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UAE based Xalts collaborates with Polygon blockchain network

UAE based Xalts collaborates with Polygon blockchain network

Xalts today announced a deeper collaboration to bring its enterprise-grade real world asset tokenization platform, RWA Cloud, to the Polygon blockchain network. RWA Cloud provides 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.

Xalts’ 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.

Recently, Xalts and Polygon Labs joined the Qatar Financial Centre Authority Digital Assets Lab to test and commercialise cases in real-world asset tokenization. The collaboration signifies a joint effort in exploring new dimensions in blockchain technology and asset tokenization.

By integrating Polygon within Xalts’ RWA Cloud platform, enterprise application developers will be able to deploy and build blockchain applications quickly and at a very low cost using Polygon. Xalts will further partner with the Polygon Labs team on a host of institutional applications, including those around trade and supply chain finance, treasury management, and digital currency adoption.

Xalts’ 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. Enterprises can manage process complexity associated with events like issuance, servicing, or transfers by leveraging RWA Cloud’s Smart Workflow Core, an orchestration layer that connects with smart contract libraries and multiple off-chain systems.

“We are very excited to onboard Polygon. Deeper collaboration and integrations with blockchain partners enables regulated financial institutions to build their enterprise use cases in a seamless way. We look forward to accelerating the adoption of RWA tokenization by enterprises.”, said Supreet Kaur, Chief Operating Officer, Xalts.

“Integrating Polygon with Xalts RWA Cloud will speed up the enterprise adoption of blockchain & RWA Tokenization use cases. We look forward to working closely with the Xalts team to enable financial institutions and fintechs with a plug and play solution”, said Colin Butler, Global Head of Institutional Capital at Polygon Labs.

Ripple backed Ryzer blockchain accepted into Qatar Digital assets Lab

Ripple backed Ryzer blockchain accepted into Qatar Digital assets Lab

Indian headquartered, Ryzer a blockchain-based (Token Service Provider) real estate investment platform, has been accepted into Qatar Digital Labs within the Qatar Financial Centre (QFC) digital asset tokenization regulatory framework. Backed by XRPL and Ripple, it provides a liquid marketplace for fractional ownership of commercial assets while ensuring regulatory compliance and a seamless user experience.

Within 6 months Ryer will develop a highly regulated framework as per their announcement. It will enable institutional investors to securely invest in commercial rental yield properties with robust legal and compliance backing.

Surya Gedela, Founder and CEO of Ryzer stated, “ I strongly believe that Ryzer acceptance into Qatar Digital Labs is a critical milestone in its growth journey. At this stage, regulatory compliance and institutional trust are key to scaling, especially as Ryzer focuses on tokenizing commercial rental properties.”

He adds, “Participating in the Qatar Financial Centre (QFC) Authority framework enhances credibility, legal security, and investor confidence, positioning Ryzer for regional and global expansion.

According to him acceptance into the QFC Digital Assets Lab, will boost Ryzer’s credibility by aligning with Qatar’s stringent regulatory framework, enhance legal and compliance standards, crucial for institutional investor trust, position Ryzer for regional expansion in the MENA market as well as strengthen Ryzer’s product offering and open doors to institutional capital and larger investments.

This comes after Qatar Financial Centre officially launched its Digital assets Lab regulatory framework and soon after entities such as The Hashgraph Association, R3, Settlemint and others joined or partnered.

Tether holdings of U.S. treasury bills surpasses that of UAE

Tether holdings of U.S. treasury bills surpasses that of UAE

Tether stablecoin on its 10th anniversary announced that it was one of the top 20 largest buyers of U.S. Treasury bills, surpassing the holdings of UAE. The company also announced that it had surpassed 350 million users just a decade after its 2014 launch.

According to recent data released by the company, Tether’s user base expanded by 24% over the past year alone, jumping from approximately 282 million users in October 2023 to its current level. This growth is even more striking when compared to October 2022, when the platform had roughly 141 million users, less than half of today’s figure.

With a current market capitalization of $119.8 billion, Tether’s USDT token significantly outpaces all other stablecoins in circulation.

