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

  Swiss private Bank Julius Baer in a recent Bloomberg article announced that it will be expanding its crypto wealth management services in Dubai UAE. This will be the first digital assets service offering outside of Swtizerland by the bank. As per the article, Julius Baer’s subsidiary JBME will apply for a digital assets license variation on top of its existing permissions in the Dubai Financial Services Authority (DIFC). This would allow the entity to arrange and provide advice and custodial services on digital assets such as Bitcoin, Ethereum and other cryptocurrencies. This is not surprising given that in Julius Baer’s recent global wealth and Lifestyle report, it published that Dubai had risen to the seventh position demonstrating its remarkable success a a destination for the wealthy. The city has emerged as the preferred choice for companies and entrepreneurs seeking a foothold in the Middle East and is highly favoured by expatriates. By providing an attractive tax framew

  Digital assets infrastructure provider for financial institutions, Fuze Finance has been chosen as one of 15 startups to participate in Abu Dhabi’s Hub 71 2023 cohort. As per the website of Fuze Finance, the company was purpose built for the Middle East because the company believes the Middle East will be the epicentre of digital asset innovation. The MENA market, is seeing rapid growth in digital assets. Digital asset transactions of over $566 billion from June 2021 to June 20 22, 48% more than the year prior. Fuze was among 15 startups chosen because it is aligned to Abu Dhabi’s strategic ambitions, including   healthtech, fintech and edtech firms. The addition of the latest cohort has increased the size of Hub71’s ecosystem to more than 240 startups. In the latest cohort, 67 per cent of the selected startups are headquartered outside the UAE, reinforcing the increasing the status of Abu Dhabi as a global innovation and business hub. The 15 startups originate from the UA

      UAE Cypher Capital is one of the investors in Concordia, a multi-chain risk and collateral management protocol for digital assets. Concordia closed a successful $4 million seed round in June, attracting significant investments from Tribe Capital, Kraken Ventures and UAE based Cypher Capital among other investors including Saison Capital.  Concordia’s vision is to create an interconnected, permissionless, and optimized DeFi ecosystem that promotes accessibility, affordability, and developer-friendly environments, ultimately unlocking the true transformative potential of DeFi. Concordia’s ground-breaking solution attracted the attention of leading Dubai VC Cypher Capital, who are building their portfolio into one of the leading web3 centric portfolios globally. Bill Qian, Chairman of Cypher Capital said “Concordia represents a significant milestone in the evolution of decentralized finance. As Chairman of Cypher Capital, I am thrilled to be part of this ground-breaking in

  In a recent interview with Qatar News Agency, the   Secretary-General of Qatar's Research Development and Innovation Council (QRDI) Eng. Omar Ali Al Ansari affirmed that artificial intelligence (AI) science and the digital revolution related to "metaverse" and "blockchain" are among the most important technological transformations in the current era. He believes that these technologies are important due to their contributions to the development of scientific research and innovation, through its ability to analyze huge amounts of data and process them faster and more effectively, which leads to the discovery of new patterns in the data and contributes to innovative scientific discoveries. Al Ansari   added that   the digital revolution and Blockchain technology will provide new levels of security, transparency and security for information, which contributes to the development of methods of dealing with information and data, storing and exchanging them. It

    Once again Bybit is supporting the crypto and blockchain ecosystem in the UAE. Yesterday it was with DMCC crypto center, and today it is with the University of Sharjah. Bybit has contributed $272.000 equivalent to 1 million AE to establish a scholarship fund to support 20 students to accelerate their academic and research career into fintech and blockchain at the American University of Sharjah. 20 computer science and computer engineering students will benefit from the Bybit Scholarship as soon as this fall. Bybit is also committed to broader initiatives including an extra AED 100,000 to sponsor a hackathon for the blockchain community in the UAE. The first AUS-Bybit Inter-College Hackathon will be held at the AUS College of Engineering in the 2023-2024 academic year. “AUS’ reputation as a center for education excellence stems in part from its strong industry links that allows it to continuously bridge gaps between industry and academia. Through this partnership with Bybit

