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SurferMonkey partners with NYALA to bring privacy to tokenized assets

SurferMonkey partners with NYALA to bring privacy to tokenized assets

UAE registered SurferMonkey, has partnered with NYALA to revolutionize financial privacy and compliance within blockchain technology.

As per the announcement, the traditional financial systems often grapple with inefficiencies that drive up costs and cause delays. Blockchain protocol promises to streamline processes across primary and secondary markets, yet its inherent transparency poses challenges such as privacy concerns and confidential data exposure to competitors.

NYALA, tokenization platform is converting real world assets into digital twins. NYALA ensures seamless, compliant asset management, setting new benchmarks in efficiency, while SurferMonkey aims to complement NYALA’s platform by introducing regulatory privacy to the ecosystem.

SurferMonkey’s solution safeguards transactional privacy while adhering to regulatory standards including the Travel Rule. Their pioneering ZKP Mixing technology shields sensitive transaction data from competitors, ensuring robust data protection and compliance with regulatory frameworks such as MiCa or the German Electronic Securities Act (eWpG).

This strategic collaboration explores diverse use cases, including Asset Minting, DvP (Delivery versus Payment) for bonds using stablecoin EURe (Monerium), and more. Institutions can confidently tokenize and manage assets with the assurance that their data remains secure, private, and regulatorily compliant.

“We are huge believers in public chain infrastructure, says NYALA Co-CEO Johannes Schmitt. “However, this infrastructure needs to be complemented with applications and tools that allow for selective confidentiality. This is why we are excited about partnering with SurferMonkey ”.

Miguel Diaz Montiel, CEO of SurgerMonkey, “We believe in the potential of blockchain asset tokenization; however we know that many user cases cannot be exposed to anyone outside theinstitution sending them and regulators. Critical data cannot be exposed to prying eyes. Our collaboration with NYALA highlights how tokenized assets can be privatized on public blockchains.”

Speaking to Lara on the Block, Al Amin Al Bakry, Co-Founder and Chief Strategy Officer at Surfermonkey noted, “We are registered in the ADGM UAE and in the FCA in the United Kingdom. We continuously work with ADGM discussing our technology and how it can be applied to other companies within the ADGM that need to privatize certain transactional flows on the blockchain.”

SurferMonkey employs Zero-Knowledge Proof technology to ensure secure, confidential, and compliant blockchain interactions.

Currently these solutions are being tested in the sandbox in ADGM.

Qatar Rasmal Ventures to launch $100 million tech fund

Qatar Rasmal Ventures to launch $100 million tech fund

Qatar based Rasmal Ventures, the first independent venture capital company within QFC authority, licensed to manage exempt funds domiciled in QFC, has announced the launch of its upcoming Rasmal $100 million Fund I, with the support of key Qatari private investors and institutions. For its first closing of over USD $30 million, it includes a prestigious institutional investor, family offices and individual high net worth investors from across Qatar and the rest of the world.

As per the release, the team is working with QFCRA to incorporate the fund, and a first closing is expected to be announced in Q4 2023. The fund will make up to 25 equity investments in Qatari start-ups and scale-ups affording outstanding growth potential as well as regional (MENA) and selective international technology investment opportunities at Pre-Series A, Series A, Series B stages. 

The newly launched Fund manager aims to target high performing startups in fast-growing technology sectors. The fund will have a generalist tech approach across all sectors, but will also specialize in verticals such as climate tech and energy tech, supply chain logistics, fintech, B2B Saas Software and Artificial Intelligence (AI).

Founded by five seasoned venture capitalists, Rasmal Ventures is licensed to manage exempt funds domiciled in QFC as well as provide advisory services. Two of them, Alexander Wiedmer and Angus Paterson, were previously partners of Iris Capital and of a GCC fund that was the first institutional investor in Careem among other successful investments. Both have 20+ years of venture capital experience and 10+ years’ experience of VC investing in the GCC. They are joined by the founding partner of Doha Tech Angels and former executive at Ooredoo and Kahramaa Dr Shaikha Al Jabir; ex-asset manager for Qatar Energy and M&A Advisor at PwC Marc Bourland, and Soumaya Ben Beya Dridje, who has VC, fund investment and entrepreneurship experience in Silicon Valley, Europe and North Africa.

Dr Shaikha Al Jabir, Partner at Rasmal Ventures, said, “MENA has seen a dynamic and evolving venture capital landscape in recent years. According to a report by MAGNiTT, in 2022 alone the amount of funding in the region reached $3.2 billion, with 627 registered deals and a remarkable uptick in exits.    For our team, this offers an attractive opportunity to establish our base in a thriving market within a regulated environment. We strongly believe that Qatar’s stable economic outlook and well-regulated infrastructure will appeal to Qatar-based, as well as international, investors.”

