CONTENTS
BITCOIN: Is it a gamble or an investment?
CONTACT US PUBLISHER Vasantha Angamuthu vasantha@africannewsagency.com
You can now buy a Tesla with a Bitcoin. What next?
COINBASE direct listing is a watershed moment for industry
Revix adds SA investment in crypto world
5
You need to be aware of crypto scams
EDITOR Wesley Diphoko wesley.diphoko@inl.co.za DESIGN Dominique Owen dominique.owen@inl.co.za PRODUCTION Renata Ford renata.ford@inl.co.za BUSINESS DEVELOPMENT Keshni Odayan keshni.odayan@inl.co.za SALES Charl Reineke charl.reineke@inl.co.za ENQUIRIES iol.magazines@inl.co.za
ART HOUSE Sotheby’s foray into NFT nets $16 million
You need to be aware of crypto scams
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LETTER FROM THE EDITOR WHEN we look back 10 years from now, 2021 will be remembered as the most important year in the history of financial technology. The listing of Coinbase on Nasdaq marked a very important moment that signals a new phase in the sector. This digital magazine tells you all about it. At this point, it is also important to take stock and focus on the fintech sector’s progress in South Africa. From the things you can buy with cryptocurrencies to what you need to avoid, we provide you with all the necessary insights. The fintech startup sector in South Africa is thriving, with Revix being one of the latest startups making interesting moves. Floyd Matlala tells us all about this promising South African fintech startup. Farah Khalfe tells us why we need to be careful as we operate with cryptocurrencies. As this fintech sector gathers momentum in South Africa, we realise that many of our readers have unanswered questions. As part of this issue of IOL Tech, we
would like to give our readers an opportunity to ask questions about this sector and we will be inviting some of our partners to share their insights with you via a virtual event where the state of FinTech in South Africa will be unpacked. We will share some of this content via our upcoming podcast – which is designed with you in mind. WESLEY DIPHOKO wesley.diphoko@inl.co.za
o k o h p i D y e l s e W
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With the recent hype surrounding the surge in the price of Bitcoin, many first-time investors have stormed their way into the cryptocurrency market
Picture: Reuters/Dado Ruvic
Bitcoin
Is it a gamble or an investment? JEHRAN NAIDOO Jehran.Naidoo@africannewsagency. com
WITH the recent hype surrounding the surge in the price of Bitcoin, many first-time investors have stormed their way into the cryptocurrency market. There are about 4 000 cryptocurrencies, but Bitcoin accounts for the lion's share, holding more than 50% of the total market capitalisation, according to TradingView. Ethereum is second
with about 12.7% of total market cap, followed by Ripple, which holds a little under 3%. But how can you be sure whether you are investing or gambling with something as complex as a cryptocurrency? According to South African actuarial scientist Imran Lorgat, having a thorough understanding of the crypto market and how it works is paramount before committing your money to it.
“Many invest in cryptocurrencies without a solid grasp of the basics. If you are interested in buying Bitcoin, then invest time into researching how it works and the risks associated with owning Bitcoin,” Lorgat said. Lorgat has spent five years investing in Bitcoin and considers it to be a breakthrough in digital technology and a highly volatile marketplace. Investopedia describes cryptocurrencies as a form of digital
assets based on a network that is distributed across many computers, which uses blockchain technology to store its ledger transactions. Essentially, Bitcoin has no control or regulation from a central banking system, meaning there are no restrictions or fees that go along with it. This leaves many newcomers at the mercy of brokers. Last year, Gauteng-based investment company Mirror Trading International (MTI) pulled off the scam of the year by fleecing investors of more than R8 billion, according to a crypto crime report by international cybercrime organisation Chainalysis. The company operated the scheme under the name BTC Global. The report estimates that the number of victims scammed out of their money to be in the hundreds of thousands.
