Phoenix Group UAE crypto entity Founder steps down

Phoenix Group UAE crypto entity Founder steps down

Phoenix Group, a cryptocurrency, blockchain, and Web 3 company and the first UAE home-grown cryptocurrency firm to be listed on the Abu Dhabi Securities Exchange, announced that is former CEO and co-founder, Seyed Mohammad Alizadehfard (Bijan), has stepped down and been replaced by Munaf Ali, a co-founder as well who previously held the position of Group Managing Director.

As per the press release, Seyed Mohammad Alizadehfard (Bijan), will step down to focus on expanding and managing his investment fund, Cypher Capital but will continue to be involved with Phoenix Group as a major shareholder and as a trusted key advisor to Phoenix.

Munaf Ali who has been well versed in the crypto, digital asset and blockchain field, will focus his efforts on cultivating strong relationships with institutional players to capitalize on the opportunities that lie ahead in the evolving cryptocurrency and blockchain landscape. Phoenix is already working with leading investment banks and crypto advisers on possible dual listing opportunities in favourable international jurisdictions for 2025.

“I want to extend my deepest thanks to Bijan for being my co-founder and for his successful stewardship in guiding Phoenix Group from a private company to our listing on the ADX. We have worked together since we founded Phoenix and grown it into a listed billion-dollar company. Our strong relationship will continue, a CEO could not wish for a better advisor who will continue to bring opportunities to our door.”

“Taking on the role of CEO at Phoenix Group represents an incredible opportunity to lead this forward-thinking company during a time of unprecedented growth,” continued Munaf. “My extensive experience and background in banking and finance equips me to navigate the complexities of our industry as the worlds of traditional and digital assets move closer together, allowing us to position Phoenix Group for success. Looking ahead, we are exploring dual listing opportunities including on NASDAQ in 2025 as we continue to build our global presence.”

Seyed Mohammad Alizadehfard, the outgoing CEO and co-founder, will continue to play a vital role in the company as a valued advisor and shareholder. “While I transition from the CEO role, I am dedicated to supporting Munaf and the team as we embark on the next stage of Phoenix’s journey. My knowledge and expertise in cryptocurrency, combined with Munaf’s institutional background, will ensure that Phoenix Group remains at the forefront of our industry both here in UAE and on the global stage” he stated.

UAE Ministry of Interior and the FSRA regulatory arm of ADGM partner to fight virtual asset crimes

UAE Ministry of Interior and the FSRA regulatory arm of ADGM partner to fight virtual asset crimes

The Financial Services Regulatory Authority of ADGM (FSRA) and the UAE Ministry of Interior, have partnered to coordinate and combat financial crimes in the virtual asset, crypto realm.

As per the press release, the agreement aims to facilitate the exchange of information, strengthen risk mitigation frameworks, and support the national strategy to safeguard the financial system against evolving threats in the digital asset landscape.

Commenting on the importance of proactive cooperation in combating financial crime, Emmanuel Givanakis, CEO of the Financial Services Regulatory Authority, said, “The FSRA is focused on collaboration with UAE authorities to proactively fight against financial crime. Financial crime is constantly evolving, and it is crucial that regulators stay ahead of potential threats. Our goal is to build long lasting partnerships across the UAE to ensure prevention of financial crime in financial services including the use of virtual assets. We aim to protect the financial ecosystem and lead regulatory efforts in line with international best practices and federal laws. We also seek to raise awareness internally and locally to ensure proper understanding of financial crime risks and assist actively in the efforts conducted on a national level”.

This MoU establishes a framework for cooperation between the FSRA and the Ministry of Interior, supporting the exchange of information and coordination on matters related to financial crime and virtual assets. It also aims to bolster the security and efficacy of the UAE’s financial system while enabling knowledge-sharing initiatives, joint training programs, and strengthened investigative efforts.

This agreement comes at a time when Chainalysis recently reported that In 2024, crypto platforms experienced a 21% increase in stolen funds compared to last year, totaling an estimated $2.2 billion. This marks the fifth year on record with losses exceeding $1 billion.

Private key compromises were the leading method of theft, representing approximately 43.8% of stolen crypto.

Telecom operator stc Bahrain partners with ZetaChain blockchain

Telecom operator stc Bahrain partners with ZetaChain blockchain

stc Bahrain, Bahrain telecom operator and digital service provider has partnered with ZetaChain, the first Universal Blockchain, as part of its Web3 Launchpad Program under the Pearling Path initiative.

