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One Louisiana native is using cryptocurrency to change the way the Black community views money. Chyna Bethley is a creative visionary who has her sights set on helping to create generational wealth through her business, Rich University. She’s also quite resilient having survived breast cancer, Hurricane Katrina, and the loss of her first business. She also recently partnered with The Steve and Marjorie Harvey Foundation to teach others how to invest in Bitcoin to build their wealth. AfroTech spoke with Bethley about how she ventured into the cryptocurrency space, how Rich University is a resource for the community, and what generational wealth means to her. Editorial Note: This interview has been edited for clarity and length. AfroTech: What is it about cryptocurrency that sparked your interest? Chyna Bethley: What’s so exciting is that we’re at the beginning stages of cryptocurrency and that’s the best part — the unknown. It’s an amazing feeling knowing that we have something that...
JPMorgan is now the first bank in the U.S. to create and test its own cryptocurrency. This move could be a catalyst for other large institutions. Tagged as the JPM Coin, the bank’s cryptocurrency is based in U.S. dollars. The bank said it plans to expand to other currencies once the prototype has been thoroughly tested, but the coin is specifically for business-to-business transactions. Individual JPMorgan clients won’t be able to use the cryptocurrency until decisions are made after the testing phase. As a heavy critic of Bitcoin, JPMorgan said its cryptocurrency is more regulated. “We are supportive of cryptocurrencies as long as they are properly controlled and regulated,” Umar Farooq, head of Digital Treasury Services and Blockchain at JPMorgan, said. “As a globally regulated bank, we believe we have a unique opportunity to develop the capability in a responsible way with the oversight of our regulators.” JPM Coin will be issued to institutional clients on the Quorum Blockchain...
Black Girls Code has partnered with blockchain software technology company, ConsenSys, to launch an international training program aimed at helping young Black girls learn about cryptocurrency and the foundations of blockchain technology. Students in the program will get the opportunity to participate in blockchain developer conferences, including a hackathon sponsored by ConsenSys. “The ConsenSys team has consistently impressed me with their commitment to creating pathways for access and inclusion within the blockchain ecosystem and their passion for introducing these tools to the next generation of coders,” said Kimberly Bryant, Black Girls Code’s CEO to Forbes. The curriculum will reach Black Girls Code chapters all over the world, from Oakland, New York City, Atlanta and Johannesburg, South Africa, according to Forbes. Black Girls Code has introduced 60 young women of color to blockchain technology since last August, educating students on how to make their own smart contracts...
A Ghanaian based company is on a mission to make sure cryptocurrency can be adopted by many, not just a few. Mazzuma is using blockchain and artificial intelligence to innovate mobile payments. The platform makes use of the distributed ledger system and its own cryptocurrency to allow for secure online transactions. Founders Kofi Genfi and Nii Osae Osae Dade launched the platform in 2015 as the flagship product for their software innovation company CYST. The two were recognized this year by Forbes Africa 30 under 30 for their contribution to Africa’s tech ecosystem. “The most unique feature about Mazzuma is its sheer simplicity in its usage,” said Genfi in an email to AfroTech. “Mazzuma’s unique multichannel approach allows consumers to use financial services in ways you hadn’t imagined before.” The team launched the third phase of its initial coin offering (ICO) with digital token MAZ created to allow for instant and free global mobile payments. The Ghanaian-based company is driven...
The price of Bitcoin dropped significantly over the weekend and continued to fall Monday marking a new low in the cryptocurrency’s value. Bitcoin fell as low as $3,520 reflecting a 36 percent drop from Monday’s opening price of $5,553, according to Coindesk. At press time, it crept back up and hovered around $3,700 on Bitstamp. After recently celebrating ten years, this becomes the worst drop the best-known digital currency has ever experienced. In April 2013 prices dropped from $165 to $91. The price of the cryptocurrency hit an all-time high almost a year ago reaching $20,000 in December 2017 , bringing the decline to 80 percent. The performance of the virtual currency has struggled this year as the price of one bitcoin has dropped $15,000 since its 2017 high with a loss of $700 billion, according to CNBC . Investors say they predict the cryptocurrency will continue to decline to 85 percent from its peak.
Ohio businesses are in for some big changes this week — they will now be allowed to pay taxes with Bitcoin. The state launched ohiocrypto.com as a portal for businesses in the state to pay a range of 23 taxes which include cigarette, sales, and commercial activity taxes. Ohio’s Treasury office will use the third-party processor, Bitpay, to process the Bitcoin payments, which are converted into U.S. dollars and deposited into a state account. Ohio’s move is the first in the nation, while Georgia, Illinois, and Arizona have similar programs in the works. “It’s a very interesting move,” said Phillip Dancy, a New York-based investment banker. “It’s still surprising because Bitcoin could and probably will take another hit.” Bitpay assumes all of the risks in Bitcoin pricing, according to the OhioCrypto website. Bitcoin users also pay taxes on the cryptocurrency because it is considered a commodity in the U.S. “I think this is a brilliant decision and natural progression for bitcoin users...
As cryptocurrency and blockchain gain traction across the world, more Black women are entering the space, building companies and even creating their own coin. However, Black women thriving in this growing sector say their work is going unseen. The cryptocurrency market is fairly new and coins like Bitcoin , Ethereum and Litecoin have become the most popular, but anyone can create a cryptocurrency. “ Bitcoin set a precedent for how you popularize a currency and how to add value to it,” said Tavonia Evans, creator of Guap Coin . “ A lot of people don’t have the understanding that cryptocurrency is real money. You can really use it, you can cash it out.” Evans created Guap Coin as a way to support Black-owned businesses and philanthropic initiatives. “It’s one thing to support Black businesses and to buy Black, but if you don’t have a platform to be able to see how it’s growing and how it has an impact, then it becomes a movement that dies,” Evans said. Guap Coin was originally built...
Ripple is a blockchain company known for its campaign to persuade the financial industry to use XRP to facilitate cross-border payments. The team recently hired Kahina Van Dyke as Senior Vice President of Business and Corporate Development. The new role will see her focusing on driving new partnerships across the global finances industry. Van Dyke is a veteran in the banking industry with more than 20 years of experience at companies such as Mastercard and Citibank. She makes this transition from her most recent role as Facebook’s Global Payments Director. In an interview with Fortune, she stated that the international payment system’s web of “correspondent banks” needs to be shaken up, which aligns with what we’ve seen from Ripple. With experience at a fast-paced company like Facebook, Van Dyke should be able to help advance the financial industry while blockchain and cryptocurrencies are becoming more familiar.