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Kaia DLT Foundation now licensed in ADGM

Kaia DLT Foundation now licensed in ADGM

Kaia DLT Foundation is now licensed in ADGM and their mainnet will be launched on August 29th 2024.

Kaia was formed through the merger of the Klaytn and Finschia blockchains initially developed by Kakao and LINE respectively. It aims to bring Web3 to the fingertips of hundreds of millions across Asia.

As per Kaia blog, “With the incorporation of Kaia DLT Foundation in ADGM, the final key dependency is now complete and we are excited to announce that the Kaia mainnet will be launching on 29 August 2024.”

Prior to the launch staking will be disabled on Finschia. It will then be followed by on-chain parameter changes for Klaytn and Finschia.

On 27 August, the Finschia Governance Members will offboard, deactivating their Finschia validator nodes to join the Kaia Governance Council. In their place, foundation-directed nodes will be activated.

Then, in preparation for the launch of the Kaia mainnet, the Finschia mainnet will undergo a final round of update. In the meantime, exchanges may suspend deposits and withdrawals for FNSA exchanges in preparation for the Kaia Mainnet launch. The timing of this suspension may vary by exchange, so please refer to each exchange’s policies.

Finally on August 29th the Kaia Portal will go live together with the launch of the Kaia mainnet. Kaia Portal is an official web service provided by the Kaia DLT Foundation and will serve as the gateway to the Kaia DeFi ecosystem.

Could the first Dirham stablecoin in UAE come from Tether

Could the first Dirham stablecoin in UAE come from Tether

Tether, a digital asset company that issues the stablecoin USDT ( Tether) has announced in the UAE its plans to add a new Dirham backed stablecoin.

According to the press release, the new stablecoin pegged to the United Arab Emirates Dirham (AED) is set to be launched in collaboration with UAE’s Phoenix Group, a Web3 investor and Bitcoin mining conglomerate.

Also onboard is Green Acorn Investments. The Tether dirham backed stablecoin will need to be licensed from the UAE Central Bank which recently came out with its Payment Token services regulation. The regulation notes that only dirham backed stablecoins can be used as legal tenders for the purchase of goods and services within the UAE. Tether’s USDT can only be used for the purchase of virtual assets.

The press release notes, that Tether’s latest upcoming stablecoin is a digital representation of the United Arab Emirates Dirham, with each token being fully backed by liquid UAE-based reserves. Adhering to Tether’s transparent and robust reserve standards, it ensures that every Dirham-pegged token is tied to the value of the AED, providing stability and confidence in its value. 

Tether’s Dirham-pegged stablecoin is aiming to provide users with a seamless and cost-effective means of accessing the benefits of the AED while leveraging the transparency and efficiency of blockchain technology. This digital asset will streamline international trade and remittances, reduce transaction fees, and provide a hedge against currency fluctuations, thus playing a crucial role in the financial ecosystem of the UAE and beyond.

“We’re pleased to announce this initiative to develop Tether’s Dirham-pegged stablecoin, adding to our range of stablecoin options,” said Paolo Ardoino, CEO of Tether. “The United Arab Emirates is becoming a significant global economic hub, and we believe our users will find our Dirham-pegged token to be a valuable and versatile addition. Tether’s Dirham-pegged stablecoin is set to become an essential tool for businesses and individuals looking for a secure and efficient means of transacting in the United Arab Emirates Dirham whether for cross-border payments, trading, or simply diversifying one’s digital assets.”

The global market for stablecoins is currently valued at $150 billion, with USDt alone having a market cap of more than $115 billion, and projections see this industry’s potential growth to $2.8 trillion by 2028.

“We are thrilled to be working with Tether on bringing a UAE Dirham-pegged stablecoin to the market and are confident of its potential in transforming the digital economy for users across the region and beyond,” commented Seyedmohammad Alizadehfard, Co-Founder and Group CEO of Phoenix Group. “This collaboration with Tether not only underscores our commitment to innovation and excellence but also reflects our dedication to providing financial solutions that meet the needs of our customers. Abu Dhabi’s progressive stance towards blockchain, digital assets and innovation makes it the perfect launchpad”.

