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Khalifa University develops blockchain platform for last mile delivery

Khalifa University develops blockchain platform for last mile delivery

A team of researchers from Khalifa University in UAE has developed a blockchain platform that utilizes digital twins and dynamic Non-Fungible tokens ( NFTs) to revolutionize last mile delivery in e-commerce market. The platform support the monitoring of packages and their security.

Their innovative approach tackles the complex needs of this final step in the delivery process from a distribution center to the recipient by leveraging smart contracts and real-time monitoring capabilities.

Feruz Elmay, Dr. Maha Kadadha, Dr. Rabeb Mizouni, Dr. Shakti Singh, Prof. Hadi Otrok and Prof. Azzam Mourad are all part of Khalifa University’s Center on Cyber-Physical Systems (C2PS). They published their research in Information Processing and Management, a top 1% journal.

It is also often the most complex and expensive part of the supply chain. Last-mile delivery involves navigating local roads, dealing with traffic, and meeting customer expectations for rapid delivery, and as e-commerce continues to boom, the demand for efficient and cost-effective last-mile solutions has never been higher.

Prof. Hadi Otrok, Professor of Computer Science at Khalifa University stated, “Our work aims to bridge the gaps in last-mile delivery by integrating blockchain with digital twins for real-time monitoring and transparency. This approach not only enhances package security and efficiency but also sets a new standard for handling sensitive goods in a rapidly evolving logistics landscape.”

“One of the biggest challenges in last-mile delivery is the inability to monitor package conditions in real-time,” Prof. Otrok explained. “Traditional tracking systems only provide updates on package locations without critical data like temperature, which is essential for sensitive goods. Our system integrates digital twins — virtual models of physical items — into the delivery chain. By embedding sensors within packages, the platform’s digital twins monitor key variables such as temperature and humidity, ensuring that each package remains within safe conditions throughout its journey.”

Digital twins also offer predictive capabilities: If a package encounters extreme conditions, the digital twin can simulate potential risks and notify delivery personnel immediately. This functionality is invaluable for goods like pharmaceuticals, where even minor temperature deviations can compromise produce quality. This way, delivery personnel receive alerts in real time, enabling them to take corrective action before a problem escalates.

The research team’s solution enhances trust and transparency using blockchain. Blockchain’s immutability provides a secure, decentralized ledger that records each package’s journey from sender to receiver, but the team takes it a step further by incorporating dynamic NFTs.

“Traditionally, NFTs are unique digital assets that don’t change over time, but dynamic NFTs evolve as new information is added, which makes them ideal for real-time delivery tracking,” Prof. Otrok explained. “Each package is assigned an NFT that captures all relevant data from the package’s origin to its delivery conditions. If the digital twin detects any discrepancies in package status, it updates the NFT’s metadata, creating an unalterable record of events. This data is stored securely on the blockchain, where anyone with access can verify the package’s history. This transparency not only boosts consumer trust, but also protects delivery personnel from disputes by providing an objective record.”

With last-mile delivery costs comprising up to 50% of total logistics expenses, this system presents a significant opportunity to reduce costs while boosting efficiency. By merging digital twins, blockchain, and dynamic NFTs, the Khalifa University team has created a resilient, transparent, and highly adaptable platform that could transform industries reliant on sensitive goods. Their experiments show that their system improved delivery success by over 75%, and by including smart contracts that assign tasks to delivery personnel based on a quality-of-service score, accountability is enhanced, as each worker’s performance is tracked and evaluated based on the conditions of the packages they handle.

Kucoin sponsors Dubai sports council launch Open Padel Cup

Kucoin sponsors Dubai sports council launch Open Padel Cup

KuCoin, aglobal crypto exchange, has announced it will be Title sponsor for Dubai Sports Council’s Open Padel Cup for Government Institutions. Scheduled from December 13 to 15, the Open Padel Cup Championship invites all government institutions across the UAE to participate. To promote amateur participation, professional players registered with clubs or the UAE Padel Association are not eligible, ensuring over 300 Emirati amateurs can take part in this competition.

