Web3 is the idea a blockchain-based decentralized, third-generation version of the internet will eventually replace the Silicon Valley-centric web 2.0 that's dominated by the likes of Facebook's Meta, Google GOOG, Microsoft and Amazon AMZN. "At this rate, web3 adoption will happen more because of the reckless actions of web2 companies." ![]() "PayPal censoring speech and blocking payments is the best thing that has happened for the adoption of crypto payments with stablecoins," prominent crypto investor Santiago Roel Santos tweeted. ![]() and Europe, are exploring the development of their own digital dollar and digital euro CBDCs. However, in China, the development of a digital yuan, a so-called central bank digital currency (CBDC), has sparked fears the government will be able to dictate what people can spend their money on. "This is why it is so vital that state and federal legislatures pass laws that prohibit discrimination by tech companies and protect free speech."īitcoin BTC and crypto proponents have long argued allowing companies to run payments system risks giving them too much power over people and how they spend their money. "Paypal reserves the right to take your money if you post a message that Paypal decides is "misinformation," Carr posted to Twitter. The policy was described as "Orwellian" by the Republican commissioner of the Federal Communications Commission, Brendan Carr. "Agreed," Musk responded to Marcus, while Sacks, now a venture capitalist and cohost of the All In podcast, told PayPal users to "get your money out of PayPal right now." A private company now gets to decide to take your money if you say something they disagree with. "But PayPal's new AUP goes against everything I believe in. "It’s hard for me to openly criticize a company I used to love and gave so much to," Marcus, who now runs "bitcoin-focused" company Lightspark after failing to get Facebook's digital currency off the ground, posted to Twitter. However, the company’s change of direction only happened after members of the so-called PayPal mafia, former PayPal president David Marcus, founding chief operations officer David Sacks and cofounder Elon Musk, publically criticized the policy while the bitcoin and crypto community pointed to it as evidence of the need for decentralized, digital payment alternatives. We’re sorry for the confusion this has caused." Our teams are working to correct our policy pages. "PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy. You'll get to know Africa's most exciting tech companies and trends every week, with enough memes and bad jokes to make it fun."An AUP (acceptable use policy) notice recently went out in error that included incorrect information," a PayPal spokesperson told reporters. PS - if you enjoyed this, you’ll probably like my newsletter. ![]() What other African startups have had a huge impact on the tech ecosystem? I think we’ll see these founders create the next set of success stories in Africa, and the flywheel will be in motion. Just one acquisition has caused massive waves on Africa’s tech ecosystem. The Paystack founders, Ezra Olubi and Shola Akinlade, have both gone on to invest in most of the Paystack mafia companies and many other fintechs. Obi Ik, founder of Alvative, which provides startups with junior and medium technical support teams. Jimmy Kuassi, co-founder of Moneco (YC S22), a neobank for African migrants in Europe, which joined the latest Y Combinator Batch. Brass closed out a $1.7m round last year to expand to Kenya. After getting into Y Combinator they raised a $2m seed roundįemi Aluko and Olumide Ojo, founders of Chowdeck - a food delivery startup - which joined the most recent YCombinator batch.Įmmanuel Okeke, Co-Founder and CTO of Brass - building banking solutions for SMEs. Idorenyin O., Co-Founder of Grey (YC W22), letting Africans create digital foreign accounts to send and receive international payments. Mono raised a $15m Series A round to build the Plaid of Africa. In October 2020 Nigerian fintech, Paystack, was acquired by Stripe for $200m.Īnd many of early Paystack team, the ‘Paystack Mafia,’ are starting and scaling their next companies, like -Ībdulhamid Hassan, CEO of Mono. You may know the Paypal Mafia (Elon Musk, Peter Thiel, Ried Hoffman, etc).
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