Phoenix Group claims to be the 5th largest Bitcoin mining company in the world and mines 3 percent of world’s bitcoin. While Pheonix Group profits went up 141 percent in the second half of 2024 reaching $56 million, revenues decreased by 35%. In an interview with CNBC Arabiya, the CFO of Pheonix explained that this was due to Bitcoin halving, and the decrease in sales of mining equipment, while profits were due to investments in crypto projects and tokens as well as trading.

In a press conference, Munaf Ali, co-founder and managing director, Phoenix Group, said they are working very closely with the regulator and all stakeholders to get it as soon as possible. He said the group is set to launch the Dirham stablecoin in January 2025.

This annoucement comes one day after ADGM released a consultation paper for Fiat referenced tokens. As per the announcement, FRTs are a category of stablecoins that are backed by high-quality, liquid assets denominated in the same currency as the FRT and that can be liquidated rapidly with minimal adverse price effect. FRTs are intended to be used as a means of payment and share certain characteristics with Stored Value.

Africa’s stablecoin on and off ramp platform Yellow Card to utilize Fireblocks for cross border transactions

Africa’s stablecoin on and off ramp platform Yellow Card to utilize Fireblocks for cross border transactions

Yellow Card, Africa’s stablecoin on/off ramp, has integrated with digital asset infrastructure provider Fireblocks to improve cross-border transactions for both businesses and individuals.

By utilizing Fireblocks, Yellow Card seeks to remove obstacles for global corporate treasury, in accessing African markets, by offering secure and effective on-chain solutions. This includes leveraging Fireblocks’ Wallets-as-a-Service (WaaS) which enables Yellow Card to create, manage, and secure up to 14 million multi-party computation (MPC) wallets at scale and safeguard customer assets.

“We’re excited to work with Fireblocks to enable real-world use cases for stablecoins, solving the complex challenges of international and pan-African transactions,” said Chris Maurice, CEO and co-founder of Yellow Card. “Together, we enhance how businesses around the world manage their treasury, make payments, and drive innovation across Africa.”

Fireblocks is an easy-to-use platform to create new blockchain-based products and manage day-to-day digital asset operations, having secured the transfer of over $6 trillion in digital assets. Both entities seek to tackle the complex challenges faced by multinational corporate treasuries such as regulatory compliance, currency volatility, and inefficient legacy banking systems.

“Much like the rest of the world, Africa has seen a transformative shift from traditional payment methods to alternative payments, driven by new technologies, with $100 billion worth of remittances flowing into the continent. However, cross-border payments are still encumbered by high costs, with low-value cross-border payments incurring steep fees,” said Ran Goldi, SVP Payments and Network at Fireblocks. “We are delighted to be working with Yellow Card to provide our direct custody wallets-as-a-service (WaaS), allowing them to secure their customers’ digital assets at scale.”

Yellow Card, with a presence in 20 African countries, is at the forefront of assisting organizations in handling foreign exchange (FX) risk through stablecoin transactions. By utilizing USDT, USDC, and PYUSD, the company helps businesses manage their treasury and related transactions within and beyond the continent.

This marks a pivotal moment for both companies as they pave the way for more streamlined and secure financial operations across Africa. With a shared vision of innovation and excellence, Yellow Card and Fireblocks have a common goal of transforming cross-border transactions by introducing new benefits to businesses and the economy through innovation and excellence.

Liminal Custody on WazirX attack, they were using our self custodial wallets

Liminal Custody on WazirX attack, they were using our self custodial wallets

Weeks after WazirX, a cryptocurrency exchange was targeted by a cyber attack resulting in the theft of digital assets exceeding $230 million from one of their Multisig wallets, Mandiant Solutions, a cyber security firm and a Google subsidiary gave WazirX a clean chit.

As part of Mandiant Solutions’ investigation, one of their tasks was to determine if any of the three laptops used by WazirX team member for performing transactions had been compromised.

In its report published on August 14th, Mandiant stated, “We did not identify evidence of compromise on the three laptops that were used for signing transactions.”

Wazirx noted in its post dated August 19th , “While a detailed report is forthcoming, the findings largely indicate that the issue leading to the cyberattack originated from Liminal. The wallet that was attacked was managed using Liminal’s digital asset custody and wallet infrastructure.”

A spokesperson for WazirX said, “We have full faith in the investigating agency and shall cooperate with them to the fullest extent. We are actively working on recovering the stolen funds and are hopeful that those responsible will be brought to justice.”

