Given the focus in the past months on the topic of stablecoins, and with the launch of Paypal’s stablecoin pegged to the U.S. dollar, centered around discussions on how stablecoins will fair in the future, it is very interesting to see Edelcoin’ s launch of a stablecoin, not backed by the dollar or eyuan but backed by real world assets! Paypal in its press release for example stated, fully-backed, regulated stablecoins have the potential to transform payments in web3 and digitally native environments. Today the stablecoin market is a $120 billion according to data from TradingView yet it is expected to grow to $2.8 trillion in the next according to broker Bernstein research report released this month. Yet stablecoins face challenges include regulatory uncertainty, technical vulnerabilities, market fluctuations, and liquidity issues. Here is how Edelcoin comes in. It is a stable payment token potentially inversely correlated to inflationary fiat currencies. According to its cr

  In July 2023, the US   Department of Justice on Monday charged a Moroccan national accused of impersonating OpenSea marketplace functions in order to make off with cryptocurrencies and NFTs, including a Bored Ape. Apart from NFTs, Oulahyane is accused of stealing ether (ETH). Prosecutors accused Soufiane Oulahyane, 25, of defrauding a Manhattan resident and others of approximately $450,000 of digital assets in September 2021.   According to the allegations, the DOJ alleges Oulahyane “spoofed” OpenSea, creating a site that mimicked the real OpenSea to trick customers into logging in and swiping their OpenSea credentials in the process. He allegedly bought “paid advertisements on a popular search engine” to boost the fake page. “Oulahyane is alleged to have operated a spoof website to gain unauthorized access to victims’ cryptocurrency wallets to steal their cryptocurrency and NFTs,” FBI Acting Assistant Director in Charge Christie Curtis said. The DOJ charged Oulahyane with wire

  The senior advisor of Saudi Central Bank   Anthony Butler   for blockchain, AI and digital assets recently posted   on LinkedIn new job positions opening up in Riyadh KSA. The roles he mentioned included sSoftware engineers with hands-on experience working with DLT  ( Distributed Ledger Technology) protocols and applications. According to Butler the role requires someone with experience implementing solutions using tech such as Ethereum, Hyperledger Besu, Hyperledger Fabric, and/or R3 Corda.” He adds   these talents should particularly   be knowledgable of solutions involving tokenisation of real world assets. The job applicant should understand the functional and non-functional aspects of designing such solutions and be able to work with broader engineering teams to lead design and implementation. Understanding of DeFi and emerging areas, such as self-sovereign identity. Also required are software engineers/full-stack developers at all levels of seniority. These applicants sho

  CZ the Co-Founder of Binance has taken to twitter after word came out that the U.S. SEC ( Securities and Commodities Authority) has sued Binance US and its founder for providing trading for securities such as BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI. The U.S. summarizes the case as a blatant disregard of the federal securities law and the investor and market protections these laws provide. The SEC states that Binance has enriched itself by billions of U.S. dollars while placing investors’ assets at significant risk. The 13 charges come after the CFTC unveiled a similar complaint against Binance and Zhao earlier this year. CZ on twitter stated, “4. Our team is all standing by; ensuring systems are stable, including withdrawals, and deposits.   We will issue a response once we see the complaint. Haven't seen it yet. Media gets the info before we do.”  Charles Hoskinson of IOHK, who had tweeted, “With respect to Binance, I'm reading through th

Crypto Broker Exchange RAIN Bahrain has traded $484 million worth of crypto since its inception in 2019 with Ethereum the most traded crypto asset followed by XRP.  RAIN has noted that it has a  customer base of 75,000 from Bahraini residents signed up on the platform.  According to the RAIN LinkedIn post “We’re thrilled to share some exciting news about our impact on the Kingdom’s crypto market! Since launching Rain in 2019, we’ve been able to offer our customers a reliable and secure platform for trading crypto assets. We’re grateful for Bahrain’s strong support for innovation and entrepreneurship, which has contributed to our success. Thank you to the people of Bahrain and Team Bahrain for your unwavering support!”  As per their statistics 41% of active crypto traders in Bahrain chose RAIN, while 5% of crypto trades in Bahrain are carried out on RAIN.  In addition the biggest traded cryptocurrencies on RAIN Bahrain are Ethereum, Bitcoin, XRP, Litecoin and tether. Statistically Ethe

