How Africans Can Offramp Their BANK Tokens Into Fiat Currency Through Mobile Money Wallets | BanklessAfrica Newsletter
This is BanklessAfrica Newsletter, a newsletter about staying up to date with well-curated news about crypto and Web3 around Africa.
Dear Bankless Nation,
While the world is trying to figure out Web3, Snoop Dogg and Jack Dorsey are working on Web6 and Web5, respectively! What happened to Web4, you might ask? No time!
The Central African Republic continues to make strides in the ecosystem; this time, it’s about tokenizing natural resources. Carbon Collectible NFTs, a project nested under Bankless Africa, is doing the same. Jay-Z and Jack Dorsey will partner up again to bring Bitcoin education to kids in New York, while Ethiopia bans cryptocurrency and warns citizens.
BanklessAfrica Podcast's new episode is massive fire. Sourcing funding from investors, foreign or local, is one of the most significant hurdles faced by African tech startups when creating innovative solutions and scaling these solutions to solve identified problems within the African continent. Our guest, Erikan Obotetukudo, also shares her personal experience with mental models for African Diaspora and African businesses. Thanks, Miss Purple, for that.
In this issue, we provide a step-by-step guide to the process of swapping your hard-earned BANK tokens for fiat, should you wish to.
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Karibu (Welcome).
Contributors : Kutubu, WinVerse, Paulito, jaux, Leah par, Trewkat, Miss Purple, Yofi
📈 Historical Snapshots
As of June 11, 2022
Top Assets by Market Cap
Name: Bitcoin (BTC) Price: $29,341.79 Market Cap: $553,583,500,539
Name: Ethereum (ETH) Price: $1,593.27 Market Cap: $192,961,019,918
How Africans Can Offramp Their BANK Tokens Into Fiat Currency Through Mobile Money Wallets
Author: Kutubu

The joy that comes with seeing your Eth/Polygon wallet loaded with the BANK token is a phenomenal feeling, even more so when it is liquidated into the fiat currency of your home country, making it usable in the regular commerce activities of the everyday African.
Imagine being glued to your screen for several days working tirelessly but contributing gleefully, enjoying the company of similar minds through the power of decentralized autonomous organizations (DAOs) and Web3.
This is the reality of the contemporary era of BanklessDAO: bridging the gap of distance and creating value for a community of DAOists through talent sourcing, training newbies into becoming degens, and giving hope to those who have lost hope. With all these exciting adventures to explore, it could be daunting for most newbies to figure out how to liquidate the DAO’s governance token (BANK) into fiat so that the benefit of contribution can be enjoyed.
Fortunately, most African countries have well-established mobile money services. This is a huge advantage and encouragement for living the DAO life without having to jump the ropes or red tape of the TradCorps banking system. However, it is important to note that when we all look to sell the BANK token in a bid to live from it, the value of the BANK token will inevitably decrease as the sell pressure increases. Every sale has consequences, it is then a matter of deciding which are worth taking.
If you decide to proceed, these are the two simple and convenient steps I always apply to convert my BANK token into fiat currency through my mobile money wallet:
Step One: Setting Up a Binance Account and a MetaMask Wallet (Skip to Step Two if You Have Done So Already)
Sign up for an account with the Binance trading platform.
Log into your Binance account and hover your mouse on ‘Overview’. Click on ‘p2p’, head over to ‘More’ and from the dropdown menu, select a payment method to add your mobile money number.
Provide an extra layer of security to your account with the Google authenticator (or another authenticator of your choice) and text message (with your mobile money number).
Authenticate your account with Know Your Customer (KYC) identification system.
Congratulations, your Binance account has now been fully set up with all the P2P transaction capabilities.
Next, create an account with the MetaMask wallet (it’s available as a Google Chrome extension, available for Chrome or Brave or a mobile application).
Set up a strong password.
Set up your seed phrase.
Back up both password and seed phrase somewhere very safe and then log into your MetaMask wallet.
