UAE based ASSNTURE launches its Blockchain trade finance Tradedesk

UAE based ASSNTURE launches its Blockchain trade finance Tradedesk

ASSNTURE Limited, registered in Abu Dhabi ADGM ( Abu Dhabi Global Market) as a technology startup providing Asset Tokenization and Digital Assets Infrastructure Solutions, has launched “TradeDesk,” a blockchain-based platform designed to revolutionize the management and settlement of trade finance transactions for finished goods, raw materials, and commodities.

TradeDesk leverages blockchain technology to enable frictionless finance, tracking, verification, and settlement of trade transactions. This platform enables businesses to invite and transact on international trades ensuring governance and transparency throughout,
whilst providing a secure and efficient digital network for seamless, transactions

This innovation offers its users unmatched efficiency and security by ensuring security and trust between all parties involved, whilst also providing users the ability to leverage liquidity on trades through the tokenization of the goods themselves. This allows sellers to obtain upfront liquidity for the goods in trade, providing immediate cashflow.

“With TradeDesk, we are transforming the trade finance landscape by providing businesses with a secure, peer-to-peer digital solution that streamlines the entire trade process,” said Ihsan Khelef, Co-Founder & MD at ASSNTURE Limited. “Our platform not only enhances the speed and transparency of transactions through blockchain, but also fosters trust between buyers and sellers, making trade finance more accessible and efficient.”

Designed for businesses of all sizes, TradeDesk simplifies the complexity of international trade, allowing users to manage and settle transactions in real-time. By removing the reliance on banks and other financial intermediaries, TradeDesk empowers businesses to focus on growth and innovation, without the challenges and costs of traditional trade finance models.

UAE Bonuz Application launches its Social smart Wallet

UAE Bonuz Application launches its Social smart Wallet

Bonuz, the ecosystem dedicated to simplifying digital asset management, has launched its Social Smart Wallet during an exclusive event at Fish Hut, in Dubai. The celebration brought together VIPs, industry leaders, and notable figures from the world of blockchain and entertainment.

The event featured the world’s first real-world gamification quest conducted onchain. Attendees engaged in interactive quests, such as checking in to the event via the Bonuz app, and participated in social media posts, and a group photo session. Those who completed the challenges were rewarded with soulbound Proof of Participation NFTs and a special commemorative “Mende’s 40th B-Day and Bonuz Launch” NFT, offered as complimentary keepsakes.

Prominent guests included executives from leading exchanges such as Binance, OKX and Bitpanda, as well as representatives from major crypto media outlets like CoinDesk, Web3 TV, Blockpedia and the Crypto Hub.

“After nearly two years of development, we’re thrilled to introduce the Bonuz Social Smart Wallet to the world,” said Matthias Mende, Founder and CEO of Bonuz. “Our mission is to onboard hundred of millions into the digital realm by offering the simplest, most user-friendly self-custodial wallet. With features like social login, our wallet is so smart that users don’t have to be.”

The evening was enriched with a raffle, where participants had the chance to win dental treatments and dental hygiene kits, sponsored by MONAJI and Dr. Mohammed Naji who said “We’re excited to support Bonuz’s launch and help everyone have a bright smile—as bright as Bonuz itself,”

As per the press release, the Bonuz Social Smart Wallet sets itself apart with its simplicity and advanced features. As a self-custodial wallet with social media aggregation capabilities, it lowers the barrier to entry for digital asset management, making it accessible to users of all experience levels.

Key Features of the Bonuz Social Smart Wallet:

  • User-Friendly Interface: Designed for simplicity, so users don’t have to be tech-savvy.
  • Self-Custodial: Empowers users with full control over their digital assets.
  • Gas-less: All Bonuz Onchain Utilities are free of Gas Fees.
  • Social Login: Streamlines access and enhances user convenience.
  • Gamification: Enables Gamification features for Real World and Digital Brands.
  • Onboarding Millions: Aims to make cryptocurrency accessible to a broader audience.

Aurum Equity Partners $1 billion tokenized fund to invest in datacenters in UAE and KSA

Aurum Equity Partners $1 billion tokenized fund to invest in datacenters in UAE and KSA

Aurum Equity Partners, a private equity firm, has launched a combined equity and debt tokenized $1B fund, utilizing Zoniqx’s asset real world tokenization solutions and leveraging XRP Ledger (XRPL) Blockchain, for datacenter investments in United States, UAE, KSA, India and Europe.