Padel has been gaining traction in Dubai as a fun and engaging way to promote a healthy lifestyle and enrich the local sports culture. The Dubai Sports Council has recently spearheaded the Padel Cup Tournament initiative, partnering with KuCoin for the event, which is organized by Royal Griffin Event and hosted at JUST PADEL facilities.

As the title sponsor, KuCoin has expressed strong confidence in the economic prospects of the Middle East, particularly the UAE and Dubai, especially regarding the immense potential of the cryptocurrency market. Over the past few years, KuCoin has established many partnerships in Dubai’s vibrant city and has been actively involved in various local activities. Last year, KuCoin sponsored the COP28 Global Climate Change and Green Blockchain Summit and hosted the “KuCoin Green Future Charity Gala Dinner,” supporting various charitable causes.

At the press conference, Harry Chan, the representative from KuCoin highlighted the synergy between sports and blockchain technology, noting that both fields emphasize collaboration and innovation. Padel is a sport that requires high levels of teamwork and strategic thinking, aligns with the decentralized cooperation and innovative spirit of blockchain technology. “We believe that through activities like the Open Padel Cup for Government Institutions, we can better communicate the core values of blockchain technology to the public and inspire more innovative ideas,” said the KuCoin representative, and “help bring in and connect global responsible companies and talents”. This event marks the latest in a series of collaborations by KuCoin in Dubai, underscoring its long-term commitment to the Dubai market.

Fawzia Faridoun, Director of the Community Sports Department at the Dubai Sports Council expressed pleasure in partnering with KuCoin to promote the city’s sports culture and healthy lifestyle, looking forward to deeper cooperation in the future.

Interestingly Kucoin has yet to have a regulated presence in the UAE, while others such as Binance, Crypto.com and other global crypto exchanges have.

The Global Blockchain Congress returns to Dubai in early 2025

The Global Blockchain Congress returns to Dubai in early 2025

The Global Blockchain Congress has announced that it will be hosting their 14th GBC on February 5th & 6th, 2025. The Global Blockchain Congress leverages the experience gained through the hosting of 13 editions of the event in Dubai and international editions in Vietnam, UK, and Singapore to ensure maximum return on investment for all our sponsors.

It is the premier event connecting blockchain innovators with leading investors.

The previous editions of the Global Blockchain Congress were a tremendous success and we were able to host 1,600+ investors and 360+ blockchain startups and were able to raise millions in funds for our participating projects.

Topics to be discussed at the event:

  • Dubai, Home of Web3 & Digital Assets
  • Building a Sustainable & Growing Web3 Industry
  • The Power of DePIN: Revolutionizing Infrastructure Networks
  • RWA is Revolutionizing Ownership: Tokenization & the Markets of the
  • AI Meets Blockchain: Transforming the Future of Innovation
  • How to Fund-Raise for Crypto Projects
  • Exchanges Leading the Charge: Taking Crypto from Niche to Mainstream
  • Tokenizing the Human Experience: Investing in Personal Data and Digital Identity

‍The mission of the GBC is simple yet impactful: to bring together visionary projects and investors through a series of pre-arranged, one-on-one meetings. By creating this exclusive networking environment, we aim to drive collaboration, investment, and innovation that will shape the future of blockchain technology.

At this exclusive, invite only, event Agora will be hosting more than 150 Investors, 25 Projects, 60 A-list Speakers & 30 Media Partners from all over the world.

Learn more about the event: gbc-uae.com

Register here: https://bit.ly/14th-GBC

Digital asset custodian, Zodia Custody interested in expanding to UAE and Qatar

Digital asset custodian, Zodia Custody interested in expanding to UAE and Qatar

Zodia Custody, backed by Standard Chartered Bank has shown interest in offering its services not only in the UAE but in Qatar as well.

Recently, Gerry Afentakis, Head of Europe & MENA Sales at Zodia Custody visited the Qatar Development Bank along with members from the Qatar Financial Authority.

