Published Date: July 13, 2022

The Nigerian government has entered into a 3-year exclusive intellectual property right agreement with Developing Africa Group (DAG), a UK-based intellectual property rights commercialisation organisation, to build a national wallet for the commercialization of registered intellectual property.

Users in Nigeria will be able to upload any registered intellectual property rights to the platform where they can trade, sell or exchange these rights while collecting royalties and proceeds in their wallets. The tokens and payment engine will be Koibanx and the protocol is Algorand Blockchain.

“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,” stated Ben Oguntala, the CEO of DAG.

Koibanx CEO, Leo Elduayen, said “What the Developing Africa Group has achieved is truly amazing. The Nigerian IPR Wallet is probably the largest crypto project worldwide. When we took El Salvador´s challenge (Koibanx also managed Chivo´s Lightning Network implementation) we impacted the life of millions of citizens, after this experience we embarked on the Colombian government platform handling tens of millions…I believe this initiative could change the life of +50M people easily. Since we launched Koibanx back in 2015 we were convinced Blockchain tech and cryptocurrencies were the foundational building blocks for economic development in emerging markets, being able to have an active part in how is happening is definitely a privilege”.

Source : Nigeria’s Algorand based Intellectual Property marketplace (iafrikan.com)