The federal government has entered a three-year exclusive IPR (intellectual property right) agreement with Developing Africa Group to launch a national wallet for Nigeria.

This was announced in a Twitter space hosted by Fred Estante and co-hosted by Koibanx on Tuesday. 

The agreement grants Developing Africa Group, a regional software development company, the right to create an official platform for Nigerians to upload any form of IP rights and trade, sell or exchange them abroad while collecting the royalties and proceeds of these operations on their wallets.

The Developing Africa Group has selected Koibanx and Algorand Blockchain as the payment platform and protocol it will be built on.

Koibanx, a Latin American asset tokenization and Blockchain financial infrastructure company, will be in charge of implementing the wallet. 

“BREAKING: @koibanx and @developingafro to develop #Nigeria’s official platform for commercialization of all IP in the country, on #Algorand. As announced by @leoelduayen and @developingafro earlier today on a #TwitterSpace. Replay,” Algorand said on Twitter on Tuesday.

At this time, there has not been an official announcement by the federal government. 

“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,” said Ben Oguntala, CEO of Developing Africa Group.

This development follows the Securities and Exchange Commission releasing regulations around Crypto Assets to regulate the market. This is despite the Central Bank of Nigeria blocking the trade of virtual currencies last year.