Liminal custody explains stance

Given that Liminal Custody is a regulated crypto custodian in the UAE having acquired the Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) and is currently seeking a license from Dubai through VARA, Lara on the Block asked Liminal for their feedback on the WazirX incident.

Liminal Custody statement (provided via email) stated, “It is pertinent to note that the client in question is using our self-custody wallet infrastructure software and not any custody service, regulated or otherwise. It is also important to understand that this incident occurred in India and is unrelated to the UAE, managed custody, regulated custody, or ADGM.”

Liminal Custody goes on to note, “In the self-custodial wallet service, they are the custodians of the assets as they have complete access to all the wallets and funds at all times. Furthermore, they are the sole initiators of all transactions on their wallets and also have recovery kits and backup kits to gain complete access to their wallets in the event that Liminal were to not exist for any reason. This is a standard and default feature of all self-custodial wallet infrastructure products.”

Liminal has also just provided Lara on the Block with an updated statement on WazirX post on August 19. Liminal Custody states, “We cannot comment on the statement put out by WazirX, due to the lack of any information on the scope and methodology of the audit they have conducted. Having said that, if one were to go by the information they’ve shared, this actually raises serious questions on the security of their network infrastructure, operational custody controls and overall security posture, given that they were the custodians for 5 of the 6 keys.”

Liminal adds, “As far as our front-end and UI is concerned, our preliminary audit reports categorically indicate no breach in our front-end or UI. Please note that we have empaneled more than one reputed independent auditors to conduct forensic analysis and our detailed reports are expected to arrive within this week. We are confident that the Liminal front-end and UI were not compromised and the report and findings will be shared as soon as they are made available to us. It is unfortunate that this is being made out into a Liminal vs WazirX social media battle while so many users continue to suffer. In the interest of absolute transparency at our end, we have empaneled more than one reputed auditor and are open to empaneling additional auditors, including the likes of Mandiant to conduct the UI audit as well.”

Liminal Custody in MENA

With regards to their operations in the MENA, Liminal Custody states, “ In the MENA region, we provide regulated custody services where Liminal holds all the private keys and leverages its expertise to provide robust security and compliance with international security certifications, including CCSS Level-3 QSP, ISO 27001 & 27701, and others, which underscore our unwavering commitment to security.”

Finally in their statement to Lara on the Block Liminal Custody states, “ We unequivocally state that Liminal’s platform, infrastructure, wallets, and assets remain completely secure and both our platforms continue to process transactions and withdrawals seamlessly.”

Liminal Custody is doing its own investigation

In July 2024, Liminal published a statement staring that the recent security breach suffered by WazirX, underscores the urgent need for robust security measures and investor protection across the industry. This wallet, independently created and subsequently imported onto the Liminal platform, was compromised on July 18. Our preliminary investigation points to a customer level compromise via a sophisticated intrusion. They had stated that Liminal’s platform, infrastructure, wallets, and assets remain completely secure.

Liminal had announced its engagement of independent CERT-certified, third-party experts to conduct thorough forensic audits which will be backed by published reports while engaging with relevant authorities.

However soon after this statement WazirX accused Liminal Custody of failing to secure the multisig wallet, and WazirX ended its Custody Relationship With Liminal moving funds To New Multisig Wallets.

The blaming game is not important getting back users money is

Whoever is to blame, on X, Top Asian Crypto influencer, WISE ADVICE expresses what’s on the mind of everyone. He notes, “It’s been more than a month since WazirX got hacked, Still, nobody is taking responsibility for the hack. Earlier, Liminal blamed WazirX for this hack. Now WazirX is blaming Liminal for this hack. But that’s not the main question; the main question is when users are going to get their money back.”

The Blockchain Center in Abu Dhabi to launch $100 million Web3 fund with Gate.io ventures

The Blockchain Center in Abu Dhabi to launch $100 million Web3 fund with Gate.io ventures

The Blockchain center in Abu Dhabi, a hub for Web3 and Gate Ventures, the venture capital arm of Gate.io, have launched the Falcon Gate Ventures, a $100 million Web3 fund. This joint venture initiative takes a global stance to support Web3 builders that are committed to reshaping the world in the digital age.

