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After VARA’s initial approval for digital asset broker license, DKK partners with UAE Seed Group

After VARA’s initial approval for digital asset broker license, DKK partners with UAE Seed Group

DKK partner, an emerging markets FX liquidity specialist firm, which recently received initial approval for digital asset broker license from Dubai’s Virtual asset regulatory authority, has partnered with UAE Seed Group, a company of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, based in Dubai.

As per the press release, the partnership offers a significant step towards achieving seamless financial interoperability across the United Arab Emirates (UAE), the broader Middle East and North Africa region (MENA). The companies will work together to enable transparent and efficient transactions and processes for global financial institutions, promoting digital solutions and financial inclusivity.

DKK Partners was recently granted initial approval to offer digital asset broker dealer services by Dubai’s Virtual Assets Regulatory Authority (VARA). The initial approval allows DKK FZE to move forward in the licensing process and offer customers in Dubai and the UAE access to stablecoin blockchain technology, utilizing USDT and USDC.

The Seed Group specializes in diversified business interests and operates across a group of companies, within different sectors such as technology, real estate, healthcare and more. Fostering innovation is what the Seed Group strives for, focusing on investment activities and strategic partnerships.

Hisham Al Gurg, the CEO of Seed Group stated, “We are pleased to work alongside DKK Partners in delivering forex risk management, liquidity solutions, and expedited collections to the rapidly growing markets across Dubai and the MENA region. This joint alliance will allow DKK Partners to deliver seamless interoperability customised to the growing demands of local businesses and government institutions. We are optimistic about how this partnership will unfold in the coming months.”

Khalid Talukder, Co-Founder and CEO of DKK Partners commented, “It is an extremely exciting time for us at DKK Partners as the new partnership grants us access to the offices of key decision-makers in Dubai and the UAE’s largest and most prestigious businesses. We were looking for a key strategic partner based in Dubai that has wide-reaching access in the UAE and GCC, and Seed Group was absolutely the ideal match. This partnership will enable us to showcase our business model and the immediate advantages we offer, perfectly aligning with our three-year growth and expansion strategy.”

Cardano accelerator invests in KSA startup using USDC stablecoin for payments

Cardano accelerator invests in KSA startup using USDC stablecoin for payments

Singaporean Blockchain venture fund and Cardano accelerator, Adaverse, with offices in KSA, UAE, has strategically invested in Sorbet, a Saudi Arabian startup geared towards helping freelancers to manage and transact with clients. Sorbet uses Circle Payment services, better known as stablecoin USDC to help clients and freelancers carry out instant payments.

The investment, part of a $10 million initiative to foster venture-building in the region, aligns with the economic upswing projected for the region’s digital economy.

The MENA digital freelance market is currently values at $4 billion and while expected to grow it faces inefficient payments systems which according to the press release affects 40 million self employed workers.

Sorbet’s vision is to onboard all creatives onto web3 by removing the technical barriers traditionally associated with dApps. The tool leverages blockchain technology to provide a seamless payment solution using stablecoins.

Rami Djebari, co-founder of Sorbet, expressed enthusiasm about the partnership: “Receiving support from an experienced partner like Adaverse will accelerate our development and enhance our market strategy. This collaboration is a milestone in breaking down financial barriers and enabling limitless growth opportunities for professionals in the region.”

Sorbet Beta will further refine the freelancing experience by integrating project management tools and streamlined payment processes. As per Sorbet website, it charges 2.5% when clients send money to freelancers.

Vincent Li, founding partner at Adaverse, commented on the investment stating, “Sorbet exemplifies the potential of blockchain to enrich and enhance economic systems. We are excited about the potential Sorbet holds for economic upliftment in line with Saudi Vision 2030.”

The Sorbet Beta, launching this May, will introduce essential features to improve the freelancing experience. This suite of work tools will focus on streamlining project management, simplifying payment processes, and facilitating better client interactions, all designed to help freelancers transition smoothly into a more connected and efficient digital workspace.

