U.S. based DTCC to acquire Abu Dhabi digital asset infrastructure provider Securrency

U.S. based DTCC to acquire Abu Dhabi digital asset infrastructure provider Securrency

The Depository Trust & Clearing Corporation, an American post-trade financial services company providing clearing and settlement services to the financial markets known as DTCC, has signed a definitive agreement to acquire Abu Dhabi based Securrency Inc. (“Securrency”), a leading developer of institutional-grade, digital asset infrastructure invested in by Mubadala sovereign Fund.

Securrency will become a fully-owned subsidiary of DTCC and will operate under the name DTCC Digital Assets. Nadine Chakar, CEO of Securrency, will join DTCC as Managing Director, Global Head of DTCC Digital Assets, reporting to Lynn Bishop, DTCC Managing Director and Chief Information Officer. Chakar will also join the DTCC Management Committee. In addition, Dan Doney, CTO and founder of Securrency, John Hensel, COO and co-founder, and other members of the Securrency leadership team, as well as roughly 100 Securrency staff of full-time employees or contractors, will become DTCC employees.

Securrency is a blockchain-based financial and regulatory technology developer that raised $30 million in 2021 from State Street, US Bank, WisdomTree Investments and others. It has worked with WisdomTree to help the asset manager launch “blockchain-enabled” funds that keep a secondary record of share ownership on the Stellar or Ethereum blockchains.

Frank La Salla, President, CEO and Director, DTCC, said, “Securrency is an important strategic acquisition that will give us the technology to drive market-wide transformation by enabling end-to-end digital lifecycle processing for tokenized assets, digital currencies and other financial instruments. By bringing together DTCC’s commitment to providing market stability and our unparalleled network of financial market participants with the sophistication of the Securrency technology, we will be in a leading position to unlock the value of digital assets and help guide the industry through its digital transformation journey. We believe this next generation of financial market infrastructure will further reduce settlement times, facilitate market transparency and risk management, enhance regulatory oversight and controls, and unlock efficiency and innovation to create an improved investor experience.”

By combining DTCC’s digital capabilities and Securrency’s technology, DTCC will fast-track development of its enterprise digital asset platform to unlock the power of institutional DeFi. DTCC will leverage the technology over time to embed digital assets within its existing products and services, develop new, regulatory-compliant blockchain-based offerings and explore use cases with the industry, including buyside asset managers, broker-dealers and custodians, to collaborate on new DTCC blockchain-based solutions.

In addition, DTCC will lead the industry’s development of a robust, global digital infrastructure by licensing the Securrency technology and offering professional services. Firms will be able to leverage the technology to transform and evolve their operating models and to create innovative, new digital asset services alone or in collaboration with other market participants – similar to how WisdomTree licenses Securrency’s software as part of the infrastructure for its WisdomTree Prime™ offering that provides tokenized assets and funds via digital wallets for retail investors and consumers.

Chakar said, “As we join forces with DTCC, we are excited to bring together DTCC’s infrastructure capabilities with Securrency’s technology to embrace a future where the digitization of capital markets is at the forefront of innovation. These capabilities will allow DTCC to partner with the industry to build a resilient and scalable infrastructure critical to the mass adoption of digital assets. Together, we will unlock opportunities to reimagine compliance, liquidity, efficiency and interoperability in trading real-world assets on the blockchain.”

DTCC also plans to provide global leadership to foster industry-wide collaboration to help avoid fragmentation with different digital technologies and standards. Securrency’s technology can address this issue by acting as a DLT-agnostic harmonization layer that promotes interoperability, liquidity, transparency and security.

La Salla said, “We look forward to building on our past work to drive consensus around the standards, controls and frameworks necessary to support regulatory-compliant digital asset solutions and development of the right architecture and infrastructure to ensure widespread interoperability. We’re excited to welcome our new colleagues to the DTCC team and to begin collaborating as a group to strengthen market stability and resilience and drive greater efficiencies, productivity, risk mitigation and liquidity in the global financial markets.”

This announcement comes as John Hensel, Chief Operating Officer and Senior Executive Officer, MENA, Securrency told IBS intelligence, “The UAE is ramping up its efforts to become a global blockchain hub.” In his interview he commented on why they chose UAE out of all the other countries globally including, USA, Switzerland, Hong Kong and Singapore.

