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IOTA selected for Blockchain Digital identity use case with UAE and World Economic Forum

IOTA selected for Blockchain Digital identity use case with UAE and World Economic Forum

IOTA Foundation has been selected for the UAE Ministry of Economy, ADDED, and World Economic Forum TradeTech Regulatory Sandbox.

IOTA Foundation was selected to be part of the well-known TradeTech Regulatory Sandbox jointly organized by the World Economic Forum, the UAE Ministry of Economy, and the Abu Dhabi Department of Economic Development (ADDED). The initiative focuses on several key use cases within trade finance involving Know Your Customer (KYC) processes and digital identity.

IOTA announced this on X, stating, ” We are excited to participate in a use case focusing on KYC and Digital Identity for Trade Finance.”


The use case will be presented during the plenary session at the TradeTech Forum in Abu Dhabi on April 8th 2025.

The WEF for Trade and Investment chose eight participants who will be working closely with UAE regulators to test and refine solutions that address challenges in the global trade finance space. The entities other than IOTA include Credore, Enigio, Jetstream, Empeiria blockchain offering self sovereign identity solutions based out of the UAE, Haifan as well.

Regulatory partners include ADGM, Central Bank of the UAE, DFSA (Dubai Financial Services Authority) and UAE Ministry of Cabinet Affairs’s RegLab

Tokinvest and StegX bridge asset tokenization between UAE and Germany

Tokinvest and StegX bridge asset tokenization between UAE and Germany

Tokinvest, a UAE regulated marketplace for real-world asset investing, and German based StegX, a platform for tokenized real assets based in Germany, have partnered to bridge tokenization between UAE and Germany. StegX has been collaborating with entities to bridge tokenization solutions with Singapore, and Latin America.

The collaboration aims to advance the global ecosystem of tokenized real-world assets (RWAs) by combining the regulatory strengths and technological capabilities of both entities. As per the press release, the partnership will provide investors with seamless access to tokenized assets across multiple markets, enhancing transparency, liquidity, and financial inclusion.

This partnership represents a significant step toward mainstream adoption of tokenized assets. By connecting Dubai, a global hub for virtual asset innovation, with Frankfurt, one of Europe’s premier financial centers, Tokinvest and StegX are creating a robust cross-border infrastructure that benefits both issuers and investors.

“This collaboration underscores our commitment to democratizing access to the world’s most exclusive assets,” said Scott Thiel, CEO and Co-Founder of Tokinvest. “StegX’s expertise in tokenization and their strong presence in Europe complement our vision to make high-quality investments more accessible. Together, we’re building a bridge for global investors to explore the future of tokenized real-world assets in a secure, regulated environment.”

Daniel Radwansky, CEO and Co-Founder of StegX, commented, “This partnership represents a significant milestone in advancing the adoption of tokenised real-world assets. By connecting Europe and the Middle East, we are creating new opportunities for investors and issuers alike, fostering a global ecosystem of innovation, transparency, and efficiency.”

Finally, the collaboration will support issuers in creating, listing, and trading tokenized assets, ranging from real estate and commodities to funds, with unparalleled security and compliance.

Germany is already far along when it comes to opening up to tokenization of real world assets. In December 2024, German fintech 21X, one of the four applicants for a blockchain trading infrastructure permit under the European Union’s DLT Pilot Regime, secured regulatory approval to launch a tokenization platform.

Granted by German financial supervisory authority, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), the license enabled 21X to launch its exchange for tokenized financial instruments from its Frankfurt headquarters.

Additionally German based Cashlink Technologies also received a crypto custodian license from the German regulator. “With the combination of our license as a crypto securities registrar and the new crypto custody license, we offer a unique, comprehensive service offering around tokenized securities,” said Michael Duttlinger, CEO of Cashlink. “This strong regulatory foundation not only strengthens our market leadership as a neutral infrastructure provider for tokenized assets but also consistently drives forward the development of Capital Markets 2.0.”

SNC Insider’s recent market research has noted that the Tokenization Market was valued at USD 2.9 Billion in 2023 and is projected to reach USD 16.6 Billion by 2032, growing at a compound annual growth rate (CAGR) of 21.5% from 2024 to 2032.

Solana to hold Economic Zone event in Dubai UAE

Solana to hold Economic Zone event in Dubai UAE

Solana and its Superteam in Dubai has announced the launch of the Solana Economic Zone in Dubai UAE an event aimed for innovation, community building, and collaboration.