As per the press release, this collaboration underscores stc Bahrain’s commitment to advancing cutting-edge technologies and driving blockchain innovation across the Middle East and beyond.

ZetaChain’s Universal Blockchain provides native access to all major blockchains, including native Bitcoin, enabling developers to create Universal Apps that seamlessly operate across these ecosystems from one unified interface. Its design eliminates the need for bridges or middleware, offering a secure, scalable, and simple framework for cross-chain applications.

As part of this collaboration, stc Bahrain will operate a validator on ZetaChain’s mainnet. This moves the network’s security and scalability while enabling developers to build and deploy Universal Apps, natively accessible from all major blockchains, including the Bitcoin network.

“This partnership with ZetaChain represents a major step forward in enabling secure access to fully interoperable Web3 applications,” said Saad Odeh, Chief Wholesale Officer at stc Bahrain. “ZetaChain’s Universal Blockchain simplifies the Web3 user experience across all chains, including Bitcoin, while aligning with our commitment to advancing blockchain technology in the region.”

“stc Bahrain’s leadership in telecom and its award-winning Web3 Launchpad program makes them an ideal partner for ZetaChain,” said Jonathan Covey, Core Contributor at ZetaChain. “Their role as a validator will strengthen our ecosystem in the Middle East and unlock new Universal Apps that operate natively across Bitcoin and any blockchain from a single platform.”

This partnership affirms the company’s commitment to creating an interoperable and accessible Web3 ecosystem and bringing unique blockchain solutions and new technologies to the region, in alignment with Bahrain’s Vision 2030. With ZetaChain’s growing ecosystem including over 4 million unique wallets, 154 million transactions, and 300+ dApp integrations, stc Bahrain is enabling developers and enterprises to deliver seamless cross-chain functionality, advancing the adoption of blockchain technologies across the Middle East and beyond.

In August of Stc Bahrain announced the launch of “Intersect the Network” on Avalanche Blockchain. The initiative aimed to advance Web3 innovation, promote digital transformation for decentralized applications (dapps). In April 2024, stc Bahrain announced its partnership with Avalanche Blockchain to build Web3 in the MENA region.

Earlier the telecom operator placed operating nodes on Core Chain Bitcoin Layer 1 blockchain. Stc Bahrain also partnered with Core Chain DAO as part of its Web3 launchpad initiative.

Tokenized Gold now in UAE with Fasset and Own Foundation

Tokenized Gold now in UAE with Fasset and Own Foundation

Fasset, a UAE regulated digital asset platform focused on enhancing financial inclusion in high-growth markets, has introduced ORO, the first application built on its Ethereum Layer 2 network, Own, in partnership with The Own Foundation. Through tokenization, ORO users will be able to invest in smaller, more affordable increments of gold ($GOLD), leveraging blockchain’s transparency, security, and yield-generation features, all with minimal fees and no storage costs. The offering will be launched in early 2025.

Gold, long regarded as a reliable store of value, has gained renewed significance as a hedge against inflation and economic uncertainty. Since 2008, high-growth markets such as India have doubled their central bank gold reserves, underscoring the asset’s appeal. However, traditional gold ownership remains costly and inaccessible for many, often involving high entry thresholds and complex storage requirements. ORO addresses these challenges by leveraging blockchain to offer secure, fractionalized ownership with minimal fees and no physical storage needs.

“ORO is a showcase of how Own’s infrastructure can deliver meaningful financial solutions, particularly for markets underserved by traditional systems,” said Mohammad Raafi Hossain, Co-Founder of Fasset and Own. “By combining blockchain’s transparency with gold’s enduring value and an innovative yield product, ORO redefines what’s possible for a trusted asset.”

Each ORO token represents one ounce of 99.99% fine gold securely stored with blue-chip custodians and fully insured. Tokens can be redeemed for physical gold starting at $85 increments or exchanged for USDC for added liquidity. Moreover, ORO offers a highly competitive financial opportunity by combining gold’s historical appreciation—averaging around 8% annually—with a 3-4% APY earned through staking $GOLD on the platform. This potential total yield of approximately 12% significantly outpaces traditional savings accounts, which typically offer returns of just 3-4%, and provides a better alternative to conventional gold investments.

Joining the waitlist ensures early access to product updates, beta testing opportunities, and potential rewards ahead of ORO’s full 2025 launch.

