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June 1, 2022

Nigeria to create an IP exchange marketplace and wallet on Algorand

The Nigeria government has signed a three-year exclusive IPR deal with Developing Africa Group to build a national wallet that would enable worldwide commercialization of any IP forms generated and registered in the country, domestically and globally.

The IPR exclusivity agreement involves the government granting Developing Africa Group, a regional software development company, the right to build the country’s official platform, which will allow its citizens to upload any form of IP rights and trade, sell, or exchange them abroad while collecting royalties and proceeds in their wallets.

This agreement covers trademarks, patents, copyrights, music, lyrics, videos, shows, lectures, podcasts, and any streamable material. The Developing Africa Group has picked Koibanx as the tokenization and payments engine for the nation and Algorand Blockchain as the protocol to develop on.

Koibanx, an American asset tokenization and Blockchain financial infrastructure company, will implement the wallet, token for the IP being sold, and stable token (equivalent to the Naira) to pay the creators, as well as 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 legal and data miners.

Algorand Blockchain will launch all tokens. “Algorand’s protocol provides the performance, scalability, security, and functionality needed to implement such a large project. It’s also environmentally friendly, which is important to the government, and has a huge philosophical match with the ‘creators economy industry’ we’re targeting,” said Ben Oguntala, CEO of Developing Africa Group.

This is not the first “Koibanx-Algorand” implementation; the synergy already extends to several recent national public and private initiatives across Latin America, including a blockchain-based citizens ID and information program in Colombia (with +12M users), El Salvador’s National Registration platform (which comprehends IP but also land, vehicles, and legal entities titles), and over 10 different payments implementations for banks in the region. Koibanx-Algorand is improving Latin American infrastructure.

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