Nigerian tech hub partners Coinfirm to launch anti-fraud blockchain network
Members of the network launched by Coinfirm and KAD ICT Hub will be rewarded for helping to create a safer cryptocurrency economy.
Coinfirm, a London-based blockchain startup, in partnership with the KAD ICT Hub, a technology centre in Kaduna, Nigeria, has launched a new anti-fraud blockchain network whose members will be rewarded for helping to create a safer cryptocurrency economy.
According to a statement released by Coinfirm on Thursday, the newly-launched anti-fraud network forms a subnetwork of Coinfirm’s AMLT (Anti-Money Laundering Token) Network. The AMLT Network allows users to report suspicious cryptocurrency addresses and earn AMLT as rewards. They also earn token for supplying data of trusted addresses.
The first stage of the launch involves series of trainings to be conducted in Nigeria and across Africa over the next 12 months. The trainings will explain how to mitigate the risk resulting from online scams with the help of AMLT Network.
“Our goal is to increase awareness of not only the threats but also the way these threats can be eliminated,” said Pawel Kuskowski, CEO and Co-founder of Coinfirm. “For this purpose, we create an AMLT Network, we teach how to report frauds through it and, above all, how to recognize them.”
Africa, according to the statement, stands as a hub for online and digital fraud that is not only affecting the regional economy but the security of global markets as a whole. It stated that recent bitcoin scam in South Africa caused about $80 million loss and affected up to 28,000 people.
“We will change the narrative from the negative perception of Africa being a hub for online fraud to a positive one with Africa taking the lead in fighting online fraud by helping to build a safer crypto-economy,” said Yusuf Bashir, CEO of the KAD ICT Hub, adding that an anti-fraud initiative is particularly important in Africa because many people are inexperienced in financial matters.
The new anti-fraud blockchain network is being launched at the Africa Blockchain Lab. Earlier in August, Coinfarm and KAD ICT Hub had opened the Africa Blockchain Lab in Kaduna with the aim of promoting financial inclusion through cryptocurrencies and blockchain technology. The Lab had since produced financial inclusion startups such as Kora, a blockchain-powered marketplace and digital payment solution.
Opened in 2017 by Governor Nasir El-Rufai, KAD ICT Hub is a partnership between the State Government and Telemax Engineering Services Limited. The Hub incubates world-class technologies, talent and innovation, software startups, and run training courses with a focus on girls’ education.
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