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GCEX crypto broker in UK reports lower revenues in 2023

GCEX crypto broker in UK reports lower revenues in 2023

GC Exchange GCEX a licensed crypto broker in Dubai UAE announced that its GCEX’s UK entity a crypto broker has submitted its accounts for y/e 31 December 2023, reporting a turnover of £2.30 million equivalent to $2.8 million. This is a decline in volume from £4.46m ($5.58 million) the previous year.

As per the press release, this is largely attributed to the crypto winter and follows an exceptional growth year for GCEX y/e 2022. However, despite the drop in turnover for y/e 2023, the company has steadily increased revenue on a monthly basis since the beginning of 2023, a trend that has continued into the current year.

The UK entity reported a loss before tax of £387,429 but remained committed to its growth objectives, as evidenced by its ongoing development of technology solutions and the distribution of £1.80m during the year to its parent company, GCEX Holding Limited, aimed at supporting the international expansion of the GCEX Group.

Lars Holst, Founder and CEO, GCEX added, “The crypto winter had a huge impact across the industry, and GCEX was no exception. However, in response to the decline in revenue, we have been resilient and adaptive, navigating our costs effectively and diversifying revenue streams such as introducing staking services for institutional and professional clients.

“We don’t run risk and don’t do lending or borrowing and we continue to have significant excess Tier 1 capital in our UK entity. Following a successful Q1 2024, We are now back to profitability and continue to execute on our long-term plans, investing and expanding in our global business.”

Over the last financial year, GCEX Group, with headquarters in London, has broadened its product offering, enhanced its technology and strengthened partnerships with Tier 1, trusted Liquidity Providers as well as digital asset custody solutions. The Group secured two additional regulatory licenses: an investment firm in Denmark regulated by the Danish Financial Supervisory Authority and a Virtual Asset Service Provider (VASP) license in Dubai, UAE regulated by VARA.

GCEX Group enables institutional and professional clients to access deep liquidity in FX and CFDs on digital assets, as well as digital assets spot trading and conversion, and offers a broad range of Forex brokerage and crypto-native technology solutions – XplorDigital.

Dubai Fintech summit offers a platform for Fintech startups and investors

Dubai Fintech summit offers a platform for Fintech startups and investors

For the second consecutive year, Dubai will remain in the spotlight as it hosts the second edition of Dubai FinTech Summit, under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime
Minister, and Minister of Finance of the UAE and President of DIFC, which is set to take place on 6-7 May at Madinat Jumeirah.


Organized by Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, the Summit will bring together 8,000 decision-makers, over 300 thought leaders and more than 200 exhibitors to discuss the latest innovations and challenges and showcase cutting-edge technologies.


The global FinTech sector is rapidly growing and is predicted to be valued at USD 608bn globally by 2029, according to Mordor Intelligence, a market intelligence and advisory firm. Bucking the downward global market trend, the MENA FinTech market is expected to register a CAGR of over eight per cent during the period 2024 to 2029.


Dubai FinTech Summit will offer a platform for start-ups, investors and industry leaders to connect and capitalize on the growing FinTech market in the region and beyond. The MENA region’s FinTech start-up and venture capital landscape is booming, with over 800 FinTech start- ups worth USD15.5 bn, according to data by dealroom.co. Reflecting the ongoing transformation in the financial sector driven by Innovation, Inclusion, and Impact, the key themes this year will be Finance Renaissance, Ecofinance and Impact, Investment Vanguard, Regulatory Frameworks, Global Financial Dynamics and FinTech 2.0.


Mohammad Alblooshi, CEO at DIFC Innovation Hub, said: “Nearly 60 per cent of all FinTech companies in the GCC are currently based in Dubai. With the industry growing at an unprecedented rate, it is crucial for stakeholders to gather and discuss the challenges and
opportunities that lie ahead. The Dubai FinTech Summit will bring together the most prominent figures in the industry, with an agenda that is aimed at driving innovation, inclusivity, and growth for all.”

With an impressive line-up of distinguished local and international speakers, the Dubai FinTech Summit will host a series of panel discussions and fireside chats. More than 20 governors of financial institutions will attend the summit this year, amongst them, H.E. Essa
Kazim, Governor, DIFC, UAE; H.E. Dr. Philmnisi, Governor, Central Bank of Eswatini; H.E. Cheaserey, Governor National Bank of Cambodia; H.E. Martin Galstyan, Governor, Central Bank of Armenia; H.E. John Rwangombwa, Governor, National Bank of Rwanda; H.E. Prof. Edward Scicluna, Governor, Central Bank of Malta will participate in discussions during the two-day event. Adena T. Friedman, Chair & CEO of Nasdaq Inc; Nic Dreckman, CEO of Bank Julius Baer & Co.; Yie-Hsin Hung, President & CEO of State Street global advisors and Jim Demare,


President global markets at Bank of America, along with many other global industry leaders will also be participating in the various sessions planned for the Summit. Notable local speakers include H.E. Abdullah bin Touq Al Marri, Cabinet Member & UAE Minister of Economy; H.E. Helal Saeed Al Marri, Director General, Department of Economy and Tourism, Dubai; H.E. Salem Humaid Al Marri, Director General, Mohammed Bin Rashid Space Centre, UAE; and H.E. Faisal Belhoul, Vice Chairman of the Dubai Chamber, Chairman of J&F Holding.