ORO was founded by Usman Saleem, a member of the ARY family, renowned for their century-long expertise and leadership in the gold industry in the UAE and beyond. Building on this heritage, Saleem launched ORO to expand access to gold investments, combining trusted industry knowledge with blockchain-powered financial solutions.

“Own’s commitment to creating meaningful financial opportunities in regions like Asia and the Middle East makes it the perfect platform for ORO,” said Saleem. “Together with Own, ORO is unlocking the full potential of gold by introducing innovative use cases for an asset trusted for millennia. By bringing gold on-chain, we make it inflation-resistant, DeFi-compatible, and staking-ready.“

Own is managed through The Own Foundation, which is powering Fasset’s mission to expand access to decentralized finance globally, lower costs, and enhance scalability while ensuring compliance in key markets. Founders Mohammad Raafi Hossain and Daniel Ahmed created Own to address challenges like inflation, remittance costs, and limited financial access.

Crypto.com appoints UAE National as president of its UAE Operation

Crypto.com appoints UAE National as president of its UAE Operation

Crypto.com has announced the appointment of Mohammed Al Hakim, a UAE national, as president of its UAE operation for the company’s growth and diversity in the region.

Al-Hakim will head up business development, strategic partnerships, and financial innovation to Crypto.com. According to the press release, he has been key in driving over $800 million in foreign investments into Dubai. Al-Hakim has raised millions in sponsorships for UAE government initiatives and launched programs aimed at empowering Emirati professionals.

Kris Marszalek, CEO of Crypto.com, expressed confidence in Al-Hakim’s leadership, stating that his expertise will be pivotal in advancing the company’s goals in the UAE. “The UAE is a critical market for us, and Mohammed’s leadership and experience will help us build strong relationships and achieve sustainable growth in this key region,” said Marszalek.

Al Hakim shared his enthusiasm for joining Crypto.com, emphasizing, “The UAE’s leadership in fostering a forward-thinking regulatory framework has set the stage for exponential growth, and I look forward to contributing to Crypto.com’s mission by driving innovation and delivering exceptional value to our users across the UAE and GCC.”

“We have a number of growth initiatives and exciting product launches in the pipeline for 2025 in the UAE and wider GCC region and we’re delighted to have Mohammed onboard to spearhead these,” said Eric Anziani, President and Chief Operating Officer of Crypto.com.

Al Hakim is also a member of the Mohammed Bin Rashid Center for Leadership Development’s 7th cohort. This program is focused on developing future leaders, reflecting his dedication to innovation and leadership in the UAE and GCC.

He worked as a Director for the Corporate Management and Loyalty and Incentives Programs at the UAE’s Ministry of Human Resources and Emiratisation.

The UAE is now one of the top global hubs for digital assets, ranking third in the MENA region with over $30 billion in cryptocurrency transactions from July 2023 to June 2024.

This announcement follows Crypto.com’s recent acquisition of Orion Principals Limited in Abu Dhabi and the launch of its AED Wallet, which allows users in the UAE to easily deposit and withdraw in local currency. Additionally, Crypto.com partnered with Mastercard to offer a prepaid debit card to eligible users in the GCC.

Few weeks ago, Bahrain’s Crown Prince and Prime Minister, His Royal Highness Prince Salman bin Hamad Al Khalifa, met with the President and Chief Operating Officer of Crypto.com, Eric Anziani, at Gudaibiya Palace where he presented His Royal Highness with the company’s new Mastercard prototype and is regarded as the first of its kind in the Middle East.

In September 2024, Crypto.com, 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.

Crypto.com had already received a crypto exchange license from Dubai’s virtual asset regulator in UAE, and considers this license as part of its expansion plans in the GCC region.

CoinMENA the first and only Crypto exchange in MENA to list Ripple stablecoin

CoinMENA the first and only Crypto exchange in MENA to list Ripple stablecoin

CoinMENA, a regulated crypto broker with licenses in the UAE and Bahrain, is one of the selected crypto exchanges globally to be listing Ripple’s new RLUSD stablecoin on its platform. CoinMENA is the only crypto broker to be chosen by Ripple to list its stablecoin in the MENA region.

Ripple which today launches its Ripple USD (RLUSD) on global exchanges has chosen CoinMENA, Uphold, MoonPay, Archax, Bitso, Bullish, Bitstamp, with Mercado Bitcoin, Reserve, Zero Hash and others expected in the coming weeks.

