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Sentient Labs a Blockchain and AI startup raises $85 million

Sentient Labs a Blockchain and AI startup raises $85 million

Singapore Headquartered with an operation in the UAE AI startup Sentient Labs, has raised $85 million in seed funding. The round was co-led by Peter Thiel’s Founders Fund, Pantera Capital and Framework Ventures.

Other investors included Arrington Capital, Canonical, Dao5, Delphi, Dispersion, Ethereal, Folius, Foresight, Hack VC, Hashkey, Hypersphere, IDG, Mirana, Nomad, Primitive Ventures, Protagonist, Republic, Robot Ventures, Sky9, Spartan, Symbolic Capital, Topology, and several more.


As per the a news piece on Bloomberg, Sentient Labs will use the capital to accelerate the development of open source AI platform.

The company was founded in 2024 by a team, including Polygon Labs co-founder and executive chairman Sandeep Nailwal along with academics Pramod Viswanath and Himanshu Tyagi. Its mission is to democratize AI development, ensuring that AI benefits humanity as a whole.

The system rewards engineers for tasks such as data labelling and refining, which are essential for training AI models. While testnet is slated to go live in two months, the startup focuses on the open, monetisable, and loyal (OML) model, rewarding community contributions and claims to be transparent, fair, and decentralized

“We’re not just another AI project,” stated co-founder Himanshu Tyagi. “We’re building an open world through blockchain to achieve transparency and fairness. When our AI is used, everyone who contributed will be rewarded through the blockchain protocol.”

German DWS beats UAE Banks with stablecoin issuance announcement

German DWS beats UAE Banks with stablecoin issuance announcement

As the UAE Central Bank recently came out with its AED stablecoin regulation allowing UAE Banks to utilize a subsidiary or a fintech provider to offer AED Stablecoins, Deutsche Bank-owned DWS, which manages $1trln globally, beats UAE Banks to it announcing the eminent launch of their own Euro backed stablecoin. DWS plans to go live with the first euro-denominated stablecoin to be regulated by Germany’s BaFin watchdog in 2025.

European fund giant DWS has created a new company as part of its plans to launch the first German-regulated cryptocurrency next year, the firm’s CEO told Reuters. Deutsche Bank-owned DWS, which manages 941 billion euros ($1 trillion) globally, plans to go live with the first euro-denominated stablecoin to be regulated by Germany’s BaFin watchdog in 2025, Stefan Hoops said. BaFin declined to comment.

DWS had previously said the token would be launched by June next year. BaFin has yet to award an e-money license for a stablecoin, and DWS has set its sights on being first. “In the short term, we expect demand from investors in digital assets, but by the medium term we expect wider demand, for instance from industrial companies working with ‘internet of things’ continuous payments,” Hoops said.

BaFin has generally been critical of cryptocurrencies and has previously called for global regulation of the industry, but it has said it views stablecoins differently. European Union rules under MICA requiring stablecoins to be regulated kicked in last month.

In the first week of July Cryptocurrency firm Circle received a license, registered as an electronic money institution, or EMI, in France, The registration granted the firm a key license to become a compliant stablecoin issuer under the European Union’s crypto laws. Circle, which is primarily known for its USD Coin, or USDC, stablecoin, said in a statement that it was granted an e-money license by France’s banking industry regulator, Autorite de Controle Prudentiel et de Resolution, or ACPR.

As for the UAE the Central Bank, its stablecoin regulation noted that a Bank may not act as a Payment Token Issuer, but they can create a subsidiary or affiliate which can perform this activity. In addition crypto exchange platforms, can receive a non-objection registration to perform payment token conversions.

It also noted that both a bank or exchange house may apply for a Non-Objection Registration in order to perform Dirham Payment Token Conversion.  So the UAE has set its regulation into motion, what is needed is a bank that will endorse and take the first step either by setting up a subsidiary or affiliation.

UAE Phoenix Group and Web3 IOPn will invest $100 million in Ras Al Khaimah

UAE Phoenix Group and Web3 IOPn will invest $100 million in Ras Al Khaimah

UAE Web3, crypto blockchain company Phoenix Group, an ADX listed company, and IOPn, a Web3 ecosystem that leverages blockchain, AI and spatial computing, has partnered with RAK DAO, digital asset free zone in Ras Al Khaimah, investing $100 million in the Emirate of Ras Al Khaimah by 2030. Phoenix Group and IOPn ( Internet of People), will leverage RAK DAO’s infrastructure.

As per the press release, this substantial investment underscores Phoenix Group and IOPn’s dedication to stimulating innovation and attracting top-tier professionals to the region within the Web3 space. The partnership seeks to target, encourage and attract highly-skilled individuals in Web3, crypto, blockchain, and developer domains to the region.

