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BITMAIN enters MENA through collaboration with Oman’s Exahertz and MoonWalk Systems

9/20/2023 12:58:00 PM

BITMAIN, crypto mining leading ASIC manufacturer enters MENA through a collaboration with Oman’s Blockchain Data center and technology park Exahertz and MoonWalk. This collaboration marks a significant leap forward as Exahertz takes on the role of hosting upwards of 10,000 state-of-the-art BITMAIN machines in the pioneering Exahertz Technology Park, nestled in Salalah, Oman. According to the press release, “This isn’t just any partnership, it’s BITMAIN‘s first-ever hosting venture in the Middle East and a groundbreaking initiative for hydro computers worldwide. The Exahertz Technology Park, standing tall as the Middle East’s largest private Blockchain Data center, underscores Exahertz’ unwavering commitment to innovation and progress.” Exahertz International, recently kicked off a pilot phase of Exahertz Technology Park in Salalah. In collaboration with their strategic partners Moonwalk Systems, they rigorously testing and optimizing the hydro systems to ensure peak performanc

Varys Capital to enter GCC market with $75 million digial asset blockchain fund based out of UAE

9/20/2023 11:21:00 AM

Venture capital fund Varys Capital is looking to enter the GCC market, and is working to raise $75 million for its equity fund focused on blockchain innovation. The fund aims to achieve long-term growth from a curated portfolio of high-quality, early-stage businesses utilising blockchain to solve addressable needs in the wider software, gaming, and finance industries. To govern its entry into the UAE, Varys Capital has secured reputable local services, including Al Tamimi, one of the GCC’s most prestigious law firms, as its primary counsel. According to the press release, the company has received inquiries from local institutions and prominent investors. The fund has 12 commitments in place across decentralised (DeFi) and centralised (CeFi) finance, GameFi/Web3, infrastructure, and emerging technologies. Darius Askaripour, Managing Partner, Varys Capital said, “We are looking at entering the UAE market first encouraged by supportive local government directives, its high innovation lev

UAE’s ADQ Silal launches blockchain powered food traceability platform

9/20/2023 10:51:00 AM

UAE’s ADQ, Silal, which enhances agriculture and food safety in Abu Dhabi by diversifying and stimulating food production sources via technology, research and knowledge transfer initiatives for farmer, has just launched its blockchain powered platform to trace the lifecycle of food from farm to fork. As per the news announcement, using the new traceability service is as simple as scanning the QR code of a Silal Fresh product through the Silal App. This traces the journey of crops, assuring users that the data appearing on their screen is credible. This move is a milestone towards achieving food credibility, gaining customers' trust and loyalty. Enhancing food chain transparency is important for companies to ensure consumers of the quality of their products and to sustain efficient supply in the market, prevent foodborne illnesses, and detect the source of a problem in the event of an outbreak. Knowing the source of food is essential for good health and wellbeing, which dr

UAE regulated virtual asset investment manager, Laser Digital launches Bitcoin Adoption Fund

9/19/2023 12:58:00 PM

UAE regulated virtual asset broker dealer and investment management services, Laser Digital, a subsidiary of Nomura has launched their Bitcoin Adoption Fund. The fund, which provides a seamless way for institutional investors to access the digital asset class, will be the first in a range of digital adoption investment solutions that Laser Digital Asset Management will bring to the market. The Laser Digital Bitcoin Adoption Fund, provides long-onlyexposure to Bitcoin whilst being one of the most cost effective and secure investment solutions. To secure the fund's assets, Laser will use Komainu, which was founded in 2018 by Nomura, Ledger and Coinshares and delivers a regulated custody solution for institutional digital asset investors. The Fund is a segregated portfolio part of Laser Digital Funds SPC, aSegregated Portfolio Company registered asa mutual fund pursuant to section 4(3) of the Mutual Funds Actwith CIMA (Cayman Islands Regulatory Authority). On launching the

UAE digital assets infrastructure startup Fuze raises $14mn Seed round led by ADQ's Further ventures

9/19/2023 11:45:00 AM

UAE headquartered Fuze, a digital assets infrastructure provider, has raised a seed round of $14mn, the largest Seed investment in a digital assets startup in the history of the Middle East and North Africa region (MENA). The investment was led by Abu Dhabi-based Further Ventures, along with participation by US-based Liberty City Ventures. Fuze will benefit from the strategic capital and network of these investors, acting as a catalyst for the business as it builds the digital asset infrastructure that will drive the future of finance. A first-of-its-kind infrastructure provider in MENA, Fuze enables any bank, fintech or traditional enterprise to easily offer regulated digital assets products to their customers through their native apps. Fuze was founded by an expert team of fintech, traditional finance (TradFi) and decentralized finance (DeFi) leaders, with its co-founders holding extensive knowledge from experience in global hypergrowth businesses. CEO, Mohammed Ali Yusuf (Mo Ali

