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Tokinvest and UDPN launch stablecoin management System

Tokinvest and UDPN launch stablecoin management System

Tokinvest DMCC, a marketplace for real-world asset tokenization and provisional Virtual Assets Regulatory Authority (VARA) licensed brokerage, has expanded its collaboration with Universal Digital Payments Network (UDPN) to launch a Tokenized Deposit and Stablecoin Management System.

The market cap of stablecoins and tokenized deposits grew to $197.5bn, up from $171.6bn at the start of November, according to rwa.xyz1, and is forecast to experience rapid expansion and diversification in the coming years. These “digital dollars” can be collateralized by a diverse range of assets including fiat currency, gold, treasuries and other tangible or financial assets. For regulated digital currency issuers, they represent a transformative opportunity to enhance liquidity, streamline cross-border transactions and dramatically speed up and reduce costs for business processes such as clearing and settlement.

Scott Thiel, CEO of Tokinvest, said, “The UAE now benefits from regulatory clarity around the launch of stablecoins under the VARA and Central Bank of the United Arab Emirates (CBUAE frameworks). The Tokinvest Tokenized Deposit and Stablecoin Management System provides a turnkey full-service solution to the growing list of banks, government entities, and corporates with ambitions to launch and manage their own tokenized deposit or stablecoin using what we have assessed to be the best tokenized deposit and stablecoin management platform in the world today. It also enables us to support retail businesses looking to migrate their loyalty programs from the traditional loyalty point debt model to a tokenized consumer engagement model that sits on their balance sheet as a credit.”

The solution is a bank-grade product licensed to Tokinvest under a white-label reseller and support agreement recently concluded between the parties. The Tokinvest solution provides high-availability, open APIs for core banking system integration and third-party access to all tokenised deposit / stablecoin / loyalty programs via one single management portal. It also offers leading-edge security features such as air gap minting, role-based management, private-key approval mechanisms, 2FA login, Illicit activity screening, wallet/fund freeze/unfreeze and multi-signature controls. The solution supports multiple systems and different blockchain protocols under one unified management portal.

Tim Bailey, Vice President of Global Business & Operations of UDPN co-developer Red Date Technology, added, “Having collaborated for several years with the Tokinvest leadership, we are excited to appoint them as a partner and reseller of the tokenised deposit and stablecoin platform and to support the growth and adoption of fiat referenced virtual assets and payment tokens in MENA and Africa.”

Tokinvest is committed to the responsible development of the regulated virtual assets ecosystem in the UAE. The partnership with UDPN and the launch of the Tokenised Deposit and Stablecoin Management System represents a significant milestone in that journey.

Digital asset platforms Fuze and Fils in UAE to embed sustainability in all crypto transactions

Digital asset platforms Fuze and Fils in UAE to embed sustainability in all crypto transactions

Fuze, a digital assets infrastructure provider in MENA, and Fils, an enterprise-grade digital infrastructure platform dedicated to embedding sustainability into every transaction, have partnered to launch the first-of-its-kind sustainable digital asset solution in the Middle East, Africa, and Turkey.

This collaboration will integrate blockchain-powered solutions through Fils’ use of the Layer-1 blockchain, ensuring transparency, traceability, and trust in every transaction, creating a seamless way for customers to measure and offset the carbon footprint of their digital asset purchases, supporting regional institutions and fintechs in meeting sustainability goals while navigating the growing demand for digital assets, and to lead in sustainability by aligning with global ESG goals.

The importance of this initiative is also underscored by the UAE’s rapidly growing digital assets market, which is projected to generate $453 million in revenue by the end of 2024, with further growth expected to surpass $616 million by 2028.


Nameer Khan, Founder and CEO of Fils, commented, “Our partnership with Fuze represents a milestone for both fintech and sustainability in the region. By embedding climate action directly into the digital assets ecosystem and leveraging the power of our blockchain technology, we’re providing the most comprehensive and first-of-its-kind solution that not only meets but exceeds global ESG expectations. This partnership underlines the growing importance of aligning financial innovation with environmental responsibility. Together, we are building the rails for a future where every transaction contributes to a greener planet, demonstrating how fintech can lead the charge in achieving net-zero goals.”
Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze, added, “Our partnership with Fils underscores Fuze’s commitment to innovation and responsibility. As digital assets become a mainstay for financial institutions, embedding sustainability in these transactions is essential for long-term growth and environmental stewardship. Together with Fils, we’re setting a new standard for green finance in the region.”
The partnership includes the following initiatives, providing real-time data on the environmental impact of digital asset transactions, empowering customers to make informed decisions, enabling customers to offset the carbon footprint of their transactions seamlessly, fostering climate-positive actions and helping banks and fintechs across the region adopt sustainable practices, aligning with global ESG (Environmental, Social, Governance) standards.