Adding the Polygon Network To Display in the MetaMask Wallet
Go to the Polygon website. On the top menu bar, hover your mouse over ‘dAPPS’ and from the dropdown menu, select ‘Add Polygon POS network to MetaMask’.
Approve the Polygon network addition in your MetaMask wallet, and hooray, you are set.
Note that your MetaMask wallet now has two available networks: Ethereum Mainnet and Polygon.
Adding the BANK Token To Display in MetaMask Wallet
Go to the CoinMarketCap website for the BANK token details and copy the contract address. Add the contract address to both the Ethereum Mainnet and Polygon networks in your MetaMask wallet.
Congratulations once again, your MetaMask wallet is fully set up and ready to exchange.
Step Two: Offramping BANK to a Mobile Money Wallet
In Step One, you set up accounts on Binance and MetaMask. In Step Two, you will first use MetaMask to exchange the BANK token for a token that is available on the Binance exchange, such as USDT or USDC. Then you can send that token to Binance and offramp this to your mobile money wallet.
Procedure One (when the BANK token is on the Polygon network)
Open your MetaMask wallet and switch the network from Ethereum Mainnet to Polygon.
Once the network changes, click on the swap button and type in the amount of BANK token you want to swap.
Select the token you want to swap to (you will likely want to swap to a stablecoin such as USDT)
You will be prompted to approve a small amount of gas fees in MATIC; accept and in seconds you will have your USDT or whichever token you have opted to swap into. If you don’t have any Matic in your MetaMask wallet, you may need to swap some before you can proceed.
Log into your Binance account and navigate to the wallet. From the dropdown menu select ‘Overview’.
Hover the mouse above the ‘Overview’ panel, select ‘Deposit’ and then ‘Deposit Crypto’.
On the ‘Deposit Crypto’ page select the coins you want to deposit (in this example, USDT), and select the network (in this example, MATIC Polygon).
Copy the deposit address that appears and go back to your MetaMask wallet.
In the MetaMask wallet (remember to select the Polygon network), click the ‘Send’ button in the middle and on the next screen, paste the deposit address in the box under ‘Send to’. Double check the details, accept the gas fees, click send, and in a few minutes, your USDT will be deposited in your Binance account.
NOTE: From this point onwards make sure you are on your phone with the GPS app turned on. Binance keeps track of your location to give you the best service.
Next, from the Binance account, head over to the top panel and hover over ‘Buy Crypto’, from the dropdown menu select ‘P2P trading’.
There are two trading zones here: ‘P2P’ and ‘Express’.
Select ‘Express’ to get the best price option, press the ‘Sell' button, enter the amount of USDT to sell and send the order.
Verify with authentication code and voila, you should have a fat account!
Beware: Make sure you have received the money in your mobile money account before releasing the crypto.
Procedure Two (When the BANK token is on Ethereum Mainnet)
You can perform the swap to USDT or other tokens on the Ethereum Mainnet, but as you may know, Ethereum gas fees can be very pricey. The process below walks you through performing the swap on the Polygon network for much lower gas fees.
The first step is to bridge the asset (BANK token) from Ethereum Mainnet to the Polygon network.
Go to the Polygon website, connect your MetaMask wallet and select ‘Polygon Bridge’.
On the bridging page, select ‘Deposit’ to bridge the asset from Ethereum Mainnet to the Polygon network.
Select the asset to bridge (in this example, the BANK token) and enter the amount of your choice.
Scroll down and click ‘Transfer’.
A dialogue menu appears with the confirmation of the transaction details, including the estimated gas fees.
Approve and click ‘Continue’ to start the transaction.
In a couple of minutes your BANK token should be displayed in your Polygon wallet.
Now that your BANK token is on the Polygon network, you can follow Procedure One to exchange it for fiat currency and transfer it to your mobile money wallet.
