Business
Tesla’s Bitcoin Transfers Spark Concerns, Price Remains Steady
Tesla’s recent large Bitcoin transfers raised concerns about a possible market crash, but data from Arkham suggests the company still controls the assets. Social media, particularly X, buzzed with worries, but no Bitcoin has moved from Tesla’s wallets since October 15.
Despite these transfers, Bitcoin’s price actually rose 5%, reaching $69,220 on October 21, before dropping slightly to $67,600. The reason behind Tesla’s Bitcoin transfers is unclear, but some speculate that the funds could be sent to a custodian, allowing Tesla to secure a loan using its Bitcoin.
Tesla uses Coinbase Prime Custody for storing its Bitcoin, and further plans may be revealed during the company’s third-quarter earnings call on October 23. Tesla remains the fourth-largest corporate holder of Bitcoin, having initially bought $1.5 billion worth in February 2021.
Business
OPay Introduces New Security Features for Customers
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
Business
Nigeria’s Agricultural Sector Cannot Thrive Without Investment – FG
The Federal Government of Nigeria has spoken on the agriculture sector of the country and shared that, in its current state, it needs more capital as it cannot stand alone without it.
They stated that even more capital will be needed in order to transform the agricultural sector and improve food production in Nigeria.
“Relying solely on public capital will not suffice to finance the transformation of Nigeria’s agricultural sector. Similarly, private capital will not be mobilised at the necessary scale unless the associated risks are comprehensively understood, appropriately allocated, and effectively managed.”
Business
Dangote Refinery Increases Petrol and Diesel Prices
It has been noted that there is now an increase in fuel all around Nigeria, from … to 1000 plus in fuel stations.
It was also noted that Dangote Petroleum Refinery increased the price to 1,175 per litre and diesel has been increased to 1,620 per litre.
This new spike in fuel increase has caused Nigerians to lament widely, wondering why this change happened all of a sudden.
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