CoinMENA Founders, Dina Sam’an and Talal Tabbaa commented, “We are proud to be the first and only platform in MENA to list RLUSD, the latest stablecoin in the market. Demand for stablecoins is exploding in the region, driven by diverse and growing use cases, we are seeing from our user base. Stablecoins are by far the most popular use case in the crypto today, and this listing reflects our commitment to providing the latest crypto financial solutions that meet the evolving needs of our users.”

Each RLUSD token is fully backed by U.S. dollar deposits, U.S. government bonds, and cash equivalents—designed to ensure its stability, reliability, and liquidity. To maintain the highest standards of transparency, Ripple will publish monthly, third-party attestations of RLUSD’s reserve assets, conducted by an independent auditing firm.

“Early on, Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard worldwide,” said Brad Garlinghouse, Ripple’s CEO. “As the U.S. moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry.”

Key RLUSD partners include leading global exchanges, market makers, and payment providers, which will drive adoption and usage across the Americas, Asia-Pacific, UK, and Middle East regions.

RLUSD will be utilized for financial use cases and allows institutions to, facilitate instant settlement of cross-border payments, access liquidity for remittance and treasury operations, seamlessly integrate with decentralized finance (DeFi) protocols, and a reliably bridge between traditional fiat currencies and the crypto ecosystem, ensuring a seamless and efficient transition when entering (on-ramping) or exiting (off-ramping) the crypto space.

It will also be used to provide collateralization for trading tokenized real-world assets such as commodities, securities, and treasuries onchain.

Early next year, Ripple Payments will use RLUSD to facilitate global payments on behalf of its enterprise customers. Ripple Payments has served $70 billion in payments volume and counting, and has near-global coverage with 90+ payout markets, which represent more than 90% coverage of the daily FX market.

 RLUSD is available on both the XRP Ledger and Ethereum blockchains, offering flexibility and scalability for a broad range of financial use cases.

“Stablecoins could become the backbone of private payments by offering a secure, scalable, and efficient alternative to traditional systems. With its focus on compliance and reliability, RLUSD aims to establish new standards for trust and to play a pivotal role in shaping the future of payments. Joining the Advisory Board provides me an opportunity to counsel RLUSD as it embarks on its journey in the rapidly evolving financial landscape,” said Raghuram Rajan, former Governor of the Reserve Bank of India.

“I am excited to join Ripple’s advisory board at such a pivotal moment for digital finance,” said Kenneth Montgomery, former First Vice President and Chief Operating Officer at the Federal Reserve Bank of Boston. “Stablecoins are rapidly emerging as a cornerstone of the payments landscape, delivering the speed, efficiency, and cost-effectiveness that traditional systems often struggle to achieve. I look forward to collaborating with the Ripple team to support the global growth and adoption of RLUSD, unlocking new opportunities for financial inclusion and modernizing the future of payments.”

Hex Trust crypto platform launches fiat on and off ramping services in UAE

Hex Trust crypto platform launches fiat on and off ramping services in UAE

Hex Trust, a regulated provider of virtual assets custody, staking and market services has officially opened HT Markets MENA offering fiat on/off-ramp services in Dubai UAE through its secure, institutional-grade platform.

These services are immediately available for institutional clients and accredited investors with a minimum on-ramp threshold of AED 368,000 (equivalent to USD $100K).


Hex Trust established a Dubai office in June 2022. It currently holds three Virtual Asset Service Provider (VASP) licenses in Dubai, issued by the Virtual Asset Regulatory Authority (VARA). This includes a license to provide Virtual Asset Custodial Services, a second license for its VA Broker-Dealer and and a third for VA Management and Investment arm, HT Markets MENA FZE.

As per the announcement, these licenses allow Hex Trust to offer comprehensive Virtual Asset services covering Broker-Dealer and Management and Investment Services, which include regulated Staking Services.


“We are one of the first VA broker-dealers in the MENA region to offer an efficient and secure bridge between fiat and virtual assets. This unique offering caters to the huge appetite for on/off-ramp services in Dubai and is a significant achievement for HT Markets MENA.
We see enormous potential for virtual asset growth in Dubai given the progressive regulations, welcoming governments, and thriving crypto ecosystem. ” Filippo Buzzi, Hex Trust’s Regional Director MENA.


Hex Trust Markets offers safe access to the DeFi ecosystem, where clients can generate yield with native on-chain staking solutions and execute trades with the support of Hex Trust’s dedicated Markets team. It also brings secure access to crypto-fiat conversions through Hex Trust’s fully-licensed, institutional-grade custody platform. This enables investors in Dubai to seamlessly move their cryptocurrencies into fiat currencies, fostering a secure and compliant trading environment.