Another reminder that every single trade you make affects the value of the BANK token; ensure that you understand that the value of the token could be lower on one trade than it may have been in a previous trade. Make all your financial decisions having done your own research and with the understanding of the possibility of fluid changes.
📰 News and Opinion In and Around Africa
Jack Dorsey and Jay-Z Announce the Bitcoin Academy in Brooklyn, New York
Author: Shawn Amick, Bitcoin Magazine
The founder of Block Inc., co-founder of Twitter— Jack Dorsey, and the popular musical artist, Shawn Carter ("Jay-Z"), have partnered to fund the Bitcoin Academy. According to Dorsey, this program is directed towards providing financial education and empowerment to the residents of Marcy Houses in Brooklyn, New York — the community where Jay-Z grew up.
This initiative, made in collaboration with Cash App, Black Billion Billionaire, Crypto Blockchain Plug and the Shawn Carter Foundation, will be a 12-week (running from June 22 - September 7) free educational course that will be held both online and offline.
The program includes a "Crypto Kids Camp" — a coding class for kids aged 5-17, in Marcy House. Incentives in the form of Mifi devices, data plans, dinner and smartphones will be provided to attendees of Bitcoin Academy.
Ethiopia Bans Digital Currencies, Warns Citizens Against Engaging In Illegal Transactions
Author: Amara Khatri, Crypto Daily .co.uk
Ethiopia's Central Bank moved to ban bitcoin and other digital currencies as means of making payments within the country. This happened right after Octagon Networks, a cybersecurity firm based in Addis Ababa, converted all of its liquid assets to bitcoin.
Although acknowledging the growth of digital currencies, the country came to this decision on the premise that they could be used as a means of corruption and to launder money. This decision did not go so well with the citizens of Ethiopia, with one going as far as tweeting that not all users are in it for corruption.
Situations such as these go to show that with all forms of innovations and investments put into blockchain technology, there is still that flicker of doubt in the minds of people.
Kenya's Largest Power Provider Plans to Deliver Access to Geothermal Power to Bitcoin Miners
Author: Chayanika Deka, Crypto Potato
Kenya plans to provide its surplus geothermal power to Bitcoin miners and plans to set up an energy hub outside Nairobi.
Kenya does not currently host any mining firms, but with an estimated potential 10,000 MegaWatt (MW) of geothermal energy capacity, there is an opportunity to attract miners who may have recently found themselves looking for jurisdictions outside China.
Central African Republic to Tokenize Mineral Resources
Author: Anthonia Isichei, Crypto News
After making bitcoin legal tender, the Central African Republic (CAR) government plans to tokenize its mineral resources. The plan was announced in a tweet on Thursday (June 2, 2022) by the CAR President Faustin-Archange Touadéra.
The idea to tokenize the country's abundant mineral resources, which include diamond, petroleum, copper, rhodium, iron, limestone, and uranium, is a campaign to entice major investors and crypto enterprises. It is hoped that the tokenization of the country's resources will create more jobs and enhance the economy in CAR.
CAR became the first African country to make bitcoin legal tender and the second country in the world to do so after El Salvador. The International Monetary Fund (IMF) is concerned about CAR's move towards bitcoin, stating that "The adoption of Bitcoin as legal tender in C.A.R. raises major legal, transparency, and economic policy challenges. IMF staff are assisting the regional and Central African Republic’s authorities in addressing the concerns posed by the new law."
AfrofutureDAO Announces Partnership With Brave Browser To Amplify and Support Indigenous African Creators
Author: Brave Browser
On May 30, 2022, Brave browser and AfrofutureDAO became partners with a shared desire to amplify African creators through the Brave platform, driving Web3 awareness in the process.
AfrofutureDAO provides NFTs based on African history. Brave browser will promote these through a series of sponsored images, digital activations and push advertising on their ad platform. With Brave browser having over 55 million monthly active users, as well as 1.5 million certified creators, and AfrofutureDAO generating over 36.45 ETH from just two NFT auctions, we can say there are high hopes for the success of this partnership.
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