Hani Khateeb, Fintech Specialist Advisor of Qatar Fintech Hub at the Qatar Development Bank noted on LinkedIn, “Today, we had the pleasure of hosting Zodia Custody and Qatar Financial Centre (QFC) Authority at Qatar Development Bank offices. We were joined by Gerry Afentakis from Zodia, who shared their latest achievements, milestones, and provided valuable insights into their role in the institutional digital asset custodianship market globally.”

He added, “It was especially impressive to learn about their shareholder and list of banking customer in both the MENA region and internationally. During our discussions, we explored potential collaborations in the exciting world of digital assets here in Qatar aligning with existing frameworks and future plans for paving the way for this new technology to flourish within Qatar’s financial sector.”

The visit of Zodia Custody’s Head of Europe and MENA Sales executive, comes after Qatar launched its digital assets framework, and DLT framework. Qatar’s digital assets regulation allows for the tokenization of real-world asset, excluding cryptocurrencies and stablecoins.

The Qatar Digital Assets Lab was also created to develop tokenization platforms for tangible and intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT (distributed ledger technologies), blockchain, and smart contracts.

Moreover, the framework also allows for tokens and token custodians, exchanges, transfer providers and validators, as well as token issuers.

As per the framework, “Token custody services mean holding or controlling tokens on behalf of clients; or holding or controlling the means by which clients’ tokens may be recorded and transacted on token infrastructure. A company that holds or safeguards the private keys for its clients’ tokens is providing custody services in relation to those tokens. An entity licensed to provide token custody services may be referred to as a token custodian.”

This could be why Zodia Custody is now interested in visiting QFC after it started its journey in the UAE. Replying to Khateeb, Afentakis stated on LinkedIn, “Thank you, Qatar Development Bank, and your exceptional colleagues (Mayssa Mrabet & Kevin) for the wonderfully warm Qatari hospitality and for such an astute and fruitful discussion. So much to look forward to.”

Replying to Lara on the Block, Afentakis in a message noted, “We are very much exploring Qatar, and will be setting up in UAE in both VARA and ADGM in Q1 of 2025.”

In 2023, Standard Chartered’s backed digital asset platform, Zodia markets, received an In-Principal Approval (IPA) fulfilling the pre-requisites to receive a Financial Services Permission (FSP) for OTC broker-dealer in virtual assets by Abu Dhabi Global Market (ADGM), Abu Dhabi’s international financial center.

Zodia Markets chose to expand into the UAE as the region establishes itself as a rapidly emerging hub for digital assets. The strategic expansion provides institutional investors from the Middle East and Africa with reliable access to this growing, alternative asset class, consolidating Zodia Markets’ position as an integral part of the global digital asset landscape.

In an article on Zodia Custody website they note that with all the growth being witnessed in UAE and GCC region in terms of blockchain and digital assets businesses, the banking sector has sometimes been tentative in embracing the crypto industry. The article states, “With crypto firms situated there reporting that they still struggle to access banking services. This hurdle is now starting to be removed as some players are beginning to offer digital asset-friendly services. Major financial institutions are also requesting proposals and seeking providers for virtual asset services.”

This is why a year ago, UAE based Standard Chartered signed a memorandum of understanding (MoU) with Dubai International Financial Centre (DIFC) to collaborate on digital assets, including digital asset custody through its Zodia Custody entity. At the time Standard Chartered noted that its new services would be powered by its subsidiary Zodia Custody.

In 2024, Brevan Howard became the first client for Standard Chartered regulated crypto custody service out of DIFC. DIFC (Dubai International Financial center) regulator DFSA.

American University of Sharjah Blockchain sustainable marketplace wins first place at ICESCO

American University of Sharjah Blockchain sustainable marketplace wins first place at ICESCO

A blockchain sustainable marketplace concept developed by students from American University of Sharjah (AUS) won first place at the Islamic World Educational, Scientific and Cultural Organization’s (ICESCO) Youth Climate Leaders Camp – Arab Chapter held at Sharjah Research Technology and Innovation Park recently. Called Thimmar, this innovative platform connects consumers with farming communities and offers AI-optimized grocery subscriptions to cut food waste and connect. It will debut in the ICESCO Pavilion in COP29 in Azerbaijan this month. 