  Aquanow, a digital assets infrastructure provider has unilaterally announced that it has received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA), while it undertakes the in-depth process of applying for a license in accordance with VARA requirements. Full approval to operate will be issued by VARA as soon as Aquanow completes all mandated requirements, which the firm is expected to complete in the near-term. “At Aquanow, we believe that the UAE is a forward-thinking jurisdiction for digital assets regulation and we view Dubai as a key hub for our international growth efforts,” said Aquanow’s Chief Executive Officer, Phil Sham. “We’re excited to receive the initial approval from VARA and to be moving closer to powering a range of digital asset use cases in the region.” Aquanow, which is privately-backed, is one of the largest digital asset liquidity providers and is a global leader serving financial services clients in 40 countries around the world. Aqua

  The Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority in a bilateral meeting in Abu Dhabi on 29 May, have agreed to enhance collaboration between the two jurisdictions on virtual asset regulations and development.   In addition, the two central banks facilitated discussions between their respective innovation hubs on joint fintech development initiatives and knowledge sharing efforts. A joint working group led by the CBUAE and HKMA, with support from the relevant stakeholders of the two jurisdictions’ banking sectors, will be formed to take forward the agreed initiatives. Following the bilateral meeting, the two central banks, joined by senior executives from the UAE and Hong Kong banks, conducted a seminar on key opportunities to pursue between Hong Kong and the UAE. The seminar covered discussions on possible arrangements to facilitate better cross-border trade settlement, how UAE corporates can better utilize the Hong Kong financial infrastructure

    UAE based HAYVN, a regulated digital asset management financial institution, has recorded returns of 19 percent increase on its crypto index fund since its launch in January 2023. The index fund for cryptocurrency assets offers clients a diversified, low cost, and regulated strategy to invest in. According to HAYVN CEO, Christopher Flinos, “The funds early success and HAYVN predictions for a positive long-term trend due to our carefully weighted Top 20 portfolio, has seen the HAYVN 20 become one of the leading fund benchmarks in cryptocurrency markets”. The HAYVN 20 fund has three distinguishing features, first it is limits the maximum exposure to any one digital asset at 10% creating a more balanced portfolio. Secondly the fund rebalances monthly, allowing HAYVN 20   to capture new trends in the market by increasing its investment in the emerging winners as their market capitalization grows, while reducing exposure to cryptocurrencies which are declining in value. Finall

    During Corda Day Middle East held on May 11 th 2023 in Dubai UAE, speakers from the Central Bank of Saudi Arabia (SAMA) as well as the Central Bank of UAE discussed their CBDC strategies and pilots. Both Central Banks are working with R3 Corda on their CBDC pilot programs, SAMA in its sandbox and UAE Central Bank in their research and development center. The event as per R3, brought together financial service leaders, technologists and Corda enthusiasts from around the region and the globe. Of the prominent speakers included H.E. Saif Humaid Hamad Al Dhaheri, Assistant Governor - Strategy, Financial Infrastructure and Digital Transformation, Central Bank of UAE and Mr. Mohsen AlZahrani, Virtual Assets (VA) and CBDC program Lead, Saudi Central Bank – SAMA as well as Richard G Brown, Chief Technology Officer, R3. Al Dhaheri made a keynote address on “Future of Money, CBDC and the Digital Dirham” while AlZahrani carried out the closing Keynote, on the topic of “Wholesale CBDC”

