Nestcoin, a Web3 startup in Africa, has laid off employees due to funds being held in the FTX exchange following its bankruptcy. CEO Yele Bademosi emphasized the need to adjust the company's strategy and plans. The layoffs impact 30 employees, with remaining staff facing a 40% salary cut.

ClusterLab, the developer of the Arabic audiobook summarization app Reedz, secured $600,000 in pre-seed funding backed by prominent investors. Based in Tunisia and the UAE, the company aims to enhance AI and NLP technology, particularly through next-generation large language models, to improve Arabic content accessibility.

The Nigeria Police Force has arrested Wilfred Bonse for allegedly laundering funds stolen from Patricia Technologies, involving over 200 million Naira in a complex fraud case. The company, facing backlash since May 2023, is working to refund affected users.

South Africa has a major opportunity to boost government revenue, attract institutional capital, and strengthen its regulatory standing by simply updating how it classifies crypto assets.
TL;DR
Reclassifying crypto as onshore could bring in $29.7 million in extra taxes over 5 years

Leading Nigerian fintech, MoniePoint, has raised $110 million in Series C funding led by Development Partners International’s African Development Partners (ADP) III fund to accelerate its growth across Africa.
Other participants in the round include:
African private equity firm Verod Capital,

Fedrok AG, a pioneering Swiss blockchain firm renowned for its innovations in carbon credit tokenization and sustainable Web3 technologies, has launched a new $20,000 blockchain development grant aimed at African developers.
This initiative is designed to foster the creation of blockchain-based

The CBN and ANAACOP launched the ‘Agro eNaira Wallet Engagement’ to enroll five million farmers in northern Nigeria for the 2023-2024 farming seasons, facilitating soft loans through eNaira wallets to improve financial access and streamline support.

StarkWare has launched a $4 million venture fund to support blockchain startups in Africa, focusing on early-stage projects deploying on Starknet. Led by Kheireddine Kamal, the fund targets regions with high blockchain adoption potential, offering grants up to $150,000 and investments up to $500,000.

Tether has invested in Kotani Pay, a Kenyan crypto startup, as part of a strategic Tier 2 investment to enhance partnerships in the growing on-chain economy in Sub-Saharan Africa. This collaboration aims to improve digital asset access and cross-border payments.

Helios Investment Partners has invested $102 million in India's M2P Fintech, a leading BaaS provider. This funding will support M2P's expansion in Africa, where it aims to enhance financial services and capture a growing market.

The Internet Corporation for Assigned Names and Numbers (ICANN) has launched a global Grant Programme granting innovators across Kenya and the world access to a $10 million fund.

New York–listed Super Group, through its South African subsidiary, Super Money, has launched ZAR Supercoin, a digital rand stablecoin backed 1:1 with fiat reserves and redeemable instantly.
Super Group is widely known as the owner of the Betway online gambling platform.
According to Super Money