Zoniqx (“Zoh-nicks”) is a global fintech leader based in Silicon Valley, specializing in converting real-world assets into Security Tokens. Their compliant infrastructure enables tokenization across public, private, and hybrid blockchains, driving global liquidity and DeFi integration.

As per the press release, this initiative will harness Zoniqx’s cutting-edge Tokenized Asset Lifecycle Management (TALM) solution and the Dynamic Compliant Interoperable Security Token (DyCIST) protocol to transform Aurum Equity Partners’ assets into tokenized financial instruments. This development marks a significant step forward in integrating blockchain technology with traditional financial markets.

Key Highlights:

  1. Innovative Tokenization: Zoniqx will enable Aurum Equity Partners to launch the world’s first combined equity and debt tokenized fund, leveraging the XRPL to provide investors with greater flexibility and diversification.
  2. Global Data Centers: The initiative will establish cutting-edge data centers across the United States, United Arab Emirates, Kingdom of Saudi Arabia, India, and Europe, showcasing the scalability and global reach of tokenization technology.
  3. Enhanced Liquidity: Utilizing Zoniqx’s TALM framework, the trading of tokenized assets on secondary markets will be more efficient and accessible, offering investors improved liquidity options.
  4. Compliance and Security: The DyCIST protocol, combined with the XRPL’s built-in safety compliance features, ensures all tokenized assets adhere to global regulatory standards, including AML and KYC protocols, providing secure and compliant transactions.
  5. Interoperability: The initiative will facilitate seamless integration across multiple blockchain networks, offering flexibility and accessibility for a wide range of investors and financial institutions.

“We are excited to work with Zoniqx to bring this groundbreaking project to life,” said Venkat Bussa, CEO and Chairman, General Partner at Aurum Equity Partners. “This development aligns with our commitment to leveraging cutting-edge technology to enhance liquidity, transparency, and overall investment efficiency for our investors.”

Prasanth Kalangi, Founder and CEO of Zoniqx, added, “Working with Aurum Equity Partners on this innovative project is a significant milestone in our mission to advance asset tokenization. Our technology is designed to meet the evolving needs of the financial industry, and we are excited to demonstrate its potential in the private equity space.”

David Schwartz, CTO of Ripple and Co-creator of the XRP Ledger, added “Tokenizing private equity is another emerging use case in RWA, tackling the challenges of illiquidity and limited access in these markets. By using XRPL’s ability to process transactions efficiently and securely, Aurum and Zoniqx are showing how real-world assets can be managed more effectively harnessing a decentralized blockchain.”

During Gitex Aurum Equity Partners and DEWA signed an agreement for edge infrastructure developments.

Emirates NBD to explore Partior blockchain for payment settlements

Emirates NBD to explore Partior blockchain for payment settlements

Emirates NBD, in MENAT (Middle East, North Africa, and Türkiye) region, has partnered with Partior, a decentralized, programmable, and always-on platform making the global movement of liquidity more seamless, secure, and scalable, to explore participation in their blockchain platform for clearing and settlement, a collaboration that will offer Emirates NBD’s clients 24×7 availability, and faster, more seamless payment flows.

Emirates NBD will join the Partior network, becoming the first regional and UAE Dirham, Saudi Riyal and Indian Rupee settlement bank on the platform. In addition, Emirates NBD is looking to serve as a participating bank for major foreign currencies, in a move that bolsters its client offerings to provide real-time payments.

Launched in 2021, Partior is backed by DBS Bank, J.P. Morgan, Standard Chartered, Temasek, and Peak XV. The platform has pioneered the development of a blockchain-based unified ledger for payments, enabling real-time clearing and settlement for instant liquidity and transparency, and overcoming challenges commonly associated with sequential processing in legacy payment systems.

Emirates NBD is also evaluating an equity investment in Partior, a move that would represent a strategic alignment within the financial ecosystem aimed at redefining the future of global value exchange. By integrating with Partior’s blockchain-based unified ledger platform, the bank will enhance transparency, efficiency, and security in global payments and settlement processes.

Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, commented, “Our partnership with Partior is a critical element of our broader strategy to embrace new technologies in an ever-evolving digital landscape. Our commitment to innovation is driven by the need to ensure we provide our clients with the most advanced financial solutions. By leveraging Partior’s transformative blockchain technology, we are not only future-proofing our operations but also creating a seamless payment infrastructure that supports the rapidly evolving business needs of our clients.”

