UAE Cypher Capital invests in Bitcoin DeFi Platform, Velar

UAE Cypher Capital invests in Bitcoin DeFi Platform, Velar

UAE based Cypher Capital, a venture capital firm that invests in Web3, Blockchain, and crypto startups has invested in Bitcoin DeFi platform Velar.

Velar closed its seed funding round of $3.5 million from a range of notable Web3 investors. The round attracted participation from key ventures including Bitcoin Startup Lab, CMS Holdings, Black Edge Capital, GBV, Cypher Capital, Trust Machines SPV, Transform Capital, Maple Block and Samara Asset Group, among others.

Building on the unprecedented interest and growth in DeFi over the past few years that attracted over $100B in liquidity to the Ethereum network, Velar is deploying the world’s first perpetual decentralized exchange (PerpDEX) on Bitcoin.

Velar aims to unlock the $800 billion of dormant network liquidity to Bitcoin’s evolving DeFi landscape, and in doing so, offer BTC holders the same value proposition and yields that have been so successful in the Ethereum ecosystem.

The company is currently preparing for the mainnet launch of Dharma, the first ever Uniswap v2-inspired AMM built on popular Bitcoin Layer Stacks.

Velar intends to use the new capital to accelerate development of its PerpDEX Velar Artha. The platform will leverage Stacks to enable liquidity for DeFi dApps on Bitcoin, with Velar Artha due to launch in Q2 2024.

Despite initially launching on Stacks, Velar is a L2-agnostic protocol and will also integrate other leading Bitcoin L2s. Cem Özer, Co-Founder and CEO of Sovereign labs, and Alexei Zamyatin, Co-Founder of Build on Bitcoin (BoB), both prominent upcoming Bitcoin L2s have also participated in Velar’s funding round as angel investors.

“Velar’s successful funding round is a validation of our mission to make Proof-of-Work and Bitcoin the base layer of DeFi. Velar is set to redefine what’s possible, facilitating $800B worth of dormant liquidity to be used in DeFi; and we’re excited to invite the world to be a part of this groundbreaking journey,” said Mithil Thakore, Co-Founder and CEO of Velar.

“DeFi is the logical next step for Bitcoin. Introducing perps for Bitcoin and other assets that can be swapped in a decentralized way, and earn rewards will help unlock the $500B in untapped value on Bitcoin,” said Muneeb Ali, Co-Creator of Stacks. “This fundraise helps the team at Velar build a liquidity protocol that will be a major gateway for the usability being unlocked by sBTC on Bitcoin L2.”

Velar’s eventual product suite will include an AMM, project launchpad, and PerpDEX, with the latter enabling institutions to utilize their dormant BTC holdings as collateral in a non-custodial way. Velar launched its AMM testnet last May which saw over 165,000 testnet wallets created, a record for a Bitcoin-focused DeFi project.

Web3 companies hire for C-level positions for operations in MENA

Web3 companies hire for C-level positions for operations in MENA

Over the past few months more and more Web3 and Blockchain companies have been hiring for managerial positions in the MENA and GCC region. One of the latest is the new Managing Director of Middle East and Africa for Ripple, Mr. Reece Merrick as well as Amir Tabch CEO for APAC and MENA at Liminal Custody Solutions.

In a LinkedIn post, Reece Merrick stated, “I’m happy to share that I’m starting a new position as Managing Director, Middle East & Africa at Ripple!”

While Web3 entity, Liminal Custody Solutions (Liminal), the fastest-growing digital asset custody and wallet infrastructure provider in the APAC and MENA announced in a press release the appointment of Amir Tabch as its CEO for the Middle East region.

Mr. Tabch, a seasoned financial services executive and fintech pioneer, brings over two decades of experience in leading and scaling businesses across traditional and digital asset markets.

Prior to this, Mr. Tabch held senior leadership positions at SC Meta Markets, Emirates Investment Bank, and First Abu Dhabi Bank, where he honed his expertise in global markets, multi-asset trading, and regulatory compliance. He was also the Ex Copper Securities CEO.

Mr. Tabch’s appointment is part of Liminal’s strategic expansion in the Middle East and expansion of its custody offerings.

In addition Landvault appointed Muhammad Hamza as Landvault’s Vice President of Business GCC. Based in Dubai, Muhammad’s extensive expertise in artificial intelligence, metaverse technologies, and virtual development will further drive Landvault’s business strategy and oversee our international expansion in the GCC region. Landvault has built over 100 million square feet in virtual experiences for brands including Mastercard, Standard Chartered, Hershey, and more.

