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Saudi cloud provider Virtual Vision introduces Blockchain as a service

Saudi cloud provider Virtual Vision introduces Blockchain as a service

 Saudi Arabian cloud provider, Virtual Vision (V2), has expanded its service portfolio with the introduction of Blockchain-as-a-Service (BlaaS) provided by CloudSigma and Red Date Technology.

Tailored for the Saudi business landscape, this initiative will solidify V2’s leadership in public cloud services and equip regional enterprises with innovative blockchain solutions. With a surge of interest from businesses in adopting blockchain technology, the technical complexities and high costs involved in configuring, operating, and managing a blockchain infrastructure can often act as barriers.

V2’s BlaaS streamlines the process, allowing businesses to easily create, manage, and operate blockchain applications in its cloud environment. BlaaS simplifies the adoption of blockchain, making it a usable and affordable tool for businesses.

This collaboration follows the successful enablement of the Blockchain-as-a-Service capability powered by Red Date Technology’s RDCloud Software platform into the V2 Cloud in Saudi Arabia.

As the first local BlaaS provider in Saudi Arabia, V2’s BlaaS offering is uniquely positioned to revolutionize the region’s digital and economic landscape, empowering dramatic cost reductions—up to 89% in development, 66% in training, and 45% in overall operational expenses—making it a cost-effective solution for businesses of all sizes.

Moreover, V2 stands out in the Saudi market with its strong local presence, which ensures compliance with national regulations and offers customer service tailored to the local business environment, which is further enhanced by V2’s connection to major Saudi telecom providers, ensuring high-speed and secure data transmission across the network.

Hazem Sandouka​, COO at Virtual Vision​, noted, “We are thrilled to announce the launch of the Blockchain as a Service (BlaaS) on our cloud platform, a pioneering initiative specifically tailored for Saudi Arabia. This strategic expansion is not just about technology adoption, it’s about seamlessly integrating blockchain into the heart of digital transformation efforts across the kingdom. By offering this service, we aim to empower organizations in Saudi Arabia to meet their unique needs with sovereign cloud solutions, ensuring that data sovereignty and security are at the forefront. Our commitment is to provide a robust infrastructure that enhances transparency, efficiency, and trust, aligning with Saudi Arabia’s visionary goals for a digital-first future.”

Tim Bailey​, VP of Global Business & Operations at Red Date Technology​ added, “The Middle East is a strategically important region for our global expansion, and we are proud to partner with Virtual Vision and CloudSigma to deliver innovative decentralized solutions to customers in Saudi Arabia. We believe that our partnership with both technology leaders will enable us to continue to expand our global footprint, deliver even greater value to our customers, and help drive innovation in the blockchain industry.”

This collaboration combines the technical strength and commercial expertise of three industry leaders in their respective business segments. Together, Virtual Vision, CloudSigma, and Red Date Technology are set to reshape the digital frontier in Saudi Arabia, offering businesses and institutions the transformative power of blockchain that will enable innovative applications.

UAE based Cypher Capital participates in Hemi Blockchain $15 million

UAE based Cypher Capital participates in Hemi Blockchain $15 million

UAE Cypher Capital, a multi-strategy crypto investment firm, participates in a $15 million seed funding round for Hemi Labs, a modular blockchain network unifying Bitcoin and Ethereum. Hemi Labs will use the funds to develop and launch the Hemi Network, utilizing funds from Cypher Capital to advance blockchain technology and enhance interoperability by developing a unified supernetwork.

The round comes after Hemi’s recent incentivized testnet launch, and a mainnet launch targeted for Q4 2024. Participation from numerous investors includes Binance, Breyer Capital, Big Brain Holdings, Crypto.com, HyperChain Capital, Alchemy, SALT Fund, Kelly Capital, Sunflower Capital, DNA Fund, Web3 Ventures, Quantstamp, TRGC, UTXO, Artichoke Capital, SNZ Holding, Capital6, IBG Capital, Protein Capital, MON Ventures, SV5, Impossible Finance, Jihan Wu (Bitdeer), and George Burke (Portal), among others.

“Hemi Labs is at the forefront of blockchain interoperability,” said Vineet Budki, CEO of Cypher Capital. “Their approach to integrating Bitcoin and Ethereum into a cohesive supernetwork addresses key scalability and security challenges, and our investment aligns with their mission to transform blockchain infrastructure and unlock new possibilities for decentralized applications.”