According to Hensel, SEC ( Securities and Exchange Commission) in the USA has portrayed a conservative approach to the regulation of digital assets, so exploring other regulatory jurisdictions they found that the UAE was a credible, well positioned young financial center that embraced technology with experienced regulatory experts from the USA, Australia, Singapore and others.

He explains, “ After being here for 6 years we have seen the landscape change and become more favorable for investors partnering under FSRA and who are benefiting from the protection of ADGM which will grow opportunities locally for us given we were first movers and have strong relations with sovereign wealth entities, broker dealers, fund managers as key stakeholders.”

Securrency entered the ADGM FSRA regulatory sandbox in 2017 and secured a Financial Services Permission (FSP) from ADGM’s Financial Services Regulatory Authority (FSRA) to deal in investments as a matched principal and provide custody for those investments in 2022. The license enabled Securrency Capital to provide trading of digital assets to a variety of clients, including retail clients.

Securrency had raised $30 million in its latest funding round. The funds were used to roll out the company’s expansion plans. The Series B funding round included existing investor WisdomTree Investment along with Abu Dhabi state fund Mubadala-backed Abu Dhabi Catalyst Partners, State Street and U.S. Bank. Prior to that in 202, The Abu Dhabi Investment Office (ADIO) had invested in Securrency, a US-based developer of blockchain-based financial and regulatory technology through its ventures fund.

The company also signed a strategic partnership with leading investment management and banking firm, Musharaka Capital in KSA, to develop a compliant platform for issuing digital securities in Saudi Arabia in 2020.

Future Fund Oman supports Blockchain startup Nashid

Future Fund Oman supports Blockchain startup Nashid

Future Fund Oman (FFO), an investment initiative under Oman Investment Authority (OIA), announced its first batch of approved investment projects which included a Blockchain startup, Nashid, a digital identity platform.

With a combined value exceeding US$ 2 billion, these projects include US$ 1.6 billion committed by foreign investors and US$ 571 million contributed by FFO. The investments are expected to create more than 1,600 direct employment opportunities, marking a significant step forward in Oman’s economic diversification and development strategy.

Future Fund Oman launches first wave of investment projects worth over US$ 2 billion. The approved projects span ten key sectors, including technology, manufacturing, tourism, renewable energy, and electric vehicles. In addition, small and medium enterprises (SMEs) and startups will play a prominent role, with investments targeting food, health, financial technology, e-commerce, and more. This comprehensive approach reflects FFO’s commitment to fostering innovation and growth across a broad spectrum of industries, ensuring that both large-scale ventures and emerging businesses contribute to Oman’s economic progress.

Mulham Al Jarf, Deputy President for Investments at Oman Investment Authority, stated that these projects underscore the Fund’s dedication to fulfilling its strategic objectives. These include stimulating local economic growth, fostering collaboration with the private sector, attracting foreign investments, and creating opportunities for Omani businesses and job seekers. He emphasized that these projects represent just the beginning of FFO’s efforts since its establishment in January 2024.

Among the approved projects are transformative initiatives that position Oman as a leader in innovative industries. Notable projects include the United Solar Polysilicon Plant in the SOHAR Port and Freezone, which will be one of the largest polysilicon production facilities in the world and the first of its kind in the Middle East. This facility will produce 100,000 tonnes of polysilicon annually, a critical component for renewable energy industries such as solar panel manufacturing.

Other major partnerships include the IDG Oman Fund, developed in collaboration with China’s IDG Capital, which will focus on ICT, renewable energy, and electric vehicles. Additionally, FFO has also partnered with EW Partners to establish the EWP Oman Fund, which targets key sectors such as ICT, energy, tourism, and agriculture.

Future Fund Oman is also supporting a range of SMEs and startups in partnership with fund managers like Tanmia, ITHCA, Omantel, and Cyfr Capital. These include IO Kitchen, an innovative cloud kitchen featuring over 30 virtual brands; Bima, an online insurance brokerage service; and Qpay, the first licensed Omani entity offering a “buy now, pay later” service. Other groundbreaking projects include BcLear Aligner, an AI-powered solution for dental braces; Nashid, a blockchain-based digital identity platform; and Antom, a digital financial platform that enhances the capabilities of Oman’s fintech ecosystem.