BitPanda crypto exchange steps out of Europe to UAE

BitPanda crypto exchange steps out of Europe to UAE

Bitpanda, a European crypto platform, has obtained an in-principle approval from the Virtual Assets Regulatory Authority (VARA), as its first expansion outside of Europe. BitPanda received the in-principle approval only after 8 months since submission.

As per the press release, once officially licensed, Bitpanda will be able to commence operations in the UAE as Bitpanda Broker MENA DMCC.

The expansion follows a series of strategic moves, including the establishment of its Dubai office at the DMCC Crypto Centre earlier this year, onboarding a team of regional experts, and forming key partnerships with financial institutions such as The National Bank of Ras Al Khaimah (“RAKBANK”) and CoinMENA, one of the UAE’s leading licensed crypto platforms.

Eric Demuth, Co-Founder and CEO of Bitpanda, commented, “In Europe, we have built a reputation as the most trusted and regulated digital asset platform. Now, we are scaling this proven model globally, with Dubai and the UAE serving as our strategic launchpad for international expansion. The opportunities are immense, and we are uniquely positioned to seize them – both as Europe’s leading crypto broker and as a top infrastructure provider in the digital assets space.”

Fabian Reinisch, General Counsel of Bitpanda, added: “Securing VARA’s in-principle approval in under eight months reflects the strength of VARA’s progressive regulatory framework and Bitpanda’s steadfast commitment to compliance and innovation. For over a decade, we have demonstrated that a compliance-first approach is the only path to sustainable and responsible growth in our industry. Now, we are extending this approach to markets beyond Europe.”

As it expands into the Middle East, Bitpanda is taking a decisive step toward a truly global presence, reaffirming its role as a pioneer in driving the adoption of digital assets around the world.

Circle of Games has launched in MENA out of UAE

Circle of Games has launched in MENA out of UAE

Circle of Games (COG), the blockchain enabled Web3 global multi-gaming platform backed by Nazara, has launched in the MENA region at the renowned Global Game Show held at the Grand Hyatt Exhibition Centre in Dubai.

The launch event drew an audience of industry pioneers, gamers, and Web3 enthusiasts, with Yat Siu, Chairman of Animoca Brands, as the distinguished chief guest. His keynote address celebrated COG’s innovative integration of casual gaming with blockchain technology, positioning it as a leader in the Web3 gaming ecosystem.

The event highlighted COG’s robust portfolio of games, including globally popular titles like Ludo, Fruit Slash, Bubble Shooter, Chess, and 8-Ball Pool. With six games already live and an ambitious roadmap to surpass ten titles by Q1 2025, COG is set to become the preferred destination for casual gamers worldwide.

The launch underscored COG’s strategic collaborations with key global corporations and leading strategic partners. These alliances offer access to over 500 million users across 50+ countries, strengthening the company’s competitive edge. By drawing users from an established ecosystem, COG is accelerating its growth and establishing a foundation for long-term success.

Attendees witnessed live demonstrations of COG’s state-of-the-art features, including seamless user experiences, multi-chain integrations, and engaging game mechanics. With over 500,000 registered users so far and ambitious goals to reach 25 million users by the end of 2025 and 100 million users by the end of 2027 worldwide, COG is reshaping the future of casual gaming in the Web3 era.

“Today marks a significant milestone for Circle of Games as we expand into the MENA region. With our robust ecosystem, strategic partnerships, and an experienced team, we are committed to delivering an unparalleled gaming experience for users worldwide,” said Rabilal Thapa, CEO/Co-Founder of Circle of Games, during the event.

Circle of Games, funded by Nazara, has outlined an ambitious regional expansion strategy, with launches slated for the UAE in Q4 2024, followed by Saudi Arabia, Kuwait, and Bahrain in Q1 2025, and Turkey, Egypt, and Morocco in Q2 2025. With projections to achieve 7.5 million users by 2025, 18 million by 2026, and 25 million by 2027, COG is poised to dominate the Web3 gaming landscape in the region.

Circle of Games receives investments from THA and Nazara

In April of 2024, Circle of Games (COG), raised $1 million in equity funding from strategic investors Nazara Technologies FZ LLC, (a wholly-owned subsidiary of the Nazara Technologies Limited) and The Hashgraph Association, the Swiss-based organization at the forefront of global digital enablement for Hedera.

At the time, COG noted that it intended to use this funding to fast-track its go-to-market strategy, improve platform capabilities, and widen its international presence in the US, EU, Middle East, Africa, and Asia in 2024.