  UAE based WadzPay , an interoperable blockchain-based technology provider, has launched the WadzPay 2.0 which it believes will redefine the landscape of virtual asset-based transactions. WadzPay 2.0 provides a unique new architecture primarily based on the Algorand blockchain with inbuilt support for several others such as Ethereum, Tron, Avalanche and several others to be added. WadzPay 2.0 construct is designed in line with evolving regulations and needs of banks, financial institutions, telcos and central banks.   Anish Jain, founder and group CEO of WadzPay, stated, “Blockchain is already disrupting global finance, and with WadzPay 2.0, we are bringing a slew of capabilities that will transform digital currency payments. This enhanced product line encompasses issuance, acquiring, remittance, central bank digital currency (CBDC) and tokenization, providing a true one-stop solution for the industry. This is a leap forward in the blockchain payments ecosystem. WadzPay customers

    As per an article in Bloomberg, Bitcoin and Ethereum options exchange Deribit, is setting to enter Dubai UAE in Q3 2023, as UAE regulators provide the regulatory environment that will allow them to operate in the country. As per the report, the exchange plans to open a Dubai office staffed by a team of 10 people composed of both local hires and the company’s existing talent, Deribit Chief Legal, Compliance and Regulatory Officer David Dohmen told Bloomberg. The move could take place as soon as this summer. The Panamanian exchange is also planning expansion into Brazil, the U.K. and Singapore, said Dohmen. The total volume of bitcoin options on Deribit rose to $4.25 billion during the week of January 15 th 2023, the highest since second week of November 2022. That's a 375% rise from the low of $895 million registered in the final week of December, according to data source provider Amberdata. Deribit is the world's largest crypto options exchange, accounting for ne

  HAYVN, regulated by UAE Abu Dhabi Global Markets, CIMA, and AUSTRAC has launched its first HAYVN 20 Index Fund a high risk fund that includes crypto assets. According to their website the fund will include the top 20 digital assets by market capitalization with a maximum weighting of 10% for any asset to increase diversification. It is a broad based index strategy with monthly rebalancing. The Fund will be managed by HAYVN Asset Management, a British Virgin Island Approved Manager, 100% subsidiary of the HAYVN group. The primary objective of the HAYVN 20 Segregated Portfolio is to deliver long term capital growth by investing 100% of fund assets within the crypto asset class. The fund is suitable for medium to long-term investors seeking diversified exposure to the broader crypto asset market, obtained through holding the top 20 crypto assets by market capitalisation. The fund aims to provide investors with enhanced returns relative to a pure market-cap weighted top 20 strateg

  About 65,000 Oman residents own cryptocurrencies, equivalent to 1.9 percent of the population. In a recent survey carried out by Oman based Souq Analyst, the largest investment community in Oman, it was found that 90% of crypto owners’ are between the ages of 18 and 44. Only 8% are over the age of 45. The survey results also noted that the majority owners are highly educated, with 66% of them holding a bachelor’s degree or higher. Souq Analyst offers stock market news and analysis, investing ideas, earnings calls, charts and portfolio analysis to its community members. In addition the community offers country specific insights on finance, cryptocurrencies, crowd funding & investing as well as access community events, workshop and webinars. According to the survey an impressive 97.9% of Omani adults have heard about cryptocurrency, indicating an increasing level of awareness. 55% of respondents report owning cryptocurrency and Bitcoin is the most popular followed by Ethereu

  As per a recent news report Standard Chartered backed institutional cryptocurrency exchange and brokerage firm focused on institutions, is expanding into Abu Dhabi in 2023. Abu Dhabi will be Zodia Markets first presence in the MENA region as it targets growth opportunities. Zodia went live in July 2022 in the United Kingdom. U.K.-based Zodia Markets is a sister company of Zodia Custody, the digital assets safekeeping platform. Both firms share the same majority shareholder in SC Ventures, the venture arm of Standard Chartered. At the time of its launch in UK the firm, was granted Financial Conduct Authority approval, with spot trading of bitcoin (BTC) and ether (ETH).  Zodia Markets has drafted an application to operate in Abu Dhabi but plans to submit a new one in early 2023 after extended talks with regulators. Chief executive Usman Ahmad told Financial News London that Abu Dhabi is attractive because it has been “forward-looking with respect to putting the regulatory framework in

