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Okto, self custody wallet from CoinDCX gets licensed in UAE

Okto, self custody wallet from CoinDCX gets licensed in UAE

Okto, the self custody wallet created by India’s CoinDCX crypto exchange which already has 1 million users, has secured a business license within the UAE through the RAK Digital Assets Oasis.


As per the blog post, Okto stated, that this is a significant milestone that underscores their commitment to compliance and operational excellence and marks a new chapter in their journey to democratize blockchain technology.


RAK Digital Assets Oasis is an initiative by the government of Ras Al-Khaimah, designed to foster innovation in digital assets, Web3, and AI. RAK DAO’s mission is to create a robust ecosystem that supports developing and adopting cutting-edge technologies. By providing operational clarity, RAK DAO plays a crucial role in positioning Ras Al-Khaimah as a global hub for digital innovation.

The license will enable a broader reach for Okto wallet. It will also bring new user benefits and improved services and security.

The business license will allow them to offer more robust tools and resources for developers, helping them create cutting-edge applications with ease. The blog post also notes that it will strengthen their platform.

The company plans to launch new features such as enhancing the Okto Wallet and Web3 SDK.

On X Neera Khandelwa, Co Founder of Coindex noted, “Thrilled to share that Okto has secured an operational license from RAK Digital Assets Oasis the world’s first Free Zone dedicated to digital assets! This milestone makes Okto the first Web3 wallet to achieve such a license, marking a significant step in our mission to democratize blockchain technology and foster Web3 adoption.”

In July 2024, CoinDCX acquired UAE based BitOasis crypto exchange, which according to Bloomberg could add $50 million in revenues to Coin DCX as it expands into the MENA region with the acquisition.

Established in 2018, CoinDCX has a user base of over 15 million, offers access to over 500 crypto assets, and facilitates average quarterly trading volumes exceeding $840 million in spot in 2024 while BitOasis established in 2016, holds over 60 tokens with fiat currencies such as AED, SAR, and USD and has processed over $6 billion in trading volume.


The UAE leads in Crypto adoption index for 2024

The UAE leads in Crypto adoption index for 2024

According to the recent report from Henley&Partners the UAE leads in this year’s crypto adoption Index, as it is listed among top 12 countries while leading when it comes to public adoption, and innovation and technology.

The Henley Crypto Adoption Index 2024 is a proprietary bench-marking tool that assesses crypto-friendly countries that host investment migration programs, based on their adoption and integration of cryptocurrencies and blockchain. Including 670+ data points, the index provides crypto investors with a comprehensive overview of the extent to which these countries are embracing this emerging technology.

For example, when it came to public adoption of crypto, the UAE ranked second following only USA. It is the only Arab country in the top 12 for this year. As per the Index findings, the UAE stands out as a leading jurisdiction for crypto investors. Public interest is high, with a substantial portion of the population owning cryptocurrencies. This enthusiasm is matched by strong government support and a thriving start-up scene. This low-tax jurisdiction offers an attractive environment for crypto businesses, further bolstered by a highly digitalized and wealthy population.

In terms of infrastructure adoption however the UAE came in 8th place preceded by Singapore, USA, Hong Kong, Malta, UK, Australia and Canada.

But the UAE makes it up with its ranking in terms of Innovation and technology, where it stands second only superseded by Singapore.

Despite the proactive stance that the UAE has taken in terms of regulating virtual assets, Henley &Partners still ranked the UAE as 11th on the list.

If one puts together three factors, public adoption, innovation and regulation the UAE holds 3rd place globally only proceeded by USA and Singapore.

The crypto Wealth report by Henley&Partners also found a new class of high-net-worth individuals has emerged. Crypto millionaires surged by 95% in just one year, with 172,300 individuals now holding over USD 1 million in digital assets. The echelons of crypto wealth have expanded dramatically, with centi-millionaires growing by 79% to 325, and even the rarefied air of crypto billionaires seeing a 27% increase to 28 individuals.