A key highlight of the Dubai FinTech Summit will be the Grand Finale of the FinTech World Cup (FWC). The champions of the FinTech World Cup will be announced on Day 2 of the summit with the winners securing an investment of up to USD 1 million. The competition is a growth-enabling initiative by DFS designed to encourage cross-border collaboration and stellar innovation, pivotal to transforming the global FinTech sector.
In line with the D33 Agenda to position Dubai as the top four global financial hub by 2033, the 2nd edition of the Dubai FinTech Summit is designed to encourage cross-border collaboration and innovation, pivotal to transforming the global FinTech sector. It presents a unique opportunity to explore emerging FinTech trends and their potential to drive financial progress in the MEASA
region.
The inaugural Dubai FinTech Summit attracted over 5,000 C-suite leaders from over 90 countries including north of 1,000 investors and more than 150 speakers. Over 20 Memorandum of Understandings were signed with global financial leaders during the Summit.

Hacken signs MOU with UAE ADGM to set new benchmarks for blockchain security

Hacken signs MOU with UAE ADGM to set new benchmarks for blockchain security

Hacken, a blockchain security auditing entity, has signed a Memorandum of Agreement with UAE’s Abu Dhabi Global Market (ADGM), to set new benchmarks for blockchain security and compliance.

As per the press release, this strategic partnership reflects a unique synergy between a regulatory body and a security auditor aimed at establishing a world-leading security assessment standard in the blockchain industry.

Under the MoU, ADGM’s Registration Authority (RA) will collaborate with Hacken on developing security standards and on-chain monitoring solutions in relation to ADGM’s DLT Foundations framework, positioning both organisations at the forefront of fostering a secure blockchain ecosystem. This collaboration not only highlights ADGM’s role in innovating regulatory frameworks but also Hacken’s commitment to advancing blockchain security globally.

Highlights of the MoU include collaboration in the following areas:

  • Security and Compliance Standards Development.
  • Advanced DLT Foundation Monitoring Arrangements
  • Development of AI-Enhanced Monitoring Solutions

“At ADGM, we are committed to setting unprecedented global standards in regulatory compliance and security by harnessing the transformative power of blockchain and AI. Our partnership with Hacken exemplifies our innovative drive and dedication to excellence. By integrating AI-driven technologies, we are pioneering a model of regulatory excellence that enhances transparency, security, and trust across the digital landscape. This represents the next frontier in SupTech, and take pride in spearheading this evolution,” said Hamad Sayah Al Mazrouei, CEO of ADGM RA.

Dyma Budorin, Co-Founder and CEO of Hacken emphasized the significance of the collaboration stating, “We are incredibly grateful for the opportunity to support ADGM in this pioneering venture. Our experience in working with public sectors, such as our audits for the European Blockchain Services Infrastructure and our cooperation with government entities, provides a solid foundation for this partnership. Together, we are setting a new global standard for blockchain security and compliance.”

Lebanese DigiWeb introduces AI and Blockchain in real-state sector

Lebanese DigiWeb introduces AI and Blockchain in real-state sector

The real estate industry globally and in the region is undergoing a transformation. Once known for its intense paper trails and reliance on human interactions, real estate sector transforming with the use of AI and Blockchain technology.


Beirut based DigiWeb, a tech marketing firm, which had previously worked with multinational leading real estate developers and agents is implementing an innovative solution that utilizes both AI and Blockchain.


Built on the Polygon Blockchain, the solution will replace outdated real-estate sale processes that not only take a lot of time, effort, and information queries with a more streamlined and transparent process.


Previously DigiWeb using a CRM (Customer Relationship Management) system was able to connect credit solvable buyers with real estate developers in minutes.


Yet DigiWeb founder noticed that although digital marketing entities such as their own, could carry out large scale data mining campaigns for their clients, and analyze them, the data at one time or another becomes obsolete as new cities arise, client taste change and technology evolves.


