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Emirates NBD opens digital assets Lab academia

Emirates NBD opens digital assets Lab academia

Emirates NBD, a lMENAT banking group in the MENAT (Middle East, North Africa and Türkiye) region, has announced the extension of its Digital Asset Lab to now also include academia, through the launch of its Future Leaders Outreach Program. The program was launched at an event hosted at and facilitated by DIFC Innovation Hub, Emirates NBD’s long-term strategic partner.

The Digital Asset Lab currently has four members including founding members PwC and Fireblocks, and enterprise distributed ledger technology platform, R3 and the blockchain data platform, Chainalysis as additional members.

Through the Future Leaders Outreach Program and supported by early partners including the University of Sharjah and the Higher Colleges of Technology, the bank aims to drive its innovation mission while nurturing future talent and supporting the Dubai Economic Agenda D33. Academic partners will have access to masterclasses from Emirates NBD’s internal experts alongside industry specialists from Digital Asset Lab members Fireblocks, PwC, Chainalysis, and R3. These sessions will cover a range of innovative topics, including real-world business experiments. Through these hands-on learning opportunities, students will gain valuable insights into the evolving digital asset landscape and diverse applications across various industries.

The Digital Asset Lab was announced in May 2023 with the goal of enabling and accelerating digital asset and financial services innovation in the UAE.

Saud Al Dhawyani, Group Chief Platform Officer at Emirates NBD, said, “We are excited to announce the launch of our Future Leaders Outreach Program. As a leading national bank, we have always remained committed to investing in our youth to nurture their talent that will contribute to national efforts of building a strong digital economy. Thus, the extension of Emirates NBD’s Digital Asset Lab to also include education partners was the clear progression in its growth journey. We look forward to the success of the program, supported by our members and now educational partners.”

Dr. Hatem Tamimi, Computer Information Science Associate Executive Dean, Higher Colleges of Technology, noted, “It is with great pleasure that we are collaborating with Emirates NBD on its National Digital Talent Program as well as its Digital Asset Lab. The Digital Asset Lab will provide a platform for HCT students to access learning portals and a sandbox environment that complements our students applied and competency-based approach to learning. We see this as a win-win-win partnership.”

His Excellency, Prof. Hamid M. K. Al Naimiy, Chancellor of the University of Sharjah, said: “The Digital Asset Lab initiative offers our students an outstanding opportunity to engage with the fast-evolving world of digital assets. Through our collaboration with Emirates NBD, we are enriching their academic journey while equipping them with the skills and expertise needed to become leaders in the digital economy. This partnership underscores our university’s commitment to innovation and shaping the future leaders of the UAE.”

Mohammad Alblooshi, Chief Executive Officer, DIFC Innovation Hub, said: “We are proud to support Emirates NBD’s Future Leaders Outreach Program. This initiative aligns perfectly with DIFC’s mission to foster innovation, enterprise, and talent across sectors in the MEASA region. By collaborating with academia and industry leaders, we are creating a robust platform for nurturing future digital talent and driving the UAE’s innovation agenda forward.”

OKX to use Standard Chartered for crypto custody

OKX to use Standard Chartered for crypto custody

OKX, cryptocurrency exchange and global onchain technology company, will be utilizing Standard Chartered, cross-border bank connecting the world’s most dynamic markets, as a third-party crypto custodian for its global institutional business.

The custody agreement with Standard Chartered is a significant addition to OKX’s comprehensive suite of institutional services, which includes advanced trading capabilities, robust risk management tools and enhanced custody solutions. By leveraging Standard Chartered’s extensive global banking expertise and rigorous risk management framework, OKX aims to offer institutional investors a broader range of secure and reliable custody solutions.

OKX Global Chief Commercial Officer Lennix Lai said, “We selected Standard Chartered as an institutional custodian partner to enhance our offering and accelerate the integration of digital assets within the traditional financial ecosystem. Standard Chartered’s extensive global banking expertise and unwavering commitment to security aligns with our objective to provide exceptional crypto services and reinforces the confidence of our institutional clients in managing their digital assets.”