In the twitter post, Alex Scott, Solana’s Middle East Lead, stated, “We are creating a space where policymakers, capital allocators, and Web3 engineers can come together to engage, innovate, and build. Dubai is uniquely positioned to support this vision with its progressive governance, vibrant culture, and commitment to technology.”


Scott sees Dubai as developing itself as the next crypto hub, with many businesses already cementing themselves in the city.
Farhaj Mayan, Co-Founder of Forma expressed his excitement with the launch of the Solana Economic Zone, a two week think tank and conference that will help startups build skills and accelerate ideas.


The Solana Economic Zone is built on three pillars: content, capital, and community. These pillars are designed to provide a comprehensive platform for innovation and engagement.


Farhaj adds that there will be demo days where startups and entrepreneurs can get connected to VCs, and regulators. The event will be held from April 14th until the 26th 2025.

Last year Solana set up its presence in Abu Dhabi in ADGM ( Abu Dhabi Global Markets). ADGM and Solana collaborated to further expand ADGM’s existing offerings by exploring opportunities for joint initiatives and projects related to the development of the blockchain company ecosystem in Abu Dhabi. Prior to this in 2023, Solana set up it presence in Dubai at the DMCC.

The UAE is not the only country Solana is interested in, droppGroup (“dropp”), with offices in USA, Saudi Arabia and Canada, integrating AI and blockchain technologies, partnered with Blockchain Solana Superteam as well.

UmrahCash and Saudi Hajj services to offer stablecoin payment solutions

UmrahCash and Saudi Hajj services to offer stablecoin payment solutions

Saudi based UmrahCash, a Blockchain fintech stablecoin issuer platform, has signed a Memorandum of Understanding (MoU) with the Muttawffys of Arabs Hajj Company (Ashraqat) aimed to revolutionize the pilgrimage experience for millions of Hajj and Umrah visitors to Saudi Arabia.

UmrahCash is a fintech platform dedicated to advancing Islamic financial inclusion. Using stablecoin technology, it simplifies currency exchange and payments for Hajj and Umrah pilgrims, processing over $1 million in monthly transactions, less than a year since launch.

The partnerships will offer seamless, efficient, and innovative solutions for pilgrims allowing them to access local currency easily in Saudi Arabia, developing innovative solutions, joint marketing campaigns, and most importantly expanding the financial and logistical services available to pilgrims.

William Phelps, CEO and Founder of UmrahCash, remarked: “Pilgrimage is a sacred journey that should be enriching and seamless. Through our partnership with Ashraqat, we aim to eliminate barriers, providing pilgrims with financial and logistical support that is transparent, reliable, and in line with modern standards. Together, we are creating a future where pilgrims can focus solely on their spiritual journey.”

Founded nearly 40 years ago by royal decree, Ashraqat has revolutionized the service of Hajj pilgrims, transitioning from individual efforts to an institutionalized model.

Umrah Cash is supported by Cardano Accelerator

Cardano Blockchain accelerator Adaverse had invested and supported Umrah Cash among other startups in Saudi Arabia. Adaverse had published its first Web3 ecosystem report for the Kingdom of Saudi Arabia showcasing growth, opportunities, as well as challenges. Since its inception, Adaverse has funded 54+ startups across Asia, the Middle East and Africa.

This announcement comes as Neom, Saudi Arabia’s futuristic city being built on the shores of the Red Sea has partnered with Saudi Arabian NTDP ( National Technology Development Program) and Outlier Ventures, a global Web3 accelerator, to launch the first Web3 accelerator and the FutureSpark Base Camp Demo Day.

Jordanian government approves crypto regulatory framework

Jordanian government approves crypto regulatory framework

The Jordanian government Cabinet, chaired by Prime Minister Jafar Hassan, has approved the establishment of a comprehensive regulatory framework for virtual and digital assets within one year. The initiative aims to align with global standards and foster a robust digital economy in Jordan.

This decision follows directives from His Majesty King Abdullah II, supported by His Royal Highness Crown Prince Al Hussein bin Abdullah II, to advance the tasks of the National Council for Future Technology. It reflects Jordan’s commitment to modernizing its financial technology sector and empowering innovative Jordanian youth to excel in the digital economy.