FFO was established in collaboration with the Ministry of Finance with a capital of $5.2 billion, allocated over five years from 2024 to 2028. The Fund strategically excludes investments in oil, gas, and real estate, focusing on growth-oriented sectors aligned with Oman’s Vision 2040.

Interested investors are invited to submit proposals through the dedicated platform, https://futurefund.om/futurefund/

Sui launches its Global Accelerator Program in UAE

Sui launches its Global Accelerator Program in UAE

SUI, through its SuiHub has launched its Global Accelerator Program, a new initiative designed to help build sustainable businesses on Sui in the Web3 space. The 12-week accelerator program is run in partnership between Brinc, CoinList, Ghaf Group, and Sui Foundation; and is set to provide strategic funding, technical guidance, and networking opportunities to startups and developers building on the Sui blockchain.

The SuiHub Accelerator is committed to supporting pre-token projects with strong potential for scaling and sustainable business models. Selected participants will benefit from comprehensive support, including up to $200,000 per team in milestone-based funding, direct access to the Sui Solutions Engineering team for technical support and co-building of the product to maximize the potential of the Sui Network. Participating teams will also gain exposure to a global audience of over 10M+ early adopters via our partners’ marketing channels, along with support on growth marketing, leveraging KOLs, and go-to-market strategies. Additionally, teams will have access to expert advisory on token design, distribution mechanisms, listing strategies, and other crucial aspects of building a sustainable token economy.

SuiHub is looking for innovative teams that are pre-token launch and have a Minimum Viable Product (MVP) that aligns with the Sui blockchain’s capabilities and has real-world applicability. Applications for the SuiHub Accelerator Program are open until December 20, 2024.

“The SuiHub Accelerator Program represents our commitment to nurturing the next generation of compelling applications on the Sui blockchain,” said Kristof Lukovich, CEO of SuiHub. “We believe that by supporting founders building real-world applications, we actively contribute to Sui’s mission of onboarding the next billion users to web3.“

There has been a lot of momentum and excitement in the Sui builder community. “We are confident that the SuiHub accelerator will play a critical role in growing the Sui network by fostering a culture of innovation and collaboration,” said Scott Keto, President of CoinList. “We have seven years of experience supporting novel ecosystems and builders, and we look forward to supporting the next generation of builders on Sui.”

“The UAE has quickly emerged as a region where blockchain-based decentralized technologies are poised to flourish,” said Kostas Chalkias, Co-Founder and Chief Cryptographer at Mysten Labs, which developed the Sui network. “We are excited to work with the likes of Brinc, CoinList, and Ghaf Group to launch a global accelerator program that will combine the strengths of the region and the Sui ecosystem to generate projects that utilize Sui’s industry-leading technologies to address real-world use cases at scale. We believe this accelerator will create new levels of innovation not only for the Sui community but for the entire Web3 ecosystem of the Gulf Cooperation Council.”

“The SuiHub Global Accelerator Program launch marks a major leap forward in supercharging innovation across the Sui ecosystem,” said Jameel Khalfan, Head of Ecosystem Development at the Sui Foundation. “By providing developers and entrepreneurs worldwide with unparalleled access to resources, mentorship, and support, we will empower them to build groundbreaking solutions that leverage Sui’s uniquely capable platform and continue the remarkable ascent of Sui to becoming the preeminent infrastructure provider in Web3.”

“We’re excited to partner with SuiHub on a program that sets a new standard in Web3 acceleration,” said Yasin Aboudaoud, Managing Partner – MENA and Chief Development Officer at Brinc. “With SuiHub committing up to USD 200,000 per startup through milestone-based funding, this initiative doesn’t just fund startups—it equips them with critical resources to innovate, grow, and scale swiftly. SuiHub’s dedication to supporting pre-token projects and fostering global Web3 expansion aligns with Brinc’s mission to empower transformative technologies and drive real impact across the blockchain ecosystem.”

The SuiHub Accelerator aims to support promising founders and builders in rapidly bringing their products to market. Each selected team will have access to SuiHub’s resources, including the Sui Solutions Engineering team. In return, SuiHub will take a stake in the projects, aligning incentives while empowering founders to retain significant control.