Even entities within the UAE are announcing new appointments, such as HUB71 which announced that Ahmad Ali Alwan has transitioned from Deputy Chief Executive Officer to Chief Executive Officer of Hub71 as of January 2024.

Alwan joined Hub71 as a founding member in 2019 and was appointed Deputy Chief Executive Officer of Hub71 in October 2022. Since then, Alwan has played a critical role in spearheading Hub71’s strategic development to become one of the region’s premier tech startup hubs supporting more than 260 startups that raised over AED 5 billion in capital.

His Excellency Ahmed Jasim Al Zaabi, Chairman of Hub71, said: “Within Abu Dhabi’s soaring ‘Falcon Economy’, Hub71’s transformative impact on the startup landscape is undeniable. Under the ambitious leadership of Hub71, startups globally have a destination where innovation thrives, and growth unlocks endless possibilities. Ahmad has witnessed Hub71 growth stages and played a pivotal role in building the global tech ecosystem in Abu Dhabi. The journey ahead is an exciting, and we are confident that his deep knowledge and experience in helping startups and founders grow and scale disruptive technology companies from the UAE will shape the future of Abu Dhabi’s tech ecosystem.”

In 2023 for example, Web3 Blockchain company, Circle appointed its Vice President for Middle East and Africa, Miriam Kiwan. Many others have been hired over the past two years, as both local and globaly players flock to the region.

Bahrain Economic Development Board now a member of Swiss Crypto Valley Association

Bahrain Economic Development Board now a member of Swiss Crypto Valley Association

The Swiss based Crypto Valley Association; a nonprofit crypto and blockchain ecosystem announced that the Bahrain Economic Development Board, which focuses on attracting investments to Bahrain, has become its latest member.

As per the announcement, the association noted, “We are beyond excited to announce Bahrain Economic Development Board (EDB) as our newest corporate member!”

Bahrain Economic Development Board collaborates with government bodies and investors globally to identify and cultivate mutually beneficial opportunities, actively contributing to Bahrain’s economic diversification and sustainable growth.

The Crypto Valley Association is known as Switzerland’s leading blockchain & crypto ecosystem. It has been fostering collaboration and growth in the global blockchain ecosystem since 2017.

Bahrain was the first country in the GCC to incorporate crypto exchanges under a regulatory regime. It currently has three licensed crypto exchanges and brokers, including RAIN, Binance and CoinMENA.

It seems Bahrain is gearing towards attracting more crypto and blockchain companies to the country in 2024.

MRHB to launch localized Blockchain enabled NFT platform in Saudi

MRHB to launch localized Blockchain enabled NFT platform in Saudi

In collaboration with Saudi Arabian Blockchain tech provider Limar, MRHB Network, Fintech DeFi firm will be localizing MRHB’s Souq NFT platform for KSA and GCC markets.

As per the license agreement, the venture will see the localization of MRHB’s Souq NFT platform for the Saudi Arabian and Gulf markets, leveraging Limar’s pioneering experience in blockchain technology and advanced tech solutions.

Limar is a Saudi Teh company that focses on solving problems using advanced technologies since 2017. Limar has since been backed by AlNahdi United Group.It focuses on raising awareness for the adoption of decentralized appliation, or Blockchain networks in Saudi Arabia and the region. Limar is also a member of the Hyperledger Community.

Through this license agreement, Limar has licensed the Souq NFT platform from MRHB to create an Arabic version that caters specifically to Saudi Arabian customers. This localized version will run on a private blockchain developed by Limar, ensuring compliance with the Kingdom’s regulatory frameworks and cultural nuances.

By licensing the Souq NFT platform to Limar, MRHB Network is not only expanding its global footprint but also reinforcing its commitment to ethical and culturally sensitive financial solutions.

Limar has developed a crypto free Web3 ecosystem that will enable the adoption of Web3 in KSA focusing on eliminating the legal constraints of crypto with compleiance and usability at the core. They have developed AlMajra Blockcain and Hesa Wallet that allows startups and organizations to quickly deploy secure private blockchain networks.

Earlier this year, DeFi firm, MRHB built for Ethical and Inclusive DeFi expanded into the Saudi market after receiving a license from the Ministry of Investment. MRHB plans to relocate its research and development team to Riyadh KSA.