As such the Jordan Securities Commission has been tasked with defining the requirements for entities engaging in virtual assets and developing the legal and technical infrastructure to license and regulate global trading platforms. A preliminary study conducted by the commission highlighted the need for a regulatory framework aligned with international standards, focusing on combating financial crimes and ensuring governance.

A ministerial committee, chaired by the Minister of Digital Economy and Entrepreneurship and including key officials from the Central Bank of Jordan, the Jordan Securities Commission, the National Cybersecurity Center, and other entities, has been assigned to address challenges and oversee the regulatory process. The committee’s mandate includes formulating a governance framework that fosters innovation while safeguarding investor interests.

As per the press release, by regulating virtual and digital assets, Jordan seeks to enhance its competitiveness in regional and global markets, attract investments, and create opportunities for local entrepreneurs. The initiative also aims to mitigate risks such as money laundering and cyber threats, ensuring compliance with Financial Action Task Force (FATF) recommendations. Furthermore, the framework will encourage the development of innovative solutions by startups, bolstering the Kingdom’s position as a regional leader in financial technology.

Previously the Jordanian government had approved its blockchain framework for governmental services for 2025.

OFZA Crypto exchange now licensed by Dubai’s Regulator

OFZA Crypto exchange now licensed by Dubai’s Regulator

OFZA, a UAE established cryptocurrency exchange that provides seamless and secure crypto trading offering has secured a full VASP license from Dubai’s Virtual Asset Regulatory Authority (VARA). As per the license, OFZA will be able to offer crypto broker-dealer Services, crypto exchange services, management and Investment Services as well as advisory services to both retail and institutional investors as well as qualified investors in the UAE.

With the license from VARA, OFZA becomes the 20th Virtual Asset exchange and broker provider to be licensed by VARA in the UAE. The license comes at a time when crypto is gaining immense traction with the new Trump administration.

The crypto exchange will be competing with players such as Binance, CoinMENA, Crypto.com, OKX and others in the UAE.

According to Chainalysis’ Geography of Crypto Report 2024, the UAE saw a 42% year-on-year growth in crypto transactions, receiving $34 billion between July 2023 and June 2024. The Middle East and North Africa region (MENA) accounted for 7.5% of all cryptocurrency transaction volume globally between July 2023 and June 2024.

Chainalysis estimated the total value received during the period to be $338.7 billion, with the vast majority of the transaction volume coming from institutional and professional investors.

stc Bahrain partners with Nirvana Labs for Web3 Blockchain development

stc Bahrain partners with Nirvana Labs for Web3 Blockchain development

stc Bahrain, has partnered with Nirvana Labs, leading providers of bare metal cloud infrastructure for web3 companies to foster the growth and development of blockchain technologies across the Gulf region. The partnership is now live, with Nirvana offering web3 hosting for node operations in stc Bahrain’s data centre

As per the press release, the partnership will bring Nirvana’s purpose-built web3 cloud infrastructure to Bahrain, extending its web3 hosting capabilities to stc Bahrain’s data centers servicing the MENA region. This partnership not only broadens Nirvana and stc Bahrain’s infrastructure offerings but firmly supports a network distinguished for its focus on performance, scalability, and security.

“We are excited to partner with Nirvana Labs to bring advanced web3 cloud infrastructure to stc Bahrain’s data centres” said Saad Odeh, Chief Wholesale Officer at stc Bahrain. “This collaboration is a further testament to our commitment to positioning Bahrain as a leading hub for technological innovation in the Middle East, in line with the Vision 2030 goals. By providing advanced web3 cloud hosting infrastructure, we are enabling local and regional companies to harness the power of decentralized technologies, drive innovation, and compete on a global scale.”

Additionally, Avalanche will the first protocol to leverage this partnership by deploying validator and RPC nodes on Nirvana Labs’ web3 cloud hosting infrastructure at stc Bahrain’s data centres, strengthening its blockchain network.

“We are excited to further our work with Nirvana Labs and stc Bahrain as they launch an advanced web3 hosting solution in the Middle East,” said Khalid Dannish, Head of MENA at Ava Labs. “The Avalanche ecosystem continues to prove itself as an ideal platform on which to drive real-world blockchain adoption, including incorporating web3 cloud hosting solutions to data centres.”

