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UAE air carbon exchange goes live with first two trades for tokenized carbon credits

UAE air carbon exchange goes live with first two trades for tokenized carbon credits

Blockchain tokenization platform ACX (AirCarbon Exchange) is now live with key trades executed and settled on the platform with First Abu Dhabi Bank (FAB) and Helix Climate conduct first trade on the exchange and South Pole executes first over-the-counter transaction on Carbon Market Board

ACX established its regional base in ADGM in August 2021 with the support of Hub71, Abu Dhabi’s global tech ecosystem. Hub71 is powered by Mubadala Investment Company PJSC (Mubadala), an Abu Dhabi sovereign investor. Mubadala invested in ACX in September 2022 as a strategic step in line with its economic diversification mandate and commitment to responsible investing.

In September 2022, ADGM, the international financial center of the UAE’s capital that is established as a financial free zone, became the first jurisdiction to regulate voluntary carbon credits as financial instruments through the introduction of an Environmental Instrument classification, a regulatory framework to license exchanges and clearing houses for both spot and derivatives markets for these products.

In November 2022, ACX Abu Dhabi became the first entity to be licensed under this framework, being the world’s first regulated Recognized Investment Exchange and Recognized Clearing House offering Environmental Instruments in the form of carbon credits.

The inaugural carbon credits trade on the fully regulated exchange was executed between First Abu Dhabi Bank (FAB) and specialist carbon trading company Helix Climate.

Sameh Al Qubaisi, Group Head of Global Markets at First Abu Dhabi Bank, said, “We are delighted to execute the first trade on ACX Abu Dhabi. As the UAE’s largest bank, we are keen to support the expansion and potential of carbon markets to provide price signals that can help companies reduce or remove their greenhouse gas emissions in the most efficient way.”

Simon Harman, Founding Partner of Helix Climate, said, “Helix Climate are proud to have transacted the first trade on ACX Abu Dhabi, the first fully regulated carbon exchange. We share ACX’s vision to grow liquidity, transparency and confidence in the voluntary carbon markets and look forward to transacting more volume on the exchange.”

Arvind Ramamurthy, Chief of Market Development at ADGM , said, “Last year, ADGM welcomed the introduction of ACX, the first regulated carbon credit trading exchange and clearing house in the world and today we are more than thrilled to witness its live launch. As we find ourselves in a critical time with the development of global carbon markets, this step marks a momentous milestone in the journey towards a thriving market for voluntary carbon markets. We look forward to seeing ACX take on a pivotal role in not just environmental instruments but also in other markets and financial instruments, including virtual asset markets.”

“This marks another important step in bringing carbon credits closer to the world of regulated commodities,” said ACX’s Co-Founder and Co-CEO William Pazos. “ACX is proud to be the world’s first fully regulated spot carbon environmental exchange and clearing house. We are equally honored to be recognized for our ability to innovate and trigger positive change in this critically important sector.”

Further enhancing its portfolio, ACX Abu Dhabi is also pleased to announce the first trade on its Carbon Market Board (CMB) – an electronic trading facility that allows participants to execute and settle over-the-counter transactions. The trade was concluded with South Pole, the world’s leading climate project developer and solutions provider.

“By providing a regulated environment for carbon credit trades, ACX is helping to build higher integrity carbon markets: both buyers and sellers have more certainty thanks to the regulatory wrapper around the traded carbon credits and a marketplace that is scrutinized by an independent financial services authority. Trust will result in scale of climate action and impact, which is essential today,” said Abderrahman Kasmi, Executive Director for Procurement & Trading at South Pole.

UAE Mubadala Investment Company PJSC (Mubadala) acquired a majority stake in blockchain enabled AirCarbon Exchange (ACX), this came after Mubadala Capital led Series B funding round of $70 million for Ramp Network, whose mission is to make Web3 a reality by enabling mainstream adoption of products and services offered by pioneering blockchain ventures.

UK based  BeZero Carbon partnered with UAE Blockchain security token platform for carbon credits ACX (formerly known as AirCarbon Exchange) to host its carbon credit ratings on ACX’s Abu Dhabi exchange – bringing transparent carbon ratings to a new audience in the Gulf States.