The application process will consider project fundamentals, team capabilities, alignment with the Sui ecosystem, and demonstrated traction. Interested teams are encouraged to submit their applications through the SuiHub Accelerator portal at: suihub.org/accelerator.

Yellow Card receives crypto asset provider license in South Africa

Yellow Card receives crypto asset provider license in South Africa

As stablecoin adoption surges in Africa, with sub Saharan Africa having the highest adoption rate in the world at 9.2%, Yellow Card, Africa’s leading stablecoin infrastructure provider has just been issued a crypto asset service provider in South Africa.

Commenting on the FSCA’s decision to issue the license to Yellow Card Financial South Africa, Chris Maurice, Yellow Card’s co-founder and CEO, said, “The CASP license underscores Yellow Card’s commitment to its customers in South Africa and regulatory compliance across the continent. This achievement reflects our dedication to providing secure, compliant and transformative solutions for our customers both in South Africa and across Africa.  

In South Africa alone, the number of total users of crypto assets is estimated to amount to 5.8 million people, and stablecoins have experienced growth of 50% month over month since October 2023, displacing bitcoin as the country’s most popular cryptocurrency.  Yellow Card is excited to play a pivotal role in this financial revolution in South Africa. 

Yellow Card, which launched in South Africa in 2020, has facilitated over US$3 billion in transactions in the last several years and now operates in 20 countries across the continent. The company recently completed a US$33 million Series C financing, led by Blockchain Capital and existing investors, including Polychain Capital, Valar Ventures, Third Prime Ventures, Coinbase Ventures, and Block, Inc. (Square/Cash App), reflecting strong investor confidence in its mission.   

With the recent licensing and funding, the company plans to expand its B2B offerings by enhancing its stablecoin rails, upgrading infrastructure, and advancing its B2B API and Widget. These efforts will empower businesses with seamless solutions for liquidity management and their general operations. 

The UAE as well is also well on its way to growing stablecoin usage, after the Central Bank came out with the AED Stablecoin regulations, and regulations for global stablecoin usage.

The FSRA’s risk management guidance includes decentralized infrastructures

The FSRA’s risk management guidance includes decentralized infrastructures

The Financial Services Regulatory Authority (FSRA) of ADGM has published its Information Technology (IT) Risk Management Guidance (Guidance), providing a comprehensive and holistic framework for managing technology risks in ADGM’s financial sector which references to decentralized infrastructures which are used by virtual asset exchanges.

The FSRA Guidance reflects extensive industry engagement, following the publication of the FSRA’s Discussion Paper on IT Risk Management and an industry briefing held in February 2024. During this engagement, the FSRA received positive feedback from stakeholders on the Guidance.

It comprises four key sections that identify best practices for IT risk management that entities regulated by the FSRA should consider adopting:

Establishing a Culture of Effective IT Risk Management – covers governance and controls for IT risk, including incident management, audits, and management of IT third party service providers.
Managing an IT Environment – addresses IT asset management, IT infrastructure, systems lifecycle, resilience, and cyber incident response.
Interacting Securely – focuses on system access controls, cryptographic key management, and secure online transactions.
Leveraging Business Embedded Technologies – explores emerging technologies including algorithm-driven solutions like generative artificial intelligence, and decentralized infrastructure solutions such as virtual asset platforms.


The Guidance is aligned with best practices outlined by international standard-setting bodies and financial regulators. The regulatory body of ADGM expects regulated entities will implement the best practices in a manner that is proportionate to their size, complexity, and business activities.

Emmanuel Givanakis, CEO of the ADGM FSRA said: “As technology continues to transform financial services, robust IT risk management becomes increasingly critical. This Guidance reinforces our supervisory focus on IT risk and cybersecurity while supporting innovation in digital finance. It provides practical direction for senior executives, compliance officers, and IT practitioners to strengthen their risk management frameworks. This initiative reflects our commitment to building a resilient and progressive international financial centre in Abu Dhabi.”