  The U.S. the U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 22 individuals and 104 entities operating in 20 countries for their role in facilitating Russian sanctions evasion, including John Desmond Hanafin, Founder of Dubai based Huriya Private, a fintech firm, who has an active Ethereum address included as an identifier on his SDN List entry. Hanafin is the founder and CEO of Huriya Private FZE LLE, a Dubai-based financial services company also sanctioned today for its role in funneling Russian funds into the UAE.  According to OFAC’s press release, Hanafin in his role at Huriya has been working since the outset of the Russia-Ukraine War to help Russian nationals protect their assets from sanctions. Much of this activity has involved helping Russian nationals move their money into UAE bank accounts and obtain fraudulent passports.  As per Chainalysis blog , John Hanafin’s on-chain transactions may shed light on Huriya’s Russian sanctions evasion operation

  The Bahrain Economic Development Board announced that it has welcomed Singapore Based digital asset bank Whampoa Group to Bahrain. Whampoa will be setting up its new digital bank headquarters in Bahrain. The digital bank, which offers integrated financial solutions to serve institutions, innovators, and sophisticated investors globally, including digital banking services and the trading, custody, and asset management of digital assets, will open its operations in Bahrain by the end of year. In 2022, Whampoa Group had announced plans to raise $50 million for a crypto hedge fund and had announced plans to set up a venture capital fund to invest in digital assets. "We are delighted that Whampoa Group intends to set up the headquarters of their new digital bank in Bahrain as they would benefit from Bahrain's pro-innovation environment and forward-looking regulatory framework. The establishment of these types of institutions is vital to further strengthen the existing digital

  MENA based Tarabut open banking platform, which recently signed its first partnership with a crypto brokerage exchange RAIN in Bahrain, has raised $32 million in its series A, led by Pinnacle Capital. The funds will be used to bolster Tarabut’s footprint in Saudi Arabia. Pinnacle Capital is a leading alternative investment firm that focuses on KSA investments to provide unique alternative investment opportunities. Pinnacle Capital partners have extensive transactional experience in the venture capital industry with a proven track record, including leading the first Saudi unicorn tech startup, Jahez, to a public listing. The raise also saw participation from Aljazira Capital, Visa, Tiger Global, and other leading existing investors. Abdulla Almoayed, Founder and CEO of Tarabut Gateway, stated, “Open banking is reshaping the financial landscape in KSA and the wider Middle East, and we, at Tarabut Gateway, are proud to be at the forefront of this innovation. This fundraise reflects

    Blockchain compatible EVM ( Ethereum Virtual Machine) platform built on NEAR protocol, Aurora Labs, with offices in Business Bay in Duba, has launched its Aurora Cloud in the MENA region. The platform is designed to integrate blockchain technology to their business without friction or the need for expert teams, significant resources, or large investments in time. With Aurora Cloud, businesses can connect their existing products to their own blockchain, allowing for a seamless end user experience that still looks familiar to what their customers use every day. The platform enables businesses to choose to operate on their own private blockchain, known as an Aurora Silo, implementing KYC/KYB access restrictions and dictating which apps and tokens are available to trade and use, allowing for a bespoke and tailored experience. The ability to control whether they or their customers are responsible for gas fees is another game-changing feature that provides total commercial flexibil

  UAE based WadzPay Blockchain enabled Hajj Pilgrim Digital payments solution has been chosen as a finalist at Currency Research’s second annual Advancement in Digital Currency Awards, being presented at the Digital Currency Conference in Mexico City, on May 18th, 2023. WadzPay’s solution was chosen under the category for Best Innovation in Digital Currency. WadzPay is competing against top international blockchain fintech providers such as Stellar. According to Parv Aggarwal , Vice President for CBDCs and Partnerships, “We are super excited to represent WadzPay and our novel cross border Hajj Pilgrimage token.” Currency Research awards are presented to digital currency initiatives that advance the platform as a payment instrument. Currency Research chooses entities who are working on all types of digital currencies at all stages of developments. The award categories include “Outstanding Advancement in Digital Currency” whose category finalist for this year include, Crunchfish,