In March 2024, Adaverse, signed an MOU with Saudi based ASFA Ventures to drive Web3 innovation in KSA and beyond. Adaverse has also invested in Saudi Arabian Blockchain Insurtech startup TAKADAO, in addition to Nuqtah NFT marketplace.

Sharjah Islamic Bank joins Blockchain anti fraud platform

Sharjah Islamic Bank joins Blockchain anti fraud platform

UAE Sharjah Islamic Bank has joined the Blockchain fraud platform haifin platform alliance. This makes it the fourteenth member to join, demonstrating its commitment to accelerating the collective banking sector efforts to improve risk management procedures and reinforce trust in lending practices. Haifin was previously known as UAE Trade Connect.

By joining the haifin platform alliance, Sharjah Islamic Bank emphasizes the importance of mutual cooperation in combating challenges through the haifin digital trade platform, supported by blockchain technology and artificial intelligence from “e& Enterprise Fintech,” a subsidiary of e&, and is steadfastly expanding in adopting innovative practices and working to increase the level of security, transparency, and efficiency in its financial operations by verifying commercial financing deals in real-time and preventing potential fraud through duplicative transactions.


Hakam Abu Zarour, COO of Sharjah Islamic Bank, stated, “Joining the haifin platform alliance aligns with our commitment to leverage technology to enhance risk management, as we strive to adopt the best technologies to deliver an unparalleled customer experience, considering it the optimal way to succeed in the bank’s growth plans and ensure their continuity.”


Abu Zarour, also noted that the haifin platform offers innovative collaborative solutions that bridge the gap in commercial financing and enhance trust in lending for our customers.


On his part, Zulqarnain Javaid, the CEO of “haifin,” added, “We are thrilled to welcome Sharjah Islamic Bank to the haifin Consortium. Together, we are poised to drive meaningful change and propel digital innovation across the banking sector. They will make a meaningful contribution to the Consortium’s expansion while strengthening the security and transparency of the banking ecosystem by de-risking trade finance and driving digital solutions.


He added that through collaboration and technology, haifin continues to pave the way for a digital future, setting global standards for secure and transparent financial transactions.”

Genesis Digital assets opens bitcoin mining datacenter in Argentina

Genesis Digital assets opens bitcoin mining datacenter in Argentina

Genesis Digital Assets Limited (GDA),a Bitcoin mining company with a presence in the UAE, is opening a new data center in Argentina powered by YPF Luz, a leading company in electric power generation.

The announcement comes during a period of expansion by GDA, which now operates 20 industrial-scale data centers across North America, South America, Europe, and Central Asia. The company’s first facility in South America is located in Rincón de Los Sauces, in the Neuquén Province and has a total capacity of 7 MW and 1 MW of backup.

The Bajo del Toro Thermal Power Plant, composed of YPF, Equinor and YPF Luz, will power 1,200 bitcoin mining machines, and efficiently monetize stranded gas, which would otherwise be flared into the atmosphere.

Speaking from the company’s Dubai office today, Abdumalik Mirakhmedov, Executive President of GDA, said: “We believe that Argentina is an important country for Bitcoin mining, given its abundance of energy sources and business-friendly environment.

“The opening of our first data center in South America is an important step in our geographic diversification efforts. And this will be yet another opportunity to show the world that Bitcoin mining can have a positive effect on the environment and can be fully integrated into local communities.”    

With an abundance of energy, a favorable political climate, and a strong crypto ethos, Argentina is becoming increasingly important for Bitcoin mining and the broader industry.

For the new data center, GDA will use the electricity generated from stranded gas provided YPF Luz, an electric power generation company that has been leading the energy transition since 2013.

As stated by the Intergovernmental Panel on Climate Change, methane gas adversely impacts the environment as it is responsible for approximately a third of the warming the world is experiencing. Methane mitigation techniques, such as the utilization of stranded gas, are important to reduce emissions and combat global warming.