Digital Energy Fund emerges from UAE to power Blockchain, DePIN, AI infrastructures

Digital Energy Fund emerges from UAE to power Blockchain, DePIN, AI infrastructures

HODLER INVESTMENTS (“HODLER”), a UAE based investment company, headquartered in the Dubai Silicon Oasis, which includes in its portfolio energy, AI, and digital asset mining startups such as PermianChain, Brox Equity and others, has announced its ongoing plans for a $500 million Digital Energy Infrastructure (DEI) Fund to be established as a closed-ended exempt Fund, subject to compliance and regulatory approvals. The DEI Fund has already secured soft commitments from lead investors and in-kind contributions in addition to offtake partners seeking energy and connectivity for A.I. and digital asset mining operations.

The Digital Energy Infrastructure (DEI) Fund will offer professional investors and clients the opportunity to invest in utility-like income generating assets and distributed energy infrastructure for compute applications that adopt innovative methods for carbon capture, storage & utilization. The DEI Fund’s investment mandate covers the entire digital energy value chain including sectors such as clean energy, power generation (IPPs), data mining (ASICs, GPUs, etc…) for blockchain, Decentralized Physical Infrastructure (DePIN), AI, cloud, and other compute cluster applications with a focus on achieving zero-emissions across the majority of the Fund’s portfolio.

Additionally, the DEI Fund will allocate capital investments towards vertical technology startups operating platforms and software that add value to the Fund’s portfolio.  The Fund will seek to acquire early to growth stage modern software technology companies that are active in digital infrastructure and software applications that support the development and growth of financial technology (FinTech), decentralized finance (DeFi), web3, blockchain and artificial intelligence (AI).

HODLER has appointed and engaged Ento Capital Management Ltd, a well-established asset manager in DIFC regulated by DFSA with a shari’a compliant window for ethical investing, to advise on, structure, establish and manage the DEI Fund

Mohamed El Masri, Managing Director, Hodler Investments states, “The Digital Energy Infrastructure Fund is a testament of our commitment to our mission, centered around the development of critical energy infrastructure for the advancement of the digital economy globally. We are proud to be leading this mission out of the UAE, building on the nation’s strategy to develop a digital economy while encompassing sustainability at the core. We are committed to contributing to energy security and reducing energy poverty.”

It is estimated that global spending on construction of new data centers is expected to surpass US$49 billion by 2030 (source: MicKinsey & Company). With over US$1.0 trillion funding gap in renewable energy, it is believed to be an opportune time to lay the groundwork to power the advancement of compute infrastructure for a vibrant digital economy.

Ahmed Ebrahim, Managing Director, Hodler Investments, adds, “We are confident in our initiative to unlock natural wealth for all stakeholders including communities. The Digital Energy Infrastructure Fund is capitalizing on an existing pipeline of deals and projects that have been vetted by our qualified team of professionals backed by almost a decade of industry expertise and long-standing relationships with institutional stakeholders across the Middle East, Asia and North America”.

The Digital Energy Fund aims to utilize technologies such as blockchain, A.I., digital asset mining and other solutions combined with energy resources to strengthen the feasibility for sustainable energy infrastructure to meet the growing compute power demands while contributing to power grid stability for more equitable energy systems globally.

The utilities sector has seen an exponential growth in energy demand from modern compute applications. Data center electricity consumption stood at around 240-340 TWh (source: EIA).

Alaa Al Ali, Founder & Group CEO, Gewan Holding notes, “Our decision to be part of the Digital Energy Infrastructure Fund stems from our belief that the digital economies of the future cannot grow without globally distributed sustainable energy infrastructure. We are confident in our stakeholders and our collective effort to build sovereign digital energy infrastructure. We see the Fund as an effective vehicle to support the UAE’s Digital Economy Strategy.”

Currently the DEI fund is expected to have a size of between $250 million and $500 million, including in-kind commitments with a value not exceeding the total capital commitments.

The Fund’s capital commitments will be focused on providing Limited Partners exposure to, an existing energy envelope with offtake commitments and deal-flow from a portfolio of companies with high growth potential and proven business models. HODLER has secured over US$300 million in exclusive deal-flow across the Middle East, North America, Australia, Asia and Africa.

