Nigerian Government to Roll Out IP Exchange MarketPlace and Wallet on the Algorand Blockchain

The Developing Africa Group has chosen Koibanx, with the Government's approval, as the tokenization and payments engine to be utilized in the country, and the Algorand Blockchain as the protocol to build on top of.

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The government of Nigeria will be rolling out a nationwide digital wallet to allow for international commercialization of intellectual property (IP) forms, an official press release has said.

The Nigerian government has signed a 3-year exclusive IPR (intellectual property right) agreement with Developing Africa Group to launch a nation-wide wallet which will enable the international commercialization of all IP forms being created and registered within the country, both locally and internationally. 

In this context, the IPR exclusivity agreement consists in the government granting Developing Africa Group – a regional software development company – to build the country’s official platform for its people to be able to upload any form IP rights and trade, sell, or exchange them abroad while collecting the royalties and proceeds of these operations on their wallets.

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SEE ALSO: SEC Nigeria Unveils 3 License Requirements for Digital Assets Service Providers in the Country

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IP forms reached by the above mentioned agreement include:

  • Trademarks
  • Patents
  • All forms of copyrights such as songs, lyrics, videos, shows, lectures, and podcasts
  • All forms of streamable content

The Developing Africa Group has chosen Koibanx, with the Government’s approval, as the tokenization and payments engine to be utilized in the country, and the Algorand Blockchain as the protocol to build on top of.

Koibanx, the leading Latin American asset tokenization and blockchain financial infrastructure company, will be in charge of implementing:

  • The wallet
  • The token, both for the IP being sold and stable token (equivalent to the Naira) to pay the creators
  • The overall technical integration of the different vendors in play

The technical integration will include one of the top card-issuing companies worldwide, a content-streaming platform, and top firms, both legal and data mining, that will all be announced before launch date.

All tokens will be launched on top of the Algorand Blockchain.

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RECOMMENDED READING: Central Bank of Nigeria to Add USSD Support and Investment Opportunities Around the e-Naira

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