Weekly Updates

Caddi Weekly Update - June 2nd

Nigeria's Crypto Paradox: A Shift Towards Tokenization Amid Low eNaira Adoption. AB de Villiers' smashing into the Web3 Arena. Gemini Pursues UAE Crypto License in Wake of U.S. Regulatory Discontent.
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eNaira Needs Help

Despite a previous crackdown on crypto trading, Nigerian authorities are planning to introduce tokenized coins on exchanges. Tokenized coins offer investors fractional ownership in assets like real estate, stocks, and bonds. This move is a stark contrast to the country's previous position on crypto, with the Central Bank of Nigeria citing fraud, terrorism financing, and volatility as reasons for the crackdown.

The Securities and Exchange Commission of Nigeria is looking to reset crypto adoption, allowing users to trade asset-backed tokens. The SEC's plan could potentially stimulate the economy and restore confidence in the government's interest in digital assets. Despite these efforts, the use of the country's central bank digital currency, the eNaira, remains low.

As Nigeria looks towards a more blockchain-friendly future, the newly launched national blockchain policy and new president, Bola Tinubu's manifesto, suggest a push towards the adoption of blockchain technology in finance, banking, and revenue collection. However, SEC's Emomotimi Agama emphasizes that the push for tokenization does not signal a policy change on the use of cryptocurrency, as the SEC and the central bank have different jurisdictions​1​.


South African cricket star AB de Villiers is transitioning into the Web3 space, revealing his enthusiasm for nonfungible tokens (NFTs) and his new ambassador role with an Ethereum-based investment platform. Initially apprehensive, De Villiers developed a fascination for cryptocurrencies such as Bitcoin, Ethereum, and XRP after acquainting himself with trading platforms. His interest in NFTs was ignited by the booming collections of the Bored Ape Yacht Club, leading to his own collection of over 300 digital assets, including a prized Mutant Ape​1​.

Despite a setback where he lost a portion of his collection to a hacker, De Villiers sees the incident as a learning experience and has emphasized the importance of caution in the crypto ecosystem​1​. His involvement with Common Wealth, a platform providing retail investors access to early-stage Web3 projects, aligns with his beliefs in financial inclusivity. The platform facilitates investments in tokenized shares issued as genesis NFTs, giving average investors opportunities previously exclusive to venture capitalists​1​.

Habibi, Come To Dubai

In a bid to escape the “hostility and lack of clarity” on crypto regulation in the U.S., Gemini, the cryptocurrency exchange owned by the Winklevoss twins, has begun the process of acquiring a crypto service license in the United Arab Emirates (UAE)​1.

The announcement was made in a blog post on May 31, where Gemini cited increased enthusiasm for cryptocurrencies among UAE citizens and positive discussions with the country's regulators as the reasons behind the move​1​. Gemini CEO Tyler Winklevoss, in an interview with The National, expressed encouragement from their conversations with UAE regulators. He hinted at the UAE's efforts to become a home and hub for crypto and emphasized the importance of thoughtful regulation that benefits both consumers' and companies' ability to innovate​1​.

While the location for the new Gemini headquarters within the UAE is yet to be decided, possibilities include both Abu Dhabi and Dubai​1​. According to Gemini’s Global State of Crypto Report, 35% of those surveyed in the UAE had purchased crypto, surpassing the 20% in the U.S. Furthermore, 32% of non-owners in the UAE plan to buy crypto within the next year, and 33% of UAE crypto holders plan to use it for in-store purchases, compared to the global average of 19%​1​.

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