Koibanx global blockchain company announced on Tuesday during Twitter Spaces session it co-hosted with Fred Estante that the federal government has entered a three-year exclusive IPR (intellectual property right) agreement with Developing Africa Group to launch a national wallet for Nigeria.
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Following the Nigerian Securities and Exchange Commission (SEC) released new regulations that will guide the Nigerian crypto market and the entire digital industry, the federal government has made a move suggesting that it may back it up.
BREAKING: @koibanx and @developingafro
— Algorand Technologies (@Algorand) May 23, 2022
to develop #Nigeria's official platform for commercialization of all IP in the country, on #Algorand.
As announced by @leoelduayen and @developingafro earlier today on a #TwitterSpace. Replay 👉 https://t.co/pGqAc2vp0s
What Does this Mean?
IP forms reached by the above mentioned agreement include trademarks, patents and all forms of copyrights such as songs, lyrics, videos, shows, lectures, podcasts and all forms of streamable content.
Koibanx will be in charge of implementing the wallet, the token both for the IP being sold and stable token (equivalent to the Naira) to pay the creators in addition to the overall technical integration of the different vendors in play, which include one of the top card issuing companies worldwide, a content streaming platform and top firms both legal and data mining, they will all be announced before launch date.
According to People Gazette, the agreement grants Developing Africa Group, a regional software development company, the right to create an official platform for Nigerians to upload any form of IP rights and trade, sell or exchange them abroad while collecting the royalties and proceeds of these operations on their wallets.
The Developing Africa Group has selected Koibanx and Algorand Blockchain as the payment platform and protocol it will be built on.
Koibanx, a Latin American asset tokenization and Blockchain financial infrastructure company, will be in charge of implementing the wallet.