Amer Al Osh, Chief Development Officer, Gewan Holding added, we are pleased to be working closely with the team at HODLER to establish a compliant structure subject to regulatory approval. Given recent advancements in UAE regulations around digital assets and more specifically the recent landmark steps by the UAE’s financial jurisdictions to enact favorable laws for digital assets and AI sectors, we see improved investor sentiment for this type of asset class.

UAE and Bahrain CoinMENA expands its crypto offering with Bitpanda

UAE and Bahrain CoinMENA expands its crypto offering with Bitpanda

CoinMENA B.S.C., a crypto asset platform licensed by the Central Bank of Bahrain and sister company CoinMENA FZE, licensed by the Dubai Virtual Asset Regulatory Authority (VARA), have 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.

CoinMENA Co-Founders Dina Sam’an and Talal Tabbaa said, “We are excited to partner with Bitpanda Technology Solutions, an industry leader that shares our commitment to providing top-tier crypto asset trading services. This collaboration will not only enhance trading efficiency but also fulfil one of the most requested features from our users, enabling us to add new crypto assets more rapidly to meet market demands.”

When fully implemented, CoinMENA will have the ability to integrate the most complete range of crypto assets available on the market to meet the demands of its users safely and securely. By integrating Bitpanda Technology Solutions as a liquidity provider, CoinMENA will enhance trading efficiency, and ensure users receive the best possible prices. These improvements will deliver a smoother and more reliable trading experience, reinforcing CoinMENA’s position as a leading crypto asset service provider in the region.

Nadeem Ladki, Global Head, Bitpanda Technology Solutions, added: “The MENA region is one of the most ambitious and innovative regions in the world when it comes to crypto assets. Bitpanda Technology Solutions provides institutions in the region access to one of the broadest ranges of crypto assets available, in a fully modular way, all with a highly regulated and trusted partner.” 

Both Bitpanda and CoinMENA will collaborate closely with respective regulators to ensure full compliance in all future endeavors. In August 2024 CoinMENA announced that they have achieved a new milestone with crypto, fiat trading volumes surpassing $2 billion.

TonCoin loses 18% of its value on Telegram’s 11th anniversary and Durov’s arrest

TonCoin loses 18% of its value on Telegram’s 11th anniversary and Durov’s arrest

While Telegram Founder Pavel Durov awaits an appearance in court today in France, the crypto world and the defenders of Freedom of speech are speaking out loud about the infringement that is happening when it comes to Telegram, which celebrated its 11th anniversary this week.

The Russian government, once against Telegram is now defending Durov. Deputy Speaker of Russian State Duma Vladislav Davankov stated, ” Hardly anyone else has done more for the development of digital services in Russia and the world. We need to get him out of there. His arrest could be politically motivated and used to gain access to personal information on telegram users. We cannot allow this.”

Yet the TONCoin continues to face downward loss in value now reaching 18% decline. Last night it had lost 16% when Durov’s arrest was made public.

Ton Network and its associated Toncoin had been doing quite well. This year Toncoin had launched a $40 million fund, through its Open Network TON venutes, a new venture capital (VC) firm. The aim of which was to support early-stage crypto projects growing on the TON ecosystem. The new venture firm is founded by former senior members of the TON Foundation.

The launch comes amidst a growth of projects fuelled by the Toncoin Telegram partnership. The Toncoin price has also been on the rise. Analysts had noted that it was predicted a that Toncoin would potentially surge 2X in the coming weeks.

But today with Pavel Durov, under investigation for lack of moderators on Telegram allowing criminal activity to go untouched, He could face indictment today ( Sunday 25th), the Toncoin is under duress.

Durov faces possible indictment on Sunday, according to French media.

This all comes as Telegram celebrated its 11th birthday this week, adding new ways to support content creators with Star Reactions and Star Subscriptions, allowing admins to post as their profile or other channel in Super Channels and more.

The Ethereum co-founder responded to reports of Pavel Durov’s arrest, saying the outlook for freedom in Europe looked very bad “I’ve criticized Telegram before for not being serious with encryption. But (given the info available so far: the charge seems to be just being “unmoderated” and not giving up people’s data), this looks very bad and worrying for the future of software and comms freedom in Europe.”

