For the next three years, Nigeria’s government would hold exclusive intellectual property rights to a national wallet. The Developing Africa Group has committed to contributing to the creation of a national wallet. Commercialization of intellectual property forms registered and developed in the country will be permitted.
The agreement grants Developing Africa Group the right to develop a platform for anyone to upload any intellectual property rights and trade or sell them internationally. Among the IP forms indicated above are patents, trademarks, and all copyrights, including films, shows, lectures, podcasts, and any streamable material.
Koibanx was chosen by the Developing Africa Group as their tokenization and payment engine. The wallet will be built on the Algorand blockchain protocol. The inventor will receive a stable token (equal to the Naira) as compensation for their intellectual property with Koibanx, a renowned Latin American asset tokenization and blockchain financial infrastructure company, in charge of the wallet and token development.
Leo Elduayen, CEO of Koibanx, stated: “The Nigerian IPR Wallet is probably the largest crypto project worldwide. When we took El Salvador’s challenge we impacted the lives of millions of citizens, after this experience, we embarked on the Colombian government platform handling tens of millions.”
This is not the first time Algorand and Koibanx have worked together. Koibanx-goal Algorand’s in Latin America is to improve the region’s burgeoning digital economy by installing more efficient infrastructure and software. It has worked on projects for both commercial and public sector clients and organizations throughout Latin America, Columbia, and even El Salvador. The project represents a significant advancement in the global use of cryptocurrencies.