Marathon Digital and Zero Two inaugurate 200 MW bitcoin mining facility in UAE

Marathon Digital and Zero Two inaugurate 200 MW bitcoin mining facility in UAE

Zero Two, and Marathon Digital Holdings, Joint entity based out of ADGM Abu Dhabi for crypto mining has inaugurated  the state of the art 200 MW Bitcoin mining facility at Masdar Abu Dhabi. The announcement was made in a LinkedIn post by Pierre Sematies, Partner at Roland Berger and Global Head of Digital assets.

He stated, “Today Zero Two inaugurated a state-of-the-art 200MW Bitcoin Mining Facility with Marathon Digital Holdings at Masdar. The quality of the facility and the pace at which it was built and energized are very impressive.” He congratulated the teams of both Zero Two and Marathon Digital, as well as Roland Berger Digital asset team who were part of this journey in the early days.

Prior to this Marathon Digital Holdings had confirmed that the company along with Abu Dhabi based Zero Two (Registered name FS Innovation), an emerging blockchain and digital assets infrastructure development company, will be launching the two digital asset mining sites with a combined capacity of 250 Megawatts in the sustainability hub of Abu Dhabi Masdar City and the port zone of Mina Zayed by the end of 2023.

The joint entity registered in ADGM will work to accelerate the global digital economy while supporting the power grid of Abu Dhabi, JV) with the first large-scale immersion Bitcoin mining operations in the Middle East. To power the sites, Marathon and Zero Two intend to leverage excess energy in Abu Dhabi, increasing the base load and sustainability of the Abu Dhabi grid. Marathon and Zero Two will offset any non-sustainably produced electricity with clean energy certificates.

The equity ownership in the ADGM Entity will be 80% for Zero Two and 20% for Marathon.

This announcement comes as Oman moves strongly forward with its crypto mining projects.

NEOM new investment arm NIF invests in Animoca Brands the creators of the Sandbox metaverse

NEOM new investment arm NIF invests in Animoca Brands the creators of the Sandbox metaverse

NEOM has inaugurated its strategic investment arm, the NEOM Investment Fund (NIF), NEOM’s wholly owned subsidiary which is set up to support the buildout and development of NEOM’s 14 priority sectors of which technology and digital are an integral part.

NIF will invest globally through Mergers & Acquisitions and venture capital in technology startups, with a clear focus on pioneering growth companies and next-generation industries.  NIF will also develop Joint Ventures and partnerships with large multinationals, institutional investors and innovators within NEOM.

As part of its inauguration, NIF is announcing new investments in companies including Pony.ai, Regent, Boom Technology, BlueNalu and Animoca Brands, details of which will be shared in the coming days. These investments, which add to those NIF has led to date, illustrate its role working alongside NEOM sectors to support their strategies for growth, enabling new technologies, establishing businesses, and creating a thriving economy in NEOM.

Nadhmi Al-Nasr, CEO of NEOM said: “The vision of NEOM is to address global challenges that redefine livability, conservation and business. As NEOM’s strategic investment subsidiary, NIF will play a critical role in converting NEOM’s vision to reality. NIF will enable NEOM to sustain its contribution to realizing the ambitions of the Kingdom over the long term, cementing its position as a key driver of economic diversification and job creation.”

Majid Mufti, CEO of NEOM Investment Fund, said,“The NIF strategy is designed to align NEOM’s development objectives with those of innovators and institutional investors, de-risking opportunities for them to participate in creating core global growth businesses and a thriving economy in NEOM. To date, NIF has invested in several technology companies within the 14 priority sectors of NEOM that will accelerate technologies critical to the NEOM project and have a major impact on the future of living and sustainability. Replicated over time, this approach will position NEOM as a model for sustainable economic development.”

As a catalyst for change, NIF actively seeks deep partnerships with likeminded investors and bold entrepreneurs working on the world’s most complex problems, in line with NEOM’s vision. It aspires to create regional and global champion companies across NEOM’s 14 economic sectors by investing in commercially viable projects and ‘moonshot’ ideas enabled by cutting edge technologies. To accelerate the change, NIF will focus on developing investment opportunities for the private sector to participate in and will directly invest to unlock solutions that would be piloted and scaled-up in NEOM, and eventually exported to the world.

As part of its mandate, NIF will also be assuming the role of portfolio manager for NEOM’s sector assets and companies. This role will safeguard returns for the shareholder and investors through portfolio synergies and will underpin NEOM’s long-term financial sustainability.

