Key Takeaways:
- Irdeto and Coinbase form strategic partnership to fight cryptocurrency-related crime
- Crypto use in illicit activities rose from 13% to 19% between 2022-2024
- Partnership focuses on African market through Multichoice’s security subsidiary
In a significant development for cryptocurrency security in Africa, Irdeto, the digital security arm of entertainment giant Multichoice, has announced a groundbreaking partnership with Coinbase to combat illicit cryptocurrency activities. This collaboration, similar to recent efforts by Binance in Germany, marks a crucial step in the fight against crypto-related crime in the African continent.
Rising Crypto Crime Trends in Africa
According to Irdeto’s intelligence-led investigations, the use of cryptocurrency in illicit activities has seen a concerning uptick, rising from 13% in 2022 to 19% in 2024. This trend has particularly impacted the entertainment sector, where crypto payments have become increasingly popular among illegal service providers.
Strategic Partnership Details
The collaboration between Multichoice’s Irdeto and Coinbase will focus on:
- Enhanced transaction monitoring
- Development of advanced detection systems
- Implementation of preventive measures against crypto-related piracy
- Cross-border coordination for better enforcement
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Impact on African Crypto Market
This partnership represents a significant step forward in legitimizing cryptocurrency usage in Africa while protecting consumers and businesses from fraudulent activities. The collaboration leverages Coinbase’s global expertise in crypto security and Irdeto’s strong presence in the African market.
FAQ Section
Q: How will this partnership affect regular crypto users in Africa?
A: Legitimate users should experience enhanced security and protection while trading cryptocurrencies.
Q: What types of illicit activities are being targeted?
A: The initiative primarily focuses on crypto-related piracy, fraud, and illegal service providers.
Q: Will this affect transaction speeds or costs?
A: No impact on regular transaction processing is expected.