The company reports substantial holdings in U.S. Treasuries, positioning itself as a significant player in government securities markets. “As of its Q2 2024 Attestation, Tether had direct and indirect exposure to over $97 billion in U.S. Treasuries,” the company stated. “This makes Tether one of the top 20 largest buyers of U.S. Treasury bills, surpassing the holdings of countries like Germany, the United Arab Emirates, and Australia.”

Tether argues that its significant Treasury holdings strengthen the dollar’s international influence, with USDt serving as a trusted digital representation of the world’s reserve currency.

Tether recently announced it would be launching a UAE Dirham backed stablecoin.

WadzChain, affiliate of UAE licensed WadzPay launches a Hybrid blockchain

WadzChain, affiliate of UAE licensed WadzPay launches a Hybrid blockchain

WadzChain Network, a blockchain technology infrastructure provider, an affiliate to WadzPay which has received a VASP license in UAE pending final requirements, has launched a hybrid blockchain intending to transform global payments for businesses by catering to all types of payments needs including micropayments, high-volume payments, disbursements, benefits and many more. 

As per the press release, the platform meets the needs of government, corporations, merchants and consumers while being highly scalable, with the capacity for up to 10,000 TPS. Its hybrid architecture (Layer 1 public, Layer 2 private) uses Proof of Stake (PoS) for public consensus, and Proof of Authority (PoA) for private consensus, ensuring fast, secure transactions. Interoperable and compliant with global regulations, WadzChain supports multiple digital assets and payment gateways, offering smart wallet integration, comprehensive payment features, and flexibility for businesses to operate in both public and private environments.

The press release notes that network has strategically shifted its focus to solidify its long-term growth. This renewed emphasis is on building the core of the business with purpose-built technology, ensuring its foundation is robust and aligned with future opportunities.

The company notes that these advancements may involve internal restructuring to optimize operations, the approach is being managed carefully to ensure the organization remains agile and fully committed to serving its community and all critical stakeholders.

Commenting on the launch, Mr. Anish Jain, Founder, WadzChain Network, said, “At WadzChain Network, we are leveraging our experience in the global payment industry to create a secure and user-friendly payments platform for global enterprises. Our vision is to become the central switch for all payments globally, providing interoperability across all digital currencies, including CBDCs. As the payment ecosystem evolves, WadzChain will serve as the backbone, offering unparalleled scalability, security, and flexibility. We are committed to building a global, future-proof solution that addresses the complexities of modern payment systems.”

Senior Vice President at WadzChain Network – Stas Madorski said, “WadzChain represents a new frontier in global payments, where speed, security, and scalability come together seamlessly. Our hybrid blockchain is designed to empower businesses with the tools they need to thrive in an increasingly connected world. With its hybrid approach, modular infrastructure, and the company’s deep understanding of payment demands, we believe that WadzChain will become the default blockchain payments platform globally.”

With the Testnet launch, WadzChain invites developers to build the next generation of payment applications on its versatile infrastructure. The blockchain offers developers the freedom to create tailored solutions that address real-world business challenges while taking full advantage of WadzChain’s scalability, security, and speed with decentralised finance (DeFi) support.

The WadzChain Testnet is just the beginning. Based on feedback and the success of this testing phase, WadzChain will move towards the phased launch of its mainnet.

Cosmoverse interchain conference returns to Dubai for fourth time

Cosmoverse interchain conference returns to Dubai for fourth time

Cosmoverse, the largest interchain conference, returns for a fourth year, instead heading to Dubai from October 21-27, 2024. As per the organizers, this will be another opportunity to shine a spotlight on the expanding Cosmos-SDK ecosystem while broadening its focus to encompass the wider interchain and crypto industry.

Building on its legacy, Cosmoverse has introduced Uptober, establishing October as the prime month for blockchain and crypto events. Alongside Cosmoverse, attendees can expect other major events in October and early November, such as Blockchain Life, Cardano Summit, and the Future Blockchain Summit, further establishing Dubai as the epicenter of blockchain innovation.