As per the announcement, Gate Ventures and the Blockchain Center synergize their expertise and resources to help young talents from key regions including the USA, Asia, Europe, and the MENA region. Falcon Gate Ventures is designed to advance decentralized infrastructure and applications and accelerate the adoption of pioneering technologies.

The fund will support high-potential projects across the world, with a targeted focus on technical breakthroughs in the Middle East, Asia, the US and other key regions

Falcon Gate Ventures will work closely with international regulatory authorities to develop frameworks that both foster innovation and ensure global user protection.

“Choosing Gate Ventures as our partner for this joint fund was a natural decision for us. Gate Ventures brings a wealth of experience and a proven track record in the blockchain and digital assets space. Their deep industry expertise, combined with their innovative approach to investing, aligns perfectly with our vision at the Blockchain Center in Abu Dhabi,” said Abdulla, CEO of the Blockchain Center in Abu Dhabi. “We believe that together, we can create a powerful synergy that will drive forward our mission to support and scale high-potential blockchain projects. Gate Ventures shares our commitment to fostering cutting-edge technologies, and with their global network and insights, we are confident that this partnership will accelerate the adoption and impact of blockchain innovations, both in the UAE and internationally.”

Leveraging the extensive network and expertise of both Gate Ventures and the Blockchain Center, Falcon Gate Ventures seeks to discover and support projects poised to shape the future of blockchain technology and digital assets.

“Falcon Gate Ventures marks a significant step in our mission to advance global blockchain innovation,” said Kevin Yang, Managing Partner at Gate Ventures. “In partnership with the Blockchain Center in Abu Dhabi, we are investing in the digital future, supporting transformative ideas across continents.”

Falcon Gate Ventures is poised to drive blockchain innovation on a global scale. The venture aims to foster Innovation, accelerate the deployment of blockchain solutions by funding innovative projects and startups worldwide and support Education and Research.

UAE RAK Bank and Bitpanda to offer digital asset services

UAE RAK Bank and Bitpanda to offer digital asset services

The National Bank of Ras Al Khaimah (“RAKBANK”), a UAE bank partners with Bitpanda Technology Solutions, a leading digital assets infrastructure provider, to provide a robust platform that will enable UAE residents to effortlessly manage digital assets, subject to UAE Central Bank approval.

As per the announcements, RAKBANK customers will be able to pursue various digital assets use cases unlocking one of the most complete offerings available in the UAE market. This allows banks to participate in the virtual asset economy without needing to develop their own in-house virtual asset capabilities.

Dongjun “DJ” Choi, Group Chief Customer Officer of RAKBANK commented: “We believe digital assets represent one of the future ways for customers to manage their finances more efficiently and securely. This partnership is poised to fill the gap in the market for a trustworthy and regulated banking platform to deal in digital assets. By merging our expertise, we aim to revolutionize the traditional financial landscape for the benefit of our customers, enabling them to explore a broader range of digital assets opportunities.”

Lukas Enzersdorfer-Konrad, CEO of Bitpanda Technology Solutions added: “RAKBANK has a long history of pioneering crypto innovation in the UAE, and we want to support their ambitions. Bitpanda Technology Solutions is fully modular, enabling us to tailor products to our partners’ needs. This partnership exemplifies the importance of that flexibility. Together, we will transform crypto access for millions in the UAE and lay the groundwork for future innovation.”

Bitpanda Technology Solutions stands as one of the most scalable digital assets infrastructure providers globally. As a highly regulated leader in the industry, it boasts a worldwide footprint and is already trusted by some of the world’s foremost financial institutions, banks, neobanks, and fintechs.

In May 2024, Bitpanda, Austria’s first unicorn company, announced plans to expand to the Middle East, with the launch of Bitpanda MENA with offices in DMCC Crypto Center. Bitpanda will match the region’s ambitions and provide the infrastructure necessary to power future trading growth and unlock digital assets for millions of investors.

At the time Bitpanda noted that Banks, fintech, (neo-)brokers and crypto-native companies in the region will be able to partner with Bitpanda Technology Solutions (BTS) to launch their own trading solutions powered by Bitpanda’s infrastructure in as little as 3 months once Bitpanda MENA has finalized obtaining its local license later this year.

BitPanda already partners with several of Europe’s largest banks, and currently provides the trading infrastructure for over 20 million customers across Europe.