The collaboration between Fuze and Fils reflects a shared vision for responsible innovation. By integrating sustainability into digital assets, the partnership supports businesses in achieving both financial and environmental goals, paving the way for a greener economy.
funds, and HNIs (high-net-worth individuals) in executing large digital asset trades securely and efficiently. Fuze also offers crypto payment solutions, facilitating global, real-time, multi-currency transactions for businesses.

Zand Bank to launch UAE dirham stablecoin

Zand Bank to launch UAE dirham stablecoin

In the same news piece that announced Zand Bank’s license for crypto and digital assets custodial services, the CEO also announced that Zand Bank would be launching an AED backed stablecoin, following the footsteps of both AE Coin which recently received its license as well as Tether which also announced it would be launching an AED stablecoin.

Zand Bank hopes that the upcoming launch of its AED backed stablecoin will enhance their ability to integrate TradFi and DeFi.

Michael Chan, CEO of Zand, stated, “We would like to extend a heartfelt token of appreciation to VARA for their continued support of Zand. Our Digital Asset Custody service is a significant step in UAE banking. By providing institutional-grade security for digital assets, we are equipping our clients with the tools they need to thrive in the digital economy. The upcoming launch of Zand’s AED-backed stablecoin will further enhance our ability to integrate TradFi and DeFi, reinforcing our leadership in this space.”

The booming stablecoin market hit another milestone last week crossing the $200 billion total market value mark for the first time ever as demand accelerates and adoption expands for the assets. The asset class as a whole added $10 billion market value in only two weeks since it surpassed the 2022 bull cycle record of $190 billion, according to CCData and DefiLlama.

In the UAE after the Central Bank approved its Fiat Payment token regulation, companies such as Tether, AE Coin and now Zand Bank have either launched or will be launching their AED stablecoin.

Abu Dhabi AI G42 invests in Inveniam private market tech entity

Abu Dhabi AI G42 invests in Inveniam private market tech entity

Abu Dhabi based, G42, a global leader in creating visionary artificial intelligence for a better tomorrow announced a strategic investment in Inveniam, an innovator in private market financial technology that utilizes DLT technology to tokenize assets.

As per the announcement, this marks a significant step in G42’s mission to apply cutting-edge AI solutions to industries that are critical to global economies but remain underserved by technology.

Inveniam’s pioneering data architecture and expertise in private market systems align seamlessly with G42’s advanced AI capabilities. The collaboration will enable secure, privacy-first solutions for managing sensitive financial data while improving efficiency and transparency in private markets.

As per G42 this partnership underscores G42’s commitment to building transformative, AI-driven ecosystems that reshape industries for the better. Inveniam’s innovative technology and leadership make it the ideal partner to drive meaningful change in private markets globally.

With regards to Inveniam, which has raised over $120 million previously, the partnership is important because of their need for AI to deliver the world’s leading solutions for Private Markets.

Private markets, the realm of real estate, private equity, private credit and infrastructure investments, represent the world’s largest asset class, worth hundreds of trillions of dollars. Yet despite their massive size, these markets operate much like they did decades ago, with scattered data, manual processes, and long transaction times. Inveniam have spent years building technology to solve this problem, creating the infrastructure that allows these assets to be managed, shared and traded with the efficiency of public markets, while keeping sensitive data secure and in the clients’ systems using agents.

Patrick O’Meara, Chairman & CEO, Inveniam noted, ” As we built our solution, we realized that it would not be a single new technology that transforms this market. It is the convergence of AI, DLT, and DeFi. There were a number of significant technical barriers, but these have been overcome in the past several years. Now, Inveniam is utilizing these technologies together at scale. Inveniam’s platform delivers trust in the source data with visibility, transparency, and auditability around the automation which we refer to as Smart Provenance™. This context, attribution, and trust opens the door for enterprise use against private market assets.”

Inveniam and G42 will offer solutions that deliver trust in the value of underlying assets for investors exchanging billions of dollars daily on private market funds, indices, derivatives, and eventually the underlying assets.

G42 has built some of the most advanced AI systems in the world and partners with leading organizations across industries and geographies.