Hemi Labs is developing a unified supernetwork. Hemi Network will include the Hemi Virtual Machine (hVM), integrating a full Bitcoin node within an Ethereum Virtual Machine (EVM), allowing developers to create cross-chain smart contracts with familiar tools while ensuring compatibility with existing EVM dApps and wallets. The Hemi Bitcoin Kit (hBK) facilitates direct smart contract access to granular Bitcoin state for advanced Bitcoin-native applications such as staking and lending markets.

The network also boasts Superfinality through Hemi’s Proof-of-Proof (PoP) consensus mechanism, ensuring Bitcoin-level security in a decentralized, permissionless manner and provides Bitcoin-security-as-a-Service to other blockchain networks. Hemi’s Tunnels will offer trustless cross-chain portability, improving upon traditional bridge methods. Additionally, Hemi will feature on-chain routing, time-lock, password protection, and gasless transfers for seamless asset movement without relying on native chain currencies.

“The quality and enthusiasm of our investors and partners reflect the groundbreaking nature of what we are building,” said Jeff Garzik, Co-founder of Hemi Labs. “We are well positioned to advance blockchain technology by creating a supernetwork that marries the capabilities of Bitcoin and Ethereum, and Cypher Capital’s support is crucial to that success as they share our vision for the ecosystem.”

Soter a digital asset insurer, a portfolio company of UAE Further Ventures receives initial regulatory approval from BMA

Soter a digital asset insurer, a portfolio company of UAE Further Ventures receives initial regulatory approval from BMA

A portfolio company of Abu Dhabi based Further Ventures, Soter Insure, a provider of insurance products tailored to the digital asset economy, whose CEO was the former CEO of VARA Dubai ( Virtual Asset Regulatory Authority), has received initial approval from the Bermuda Monetary Authority (BMA), to offer a range of insurance solutions designed specifically for institutions operating in the blockchain and cryptocurrency space.

As per the press release, the approval marks a significant milestone for Soter, enabling the company to address the evolving risk management needs of the digital asset sector.‍

“This regulatory approval is a testament to the vision we share with our partners and the growing need for tailored risk management solutions in the digital asset space,” said Henson Orser, CEO of Soter Insure. “With the rise of institutional adoption of blockchain technology, our products provide a critical layer of security for asset managers, funds, and validators. We are proud to offer coverage that aligns with the assets themselves—whether it’s Bitcoin, Ethereum, or other native currencies—allowing policyholders to be indemnified in the very currency they are seeking to protect.”

Further Ventures noted on LinkedIN, “Our portfolio company Soter Insure has just announced receiving the initial approval from the Bermuda Monetary Authority. Great start for the project as we plan to share more updates and valuable content soon!”

Further Ventures is a venture builder and investment firm based in Abu Dhabi. It supports innovative startups such as fintech, VASPs which include virtual asset payments products, blockchain based asset custody and security solutions, and others. ‍

Soter has offices in Abu Dhabi Global Market Square, Abu Dhabi, United Arab Emirates

Previously UAE headquartered Fuze, a digital assets infrastructure provider, raised a seed round of $14mn, the largest Seed investment in a digital assets startup in the history of the Middle East and North Africa region (MENA) led by Abu Dhabi-based Further Ventures, along with participation by US-based Liberty City Ventures.

Soter’s product suite includes Directors & Officers (D&O) coverage, Asset Loss policies, and a unique Slashing insurance product that protects validators in Proof of Stake networks. Notably, all policies are denominated in the native digital currency being insured. For instance, Ethereum Validator Slashing losses are paid out in Ether, while Bitcoin asset loss policies are settled in Bitcoin—a groundbreaking approach that ensures alignment between the asset at risk and the insurance coverage.

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CoinMENA crypto trading platform makes it easier to trade crypto assets with Mesh

CoinMENA crypto trading platform makes it easier to trade crypto assets with Mesh

CoinMENA, the crypto asset trading platform in MENA, has now made it easier to trade crypto assets, without the hassle of entering long crypto addresses, QR codes or seed phrases, with its recent partnership with Mesh, the connectivity layer for crypto.

As per the press release, the collaboration aims to enhance digital asset transfer services by allowing CoinMENA’s trusted platform to be embedded into Mesh’s product suite, setting new standards for secure and user-friendly crypto services in the region.

With this new partnership, Mesh’s API-based solutions will enhance the overall experience for CoinMENA users using other platforms, with crypto transactions being not only seamless but also more secure. 

With the crypto trade platform joining Mesh’s extensive network of integrations, managing crypto across platforms becomes significantly easier for its users. The integration enables CoinMENA users to access their accounts directly from other platforms without the hassle of long crypto addresses, QR codes, and seed phrases.