“In 2022, we were the first Argentine company to generate electrical energy for cryptocurrency mining from flare gas, an innovative solution in line with YPF’s energy transition needs,” said Martín Mandarano, CEO of YPF Luz. “This project with GDA allows us to bring YPF and Equinor, two companies committed to reducing the carbon footprint of their exploration activities, an adaptable and sustainable flare gas use solution.”

UAE Blockchain gaming studio raises $7 million led by Animoca Brands

UAE Blockchain gaming studio raises $7 million led by Animoca Brands

UAE based Param Labs, an independent Web3 Blockchain gaming and technology studio raises $7 million in strategic funding round led by Animoca Brands. Other investors included Delphi Ventures, Mechanism Capital, P2 ventures, Merit Circle, TRGC, MH Ventures, and UAE based Cypher Capital.

,Param Labs boasts a fairly robust online community. The company said it has more than 2.5 million followers on X across all its pages, in addition to 500,000 Discord users, according to a statement. The platform also has 300,000 daily active users, said Param Labs.

“This collaboration aligns with our shared vision to redefine the gaming landscape, ensuring that gamers are the true owners of their digital assets,” Animoca Brands co-founder and executive chairman Yat Siu said in the statement.

The availability of funds of this type will play a significant role in strengthening blockchain enabled Param Labs’ efforts to create a gaming world solely for native PARAM tokens. This supports the general mission to open the gates to the luminary members of the gaming world to own their assets.

Anthony Anderson, founder and CEO of Param Labs and Kiraverse, emphasized the importance of the strategic investment and partnership with Animoca Brands: “This investment marks a significant milestone for Param Labs’ ecosystem development and the broader Web3 gaming landscape. Our vision is aligned with that of Animoca Brands and we’re thrilled to collaborate on the creation of valuable products at the forefront of gaming’s innovative shift to digital ownership. With our new funding, we’ll continue to invest in building out and scaling our current products while also advancing our ecosystem initiatives and fostering community involvement.”

The investment in Param Labs announced today further expands the presence of Animoca Brands in MENA, following a partnership with NEOM to drive Web3 in the region, and with King Abdulaziz City for Science and Technology to establish a physical office and Web3 hub in Riyadh.

Param Labs aims to build a gaming ecosystem that will be governed by its native PARAM token, which will soon be launched, the company also said. The company’s first game, “Kiraverse,” is a play-to-earn, multiplayer shooter.

UAE based decentralized credit intelligence platform appoints blockchain expert

UAE based decentralized credit intelligence platform appoints blockchain expert

UAE based Synnax Technologies, a decentralized credit intelligence platform, has appointed Luc Froehlich, the ex-global Head of Digital assets solutions at Fidelity International as their Chief Commercial Officer. He will lead Synnax’s global commercial strategy and operations.

Synnax was established in Dubai in 2023 by Founders Robert Alcorn, Dario Capodici, and Alessio Quaglini, who bring over a decade of experience in digital assets (Hex Trust, Clearpool) as well as extensive backgrounds in traditional finance.


As per the press release, Froehlich brings over two decades of expertise in fixed income, experience in scaling businesses within global financial institutions, and leading high-performing teams. Froehlich’s extensive professional background and MSc in Blockchain, coupled with his thought leadership and research contributions at the World Economic Forum, equip him to lead Synnax in delivering groundbreaking credit intelligence solutions.

Synnax is revolutionizing the credit analysis industry by harnessing a decentralized network of data scientists to predict companies’ future credit metrics. This innovative approach benefits a broad range of users, including lending and borrowing platforms, market makers, asset managers, and investment managers, providing them with financial health data critical for their business.


“Credit markets, particularly private credit, have boomed over the past few decades. In contrast, the risk assessment toolkit has lagged, transparency is still lacking, and conflict of interest remains. Synnax introduces a revolutionary approach to credit analysis. By leveraging advanced encryption, we can now harvest the computing power of a broad network of AI models to deliver credit intelligence. I am excited to join an experienced and trustworthy team to develop and deploy this pioneering technology. We’ll provide a competitive edge to traditional credit investors and risk managers, and open up a new realm of opportunities in the on-chain lending space.” – Luc Froehlich, Chief Commercial Officer, Synnax.