This is not the first web3-focused initiative from stc Bahrain. It recently announced a separate partnership with Avalanche as part of its Web3 Launchpad Program, which aims to accelerate the adoption of blockchain technology in the Middle East. Additional web3 firms that are part of the stc Bahrain launchpad program.

For Nirvana Labs, the strategic partnership marks a significant milestone in its mission to promote web3 specific cloud infrastructure. With the addition of Bahrain, Nirvana Labs will maintain global hubs for its proprietary web3 cloud platform, purpose-built to improve performance for blockchain applications requiring high-throughput and low latency, and reducing the industry’s reliance on traditional cloud providers like Amazon Web Services (AWS) and Google Cloud Provider (GCP).

“We are thrilled to partner with stc Bahrain to bring our cutting-edge web3 cloud infrastructure to the Middle East,” said Dan Burke, CEO of Nirvana Labs. “This strategic move aligns with our mission to decentralize cloud services and support the growing blockchain ecosystem in this dynamic region.”

By establishing a presence in Bahrain, Nirvana Labs secures a foothold in a key regional hub for technology and innovation, paving the way for expansion and collaboration across the Middle East. Strategically located at the crossroads of Europe, Asia, and Africa, Bahrain provides access to emerging markets with a rapidly growing interest in blockchain and web3 technologies.

Last week stc Bahrain partnered with Allora Network, an AI decentralized network through its Web3 Launchpad Program under the Pearling Path initiative.

UAE Further Ventures invests $5 million in GRVT decentralized crypto exchange

UAE Further Ventures invests $5 million in GRVT decentralized crypto exchange

UAE based Further Ventures, capital markets investment firm, has invested $5 million in GRVT, a regulated Decentralized exchange. The investment will be utilized to drive GRVT’s Middle East expansion and license progress.


GRVT (pronounced “gravity”), a regulated DEX, on its blog, believes the investment marks another significant milestone for GRVT, following its recent achievement of securing a Class M (“Modified”) Digital Asset Business License from the Bermuda Monetary Authority (BMA), making it the world’s first regulated DEX.

As a strategic partner, Further Ventures will provide essential support in product development, legal and regulatory guidance, talent recruitment, and business development, enabling GRVT to enhance its offerings for both retail and institutional traders across the Middle East. This will accelerate GRVT’s growth, strengthening its position as the first licensed blockchain-settled exchange and underscoring its next goal of securing a Abu Dhabi Global Market (ADGM) capital markets license.

“We are thrilled to this strategic round and have the support from Further Ventures as we continue to redefine the future of crypto exchanges,” said Hong Yea, Co-Founder and CEO of GRVT. “This investment is a crucial step in our expansion into the Abu Dhabi market, whose innovative crypto ecosystem and progressive regulatory frameworks make it an ideal base as we aim to lead the compliant DeFi development across the Middle East region. With Further Ventures’ backing, we’re well-positioned to meet the needs of both retail and institutional investors here.”

“GRVT is redefining the convergence of DeFi and TradFi with a compliance-first, self-custody approach,” said Mohamed Hamdy, Managing Partner at Further Ventures. “By integrating the efficiency and familiarity of traditional financial systems with the security and transparency of blockchain technology, GRVT is setting the stage for the future of global finance. This visionary blend of innovation and responsibility aligns perfectly with our mission to lead the region in shaping the next era of digital assets and financial services.”

GRVT launched its Mainnet Alpha in December 2024, reaching a 30-day trading volume of nearly $1.3 billion and an all-time high 24-hour trading volume of $88 million.

Earlier this month, Further Ventures, led a $16 million investment Series A round in French digital asset wallet and custodian developer, DFNS, DFNS, which was launched in 2020, and has operations both in Paris and New York aims to compete against FireBlocks and Ledger. Using the funds raised both in 2022, $12 million and that raised in January 2024 $16 million, the startup plans to accelerate its development to meet requirements of financial institutions.

UAE BITS Pilani establishes Blockchain and AI research center

UAE BITS Pilani establishes Blockchain and AI research center

BITS Pilani Dubai Campus, The Birla Institute of Technology and Science, (BPDC) has established the Ankitt Gaur Centre of Excellence in Blockchain & AI Research, following the signing of a Memorandum of Understanding (MoU). This ground-breaking initiative represents the first endowment from a Work Integrated Learning Program (WILP) alumnus, Ankitt Gaur, Founder & CEO of OrbitXPay and a distinguished alumnus (2007-2009 Batch) of BPDC.

