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Solana sets up in UAE and offers grant programs to members of DMCC crypto center

Solana sets up in UAE and offers grant programs to members of DMCC crypto center

Solana Foundation, the non profit organization dedicated to Solana Blockchain adoption and security has partnered with UAE based DMCC free zone and Government of Dubai Authority on commodities trade and enterprise, crypto center. Solana will offer technical and business development suport and their existing grant program.

The partnership compliments DMCC’s existing offerings and collaborations by increasing its members’ ability to develop their concepts and scale their businesses using Solana, one of the industry’s leading blockchain platforms.

Lastly, the Solana Foundation will join the DMCC Crypto Centre in delivering webinars and other educational courses on a range of important Web3 topics.

As part of this collaboration, Solana will set up a presence at the DMCC Crypto Centre to integrate with the ecosystem and collaborate with its thriving network of technology partners, exchanges, government entities, investors, incubators and accelerators, and service providers, as well as engage with the wider community of 23,000 companies operating in DMCC’s business district.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Solana is one of the most prominent blockchains in the world, boasting a market capitalisation of USD 8 billion, placing it in the top 10 largest crypto projects globally. Through this landmark signing, we will provide complimentary set up and business licensing for Solana ecosystem projects whilst our members can access a world-class blockchain platform and dedicated Solana engineering teams that can take their businesses to new heights. Providing this type of supportive environment is our core philosophy for the DMCC Crypto Centre. It is through this strategy that we have developed one of the most dynamic and value-creating ecosystems for Web3 firms, offering the largest concentration of crypto, blockchain and Web3 businesses across the MENA region – and a central driver behind Dubai’s rise into the biggest global Web3 innovation hub.”

Dan Albert, Executive Director, Solana Foundation, added: “With its high density of crypto companies and pro-growth attitude, providing support to the DMCC was a natural fit as we look to tap into the abundant Web3 value in Dubai. We look forward to working with members of the Crypto Centre to onboard them to our chain, as well as introducing our existing ecosystem to DMCC so they can also scale their operations.”

The DMCC Crypto Centre is a comprehensive ecosystem for companies that develop Web3 and blockchain technologies, and associated value-added services, providing everything that crypto businesses and entrepreneurs need to set up and scale their operations.

Abu Dhabi Customs to showcase new blockchain solutions at Gitex 2023

Abu Dhabi Customs to showcase new blockchain solutions at Gitex 2023

UAE Abu Dhabi Customs will be showcasing the latest innovative blockchain enabled projects for customs systems during its participation at Gitex 2023 under the slogan “We Shape Tomorrow’s Customs with Today’s Innovations”. Gitex 2023 will be held at Dubai World Trade Centre from October 16 to 20, 2023.

This year, Abu Dhabi Customs is highlighting its innovative digital technologies and solutions that keep pace with the latest technologies of the 4th industrial revolution and artificial intelligence, as well as launching its latest innovative projects that incorporate blockchain technology into customs systems.

Mohammed Husain Al Balooshi, Head of Corporate Communications and Marketing at Abu Dhabi Customs, stated, “Through its participation in GITEX Global 2023 within the Abu Dhabi Government pavilion, Abu Dhabi Customs seeks to showcase the latest innovative solutions and technologies adopted in its customs work system, and their role in enhancing distinguished digital services and adopting the best international practices to increase operational efficiency, which supports our efforts to achieve our vision of global leadership to be a customs authority that leads change in pursuit of enhancing security and facilitating trade, especially in line with the pillars of ‘UAE Centennial 2071‘, ‘We the UAE 2031’ vision, and the economic directives of the Emirate of Abu Dhabi.”

China’s Bitcoin and Blockchain manufacturer Canaan to install 100 MW crypto mining site in Oman

China’s Bitcoin and Blockchain manufacturer Canaan to install 100 MW crypto mining site in Oman

China’s Bitcoin crypto mining and Blockchain hardware manufacturer, Canaan, has signed a crypto mining agreement with Oman’s Green Data city to pilot phase of a new crypto mining operation in Oman.

The new site will be installed in the facility of Green Data City, and under the agreement, Canaan has the option to expand the total capacity to up to 100MW.