Thimaar, which aligns with two key areas of the UAE Year of Sustainability 2024—responsible consumption and planting wisely—brings this year’s slogan, “Plan to Action,” to life. It also contributes to the United Nations Sustainable Development Goals: No Hunger, Good Health and Well-being, Sustainable Cities and Communities, Responsible Consumption and Production, Climate Action, and Partnerships for the Goals.

“Our motto is reach, relive and reward. Through the platform, AI-calculated portions will help our customers to minimize food waste. They will also virtually connect with the farmers who grow their food, experiencing organic farming from home while also supporting the organic agriculture industry through micro-financing,” said Izma Fatima, an AUS international studies student who presented the concept on behalf of her team. “Additionally, customers receive loyalty points and gifts with organic and food waste collection. Waste is repurposed to benefit local organic farming communities in Sharjah, in alignment with the UAE’s efforts to reduce waste by 50 percent by 2030.”

By embracing a circular economy model, Fatima noted that Thimaar achieves three key goals: “making organic and sustainably produced products accessible, promoting a culture of organic farming, and minimizing food waste.”

Emphasizing a bottom-up approach that fosters healthy consumer habits, rather than flooding the market with sustainable products that have low demand, the team—comprising seven female students from Oman, Qatar, Sudan and the UAE—focused on female homemakers in the region as their target.

“Women are responsible for making the primary household consumption decisions and are seeking healthy, sustainable options for their families. However, they often face barriers to organic farming, including opposing trends, limited availability and accessibility, and a lack of time and resources. The organic food market in the UAE is projected to reach $500 million by 2025, with female homemakers representing about 10 percent of that market. For Thimaar, this equates to a target market of approximately $50 million. By tapping into this market, the platform not only aligns with the UAE’s sustainability initiatives but also offers a scalable solution that meets the growing demand for healthy, sustainable food options,” said Fatima.

Proposed key partners for the platform would include organic farms and markets, sustainability-focused brands and local governments.

Developing Thimaar followed a thorough process of study that included field visits and discussions with ICESCO, Sheraa, Shajar and Manbat, who provided the student team with access to networks and contacts to leverage support for the initiative.

“We visited Manbat and Shajar, two projects in Sharjah, that explore cultivation practices to maximize organic production through sustainable methods in this region. Facilitating these ideas was a central focus of our project proposal. We also had the pleasure of learning from professors from leading universities across the UAE specializing in economics, sustainable engineering, environmental philosophy, and environmental, social and governance experts, about the popular trends and technologies that focus on the climate challenges unique to the region,” said Fatima.  

Having designed and presented the elevator pitch for the final project, Fatima highlighted how the multidisciplinary education she received at AUS contributed to her ability to approach the project from diverse perspectives.

UAE M2 crypto exchange engages Haruko for treasury risk management

UAE M2 crypto exchange engages Haruko for treasury risk management

UAE homegrown M2, cryptocurrency exchange and custodian has engaged Haruko, an institutional-grade infrastructure solution created for companies deploying capital across the digital asset ecosystem to provide M2’s treasury trading team with the tremendous insight required for effective treasury management, compliance, investor reporting and financial control functions.

Haruko provides the most comprehensive digital asset infrastructure solution for institutions deploying capital across the digital asset ecosystem. Seamless consolidation of positions across exchanges, on-chain and OTC activity with access to real-time and historical pricing, risk and P&L reporting provides the transparency needed for effective treasury management, compliance, investor reporting and financial controllership functions.

M2’s Managing Director of Treasury Kim Wong said, “With Haruko, we can efficiently manage M2’s treasury portfolio and risk in real time. Haruko’s advanced tools empower our team to seamlessly track asset flows, conduct scenario analyses, and closely monitor counterparty credit as well as other market exposures, enabling proactive risk management.”