Fady El Sayah, Founder and CEO of DigiWeb explained, “Years ago we developed a solution for a real estate developer utilized at one of their sales events. Potential buyers registered their pre interest, the information was then shared with credit entities who either considered them as solvable or not.


These buyers would then talk to a sales team, once the buyer committed, they had to pay a down payment of booking fee”
He adds “At the event there were stands for banks, the bank would then process the booking fee, and the information would then be sent to the legal department of the real estate developer where a contract was set up.”


While this process managed through a CRM allowed the real estate developer sell 90 apartments and 100 offices in just four hours, DigiWeb is now ready to take this a step further utilizing Blockchain and AI.


At present instead of a real estate sales event, there will be a virtual room. A potential buyer from anywhere in the world can access the digital meeting room, interact with EDA an AI AVR and visit each floor and each apartment in a complex checking out the interior and exterior as they move along using their joystick.


Al Sayah explains, “If a potential buyer would like to change the internal set up of an apartment, the AI can do so. In addition, the AI can place an order and the buyer can use their crypto or digital assets wallet to pay.”
AVR Chatbots powered by AI can answer basic questions 24/7, freeing up human agents for more complex interactions. The entire sales process from viewing up to purchasing will be done utilizing blockchain.


Al Sayah notes that this doesn’t just fall into the real-estate sector. He has already prepared a demo for the biggest distributor of home appliances in Ghana. As such DigiWeb wants to incorporate AI and Blockchain not only in real-estate but also shopping
malls and retail sector.
In conclusion while some believe that Blockchain for the real-estate sector is centered on tokenization of assets, it can also be utilized in the manual processes by streamlining it with automation.


Today it is data that helps realtors assess potential clients as well as help clients to make more informed decisions note solely based on gut feeling. The future is in AI algorithms that can analyze user preferences and suggest properties that perfectly match their needs.

Companies like DigiWeb are continuing to evolve. In the past DigiWeb has designed and developed virtual tours, created automated sales solutions for multimillion-dollar real estate projects, and executed multi-million real estate marketing campaigns.

As Al Sayah notes, “Our approach has always been holistic, integrating technology with marketing strategies to deliver exceptional results. Today utilizing AI and Blockchain we can ensure better services such as dynamic pricing, and better customer interfaces.”

UAE investors participate in the $12 million Blockchain round for Shiba Inu

UAE investors participate in the $12 million Blockchain round for Shiba Inu

UAE Funds including names such as, WoodStock Fund and Cypher Capital are among the investors in Shiba Inu’s $12 million raise.

Shiba Inu, an interconnected ecosystem of digital assets and solutions built on the Ethereum blockchain that includes popular global cryptocurrency $SHIB, announced a raise of $12 million from a number of non-U.S. strategic partners in venture capital, including Comma 3 Ventures, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, Mechanism Capital, DWF Ventures and Spirit Dao. T

his group of investors has invested in the Shiba Inu Ecosystem through a $12 million purchase of the not-yet-released $TREAT utility and governance token, Shiba Inu’s final non-stable token.

$TREAT is the final unreleased token by the popular meme brand that will unlock Shiba Inu’s  newly announced blockchain featuring Fully Homomorphic Encryption (FHE). The new chain utilizes the FHE technology of their partner Zama.ai. This new encryption chain aims to solve multiple problems in crypto, including privacy and trust for Shiba Inu’s large community of tens of millions, and the next billion, crypto-curious individuals.

“Shiba Inu started from the vision of our founder Ryoshi and we’ve been so thankful to the community. Together, we have changed the face of crypto as we’ve worked towards that vision. We’ve crushed expectations by creating a full-fledged ecosystem with a core technology stack that no one else has, alongside community, games, AI, metaverse, DeFi, self-sovereign identity, and encryption,” said Shiba Inu’s Lead Developer known as Shytoshi Kusama. “We are excited to gain the support of such powerful VCs, angel investors, and brands as we plow towards the completion of this grand decentralized experiment. Through the involvement of these venture capital firms and their strategic partners, we are expanding not only our network of trusted partners, but also exponentially increasing what Shiba Inu can truly be capable of for our community, The ShibArmy.”

The funding, through The Shiba Inu Mint S.A. (a Panama corporation), will be used by Shiba Inu to build its new blockchain with FHE, ensure Shibarium becomes the meme center of the world, and expand security and regulatory compliance. Shiba Inu continues to enhance its stack while increasing the usability and portability of its technology in more places than ever, including partnerships like D3 to gain a .shib top-level domain, philanthropic partnerships with organizations like the Manny Pacquiao Foundation, and memberships within organizations like CDSA (Content Delivery & Security Association), the international association of security executives across Media & Entertainment.

