African Crypto News During Review: Momint is closed in South Africa as Tether expands its crypto education to Zanzibar. Aptos and Yellow Card partners that promote the adoption of Stablecoin.

After signing a memorandum with local governments, Tether expanded its blockchain initiative to Zanzibar. In South Africa, NFT publisher Momint has shut down, signaling the end of the era. Meanwhile, Yellowcard has partnered with Aptos Labs to offer zero Fee Stablecoin transactions across Africa.

Explore the headlines for these continents below.

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Tanzania Crypto News: Tether expands education initiative to Zanzibar

USDT publisher tether has Expansion Blockchain education initiative for Zanzibar.

The announcement came with news of its partnership with local payment startup Zam Maripo.

Tether has signed a memorandum with local governments to promote blockchain education and promote the adoption of crypto.

Tether CEO Paolo Ardoino said he wants to use blockchain to create a digital economy that enhances lives.

“By combining clarity with educational investment and integration of digital assets, we lay the foundation for a compliant, scalable and comprehensive digital economy. By working together, we hope to leverage the power of blockchain to create a digital economy that supports the economic development of Zanzibar.”

Zanzibar is one of the most popular tourist destinations in Africa. Tether has increased its presence in this hub and benefits from local and international payments in this market.

https://www.youtube.com/watch?v=6z1rl3dvyp8

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South Africa’s Crypto News: NFT Marketplace Closing Shop

South Africa’s NFT Marketplace Momint shutdown After four years of surgery this week.

Momint was the first local NFT marketplace and launched worldwide amid the historic NFT boom.

https://www.youtube.com/watch?v=e52x9dcmqae

Momint has pivoted from NFT to tokenization of real-world assets and tried to join in some of the best cryptography to buy. ONDO Finance. By 2024, trading volumes increased by over $2 million, and things seemed to be on track for a while.

We did that! Momint was selected as a top finalist at the FutureTech World Cup held at the Dubai AI & Web3 Festival!

Without the unwavering belief and support of incredible users, this would not have been possible. “We’ll grab Momint* for you!” #seizethemomint #ai #web3 pic.twitter.com/q7ucw3qypf

– Moment § (@momint_official) September 16, 2024

However, the combination of liquidity challenges and local regulations ultimately rendered the company’s operations unacceptable.

Africa Crypto News: Aptos and Yellow Card join hands

Crypto service provider yellow card Partner Sing and apt ▲0.71% To provide instant zero-foot transactions across Africa.

Aptos offers a superior transactional infrastructure for a robust blockchain, with multiple of them 1000X Cryptos.

https://www.youtube.com/watch?v=1ea3wfly1ww

Yellowcard aims to grow its user base by leveraging tens of millions of potential crypto users in sub-Saharan Africa.

“We’ve got a lot of money to pay,” said Alex Heuer, Aptos Labs’ Payment Manager. “Africa is leading the way in adopting Stablecoin for practical use cases, and our zero-FEE, instant payment capabilities are perfectly suited to meet this demand.”

Low-cost transactions are a key component of this vision. Current mobile money providers and traditional banking systems have significant transaction fees for users across the continent.

Yellowcard has benefited from this partnership and appears to carve out a niche in this growing and competitive market.

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Wyoming has shortlisted layer one blockchains Solana (SOL) and Aptos (APT) as the main candidates for running the state’s proposed stable token idea.

The Wyoming Stable Token Commission (WYST) is a proposed virtual currency representative of and redeemable for one US dollar held in a trust by the state of Wyoming.

In a post on the social media platform X, Aptos says that the state is looking to use either chain with Layer Zero infrastructure to deploy a potential stablecoin.

“The Wyoming Stable Token Commission has placed Aptos as the highest-scoring blockchain candidate for WYST – the first fiat-backed stablecoin issued by a US State  – tying for 1st place with Solana.

WYST will be deployed using Layer Zero… 

Aptos is making borderless, always-on finance a reality today with three native USD stablecoins & $30 billion+ in monthly stablecoin volume, supported by sub-second finality and near-zero transaction fees at [around] $0.00055.

Following the recent passing of the GENIUS Act to establish the first regulatory framework for stablecoins and Aptos pushing further as the chain for stablecoins, the future of finance is here on Aptos.”

Last year, Wyoming Governor Mark Gordon said he would push for the adoption of a “transparent” stablecoin fully backed by the state’s short-term Treasury holdings.

“One of the big things for me is to be able to bring back onshore a lot of our debt because if it’s bought by treasuries and supported by Treasurys, it will help to stabilize that market to a degree…

[What] is clear to me is that digital assets are going to have a future. The United States has to address this issue. Washington’s being a little bit stodgy, which is why Wyoming, being a nimble and entrepreneurial state, can make a difference.”

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Crypto asset manager Bitwise has filed to list a spot Aptos exchange-traded fund in the US — a token created by a team led by two former Facebook (now Meta) employees in 2022.

Bitwise filed an S-1 registration statement to list the Bitwise Aptos (APT) ETF on March 5, eight days after Bitwise indicated it would make such a filing when it registered a trust linked to the Aptos ETF in Delaware on Feb. 28.

The Aptos filing adds to the list of altcoins currently in the line to win the securities regulator’s approval.

Bitwise opted not to include a staking feature for the proof-of-stake powered Aptos blockchain and listed Coinbase Custody as the proposed custodian of the spot Aptos ETF. It has yet to specify which stock exchange it would be listed on.

A proposed fee or ticker wasn’t included either. Bitwise will also need to file a 19b-4 form for its Aptos ETF application and for the SEC to acknowledge it before the 240-day clock begins for the SEC to make a decision.

The Aptos filing marks Bitwise’s latest effort to expand from the spot Bitcoin (BTC) and Ether (ETH) ETFs it currently has on offer. It has also recently filed to list a spot Solana (SOL), XRP (XRP) and Dogecoin (DOGE) ETFs in recent months.

While Bitwise’s other US spot ETF filings have been aimed at the top tokens by market capitalization, Aptos appears to be an outlier, ranking 36th by market capitalization of $3.8 billion, according to CoinGecko.

Aptos was developed by Aptos Labs, a company founded by two former Facebook employees, Mo Shaikh and Avery Ching, in 2021. 

It emerged as a potential “Solana killer” when it launched in October 2022 as a high-speed, low-cost layer-1 blockchain. However, its market cap is currently only one-nineteenth the size of Solana’s, CoinGecko data shows.

APT is up 14.4% over the last 24 hours to $6.25, CoinGecko data shows.

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Aptos boasts the 11th largest total value locked among blockchains at $1.03 billion, according to DefiLlama data. Over $830 million of that consists of stablecoins.

Real-world assets such as Franklin OnChain US Government Money Fund (FOBXX) have also been tokenized on the Aptos blockchain.

Bitwise isn’t a stranger to Aptos, having launched an Aptos Staking ETP on Switzerland’s SIX Swiss Exchange in November that offers a 4.7% return on staking yield.

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