Neeraj Makin, Group Head of Strategy – Analytics and Venture Capital at Emirates NBD, said, “The investment from Emirates NBD’s Innovation Fund represents an important moment in Partior’s journey as a leader in next-generation payments infrastructure. It underscores our belief in blockchain’s transformative potential for financial services, particularly in cross-border transactions. What is truly exciting about this investment is the opportunity it creates for cross-market collaboration and the development of a seamless cross-currency payments ecosystem. This will enhance transparency and reduce friction for businesses and clients alike.”

Humphrey Valenbreder, Chief Executive Officer at Partior, added, “This collaboration positions Emirates NBD as Partior’s gateway to the vibrant MENAT region, aligning with our strategic roadmap to expand in the Middle East. By integrating our blockchain capabilities with Emirates NBD’s trusted network, we are not only strengthening our operational capabilities but also reinforcing our shared commitment of elevating the efficiency and security of cross-border transactions to drive economic growth and innovation across the region.”

Prior to this, Ctrl Alt, a leading financial engineering and tokenization platform that utilizes blockchain technology, with offices in the UK and Ireland, has set up its office in Dubai UAE in DMCC ( Dubai Multi Commodities Center), after partnering with Emirates NBD. It intends to serve Dubai initially as it plans expansion into MENA region. ‍

Additionally Chainalysis the blockchain data platform, joined Emirates NBD, digital asset Lab. Chainalysis, the blockchain data platform, will join professional services firm PwC, digital asset transfer and direct custody technology platform Fireblocks, and R3, an enterprise Distributed ledger technology platform, as founding council members of the Lab.

UAE a source of significant amount of crypto trading for Brevan Howard

UAE a source of significant amount of crypto trading for Brevan Howard

 During the AIM Conference in Dubai, Brevan Howard a global hedge fund management fund which recently opened its offices in Abu Dhabi UAE noted that it does a significant amount of its crypto trading from the United Arab Emirates. Ryan Taylor, Group head of compliance at Brevan Howard stated that this was because of the country’s sensible regulations.

Taylor stated, “The regulators in the UAE are hard, but they want the industry to fly and so they write sensible regulations and they are prepared to talk to the industry in order to evolve those regulations.”

Taylor said that Brevan Howard’s crypto trading operations represented about $2 billion of the firm’s total strategies which he said were over $30 billion. Brevan Howard has become the first global hedge fund to have 100 employees in the United Arab Emirates.

The statements come soon after Brevan Howard became the first client for Standard Chartered regulated crypto custody service out of DIFC.

In May 2024, Standard Chartered announced that it had signed a memorandum of understanding (MoU) with Dubai International Financial Centre (DIFC) to collaborate on digital assets, including digital asset custody through its Zodia Custody entity. The now licensed service will allow clients to safekeep their Ethereum and Bitcoin cryptocurrencies as a start.

Brevan Howard Digital, the dedicated crypto and digital asset division of Brevan Howard, is confirmed as the inaugural client for the product.

During the announcement, Gautam Sharma, Chief Executive Officer of Brevan Howard Digital commented, “This is a significant win for the UAE and the wider digital asset industry. Standard Chartered’s global reputation and demonstrated commitment to this space adds a layer of credibility that is meaningful for institutional adoption. The development of the institutional infrastructure within the asset class and region supports our established business within the ADGM in its continued expansion and our ongoing efforts toward improving and reinforcing standards in the digital asset ecosystem.” 

Brevan Howard, which manages $35bn in assets, opened its Abu Dhabi office in February 2023.

Sui Blockchain and Ghaf Group launch incubator hub in Dubai

Sui Blockchain and Ghaf Group launch incubator hub in Dubai

The Sui blockchain has launched an incubator hub in Dubai UAE in partnership with UAE based Ghaf Group which includes Ghaf Capital.

In an interview with CoinDesk, Kostas Chalkias, Co Founder and Chief cryptographer at Mysten Labs, the developer of Sui blockchain network, said he had a vision to bring an army of solution engineers to Dubai. He noted that for example if a government entity would want a blockchain based solution to a problem and instead of spending days to create the solution, this hub would have the capacity to build the solution as a smart contract more or less on the spot.

“When you’re preaching an idea we will be able to sit down for two hours and build the proof of concept there. No other blockchain can do a POC on the spot. This hasn’t happened before,” Chalkias said.