Binance powers Azerbaijan Chain reaction event

Binance powers Azerbaijan Chain reaction event

Binance, a Web3 Blockchain ecosystem and the largest crypto exchange in terms of trade volume, is powering the Chain Reaction, event series organized by FARI Solutions in Baku Azerbaijan. The event will be held from September 10-11th 2024.

The conference is a melting pot of innovation, where the sharpest minds in Web3, crypto, AI and blockchain will converge to push boundaries, share groundbreaking ideas and set new directions for the future. As the globe’s foremost experts, innovators and thought leaders assemble, we extend an invitation for you to join this transformative experience.

Rachel Conlan and Vishal Sacheendran, the respective Global Chief Marketing Officer and Global Head of Regional Markets at Binance, will be speaking at the conference. They will be joined by ministers and government officials such as Inara Valiyeva, Chairwoman, Innovation and Digital Development Agency (IDDA); Fariz Jafarov, Executive Director of the Centre for the 4th Industrial Revolution (C4IR) Azerbaijan; Dr. Angelika Layr, Deputy Director of the Office for Financial Market Innovation & Digitalisation, Liechtenstein; and representatives from Barings, Vodafone, Syz Group, Beincrypto, Jadwa Investment, Dow Jones, EY, Deloitte, among many others.

Chain Reaction 2024 powered by Binance, coincides with the high-energy atmosphere of the Formula 1 Azerbaijan Grand Prix, guaranteeing unmatched exposure and engagement. Partners will have a unique platform to showcase their brands to a diverse audience, while attendees will benefit from exclusive access to industry pioneers and immersive, hands-on workshops.

For those interested in attending they can visit www.chainreaction.farisolutions.com

The announcement comes as Binance has restarted its operations in India.

UAE based 5irechain launches environmentally friendly mainnet

UAE based 5irechain launches environmentally friendly mainnet

UAE based 5irechain, a blockchain platform with a strong focus on sustainability, has announced the public launch of its mainnet following a highly successful testnet phase of 1 million on chain transactions within its first month.

As per the press release, With the mainnet now live, 5ire aims to revolutionize the blockchain industry by showcasing how blockchain technology can be both efficient and environmentally friendly.

The 5ire mainnet is capable of processing up to 1,500 transactions per second, and uniquely, it returns 50% of gas fees to users. This initiative strives to foster a greener future for the web3 space.

5ire’s mainnet is designed to be developer-friendly and employs a Sustainable Proof-of-Stake (SPoS) mechanism. This mechanism rewards users who adopt environmentally conscious practices, thereby emphasizing an ecological-first approach. The platform underscores the potential for a fast, secure, and cost-effective network while maintaining environmental accountability.

Pratik Gauri, CEO and co-founder of 5irechain, emphasized that the mission is to demonstrate blockchain technology as a powerful force for good. By integrating sustainability metrics directly into their protocol, 5ire aims to create a blockchain that is not only fast and efficient but also aligned with global sustainability goals.

5ire’s mainnet features a dual-chain architecture that is fully EVM-compatible, allowing developers to build decentralized applications (dApps) that drive positive impact within the web3 realm. The platform includes features such as a single key that derives both a Substrate-native and an EVM account, ensuring that Ethereum developers can build on the platform with ease.

Gauri highlighted that the company’s primary goal is to build a long-term, sustainable product with a proven track record, rather than chasing the image of a unicorn. The launch of the mainnet, particularly on India’s Independence Day, marks a significant milestone for the company and its team members, many of whom are from India.

Prateek Dwivedi, co-founder and CPO at 5ire, expressed excitement about the innovations that the growing community of developers will bring to life on their network. He highlighted that 5ire is not just another blockchain platform, but a movement towards a more sustainable and equitable future.

UAE Dubai Court of First Instance recognizes crypto as a form of salary payment

UAE Dubai Court of First Instance recognizes crypto as a form of salary payment

In a recent article in Lexology, the UAE Dubai Court of First Instance has ruled in 2024 recognizing the payment of salaries in cryptocurrency under employment contracts. The decision was made in reference to case number 1739 of 2024.

According to Mahmoud Abuwasel from law firm Wasel & Wasel, “This decision, rendered in case number 1739 of 2024 (Labour), represents a notable departure from a previous judgment by the same court in 2023, where a similar claim involving cryptocurrency was denied due to the employee’s failure to provide a precise valuation of the digital currency.”