Khalifa University develops blockchain platform for last mile delivery

Khalifa University develops blockchain platform for last mile delivery

A team of researchers from Khalifa University in UAE has developed a blockchain platform that utilizes digital twins and dynamic Non-Fungible tokens ( NFTs) to revolutionize last mile delivery in e-commerce market. The platform support the monitoring of packages and their security.

Their innovative approach tackles the complex needs of this final step in the delivery process from a distribution center to the recipient by leveraging smart contracts and real-time monitoring capabilities.

Feruz Elmay, Dr. Maha Kadadha, Dr. Rabeb Mizouni, Dr. Shakti Singh, Prof. Hadi Otrok and Prof. Azzam Mourad are all part of Khalifa University’s Center on Cyber-Physical Systems (C2PS). They published their research in Information Processing and Management, a top 1% journal.

It is also often the most complex and expensive part of the supply chain. Last-mile delivery involves navigating local roads, dealing with traffic, and meeting customer expectations for rapid delivery, and as e-commerce continues to boom, the demand for efficient and cost-effective last-mile solutions has never been higher.

Prof. Hadi Otrok, Professor of Computer Science at Khalifa University stated, “Our work aims to bridge the gaps in last-mile delivery by integrating blockchain with digital twins for real-time monitoring and transparency. This approach not only enhances package security and efficiency but also sets a new standard for handling sensitive goods in a rapidly evolving logistics landscape.”

“One of the biggest challenges in last-mile delivery is the inability to monitor package conditions in real-time,” Prof. Otrok explained. “Traditional tracking systems only provide updates on package locations without critical data like temperature, which is essential for sensitive goods. Our system integrates digital twins — virtual models of physical items — into the delivery chain. By embedding sensors within packages, the platform’s digital twins monitor key variables such as temperature and humidity, ensuring that each package remains within safe conditions throughout its journey.”

Digital twins also offer predictive capabilities: If a package encounters extreme conditions, the digital twin can simulate potential risks and notify delivery personnel immediately. This functionality is invaluable for goods like pharmaceuticals, where even minor temperature deviations can compromise produce quality. This way, delivery personnel receive alerts in real time, enabling them to take corrective action before a problem escalates.

The research team’s solution enhances trust and transparency using blockchain. Blockchain’s immutability provides a secure, decentralized ledger that records each package’s journey from sender to receiver, but the team takes it a step further by incorporating dynamic NFTs.

“Traditionally, NFTs are unique digital assets that don’t change over time, but dynamic NFTs evolve as new information is added, which makes them ideal for real-time delivery tracking,” Prof. Otrok explained. “Each package is assigned an NFT that captures all relevant data from the package’s origin to its delivery conditions. If the digital twin detects any discrepancies in package status, it updates the NFT’s metadata, creating an unalterable record of events. This data is stored securely on the blockchain, where anyone with access can verify the package’s history. This transparency not only boosts consumer trust, but also protects delivery personnel from disputes by providing an objective record.”

With last-mile delivery costs comprising up to 50% of total logistics expenses, this system presents a significant opportunity to reduce costs while boosting efficiency. By merging digital twins, blockchain, and dynamic NFTs, the Khalifa University team has created a resilient, transparent, and highly adaptable platform that could transform industries reliant on sensitive goods. Their experiments show that their system improved delivery success by over 75%, and by including smart contracts that assign tasks to delivery personnel based on a quality-of-service score, accountability is enhanced, as each worker’s performance is tracked and evaluated based on the conditions of the packages they handle.

Kucoin sponsors Dubai sports council launch Open Padel Cup

Kucoin sponsors Dubai sports council launch Open Padel Cup

KuCoin, aglobal crypto exchange, has announced it will be Title sponsor for Dubai Sports Council’s Open Padel Cup for Government Institutions. Scheduled from December 13 to 15, the Open Padel Cup Championship invites all government institutions across the UAE to participate. To promote amateur participation, professional players registered with clubs or the UAE Padel Association are not eligible, ensuring over 300 Emirati amateurs can take part in this competition.

Padel has been gaining traction in Dubai as a fun and engaging way to promote a healthy lifestyle and enrich the local sports culture. The Dubai Sports Council has recently spearheaded the Padel Cup Tournament initiative, partnering with KuCoin for the event, which is organized by Royal Griffin Event and hosted at JUST PADEL facilities.

