🪙 Binance Shifts South African Derivatives Operations to Bahrain Subsidiary

Today’s Menu ☕️

🪙 Binance Shifts South African Derivatives Operations to Bahrain Subsidiary
💰Cercli Secures $4 Million Seed Funding to Revolutionize Workforce Management in MENA
🌾 Transforming Africa’s Food Security: Incofin’s N3F Invests in Nutritious Agribusiness Enterprises
 🛒 Kasha Global secures equity investment from Sanofi Impact Fund
📱Bluesky continues to soar, adding 2M more new users in a matter of days

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🪙 CRYPTOCURRENCY

Binance Shifts South African Derivatives Operations to Bahrain Subsidiary

Binance, a leading global cryptocurrency exchange, has revealed plans to shift its South African derivatives operations to its subsidiary in Bahrain, Binance Bahrain B.S.C. (c). This strategic decision aligns with the regulatory standards of both South Africa and Bahrain, allowing Binance to maintain compliance while effectively continuing to serve users in both regions.

As part of this transition, South African users who wish to continue trading derivatives on Binance will be required to create new accounts with Binance Bahrain. They will also need to undergo a new Know-Your-Customer (KYC) verification process, adhering to the standards set by the Central Bank of Bahrain. This migration is seen as a response to the increasing global regulatory scrutiny that has prompted Binance to align more closely with established regulatory frameworks.

Binance Bahrain will now be the official entity overseeing derivatives trading for South African users. It will operate as a Juristic Representative of the FiveWest OTC Desk (Pty), reinforcing Binance’s commitment to adhering to local and international regulations. This shift necessitates that South African users accept new terms and conditions and resubmit the required KYC documentation.…....continue reading

💰 FUNDING

Cercli Secures $4 Million Seed Funding to Revolutionize Workforce Management in MENA

Cercli, an innovative platform streamlining workforce management for businesses in the Middle East and North Africa (MENA), has successfully raised $4 million in seed funding. The funding round was led by Silicon Valley’s Afore Capital, making its debut investment in the MENA region. This strategic move by Afore Capital, utilizing its $150 million Fund III, highlights Cercli’s potential to reshape workforce management in a burgeoning market.

Cercli is tapping into a significant $2 billion market opportunity in payroll management across the MENA region. Its unified platform simplifies hiring, managing, and paying employees globally, addressing common challenges like high compliance costs and operational inefficiencies caused by fragmented systems. Co-founded by industry veterans Akeed Azmi and David Reche, Cercli was created to meet the demands of businesses managing a growing international workforce.

Since its launch in 2024, Cercli has demonstrated impressive growth, with a 25% month-on-month increase in user adoption. The platform has successfully processed over $23 million in employee salaries, spanning 31 countries.…....continue reading

🌾 AGRIBUSINESS

Transforming Africa’s Food Security: Incofin’s N3F Invests in Nutritious Agribusiness Enterprises

In a bold move to combat malnutrition and strengthen food security across Sub-Saharan Africa, Incofin Investment Management has announced the first investments from its recently launched Nutritious Foods Financing Facility (N3F). This initiative, introduced earlier this year, aims to empower local food enterprises by providing them with the necessary financial and technical resources to scale their operations and reach underserved communities.

Through N3F, three promising companies - Shalem Investments (Kenya), Good Nature Agro (Zambia), Camoni Ruiz (Kenya) - have each secured debt financing ranging between USD 0.5 million and USD 1 million. This funding will enable them to increase their production capacity and expand their reach, providing nutritious food to lower-income households across the region. Additionally, these companies will benefit from customized technical assistance managed by the Global Alliance for Improved Nutrition (GAIN), ensuring that they can sustainably grow and continue to make a positive impact..…....continue reading

🛒 ECOMMERCE

Kasha Global secures equity investment from Sanofi Impact Fund

Kasha Global, an e-commerce platform operating the healthcare space, has announced an equity investment from Sanofi Global Health Unit’s Impact Investment Fund. Though the amount is not disclosed, the investment will support Kasha’s expansion into more countries across Africa, increase capabilities in Kasha’s technology platform and further grow Kasha’s ability to drive equitable access of health products across the continent.

In 2023, the Rwandan startup raised $21 million in a Series B funding round led by Knife Capital..……continue reading

📱SOCIAL MEDIA

Bluesky continues to soar, adding 2M more new users in a matter of days

Social networking startup Bluesky continues to benefit from X’s shutdown in Brazil, having now added more than 2 million new users over the past four days, up from just half a million as of Friday. This rapid growth led some users to encounter the occasional error that would state there were “Not Enough Resources” to handle requests, as Bluesky engineers scrambled to keep the servers stable under the influx of new sign-ups.

As new users downloaded the app, Bluesky jumped to becoming the No. 1 app in Brazil over the weekend, ahead of Meta’s X competitor, Instagram Threads. According to app intelligence firm Appfigures, Bluesky’s total downloads soared by 10,584% this weekend compared to last, and its downloads in Brazil were up by a whopping 1,018,952%. The growth seems to be having a halo effect, as downloads outside Brazil also rose by 584%, the firm noted. In part, this is due to Bluesky receiving downloads in 22 countries where it had barely seen any traction before.……continue readling

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