“As the leading crypto trading platform in the region, we are thrilled to team up with CoinMENA to help transform the user experience for crypto users in the Middle East,” said Bam Azizi, CEO and Co-Founder of Mesh. “Partnerships like this are essential to our goal of onboarding the next billion users into crypto and we are grateful to partner with companies like CoinMENA who share our vision of creating a more connected and secure financial ecosystem.”

“CoinMENA was established to meet the demand for a trustworthy platform where investors can seamlessly transition between fiat and crypto,” said CoinMENA Co-Founders Talal Tabbaa and Dina Sam’an. “The partnership aligns perfectly with our user’s needs, offering an additional method to fund their crypto wallets and reinforcing our commitment to being the most efficient gateway for MENA investors to access the crypto market.”

This announcement follows a previous one where CoinMENA expanded the range of crypto assets available on its platform through its partnership with Bitpanda Technology Solutions, the leading digital assets infrastructure provider as a liquidity provider. The collaboration will enhance trade efficiency on the platform as well.

Tokenization platform Ctrl Alt sets up office in UAE after partnering with Emirates NBD

Tokenization platform Ctrl Alt sets up office in UAE after partnering with Emirates NBD

Ctrl Alt, a leading financial engineering and tokenization platform that utilizes blockchain technology, with offices in the UK and Ireland, has set up its office in Dubai UAE in DMCC ( Dubai Multi Commodities Center), after partnering with Emirates NBD. It intends to serve Dubai initially as it plans expansion into MENA region. ‍

Launched in 2022 by Matt Ong (formerly of Morgan Stanley and Credit Suisse) to improve access to different assets through the power of tokenization, Ctrl Alt has since become one of the leaders in the tokenization space.

The company will initially focus on Dubai already partnering with Emirates NBD.

‍As per the press release, this expansion is driven by Dubai’s momentum and focus to accelerate the integration of tokenized assets across a variety of use cases and clients. Having already achieved significant success in the UK and Europe with $150m of assets under management, Ctrl Alt aims to replicate and expand upon this in the UAE.‍

The region will be led by Robert Farquhar, previously Senior Executive Officer at Prypco, a leading real estate and fractional real estate provider. Ctrl Alt has already tokenized a residential house in the UK and will look to further innovation of the real estate industry and other asset classes in Dubai and beyond. ‍

Founder and CEO, Matt Ong stated, “‍ “The momentum in Dubai has been remarkable, making it a natural choice for our third office. Dubai is going to be at the forefront of tokenization and I’m thrilled for Ctrl Alt to be part of that journey. With Robert’s experience and his proven track record in the region, we look forward to deepening our presence and working more closely with our clients here.”
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Robert Farquhar added, ‍ “Joining and launching Ctrl Alt in Dubai is an incredible opportunity. Ctrl Alt has already paved the way for tokenizing real-world assets in the UK and Europe. Their expertise in financial engineering, combined with cutting-edge technology, is exactly what Dubai needs to further its ambitions as a leader in this space.”
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This comes at the heels of an announcement by Xalts, a UAE based Fintech firm specializing in tokenization, collaboration with Avalanche to bring more enterprise-grade real world asset tokenization solutions for institutions.

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UAE Fintech firm Xalts partners with Avalanche for tokenization of RWAs

UAE Fintech firm Xalts partners with Avalanche for tokenization of RWAs

Xalts, a UAE based Fintech firm specializing in tokenization, has announced its collaboration with Avalanche to bring more enterprise-grade real world asset tokenization solutions for institutions. Xalts has also recently joined the Qatar Financial Center’s digital assets lab for tokenizing real world assets.

As per the press release, this will provide out-of-the-box solutions to enable financial services, governments, and other enterprise developers looking to build digital asset platforms for implementing blockchain, tokenization, and smart contract applications for different use cases such as the tokenization of funds, securities, commodities and trade finance assets, digital currencies, and CDBCs.

Xalts works with financial services and businesses to provide connectivity by leveraging a modern technology stack, including APIs, Blockchains, and Orchestration layers. Its product suite includes solutions such as the RWA Cloud platform, which enables large institutions such as financial services and governments to quickly build complex solutions on blockchains.

RWA Cloud addresses challenges enterprises and regulators face while implementing blockchain, such as retaining complex rules, workflows, processes, and user compliances mandated by internal or regulatory governance.

With this collaboration, financial institutions can deploy custom blockchain networks that meet specific financial requirements and comply with local regulations using Avalanche’s L1 technology, orchestrate and automate their on-chain processes, tokenize digital assets and liabilities on the blockchain via smart workflows using Xalts’ RWA Cloud.