Formerly in an interview in the Tucker Carlson show, Pavel Durov discussed how US agencies tried to gain a backdoor to Telegram. Followed by Israel’s request to censor them which Telegram refused. 

However, Telegram has on many occasions been considered as platform for spams, thefts, and other criminal activities. Russian based Kaspersky Digital Footprint Intelligence team analyzed shadow Telegram channels. Their findings reveal a troubling trend: cybercriminals are increasingly using Telegram as a platform for underground market activities. Cybercriminals actively operate channels and groups on Telegram dedicated to discussing fraud schemes, distributing leaked databases, and trading various criminal services, such as cashing out, forging documents, DDoS attacks as a service and more.

According to Kaspersky’s Digital Footprint Intelligence data, the volume of such posts surged by 53% in May-June 2024 compared to the same period last year. “The growing interest in Telegram from the cybercriminal community is driven by several key factors. Finding or creating a community on Telegram is relatively easy, which, combined with other factors, allows various channels, including cybercriminal ones, to gather an audience quickly,” explains Alexey Bannikov, analyst at Kaspersky Digital Footprint Intelligence.

The question remains what is the main reason for the arrest today, politics, war cabinets, or the fight against criminal activity?

Founder of Telegram gets arrested while TONcoin gets price hit

Founder of Telegram gets arrested while TONcoin gets price hit

The Founder of Telegram Pavel Durov has been arrested in France under charges executed under a French Warrant and has been detained by the National Anti Fraud Office on accusations that Telegram is facilitating crimes like terrorism, narcotics trafficking and fraud as well as other accusations, whilst TON Blockchain’s coin TON loses around 16% of its value.

Since his arrest, the TON network price has seen a dive with Ton Coin losing around 16% of its value reaching $5.7. The current CoinMarketCap ranking is #10, with a live market cap of $13,959,766,595 USD. It has a circulating supply of 2,527,167,308 TON coins and the max. supply is not available.

The relationship between Telegram and TON is not clear. In 2020, Telegram settled with the US regulator, agreeing to return the ICO proceeds and pay an $18.5 million penalty. Following the settlement, the TON Foundation emerged as a separate entity from both the Telegram Open Network and Telegram itself.

Although Toncoin is independent from Telegram, Telegram’s founder and CEO Pavel Durov posted on Telegram about the project in 2021. He gave his endorsement to Toncoin while maintaining that Telegram has no remaining links, financial or technological, to $TON.

TON announced that Tether tokens could also be issued on its blockchain, allowing Telegram users to send the stablecoin to each other within the app. In April 2024, Stablecoin operator Tether strengthened ties with Telegram’s Web3 ecosystem by launching its U.S. dollar-pegged USDT. Tether also noted it would launch the gold-pegged Tether Gold (XAUT) stablecoin on TON as well.

TON has been doing very well in terms of partnerships. In a strategic move, Animoca Brands became the largest validator for The Open Network (TON) blockchain, as announced by the TON Foundation. This collaboration signifies a promising effort to advance digital property rights within gaming and the open metaverse. Animoca Brands’ Mocaverse also in July 2024 announced a strategic partnership with MOCA Foundation and The Open Network (TON) Foundation to implement an identity and reputation-based consumer network across Moca Network and TON Blockchain ecosystems. 

In 2023 MEXC Ventures, a subsidiary of MEXC’s global cryptocurrency exchange MEXC, announced a significant investment in TON the largest layer-1 investment the firm has ever made. This investment worked alongside a strategic partnership with The Open Network (TON) Foundation.

Copper, one of the industry’s leading digital asset custodians, also integrated with The Open Network (TON), into its infrastructure.

So despite the fact that The Founder of Telegram was arrested, it seems that TON is taking the brunt of the hit, yet why given that both are different platforms with different utilities.

Outlier Ventures launches its Riyadh Base Camp program in KSA

Outlier Ventures launches its Riyadh Base Camp program in KSA

Outlier Ventures, a Web3 accelerator with over 300 portfolio projects in DeFi, AI, new Data economy, Blockchain, metaverse and more, has announced the launch of its Riyadh KSA Base Camp Program.

The Base Camp Program, will start in early September 2024 for a duration of 12 weeks. Investments will reach up to $100,000 to help startups who are accepted relocate to Saudi Arabia.