Standard Chartered Global Head of Financing & Securities Services Margaret Harwood-Jones said “We are committed to offering custodial services that meet the highest standards of safety and compliance. Serving as OKX’s third-party custodian allows us to extend our expertise into the evolving cryptocurrency sector, providing institutional investors with the assurance they require.”

This collaboration is expected to attract increased institutional participation in the digital asset market, contributing to a more mature environment for institutions globally. It aligns with the findings of a recently published OKX-commissioned research brief authored by Economist Impact, entitled “Digital assets as the new alternative for institutional investors: market dynamics, opportunities and challenges,” which highlights institutional investors’ view that digital assets are an inevitable institutional opportunity. The report also finds that 80% of traditional and crypto hedge funds utilizing digital assets employ third-party custodians, highlighting strong demand for segregation of duties related to trade execution and asset custody.

Prior to this announcement Brevan Howard became the first client for Standard Chartered regulated crypto custody service out of DIFC. DIFC ( Dubai International Financial center) regulator DFSA ( Dubai Financial has granted a license to Standard Chartered for its digital asset custody service in the UAE. 

UAE Quantix Capital invests $1 million in Tezos blockchain TZPAC

UAE Quantix Capital invests $1 million in Tezos blockchain TZPAC

UAE Venture Capital firm, Quantix Capital has invested one million dollars in Tezos, through its Singapore adoption hub TZ APAC, with the aim of boosting blockchain gaming innovation on the Tezos platform.

As per the press release, the global blockchain gaming market was valued at $128.62 billion in 2022. By 2030, it’s expected to skyrocket to $614.91 billion, growing at 21.8%.

Blockchain technology allows players to gain true ownership of in-game assets, creating new economic opportunities for players around the world. At the core of this category are Play-to-Earn (P2E) games. These attract new players and provide additional revenue for developers. These games create a real-world use of gaming assets, allowing developers to earn royalties on secondary sales and greatly enhance the gaming ecosystem.

Jake Seltzer, Managing Director of Quantix Capital stated, “Tezos Web3 is uniquely positioned to lead innovation in this space.” He adds, ‘Our investment goes beyond financial backing; it’s a commitment to empowering the creators who are reshaping the future of games and interactive experiences.”

His counterpart, Jeremy Foo, Head of Gaming at TZ APAC, shares this ambitious vision. With a focus on nurturing a fair and inclusive gaming ecosystem, they are paving the way for a new era of gaming that goes beyond mere entertainment.

Eco-Friendly and Efficient Tezos operates on an eco-friendly Proof-of-Stake (PoS) model, slashing energy consumption compared to traditional blockchains. In an era where sustainability is a hot topic, this approach resonates with developers and eco-conscious gamers.

With Quantix Capital’s backing, the Tezos blockchain is set to welcome a wave of pioneering gaming projects. Many projects using Tezos are already underway, spanning a variety of genres—from real-world economy and interactive role-playing games (RPGs) to co-op games.

UAE, Argentina, and Ethiopia mine Bitcoin using government resources

UAE, Argentina, and Ethiopia mine Bitcoin using government resources

Matthew Sigel, Head of Digital Assets Research at VanEck Investment firm speaking on CNBC SquakBox noted that three new BRIC members, Argentina, UAE, and Ethiopia have begun mining Bitcoin using government resources

According to him this is a trend among BRICS nations toward exploring digital assets for economic resilience and financial independence.

Tremendous urgency to circumvent the fiscal policy in USA.

He also noted in the interview that Russia’s Sovereign Wealth Fund is investing in Bitcoin mining throughout BRICS countries with the goal of settling global trade in Bitcoin.

This comes months after a Bloomberg story about Chinese bitcoin miners in Ethiopia and Ethiopia plans of its government-funded $250M Bitcoin mining JV.