The hub is in collaboration with Ghaf Group, a blockchain firm in the region. Ghaf Capital Partners is one of the first locally managed blockchain / Web 3 only private capital firms based in Dubai, U.A.E and acts as an extended version of the team of all their partners and portfolio of companies so as to add value as strategic partners and growth accelerators.

Speaking to Lara on the Block, Feras Al Sadek, Co-Founder and Managing Director of Ghaf Group noted, “Ghaf Group is extremely pleased to join with the Sui team in launching the first official SuiHub in Dubai. The initiation of this innovative new resource for local builders and entrepreneurs represents a key milestone in the development of Ghaf’s venture studio arm. What began as a simple advisory has grown into a global initiative that will power technology advancement here for years to come.”

The Dubai hub will be first in a global series of hubs. “UAE is top for deals UAE but not the actual development,” said Chalkias. “The vision is to be the heart of hackathons and implementation even in Dubai.” Initially, the hub would be hoping to help the government with digitalization, he added.

“We are building solution engineering here in Dubai,” said Chalkias. “We want to invest in the region. We want to bring engineering capacity. I am bringing solution engineers. I want to run hackathons every month in Dubai where we don’t sleep for three days.

The announcement is not new, In May 2024, Co Founder of Mysten Labs, Kostas Kryptos Chalkias, announced on X (formerly Twitter) that he was in the midst of creating a modern cryptography and AI Innovation hub in both Dubai and Abu Dhabi.

As he noted, ” The aim is to intellectually grow the whole UAE community with deep tech education and brainstorming meetups. So deep that some hackathons will run non stop 24/7 for a whole week, with support from local hotel and office-desk owners for accommodation.”

He adds,”My goal is to gradually advance the whole MENA region in a unique tech excellence level + see technologically competitive startups to emerge. There is already a plan to publish some unique ideas around ZKP, MPC, FHE, Differential Privacy, Web3 UX, Anon Credentials, AI on chain, AI for audits, DePIN data compression and parallelization, Novel Key Management, Identity, Voting and Verifiable Execution.”

Crypto.com and Bahrain BENEFIT explore digital asset payment integration

Crypto.com and Bahrain BENEFIT explore digital asset payment integration

Crypto.com and Bahrain based BENEFIT, a FinTech and electronic financial transactions services have signed an MOU ( Memorandum of Understanding) which aims at discussing combining their expertise and help expand the digital assets and fintech ecosystem in Bahrain including areas such as payment integration and prepaid card capabilities.

The companies signed an MOU at the Fintech Forward event in Bahrain on October 3, 2024.

“BENEFIT’s innovative work to develop the electronic payments space in Bahrain is impressive and we’re excited at the prospect of partnering with a company that is forward-thinking and eager to support the growth of the digital assets industry,” said Eric Anziani, President and COO of Crypto.com. “Bahrain has created an innovation friendly environment and we’re looking forward to expanding our services here.”

“We are pleased to explore this collaboration with Crypto.com as it aligns with our mission to continuously drive innovation in Bahrain’s financial services sector,” said Abdulwahed AlJanahi, Chief Executive of BENEFIT. “By leveraging our expertise in electronic financial transactions and Crypto.com’s cutting-edge capabilities in the realm of cryptocurrency, we are confident this partnership can bring added value to Bahrain’s evolving fintech landscape and support the growth of digital assets in the Kingdom.”

This comes after Crypto.com Crypto.com, the 13th largest global crypto exchange according to CoinMarketCap, received a crypto payment service provider license from the Central Bank of Bahrain allowing it to offer e-money and fiat based payment services regionally, including prepaid cards.

CyBirb Blockchain Security company launches in Abu Dhabi’s ADGM

CyBirb Blockchain Security company launches in Abu Dhabi’s ADGM

CyBirb, aWeb3 security company, has launched its operations in Abu Dhabi Global Market (ADGM), the international financial center of the UAE’s capital after receiving its license.

As per the press release, the move aims to strengthen capabilities in blockchain cybersecurity and compliance across the region. CyBirb’s expansion marks a significant milestone in enhancing blockchain security and fostering innovation in the UAE and beyond. The decision to launch operations within ADGM was driven by the financial centre’s reputation for innovation and robust regulatory standards. CyBirb is set to offer a suite of advanced security solutions, including Smart contract audits, Decentralized application (DApp) security, Wallet screening and transaction monitoring and AI-powered real-time threat detection.

