Koibanx, Algorand To Make IP Marketplace for Nigeria

Koibanx, Algorand To Make IP Marketplace for Nigeria
  • The Nigerian government signed an agreement with Developing Africa Group to create a marketplace and wallet.
  • DAG selected Koibanx to initiate the tokenization and payments engine.
  • All tokens will be launched on top of the Algorand Blockchain.

Software company Koibanx announced its partnership with Algorand and developing Africa Group to launch an IP exchange marketplace and crypto wallet. 

The government of Nigeria has signed a 3-year exclusive intellectual property rights (IPR) agreement with Developing Africa Group (DAG). This agreement will launch a countrywide wallet that will allow Nigerians to register and commercialize their different IP rights, both locally and internationally. 

In addition, DAG will build the country’s official platform that allows its people to upload any form of IP rights and trade, sell or exchange them overseas, and collect the royalties and proceeds directly to their wallets. 

The IP rights include trademarks, patents, and all forms of copyrights such as songs, lyrics, videos, shows, lectures, podcasts, and streamable content.

With the government’s approval, DAG has selected Koibanx to build the token and payments engine in the country on Algorand.

Koibanx will be managing the implementation of the wallet. Moreover, the wallet will go alongside the token, both for the IP being sold and stable token. The consortium will also develop a content streaming platform and legal and data mining.

Koibanx´s CEO Leo Elduayen stated in the press release:

“What the Developing Africa Group has achieved is truly amazing. The Nigerian IPR Wallet is probably the largest crypto project worldwide… I believe this initiative could change the life of +50M people easily.”

DAG CEO Ben Oguntala and Elduayen revealed that the proposal will launch before January 2023.

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