UAE well-known Blockchain crypto entrepreneur and investor Saeed Al Darmaki joins BoCG ventures

UAE well-known Blockchain crypto entrepreneur and investor Saeed Al Darmaki joins BoCG ventures

Saeed Al Darkmaki, a UAE national well known in the crypto, blockchain and DeFi circles as an entrepreneur and investor has joined BoCG, a Venture firm focused on an Arabian Peninsula Fund in MENA region, to oversee the growth of blockchain-based venture portfolios seeking the next stage of growth through their Venture Operating Model (VOM).

As per the announcement, Al Darmaki, renowned for his role as CEO of Sheesha Finance, a decentralized cryptocurrency platform aiming to bridge the gap between DeFi and traditional financial markets, brings invaluable expertise to the table as a prominent figure in the blockchain and cryptocurrency industry.

Under Al Darmaki’s leadership, Sheesha Finance has gained recognition for its unique approach to DeFi. The platform offers investors access to a diverse portfolio of promising projects, allowing them to participate in early-stage investments and receive rewards in the form of Sheesha Finance’s native tokens.

Al Darmaki’s impressive career trajectory commenced in October 2009 at the Abu Dhabi Investment Authority (ADIA), where he served as an Operations Specialist before transitioning to the role of Fixed Income & Treasury Specialist in May 2013. With a desire to explore the evolving cryptocurrency and digital asset landscape, he co-founded Alphabit in January 2017—a dynamically managed investment fund. His market knowledge and experience positioned him as Managing Director at Alphabit, where he provided invaluable guidance and mentorship to blockchain entrepreneurs across finance and business development domains.

Beyond Alphabit, Al Darmaki’s influence extended as Chairman of eGovern, a distinguished UAE-based company, collaborating closely with governments and corporations to identify and implement tailored blockchain solutions that address pressing challenges and drive digital transformation. In 2021, he further expanded his portfolio as the Managing Director for the MENA region at Casper Labs, empowering him to deliver enterprise-grade blockchain solutions to meet the growing demand in the market.

“With the addition of Saeed Al Darmaki to our team, we will accelerate our efforts to scale our Venture Operating Model and Antifragile thesis in the Middle East. Saeed and our team have a deep and intrinsic desire to empower local Emiratis and the next generation of scalable companies in the Arabian Peninsula. With our collective expertise in finance, investments, and technology, we believe the GCC and MENA regions will excel in developing a healthy public and private market grounded by fundamentals. Saeed has already made a significant impact in driving the future of digital assets and we are excited to join forces to bring in another pivotal force to the region.” – Lyon Kassab, BoCG Ventures Managing Partner

In his role as a Board Advisor to BoCG Ventures, Al Darmaki will oversee the growth of blockchain-based venture portfolios seeking the next stage of growth through their Venture Operating Model (VOM). Additionally, he will contribute to developing the limited partner base, engaging forward-thinking investors and sovereign wealth funds in the GCC and MENA regions. Al Darmaki’s mission is to bridge traditional investment capital with scalable companies while empowering second and third-generation entrepreneurs to synergize with BoCG Ventures’ core value proposition of integrated teams and technology-driven scale.

“Since our first meeting, I was fully aligned and impressed with the pattern recognition that has driven the BoCG Ventures team to the Middle East. Their antifragile thesis and philosophical underpinnings show a deep understanding of history, geopolitics, macroeconomic trends, and a foundation of human capacity building. As an avid early stage investor, I am well aware of the value creation that their Venture Operating Model can bring to companies and to the future of the GCC and MENA regions. I am thrilled to be in a position to help BoCG Ventures instill their entrepreneurial influence while simultaneously driving local innovation.” – Saeed Al Darmaki

Throughout his career, Saeed has held notable positions such as Managing Director at Binary Financial and occupied board seats at esteemed entities including DEX, RealEx, MENA Fintech Association, BeMobi, Jahani & Associates, LEAD Ventures, Royale Finance, Artha, PAID Network, and Kenzi Wealth. These roles have not only granted him valuable insights into the crypto/blockchain landscape but have also facilitated the cultivation of a robust network, exponentially augmenting his market knowledge. It was in June 2018 that Saeed elected to depart from ADIA, dedicating his full focus to the burgeoning crypto/blockchain industry.