As per the press release, the Ankitt Gaur Centre of Excellence aims to become a leading hub for research, innovation, and incubation in Blockchain, Artificial Intelligence (AI), and Web3 technologies. The center seeks to bridge the gap between academia and industry, fostering an ecosystem of innovation, entrepreneurship, and start-ups.

Prof. Souri Banerjee, Director of BITS Pilani Dubai Campus, remarked “We are immensely proud to formalize this MoU with Ankitt Gaur. This generous funding is a transformative milestone for our campus, enabling unparalleled opportunities in Blockchain and AI research and innovation. It reflects the enduring bond our alumni share with their alma mater and their commitment to shaping the future of technology.”

Speaking about the initiative, Ankitt Gaur said “BITS Pilani has played a pivotal role in shaping my career. As a proud alumnus, this commitment reflects my gratitude and vision to inspire innovation and technological advancement. Through this centre, I hope to empower innovators, students, and researchers to lead in the fields of AI, Blockchain, and Web3.”

The Centre of Excellence will serve as a platform for students and researchers to collaborate on cutting-edge projects, driving global leadership in next-generation technologies. It aims to strengthen the synergy between academia and industry, catalysing research and start-up ecosystems.

Prof. Arya Kumar, Dean of Alumni Relations Division, BITS Pilani, added “This is a landmark moment for BITS Pilani and its alumni community. Ankitt Gaur’s contribution underscores how our alumni are advancing cutting-edge research and creating opportunities for future generations. It will provide significant impetus to strengthening the start-up ecosystem with a focus on Blockchain and AI applications.”

Neom and Outlier Ventures launch Web3 accelerator

Neom and Outlier Ventures launch Web3 accelerator

Neom, Saudi Arabia’s futuristic city being built on the shores of the Red Sea has partnered with Saudi Arabian NTDP ( National Technology Development Program) and Outlier Ventures, a global Web3 accelerator, to launch the first Web3 accelerator and the FutureSpark Base Camp Demo Day.

Naif Abu Saida, Director of Web3 at Neom stated in a LinkedIn post, ” The future is here, and it’s powered by Web3.  Since the beginning of our Web3 journey at NEOM, we’ve been working tirelessly to bring innovation to the forefront, and today, we’re proud to unveil the Kingdom’s first Web3 accelerator!”
NEOM, in collaboration with NTDP and, Outlier Ventures, presented FutureSpark Base Camp Demo Day in Riyadh. This event featured nine cutting-edge startups from the local and global Web3 ecosystem, highlighting the talent and innovation shaping the future of technology.

The Demo Day took place on January 20th 2025, Abu Saida noted,” On Monday, we wrapped up an amazing day at the FutureSpark Base Camp Demo Day! The energy in the room was incredible as nine talented startups showcased their hard work and bold ideas. A huge shoutout to the teams for their inspiring presentations and for sharing how they’re breaking new ground in Web3 technology. It’s exciting to see how their innovations could shape the future of the digital world. We’re also deeply thankful to our partners, National Technology Development Program NTDP and Outlier Ventures, for their tremendous effort to make this program a success story.”

According to Abu Saida this is just the beginning. The FutureSpark Base Camp cohort is one of many cohorts to come, supporting Saudi Arabia’s rapidly growing Web3 ecosystem and paving the way for more innovation.

Outlier Ventures developed Base Camp Program in KSA

This is not the first program that Outlier Ventures has participated in. In 2024 it announced the launch of its Riyadh KSA Base Camp Program. The Base Camp Program, will start in early September 2024 for a duration of 12 weeks. Investments will reach up to $100,000 to help startups who are accepted relocate to Saudi Arabia. As per Outlier Ventures website, the Riyadh-based program would take the strongest founders across the region’s most promising technology verticals, giving them the resources they need to build industry-defining startups.

Neom partnered with Animoca brands to build solid Web3 infrastructure

In 2024, Animoca Brands and Saudi Arabian NEOM Investment Fund signed a strategic partnership that included a $50 million convertible notes financing from NEOM into Animoca. In early January of 2025, Animoca Brands announced that the next step of the partnership is fast approaching and it includes building a solid web3 infrastructure using innovative technologies.