Oman Central Bank reviews stance on crypto in its 3rd meeting for 2023

9/18/2023 12:28:00 PM

In a news piece on Oman News agency, the Board of governors of the Central Bank of Oman, held their third meeting for 2023 where the followed up on developments as well as reviewed the international stance on cryptocurrencies as well as related studies conducted by the executive management team at the central bank on cryptocurrencies. This comes as Oman works on its virtual asset regulations, having at the end of July 2023 announced a public consultation paper on virtual assets regulatory framework by the Oman Capital Market Auhtority. The Capital Market Authority, Sultanate of Oman (CMA), which regulates and develops Oman's financial markets for the capital market and insurance sectors, had earlier announced its plans to establish the new regulatory framework for Virtual Assets (VA) and Virtual Asset Service Providers (VASP). The proposed new regulatory framework is envisaged to cover activities such as crypto assets, tokens, crypto exchanges, and initial coin offe

Canadian Blockchain fintech startup launches its Lab in Dubai UAE

9/18/2023 11:39:00 AM

LFi, Canadian fintech tech startup, leveraging advance computing and blockchain has expanded into the UAE with a presence in Dubai under its new LFi Labs office. According to the news releases, the Lab will serve as a central hub for new advancements and innovations. As per their website, LFi is a decentralized platform designed to provide equal opportunities for wealth generation and financial independence through crypto. It operates on its own blockchain, guided by a DAO-driven ecosystem. The startup intends to fuse crypto, finance and technology to foster innovation and financial freedom. The tech startup seeks to provide a diverse range of products and services that give people greater access to tools and information for navigating the crypto and Web3 landscape. According to the news , the establishment of the Labs locally in UAE gives the brand a strong foothold in one of the most progressive, influential, and technology-oriented economic hubs in the Middle East and North

Taurus digital asset custodian to expand in UAE after investments and partnership with Deutsche bank

9/15/2023 11:40:00 PM

As Taurus, digital asset infrastructure provider, offer digital custody and tokenization services, partners with Deutsche Bank, it plans to expand into the UAE among other countries. Founded in 2018, Taurus offers enterprise-grade digital asset infrastructure for the issuance, safeguarding, and trading of various digital assets, including cryptocurrencies, tokenized assets, NFTs, and digital currencies. The company’s product portfolio includes Taurus-Protect, a secure storage solution used by over 25 financial institutions and corporations in Europe, and Taurus-Capital, which facilitates the issuance and management of NFTs and tokenized assets on public and private blockchains. Deutsche Bank’s partnership with Taurus builds on the bank’s recent initiatives in the digital asset space. By leveraging Taurus’ technology, the bank aims to meet the evolving needs of its clients in the digital asset ecosystem. Paul Maley, the global head of securities services at Deutsche Bank, emph

Chainalysis report finds that Arab African country Morocco still in top 20 global list for crypto adoption

9/15/2023 12:22:00 PM

In the fourth annual Chainalysis Global crypto adoption index , identifying countries where the most people are putting the greatest share of their wealth into cryptocurrency, once again Morocco takes lead and is listed as one of the top 20 countries placing an Arab country on the map, while Turkey places the MENA region. The 2023 report states that global adoption is down, but not in one crucial subset of the world. More specifically, there’s one crucial segment of countries where grassroots adoption has seen a much stronger recovery than anywhere else: Lower middle income (LMI) countries. The full report will be out in October, but compared to 2022 , the countries on the top 20 list are still almost the same. In 2022 Turkey, Egypt and Morocco led not only in MENA region but globally. All three countries were in the top thirty list of countries with most crypto savings, usage of crypto for remittance payments and permissive crypto regulations. As for Sub Saharan Africa, t

IOTA Blockchain for internet of things launches headquarters in UAE

9/15/2023 11:15:00 AM

IOTA, distributed ledger built for the “Internet of Everything” , has announced that it is establishing a foundation and another headquarter in Abu Dhabi UAE, as part of their commitment to developing a digital infrastructure and innovation ecosystem in the UAE. IOTA’s Tangle is an open, feeless and scalable distributed ledger, designed to support frictionless data and value transfer. The IOTA foundation will grow IOTA’s reach and importance around the globe. As per IOTA news release, the purpose of this entity is to become one of the primary organizations to foster the growth, adoption, and global expansion of IOTA. IOTA states, “As we open up a new chapter with IOTA, we need to match technology with the right support to establish IOTA as a global ecosystem. We can only do this by operating out of the right environment. We are convinced that the UAE will offer IOTA the best environment to realize its global ambitions.” IOTA considers the new entity in Abu Dhabi as an addi