“Our collaboration with Xalts enables us to jointly offer RWA tokenization technology infrastructure and solutions to financial services institutions, including banks, asset managers, and fintechs alike”, said Morgan Krupetsky, Head of Institutions & Capital Markets at Ava Labs.

Xalts recently joined the Qatar Financial Centre (QFC) Authority Digital Assets Lab to test and commercialize use cases in real-world asset tokenization.

“We are very excited to partner with Avalanche. This will make the development of blockchain and smart contract solutions much more accessible and accelerate enterprise use cases”, said Ashutosh Goel, Chief Executive Officer, Xalts.

“We have an exciting roadmap ahead of us with Xalts as we jointly enable financial institutions across markets in their RWA tokenization journey!”, said Devika Mittal, Regional Head at Ava Labs.

UAE Phoenix Group sponsors CNBC Arabia Crypto show

UAE Phoenix Group sponsors CNBC Arabia Crypto show

UAE Phoenix Group, the blockchain and crypto holding group, the first UAE bitcoin mining entity has announced that it will be sponsoring the new CNBC Arabia show called Crypto Weekly Show.

As per their X post, Phoenix Group stated, “Phoenix Group is excited to sponsor “Crypto Weekly” on CNBCArabia as we look to advance understanding and knowledge around digital assets. Catch Henri Arslanian and May Ben Khadra every Monday at 6:30 PM KSA / 7:30 PM UAE for insightful discussions on the latest crypto trends and more, featuring special guests each week.”

During the first week of September, Henri Arslanian, Co-Founder and Managing Partner Nine Blocks Capital Management and a well-known blockchain and crypto podcaster, investor and analyst announced that he would be launching his first TV show on CNBCArabia.

He noted at the time that it would be co-hosted by May Khadra a well-seasoned business presenter and that it would include interviews with CEOs, regulators or investors, a crypto educational segment and my point of view on recent developments in the industry.

The first episode aired on Monday Sept 9 at 6:30pm KSA/7:30pm UAE on CNBC Arabia. It hosted Mathew White the CEO of Dubai’s Virtual Asset Regulatory Authority.

He stated on X in a post, “This show would have never been possible without the support of each one of you who have supported my educational content since 2016. A huge thank you from the bottom of my heart.  Having such a show on digital assets aired prime time four times a week to 50 million households across the Mideast/GCC and globally via my social media channels is another milestone for our industry as we continue to educate both institutional and retail investors on the future of finance and money.”

OKX Middle East publishes new virtual asset standards for listing on its crypto exchange

OKX Middle East publishes new virtual asset standards for listing on its crypto exchange

UAE based OKX crypto exchange clarifies its new virtual asset standards prior to them being listed on its Middle East exchange as per Dubai’s Virtual Asset regulatory authority requirements.

OKX Middle East published the set of factors it will be utilizing when it evaluates virtual assets before listing them on its exchange.

According to the UAE based crypto exchange the standards have been prepared in accordance with Rule VIII.A.1 of the VARA market conduct rulebook, and are also available on OKX’s website in accordance with Rule VIII.A.3 of the VARA Market conduct rulebook.

OKX Middle East will asset the market metrics of virtual assets market capitalization, fully diluted value and liquidity and whether metrics have trended downwards over time.

It will also review the design system, such as features, use cases both intended and unintended by the issuer or relevant developers.

In terms of compliance, the crypto exchange will evaluate the virtual asset compliance features, regulations, rules or directives as well as AML/CFT sanctions, securities, and intellectual property.

It will also review how regulators are treating this virtual asset whether by VARA or other authorities outside of Dubai, including regulatory approvals

It will also review whether the virtual asset is prohibited by VARA or other regulators in or outside of the UAE.

OKX even goes as far as to asset the security and immutability of the DLT protocol on which the virtual asset is built.

Furthermore, OKX will evaluate whether the Virtual Asset may be susceptible to price manipulation for any reason and relevant mitigations that will be implemented by OKX. It will also investigate the background of issuer and whether it has been subject to any investigations or claims in relation to fraud or deceit.

OKX Middle East will finally monitor the terms and conditions of the Virtual Asset correlate with any physical market to ensure such terms and conditions conform to standards and practices in that physical market (if applicable).

OKX has been expanding its regulated operations in MENA with both a license from the Dubai UAE VARA as well as one in Turkey.

UAE Cypher Capital invests in AI and Blockchain SxT $20 million series A round

UAE Cypher Capital invests in AI and Blockchain SxT $20 million series A round

UAE based Cypher Capital has invested in AI and Blockchain startup Space and Time (SxT) as part of the $20 million Series A funding round.