The crypto mining operations in Oman will start in Q4 of 2023.

In August 2023 Oman’s Green Data City and Abu Dhabi’s Phoenix Group signed an agreement to develop a 150MW crypto-mining farm in Oman. The new farm will be set up in Green Data City was noted that it will be operational by Q2 2024, becoming one of the largest crypto-mining data centers in the region.

Phoenix Group is experienced in the development, operation, and management of crypto data centers. It is also the exclusive distributor of industry-leading mining equipment, MicroBT.

Oman was chosen as a location due to the long-term security provided by the Green Data City mining license, the entities’ common vision to develop cryptocurrencies mining and AI applications with the Ministry of Transport, Communication and IT (MTCIT), and the cooler weather in Oman, in particular in the region of Dhofar, which reduces the cooling energy consumption to a minimum, making the sultanate a sustainable destination for mining in the region.

The deployment will start with the new Avalon Box mining container featuring immersion cooling. The project also has the potential to deploy Canaan’s other advanced products, including the latest series A14 Avalon miners with a record efficiency of 20J/T, later in
2024.

Green Data City LLC is the company that operates the first license for sustainable crypto-mining in Oman since 2022. International mining companies can register and operate in Green Data City with long term agreements. The first phase of development consists of 200MW of mining capacity, the second phase will reach 400MW hyperscale data center capacity with natural cooling, renewable energies and downstream applications.

NBA stars collaborate with UAE Blockchain iBLOXX studios on Web3 shooter game

NBA stars collaborate with UAE Blockchain iBLOXX studios on Web3 shooter game

iBLOXX Studios announced that their upcoming third-person Web3 shooter, StrayShot (previously recognized as 0xBattleGround), will feature the entire Big Baller Brand family as playable in-game characters. This exciting collaboration will bring NBA Stars LaMelo and Lonzo as well as LiAngelo, LaVar and Tina Ball to life in the virtual world, allowing players to step into their shoes and experience the thrill of the game.

StrayShot is a third-person shooter game designed to deliver an adrenaline-charged experience for gamers of all skill levels. In StrayShot, players become bounty hunters, competing in intense matches with various unique characters, exciting game modes, and ultimately trying to qualify for the monthly tournament which features substantial prize pools.

The exciting collaboration introduces the basketball giants as in-game playable characters, set to be available after the official launch of StrayShot on their in-game marketplace as well as OpenSea and others. Distinct from the majority of Blockchain-based games, StrayShot has been meticulously crafted to prioritize a top-tier gaming experience, subtly integrating Web3 functionalities in the background to enhance, not overshadow, the gameplay. The seamless Web3 gameplay is enabled both by a user-friendly UX design and by the gas-free, high-speed performance of SKALE Network.

Domenik Maier, CEO of iBLOXX Studios, shared his excitement: “Collaborating with the iconic Ball family on StrayShot feels like a slam dunk. Their innovative spirit and influence align perfectly with our ambition, and together, we’re ready to redefine gaming.”

The Ball family is more than just a basketball sensation; they’re an emerging sports empire. LaMelo Ball recently inked a staggering $260 million contract with the Charlotte Hornets, one of the most substantial in basketball history. He is a recognized NBA All-Star, Rookie of the Year, and is regarded as one of the top 5 basketball talents under 22 globally. Alongside his older brother, Lonzo Ball, initially the number 2 draft pick by the Los Angeles Lakers and an All-

Rookie Team honoree, who made a significant impact with the Chicago Bulls, driving them to the Eastern Conference’s top seed before a knee injury sidelined him.

Beyond the court, they’ve marked their territory in the fashion scene with the successful launch of clothing line, Big Baller Brand, in 2016.Their recent venture into gaming with StrayShot
further cements their status as influential figures in sports and entertainment with their trajectory only pointing north.

The Ball family is excited about the opportunity to play directly with their fans in StrayShot. LaVar Ball said, “My boys and me will not only dominate the basketball court, we will also dominate the battleground in StrayShot!“

In February 2023, UAE based Blockchain gaming entity, iBLOXX,Studio secured a $5 million investment in a recent funding round led by PrimeXM. The capital will be utilized to expand the company’s GameFi division. The investment brings the gaming division’s post-money valuation to 30 million USD.