The report showed that South Africa ranked fourth in the world in terms of receiving the highest volume of cryptocurrency from illicit addresses. “MTI presents itself as a passive income source. According to its website, users simply deposit a minimum of US$100 worth of Bitcoin, and MTI promises to grow it using an AI-powered foreign exchange trading software,” the report explained. “The site indicates that customers can achieve consistent daily returns of 0.5%, which would translate to yearly gains of 500%. Algorithmic trading is a common premise for many cryptocurrency investment scams.” The level of economic uncertainty brought on by the outbreak of the Covid-19 pandemic has added another layer of anxiety to those with
financial woes, making a highyielding investment all the more compelling for those less clued up. But every coin has two sides, and the last year-and-a-half has seen the price of Bitcoin rocket to an all-time high when it broke the US$60 000 mark in early 2021. The fact that there will only ever be 21 million Bitcoins in circulation makes it a highly sought-after commodity. But understanding short-term and long-term investment value is a key driver when making a sound investment choice, explained Lorgat. “The price of Bitcoin over the long term is driven by supply and demand, as well as adoption and technological development of the currency. However, in the short term, the price is driven mainly by hype and emotion.” | African News Agency (ANA)
You can now buy a Tesla with Bitcoin. What’s next? WESLEY DIPHOKO wesley.diphoko@inl.co.za
As the value of Bitcoin has continued to rise, there were huge doubts in the finance world about its ability to replace other currencies. | Michael Wuensch.
WHEN Elon Musk tweeted “You can now buy a Tesla with Bitcoin”, he did not just announce a new way of buying the electric vehicle, Tesla, but he boosted Bitcoin as a currency. As the value of Bitcoin has continued to rise, there were huge doubts in the finance world about its ability to replace other currencies. When people like Musk expressed their confidence in Bitcoin, the doubts were diminished and mainstream society began to view Bitcoin with confidence. Musk is not the only business leader who is beginning to trust Bitcoin. Recently, Uber boss Dara Khosrowshahi, while speaking on Squawk Box, the American morning news and talk programme, indicated that Uber was considering accepting cryptocurrency as a form of payment. He said: “Just like we accept all kinds of local currency, we are going to look at cryptocurrency and/or bitcoin in terms of currency to transact.” Mastercard, the multinational financial services corporation, has also added its weight to the move towards acceptancing cryptocurrency. Last month, Mastercard announced its intentions to open its network to some cryptocurrencies, a move the credit card giant said would allow consumers
and merchants “to transact in an entirely new form of payment”. Actions and words by these leaders and businesses point in one direction – Bitcoin will probably become a widely accepted form of payment in the near future. Early adopters of technology are already in and, now, we are witnessing what can only be referred to as a tipping point taking place as business leaders and other leading businesses begin to adopt cryptocurrencies as another form of payment. We will probably be seeing the followers of early adopters also embracing cryptocurrencies, as the fear of missing out engulfs them. The adoption of cryptocurrencies by major businesses will be a major headache for unprepared governments. China is leading by piloting a digital currency. More countries should prepare themselves for a move towards virtual currencies. In South Africa, the Intergovernmental Fintech Working Group (IFWG), is working with South African financial sector regulators to demystify the regulatory landscape, provide a space for safe experimentation and actively advance innovation. Through Project Khokha 2, the IFWG is exploring the policy and regulatory implications of innovation in financial markets driven by distributed ledger technology. Efforts by this grouping might be what South Africa needs to prepare itself for what’s coming.
Picture: Unsplash
Revix adds SA investment platform in crypto world FLOYD MATLALA Floyd Matlala
IN THE midst of crypto’s successes in South Africa, the Cape Town-based cryptocurrency investment platform Revix has found itself in the mix and making headlines after it raised about $4.1 million from its latest capital raise round. According to media reports the company plans to replicate that success abroad, starting with Germanspeaking Europe. Most of the capital raised will be deployed to its European expansion. Some will be used to launch Revix’s new mobile application.
CEO and Founder of Revix Sean Sanders said: “We aim to blur the lines between investing in traditional asset classes, such as stocks, as well as the emerging alternative investment sectors, such as AI, biotech, 5G, eSports, and cryptocurrencies. “We want to empower everyday people to safely invest in emerging themes, technologies and asset classes in an effortless way.” The Cape Town-based fintech startup, founded in 2018, is the first investment platform in South Africa to offer a behavioural loyalty and rewards programme, where customers can earn points that can be redeemed
for Bitcoin. “We’re building a behavioural loyalty model that incentivises investors to undertake smart investment decisions, such as diversifying their investment portfolios, growing the investment community, improving their financial knowledge, and making smart long-term investment decisions, while being rewarded for doing so,” Sanders added. Revix was one of 21 start-ups, and the only South African fintech, to be accepted into the world-renowned sixmonth Berkeley Blockchain Xcelerator.