COG has implemented multi-chain technology, with Hedera being the primary mainnet where the majority of on-chain transactions occur, and is empowering players with full ownership and control over their in-game assets and tokens.

Gaming in MENA region

Gaming in the MENA region and especially in the UAE has become a big market. According to recent reports, the gaming market value in the MENA region is expected to reach $10 billion by 2027. This surge is driven by the growing number of gamers and the rising popularity of mobile games.

Saudi Arabia is more than just participating in the global gaming arena. As the 19th largest gaming market in the world, with 89% of its population engaged in gaming, including 42% women and 45% aged 21-35—the kingdom is redefining what it means to be a player in this dominating entertainment frontier.

Aligned with Vision 2030, Saudi Arabia aims to develop 30 competitive games and establish itself as a global gaming hub by 2030. The kingdom is backing this ambition with a bold $38 billion investment from the Public Investment Fund (PIF)’s Savvy Games Group, which is focused on acquiring publishers and nurturing local talent.

UAE is also becoming a fast mover by embracing the developing blockchain gaming sector. After a brief period of decline due to innovative and regulatory challenges, Web3 gaming has seen a revival in user engagement this year. In the third quarter, the sector reached 4.4 million daily active wallets. In the same period, blockchain games attracted more than $110 million in funding.

The UAE has positioned itself as a global leader in driving the blockchain gaming sector. Proactive policies and strategic investments are transforming the country into a central hub for Web3 gaming projects. The sector is expected to hit $1 billion in the UAE alone by 2025.

Recently The Beam Foundation launched Beam Ventures in Abu Dhabi, the first venture fund focused exclusively on Web3 gaming from ADGM. The $150 million gaming fund aims to accelerate promising founders and contribute to Abu Dhabi’s transformation into a global gaming hub.

Tokinvest and UDPN launch stablecoin management System

Tokinvest and UDPN launch stablecoin management System

Tokinvest DMCC, a marketplace for real-world asset tokenization and provisional Virtual Assets Regulatory Authority (VARA) licensed brokerage, has expanded its collaboration with Universal Digital Payments Network (UDPN) to launch a Tokenized Deposit and Stablecoin Management System.

The market cap of stablecoins and tokenized deposits grew to $197.5bn, up from $171.6bn at the start of November, according to rwa.xyz1, and is forecast to experience rapid expansion and diversification in the coming years. These “digital dollars” can be collateralized by a diverse range of assets including fiat currency, gold, treasuries and other tangible or financial assets. For regulated digital currency issuers, they represent a transformative opportunity to enhance liquidity, streamline cross-border transactions and dramatically speed up and reduce costs for business processes such as clearing and settlement.

Scott Thiel, CEO of Tokinvest, said, “The UAE now benefits from regulatory clarity around the launch of stablecoins under the VARA and Central Bank of the United Arab Emirates (CBUAE frameworks). The Tokinvest Tokenized Deposit and Stablecoin Management System provides a turnkey full-service solution to the growing list of banks, government entities, and corporates with ambitions to launch and manage their own tokenized deposit or stablecoin using what we have assessed to be the best tokenized deposit and stablecoin management platform in the world today. It also enables us to support retail businesses looking to migrate their loyalty programs from the traditional loyalty point debt model to a tokenized consumer engagement model that sits on their balance sheet as a credit.”

The solution is a bank-grade product licensed to Tokinvest under a white-label reseller and support agreement recently concluded between the parties. The Tokinvest solution provides high-availability, open APIs for core banking system integration and third-party access to all tokenised deposit / stablecoin / loyalty programs via one single management portal. It also offers leading-edge security features such as air gap minting, role-based management, private-key approval mechanisms, 2FA login, Illicit activity screening, wallet/fund freeze/unfreeze and multi-signature controls. The solution supports multiple systems and different blockchain protocols under one unified management portal.

Tim Bailey, Vice President of Global Business & Operations of UDPN co-developer Red Date Technology, added, “Having collaborated for several years with the Tokinvest leadership, we are excited to appoint them as a partner and reseller of the tokenised deposit and stablecoin platform and to support the growth and adoption of fiat referenced virtual assets and payment tokens in MENA and Africa.”

Tokinvest is committed to the responsible development of the regulated virtual assets ecosystem in the UAE. The partnership with UDPN and the launch of the Tokenised Deposit and Stablecoin Management System represents a significant milestone in that journey.