Enterprises need a tool to get their data ready for AI and maintain readiness for automation tools, such as AI. This is where Inveniam’s sophisticated permissions and workflow solutions allow for management of data operations in a decentralized data environment with a focus on the unstructured data associated with private markets.

Both companies will be building something that hasn’t existed before a comprehensive technology platform that combines G42’s AI capabilities with Inveniam’s data architecture. The world’s first private markets derivatives exchange, beginning with real estate, that enables these assets to be traded dramatically more efficiently, with a target of reaching the efficiency of the public markets.


From this foundation of permissioned-access to trusted data, The partnership with G42 provides the resources for the next several years of operations as well as technological capabilities to expand to all private markets – from infrastructure projects to private equity investments.

We’re building the infrastructure that will allow the world’s largest asset class to operate with the efficiency of public markets while maintaining privacy and control that private market participants require. This leapfrogging of public market centralized data solutions will transform Private Markets. With G42 and our ecosystem of partners, we are starting to deliver this reality.

TON Blockchain registers DLT Foundation in ADGM UAE

TON Blockchain registers DLT Foundation in ADGM UAE

The TON Blockchain has registered its DLT Foundation at ADGM in UAE under ADGM’s DLT Foundations framework.

The TON DLT Foundation aims to contribute to the adoption of TON Blockchain with a strategic focus on expanding the network’s presence in the Middle East and North Africa (MENA) as well as Asia Pacific regions.

It wants to reach 500 million users in MENA and APAC by 2028.

Recently OKX Ventures, the investment arm of leading crypto exchange and global onchain technology company OKX, announced a $5 million investment in TON Ventures, a venture capital fund dedicated to accelerating growth within The Open Network (TON) blockchain ecosystem. The investment is aimed at establishing a network of experienced builders to develop best practices for TON applications.

This move complements OKX Ventures’ recently launched $10 Million Telegram Growth Hub, in partnership with The Open Platform and Folius Ventures, by focusing on technical expertise and development standards. With direct access to Telegram’s 950 million monthly active users and successful mini-apps like Notcoin, OKX Racer and Catizen, TON continues to demonstrate strong potential for mass adoption.

Having secured $40 million in initial funding, TON Ventures combines deep ecosystem expertise through its founders Ian and Inal. The fund typically deploys investments of up to $500,000 for early-stage projects, while maintaining flexibility for larger opportunities. In the coming months, TON Ventures will focus on supporting the emergence of midcore gaming experiences, an expansion of monetization tools available to creators and the continued growth of the decentralized finance sector on TON.

Aethir and Blockchain Center Abu Dhabi partner for $100 million ecosystem fund

Aethir and Blockchain Center Abu Dhabi partner for $100 million ecosystem fund

Aethir ,enterprise-grade GPU-as-a-service platform on the market, capable of supporting AI and gaming companies of all types and sizes with reliable, secure, and highly scalable GPU computing power and The Blockchain Center Abu Dhabi (ADBC) partnered at Bitcoin MENA to supercharge AI and gaming development through Aethir’s $100 Million Ecosystem Fund.

As per the blog post, the fund comprises of Aethir compute subsidies and token grants for eligible projects, focusing on innovators developing projects in Abu Dhabi and the broader MENA region. ADBC will be the regional onboarding partner for Aethir’s AI and gaming ecosystem grants, as they have expertise in the local Web3 sector.

Aethir’s decentralized cloud infrastructure can efficiently service the most demanding enterprises in the Web3 industry with premium GPU compute resources. Additionally, Aethir’s network of over 33,000 globally distributed Aethir Edge cloud computing devices enables anyone to become a compute provider in our network and support the everyday workloads of our clients worldwide.

ADBC aims to empower businesses, governments, and individuals to leverage blockchain technology for sustainable growth and transformation that can positively impact users’ everyday lives globally. The center’s Incubation & Acceleration Hub provides Web3 startups with comprehensive resources, expert mentorship, and strategic funding.

The grant program will primarily focus on AI and gaming enterprises building projects in the MENA region, focusing on Abu Dhabi with ADBC’s support. Aethir will be the exclusive GPU computing provider for all eligible projects with compute grants, subsidies, and token grants from our $100 million Ecosystem Fund.

ADBC will be Aethir’s exclusive partner for onboarding innovative AI and gaming projects from the MENA region into the ecosystem through Aethir’s grant program.

ADBC will form a committee to source and onboard startups into the Aethir ecosystem, specifically in Abu Dhabi and the broader MENA region, and will offer grantees expertise in regulatory compliance, business strategy, and market entry within the UAE. Furthermore, ADBC will co-host or sponsor events to increase the visibility of grantee projects and create networking opportunities, as well as joint marketing campaigns to promote these projects.

