason to purchase Bitcoin, and even other crypto coins.

Still on the stark increment, Canaccord Genuity, which is an investment service firm, also had something to say. The company said that the price history of Bitcoin has always given a hint that long periods of great consolidation are always followed by long periods of great advancements.

According to this company, buying and holding them for long terms is the only secure means of gaining from the serious appreciation of the Bitcoin price. This is due to the fact that timing it might prove to be an impossibility.

7-day Report

Just within the last seven days, the value of this world’s most used cryptocurrency, Bitcoin has gone up by almost 20.49%. This is what has skyrocketed the current virtual currency’s value to $11,135. The increase in value in the last one week has not only been witnessed by Bitcoin, other sector leaders like Litecoin, Ethereum, and Bitcoin Cash have also witnessed the same. Bitcoin Cash, which is currently valued at $1,391.43, was at $98.70 in the last one week. On the other hand, Ethereum, which is at $896.13 at the moment has a seen a 0.3% rise in the past one week. Litecoin is currently at $224.60 having moved from $199.21, which it had in the last seven days.

In a report made at the beginning of this year, the government of South Korea had exclusively revealed that it was planning to all the exchange centers for virtual currencies.

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Head of Cryptocurrency Regulation Passes on

Samantha Mitchell

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South Korean Head of Cryptocurrency found dead

The head of a team that was meant to oversee Bitcoin regulation has on Tuesday 20th February been found dead at his home in Seoul, South Korea.

A Possible Case of Heart Attack

Mr. Jung Li-joon, who until his death headed the South Korea’s Economic Policy Coordination Office is said to have suffered a heart attack. Although the heart attack is said to have happened on Saturday night, his family learned of his condition the following day when they went to wake him up. The real cause of this mysterious death remains unknown until a coroner’s office report is presented to the police for further investigation.

Just towards the end of 2017, Jung Li-joon was given a new role in leading the planned clampdown that on the virtual currency. Barely a month ago, the government of South Korea brought in several measures that were meant to regulate some of the commonly used virtual currencies like Bitcoin, Ethereum, and Ripple. With the hope of lowering the suspected criminal acts that had allegedly characterized the operations of Bitcoin, the South Korean government opted to implement a crackdown on anonymous trading.

The main work of the late Mr. Jung was to bring together all the opinions from various state offices and ministries, concerning the regulation of the virtual currencies.

Effects on the Value of Bitcoin

In the month of January 2018, a sudden drop in the value of this largest cryptocurrency was felt. This is suspected to have been caused by the effects of regulating the digital coins that had been introduced in certain countries like South Korea. The value of the original digital currency went up to $19,535.70, which translates to 13991.86 Euros. That was on the 17th of December 2017, before it would come down $10,035, about 7,064 Euros on the 30th of January 2018.

Mr. Jung’s Earlier Announcements

In a move that appeared very controversial, the late Jung Li-joon stated that the government of South Korea had plans of closing all the virtual currencies exchanges that the country had. He supported the proposed closing of cryptocurrency exchanges that had been announced earlier by the country’s Justice Minister. He said that it was a measure that was aimed at dealing with the speculation in the whole market. In the lasts months of 2017, the leaders from South Korea said that they would undertake an extended period of consideration over some of the threats that this currency might have had on the market. In their statements, they had described the cryptocurrencies, especially Bitcoin as a threat to national economic stability.

According to the close associates of Mr. Jung, stress is one of the things that might have caused his sudden demise. It can be remembered that South Korea was one of the first countries that had opted to regulate the virtual currency. Ensuring that such an activity worked was definitely a heavy load for Jung Li-join who headed the team. This might have given him too much stress and contributing to his mysterious death.

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