On his side, Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, said, “We are delighted to welcome Rasmal Ventures LLC to the QFC platform, yet another significant addition to our growing community. At the QFC, we remain committed to providing an exceptional and attractive business environment for startups to grow their businesses in Qatar. As an integral part of Qatar’s strategic initiative to build a robust economy, we aim to foster a thriving business ecosystem that drives innovation and accelerates technological advancement in the country. We are confident that Rasmal Ventures LLC will contribute to further the economic development of the region.”

Blockchain company DMZ Finance joins Qatar Digital assets lab

Blockchain company DMZ Finance joins Qatar Digital assets lab

Singaporean Blockchain fintech company DMZ Finance has been chosen by Qatar QFC Digital Assets Lab, which was developed by the Qatar Financial Centre (QFC) a special economic zone established by the Qatar government to promote the development of the national financial industry.

DMZ Finance is dedicated to “Navigating DeFi with World-Class Banking”. By partnering with world-class banking institutions, DMZ Finance provides traditional financial institutions and VIP investors with comprehensive institutional-grade solutions for entering the crypto world.

The QFC Digital Assets Lab is its new innovative platform, guided and supported by the Qatar Central Bank (QCB). QFC aims at promoting the development and application of digital asset technology in Qatar and the whole Middle East region. Joining the lab is a crucial step toward obtaining a TSP license in Qatar, which is key for compliance in the issuance, custody, and operation of digital asset exchanges.

DMZ CEO Lee Kai Yang commenting,” Joining the QFC Digital Assets Lab is a significant achievement. “QFC Digital Assets Lab recognizes the DMZ team’s technical strength. We look forward to working with QNB and other partners to promote adoption of blockchain technology, creating a safer, more efficient, and transparent global financial system.”

In June 2024, Blade Labs is a financial technology that tokenizes financial productions and services secured a fintech license at Qatar Financial Center, and was also admitted to the Digital Asset Lab. Blade Labs had partnered with The Hashgraph Association, a Swiss digital enabler of the Hedera Network, to utilize DLT ( distributed ledger technology) to foster and advance financial services to the masses of the MENA region.

UAE QCP capital: investors sideline ETH and Bitcoin makes incredible recovery

UAE QCP capital: investors sideline ETH and Bitcoin makes incredible recovery

UAEbased QCP Capital recently analyzed the price of Bitcoin stating that it has witnessed an unbelievable and swift recovery, comparing it with the increasing sideline of ETH ( Ethereum).

QCP, an institutional digital assets company received In-Principle Approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to conduct regulated activities in May 2024. According to QCP, the decision to make a move into this strategic market for the company’s footprint was in anticipation that the Middle East is going to become a dominant global hub for capital flowing into traditional and digital assets.

According to their market insights report published on August 10th , BTC ( Bitcoin) price is almost exactly where we started a week ago, hovering above 60k. It noted, “Truly an unbelievable and swift recovery, after getting hammered to 49k lows on Monday which was the worst single-day drawdown we’ve seen in years.”

The added that there were two major observations, the first is that there has been a fundamental shift in the liquidity profile of ETH relative to BTC. As per their analysis, while BTC is becoming increasingly integrated into the mainstream macro capital markets, ETH is becoming increasingly sidelined. This development likely stems from the distinct lack of interest in the ETH spot ETFs relative to the BTC spot ETF.

They believe that BTC as digital gold is a compelling narrative to investors while ETH is lacking one. This liquidity shift was made painfully obvious on Monday when ETH plummeted 22% compared to BTC’s 16%.

Yet they state that this is not necessarily negative for ETH price, because while Bitcoin has a propensity for exponential price gains, it also has a potential for larger drawdowns. They note in the report, “Before the ETH spot ETF, the difference in implied volatility between BTC and ETH was closer to 5%. Right now, it has expanded towards 20% and could be even higher. Perhaps the strategy here is to sell BTC volatility and buy ETH volatility.”

In terms of the second observation, they believe the Bitcoin is bullish. They attribute this analysis to the fact that despite what they call the crazy volatility, there was consistent demand for BTC calls expiring in 2025 with strikes close to 100K.

According to their analysis, the crypto market, is back on track towards a bullish year end.

UAE Verofax to utilize blockchain to validate reforestation projects

UAE Verofax to utilize blockchain to validate reforestation projects

UAE and Saudi based Blockchain enabled Verofax, offering traceability and AI technologies, has signed an MOU ( Memorandum of Understanding) to partner with climate tech startup NetGreen to activate retail channels to lead the change in re-greening our planet with trust and transparency.