As per Outlier Ventures website, the Riyadh-based program will take the strongest founders across the region’s most promising technology verticals, giving them the resources they need to build industry-defining startups.

Outlier Ventures adds, that the Riyadh-based programme marks the beginning of a concerted focus on the MENA region. In accelerating the local deep-tech Web3 landscape. The accelerator is working with the best builders in sectors of local comparative advantage. These may include Gaming, Smart cities, AI, and Digital Identity.

Stephan Apel, CEO and Founding partner of Outlier Ventures stated, “The partnership with the NTDP (National Technology Development Program) marks an important milestone for the Outlier Venture’s presence globally and we are very much committed to the MENA region. Some of the best teams in our portfolio are based here and, through the accelerator program, I am excited to see the growth of many more.”

The National Technology Development Program of Saudi Arabia under the Ministry of Communications and Information Technology. The objective of the NTDP is to support the development of the technology ecosystem. Aside from supporting accelerators, the NTDP offers a number of direct support initiatives that founders may be able to access in the future after successfully graduating.

Ibrahim Neyaz, CEO of NTDP, “We are thrilled to partner with Outlier Ventures to achieve the goals of this partnership by working together to support the ecosystem of technology startups in Saudi Arabia. This partnership reinforces our commitment to advancing technology and fostering innovation in Saudi Arabia. By harnassing their extensive global expertise and advanced capabilities in the Web3 industry, Outlier Ventures will bring tangible value and make significant contributions to enhancing the Kingdom’s technological infrastructure.”

Salwa Radwi, Founder of NFT platform Nuqtah and the entrepreneur in residence at the Riyadh Base Camp program noted that Riyadh is the next big thing for startups, given the untapped potential in Riyadh’s startup scene, the opportunities for business ecosystem and the resources and support being offered to ambitious founders.

Myco joins Aptos Blockchain for decentralized streaming

Myco joins Aptos Blockchain for decentralized streaming

Founded in the UAE, Myco, a Web3 streaming platform has partnered with Aptos Foundation, which supports the growth of the Aptos Blockchain. Myco will be integrating its platform with the Aptos Blockchain to decentralize streaming.

The partnership will focus around technical integration, developing builder resources, and a mutual commitment to advancing Web3 technologies and delivering next-generation, decentralized digital streaming experiences.

The partnership is part of Myco’s broader plans to transition its infrastructure to the Aptos blockchain and support the Web3 streaming service provider’s long-term vision of becoming fully decentralized.

Hani El Khatib, co-founder and chief of Web3 at Myco stated, “Aptos’ advanced blockchain technology will support the launch of our sustainable and efficient token, enhancing our platform’s scalability and security while providing a superior user experience. This integration aligns seamlessly with our mission to lead the charge in making Web3-enabled streaming and entertainment accessible to the masses.”

Umair Masoom Co-Founder of Myco on LinkedIn stated, “This is a significant milestone in our journey as a company but more so a significant milestone for the entire hashtag Web3 industry!”

He explains what has ben achieved is a simpler, scalable, and friction less B2C product offering using Aptos Blockchain.

According to Masoom, Myco is now positioned to migrate our entire community, our brand promise and a real, revenue generating platform with millions of active users into an ecosystem that will enable our community & product to thrive.

Myco will be announcing soon its successful Series A raise that they will use to enter into the gaming sector after their success in video streaming.

In 2023, Republic Crypto signed an agreement with MyCo ( formerly MContent ), the UAE web3 streaming platform, to help build their web 3 strategy, making MyCo the first advisory project from the region.  MyCo is the first-of-its-kind vertically integrated streaming platform that empowers creators and users alike and offers a diverse content slate, including film, tv shows, influencer content, live sports, and UGC.

Digital assets platform, Zumo joins UAE sustainable Finance declaration

Digital assets platform, Zumo joins UAE sustainable Finance declaration

Zumo, a blockchain enabled digital asset as a service platform, aimed to offer sustainable finance to fintechs, banks, asset managers, has signed the Abu Dhabi Sustainable Finance declaration as it extends its reach further into the MENA region.