Oman Blockchain digital identity startup selected by Swiss accelerator

Oman Blockchain digital identity startup selected by Swiss accelerator

The Oman blockchain ID tech startup, Nashid has been selected by Swiss Tech4trust accelerator to participate in their program out of Trust Valley of Lausanne, Switzerland.

Nashid’s acceptance into Tech4Trust’s latest season underscores their pioneering approach to harnessing blockchain technology for Identity and Verifiable Credentials.

“Being part of Tech4Trust is a significant stride towards our global expansion ambitions,” shared Ahmed Al Marjeby, Co-founder and CEO of Nashid. “We are enthusiastic about collaborating with a global community, extracting invaluable insights, and honing our solutions to meet the demands of the rapidly evolving digital trust sphere.”

In 2020, co-founder Ahmed Al Marjeby found his online identity had been hacked. Al Marjeby found the fact that paper-based identity documents cannot be verified digitally. Motivated by this event and recognizing the urgent need for secure digital identity solutions, Ahmed, together with Mahmood Al Lawati, launched Nashid in 2022.

Tech4Trust will offer Nashid a golden opportunity to liaise with international experts, regulators, and government agencies.  This collaboration will also open doors to the broader Swiss and European markets, presenting unmatched potential for growth.

The startup previously secured an investment from the Oman Technology Fund and won awards in the Entrepreneurship World Cup 2022 and the GISCO Startup Competition.

20 percent of Ripple customers from MENA region

20 percent of Ripple customers from MENA region

In a recent blog post Sologenic, a Ripple partner pointed out the Ripple now boasta of 4.8 million wallets with 20 percent of its customers coming from MENA region. The information was provided by Ripple CEO Brad Garlinghouse during the Dubai Fintech Summit.

These comments were made as Sologenic and Ripple expand their presence in the UAE and MENA region. The SOLO Wallet has successfully onboarded over 200,000 users onto the XRP Ledger. Moreover, strategic partnerships with payment ramps like Uphold and BANXA to provide global accessibility to the ledger, and recent listings on prominent exchanges in specific regions such as Bitpanda (Northern Europe), CoinDCX (India), and CoinsPh (The Philipines) underscore the platform’s unwavering commitment to delivering accessible and cutting-edge tokenization solutions. These efforts directly address the surging demand among institutional investors eager to access digital assets.

As Ripple charts its course into the heart of Dubai’s financial sector, Sologenic stands as the one-stop-shop for all things XRP within the ecosystem. Sologenic’s platform connects global financial markets with the world of cryptocurrencies, redefining digital asset trading by allowing fractional share ownership.

Sologenic’s regulated arm is deploying a platform with a hybrid model for the on-demand tokenization of assets. This platform facilitates trading between crypto and off-chain traditional assets such as stocks & ETFs. This institutional-grade offering is designed for RIA’s, brokerage houses, family offices, banks and other financial institutions looking to tokenize real-world assets for their clients.

In Ripple’s latest report in July 2023,entitled “ 2023 New Value report, Crypto Trends in Business and Beyond” which covered topics such as cryptocurrencies, tokenization, DeFi, and crypto custody, financial decision makers from MENA ( Middle East and North Africa) are more bullish than their counterparts in other regions when it comes to cryptocurrencies, digital assets, and Blockchain.

As per the report findings, 72% of finance leaders surveyed expressed increased confidence in the crypto industry over the last 6 months, the number is even higher for those in the MENA region, reaching 87%.

90% of global finance leaders anticipate big impacts on business from blockchain and digital assets in the next three years. In terms of tokenization, they see the most massive impact in public stock trading and private share trading. This was especially expressed by finance decision makers with cryptocurrency experience in MENA.

Blockchain deposit token payment platform Fluent to set up operations in UAE

Blockchain deposit token payment platform Fluent to set up operations in UAE

USA based Fluent Finance, a blockchain enabled fintech infrastructure company responsible for developing the connections from core banking to public layers, bridging Web2 to Web3 utilizing the Fluent Protocol, has joined UAE’s Ministry of Economy NextGEN FDI program as Fluent plans to launch its operations in Abu Dhabi and expand its workforce in the UAE to 125 people in the next five years.