  Bahamas based digital asset investment firm GEM Digital, which invests in tokens, has added $50 million to its $10 million investment in UAE Everdome Everdome a hyper-realistic metaverse that will bring brands and people together.Everdome had also received investment from BNBChain, OKx, and Unreal engine. Everdome will use the proceeds of the investment to boost infrastructure and allow heavy traffic loads in a high-fidelity environment. As per Everdome announcement the first $10 million received from GEM Digital has already been drawn down by Everdome for the development of the metaverse project. GEM’s increased investment commitment follows Everdome’s recent change of management in appointing Jeremy Lopez as CEO, and clearly demonstrates their strongest support of the new management's previous track record and commitment to the vision of our project moving forward. Jeremy developed the relationship with GEM during his previous role as COO, while also assisting in the part

Once again the Qatar Financial Centre Authority (QFCA) financial business center is on a sprint run with Blockchain, first with its MOU signed with Blockchain solution provider R3 and now with its MOU signed Blockchain SettleMint platform. The agreement with Settlemint will also as with R3 work on Blockchain and digital asset initiatives in the financial sector.  The MoU aims to explore potential synergies with industry participants, including financial institutions, fintech firms, and corporate organisations, to accelerate the adoption of blockchain and digital asset business models and solutions. Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, stated "We are delighted to collaborate with SettleMint Blockchain LTD to explore use cases of blockchain technology and digital assets in Qatar's financial industry. This partnership reflects the QFC's commitment to supporting innovation and identifying new opportunities that benefit our stakeholders and Qatar's wider f

    Qatar Financial Centre Authority and Blockchain solution provider R3 have signed an MOU to develop and grow Qatar’s fintech industry using technologies such as DLT (Distributed Ledger Technology). As per the agreement QFC and R3 will work together to create a potential lab environment that caters to commercial banks and fintech in Qatar. The partnership also aims to promote education and training on asset digitization and the use of (DLT). The two organizations will also create working groups to observe new and emerging regulatory paradigms and support the QFC's deployment of DLT at national level. Yousuf Mohamed Al-Jaida, Chief Executive Officer of QFC, said, "We are pleased to partner with R3, a renowned financial technology company, to explore opportunities that will contribute to the growth and success of the financial technology industry in Qatar. Through this collaboration, we aim to foster innovation and create an environment that supports the growth of fintec

  UAE and USA based C1 Secondary’s Fund managed by C1 Investment Advisors LLC, a team of international entrepreneurs and investors, have announced a $500 million investment fund targeting secondary’s in blockchain, crypto, Web3, and Fintech entities. Secondary funds, commonly referred to as secondaries or continuation transactions, purchase existing interests or assets from primary private equity fund investors. For example, a primary private equity fund may purchase a stake in a private company, and then sell that interest to a secondary buyer. The C1 Secondary’s Fund is a regulated private investment fund formed for the purpose of investing in secondary’s asset acquisition – the purchase of shares in existing private growth companies.     The C1 Fund portfolio focuses on digital assets, blockchain technology and applications, cryptocurrency services (not direct investment in cryptocurrencies), Web3 financial applications, and advanced FinTech.  Sample target company applications

    Canadian, Spirit Blockchain Capital, an entity operating in the Blockchain and Digital Asset sectors with the primary goal of creating value in a rapidly growing environment through recurring cash flows and capital appreciation and UAE based Masary Capital, consulting platform for blockchain and metaverse, sign MOU to partner to bring DeFi, Web3, and crypto asset management services in UAE.   Masary Capital will allow Spirit Blockchain to provide an optimal environment for global Blockchain enterprises and growth for Spirit’s shareholders. Under the strategic partnership agreement, Spirit will leverage its relationship with Masary Capital to grow its presence in the Middle East and it will use Masary Capital as the advisory provider with respect to any potential growth within the region. In addition, Spirit will support Masary Capital’s Dubai Blockchain and Metaverse Strategy by providing assistance for important Web3 infrastructure projects, including public blockchain, sc