At the time Sigel tweeted, “Despite the ban on crypto trading in the country, 2022 saw the ratification of favorable data mining laws that permit “high-performance computing” and “data mining,” which is where bitcoin mining falls under. In the last two years, this has opened the floodgates to miners seeking its comparatively positive reception to bitcoin mining, coupled with its abundance of energy sources—chiefly hydro—to its optimal weather and cheap energy costs.”

UAE was one of the first to have a sovereign wealth backed crypto mining entity listed on the Abu Dhabi Stock Exchange. Phoenix Group currently holds 4% of Bitcoin mining globally.

In Oman as well, Chinese backed and UAE backed Phoenix Group have invested in Bitcoin mining projects in the country.

RAK DAO has close to 400 companies on its premise

RAK DAO has close to 400 companies on its premise

Ras Al Khaimah Digital Assets Oasis (RAK DAO), a free zone created for virtual asset companies, has attracted close to 400 companies in a year and is aiming to play a big role in the gaming industry.

“In 12 months, we welcomed just shy of 400 companies, issuing licenses to a diverse range of businesses in all the segments. Ras Al Khaimah Digital Assets Oasis is a global platform for the most exciting technology segments of our lifetime – artificial intelligence (AI), metaverse, blockchain, Web3, and many others shaping our future and of our children,” said Dr. Sameer Al Ansari, CEO of RAK Digital Assets Oasis.

During the RAK DAO conference, Dr Al Ansari highlighted the immense size of the gaming industry, which surpasses both the music and movie industries combined. “We believe Ras Al Khaimah can play a big part in the development and growth of the gaming industry,” Al Ansari said while speaking during the conference hosted by the free zone on Friday.

He added: “We’ve also created a thriving ecosystem that has forged partnerships with key players in the industry. This further highlights Ras Al Khaimah’s growing reputation as a hub for digital innovation in the UAE, which is now ranked third in global crypto adoption. That is a lot of progress in the last five years.”

At the conference, RAK DAO also introduced the DAO Association Regime, a legal framework tailored to support decentralised autonomous organisations (DAOs)

“DAOs represent a significant shift in governance, driven by smart contracts and decentralised decision-making. They are projected to grow by over 20 per cent annually in the coming years. But with decentralisation comes significant challenges, especially when it comes to interacting with the off-chain world,” explained Al An Sari.

He added, “The regime addresses these challenges. It offers DAOs a comprehensive framework that provides legal identity and limited liability for their members. This ensures that participants are not personally liable for the organisation’s activities.”

Describing this initiative as a game changer for the Web3 landscape, the free zone introduced two new modules: Startup DAOs, aimed at emerging projects with less than 100 members, and Alpha DAOs, designed for more established DAOs with treasuries exceeding $1 million, allowing them to scale within a robust legal framework.

“DAOs are becoming essential to the Web3 ecosystem. Today, there are over 50,000 DAOs with treasuries exceeding $25 billion. This reflects the growing trust and reliance on decentralised governance. However, without legal recognition, many DAOs face barriers to interacting with the traditional financial systems,” he said, adding that now DAOs can open bank accounts and raise capital among other activities with greater privilege.

“By introducing RAK DAOs, the UAE sets the global standard for how decentralized organizations can operate within the legal framework. This initiative supports not only the most digital assets here but also serves as the blueprint for other jurisdictions that are still grappling with how to regulate DAOs. Looking ahead, DAOs will play an increasingly integral role in the sectors beyond finance and technology,” added Al Ansari.

Saudi Web3 blockchain fund invests in Tharawat Green Exchange

Saudi Web3 blockchain fund invests in Tharawat Green Exchange

Adaverse, Cardano Web3 and blockchain fund in Saudi Arabia, has invested in KSA based Blockchain enabled TGE (Tharawat Green Exchange), a startup leveraging Web3 technology to support environmental sustainability initiatives in line with Saudi Vision 2030.

TGE is working on carbon offsetting in Saudi Arabia, connecting carbon offsetters with local nurseries and land projects via a blockchain-enabled platform. This innovative model supports Saudi Arabia’s goal of planting 10 billion trees by 2040, while also promoting economic growth and environmental health.