  Binance Pay is once again being used in the UAE to buy products using cryptocurrencies. UAE based Bikeera, a retailer for bicycles, scooters, electric mobility vehicles has teamed up with Binance Pay to offer virtual asset payment services. Bikeera says the move aims to help reduce GHG emissions, carbon footprint and improve the health and lifestyle of GCC residents. Purchasers can pay in BNB, Bitcoin and Ethereum. Already Majid Al Futtaim, Virtuzone, Palazzo Versace, EazyPay and others are using Binance Pay in the region. Anthony Boukather, CEO of Bikeera, stated, “Bikeera aims to provide sustainable mobility alternatives that promote a healthy lifestyle and a better planet. By partnering up with Binance, we are giving more flexibility to customers in terms of payment methods. We are proud to have been selected as one of the first companies in this program, and would like to congratulate Binance on their recent announcement about receiving the MVP license from Dubai’s Virtual

  Dubai ultra-luxury Hotel Palazzo Versace is now accepting crypto payments through Binance. The hotel will allow guests to pay for dining, stays, and spa experiences using cryptocurrencies. The hotel located in Jaddaf Waterfront has partnered with Binance, cryptocurrency infrastructure provider, to offer the guests the possibility to settle payments in various cryptocurrencies such as BNB, Bitcoin, and Ethereum. These transactions will take place through Binance payment gateway. Starting from 7th September, the hotel will accept crypto for room stays, restaurants, meetings, and events, all the guests will have the option to pay at the property using the Binance application. The next phase, online payment integration, will go live soon after. Palazzo Versace Dubai will also accept cryptocurrency payments on their eCommerce platforms, which include Gift Vouchers and Flower Shop. The Managing Director of Palazzo Versace Dubai and founder of Palazzo Hospitality, Monther Darwish comm

  The NFT (Non Fungible Token) marketplace trading volume is currently at around 4 billion USD per month despite the crypto bearish sentiments. Yet, the NFT segment is still far from saturated or mature, thus promising massive opportunities. Dubai-based OasisX , the first multi chain curated NFT Marketplace and Creator Studio is launching in a few weeks, paving the way for MENA based creators, collectors, and brands to take part in this new digital era. The platform has already on boarded more than 100 artists for its launch in addition to multiple regional brands for web3 activations. Najib Khanafer, Ramzi Mneimneh, and Jimi Ibrahim decided to take on the challenge of building secure and accessible tools to navigate the NFT and web3 world, bringing meaningful impact to artists, creators, collectors and brands from the region. All three have extensive knowledge in crypto, blockchain and technology and have been early adopters of this disruptive digital trend According to the founders

  In the past few days the Saudis NFT Collection has topped the OpenSea volume charts just below cryptopunks. The Saudis Free to Mint Collection totaled 6,700 ETH (roughly $7.7 million) in sales volume since its mint on July 9 th 2022.  It is now sold out!!   The Saudis is a collection of 5,555 NFT, an exclusive club, max bidding to the top. Each Saudi is unique and programmatically generated from over 80 possible traits. All collectibles are on the Ethereum blockchain. The Saudi NFT will grant its holder a Sheikh status in the Saudis Kingdom and allow owners access to upcoming venues. The Saudis NFT also has onchain metadata as one of its features given that they store their metadata on their smart contracts unlike most NFTs which rely on external sources like AWS (Amazon Web Services) or IPFS to host metadata. Storing the metadata on chain helps to reduce the costs. Not only does this metadata include the name and traits, but it also includes data to generate the image itself