“We’re excited to bring Cosmoverse to Dubai, a global hub for crypto innovation. The UAE is fast becoming the go-to destination for builders in this space. Cosmoverse is expanding beyond the Cosmos ecosystem to demonstrate how the Cosmos tech stack can integrate across various sectors. With new tracks covering AI, EVM, Tokenization, and more, we’re setting new industry standards and showcasing the future of the interchain ecosystem,” says Juri Maibaum, Co-Founder of Cosmoverse.

Cosmoverse Tracks will transform the conference experience, offering dedicated spaces for attendees to dive deep into the topics that matter most. Tracks include Bitcoin, AI, EVM, Tokenization & RWAs, Interchain, ZK, and Gaming & NFTs. These tracks will offer not only talks but also hacker lounge discussions, workshops, and mentorship sessions, creating opportunities for deeper collaboration.

Cosmoverse isn’t just focused on the Cosmos ecosystem—it’s about fostering a truly multichain future, bringing together projects, enterprises, and institutions across the broader crypto space. The Cosmos tech stack, particularly the Cosmos-SDK, and IBC, continues to power some of the most innovative projects across the industry, from DeFi to decentralized AI, and Cosmoverse 2024 aims to explore the diverse adoption of Cosmos technology

Headline Speakers for this year’s event include:
● Mert Mumtaz, CEO, Helius Labs
● Sandeep Nailwal, Co-Founder, Polygon
● Mustafa Al-Bassam, Co-Founder, Celestia
● Nikita Sachdev, Founder & CEO, Luna Media Corporation
● Guy Turner, CCO & Co-Founder, Coinbureau

Cosmoverse is also introducing Cosmos Ventures, an elevated VC Track that includes an Executive Lounge, Pitching Competition, and fundraising support. The Pitching Competition offers selected projects the chance to pitch in front of leading VCs and investors, with the final round taking place on the main stage. Pitching projects receive complimentary Executive Tickets, making it a prime opportunity to showcase their ideas to a high-caliber audience.

The Executive Lounge will serve as a hub for investors, C-suite executives, market makers, validators, and other industry leaders. It offers an exclusive environment for forging connections and engaging in business development efforts, complete with VIP access, pre-event access, and VC speed dating.

Cosmoverse 2024 also ensures a seamless conference experience with integrated side events, meaning attendees won’t have to move between venues. Key side events include dYdX Day on October 21st and Bitcoin Day by Persistence on October 23rd, creating a holistic experience for all participants.

With over 2,000 attendees expected, Cosmoverse 2024 is set to be the most diverse and productive yet, offering unparalleled opportunities for collaboration, networking, and innovation across the interchain ecosystem.

Late Admission Tickets are now available for $299, offering access to one of the most anticipated blockchain conferences of the year.

Bahrain central Bank licenses ATME digital assets tokenization exchange

Bahrain central Bank licenses ATME digital assets tokenization exchange

The Central Bank of Bahrain has recently licenses digital assets exchange ATME launched at FinTech Forward 2024. ATME aims to democratize access to a wide range of previously illiquid assets through ownership fractionalization using tokenized assets.

Built on the permissioned blockchain, Hyperledger Fabric network, ATME facilitates the conversion of traditionally less liquid real-world assets into digitally tradable, more liquid tokens. By incorporating the innovation of tokenization into established financial instruments, ATME enables businesses to gain access to new, more cost-effective and time-efficient ways of raising capital. Meanwhile, it opens doors to new, high-value investments and portfolio diversification for investors.

Alex Lola, CEO ATME stated, ” Tokenization is altering the rules of the game. It eliminates the need for a multitude of well paid intermediaries, facilitates greater accessibility, and inclusivity in the debt markets. It allows entities of all sizes to optimize their balance sheets and access new opportunities.”

According to the Boston Consulting Group (BCG), the total size of tokenized illiquid assets, including real estate and natural resources could reach $16.1 trillion by 2030.

ATME provides a comprehensive range of services that optimize the capital raising process and enhance investment potential. These services encompass initial token configuration, smart contract development, token minting and distribution to secondary market trading. Expert advisory is also provided on structuring, guidance on choosing the right token types, and investor onboarding.