Phoenix Group and IOPn aim to enrich the local talent pool by leveraging initiatives such as the Golden Visa programs and RAK DAO business licenses through investment. By nurturing top-tier talent, RAK DAO, Phoenix Group and IOPn seek to create a thriving ecosystem that harnesses cutting-edge technologies – including blockchain, spatial, and cognitive solutions for economic development and sustainability.

Phoenix Group operates nine crypto mining facilities in the US, Canada, CIS, and the UAE, with each unique company operating in one of four distinct verticals: Mining, Hosting, Trading, and Investments.

Dr. Sameer Al Ansari, CEO of RAK DAO has expressed, “We are thrilled to welcome Phoenix Group and IOPn as RAK DAO’s Ecosystem Partners. The $100 million investment marks a significant milestone in our mission to establish Ras al Khaimah as a premier destination for Web3 innovation and talent. By leveraging Phoenix Group and IOPn’s expertise and resources, we are poised to further enrich our dynamic ecosystem that fosters cutting-edge technologies and attracts the brightest minds in the blockchain and digital asset sectors.

Mr. Seyed Mohammad Alizadehfard (Bijan), Co-founder & Group CEO of Phoenix Group, elaborated on the new strategic dimensions of the partnership, stating, “Our joint venture marks a pivotal expansion of our commitment to blockchain infrastructure aimed at enhancing the technological landscape in Ras al Khaimah. Our partnership will not only drive innovation but also strategically position the Emirate as a leading center for blockchain excellence globally.”

Mr. Mojtaba Asadian, Founder and CEO of IOPn, added: “IOPn builds on the visionary leadership of Ras Al Khaimah and the supporting environment created by RAK DAO to provide a unique opportunity for top-rated world talent to innovate and create value. IOPn is doing this by offering a powerful new Web 3.0 ecosystem and using the significant proven capabilities of Phoenix Group. We’re thrilled to be embarking upon this partnership with RAK DAO in collaboration with Phoenix Group.”

Prior to this announcement, Lyvely, UAE-based social monetization platform, had been awarded a full operational license from Ras Al Khaimah Digital Assets Oasis (RAK DAO). The license allows Lyvely to undertake any non-regulated activities that fall under the SocialFi category. Lyvely is backed by Phoenix Group.

Key UAE Blockchain figure is backing up GCEX crypto broker in UAE

Key UAE Blockchain figure is backing up GCEX crypto broker in UAE

A prominent Blockchain and cryptocurrency figure in UAE, Saeed Al Darmaki is backing GC Exchange FZE part of the GCEX Group. He has not only been appointed as a Non-Executive Director for the UAE region, but will focus on driving growth of GCEX, which recently received a VASP crypto brokerage license from Dubai’s regulator VARA.

He is CEO of Sheesha Finance and co-founder of the Alphabit investment fund. He began his career in traditional finance, working at the Abu Dhabi Investment Authority (ADIA) for nine years, and has subsequently held a number of advisory and Board Director roles, playing a key role in helping innovative businesses scale.

Mehtap Önder, Managing Director, GCEX Dubai stated, “We are delighted to welcome Saeed to our Board. With his extensive network, industry expertise and regional experience, he will be a huge asset to GCEX, enabling us to maximize growth opportunities and reach our potential in the region.”

Saeed Al Darmaki, Non-Executive Director, GCEX MENA added, “This is a great opportunity for me to extend my contribution to the crypto ecosystem in the region. I have known the team at GCEX and their investors, True Global Ventures, for a while, and they tick all the boxes for me regarding their credibility and integrity, the experience of their team, their growth ambitions and their commitment to VARA and the UAE I feel confident that I can add value to the business, using my trad-fi and de-fi experience and network, as well as my in-depth understanding of the local infrastructure.”

the crypto broker opened its Dubai office in July 2022, empowering institutional and professional clients to access deep liquidity on digital assets, alongside trading and conversion of digital assets. It accepts AED and SAR, alongside many other fiat and cryptocurrencies. With a strong focus on client protection, GCEX has only partnered with regulated institutional digital custodians and staking providers and segregates all client money in Client Money Accounts.

True Global Ventures are investors in GCEX.

Solana Superteam and Saudi based droppGroup to accelerate blockchain growth KSA

Solana Superteam and Saudi based droppGroup to accelerate blockchain growth KSA

droppGroup (“dropp”), with offices in USA, Saudi Arabia and Canada, a pioneer in integrating AI and blockchain technologies, have partnered with Blockchain Solana Superteam, a key player in the Solana blockchain ecosystem, which also has operations in the UAE. The partnerships aims to accelerate the adoption of Web3 technologies in Saudi Arabia. This collaboration leverages dropp’s expertise in Web3 and AI solutions alongside Solana’s advanced blockchain platform.