“These capabilities allow us to identify and mitigate risks across our digital asset portfolio, safeguarding against potential downside impacts. This is a critical enhancement to our strategies and operations, particularly during periods of heightened market volatility.”

“As risk management continues to become a critical workflow in the digital asset space, Haruko continues to deliver an exceptional institutional-grade solution which enables digital asset managers to view their risk in a combined and transparent way,” said Shamyl Malik, Chief Executive Officer and Co-Founder of Haruko.

He added, “We are delighted to be working with M2 to provide our comprehensive suite of risk and portfolio management products, significantly improving operational efficiency and streamlining their workflow”.

On October 31st, UAE crypto exchange M2, underwent a cybersecurity breach involving $13.7 million but was able to quickly address the incident within 16 minutes. M2 announced that it fully resolved the issue, restoring all customer funds and taking responsibility for any potential losses. M2 on its website stated, “We would like to report that the situation has been fully resolved and customer funds have been restored. M2 has taken full responsibility for any potential losses, demonstrating our unwavering commitment to safeguarding our customers’ interests. All services are now fully operational with additional controls in place.”

BlackRock sets up in Abu Dhabi UAE as it plans regulatory approval from ADGM

BlackRock sets up in Abu Dhabi UAE as it plans regulatory approval from ADGM

The global fund manager BlackRock, which has a Bitcoin ETF, known as IBIT where in just 211 days since its launch has amassed $40 billion in assets, has received a commercial license in Abu Dhabi as it seeks regulatory approval to operate from the Abu Dhabi Global Market ( ADGM).

In a statement to Bloomberg, BlackRock stated, “Building on the long-standing relationships BlackRock has built with clients in Abu Dhabi and across the region over more than 20 years, the new office reflects BlackRock’s continued commitment to the UAE, and its dedication to fostering strong relationships with clients and partners in the country.”

The US headquartered company has assets under management of $11 trillion plus. Earlier in the year, BlackRock appointed Mohammad AlFahim as Head of the UAE. Ben Powell relocated to the region to serve clients as BlackRock Investment Institute’s first Chief Middle East & APAC Investment Strategist.

“Our presence in ADGM will enable us to better serve our clients around the world on whose behalf we engage with sovereigns, wealth managers and specialist investment vehicles based in Abu Dhabi, operating in sectors such as infrastructure, renewable energy, and technology,” said Charles Hatami, Head of Middle East and Global Head of the Financial & Strategic Investors Group, BlackRock. 

BlackRock’s growing focus on this region saw CEO Larry Fink as one of the headline speakers at Riyadh’s Future Investment Initiative (FII) forum last month, where he spoke about the largest macro trend in the world today is the amount of capital needed to digitize and decarbonise and rebuild infrastructure, amounting to trillions of dollars.

In May, BlackRock Inc. also revealed plans to set up a new investment platform in Saudi, backed by up to $5 billion from the country’s sovereign wealth fund the Public Investment Fund (PIF).

BlackRock’s strategic positioning and the increasing acceptance of Bitcoin as a viable investment option have contributed significantly to this success. The ETF’s performance highlights the potential for digital assets to become a mainstream component of investment portfolios.

Naver partners with Saudi’s NHC for digital twin platform

Naver partners with Saudi’s NHC for digital twin platform

NAVER, South Kore’s largest internet company with investment in Blockchain, is to establish a joint venture with Saudi Arabia’s National Housing Company (NHC), a state-owned company under the Ministry of Municipalities and Housing. The JV will serve as NAVER’s business unit for the Saudi Arabia region, along with NAVER Arabia (tentative name) which will oversee the company’s business in the MENA region.

The JV will operate under NAVER Arabia (tentative name), with the operation and commercialization of the digital twin platform in Saudi Arabia as its core business along with NHC. The JV will also be TEAM NAVER’s first business entity for its technology platform business in the Middle East.