“We are thrilled to welcome Luc to the Synnax team,” said Robert Alcorn, CEO and Co-Founder of Synnax. “His deep expertise in credit markets and proven track record of driving innovation in the digital asset space will be invaluable as we work towards our mission of providing a more trustless and privacy-preserving framework for institutional credit assessment. His appointment is also timely as we prepare to release our first public model.”


Froehlich‘s appointment follows the successful closure of Synnax’s pre-seed funding in March 2024, led by No Limit Holdings; evidence of the firm’s forward momentum and growth. With Froehlich’s leadership and Synnax’s cutting-edge technology, the company is set to empower businesses with better information to improve their capital allocation decisions, revolutionizing the traditional approach to credit assessment and ratings for the digital asset era.

UAE Phoenix Group for crypto mining and blockchain reveals 166 percent year on year growth

UAE Phoenix Group for crypto mining and blockchain reveals 166 percent year on year growth

UAE headquartered, Phoenix Group PLC a provider of web3, crypto, and blockchain technologies in the region, announced financial results for the first quarter of 2024 with a Q1 net income of $66.2 million, a growth of 166% year-on-year.

As per the press release, total assets surged by 237% year-over-year, soaring to $879.3 million from $261 million. ⁠The quarter-over-quarter growth in total assets stands at 5%, while revenue experienced an 18% quarter-on-quarter increase, reaching $68.9 million.

In addition gGross profit saw a robust 82.8% quarter-on-quarter rise, amounting to $23.28 million, while tTotal comprehensive income expanded by 312% year-on-year to $102.28 million and by 33.7% quarter-on-quarter. As such the earnings per share for Q1 2024 amounted to $0.011.

“We are immensely proud of the remarkable strides we have made in the first quarter of 2024,” stated Seyed Mohammad Alizadehfard, Co-Founder and Group CEO of Phoenix Group. “Our robust financial results underscore the resilience and effectiveness of our business model, as well as our dedication to delivering exceptional value to our stakeholders. As we move forward, our commitment to innovation, strategic investments, and sustainability remains strong. We are confident that these focal points will not only help us achieve our long-term objectives but will also further cement our standing as a pivotal player in the web3 domain.”

Echoing this sentiment Mr. Munaf Ali, Co-founder & Group Managing Director added “Sustainability is a core principle that underpins our operations. We are diligently focusing on optimized energy solutions and exploring new technologies to minimize the environmental footprint of our crypto mining activities. We are convinced that responsible business practices are critical for long-term success, and we remain dedicated to advancing to a more sustainable future for the industry.”

UAE crypto broker BitOasis uses Sumsub for AML and KYC Compliance

UAE crypto broker BitOasis uses Sumsub for AML and KYC Compliance

UAE regulated crypto broker platform BitOasis will be using Sumsub, a full cycle verification platform providing customizable KYC, KYB, transaction monitoring, and AML solutions.

BitOasis has chosen Sumsub for crypto identity verification and AML screening for crypto compliance. Having recently reopened its platform to new retail and institutional users, this partnership with Sumsub will enable BitOasis to further enhance its user onboarding process while ensuring full compliance with strict AML and other regulatory requirements.

“We are excited to start working with Sumsub, a global leader in verification, anti-fraud and compliance. Sumsub will enable us to further strengthen the stringent controls we use to protect our users and ecosystem from illicit activities and support us in ensuring continued full compliance with evolving AML regulations. By implementing Sumsub’s KYC and AML Screening solutions, we make sure to provide the best user experience to our customers in the Middle East and beyond,” says Stanford Cardoz, AML Director at BitOasis.