Qatar ruling family member supports Qan private blockchain platform

9/12/2023 09:31:00 PM

The QAN platform unveiled its private blockchain on September 12 th 2023. The platform which is both quantum resistant and compatible with Ethereum’s EVM received support from Qatar ruling family member H.E. Sheikh Mansoor Bin Khalifa Al Thani. In a privately held partner event prior to the public launch of QANplatform, H.E. Sheikh Mansoor Bin Khalifa Al-Thani, Member of the Qatari Ruling Family, Chairman of MBK Holding, and former ICT Director for The Council of The Qatar Ruling Family Affairs stated, “We always evolve but not everyone leads the way. I’m proud to support the introduction of a cutting-edge deep tech project, such as QANplatform, in the Gulf region and on the global market.” According to launch blog, “ QANplatform has unveiled the world’s first private blockchain that is both quantum-resistant and compatible with Ethereum’s EVM, while also enabling developers to code smart contracts in any programming language. The NIST-recommended primary post-quantum algo

Swiss Hashgraph association partners with UAE du telecom for enterprise blockchain solutions

9/12/2023 05:29:00 PM

Swiss based Hashgraph association has partnered with UAE du telecom to harness the potential of the Hedera Blockchain to offer secure traceable and scalable solutions for enterprises. du and the The Hashgraph Association will provide innovative blockchain solutions to small and medium-sized enterprises (SMEs), governmental institutions, and municipalities by leveraging the efficiency of Hashgraph on a decentralised, public network, the Hedera Distributed Ledger Technology ensures a trusted and reliable foundation for the newly developed solutions. Target sectorswill include manufacturing, healthcare, education, smart cities, and agriculture, catering to a wide range of industries seeking secure and efficient applications. Notably, Hedera stands out as the greenest proof-of-stake network according to UCL research, aligning perfectly with du's commitment to providing sustainable solutions. Prior to this Kuwait based Zain telecom group had joined Hedera as one of their governi

UAE Central Bank, and BIS call for blockchain solutions for auditing in sustainable Finance

9/11/2023 05:50:00 PM

The Central Bank of the UAE, and the Bank of international settleents along with Emirates Institute of Finance, have called innovators and developers to submit blockchain solutions for auditing, enhancing transparency, traceability and accountability in sustainable finance. The call comes unser the COP29 UAE TechSprint, an initiative aimed at promoting innovation in scaling sustainable finance and combating climate change. The launch of the COP28 UAE TechSprint comes ahead of the UAE’s hosting of COP28 later this year. The initiative aims to encourage the participation of financial innovators and developers from global private and public sector entities in fast-tracking innovative technology solutions to address challenges in green and sustainable finance through technologies such as Artificial Intelligence (AI), Blockchain, Internet-of-Things (IoT), and sensor technologies across three problem statements: AI solutions for sustainable finance reporting, verification, and disclosu

Dubai regulated TOKO tokenization exchange partners with Virtuzone to offer blockchain enabled VC funding

9/11/2023 11:31:00 AM

Dubai regulated virtual asset broker and exchange TOKO FZE a creation of international law firm DLA Piper, has partnered with Virtuzone, a pioneer in business solutions and corporate services for the region. The partnership will include the establishment of a tokenized equity crowd funding platform will further cement Dubai’s standing at the forefront of financial innovative and as a destination for early stage and fast growth companies seeking a supportive business environment. TOKO has just received a fully operational license from Dubai’s Virtual Asset Regulatory Authority (VARA). The partnership with Virtuzone is set to transform early-stage private equity fund raising using blockchain technology to bring enhanced transparency, accessibility, and opportunity for both investors and the businesses seeking to raise funds. Across a variety of compelling businesses, investors will have greater insight, information and access to private equities for their portfolio and the expec

UAE Freezone Dubai South first to implement blockchain integration with Dubai customs