While, Aethir’s role in this partnership will be to provide compute subsidies and token grants to eligible applicants. All grant program applicants must use Aethir’s cloud-computing infrastructure or partner with Aethir through allocations of their native tokens.

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Aspen Digital gains crypto broker and custody license from ADGM in UAE

Aspen Digital gains crypto broker and custody license from ADGM in UAE

Aspen Digital, a full-service private wealth management platform built for family offices and ultra-high net worth clients allocating into digital assets, co-incubated by Everest Ventures Group and TTB Partners and backed by RIT Capital Partners, Liberty City Ventures and Token Bay Capital today has received a Financial Services Permission (FSP) from the Financial Services Regulatory Authority of ADGM.

The license grants the company permission to provide broker-dealer, asset management, advisory, and custody services under its fully regulated and best-in-class tech platform. The wealth management platform received preliminary approval back in June 2024.

Elliot Andrews, CEO of Aspen Digital, said, “ADGM has established itself as a global center for digital assets, and we look forward to contributing to the continued development of the ecosystem. With digital assets increasingly becoming an important part of the private wealth portfolio, Aspen Digital is uniquely positioned to service this segment of clients in the region by providing a holistic solution across the asset class.”

Arvind Ramamurthy, Chief Market Development, ADGM, added, “We are delighted to welcome Aspen Digital to ADGM, further cementing its reputation as a global financial hub and its growing prominence as a leading wealth management hub. Aspen Digital’s decision to establish its presence in ADGM is a testament to the strength of our regulatory framework and our ability to enable private wealth platforms to serve the growing demand for digital assets across the region. We look forward to supporting Aspen Digital in its journey to advance the private wealth management landscape in Abu Dhabi and beyond.”

Japanese bitgrit establishes DLT Foundation in ADGM UAE

Japanese bitgrit establishes DLT Foundation in ADGM UAE

bitgrit, founded in Japan, aims to democratize AI development for all creators and has been working on developing systems utilizing blockchain technology. has announced that it has registered its DLT Foundation at ADGM in UAE.

As per the announcement, this foundation represents the first instance of a Japanese-rooted company leveraging ADGM’s regulatory framework to create a crypto asset foundation.

A DLT Foundation is a foundation scheme provided by ADGM, specifically tailored for projects involving crypto assets and DLT. This framework enables such projects to operate transparently and reliably. It also allows for the issuance and management of tokens in a legally authorized environment, providing significant advantages for projects prioritizing regulatory compliance.

bitgrit has now transitioned into an ADGM-registered entity, placing itself at the forefront of AI and blockchain innovation in the Middle East. The company connects a global community of over 35,000 data scientists and offers innovative services through its AI competition platform and an AI marketplace currently under development.

The newly established BITGRIT DLT Foundation will form the foundation for bitgrit’s planned issuance of crypto tokens. These tokens will be utilized within the company’s platforms, enabling AI agents to leverage AI models and datasets while facilitating transactions among users through token-based ecosystems.

Kazuya Saginawa, CEO of bitgrit, statedm “The establishment of the BITGRIT DLT Foundation is a significant milestone for us as a Japanese-rooted company operating under ADGM’s regulations. By integrating AI agents and Web3 technologies, we aim to create a new ecosystem that delivers value to both users and businesses while ensuring transparency and reliability.”

bitgrit DLT Foundation aims to issue crypto tokens to build an ecosystem where AI agents can efficiently operate and interact, and work toward listing the tokens on the UAE’s “Available Virtual Assets” list to enhance trust and adoption, while expanding from the MENA region to global markets.

In August 2024, Kaia DLT Foundation got licensed in ADGM and their mainnet will be launched on August 29th 2024. Prior to that IoTA also launched its DLT Foundation from ADGM.

HTX crypto exchange receives provisional approval for a license in UAE

HTX crypto exchange receives provisional approval for a license in UAE

HTX, a crypto exchange, during the Bitcoin MENA 2024 event in Abu Dhabi announced that it has received a provisional approval from Dubai’s Virtual Asset Regulator (VARA) as it seeks to expand to the MENA region. Charmain Lim, Head of VIP Clients Services at HTX made these statements during one of the panels.