Both entities will work to expand blockchain use in KSA private and public sectors, given that droppGroup has clients in KSA within Saudi government, Saudi Aramco and others. More importantly both will co host Web3 educational events.

Faisal Al Monai, Chairman & Co-Founder of droppGroup, expressed his excitement about the partnership, stating, “This collaboration is a pivotal step in unlocking the immense potential of blockchain technology to revolutionize industries and drive substantial economic growth in Saudi Arabia. By combining our cutting-edge Web3 expertise with Solana’s high-performance blockchain infrastructure, we are poised to deliver innovative solutions and educational initiatives that will play a crucial role in realizing the Saudi Vision 2030.”

He adds that their commitment to supporting the Kingdom’s ambitious goals will shape the future of the digital economy and empower the next generation with the tools and knowledge needed for technological advancement.”

Alex Scott, Superteam MENA Lead, provided insights on the collaboration, stating, “I’m thrilled to partner with a forward-thinking organization like droppGroup. This partnership will accelerate the adoption of blockchain technology in Saudi Arabia and make a meaningful contribution to Saudi Vision 2030. Together, we are committed to creating a vibrant digital economy and fostering a community that is well-equipped to harness the power of Web3.”

This is not the first partnership in Saudi Arabia for the growth of Blockchain. Most recently Fanera, a blockchain enabled fan network relocated to Saudi Arabia, while previously The Hashgraph Association announced a partnership with the Ministry of Investment in KSA for a deeptech studio.

Blockchain enabled Maalexi agri business receives debt investment of $1 million

Blockchain enabled Maalexi agri business receives debt investment of $1 million

Blockchain enabled UAE based Maalexi has received an investment of $1 million from Stride Ventures, a premier global venture debt firm from India. The investment will accelerate Maalexi’s growth plans and boost its operational capabilities to foster more efficient food and agri-produce procurement, and distribution across the region.

As a dynamic risk management platform, Maalexi helps small food and agri-businesses directly access cross-border trade. Founded in 2021 by Dr. Azam Pasha and Rohit Majhi, Maalexi is set to revolutionize the $3 trillion global cross-border food and agri-produce trading market. The company provides critical risk management tools including digital contracts, AI-enabled inspections, and blockchain-authenticated documentation, enabling SME agri-buyers to procure food supplies faster, cheaper, and safer from globally located SME agri-producers and exporters.

Apoorva Sharma, Managing Partner at Stride Ventures, commented on the collaboration, stating, “Maalexi’s deployment of cutting-edge technologies places it at the forefront of enhancing regional food security and connecting rural markets with the global economy. This investment embodies Stride Ventures’ commitment to global expansion by supporting companies that use technology to improve traditional industries. Our strategy is not only forward-thinking but also designed to foster innovation and cultivate synergies across borders.”

Dr. Azam Pasha, co-founder and CEO of Maalexi, voiced team Maalexi’s excitement about the partnership, mentioning, “This debt capital raise from Stride Ventures will significantly enhance our ability to acquire new users and scale our operations, further solidifying our position as a leading digital risk management platform for small and medium enterprises (‘SME’) engaged in cross-border trade. We will use these funds to deploy cutting-edge technology solutions that streamline the movement of goods through our local and international warehouses and carriers, effectively mitigating key risks in international trade. Furthermore, this capital infusion will serve as a strategic lever, helping us acquire additional debt capital to expand our operations, and bolster food security across the UAE and the broader GCC region.”

This strategic investment not only strengthens Stride Ventures’ commitment to Hub71, Mubadala’s tech ecosystem, but also underscores Stride Ventures’ role as a global investor with strategic focus on supporting high-growth companies in emerging markets.

Saudi Central Bank hosts 24 Fintech conference in KSA

Saudi Central Bank hosts 24 Fintech conference in KSA

The Saudi Central Bank, Saudi Capital Market, and Financial sector Development Programme (FSDP) will be hosting 24 Fintech conference and exhibition in Riyadh KSA. The co organizer Fintech Saudi and Tahaluf aim to elevate Riyadh’s fintech ambitions. The event will be held at Riyadh Front exhibition and Conference center from September 3-5 2024.

Tahaluf, the strategic collaborative venture between Informa PLC, the Saudi Federation for Cybersecurity, Programming and Drones (SAFCSP), and the Events Investment Fund (EIF), created 24 Fintech to showcase a collective commitment towards unlocking business and networking opportunities, embracing change, and leading innovation. The three-day event will combine an exhibition and summit – featuring 175 hours of expert-led content – with a host of satellite events, including industry gatherings and brand activations, running throughout the week, from September 1-6.