9/11/2023 09:55:00 AM

Dubai South, property developer and free zone, has completed a blockchain integration with Dubai Customs, making it the first free zone in Dubai to achieve this milestone. As part of Dubai’s ecommerce strategy, Dubai South will utilize blockchain integration to enhance its ecommerce operations reducing timeand costs by autor generating declarations and streamlining the tracking and processing of orders. The automated processes further bolster efficiency, while the new gate pass stamping method for entry and exit enhances information accessibility. RHS Logistics, a UAE-based local entity with robust commercial and business expertise offering a full range of logistics and supply-chain solutions, and FirstCry, UAE’s leading online store for children's products, became the first companies in the Logistics District to onboard and initiate blockchain in their processes. Subsequently, other companies in the Dubai South free zone are in the process of adapting blockchain technology

UAE based Helion Ventures to invest in Web3 gaming companies

9/10/2023 05:28:00 PM

Dubai headquartered Helion Ventures, Web3 VC and venture builder, has announced that it will be investing in gaming companies. In a linkedin post , Helion ventures are announcing investment in gaming companies. As they noted in their post, “ The web3 gaming industry will hold significant importance for the economy by transforming the gaming industry and creating new economic opportunities.” Entities can apply now and get the chance to fund your project: https://lnkd.in/djj_uycN This announcement comes after Web3 gaming startup GAM3S.GG.based out of Abu Dhabi UAE has just raised $2 million in seed funding led by investment firm Mechanism Capital and other angel investors including Polygon, Double Peak, ArkStream Capital, LD Capital, ROK Capital, Hyperithm, Snackclub, Emurgo Ventures, Eden Ventures and Mix Marvel Ventures. In addition South Korea's Blockchain, NFT, metaverse game developer and publisher WeMade also recently signed an onboarding agreements with severa

UAE Web3 Blockchain enabled gaming startup raises $2 million amidst growing investment in gaming

9/10/2023 04:19:00 PM

Web3 gaming startup GAM3S.GG.based out of Abu Dhabi UAE has just raised $2 million in seed funding led by investment firm Mechanism Capital and other angel investors including Polygon, Double Peak, ArkStream Capital, LD Capital, ROK Capital, Hyperithm, Snackclub, Emurgo Ventures, Eden Ventures and Mix Marvel Ventures. Formerly known as Polkastarter Gaming, GAM3S.GG, offers curated Web3 gaming content, with 200 listed games across 15 chains and over 60,000 registered gamers. Omar Ghanem, Co-Founder and Chief Executive officer of Gam3S.GG states, “The gaming industry is at a crossroads while Web3 offers new exciting possibilities, the lack of quality content and a singular destination for all your Web3 gaming needs has left many gamers lost.” GAM3S.GG said it is building the hub to enable newcomers and professional gamers to explore new frontiers and experiences within one single Web3 gaming superapp. The startup is also a member of AD Gaming, the entity responsible for develop

MENA based Flat6Labs selects Jordanian blockchain startup for its StartMashreq growth program

9/08/2023 12:57:00 PM

MENA based Flat6Labs, an early stageventure capital firm, has selected Jordanian blockchain startup Konn Technologies, a fintech company that offers blockchain-based solutions among the 24 tartups in its StartMashreq growth track program supported by the International Financial Corporation. The program aims to help startups from Jordan, Lebanon and Iraq to scale their businesses. The selected startups operate in various sectors, such as fintech, healthtech, e-commerce and agritech. Five of them are co-founded by female entrepreneurs, working in edtech, energy tech and proptech. The startups collectively generate an annual recurring revenue of $20.8m and have raised a total of $38.5m. They also create around 700 direct jobs across the three countries. “We are delighted to partner with Flat6Labs to support these promising startups from the Mashreq region, especially those founded by women,” said Abeer Shalan, Senior Operations Officer at IFC. “Mashreq startups can demonstrate res

UAE based OasisX raises funds for Lebanon’s Children’s Cancer center using NFTs

9/07/2023 10:02:00 PM

UAE based OasisX is raising funds for Lebanon’s Childrens Cancer Center leveraging NFTs. As per the LinkedIn post, CCCL ( Childrens Cancer Center Lebanon) will utilize OasisX’s no-code Creator Studio and their creative production team to seamlessly bring the art created by these courageous young souls to the blockchain and the world. The post states, “ At Oasis X, we are committed to pushing the boundaries of what blockchain technology can achieve. This partnership exemplifies our dedication to using cutting-edge solutions to leave a lasting & positive impact, and bring expanded use cases to the NFT & Web3 space.” OasisX launched back in July 2022. Dubai-based OasisX, the first multi chain curated NFT Marketplace and Creator Studio launched to pave the way for MENA based creators, collectors, and brands to take part in this new digital era. The platform had at the time already on boarded more than 100 artists for its launch in addition to multiple regional brands for w

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