NHC, a key partner of TEAM NAVER in Saudi Arabia, is a state-owned company under the Saudi Arabian Ministry of Municipalities and Housing that is responsible for 70% of real estate transactions in the country. As part of Saudi Arabia’s “Vision 2030” initiative, the company is currently focused on digital transformation such as digital innovation in the real estate sector and smart city development.

Since its establishment in 2016, NHC has been in charge of over 380 projects for real estate development projects including public housing provision, and the value of its real estate portfolio is expected to exceed 60 billion USD (80 trillion KRW) as of the end of 2025. The company has also been selected as the largest real estate developer in the Gulf Cooperation Council (GCC) by the Construction Week Middle East in 2024.

TEAM NAVER and NHC will operate and commercialize the digital twin platform in Saudi Arabia through the JV, while also developing other businesses such as a public monitoring platform for urban areas and a map-enabled super app for public administration.

“TEAM NAVER’s global competitiveness in technology and business has been recognized by various ministries and organizations in Saudi Arabia, and we are excited to further discover business opportunities with different partners in the region,” said Chae Seon-ju, President of ESG and External Affairs at NAVER.

In April 2024 two blockchain platforms, Klaytn backed by Kakao, and UAE based Finschia backed by Naver an affiliate UAE based LINE Tech Plus merged to create a new unified blockchain platform Kaia, which means “and” in Greek, with a market capitalization of $1 billion.

Kakao, the internet giant behind Korea’s most popular messaging app, operates Klaytn, the country’s largest native blockchain network with a market cap of $671 million. It targets enterprise users with a modular network architecture that enables them to build service chains atop its mainnet.

While Naver, South Korea’s leading search engine, is behind Finschia, a blockchain network developed by its Japanese subsidiary, Line. It operates one of Asia’s largest non-fungible token (NFT) marketplaces.

In August 2024, Naver was set to launch its first digital asset wallet, Naver Pay Wallet, for the Korean market. It partnered with Chiliz, a blockchain provider for sports and entertainment, as the inaugural blockchain for the wallet.

DMCC Future of trade report calls for incorporating Blockchain and AI in Gold trade

DMCC Future of trade report calls for incorporating Blockchain and AI in Gold trade

UAE based DMCC,an international business district that drives the flow of global trade through Dubai, in its special edition of its Future of Trade thought leadership report called for the incorporation of AI and Blockchain in the trade of precious metals.

The report predicts the rise of an “Asian Century” for gold, with a particular focus on the development of a new gold economic corridor among BRICS nations, including the UAE, that can provide an alternative to traditional gold trade centers.

DMCC’s findings forecast the UAE becoming one of the most important hubs for the gold trade in coming years. This position was significantly bolstered by the UAE leapfrogging the United Kingdom in 2023 to become the second-largest gold trade hub worldwide, with over USD 129 billion in total trade – a rise of 36 per cent on the past year.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “In recent years, we have witnessed historic shifts in the precious metals market, driven by Western sanctions that have forced record buying of gold by central banks and a rethink by many countries when it comes to their reliance on the US dollar. We are seeing a new gold corridor form across Asia, with Dubai at its centre – exemplified by the UAE’s rise to become the world’s second-largest gold trading hub last year. Our latest Future of Trade report underscores Dubai’s pivotal role in this transformation, as we strengthen its position as the world’s leading precious metals hub, attract key industry players and support our members to unlock new growth opportunities.”

Feryal Ahmadi, Chief Operating Officer, DMCC, said: “Our latest Future of Trade report on precious metals is a vital resource for all stakeholders involved in the industry and sets the scene perfectly for the 12th edition of our Dubai Precious Metals Conference. As the report highlights, this is a time of opportunity and challenge, and as the gold industry navigates its place in a rapidly evolving landscape, we look forward to working with our members and partners as we continue to build the world’s premier ecosystem for the global precious metals trade from Dubai.”

