Gluwa Joins as Nigeria CBDC Partner

원본보기 아이콘

Silicon Valley's 'K-Blockchain' company Gluwa announced that it will participate as a key partner in the Central Bank of Nigeria's central bank digital currency (CBDC) eNaira project in Africa's economic powerhouse, Nigeria.

Gluwa, the developer of Creditcoin (CTC), announced on the 7th that its Nigerian subsidiary 'Gluwa' signed a memorandum of understanding (MOU) with the Central Bank of Nigeria (CBN) and will participate as an official partner to promote the adoption of Nigeria's central bank digital currency, eNaira.

Gluwa cited the core goals of this partnership as △ strengthening financial inclusion using blockchain technology △ improving eNaira functionality △ promoting financial innovation. To this end, it plans to integrate its Credal blockchain API with eNaira. Through integration with Credal, recording eNaira loans and repayments on the Creditcoin network will enable the construction of credit profiles that ensure immutability and speed of financial transactions, thereby improving the existing financial ecosystem. Creditcoin is already a real-world asset (RWA) network with approximately $80 million (about 106.872 billion KRW) and over 4.27 million loan transactions recorded, serving more than 337,000 users.

[Photo by Gluwa Director Akin Jones on the left, eNaira Ayodeji Odusote CEO, Gluwa CEO Tae-rim Oh]

원본보기 아이콘

This provides a means for people who previously could not access banking services to build credit profiles, while simultaneously offering infrastructure for Western fintech lending companies to enter Nigeria across borders. Through this, it is expected to establish a foundation for Nigeria's financially excluded populations to access banking services and support improvements in the lending process, such as facilitating Western fintech companies to directly transfer eNaira to customers.

Gluwa stated, "Becoming the official technology partner of the Central Bank of Nigeria is a major leap in our ongoing mission to build a borderless financial ecosystem focused on emerging markets to promote greater financial inclusion," adding, "By implementing Credal technology to build credit data for eNaira users, we will onboard millions of Nigerians."

This partnership is regarded as an opportunity for Gluwa to lead the rapidly growing blockchain industry in Africa. Nigeria is Africa's largest economy, with a population exceeding 226 million, and ranks first in interest in virtual assets, making it a country with high global growth potential. According to blockchain data analytics firm Chainalysis, last year, the peer-to-peer trading volume of stablecoin Tether (USDT) and Naira (NGN) more than doubled compared to the previous year, indicating rapid growth in the blockchain industry. Changpeng Zhao (CZ), former CEO of the world's largest exchange Binance, has also shown continuous interest and mentions of Nigeria, highlighting its significant market potential.

Gluwa is a representative 'K-Blockchain company' founded in Silicon Valley by Korean CEO Tae-rim Oh, a graduate of the prestigious Carnegie Mellon University in the United States in 2012. In 2016, it attracted attention by securing investments from global renowned investors such as 500 Startups, a leading Silicon Valley venture capital firm, and Steve Chen, co-founder of YouTube.

CEO Oh said, "Gluwa Nigeria is honored to collaborate with the Central Bank of Nigeria to elevate real-world assets to a new level," adding, "By 2024, we plan to work with the Central Bank of Nigeria to increase the utilization of eNaira and transform the Naira into a trusted and meaningful currency for users, aiming to make it a model case for CBDCs."

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.