NetGreen’s platform meets an urgent market need where individuals can purchase a plant-a-tree service from validated reforestation projects to combat climate change. NetGreen enables participants to directly engage in reforestation through everyday transactions, such as converting loyalty points into tree plantings. This model not only supports carbon sequestration but also enhances biodiversity and fosters a deeper connection between communities and their natural environments.

With Verofax validating, reforestation projects becomes seamless using Verofax’ Tree Chain technology for identifying, tracking and measuring the carbon capture from trees using computer vision, AI drone feeds, geolocation, and an immutable ledger.

These technologies will automate operations to prevent double counting and ensure their alignment with the latest international standards, including Verra and UNFCCC CDM.

Nisreen Shadad, CEO and Co-Founder of NetGreen, stated, “Partnering with Verofax propels us towards our vision of a greener planet by enhancing the reach and effectiveness of our reforestation projects. Their advanced technology solutions will allow us to provide undeniable proof of impact to our participants, increasing trust and participation rates. This is a game-changer for environmental engagement.”

Wassim Merheby, CEO of Verofax, said, “This partnership is an excellent opportunity to showcase how innovative technology can be harnessed to address some of the most pressing environmental challenges. By supporting NetGreen, we are not only contributing to scaling reforestation but also demonstrating the potential for technology to create significant positive change.”

This is not the first time that Verofax partners with entities to support sustainability and environmental efforts. This year UAE based BANTgo and Verofax collaborated to enhance e-waste collection.  The partnership seeks to galvanize the masses into responsible recycling by rewarding their endeavors with tokenized incentives.

Abu Dhabi aims to become blockchain and Web3 center

Abu Dhabi aims to become blockchain and Web3 center

As Abu Dhabi works to become the center not only for AI development, digital assets but also Blockchain. This week the city inaugurated its first Blockchain center to foster innovation and growth in digital transformation, and establish Abu Dhabi as a leader in blockchain technology.

As per the website, the Abu Dhabi Blockchain Center, located in Abu Dhabi, is a global hub for education, events, venture creation and consultancy services in blockchain and Web3 technologies.

The center encompasses five vital areas of technology focus: Incubation and Acceleration Hub, Venture Capital, and Education and Research and Development (R&D), Consultancy, and Events.

The Incubation and Acceleration Hub will play the role of empowering startups with comprehensive resources, expert mentorship, and strategic funding. Meanwhile, the Venture Capital arm will focus on supporting and investing in Web3 startups and businesses to speed the development and deployment of new blockchain solutions and applications.

The Education and R&D will focus on offering cutting-edge educational programs, certifications, and pioneering research initiatives to advance blockchain knowledge, skills, and technological innovation. The hands-on human resources training center will provide education and R&D to ensure a continuous pipeline of talent and groundbreaking solutions.

The center’s other services include providing expert advisory and consulting services for projects. It focuses on helping both local and international businesses integrate, optimize, and leverage blockchain technology. Additionally, this includes assisting companies in navigating the regulatory landscape for a smooth transition into Abu Dhabi’s dynamic market.

Abdulla Al Dhaheri, CEO of the Blockchain Center, noted, “We are thrilled to launch the Blockchain Center in Abu Dhabi. Our vision is to create a global hub for blockchain innovation, education, and collaboration right here in Abu Dhabi.”

Abu Dhabi ADGM was the first to launch a DLT Foundation regulations, and registered two entities so far. In March ADGM registered its second DLT Foundation,The Finschia DLT Foundation, chaired by Youngsu Ko, as a Distributed Ledger Technology (DLT) Foundation. IOTA was the first to get registered in 2023.

CoinMENA Crypto broker surpasses $2 billion in trading volume

CoinMENA Crypto broker surpasses $2 billion in trading volume

In a recent announcement UAE and Bahrain regulated crypto broker CoinMENA announced that they have achieved a new milestone with crypto, fiat trading volumes surpassing $2 billion.

Dina Saman, Chief Operating Officer, CoinMENA, stated, “I am thrilled to announce that CoinMENA has surpassed $2 billion in trading volume. This milestone is a testament to our remarkable growth and relentless pursuit of excellence. We couldn’t have done it without the unwavering trust of our users. Your confidence in us drives everything we do, and we are profoundly grateful for your support.”

CoinMENA began operations in the MENA back in March 2021 when it was licensed by the Central Bank of Bahrain. Its services quickly expanded to cover users across the GCC and MENA region.