The Abu Dhabi Sustainable Finance Declaration is a voluntary membership-based initiative launched by Abu Dhabi Global Market (ADGM) in 2019 with support from the Ministry of Climate Change and Environment, the Central Bank of the UAE and the Securities and Commodities Authority.

It aims to establish a healthy sustainable finance industry in line with the UAE’s Green Economy for Sustainable Development initiative, which underpins the country’s ambition to become a successful model for the new green economy. The Declaration was signed by an initial group of 25 public and private sector entities.

Zumo will now collaborate with other participants to help create a framework for fostering and integrating green and sustainable investments, and provide expertise and insights gained from the company’s pioneering work in the sustainability sphere.

Zumo was a member of the World Economic Forum’s Crypto Sustainability Coalition, exploring how blockchain tools can be leveraged to contribute to meaningful progress towards climate action.

Building on this work, Zumo developed its Oxygen solution. The first of its kind, Oxygen uses blockchain technology and strategically sourced market instruments, including renewable energy certificates (RECs) and carbon removals, to enable financial institutions measure, mitigate, and report on the carbon footprint of their digital asset activities.

Nick Jones, Founder and CEO, Zumo, said, “The UAE is rapidly emerging as a significant crypto hub, thanks to the Emirati leadership’s proactive approach and the region’s welcoming regulatory environment. It is also working hard to become a hub for green technologies, which is something we’re very passionate about.”

He adds, “Sustainability now sits high on the world’s corporate agenda, and we’ve seen the regulator in Europe, ESMA, introduce ESG disclosures for crypto-asset providers and token issuers through its MiCA framework. As we expand into the UAE, we look forward to working with industry stakeholders to share our knowledge and help to drive a sustainable digital assets sector in the Middle East.”

Other signatories of the Abu Dhabi Sustainable Finance Declaration include the Central Bank of the UAE, the Abu Dhabi Securities Exchange, Deloitte and a number of the world’s leading banks, including First Abu Dhabi Bank, BNP Paribas, Citibank, HSBC, ING Bank, Macquarie and UniCredit.

World Blockchain summit returns to Dubai UAE

World Blockchain summit returns to Dubai UAE

The 30th edition of the World Blockchain Summit, organised by Trescon, is returning to Dubai to set the stage for innovation and thought leadership in the rapidly evolving world of blockchain and Web 3.0.

Hosted at Jumeirah Emirates Towers on 10-11th October 2024, the event will bring together over 2,000 blockchain pioneers, web3 innovators, visionaries, and investors to explore the future of decentralized technologies.

Celebrating the theme of how blockchain-based solutions are reshaping global economies, the summit will highlight both regional and global advancements in web3 technology. Attendees will engage with thought leaders and industry experts to examine the transformative impact of blockchain across various sectors, including finance, supply chain management, and digital identity.

The summit will feature a robust agenda, including high-profile keynote addresses, panel discussions, and interactive demonstrations. The key pillars of discussions at the summit include enterprise blockchain, tokenization of real-world assets, virtual assets & global laws, the DeFi frontier and more.

Amongst the notable speakers at the event are, Yat Siu, Co-Founder and Chairman, Animoca Brands, Haider Rafique, Global Chief Marketing Officer, OKX Nils Andersen Röed, Global Head of Law Enforcement Response and Deputy Head of Financial Crime Compliance, Binance, and Pankhuri Bansal, Blockchain & AI Expert, United Nations

Speaking on the future of blockchain and the impact of the event, Anil Kumar, Chief Operating Officer of Trescon, stated, “Blockchain has the potential to fundamentally transform industries by enhancing transparency, improving data security, and driving greater efficiency across various sectors.” He added, “The World Blockchain Summit is a vital platform for sparking meaningful dialogue among industry leaders and experts. It provides an opportunity to explore how blockchain intersects with digital marketing and other fields, uncovering its potential to reshape strategies and drive innovation.”

Additionally, the summit will host the regional finals of the Startup World Cup, organized by the US-based venture capital firm Pegasus Ventures. The winning startup will earn the coveted opportunity to pitch at the grand finale in San Francisco and win funding worth US$ 1 million.