The report, titled “Trade, Technology and Markets in Transition,” provides key insights into the current state of the global gold and silver markets. The report highlights that geopolitical challenges including sanctions against Russia have shaken the global financial economy, prompting countries worldwide to reconsider their reliance on the US dollar and the safety of their gold holdings. As a result, central banks worldwide have ramped up their gold purchasing activities and repatriated US-stored bullion to diversify away from the dollar, with some even using gold in lieu of the US dollar in trade transactions. This shift is driving gold prices to unprecedented levels, creating a ripple effect across the global economy.

The report explores the growing importance of technological innovation within the precious metals market. From AI-driven exploration and autonomous mining techniques to blockchain-based tracking systems and digital gold investment products, technology is playing a crucial role in reshaping how gold is sourced, traded and invested in.

The Future of Trade report outlines a number of important recommendations for governments and businesses to help drive the evolution of the industry and shape the next phase of its growth:

The report calls for investing in AI and technology. Miners should invest in AI and advanced technologies to reduce costs, improve production and enhance ESG standards. Leveraging technology can also help artisanal miners eliminate mercury use.

The report also adds that players should boost digital Innovation and Access for Emerging Markets. Investment companies and fintechs should develop digital products that enable small-scale and young investors in emerging markets to access gold trading, expanding market participation.

Finally the report called for establishing Global Standards for Digital and Blockchain Solutions. It noted that industry participants should collaborate to create global standards for digital gold products and blockchain systems to improve transparency, eliminate pricing inconsistencies and reduce reliance on derivative products.

To access the full special edition report by DMCC, please visit: https://www.futureoftrade.com/

UAE to witness tokenization of 10,000 electric motorcycles

UAE to witness tokenization of 10,000 electric motorcycles

UAE based Layer1 blockchain platform for tokenization, MANTRA has partnered with UAE based Pyse, a sustainability-driven RWA platform, to finance the deployment of electric motorcycles for logistics and delivery services across the Emirates. This collaboration will kick off with initial deliveries of the striking pink electric vehicles (EVs) in Dubai as Pyse aims to tokenize more than 10,000 electric motorcycles on the MANTRA Chain by the end of 2025.

Earlier this year, MANTRA selected Pyse as a key member of the MANTRA Incubator program as part of its commitment to fostering innovative solutions in the green technology sector.

“Dubai’s logistics and food delivery sector is on the brink of an electric revolution,” said Kaustubh Padakannaya, Co-founder of Pyse. “Our partnership with MANTRA allows us to tokenize the leasing of electric motorcycles, making them accessible to retail audiences. This initiative celebrates Dubai’s sustainability goals while providing affordable mobility for all the rider heroes.”

Pyse goes beyond traditional models, enabling individuals to offset their carbon footprint and earn returns by investing directly in green assets like electric mobility and renewable energy. The MANTRA pink bike was revealed in October during Binance Blockchain Week in Dubai.

MANTRA CEO & Co-Founder John Patrick Mullin commented, “As the demand for eco-friendly delivery solutions in the region rises, this partnership positions MANTRA Chain and Pyse at the forefront of bringing quality and purposeful RWAs onchain. The deployment of these eye-catching pink EV motorcycles marks a significant step towards achieving Dubai’s ambitious sustainability goals.”

The MANTRA Incubator Program launched in June 2024. Pyse participated in the inaugural cohort alongside two projects in real estate and finance. The incubated projects received support and mentorship to build robust decentralized applications on MANTRA’s infrastructure.

In March 2024, MANTRA Chain raised $11 million led by UAE based Shorooq Partners with investors including Three-point capital, Forte Securities, VirtuZone, Hex Trust and GameFi Ventures. The news which was published in Coindesk stated, that Mantra Chain was in the final stages of receiving licenses from Dubai’s crypto regulator, VARA.

Later in July 2024, UAE based MAG Group Holding a multinational consolidation of different companies and sectors, the group’s portfolio includes real estate, contracting & engineering, industrial & commercial trading, freight services, and hospitality announced it would tokenize $500 million worth of real estate assets with UAE based Mantra a Blockchain Layer 1 RWA ( Real world assets) tokenization platform.