Fastforward to December 2023, CoinMENA FZE, a subsidiary of CoinMENA B.S.C. (c), obtained a Virtual Asset Service Provider (VASP) license for VA Broker-Dealer services from Dubai’s Virtual Assets Regulatory Authority (VARA).

At the time CoinMENA’s co-founders Dina Sam’an and Talal Tabbaa said: “Thanks to the regulatory clarity from VARA, Dubai is becoming a global hub for crypto and digital asset financial services. Building strong relationships with local regulators has been a priority for us since day one,” said Sam’an. “We are delighted to have received a license from VARA, which further strengthens our market position and gives confidence to our users and investors.”

 Since then CoinMENA has offered many new solutions and offerings to its users, including for example it added Telegram’s The Open Network (TON) to its platform, allowing users to send USDT via the TON blockchain. According to the announcement CoinMENA became the first regional platform to enable USDT withdrawals via the TON network.

Prior to that CoinMENA partnered with Zodia Markets, a UK headquartered digital asset trading business, backed by Standard Chartered enhancing its liquidity on its platform. The partnership provided CoinMENA users with enhanced liquidity and reduced slippage on high-volume trades for G10 and GCC currencies vs a list of vetted and well-researched stablecoins and crypto assets.

In addition CoinMENA also partnered with Network International (Network), the leading enabler of digital commerce across the Middle East and Africa (MEA) region, to provide users with a seamless and secure onramp from fiat to crypto via card deposits.

In March 2024, Talal Tabbaa, noted that the crypto exchange witnessed all-time high in crypto trading volume in February 2024. As he stated, “CoinMENA hit an all-time high in trading volume this February, surpassing January by 80%. January itself set a record with a 64% increase from December.” He explained at the time that the majority of this volume came from institutions, family offices, and high net worth individuals.

Today with surpassing $2 billion in trading volume, Talal Tabbaa stated on LinkedIn, “Super proud of everyone at CoinMENA for crossing the 2 billion USD mark in on/off ramp flows! We are just getting started. I have no doubt that selecting the right partners and team members is the single most important decision. Our collective belief that crypto is a better way to provide financial services and Bitcoin is a better way to save brings us together, and we are committed to continue serving individuals, companies and regulated financial institutions with excellence.”

The Saudi headquartered Digital Cooperation organization magazine covers topics on digital assets and tokenization

The Saudi headquartered Digital Cooperation organization magazine covers topics on digital assets and tokenization

The Saudi headquartered Digital Cooperation Organization (DCO), a global multilateral organization committed to enabling digital prosperity for all by accelerating the sustainable and inclusive growth of the digital economy, in its second edition of EconomiX magazine will cover the topics of digital assets, tokenization, and the digital economy. This publication serves as a key platform for knowledge sharing and insightful discussions on the ever-evolving digital landscape.

EconomiX magazine brings together thought leaders from governments, businesses, academia, and international organizations to explore critical topics influencing the global digital economy.

The Digital Cooperation Organization (DCO), an international multilateral organization that aims to promote digital prosperity for all by accelerating inclusive and sustainable growth of the global digital economy, announced in February 2024 that Jordan will hold the organization’s presidency in 2024. Jordanian Minister of Digital Economy and Entrepreneurship Ahmad Hanandeh will be the new chairman of the DCO Council for Digital Collaboration. The announcement was made during the DCO’s third annual General Assembly meeting, which took place in Bahrain attended by heads of delegations, ministers, and representatives from the 16 DCO member countries. The next DCO General Assembly is scheduled for February 2025 in Jordan.

The second issue of EconomiX delves into a range of thought-provoking themes, including empowering women via gender parity and technology, digitalizing women-led MSMEs and facilitating their access to user-friendly e-commerce platforms, equipping entrepreneurs with skills and tools to grow and thrive in the digital economy, digital FDI and the digital investment map, bringing global trade systems under one digital roof, combatting online misinformation, digital assets and tokenization, and deep diving into digital economies of several DCO Member States looking at the key projects, initiatives, and prospects, as well as the challenges they are facing and the opportunities they are leveraging.

“The DCO is committed to bridging the knowledge gap and fostering meaningful dialogue on crucial aspects of the digital economy. EconomiX magazine serves as a catalyst for innovation and collaboration, empowering our readers to navigate the complexities of the digital age and unlock its immense potential. Building on the success of the inaugural issue of EconomiX, this edition dives deeper into critical digital economy trends, offering insightful analysis and expert commentary to empower informed decision-making,” said Manel Bondi, the DCO Chief of Digital Markets Growth and Chief Editor of EconomiX.

This edition features exclusive interviews with prominent figures shaping the digital world, along with insightful articles and case studies that provide actionable guidance for navigating the digital revolution. Readers will gain valuable perspectives on leveraging digital transformation to drive economic and social prosperity.