As the title sponsor, KuCoin has expressed strong confidence in the economic prospects of the Middle East, particularly the UAE and Dubai, especially regarding the immense potential of the cryptocurrency market. Over the past few years, KuCoin has established many partnerships in Dubai’s vibrant city and has been actively involved in various local activities. Last year, KuCoin sponsored the COP28 Global Climate Change and Green Blockchain Summit and hosted the “KuCoin Green Future Charity Gala Dinner,” supporting various charitable causes.

At the press conference, Harry Chan, the representative from KuCoin highlighted the synergy between sports and blockchain technology, noting that both fields emphasize collaboration and innovation. Padel is a sport that requires high levels of teamwork and strategic thinking, aligns with the decentralized cooperation and innovative spirit of blockchain technology. “We believe that through activities like the Open Padel Cup for Government Institutions, we can better communicate the core values of blockchain technology to the public and inspire more innovative ideas,” said the KuCoin representative, and “help bring in and connect global responsible companies and talents”. This event marks the latest in a series of collaborations by KuCoin in Dubai, underscoring its long-term commitment to the Dubai market.

Fawzia Faridoun, Director of the Community Sports Department at the Dubai Sports Council expressed pleasure in partnering with KuCoin to promote the city’s sports culture and healthy lifestyle, looking forward to deeper cooperation in the future.

Interestingly Kucoin has yet to have a regulated presence in the UAE, while others such as Binance, Crypto.com and other global crypto exchanges have.

The Global Blockchain Congress returns to Dubai in early 2025

The Global Blockchain Congress returns to Dubai in early 2025

The Global Blockchain Congress has announced that it will be hosting their 14th GBC on February 5th & 6th, 2025. The Global Blockchain Congress leverages the experience gained through the hosting of 13 editions of the event in Dubai and international editions in Vietnam, UK, and Singapore to ensure maximum return on investment for all our sponsors.

It is the premier event connecting blockchain innovators with leading investors.

The previous editions of the Global Blockchain Congress were a tremendous success and we were able to host 1,600+ investors and 360+ blockchain startups and were able to raise millions in funds for our participating projects.

Topics to be discussed at the event:

  • Dubai, Home of Web3 & Digital Assets
  • Building a Sustainable & Growing Web3 Industry
  • The Power of DePIN: Revolutionizing Infrastructure Networks
  • RWA is Revolutionizing Ownership: Tokenization & the Markets of the
  • AI Meets Blockchain: Transforming the Future of Innovation
  • How to Fund-Raise for Crypto Projects
  • Exchanges Leading the Charge: Taking Crypto from Niche to Mainstream
  • Tokenizing the Human Experience: Investing in Personal Data and Digital Identity

‍The mission of the GBC is simple yet impactful: to bring together visionary projects and investors through a series of pre-arranged, one-on-one meetings. By creating this exclusive networking environment, we aim to drive collaboration, investment, and innovation that will shape the future of blockchain technology.

At this exclusive, invite only, event Agora will be hosting more than 150 Investors, 25 Projects, 60 A-list Speakers & 30 Media Partners from all over the world.

Learn more about the event: gbc-uae.com

Register here: https://bit.ly/14th-GBC

Digital asset custodian, Zodia Custody interested in expanding to UAE and Qatar

Digital asset custodian, Zodia Custody interested in expanding to UAE and Qatar

Zodia Custody, backed by Standard Chartered Bank has shown interest in offering its services not only in the UAE but in Qatar as well.

Recently, Gerry Afentakis, Head of Europe & MENA Sales at Zodia Custody visited the Qatar Development Bank along with members from the Qatar Financial Authority.

Hani Khateeb, Fintech Specialist Advisor of Qatar Fintech Hub at the Qatar Development Bank noted on LinkedIn, “Today, we had the pleasure of hosting Zodia Custody and Qatar Financial Centre (QFC) Authority at Qatar Development Bank offices. We were joined by Gerry Afentakis from Zodia, who shared their latest achievements, milestones, and provided valuable insights into their role in the institutional digital asset custodianship market globally.”