“We are thrilled about our collaboration with BitOasis, a leading crypto platform in the Middle East,” comments Peter Sever, co-founder and Chief Strategy Officer of Sumsub. “We are proud to join BitOasis’ mission of building infrastructure for a new digital financial system based on cryptocurrencies, a system that is transparent, inclusive, compliant and secure.”

BitOasis recently received its active MVP Operational license from Dubai’s virtual asset regulatory authority, one step towards receiving a full license.

BitOasis noted that it holds and sells 60+ cryptocurrencies adding that since its launch, it has processed more than $6 billion in trading volume and raised more than $40 million dollars in funding from leading regional and global investors, such as CoinDCX, Wamda Capital, Jump Capital, Pantera Capital, and Global Founders Capital.

Tether signs MoU with UAE RAK DAO for stablecoin adoption

Tether signs MoU with UAE RAK DAO for stablecoin adoption

Tether Operations Limited, creators of USDT digital currency has signed a Memorandum of Understanding (MoU) with RAK Digital Assets Oasis (RAK DAO). As per the press release this is the first step towards the launch of several strategic initiatives to help foster the adoption of Bitcoin technology and stablecoins in Ras Al Khaimah (RAK) UAE.

In collaboration with RAK DAO, Tether will help facilitate crypto payment adoption in the region and design blockchain-focused education programs.

Through its recently launched educational arm, Tether Edu, Tether will develop initiatives for individuals of varying skill levels covering cutting-edge fields such as Bitcoin, blockchain, peer-to-peer technologies, stablecoin adoption, and real-world use cases of crypto.

To date, RAK DAO has attracted interest from more than 100 businesses, as well as many Indian based tech entities. As a result, Tether will collaborate closely with RAK DAO on comprehensive initiatives designed to educate and empower local businesses, opening up new avenues for growth and innovation.

“Tether is proud to collaborate with RAK DAO to realize the promise of Bitcoin and blockchain technology in the region,” said Paolo Ardoino, CEO of Tether. “As home to the world’s first and only free zone dedicated to the proliferation of digital asset endeavors, Ras Al Khaimah is in a prime position to become the region’s leading hub of blockchain technology and innovation, and Tether is committed to working with RAK DAO to make this dream a reality.”

Commenting on the collaboration, Dr. Sameer Al Ansari, CEO of RAK DAO, stated: “This collaboration with Tether marks a pivotal moment in RAK DAO’s journey towards becoming a leading hub for blockchain innovation. By harnessing the power of Bitcoin technology and cryptocurrencies, we aim to drive economic growth, foster financial inclusion, and position RAK DAO as a global leader in the digital economy.”

UAE Blockchain enabled Silal Agrifood company launches automated packhouse

UAE Blockchain enabled Silal Agrifood company launches automated packhouse

ADQ backed Silal, Abu Dhabi’s leading blockchain enabled Agrifood and technology company, has inaugurated its automated packhouse in Al Ain, spanning 12,000 square meters. The facility represents a significant step in fresh produce packaging technology, underscoring Silal’s commitment to quality, innovation, safety and sustainability.

In September 2023 ,UAE based Silal, which enhances agriculture and food safety in Abu Dhabi by diversifying and stimulating food production sources via technology, research and knowledge transfer initiatives for farmer, launched its blockchain powered traceability platform to trace the lifecycle of food from farm to fork.

With the inauguration of Silal’s packhouse it now has a total capacity of 325 tons per day, capable of producing over 180,000 packs daily, and equipped with 28 precooling chambers and 9 cold stores, Silal has optimized every aspect of the packaging process. This state-of-the-art facility ensures the highest quality standards but also demonstrates Silal’s dedication to efficiency and service excellence.

Silal’s investment in this cutting-edge infrastructure which includes utilization of blockchain technology reflects its vision to champion economic development while catering to the evolving needs of consumers. The packhouse represents a milestone in Silal’s ongoing mission to redefine standards in the fresh produce industry, setting a benchmark for quality, and efficiency.

In October 2023 ADQ also acquired a majority stake in SAFCO Group, a leading food and beverage distributor in the UAE.