Unlike global providers that invest in projects abroad, TGE is fully localized, focusing solely on Saudi-based projects to build the local environmental ecosystem. The business model involves three key stakeholders: projects requiring trees, nurseries supplying them, and offsetters funding the planting to meet their carbon goals.

The investment, totaling 1.69 million SAR, ( $450,000) will be used primarily for infrastructure and blockchain development, sales and marketing efforts, and obtaining Vera certification for TGE’s carbon credits. This certification will ensure that TGE’s carbon crypto is recognized and valued in the global market.

Vincent Li, Founding Partner of Adaverse, commented, “Our investment in TGE aligns perfectly with our mission to foster innovative Web3 solutions that address real-world challenges. TGE’s approach to combining blockchain technology with environmental sustainability has the potential to transform how we approach carbon offsetting and tree planting initiatives in the region.”

Yakeen Al Zaki, CEO and Co-founder of TGE, stated, “With Adaverse’s support, we are poised to make a significant impact on Saudi Arabia’s sustainability goals. Our platform simplifies the process of contributing to environmental initiatives, making it accessible for anyone to participate in building a greener future.”

Tharawat Green Exchange is targeting a $500+ billion market, with plans to expand globally, eyeing a $1 trillion annual market expected to grow by 6% year over year. Looking ahead, TGE aims to raise an additional 1.5 million SAR to further product development, technology infrastructure and market penetration.

This is not the first investment Adaverse has made in startups in Saudi Arabia. Recently it invested half a million dollars ($500,000) as a pre-seed investment in Saudi loyalty platform, Mithu, a platform aggregator for restaurants and cafes in Saudi Arabia. Mithu aims to solve a critical problem in the loyalty program market, where customers struggle to manage multiple loyalty programs and billions of dollars worth of points expire annually.

UAE based ASSNTURE launches its Blockchain trade finance Tradedesk

UAE based ASSNTURE launches its Blockchain trade finance Tradedesk

ASSNTURE Limited, registered in Abu Dhabi ADGM ( Abu Dhabi Global Market) as a technology startup providing Asset Tokenization and Digital Assets Infrastructure Solutions, has launched “TradeDesk,” a blockchain-based platform designed to revolutionize the management and settlement of trade finance transactions for finished goods, raw materials, and commodities.

TradeDesk leverages blockchain technology to enable frictionless finance, tracking, verification, and settlement of trade transactions. This platform enables businesses to invite and transact on international trades ensuring governance and transparency throughout,
whilst providing a secure and efficient digital network for seamless, transactions

This innovation offers its users unmatched efficiency and security by ensuring security and trust between all parties involved, whilst also providing users the ability to leverage liquidity on trades through the tokenization of the goods themselves. This allows sellers to obtain upfront liquidity for the goods in trade, providing immediate cashflow.

“With TradeDesk, we are transforming the trade finance landscape by providing businesses with a secure, peer-to-peer digital solution that streamlines the entire trade process,” said Ihsan Khelef, Co-Founder & MD at ASSNTURE Limited. “Our platform not only enhances the speed and transparency of transactions through blockchain, but also fosters trust between buyers and sellers, making trade finance more accessible and efficient.”

Designed for businesses of all sizes, TradeDesk simplifies the complexity of international trade, allowing users to manage and settle transactions in real-time. By removing the reliance on banks and other financial intermediaries, TradeDesk empowers businesses to focus on growth and innovation, without the challenges and costs of traditional trade finance models.

UAE Bonuz Application launches its Social smart Wallet

UAE Bonuz Application launches its Social smart Wallet

Bonuz, the ecosystem dedicated to simplifying digital asset management, has launched its Social Smart Wallet during an exclusive event at Fish Hut, in Dubai. The celebration brought together VIPs, industry leaders, and notable figures from the world of blockchain and entertainment.