He added, “It was especially impressive to learn about their shareholder and list of banking customer in both the MENA region and internationally. During our discussions, we explored potential collaborations in the exciting world of digital assets here in Qatar aligning with existing frameworks and future plans for paving the way for this new technology to flourish within Qatar’s financial sector.”

The visit of Zodia Custody’s Head of Europe and MENA Sales executive, comes after Qatar launched its digital assets framework, and DLT framework. Qatar’s digital assets regulation allows for the tokenization of real-world asset, excluding cryptocurrencies and stablecoins.

The Qatar Digital Assets Lab was also created to develop tokenization platforms for tangible and intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT (distributed ledger technologies), blockchain, and smart contracts.

Moreover, the framework also allows for tokens and token custodians, exchanges, transfer providers and validators, as well as token issuers.

As per the framework, “Token custody services mean holding or controlling tokens on behalf of clients; or holding or controlling the means by which clients’ tokens may be recorded and transacted on token infrastructure. A company that holds or safeguards the private keys for its clients’ tokens is providing custody services in relation to those tokens. An entity licensed to provide token custody services may be referred to as a token custodian.”

This could be why Zodia Custody is now interested in visiting QFC after it started its journey in the UAE. Replying to Khateeb, Afentakis stated on LinkedIn, “Thank you, Qatar Development Bank, and your exceptional colleagues (Mayssa Mrabet & Kevin) for the wonderfully warm Qatari hospitality and for such an astute and fruitful discussion. So much to look forward to.”

Replying to Lara on the Block, Afentakis in a message noted, “We are very much exploring Qatar, and will be setting up in UAE in both VARA and ADGM in Q1 of 2025.”

In 2023, Standard Chartered’s backed digital asset platform, Zodia markets, received an In-Principal Approval (IPA) fulfilling the pre-requisites to receive a Financial Services Permission (FSP) for OTC broker-dealer in virtual assets by Abu Dhabi Global Market (ADGM), Abu Dhabi’s international financial center.

Zodia Markets chose to expand into the UAE as the region establishes itself as a rapidly emerging hub for digital assets. The strategic expansion provides institutional investors from the Middle East and Africa with reliable access to this growing, alternative asset class, consolidating Zodia Markets’ position as an integral part of the global digital asset landscape.

In an article on Zodia Custody website they note that with all the growth being witnessed in UAE and GCC region in terms of blockchain and digital assets businesses, the banking sector has sometimes been tentative in embracing the crypto industry. The article states, “With crypto firms situated there reporting that they still struggle to access banking services. This hurdle is now starting to be removed as some players are beginning to offer digital asset-friendly services. Major financial institutions are also requesting proposals and seeking providers for virtual asset services.”

This is why a year ago, UAE based Standard Chartered 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. At the time Standard Chartered noted that its new services would be powered by its subsidiary Zodia Custody.

In 2024, Brevan Howard became the first client for Standard Chartered regulated crypto custody service out of DIFC. DIFC (Dubai International Financial center) regulator DFSA.

American University of Sharjah Blockchain sustainable marketplace wins first place at ICESCO

American University of Sharjah Blockchain sustainable marketplace wins first place at ICESCO

A blockchain sustainable marketplace concept developed by students from American University of Sharjah (AUS) won first place at the Islamic World Educational, Scientific and Cultural Organization’s (ICESCO) Youth Climate Leaders Camp – Arab Chapter held at Sharjah Research Technology and Innovation Park recently. Called Thimmar, this innovative platform connects consumers with farming communities and offers AI-optimized grocery subscriptions to cut food waste and connect. It will debut in the ICESCO Pavilion in COP29 in Azerbaijan this month. 

Thimaar, which aligns with two key areas of the UAE Year of Sustainability 2024—responsible consumption and planting wisely—brings this year’s slogan, “Plan to Action,” to life. It also contributes to the United Nations Sustainable Development Goals: No Hunger, Good Health and Well-being, Sustainable Cities and Communities, Responsible Consumption and Production, Climate Action, and Partnerships for the Goals.

“Our motto is reach, relive and reward. Through the platform, AI-calculated portions will help our customers to minimize food waste. They will also virtually connect with the farmers who grow their food, experiencing organic farming from home while also supporting the organic agriculture industry through micro-financing,” said Izma Fatima, an AUS international studies student who presented the concept on behalf of her team. “Additionally, customers receive loyalty points and gifts with organic and food waste collection. Waste is repurposed to benefit local organic farming communities in Sharjah, in alignment with the UAE’s efforts to reduce waste by 50 percent by 2030.”