Synechron opens office in Saudi Arabia to drive Fintech solutions using AI Blockchain and other technologies

Synechron opens office in Saudi Arabia to drive Fintech solutions using AI Blockchain and other technologies

Synechron, a leading global digital transformation consulting firm focused on financial services and technology organizations which works with emerging technologies such as AI, Blockchain and others has opened its new office located in Riyadh, the Kingdom of Saudi Arabia’s (“KSA”). The new office will enable Synechron to expand its array of key services to multiple banking and technology firms within the Middle East. This marks the 44th office Synechron maintains across 19 countries.

Synechron currently operates two offices in the United Arab Emirates, respectively in Dubai and Abu Dhabi. In recent years, KSA has experienced a transformation of its banking and financial technology sectors, presenting an opportunity for Synechron to scale up its business to support the growth of these sectors. Riyadh, the capital of KSA, was selected for the location of this office as it is at the epicenter of where multiple banking and telecom companies maintain their head offices.

The firm has previously executed projects in KSA, including building a digital branch for a global bank, and currently provides payments-related services for another financial firm.

Faisal Husain, Synechron’s Co-founder and CEO, said of the new office opening, “We are excited to join the Riyadh business community and establish Synechron as a key participant in KSA’s financial services industry, while contributing to the region’s vision and growth. With our expanded footprint, we are able to more closely collaborate with our clients and better enable their digital technology-led business transformation.”

Suhail Basit, Managing Director and Head of Synechron’s MENA Business, added, “We are pleased to expand our presence into KSA and look forward to welcoming a local workforce of talented individuals with the knowledge, skills and passion to work in tandem with our global exerts. We are investing in senior talent to lead our ongoing initiatives and to bring in the desired growth from this fast-growing market. Together, we will develop the customized business solutions that our existing and prospective clients require to scale their businesses. This includes bringing advanced methodologies and tools for Digital Transformation, Data and Analytics, Artificial Intelligence, and more.”

DIFC Courts partners with RAK digital assets Oasis for greater digital economy services awareness

DIFC Courts partners with RAK digital assets Oasis for greater digital economy services awareness

The UAE Dubai International Financial Centre (DIFC) Courts has signed an agreement with Ras Al Khaimah Digital Assets Oasis (RAK DAO) the world’s first and only common law free zone dedicated to global digital and virtual assets companies, to drive greater awareness of DIFC Courts digital economy services to businesses operating within Ras Al Khaimah’s newly launched digital economy freezone.

The memorandum will foster closer cooperation on projects and initiatives designed to boost the UAE’s vision for a thriving digital economy and support economic ambitions. The agreement will also promote closer alignment and collaboration across specific digital economy services provided by both organizations.

The DIFC Courts is currently operating on a new roadmap for the years 2022-2024, which includes a strategic work plan that brings more national cohesion to the Courts’ projects and initiatives in line with the ‘D33’ economic agenda and the Dubai Digital Strategy. This in turn is providing effective support for both the federal and local Dubai strategic goals.

His Excellency Justice Omar Al Mheiri, Director, DIFC Courts, said, “Expectations from the private sector increasingly require the bold engagement of public service. By combining a modern and flexible digital infrastructure with judicial and service excellence, the DIFC Courts will continue to align our operations with the national agenda. As the UAE begins to nurture new digital economy verticals, the number of foreign organisations entering the market will inevitably increase. The DIFC Courts and RAK Digital Assets Oasis will collaborate through this agreement to assure these businesses that we remain on standby to accommodate the growing digital economy and resolve new types of cases and disputes.”

Dr Sameer Al Ansari, Chief Executive Officer, RAK Digital Assets Oasis, said: “We are thrilled to partner with the DIFC Courts. This collaboration marks a significant step in fostering a more dynamic digital ecosystem within our newly established free zone in Ras Al Khaimah. We believe that this partnership will greatly enhance the accessibility and awareness of the DIFC Courts’ digital economy services, providing valuable support to the companies of the future in our thriving digital oasis.”

RAK DAO is the world’s first and only common law free zone dedicated to global digital and virtual assets companies, empowering innovators in their journey to build the future of Web3 and blockchain technology across industries, promising to disrupt traditional business models and unlock the full potential of digital assets.

