In this letter, we explore:

• Bitcoin rally continues, nears $100k
• Egypt’s Central Bank to implement card tokenisation
• Starlink halts Nigerian orders

We also curated updates on startup funding in Africa, weekend reads, and several opportunities.

The big three! 

Bitcoin rally continues, nears $100k

The cryptocurrency market has been riding a wave of good fortune following Donald Trump’s election, with Bitcoin leading the charge. 

On Thursday, Bitcoin surpassed the $98,000 mark, hitting a new all-time high. This milestone follows the launch of Bitcoin ETF options, a development that has revolutionised the market by providing institutional investors with a more traditional and regulated way to invest in Bitcoin. The resulting influx of institutional capital has driven Bitcoin’s value closer to the long-awaited $100,000 milestone.

Bitcoin’s rally has also lifted the broader cryptocurrency market. Ethereum, the second-largest cryptocurrency, has jumped 7% in the last 24 hours, while other major assets like Solana, Dogecoin, Cardano, and Shiba Inu have posted significant gains. This across-the-board growth reflects a strong bullish sentiment sweeping through the market.

With Bitcoin continuing to shatter records and attract mainstream attention, it cements its role as a key player in the evolving global financial system.

Egypt’s Central Bank to implement card tokenisation

Egypt is advancing its digital economy with plans to implement card tokenisation by Q1 2025, a move led by the Central Bank of Egypt (CBE). Tokenisation enhances online payment security by replacing sensitive card details with unique digital tokens, reducing the risk of fraud and protecting consumer data.

Why this matters: As the country’s digital economy grows, securing online transactions has become a top priority. This initiative also aligns with global trends, as major players like Mastercard have pledged to adopt tokenisation for all online transactions by 2030.

Across Africa, other nations are taking similar steps to bolster digital payment security. Nigeria, for instance, introduced the AfriGo domestic card scheme to promote financial inclusion and reduce dependency on international card networks.

By embracing tokenisation,  Egypt is not only improving payment security but also building trust in digital systems, paving the way for broader adoption and greater financial inclusion.

Starlink halts Nigerian orders

Starlink, Elon Musk’s satellite internet service, has temporarily suspended orders for its residential kits in Nigeria. This decision comes after the Nigerian Communications Commission (NCC) delayed regulatory approval for the service.

The suspension affects residential users who require essential equipment like a satellite dish, router, and cables to access Starlink’s high-speed internet. Customers attempting to place orders on the company’s website are now met with a message explaining the pause due to ongoing regulatory reviews.

This move follows Starlink’s earlier attempt to increase its monthly subscription fee by 97%, which the NCC opposed. The company eventually reversed the price hike after the regulator’s intervention.

Context: Despite these challenges, Starlink has experienced rapid growth in Nigeria, becoming the third-largest internet service provider with over 23,000 subscribers. 

However, capacity constraints have led to temporary pauses in new sign-ups in several African cities, including Nigeria.

💰 State of Funding in Africa

Here’s a roundup of African startups that secured funding this week:

• Egypt-based supply chain startup Qara raised $2.6 million in funding from undisclosed investors to enhance its operations and expand into Saudi Arabia.
• Egyptian insurtech startup Amenli raised $2.3 million. The European Bank for Reconstruction and Development Venture Capital arm (EBRD) led the funding round, which was followed by an investment from Y Combinator.
• Senegal-based electric mobility startup Solarbox closed a $1 million pre-seed funding round. The round attracted investors such as Digital Energy Facility, Launch Africa Ventures, JLL Foundation, and Teranga Capital.

🍿 Weekend binge

• A career cheat code
• How Africa’s biggest economy lost 50% of its GDP
• Inside Elon Musk messy breakup with OpenAI
• Is convenience making our lives more difficult?

💼 Opportunities

We carefully curate open opportunities in Product & Design, Data & Engineering, and Admin & Growth every week.

Product & Design

• Leap Tools — UI/UX Designer, Remote
• Hustlebean — Visual Communications Specialist, Remote

Data & Engineering

• Senja — FullStack Engineer, Remote
• Casava — Senior FullStack Developer, Lagos

Admin & Growth

• Cleva — Marketing Specialist, Lagos
• Jaumo — Growth Marketing Manager, Remote