Manan Shah, Founder and Chief Executive Officer of CyBirb, stated: “Our establishment in ADGM is a game-changer for blockchain security in the region. We’re bringing world-class cybersecurity solutions to a hub of innovation and regulatory excellence. We are confident that our presence in ADGM’s ecosystem will enable us to set new global benchmarks in Web3 security and compliance.”

The company plans to collaborate with key stakeholders in ADGM, including financial institutions, technology firms, and academic institutions, to continuously enhance its services and contribute to strengthening the overall blockchain ecosystem. Commenting on these collaborations Manan Shah added, “These partnerships are integral to our mission of creating a secure and thriving blockchain ecosystem. By collaborating with leaders across various sectors, we’re not just offering security solutions – we’re building a foundation for the future of Web3 in the MENA region.”

Dubai’s DEWA digital arm InfraX and Aurum Partners to deploy edge infrastructure

Dubai’s DEWA digital arm InfraX and Aurum Partners to deploy edge infrastructure

Dubai’s DEWA ( Dubai Electricity and Water Authority) digital arm, InfraX, a subsidiary of Digital DEWA, has signed a Memorandum of Understanding (MoU) with Aurum Equity Partners, a California-based Private Equity Firm specializing in Environmental, social, and governance, ESG – First, Digital Infrastructure Asset Class will deploy next-generation edge infrastructure in UAE and MENA to support applications such as AI , connected cars, smart cities, Blockchain based DeFi applications and more.

As per the press release, the partnership addresses the growing need for localized, high-performance AI ready, Edge data center infrastructure in the era of5G and AI, while ensuring environmental responsibility and social impact.

The initiative will support next-generation applications such as Connected Cars, Smart Cities, and Blockchain-based DeFi, which require a new approach to data center design, from far edge to near edge, with emphasis on end-to-end security and energy efficiency.

“By combining InfraX’s expertise in IoT and smart city solutions with Aurum’s proven capabilities in ESG-focused infrastructure development, we’re creating a foundation for sustainable urban digital transformation,” said Rashid Alahmedi, Chief Operating Officer of InfraX. “This partnership will deliver fast, secure, and intelligent services across various sectors, aligning with the region’s digital and sustainability goals.”

Venkat Bussa, CEO & Chairman of Aurum Equity Partners & Founder of Aurum Group, stated, “Our collaboration with InfraX will establish a robust, environmentally responsible edge computing ecosystem. We’re committed to enhancing the speed and reliability of critical services while minimizing environmental impact. This partnership reflects our shared vision for a sustainable, future-ready digital infrastructure in the UAE.”

The MoU outlines a framework for InfraX and Aurum Equity Partners to jointly explore opportunities in deploying green edge computing infrastructure. The focus will be on creating scalable, energy-efficient, and sustainable edge computing solutions that align with the UAE’s vision of becoming a global leader in both digital innovation and environmental stewardship.

M2 Crypto exchange in Abu Dhabi gets new CEO in just two years

M2 Crypto exchange in Abu Dhabi gets new CEO in just two years

Stefan Kimmel, the CEO of M2, regulated crypto exchange out of Abu Dhabi UAE, has moved on to a board position and has been replaced by Saadeddine Zaher.
As per the announcement, Stefan will remain an integral part of the M2 family as he joins the Board of Directors and takes on a new role within the broader Group, where he will focus on the development of digital asset projects.

Stefan Kimmel said, “Building M2 from the ground up has been an incredible journey, and I’m immensely proud of what we’ve accomplished together. As I transition to my new role, I remain committed to supporting M2 in this exciting phase of its evolution. I look forward to contributing to our future projects and continuing to serve our stakeholders in this dynamic industry.”

Saadeddine Zaher will be the new CEO of M2. He has an extensive career in the banking sector. Saadeddine Zaher added, “It is an honor to join M2 at such a pivotal time in its journey. The foundation laid by Stefan and the team is incredibly strong, and I look forward to building upon it to ensure we continue to deliver innovative solutions and value to our clients and stakeholders. M2 is uniquely positioned to lead in the digital asset space, and I’m excited to lead the company into this next chapter.”

In July M2 announced M2 launched what it calls a simplified pathway for UAE residents to buy and sell Bitcoin (BTC) and Ethereum (ETH) through a direct integration with their bank account.