Alex Lola recently met with H.E. Abdulla bin Adel Fakhro, Minister of Industry & Commerce. The productive discussion focused on the immense potential of blockchain and secure tokenization to unlock diverse investment opportunities.

The National Bank of Bahrain launches first Bitcoin Linked structured investment in GCC

The National Bank of Bahrain launches first Bitcoin Linked structured investment in GCC

The National Bank of Bahrain (NBB) has launched the GCC’s first Bitcoin-linked Structured Investment, in partnership with ARP Digital which provides crypto investment products and services such as Wealth management, coverage & OTC. The unveiling took place during a special ceremony at Fintech Forward 2024.

The investment product is designed exclusively for accredited investors to provide them the opportunity to gain exposure to Bitcoin’s (BTC) long-term growth while ensuring capital preservation. Through this structured product, accredited investors can benefit from Bitcoin’s upward performance, capped at a predefined threshold, while enjoying 100% capital protection on the downside. This offers a powerful hedge against the volatility traditionally associated with digital currencies.

Hisham AlKurdi, Group Chief Executive – Markets & Client Solutions at National Bank of Bahrain said, “We are proud to introduce this bespoke structured investment, which blends the appeal of digital asset exposure with the security of capital protection. This product underscores our focus on offering our wealth management clients innovative and secure avenues to diversify their portfolios in an evolving investment landscape. It is a testament to NBB’s continued leadership in financial innovation within the region.”

The launch of the Bitcoin-linked Structured Investment is aligned with the Bank’s strategy to enhance its product suite, particularly for wealth management clients, by providing tailored solutions that balance growth potential with risk mitigation. The product meets the demand for risk-averse investors seeking exposure to Bitcoin, while fully insulating their principal investment from market fluctuations.

Abdulla Kanoo, Co-Founder and Co-Chief Executive Officer at ARP Digital added, “Our collaboration with NBB is poised to be a game-changer in the regional market. By leveraging our expertise in digital assets and NBB’s extensive reach in the financial sector, we have created a product that introduces Bitcoin exposure within a highly secure framework. This structured investment opens new doors for investors seeking a calculated approach to digital assets.”

Dalal Buhejji, Executive Director of Business Development for Financial Services at Bahrain Economic Development Board stated, “The launch of this Bitcoin-linked Structured Investment is a prime example of the true potential of Bahrain’s robust financial services ecosystem, which provides an attractive and streamlined environment that gives rise to innovative solutions, which is key to maintaining Bahrain’s position as a leading regional fintech hub and trusted investment destination for local and global investors alike. This initiative embodies a seamless fusion of traditional financial practices and inventive blockchain-based solutions, and we are proud to witness local institutions like NBB driving cutting edge advancements and diversification to the sector.”

ARP Digital received its license from Bahrain earlier this year.

Crystal Intelligence to provide UAE BitOasis crypto broker with AML and monitoring solutions

Crystal Intelligence to provide UAE BitOasis crypto broker with AML and monitoring solutions

Crystal Intelligence, blockchain analytics, compliance, and risk monitoring firm has partnered with UAE crypto broker BitOasis to offer Crystal’s cutting-edge anti-money laundering (AML) and transaction monitoring solutions, and hyper-local approach to blockchain analytics.

As per the release, this will further strengthen BitOasis’ capacity to safeguard its users and ensure robust compliance with relevant rules and regulations. Crystal’s technology will provide BitOasis near real-time analytics and insights to help prevent fraud, further strengthening the platform’s compliance framework.

BitOasis since 2016 has processed over $6 billion in trading volume.

“The UAE, with its progressive regulations, is poised to become the crypto capital of the world. With our blockchain intelligence expertise, we want to empower licensed firms like BitOasis to keep the platform and their customers safe,” says Navin Gupta, CEO of Crystal. “We’re proud to be partnering with a leading platform in the region and believe that BitOasis is setting the standard for focusing on building out a robust suite of compliance tools, including Crystal.”