By embracing a circular economy model, Fatima noted that Thimaar achieves three key goals: “making organic and sustainably produced products accessible, promoting a culture of organic farming, and minimizing food waste.”

Emphasizing a bottom-up approach that fosters healthy consumer habits, rather than flooding the market with sustainable products that have low demand, the team—comprising seven female students from Oman, Qatar, Sudan and the UAE—focused on female homemakers in the region as their target.

“Women are responsible for making the primary household consumption decisions and are seeking healthy, sustainable options for their families. However, they often face barriers to organic farming, including opposing trends, limited availability and accessibility, and a lack of time and resources. The organic food market in the UAE is projected to reach $500 million by 2025, with female homemakers representing about 10 percent of that market. For Thimaar, this equates to a target market of approximately $50 million. By tapping into this market, the platform not only aligns with the UAE’s sustainability initiatives but also offers a scalable solution that meets the growing demand for healthy, sustainable food options,” said Fatima.

Proposed key partners for the platform would include organic farms and markets, sustainability-focused brands and local governments.

Developing Thimaar followed a thorough process of study that included field visits and discussions with ICESCO, Sheraa, Shajar and Manbat, who provided the student team with access to networks and contacts to leverage support for the initiative.

“We visited Manbat and Shajar, two projects in Sharjah, that explore cultivation practices to maximize organic production through sustainable methods in this region. Facilitating these ideas was a central focus of our project proposal. We also had the pleasure of learning from professors from leading universities across the UAE specializing in economics, sustainable engineering, environmental philosophy, and environmental, social and governance experts, about the popular trends and technologies that focus on the climate challenges unique to the region,” said Fatima.  

Having designed and presented the elevator pitch for the final project, Fatima highlighted how the multidisciplinary education she received at AUS contributed to her ability to approach the project from diverse perspectives.

UAE M2 crypto exchange engages Haruko for treasury risk management

UAE M2 crypto exchange engages Haruko for treasury risk management

UAE homegrown M2, cryptocurrency exchange and custodian has engaged Haruko, an institutional-grade infrastructure solution created for companies deploying capital across the digital asset ecosystem to provide M2’s treasury trading team with the tremendous insight required for effective treasury management, compliance, investor reporting and financial control functions.

Haruko provides the most comprehensive digital asset infrastructure solution for institutions deploying capital across the digital asset ecosystem. Seamless consolidation of positions across exchanges, on-chain and OTC activity with access to real-time and historical pricing, risk and P&L reporting provides the transparency needed for effective treasury management, compliance, investor reporting and financial controllership functions.

M2’s Managing Director of Treasury Kim Wong said, “With Haruko, we can efficiently manage M2’s treasury portfolio and risk in real time. Haruko’s advanced tools empower our team to seamlessly track asset flows, conduct scenario analyses, and closely monitor counterparty credit as well as other market exposures, enabling proactive risk management.”

“These capabilities allow us to identify and mitigate risks across our digital asset portfolio, safeguarding against potential downside impacts. This is a critical enhancement to our strategies and operations, particularly during periods of heightened market volatility.”

“As risk management continues to become a critical workflow in the digital asset space, Haruko continues to deliver an exceptional institutional-grade solution which enables digital asset managers to view their risk in a combined and transparent way,” said Shamyl Malik, Chief Executive Officer and Co-Founder of Haruko.

He added, “We are delighted to be working with M2 to provide our comprehensive suite of risk and portfolio management products, significantly improving operational efficiency and streamlining their workflow”.

On October 31st, UAE crypto exchange M2, underwent a cybersecurity breach involving $13.7 million but was able to quickly address the incident within 16 minutes. M2 announced that it fully resolved the issue, restoring all customer funds and taking responsibility for any potential losses. M2 on its website stated, “We would like to report that the situation has been fully resolved and customer funds have been restored. M2 has taken full responsibility for any potential losses, demonstrating our unwavering commitment to safeguarding our customers’ interests. All services are now fully operational with additional controls in place.”