With the goal of establishing the Kingdom as a tech-driven global financial powerhouse, and Riyadh as an international fintech hub, Tahaluf has set ambitious objectives for 24 Fintech. The event aims to become the most influential, and impactful fintech business event, platform, and community anywhere in Asia, Europe, Middle East and North Africa.

Bolstered by an international summit that will unite regulators, financial services professionals, policy makers, investors, technologists, and academics, 24 Fintech will provide a platform for global industry stakeholders to shape, foster, and spur a collaborative fintech transformation.

Initial Tahaluf estimations project the inaugural 24 Fintech will attract upwards of 25,000 attendees, 300 exhibitors, 200 investors and 80 fintech startups. The show will host more than 200 expert speakers to address pressing finance industry issues as the show looks to navigate the immense technological changes impacting operations, from infrastructure provision to client servicing. Targeted attendees include central bank governors, regulators, policy makers, financial and non-financial institutions, big tech providers, investors and venture capitalists, academics, researchers, as well as professional and industry associations.

“Our vision is to drive forward finance by bringing together essential stakeholders and propelling practical, worldwide transformation in alignment with the economic development agenda laid out in Saudi Arabia’s Vision 2030,” said Annabelle Mander, Senior Vice President of Tahaluf.

The inaugural edition of 24 Fintech will feature four stages hosting three days of programming including keynotes, panel discussions, and industry announcements, with dedicated areas for investment and startups, technology, and academia. Across the various stages, experts will probe a host of themes including governance, regulations, interoperability, investment and reimagining the financial services landscape.

In addition to the main and feature stages, the show will host special initiatives – including the Regulators’ Village, a dedicated zone connecting regulators and fintech who aspire to set up in the Kingdom. The inaugural 24 Fintech will also offer a dedicated investor program with an exclusive stage and lounge, as well as Venturescape, pre-show initiative that will bring together 200+ global investors and 100+ fintech for a series of workshops, mentorship and pitch practice.

A specific startup zone will spotlight 80 of the top global fintech companies, across all major fintech verticals including, but not limited to, payments, lending, insurtech, regtech, capital markets, compliance and open banking. Aspiring startups can take advantage of tailored mentorship and matchmaking sessions as well as a 24 Fintech pitch competition. The top startups will battle it out in timed pitch heats, culminating in a grand finale with more than SAR 900,000 (US$250,000+) in equity free awards.

Blockchain enabled fan network Fanera, relocates to Saudi after agreement with Saudi Ministry of Investment

Blockchain enabled fan network Fanera, relocates to Saudi after agreement with Saudi Ministry of Investment

 Fanera, a Web3 AI Blockchain enabled social network dedicated for sports fans, has announced their commercial agreement with Saudi Arabia’s Ministry of Investment as they relocate their headquarters to Riyadh KSA.

Fanera which utilized advanced technologies such as AI, Blockchain, machine learning allows fans to connect with each other and engage with their favorite teams while earning rewards for their loyalty. In Saudi Arabia, Fanera is set to transform the football experience.

As per the press release, “Fanera by leveraging blockchain and NFTs, will provide fans with unique opportunities to trade their content, ensuring authenticity and creating new revenue streams. This aligns perfectly with Saudi Arabia’s vision for technological leadership and innovation.”

Fanera also offers Clubs, brands, and sponsors a new way to connect with fans and promote their brands.

Fanera was featured as one of the top 20 sports tech startups in 2020 globally and has over 450 thousand users in the MENA region with 1 million daily views. The Kingdom’s commitment to hosting the 2034 World Cup underscores its dedication to becoming a global hub for sports and entertainment. By expanding in KSA, Fanera aims to align with these ambitions and bring an unparalleled fan engagement platform to the heart of the Middle East.

The gamified experience on Fanera rewards users for their interactions, enhancing competition and fostering a vibrant community of football enthusiasts.

“Expanding into Saudi Arabia is a strategic move that aligns with our mission to revolutionize football fan engagement globally. By integrating Web 3.0 technologies, we are not just enhancing the fan experience but also setting new standards in the industry. We are excited to contribute to the Kingdom’s vision of becoming a global sports hub,” said Mo Kilany, CEO of Fanera.

UAE Web3 Inacta partners with Denario to tokenize precious metals

UAE Web3 Inacta partners with Denario to tokenize precious metals

UAE and Swiss Web3 venture builder, Inacta, has partnered with Denario, a Swiss fintech leader in digital precious metals, to advance mission to provide innovative and accessible solutions for precious metals ownership.