In 2021, the DIFC Courts confirmed the launch of a new Division. The international Digital Economy Court (DEC) simplifies the settlement process of complex civil and commercial disputes related to the digital economy, reviewing national and international claims related to current and emerging technologies, including big data, blockchain, cryptocurrencies, artificial intelligence, and cloud services.

The Digital Economy Court is a global initiative that operates in parallel, helping to build a new judicial support network to serve the stringent demands of digital transformation and adoption. Leading international judicial expertise has been recruited to oversee and operate the new Court’s cutting-edge digital infrastructure and service capabilities, complementing an existing portfolio of specialised Divisions, including the Technology & Construction Division and the Arbitration Division, launched by the DIFC Courts to serve an expanding demand for judicial expertise across sector-specific cases.

The launch of the new Division also signals to the international business community the intent of Dubai and the UAE to play a leading role in advancing its judicial systems to specifically direct capacity and capability to resolving digital economy-related disputes, whilst also utilizing some of the very same cutting-edge technologies to enable greater efficiency of service to the public.

3,000 Bahrain retailers now offer crypto payments with Binance Pay

3,000 Bahrain retailers now offer crypto payments with Binance Pay

Binance Pay has announced that it is now offering its cryptocurrency transaction platform with over 3,000 Bahrain retailers. Binance pay is working with online as well as physical store to offer secure crypto payments.

The Bahrain retailers include names such as Sharaf DG, the electronic retailer in Bahrain. In addition to local fast food chain Jasmis, as well as STC Bahrain, LuLu HyperMarket, Dose Café, Al Zin Jewellry, Salmabad, Wadi Al Sail and Hawar, petrol stations, Pet Arabia, Premier Motors Showroom, Reebok store and many more.

As per the announcement, “With the continuously growing adoption of blockchain technology and digital currencies, this revolution is just the beginning. Be part of it by supporting these merchants and making a transaction the Binance way!”

In January 2023 Binance celebrated its official entrance into Bahrain. Binance received its official license in October 2022. On entrance Binance Pay partnered with Bahrain Eazy Pay to introduce crypto payments for Bahrain real estate developer Bin Faqeeh Real estate Investment.

Binance also launched crypto futures products in Bahrain after receiving regulatory permission.  With this Binance Bahrain BSC became the first regulated exchange in the region to offer these services and the only exchange with a CAT4 license.

This came after Binance suspended its crypto debit card services in Latin America and the Middle East from Aug. 25. The crypto debit card services in Latin America and the Middle East were terminated Sept. 21, but the exchange claimed refunds and disputes could still be processed until Dec. 20, 2023.

UAE Verofax and Bantgo utilize blockchain to tokenize recycling ewaste rewards

UAE Verofax and Bantgo utilize blockchain to tokenize recycling ewaste rewards

UAE based BANTgo and Verofax have collaborated to enhance e-waste collection.  The partnership seeks to galvanize the masses into responsible recycling by rewarding their endeavors with tokenized incentives.

Verofax, was awarded the GITEX Supernova Web3 and Blockchain award, introduces its innovative technology to this eco-initiative. The venture encompasses the deployment of advanced smart bins explicitly designed for e-waste collection.  These bins are equipped with a validation system to ensure accurate assessment of the electronic devices being recycled, determining their equivalence in terms of recoverable materials.

BANTgo, renowned for its expertise in the blockchain domain, steps in to fortify this eco-friendly initiative. Recognizing and endorsing the responsible recycling behavior of individuals, BANTgo offers digital blockchain certificates. These certificates, apart from serving as a testament to the individual’s eco-contribution, also act as a robust incentive, encouraging more to tread the path of responsible recycling.

The synthesis of Verofax’s product validation and BANTgo’s blockchain creates a robust mechanism. This not only facilitates transparency in e-waste recycling but also ensures that individuals are appropriately acknowledged and rewarded for their proactive environmental actions.

Siarhei Zhyltsou, CEO of BANTgo, commented on this collaboration, “The alliance between BANTgo and Verofax is not just transformative but also imperative for our times. Encouraging responsible recycling through tangible rewards sets a new standard in environmental initiatives.”

Wassim Merheby, CEO of Verofax, shared his enthusiasm, “Pairing with BANTgo is a testament to Verofax’s commitment to leverage its technology for pressing global challenges. Together, we’re paving the way for a sustainable future, where technology and eco-responsibility converge.”