The case

The case was about unpaid wages and wrongful termination compensation where part of the payments was in EcoWatt tokens. The dispute centred on the defendant’s failure to pay the EcoWatt token portion of the salary for six months and the allegedly wrongful termination of the plaintiff’s employment.

The court recognized and enforced that crypto was a valid form of remuneration, despite the traditional payment norms that typically involve fiat currencies.

The court ruled in favour of the employee, not only recognizing the validity of payment in cryptocurrency but also ordering the payment to be made in EcoWatt tokens rather than converting it into fiat currency.

The court’s decision in 2024 was based on the principle that wages are a right of the employee for the work agreed upon. The court noted that as per Article 912 of the Civil Transactions Law, wages are a right of the worker against the employer in return for the agreed work and the provisions of Article 22 of Federal Decree-Law No. (33) of 2021 on the Regulation of Labour Relations and Article 16 of the Cabinet Resolution No. 1 of 2022 concerning the Executive Regulations of this Decree-Law provide that the employer is obligated to determine the amount and type of wage in the employment contract, and if not, the court shall determine it.

As such the court found that the employer must pay the wages to the workers on the due dates, either through the Wage Protection System (WPS) or any other approved systems, and it is the employer who is tasked with proving the payment of wages to the workers and providing evidence of that. As the respondent did not provide evidence of payment of the claimant’s salary for the claimed period, and since the documents were void of such evidence, the court orders the respondent to pay the claimant [redacted] AED in addition to [redacted] EcoWatt tokens.

Acccording to AbuWasel, “ This ruling marks a significant shift in the court’s approach, demonstrating a greater acceptance of cryptocurrency as a valid and enforceable means of remuneration. It underscores the importance of upholding contractual agreements as long as they are clear, agreed upon by both parties, and not in conflict with public policy or law.”

Abuwasel adds, “ The Dubai Court’s 2024 ruling is a testament to the UAE’s progressive legal environment, particularly regarding the use of digital currencies in employment contracts. The court’s willingness to enforce cryptocurrency payments as stipulated in contracts sets a positive precedent that will likely encourage further integration of digital currencies in various sectors, not just in employment.”

Bahrain Blockchain entity partners with Saudi Industrial tech entity for Intelligent transformation in KSA

Bahrain Blockchain entity partners with Saudi Industrial tech entity for Intelligent transformation in KSA

Bahrain headquartered iBLOCKCHAIN, a Web3 digital solutions provider, has partnered with Saudi Arabian Nesma United Industries, a prominent technology provider for the industrial sector in Saudi Arabia to advance “Intelligent Transformation” within Saudi Arabia’s industrial sector.

The agreement was signed by both chief executive officer Dr. Marwan Gholmieh of Nesma United Industries and iBLOCKCHAIN CEO Eng. Wassim Jarkas.

As per the press release, the initiative aligns with the ambitious objectives of Saudi Vision 2030 and underscores the critical intersection between industrial and technological sectors in the region.

Mr Jarkas emphasised the significance of this partnership, stating, “This unique transformation agreement ushers in a new era of ‘Intelligent Transformation’ rather than just digital transformation. Our collaboration with Nesma United Industries is a testament to their forward-looking vision and commitment to pioneering disruptive changes in the industry. We at iBLOCKCHAIN are proud to lead in this revolutionary approach, setting the stage for unprecedented advancements in both technological innovation and industrial excellence.”

This collaboration will integrate cutting-edge technologies including Web 3.0, big data management, artificial intelligence, advanced data analytics, and Blockchain solutions. The press release adds, “These innovations will not only protect critical data but also ensure transparency and traceability within supply chains, setting a new standard for industrial operations in the region.”

A roadmap has been established, featuring four distinct phases: Discovery, Analysis, Processing, and Execution. This structured approach will guide the successful implementation of the project, ensuring that the partnership delivers on its promise of transformative impact.

Dr Gholmieh expressed his enthusiasm for the collaboration, stating, “This partnership opens up vast opportunities for comprehensive digital transformation. It will significantly enhance our technological and operational capabilities, preparing us to lead in the digital future.”

Echoing this sentiment, Chief Strategy Officer at iBLOCKCHAIN Engineer Sary Qasim remarked, “This agreement represents a big leap forward for both the technological and industrial sectors.”