The partnership leverages Denario’s expertise in digital precious metals and Inacta Ventures’ leadership in Web3 technology. By combining innovative tokenization of real-world assets with access to Inacta’s broad ecosystem, Denario aims to revolutionize the way people own precious metals.

“With this collaboration, we are pushing Denario on a global scale, giving people innovative access to precious metals,” stated Thomas Winkler, Chairman of Denario. Denario offers a unique asset token providing exposure to physical silver and stability of value.

Ralf Glabischnig, Founder of Inacta Ventures, expressed his enthusiasm: “We are thrilled to integrate Denario into our portfolio. This collaboration will accelerate the development and adoption of tokenized silver worldwide. Not only can we give Denario access to our ecosystems in the UAE and Switzerland, but we will also open access to the token via our platform Tokengate, which specializes in the tokenization of real-world assets.”

Tokengate, an Inacta venture, is at the forefront of asset tokenization in Switzerland. It will support Denario in launching silver coins on various blockchains and facilitating access through a customized application. Recently TokenInvest received a preliminary approval to launch a crypto broker provider in UAE.

Dubai Customs uses blockchain platform to expedite customs clearance

Dubai Customs uses blockchain platform to expedite customs clearance

Dubai Customs has launched a blockchain platform that will expedite customs clearance and commercial transactions. The Blockchain platform will save time and effort for all parties involved. It facilitates secure and tamper-proof data sharing to enhance trust and visibility across the supply chain, thereby contributing to building more transparent and reliable business relationships. It will also reduce paperwork and streamline processes leading to substantial cost savings.

According to the press release, the launch of its blockchain platform in a pioneering step aimed at enhancing efficiency and transparency in commercial operations within Dubai and across borders.

His Excellency Sultan Ahmed bin Sulayem, Chairman of the Ports, Customs, and Free Zone Corporation, stated that the launch of the platform is part of Dubai’s blockchain strategy for digital transactions initiated by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai. The aim is to explore and evaluate the latest technological innovations that help provide secure, efficient, and effective services, thereby enhancing Dubai’s position as a leading global city in advancing technology and smart economy initiatives. The platform also helps consolidate Dubai’s entrepreneurship and global competitiveness capabilities.

Bin Sulayem said, “We are proud to launch the new blockchain platform, which represents a quantum leap in enhancing the efficiency of business operations in Dubai. This innovation reflects our vision to make Dubai a global hub for trade and logistics. We believe that adopting modern technologies like blockchain will significantly contribute to improving the business environment and enhancing Dubai’s position as a major center for global trade. We are committed to supporting all efforts aimed at improving and simplifying business operations in Dubai and supporting its digital strategy.”

Dr. Abdullah Busnad, Director General of Dubai Customs, highlighted that the blockchain platform launch is a crucial step in facilitating trade movement and enhancing Dubai’s position as a global logistics hub. He underscored that the platform will not only benefit Dubai Customs but also serve as a valuable tool for collaboration with other government entities, The goal is to make the business environment in Dubai smoother, more streamlined, and transparent.

Dr. Busnad said, “We always strive to contribute to achieving the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in enhancing Dubai’s sustainable business environment through digital initiatives. This initiative represents a vital step towards a bright and spectacular future for trade and government services, ensuring the emirate’s innovation and global leadership journey continues.”

Atiq Almehairi, Executive Director of Customs Development Division at Dubai Customs, emphasized the importance of the blockchain platform in improving service efficiency through simplified data exchange and automated processes, speeding up customs clearance procedures, and reducing overall transaction times.

This is not the first time that Dubai Customs uses blockchain, In May 2023 Dubai Customs secured a second intellectual property certificate from the UAE’s Ministry of Economy for their groundbreaking “Blockchain System for Managing Intellectual Property and Knowledge Assets”. Engineer Saeed bin Faris, Manager of the Awareness and Education Section in Dubai Customs developed a smart system based on blockchain technology for managing intellectual property and knowledge assets. The system provides strong and transparent protection for intellectual property rights, ensuring the protection of the creations of inventors, authors, and rights holders. The system will also enhance cooperation between government agencies and international organizations, contributing to the unification of efforts to protect intellectual property worldwide.

In September 2023, Dubai South, property developer and free zone, completed a blockchain integration with Dubai Customs, making it the first free zone in Dubai to achieve this milestone. As part of Dubai’s ecommerce strategy, Dubai South will utilize blockchain integration to enhance its ecommerce operations reducing time and costs by auto generating declarations and streamlining the tracking and processing of orders.