UAE FD Capital holds blockchain investor day

UAE FD Capital holds blockchain investor day

UAE based FD Capital, a blockchain-focused investment company that empowers investors by providing access to the rapidly evolving blockchain industry  is holding an investor day under the title “ Chains Beyond Borders” on November 1st 2023 in Dubai UAE. The event will explore blockchain technology showcasing latest updates and insights from seasoned investors and experts.

This event features a notable lineup of speakers from the blockchain industry, with keynote speakers including Robert Edward Grant, the Founder of Crown Holdings, and Evan Luthra, a Parallel Entrepreneur and Angel Investor. Other speakers include individuals like Aishwary Gupta, Matt Schmenk, Fabio Tomaschett, Kyle Rojas, Mehmet Buyukakarsu, and more, bringing diverse expertise representing different aspects and ecosystems within the blockchain landscape.  Dariia Vasylieva, the Founder and CEO of FD CAPITAL, will moderate the event.

“Our unwavering vision in the ever-changing landscape of Investments vs. Turbulence is clear: By transcending borders, we empower the community to unleash its potential and create a transformative impact in the blockchain industry and beyond, forging new investment opportunities and strategic partnerships” Dariia Vasylieva, the Founder and CEO of FD CAPITAL said.

This event is proudly supported by partners Cypher Capital, Albus Protocol, GOSH, and Aureli Ventures, as well as media partners Luna PR, IBC Group, AIBC,  Pro-blockchain Media, BeInCrypto, SalAd Lab, cryptorank, TheNewsCrypto,  VNTR,  CoinEasy, BlockDelta,  Syndika, Heir Story, MonteCrypto, Crypto Data Space, BlockBeats and more.

Taking place in the Cypher Capital Hub in Dubai, this event will also be available through a special online segment via Zoom, which ensures accessibility for a global audience. The Zoom link will be sent to approved registered guests, making it a truly exclusive experience.

FD CAPITAL’s mission is to empower investors with access to the fast-evolving blockchain industry, bridging the gap between traditional finance and Web3 to unlock the vast potential of blockchain technology.

A new real estate tokenization project launched in UAE, the Desert Pearl luxury project

A new real estate tokenization project launched in UAE, the Desert Pearl luxury project

DDX Global, a consultancy specializing in real-world asset tokenization, has launched a tokenized real estate development project called Desert Pearl as it cements its operations in Dubai UAE.

At the launch ceremony held at the Armani Hotel in Burj Khalifa, DDX Global unveiled details about ‘Desert Pearl,’ which will be underpinned by smart coding and tokenization and stands at the intersection of high-end living and ultramodern technology.

According to the press release, complementing the leadership’s vision for the Dubai Urban Plan 2040 and the Dubai Economic Agenda 2033, ‘Desert Pearl’ reflects the fast-paced digital transformation that is positively influencing every sector of the economy.

Desert Pearl’ is designed by Zhuzh, a Dubai-based international luxury, bespoke architectural design company that will draw on advanced technology and design solutions. It will feature several state-of-the-art amenities and futuristic design elements inspired by the rich heritage of the city.

Albert Weiglhofer, Chief Commercial Officer of DDX Global said: “We chose to launch our business in Dubai due to the city’s leadership, vision, and outlook on accelerating digital transformation. We see tremendous opportunity to support the digitization journey, especially in the real estate sector as it adopts blockchain technology.”

He added: “Desert Pearl brings the opportunity to introduce real-world-asset tokenization to Dubai’s real estate sector on a major scale. We look forward to a rich partnership ecosystem that will facilitate the realization of our vision and Dubai’s strategic outlook to be a leader in leveraging advanced technology, which will result in adding significant value to the Dubai economy.”

Marco van Ham, CEO of Zhuzh said: “The Desert Pearl opportunity has allowed Zhuzh to get super-creative as we delved into the heritage and culture of Dubai.  We’re aiming to create a landmark project for both Dubai and the world and partnering with DDX has given us that potential. It’s been brilliant to work with a fast-moving, innovative company like DDX Global and we’re looking forward to a great collaboration with them.” 

In an interview on the security token show, the creator of Desert Pearl cofirmed that $10 billion worth of assets will be tokenized in Desert Pearl for profit sharing and not actually owning shares in the project.