The event featured the world’s first real-world gamification quest conducted onchain. Attendees engaged in interactive quests, such as checking in to the event via the Bonuz app, and participated in social media posts, and a group photo session. Those who completed the challenges were rewarded with soulbound Proof of Participation NFTs and a special commemorative “Mende’s 40th B-Day and Bonuz Launch” NFT, offered as complimentary keepsakes.

Prominent guests included executives from leading exchanges such as Binance, OKX and Bitpanda, as well as representatives from major crypto media outlets like CoinDesk, Web3 TV, Blockpedia and the Crypto Hub.

“After nearly two years of development, we’re thrilled to introduce the Bonuz Social Smart Wallet to the world,” said Matthias Mende, Founder and CEO of Bonuz. “Our mission is to onboard hundred of millions into the digital realm by offering the simplest, most user-friendly self-custodial wallet. With features like social login, our wallet is so smart that users don’t have to be.”

The evening was enriched with a raffle, where participants had the chance to win dental treatments and dental hygiene kits, sponsored by MONAJI and Dr. Mohammed Naji who said “We’re excited to support Bonuz’s launch and help everyone have a bright smile—as bright as Bonuz itself,”

As per the press release, the Bonuz Social Smart Wallet sets itself apart with its simplicity and advanced features. As a self-custodial wallet with social media aggregation capabilities, it lowers the barrier to entry for digital asset management, making it accessible to users of all experience levels.

Key Features of the Bonuz Social Smart Wallet:

  • User-Friendly Interface: Designed for simplicity, so users don’t have to be tech-savvy.
  • Self-Custodial: Empowers users with full control over their digital assets.
  • Gas-less: All Bonuz Onchain Utilities are free of Gas Fees.
  • Social Login: Streamlines access and enhances user convenience.
  • Gamification: Enables Gamification features for Real World and Digital Brands.
  • Onboarding Millions: Aims to make cryptocurrency accessible to a broader audience.

Aurum Equity Partners $1 billion tokenized fund to invest in datacenters in UAE and KSA

Aurum Equity Partners $1 billion tokenized fund to invest in datacenters in UAE and KSA

Aurum Equity Partners, a private equity firm, has launched a combined equity and debt tokenized $1B fund, utilizing Zoniqx’s asset real world tokenization solutions and leveraging XRP Ledger (XRPL) Blockchain, for datacenter investments in United States, UAE, KSA, India and Europe.

Zoniqx (“Zoh-nicks”) is a global fintech leader based in Silicon Valley, specializing in converting real-world assets into Security Tokens. Their compliant infrastructure enables tokenization across public, private, and hybrid blockchains, driving global liquidity and DeFi integration.

As per the press release, this initiative will harness Zoniqx’s cutting-edge Tokenized Asset Lifecycle Management (TALM) solution and the Dynamic Compliant Interoperable Security Token (DyCIST) protocol to transform Aurum Equity Partners’ assets into tokenized financial instruments. This development marks a significant step forward in integrating blockchain technology with traditional financial markets.

Key Highlights:

  1. Innovative Tokenization: Zoniqx will enable Aurum Equity Partners to launch the world’s first combined equity and debt tokenized fund, leveraging the XRPL to provide investors with greater flexibility and diversification.
  2. Global Data Centers: The initiative will establish cutting-edge data centers across the United States, United Arab Emirates, Kingdom of Saudi Arabia, India, and Europe, showcasing the scalability and global reach of tokenization technology.
  3. Enhanced Liquidity: Utilizing Zoniqx’s TALM framework, the trading of tokenized assets on secondary markets will be more efficient and accessible, offering investors improved liquidity options.
  4. Compliance and Security: The DyCIST protocol, combined with the XRPL’s built-in safety compliance features, ensures all tokenized assets adhere to global regulatory standards, including AML and KYC protocols, providing secure and compliant transactions.
  5. Interoperability: The initiative will facilitate seamless integration across multiple blockchain networks, offering flexibility and accessibility for a wide range of investors and financial institutions.