“Crystal brings a unique mix of deep analytical compliance capabilities with a user-friendly interface that our team can immediately benefit from,” says Ola Doudin, CEO and Co-founder of BitOasis. “This collaboration underscores our continued commitment to providing a secure and safe trading environment for our users.”

Recently, Crystal announced the opening of its office in Dubai with the goal of delivering exceptional service for the many partners it has within the area.

UAE Phoenix Group launches 20 Megawatt digital asset mining facility in Canada

UAE Phoenix Group launches 20 Megawatt digital asset mining facility in Canada

Phoenix Group PLC (PHX), a leading multi-billion-dollar blockchain and crypto mining conglomerate listed on the Abu Dhabi Securities Exchange (ADX), has launched 20-megawatt mining facility in St Leon, Canada to grow its data center capacity and digital asset mining. The new site will add 700PH and provide the lowest electricity price (0.039 USD) in the Phoenix Group fleet with more than 97% uptime. This significant expansion plays an important role in enhancing top and bottom-line revenue within Phoenix Group’s core businesses including data center capacity and digital asset mining.

As per the press release, the site adds to the group’s overall gigawatt-scale operational and development capacity. It is part of a long-term strategy to expand the Group’s core business, with the goal of enhancing hash rate productivity while lowering costs.

Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO of Phoenix Group, commented, “Expanding and strengthening our core business presence in Canada and North America, where we see a bright, growth-oriented future is a natural extension of our ambition to be at the forefront of growth and innovation in crypto mining and associated Web 3 and blockchain development. The new capacity will benefit both our top and bottom line revenue and we anticipate further investment in business expansion over the coming months.

Strategically located to utilize local energy resources effectively, the St Leon mining site optimizes operational efficiency and sustainability and maintains Phoenix Group’s position as one of the top 4 bitcoin mining operations globally. The Group’s adaptable infrastructure approach allows Phoenix to swiftly adapt to changes in the computing landscape, exploring opportunities in both blockchain and alternative high-value computing forms.

Phoenix Group boasts a 765MW mining operation, and fuel growth through strategic partnerships and innovation.

In May 2024, Phoenix Group announced financial results for the first quarter of 2024 with a Q1 net income of $66.2 million, a growth of 166% year-on-year. As per the press release, total assets surged by 237% year-over-year, soaring to $879.3 million from $261 million. ⁠The quarter-over-quarter growth in total assets stands at 5%, while revenue experienced an 18% quarter-on-quarter increase, reaching $68.9 million.

UAE Federal government exempts virtual assets and crypto from taxation

UAE Federal government exempts virtual assets and crypto from taxation

The UAE Federal Tax Authority (FTA) published on October 2nd 2024 the amended version of the Executive Regulation of Federal Decree Law No. 8 2017 on Value added tax and has exempted virtual assets and investment fund management.

The amendments which are implemented following the Cabinet Decision No. (100) of 2024 will be effective from November 15th 2024.

These amendments aim to enhance clarity, provide further details on key provisions and procedures, and align with earlier changes in the Decree-Law and other relevant tax legislation.

When it comes to financial services, the decree noted that the management of investment funds and the transfer and ownership of virtual assets, including cryptocurrencies as well as conversion of virtual assets will be exempt from value added taxation. The exceptions on conversion of virtual assets and transfer and ownership of virtual assets are treated as effective from 1 January 2018.

According to PWC, the UAE has defined virtual assets as digital representation of value that can be digitally traded or converted and can be used for investment purposes and does not include digital representations of fiat currencies or financial securities.

PWC notes, “Businesses dealing with virtual assets should analyze the impact of the exemption on their (retrospective) VAT position, especially in respect to their input tax recovery. Voluntary disclosures may be required to correct historic returns.

PWC adds, “In particular fund managers, funds and companies dealing with virtual assets should assess whether their services are within the scope of the VAT exemption and also analyse the impact of that on the input tax recovery.”

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 report notes that one of the top reasons for UAE’s crypto growth is its low-tax jurisdiction which offers an attractive environment for crypto businesses.

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.