During the session, “The Great Debate: Bitcoin vs. Crypto” session, Justin Sun, Global Advisor of HTX and Founder of TRON, attributed Bitcoin’s breakthrough of the $100,000 mark to advancements in cryptocurrency technology. He explained, “Tether once issued stablecoins on the Bitcoin Omni Layer, but the platform’s slow transaction speeds hindered its growth. However, USDT on TRON enables instant transactions, meeting the needs of users. Technological advancements have also benefited Bitcoin. The growing popularity of stablecoins has led to increased capital flowing into Bitcoin, further solidifying its role as a store of value.”

While Charmaine Lim, during a roundtable discussion titled “Improving Access to Bitcoin in the UAE” stated that despite advancements in UAE when it comes to cryptocurrencies, challenges persist, such as the cautious approach of certain banks toward cryptocurrency transactions, insufficient public education about cryptocurrencies, and regulatory uncertainties. These factors hinder the growth of the crypto sector in the UAE.

Charmaine noted that HTX secured the Provisional Approval for the Virtual Asset Service Provider (VASP) license from Dubai’s VARA and is currently applying to upgrade it to a full VASP license.

He emphasized HTX’s strong focus on the UAE market, noting the platform’s ongoing efforts to connect with regulatory bodies and its proactive steps to collaborate with local banks in establishing a streamlined fiat-to-cryptocurrency transaction channel. Charmaine added that HTX will provide global users with learning opportunities on subjects such as crypto trading, storage, and security through HTX Live and online workshops. The platform will also continue to expand language options, including offering Arabic support, to enhance the user experience.”

UAE Bank invests in crypto custodian Zodia Custody

UAE Bank invests in crypto custodian Zodia Custody

A leading UAE bank, Emirates NBD, has invested in a crypto custodian service provider, Zodia Custody, which is seeking to be licensed in UAE. Zodia Custody is backed by Standard Chartered, SBI holdings and others.

As per the announcement, the strategic equity investment was made by Emirates NBD’s Innovation Fund, the bank’s corporate venture fund.

Headquartered in London, Zodia Custody tailors digital asset custody solutions for institutional clients in alignment to regulatory requirements, ensuring institutions can make informed investment decisions according to market trends with the highest levels of security.

Marwan Hadi, Group Head of Retail Banking and Wealth Management, Emirates NBD, stated, “Our strategic investment in Zodia Custody reflects our commitment to creating an environment where digital asset trading venues and forward-thinking institutions can interact safely, securely and without compromise. FinTech is changing the institutional landscape rapidly and we want to ensure our ongoing support to emerging technologies to bolster this growth by bridging the gap between financial services and digital assets.”

He added, “Our investment is significant in light of the UAE’s progressive approach to digital asset regulation and its ambition to become a global innovation and technology hub. Additionally, it aligns with the Dubai Economic Agenda D33 that envisages the Emirate among the top four global financial hubs and a preferred capital market in the Middle East, Africa and South Asia region.”

Neeraj Makin, Group Head of Strategy, Analytics and Venture Capital at Emirates NBD, said, “Emirates NBD has decades of experience in leveraging innovation to simplify banking. The investment in Zodia Custody’s robust and unique offerings positions Emirates NBD at the forefront of digital asset innovation, a trillion-dollar-asset class. The MENAT region is transforming rapidly into a key player in the crypto economy fuelled by institutional and enterprise activity and a growing appetite for DeFi and Stablecoins. In line with our vision to be a digital leader in the region, we are making strategic investments via the Innovation Fund and committed to fostering a culture of innovation.”

Julian Sawyer, CEO of Zodia Custody, said, “As the fifth bank to cast a vote of confidence in our proposition, we are beyond grateful to Emirates NBD for placing their trust in us. This investment is a monumental step forward, paving the way for Zodia Custody to become a leading player globally.”

Alex Manson, CEO of Standard Chartered Ventures, said: “Emirates NBD’s investment marks the fifth TradFi institution supporting our Digital Assets venture Zodia Custody. As we build an ecosystem of infrastructure to operate Digital Assets at institutional grade, we are grateful for this recognition, support and most importantly look forward to our partnership.”

This week as well, Emirates NBD, added, its fifth member of its Digital Asset Lab, Chainlink, the standard for onchain finance, verifiable data, and cross-chain interoperability. Chainlink will join other founding members including PwC, Fireblocks, R3 and Chainalysis.

This also comes days after UAE based Zand Bank, an AI powered digital bank, received a full VASP license from Dubai’s virtual assets regulatory authority (VARA) allowing it to offer crypto custodial services. The license allows Zand to offer crypto and digital asset custodial services to institutional investors and qualified investors.