“We are excited to work with Zoniqx to bring this groundbreaking project to life,” said Venkat Bussa, CEO and Chairman, General Partner at Aurum Equity Partners. “This development aligns with our commitment to leveraging cutting-edge technology to enhance liquidity, transparency, and overall investment efficiency for our investors.”

Prasanth Kalangi, Founder and CEO of Zoniqx, added, “Working with Aurum Equity Partners on this innovative project is a significant milestone in our mission to advance asset tokenization. Our technology is designed to meet the evolving needs of the financial industry, and we are excited to demonstrate its potential in the private equity space.”

David Schwartz, CTO of Ripple and Co-creator of the XRP Ledger, added “Tokenizing private equity is another emerging use case in RWA, tackling the challenges of illiquidity and limited access in these markets. By using XRPL’s ability to process transactions efficiently and securely, Aurum and Zoniqx are showing how real-world assets can be managed more effectively harnessing a decentralized blockchain.”

During Gitex Aurum Equity Partners and DEWA signed an agreement for edge infrastructure developments.

Emirates NBD to explore Partior blockchain for payment settlements

Emirates NBD to explore Partior blockchain for payment settlements

Emirates NBD, in MENAT (Middle East, North Africa, and Türkiye) region, has partnered with Partior, a decentralized, programmable, and always-on platform making the global movement of liquidity more seamless, secure, and scalable, to explore participation in their blockchain platform for clearing and settlement, a collaboration that will offer Emirates NBD’s clients 24×7 availability, and faster, more seamless payment flows.

Emirates NBD will join the Partior network, becoming the first regional and UAE Dirham, Saudi Riyal and Indian Rupee settlement bank on the platform. In addition, Emirates NBD is looking to serve as a participating bank for major foreign currencies, in a move that bolsters its client offerings to provide real-time payments.

Launched in 2021, Partior is backed by DBS Bank, J.P. Morgan, Standard Chartered, Temasek, and Peak XV. The platform has pioneered the development of a blockchain-based unified ledger for payments, enabling real-time clearing and settlement for instant liquidity and transparency, and overcoming challenges commonly associated with sequential processing in legacy payment systems.

Emirates NBD is also evaluating an equity investment in Partior, a move that would represent a strategic alignment within the financial ecosystem aimed at redefining the future of global value exchange. By integrating with Partior’s blockchain-based unified ledger platform, the bank will enhance transparency, efficiency, and security in global payments and settlement processes.

Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, commented, “Our partnership with Partior is a critical element of our broader strategy to embrace new technologies in an ever-evolving digital landscape. Our commitment to innovation is driven by the need to ensure we provide our clients with the most advanced financial solutions. By leveraging Partior’s transformative blockchain technology, we are not only future-proofing our operations but also creating a seamless payment infrastructure that supports the rapidly evolving business needs of our clients.”

Neeraj Makin, Group Head of Strategy – Analytics and Venture Capital at Emirates NBD, said, “The investment from Emirates NBD’s Innovation Fund represents an important moment in Partior’s journey as a leader in next-generation payments infrastructure. It underscores our belief in blockchain’s transformative potential for financial services, particularly in cross-border transactions. What is truly exciting about this investment is the opportunity it creates for cross-market collaboration and the development of a seamless cross-currency payments ecosystem. This will enhance transparency and reduce friction for businesses and clients alike.”

Humphrey Valenbreder, Chief Executive Officer at Partior, added, “This collaboration positions Emirates NBD as Partior’s gateway to the vibrant MENAT region, aligning with our strategic roadmap to expand in the Middle East. By integrating our blockchain capabilities with Emirates NBD’s trusted network, we are not only strengthening our operational capabilities but also reinforcing our shared commitment of elevating the efficiency and security of cross-border transactions to drive economic growth and innovation across the region.”

Prior to this, 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. ‍

Additionally Chainalysis the blockchain data platform, joined Emirates NBD, digital asset Lab. Chainalysis, the blockchain data platform, will join professional services firm PwC, digital asset transfer and direct custody technology platform Fireblocks, and R3, an enterprise Distributed ledger technology platform, as founding council members of the Lab.