SxT is a verifiable compute layer designed to boost the mainstream adoption of DeFi protocols and smart contracts by combining the power of AI and blockchain.

Space and Time (SxT) Labs raised $20 million in Series A funding led by Framework Ventures. CypherCapital was among several ventures capital firms that included Lightspeed Faction, Arrington Capital, and Hivemind Capital, Microsoft’s M12 Ventures, DCG, F-Prime Capital, OKX ventures, Circle Ventures and Alumni Ventures.

Vineet Budki, Managing Partner, Cypher Capital noted on Linkedin, “ Cypher Capital LLC is excited to be part of the $20M Series A funding round for the Space and Time (SxT) network, a groundbreaking project at this intersection. Among SxT innovations is a comprehensive blockchain indexing system that supports Ethereum (ETH), Bitcoin (BTC), and Polygon (MATIC) networks. The network also features a robust data warehouse that integrates and analyses both blockchain and off-chain data using SQL-based tools, along with the proof of SQL for scalable, trustless data processing.”

Other standout products include the hashtag#Space and hashtag#Time DB, API Gateway & streaming, Extreme Workloads (HTAP), and a dashboard powered by OpenAI.

To date SxT Labs has secure $50 million in funding to accelerate engineering and product development.

SxT Labs has reportedly spent the last two years building its proof-of-SQL, a zero-knowledge (ZK) circuit that provides smart contract developers and companies with the capability to verify data integrity. In decentralized finance (DeFi), for instance, the solution could be used to verify the credibility of borrowers based on real-time data or to track the performance of assets. 

The startup’s data warehouse allows both indexed blockchain data and centralized databases to be analyzed using SQL queries, thus providing a way to verify the integrity of data and operations on and offchain.

Recently Cypher Capital also participated in investment in Echelon decentralized lending platform.

QFC accepts Polygon among 24 companies into digital assets lab

QFC accepts Polygon among 24 companies into digital assets lab

Qatar Financial Centre (QFC), financial and business center has announced that its QFC Digital Assets Lab is now live with the onboarding of 24 participants which include entities such as Polygon and Blade Labs among others. This cohort will benefit from a comprehensive support system for developing, testing and commercializing their digital solutions and services.

As per the press release, the participants will develop transformative solutions tailored to a variety of use cases across different industries. By leveraging blockchain/ distributed ledger technology, these innovators seek to address industry challenges and drive digital transformation in their respective sectors.

Among the 24 successful candidates are ALT Realtech, Bladelabs, Polygon, Taurus, Settlemint and Partior.

To bolster the capabilities of the Digital Assets Lab, QFC has partnered with leading international organizations such as Google Cloud, Masraf Al Rayan, The Hashgraph Association, and R3. According to QFC, these strategic partners will offer subject matter expertise, providing participants with valuable knowledge and industry insights. The full list of partners and participants is available on the QFC website

The Digital Assets Lab supports the stakeholders in exploring and experimenting with various use cases, such as trade finance, real-world asset tokenization, carbon credit tokenization and various ancillary services to support the end-to-end tokenization. To facilitate these processes, the Lab and its participants will operate under the newly launched QFC Digital Assets Framework, established to ensure a secure and transparent digital asset ecosystem for asset tokenization processes and the implementation of a trusted technology infrastructure.

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, commented on the diversity of the first cohort, stating: “I am delighted that the Digital Assets Lab has officially commenced, with 24 participants working on technologies with different applications. Their collective effort and expertise will be pivotal in advancing digital asset solutions across multiple industries. The technologies we aim to develop through the Lab will support our goal of creating a resilient and secure financial sector, fostering a thriving wealth management hub, and positioning Qatar at the forefront of innovation.”

In a Linkedin post, Henk Jan Hoogendoorn, Chief of Financial Services sector at QFC, noted, ” We are open for Financial Institutions that would like to partner with our Digital Assets Lab. We are aiming to attract use cases around tokenization of Real World Assets.”

While, Aditya Kumar Sinha, Head of Fintech & Digital Innovation at Qatar Financial Centre noted, “Congratulations to all the participants and lot of thanks to all our partners! We look forward to accelerate the pace of innovation in Qatar!”

The QFC Digital Assets Lab was launched in October 2023 to accelerate the development of Qatar’s digital ecosystem and provide a platform for transforming promising digital concepts into cutting-edge technologies that can be practically applied in various industries.

This comes weeks after Qatar announced its digital assets framework, and its DLT guidelines.