The Nigerian government has agreed to a three-year agreement for exclusive intellectual property rights to develop a national wallet. The Developing Africa Group has decided to collaborate on developing a national wallet. It will make it possible to commercialize IP forms developed and registered in the country.
The deal gives Developing Africa Group exclusive rights to create a platform where anyone may upload any IP rights and trade or sell them internationally. Patents trademarks, and all copyrights, including videos, shows, lectures, podcasts, and any streamable content, are among the IP forms described above.
Nigeria’s New Initiative Will Be Driven by Algorand
The Developing Africa Group chose Koibanx as their tokenization and payment platform. The Algorand blockchain will serve as a framework for the wallet. The wallet and the tokens for both the IP being sold and the stable token (equivalent to the Naira) that will be used to pay the inventor will be developed by Koibanx, the leading Latin American asset tokenization, and blockchain financial infrastructure startup.
Ben Oguntala, CEO of Developing Africa Group says:
“Algorand’s protocol not only provides the performance, scalability, security and functionality required to implement such a large scale project but is also environment-friendly which is important for the Government and has a huge philosophical match with the ‘creators economy industry’ we’re targeting here.”
The collaboration between Koibanx and Algorand is not the first. With more efficient infrastructure and solutions, Koibanx-Algorand is working across Latin America to strengthen the region’s growing digital economy. It has worked on governmental and commercial projects all over Latin America, including Columbia and El Salvador.
Leo Elduayen, Koibanx´s CEO says:
“The Nigerian IPR Wallet is probably the largest crypto project world-wide. When we took El Salvador´s challenge we impacted the life of millions of citizens, after this experience we embarked on the Colombian government platform handling tens of millions.”
The development is a significant step forward in the apparent global adoption of cryptocurrencies.