The launch of EconomiX by DCO comes at a time in Saudi Arabia and GCC region where Web3, blockchain, AI, and digital asset projects are kicking off.

Blockchain Global Trade Project sets up headquarters in Oman

Blockchain Global Trade Project sets up headquarters in Oman

Advanced Horizon Markets s.r.o. developing its Blockchain and AI enabled GlobalTrade project, has set up its headquarters in Oman after an investment firm acquired 80% of its shares during its seed phase, valuing the project at 1.1 million Euros.

As per the press release, the investment marks a pivotal moment for GlobalTrade, propelling it into a new era of growth and expansion. As part of this development, the headquarters of the GlobalTrade project will be relocated to Muscat, Oman.

GlobalTrade aims to redefine international trade operations through digital innovation, transparency, compliance, and sustainability. With this investment, efforts to create a comprehensive digital marketplace that serves the global business community will be accelerated. The platform is designed to offer robust business verification, smart contracts, integrated quality control, comprehensive shipping solutions, and real-time tracking, all powered by advanced technologies such as blockchain and AI.

Advanced Horizon Markets will retain 15% of the shares, with a three-year cliff, while an additional 5% will be distributed among dedicated technical team members. Advanced Horizon Markets specializes in creating technology-driven solutions that push the boundaries of what’s possible. The company is committed to enhancing global trade through cutting-edge digital platforms and services that promote innovation, sustainability, transparency, compliance, and simplified global trade.

Partnerships with international organizations, financial institutions, insurance companies, tech startups, and logistics providers underscore the commitment to making GlobalTrade a one-stop solution for all global trade needs. These collaborations enhance the platform’s offerings, making it a comprehensive and seamless experience for businesses worldwide.

Amin Mirfakhraie, Co-Founder of GlobalTrade, expressed his excitement about this new chapter: “We are thrilled about this investment and the opportunities it brings for GlobalTrade. Relocating to Muscat and collaborating with our Omani partners will enable us to leverage their expertise and resources, accelerating our platform’s development and introducing innovative solutions to the global trade market.”

Ripple and DIFC to accelerate blockchain in UAE

Ripple and DIFC to accelerate blockchain in UAE

Ripple, a provider of enterprise blockchain and crypto solutions, has partnered with the DIFC Innovation Hub to accelerate blockchain and digital assets innovation in the UAE.

As per the press release, the new partnership will connect the next generation of developers with the DIFC Hub, the largest innovation community in the region and home to more than 1,000 growth-stage tech firms, innovation companies, digital labs, venture capital firms, regulators and educational entities. The partnership between Ripple and the DIFC Innovation Hub will provide the means to drive blockchain and crypto adoption amongst early-stage companies and scale-ups as well as to introduce and position the technology with traditional large strategic institutions and their use cases.

“The UAE is one of the most advanced jurisdictions globally when it comes to offering regulatory clarity for licensed firms to offer virtual asset services and fostering an environment in which the next generation of financial innovation can flourish,” said Brad Garlinghouse, Ripple Chief Executive Officer. “Our partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region as the XRPL continues to be a leading blockchain for the region’s start-ups and scaleups building real use cases.”

Ripple has committed one billion XRP to accelerate development and new global use cases on the XRP Ledger (XRPL), the decentralised, layer 1 blockchain. Through the commitment, Ripple will provide financial, technical, and business support to developers. Since announcing the 1B XRP Fund in late 2021, Ripple has funded over 160 teams building on the XRPL, reaching 47 countries to date, across a wide range of use cases spanning decentralised finance (DeFi), to Real World Assets (RWA), and other groundbreaking new solutions.

Arif Amiri, DIFC Chief Executive Officer, added, “Today marks a significant milestone in Dubai’s ongoing journey to accelerate its position as a leading international centre of excellence for business and finance. Our partnership with Ripple underscores the strength of our developer community and DIFC’s commitment to fostering technological advancements. The collaboration further cements DIFC’s role as a leading global hub for talent, tech and innovation, as we continue to enhance our ecosystem, powered by a world-class regulatory jurisdiction, to drive the future of finance.”

“The UAE’s progressive approach to fintech, coupled with Ripple’s billion XRP developer fund, creates a fertile ground for innovation in the UAE,” said Reece Merrick, Ripple Managing Director, Middle East and Africa. “Our new collaboration with the DIFC will empower regional talent to build the next generation of financial solutions on the XRP Ledger, solidifying the UAE’s position as a leading fintech hub globally.”

XRP as a digital asset was recently accepted as a recognized crypto in DIFC.