  According to Saxo Bank press release utilizing data driven from its crypto FX platform, 400 million USD of crypto FX trading was recorded in the MENA region compared to global trading volumes surpassing 3.40 billion USD. These findings were recorded since the initiation of Crypto FX in May 2022. Saxo Bank noted that Bitcoin and Ethereum were the most popular currencies being traded in the MENA region with 57 percent for Bitcoin and 40 percent for Ethereum. This is in line with global trading which puts Bitcoin-USD at 45 percent of crypto forex trading volumes and  Ethereum-USD at 44 percent volumes.  Stanislav Kostyukhin, Commercial Owner, Trader, Saxo Bank, said: “These figures show the high interest in this nascent asset class within the region while also highlighting the confidence that investors have in our framework as the market continues to evolve.   Our crypto offering ensures clients have a fully compliant product, with best execution and best practice, an important fram

  As a result of the recently launched Dubai's metaverse strategy which aims to increase the contribution of the metaverse sector to Dubai’s economy to US$4 billion by 2030 and increase its contribution to Dubai’s GDP to 1 percent, regional companies in the MENA region, specifically Turkey are flocking towards the country. Burak Soylu, CEO of Har Group, noted in a recent tweet   on the productive meeting he and his team had with UAE Minister of State for Foreign Trade, Dr. Thani Bin Ahmed Al Zeyoudi.  He stated, “We had a productive meeting with Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, about the UAE's work in the metaverse and web 3.0.” Turkish based Har Group incorporates under its wings five companies in the sector of technology, tourism, energy and agriculture and comprises over 500 employees. One of its companies is Roof Stacks, a software company that specializes in tourism systems, the metaverse, augmented reality, game development and

  Ali Sajwani Chief Operating Officer of DAMAC Group told al Roeya media outlet in an interview that UAE DAMAC Properties sold 50 million USD worth of properties in crypto since the beginning of 2022. As he explained, “DAMAC started accepting crypto as part of our efforts to enhance our service offering in the digital economy. We want to make it easier for those dealing in crypto such as Bitcoin and Ethereum to purchase properties and pay using both these cryptocurrencies. We have succeeded in selling 50 million USD worth of properties via cryptocurrencies since the beginning of 2022. Payments happen through a third party regulated by Abu Dhabi global market authority, Havyn digital asset exchange. Clients purchase through Havyn and then Havyn transfers the amount to DAMAC’s digital wallet either in USD OR AED as per the exchange rate of Bitcoin or Ethereum at that time. So we don’t take any risk.” He also sheds light on DAMAC’s metaverse strategy. As he explains the strategy i

    UAE Sarwa, hybrid automated investment platform regulated by DFSA (Dubai Financial Services Authority) has now added crypto to its trading platform. Sarwa Crypto, a product of Sarwa Digital Wealth Capital Limited regulated by ADGM FSRA,  will offer four major cryptocurrencies, Bitcoin, Bitcoin Cash, Ethereum and Litecoin. The statement on LinkedIn says, “We are super proud to announce that Sarwa is launching Crypto in our trading platform for clients. This latest product release comes after months of hard work.   Sarwa Crypto will allow users to trade crypto coins such as Bitcoin, Bitcoin Cash, Ether, Litecoin, and more to come in the future. In addition there is no account minimum and no transfer fees for local AED accounts.” Co-Founder, Nadine Mezher commented , “People might ask, in this volatile market? Yes, absolutely. Our product offering is not tied to booms and drops. It's about understanding the needs of our community and how we can provide them with investing wi

  In a recent article Binance announced that it had enabled a Dubai Hotel to offer crypto payment facilities. The hotel in question is the Manor by JA resorts located in Al Furjan. As per the article the The Manor hotel is settling payments in BNB (Binance coin), Bitcoin and Ethereum through Binance crypto to crypto payment gateway. As per Mohammed Hanif Al Qassim, Managing Partner of The Manor Hotel, “Virtual assets go in line with The Manor's vision for sustainability and digital transformation, considering its position among top eco-friendly boutique hotels in Dubai.” Richard Teng, Regional Head of MENA at the crypto-platform, “Binance has been actively engaging established local businesses and institutions to further increase the adoption of crypto for our users and the crypto community as a whole. Our partnerships with leading, innovative businesses, such as JA are in line with our vision to enhance crypto adoption across the region." Prior to this Property develop