Picture: Unsplash
COINBASE LISTING: a crypto moment WESLEY DIPHOKO
JUST over a decade ago, digital assets were a theoretical concept, announced to the world through an anonymous white paper. Today, a digital asset exchange is trading on the Nasdaq exchange with a market cap of $62 billion as of April 14 2021, excluding options and restricted stock units. Coinbase’s direct listing represents a watershed moment for the digital assets industry. Coinbase is the first major cryptocurrency startup to go public on a US stock market. It did so at a valuation that rivaled that of Airbnb and Facebook when
they went public. It is the largest listing (IPO, SPAC, or otherwise) of any digital asset company in history, at valuations that reflect a direct competition with traditional exchanges. A valuation at this level indicates the full scale of global digital asset adoption by institutions and individuals. Full-year 2020 revenues for Coinbase were $1.28 billion and net income was $322.3 million. In its preliminary Q1 2021 results, Coinbase projected 2021 revenues of $1.8bn and net income within $730 to $800m. These estimates represent a massive spike in growth of top- and bottom-line
revenues that exceed their full-year returns for the prior full-year. The listing of Coinbase is silencing the doubters who are still sceptical about the industry. Now investors who may be wary of directly buying risky digital currencies have the ability to own stock in a Securities and Exchange Commission-approved business that facilitates the transactions. Coinbase CEO Brian Armstrong said: “I wanted there to be just a true market on day one that set the price, not something that was set behind closed doors.” The direct listing, which provides greater accessibility to retail investors,
things you can buy with bitcoin MASABATA MKWANANZI masabata.mkwananzi@inl.co.za
is also more “true to the [democratic] ethos of crypto”. The financial world can also look at Coinbase’s healthy profits – something that most other highly valued tech startups lack – and ballooning adoption. Coinbase, which has 1 700 employees and 5 million registered users, reported an estimated $730m to $800m in net profit in the first three months of the year. It brought in $1.8bn in revenue during that period, a ninefold increase from a year earlier. Coinbase’s listing appears to be another sign that cryptocurrencies – and the blockchain technology they’re built on – have gone mainstream. Read more on IOL Tech iol.co.za/tech
OVER the past few years, Cryptocurrency has been slowly gaining traction and it’s no surprise that digital currency is taking the world by storm. And if you were to tell me that you could buy a car with Bitcoin I would not believe you, until the tech guru Elon Musk made a game changer move by announcing that you can now buy Telsa with Bitcoin. Right after Musk announced the news, every person kept asking themselves, what can I buy with Bitcoin? Where can I use Bitcoin? Well, the answer is: you can buy almost anything with Bitcoin, from sites such as BitPlaza and BitcoinTravel. On BitPlaza you can buy items from an iPhone 12 Pro Max, gardening equipment, groceries, and everything in between. Here are 5 things you can buy with Bitcoin: Tesla We are starting our list with the big one. A support page from Tesla’s websites explains how customers can pay for a Telsa using Bitcoin: “First, you need what is called a ‘Bitcoin wallet’ – a device, platform, app, or software that supports Bitcoin transfers. Tesla will give you our Bitcoin wallet ‘address’ in both an alphanumeric code and QR code for you to enter into your Bitcoin wallet so it
knows where to transfer the Bitcoin. It’s your responsibility to make sure that you send the Bitcoin to Tesla’s Bitcoin wallet accurately.” Takealot This is one of Mzansi’s largest e-commerce retailers. You can get almost anything you want from the site, including fashion, health and beauty products, gaming, and music electronics, making it the perfect place to spend your Bitcoin. Cape Coffee Beans Coffee lovers can order freshly roasted coffee beans from some of the best artisanal roasters. They offer a broad selection of coffee makers, coffee grinders, and accessories. Airline Tickets Travel lovers can find a number of travel sites where they can purchase flight tickets with Bitcoin such as BitcoinTravel. Some airlines have come to terms with Bitcoin as a method of payment like British Airways, Qatar Airways, and Ethiopian Airlines. RC King If you are a gadgets person then RC King is the right choice for you to use your Bitcoin. The store provides customers with exemplary service and treats them like royalty. The business is based in Johannesburg and is able to send packages to the far corners of the country.