Fluent is working to issue deposit tokens which are stable-valued, regulatory-compliant digital assets interoperable with core banking systems. With Fluent, banks may issue fiat-equivalent tokens directly to public blockchains based on outstanding customer deposits and central bank-issued CBDCs.

Fluent will use its new UAE headquarters to deploy and scale its proprietary Fluent Economic Bridge, which can be used by importers and exporters to settle transactions via stablecoins or, increasingly, deposit tokens.

They are already piloting the platform in Kenya, and now hope to develop a digital trade corridor with the UAE.

Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said Fluent’s participation in the NextGen FDI initiative underlines the UAE’s status as a hub for global trade and a supportive ecosystem for new technologies such as blockchain: “The UAE has become a prominent advocate for the modernization of the multilateral trading system, as well as a supportive place for the development of the tools and applications that can deliver it. I am optimistic about the possibilities of the Fluent Economic Bridge, and the potential for digital currencies to improve the efficiency and accessibility of global supply chains. In the build-up to the World Trade Organisation’s 13th Ministerial Conference in Abu Dhabi in February next year, encouraging platforms such as those developed by Fluent will offer an important proof point for the UAE’s leadership on trade technology.”

Bradley Allgood, Fluent Finance’s Chief Executive Officer, said the UAE was the obvious place in which to launch Fluent Economic Bridge. “The UAE offers exactly the kind of supportive, enabling environment that Web3 companies such as Fluent require. The combination of thoughtful regulation, forward-looking vision and advanced technology ambitions means we have the right foundations on which to develop our product and grow our organization. Importantly, this is also an important trade crossroads, which provides a multitude of opportunities to deploy our platform. We genuinely believe that, with the right support, we can transform Fluent Economic Bridge into the next unicorn.”

UAE Blockchain enabled Silal food traceability platform acquires major food distributor

UAE Blockchain enabled Silal food traceability platform acquires major food distributor

Blockchain enabled Silal traceability agriculture and food safety platform, backed by Abu Dhabi’s ADQ has acquired a majority stake in SAFCO Group, a leading food and beverage distributor in the UAE.

Prior to this, UAE’s ADQ, Silal, announced the launch its blockchain powered platform to trace the lifecycle of food from farm to fork. As per the news using the new traceability service is as simple as scanning the QR code of a Silal Fresh product through the Silal App.

Today, the acquisition of SAFCO integrates with Silal’s strategic growth ambitions and significantly strengthens its presence in the hospitality, restaurant and catering segment, leveraging SAFCO’s 30-year track record in importing, distributing and exporting a wide array of premium food and non-food products across the UAE, Middle East and Africa. The acquisition integrates with Silal’s strategic objectives and growth ambitions.

SAFCO’s acquisition is a pivotal step in enhancing Silal’s capacity to meet the market’s demand for a wide range of high-quality products and will accelerate the company’s efforts to enhance its food distribution.

Saudi Arabian’s traded 20 billion USD worth of virtual assets in 2021

Saudi Arabian’s traded 20 billion USD worth of virtual assets in 2021

800,000 Saudi’s used digital currencies in 2021 with the value of virtual asset transactions in Saudi at around 20 billion USD and this is expected to grow five times over the next five years. The information was shared by Ali AlObaid, Managing Director of BitOasis crypto exchange, to Arab News

In the article he states, “We believe that this can grow by five times over the next five years. Last year, KSA probably represented 15 percent of Gulf Cooperation Council and Middle East and North Africa activity.”

He added that around 4 percent of adult population in MENA will have invested in crypto by the end of 2022. While in the USA 20 percent of adults have invested in crypto.

BitOasis user base in KSA is primarily millennials, 25-34 year old’s, with 30 percent of those trading on BitOasis between the ages of 35-44 years.

In a YouGov survey recently it noted that 1.8 percent of Saudi Arabian residents currently trade in cryptocurrencies. Yet it is Morocco that tops crypto ownership as per a TripleA report, followed by Egypt, UAE, and then KSA.

The report noted that in 2021 3.9 percent or 300 million people were crypto users globally with 18,000 businesses accepting crypto payments.