Picture: Pixabay
Sotheby’s sees $16.8m in first trendy tech sale
SOTHEBY'S hosted its first sale of art supported by NFTs, the trendy authentication technology, by artist Pak, with the works bringing in $16.8 million, the auction house said in April. The Sotheby’s foray into NFT selling comes just a little more than one month after the sale of the NFT of the work Everydays: The First 5 000 Days by digital artist Beeple for $69.3m at rival Christie's. NFT stands for non-fungible token, an authentication certificate meant to ensure that ownership of a digital work – animations, videos, photos or music, for example – cannot be forged or otherwise manipulated. Sotheby’s first NFT sale featured an entirely different format than the video sale hosted by Christie’s. An unlimited number of animated illustration files created by Pak, called Cube, were listed on the specialised platform Nifty Gateway as part of The Fungible collection. About 23 598 of these animations – which rotate to appear to show a 360-degree view of a translucent and white cube on a black background
– were purchased over a three-day period in April for a total of $14m. The artist wanted to question ideas of value and rarity by not limiting sales of the cube art files, and according to Sotheby’s some 3 080 collectors, at time of writing, have already bought their own versions. Pak also sold two unique works, including one made up by a single pixel, which was bought for $1.36m by digital collector Eric Young. The other was another rotating geometric shape which sold for $1.44m. The person who purchased the most of the unlimited Cube works would also receive ownership of a unique piece called The Cube – a more detailed animated illustration of a rotating six-sided shape – as a bonus. The sales offer a peek into the strength of the NFT market, which generates more than $10m worth of sales every day on digital platforms such as Nifty Gateway or OpenSea. According to the site NonFungible. com, $2bn has already changed hands through the NFT market this year. | AFP
FARAH KHALFE farah.khalfe@anapublishing.com
Nothing has been more polarising in the modern world than cryptocurrency. While some swear by its value and have earned unfathomable amounts of money in record time, others are still skeptical, and simply do not understand what it is or how it works. Cryptoassets, or cryptocurrencies as they are commonly called, are digital representations of value that are transferred, traded, and stored electronically. Some of the more well-known crypto-assets include Bitcoin (BTC) and Ethereum (ETH). They have been used for payments, investments, and capital-raising. Yes, there are always risks to any investment, but cryptocurrency has drawn criticism for being an intangible asset, as well as not being regulated by a central bank. Despite this, many people are flocking to the digital currency in the hopes of earning high returns or utilising it as a “get rich quick” scheme. According to the Financial Sector Conduct Authority (FSCA), the high risks already inherent in crypto assets are further being compounded by scam activity. “There are many unregulated firms targeting consumers with marketing material that highlights the rewards, but not the potential downsides of investing in crypto assets,” it said. Since crypto-related investments are not regulated by the FSCA or any other body in South Africa, if something goes wrong, you are unlikely to get your money back and will have no recourse against anyone. With this in mind, multiple crypto-related scams can catch people off guard if they’re not vigilant enough. Here are some
CRYPTO SCAMS you should know
common ones: Imposter Websites There is a surprising number of imposter websites that have been set up to look exactly like valid, authentic company websites. When trying to trade, you may be redirected to another platform for payment. That platform, however, isn’t taking you to the cryptocurrency investment that you’re intending to visit and may be a scam. Remember, if there isn't a small lock icon indicating security near the URL bar and no “https” in the site address, it’s best to think twice. Scamming emails You may find emails in your inbox that look like they’re from a legitimate crypto company. It is common for scammers to announce fake ICOs or coin offerings as a way to steal your funds. It’s important to look over all the details. Is the email the exact same, and are the logo and branding identical? Can you
verify that the email address is legitimately connected to the company? Always do your research and try to contact an actual person who works for the company regarding the email. Fake Mobile Apps Scammers make use of fake cryptocurrency mobile apps available for download through Google Play or the Apple App Store. Double-check the name of the app, the logo, colour scheme and copy to see if there are any misspellings. If you pick up something odd, it’s better to be safe than sorry. Viruses and Malware Sometimes all scammers need is a good old-fashioned virus to gain access to your crypto wallet and transfer all the funds out. These transactions are often irreversible and victims have no institution of authority to turn to for help. Install virus-detection software on your device and protect your wallet with two-factor authentication.
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