UAE Blockchain Phoenix Group to boost liquidity with BHM Capital

UAE Blockchain Phoenix Group to boost liquidity with BHM Capital

UAE Phoenix Group PLC, the GCC region’s first listed blockchain and tech conglomerate has partnered with BHM Capital, a liquidity provider tol boost liquidity for Phoenix shares on the Abu Dhabi Securities Exchange (ADX). As per the press release this will enhance trading volumes and bolstering investor trust.

Phoenix Group’s partnership with BHM Capital which serves as liquidity provider to Phoenix Group’s shares (PHX) reinforces its commitment to optimizing share trading on the ADX. This strategic alliance not only aims to increase trading volumes and stabilize prices but also enhances investor value. 

As a liquidity provider, BHM Capital plays a crucial dual role, strengthening market stability and improving the order book. The commitment to providing liquidity for Phoenix Group’s shares is designed to ensure more consistent pricing and increase overall trading liquidity on the ADX, making transactions smoother across various price levels.

Seyed Mohammad Alizadehfard, Co-Founder and Group CEO of Phoenix Group, commented, “Our partnership with BHM Capital represents a crucial step in strengthening the liquidity and stability of our shares on the ADX. It does not only enhance our market position but also provides our investors with more robust trading options. We are fully committed to leveraging this collaboration to deliver substantial value to our shareholders.” 

Abdel Hadi Al Sa’di, the CEO of BHM Capital, added “This move will enhance the company’s position in the Abu Dhabi Securities Exchange, stabilize the price movements of its traded shares, and enable investors to diversify their investment portfolios, taking advantage of opportunities in financial markets.”

Phoenix Group expects that the partnership with BHM Capital will significantly drive up trading activity and elevate demand for its shares on the ADX, fostering a more vibrant market presence. With a specific focus on boosting trading volume and the value of PHX shares, Phoenix Group is confident that this engagement will have a positive impact on the company’s performance in the coming months. 

Recently Phoenix Group paid $2.5 million for a 12.5% stake in Rekt Web3 gaming company, among other investments the group has made in the past few months.

Web3 accelerator Startup Wise Guys launches construction tech fund in KSA

Web3 accelerator Startup Wise Guys launches construction tech fund in KSA

Startup Wise Guys, one of the most active accelerator funds in Europe and Africa, investing in Web3, SaaS, Fintech, cybersecurity, XR, sustainability, and Proptech verticals in more than 60 countries, has partnered with Saudi Arabia’s SEEDRA Ventures and under the sponsorship of KSA’s National Technology Development Program (NTDP), launch of the first Construction Tech Specialized Fund and Accelerator Program in Saudi Arabia.

The Construction Tech specialized fund, spearheaded by Startup Wise Guys, boasts two seasoned General Partners, Jourdan Younis and Aya Zaghnin. “We are thrilled to pioneer this transformative venture in Saudi Arabia’s burgeoning startup ecosystem,” remarks Jourdan Younis, General Partner, highlighting the fund’s commitment to driving meaningful change through technology.

“Aligned with the pivotal projects of Saudi Vision 2030, We are steadfast in our commitment to nurturing an environment primed for innovation and expansion within a sector craving transformative advancements, cost efficiencies, and scalability. Our aim is to actively contribute to providing cutting-edge technologies within the sector, fostering the growth and development of built assets in Saudi Arabia.” adds Aya Zaghnin, emphasizing the fund’s alignment with the nation’s vision for economic diversification and technological advancement.

The collaboration between Startup Wise Guys and SEEDRA Ventures marks a new update in Saudi Arabia’s startup ecosystem as well as its impact in the global startup ecosystem. The partnership combines Startup Wise Guys’ extensive experience as one of the most active accelerator funds in Europe and Africa with SEEDRA Ventures’ deep understanding of the Saudi Arabian market.

This initiative is further bolstered by the partnership between Startup Wise Guys and WZMH. WZMH will be working towards establishing a first satellite research and development lab – Sparkbird – in Riyadh and will focus on developing existing technologies for implementation in MENA and starting several new concepts working closely with government, private industry, and the educational sector in Saudi Arabia.

“The collaboration with SWG paves the way for bringing Sparkbird’s innovations, particularly those tailored for the Saudi construction market, into new partnerships with local institutions. Our inventions, including recent developments inspired by Saudi Arabia’s unique VISION 2030, align with the region’s demand for advanced Proptech and Contech solutions. This initiative represents a critical juncture where our commitment to smart building technologies and the specific requirements of Saudi Arabia meet, promising real groundbreaking advancements in the sector.” noted Mohammed Al Atheri and Zenon Radewych from WZMH about the initiative.

Accompanying the fund, Startup Wise Guys will be introducing their signature accelerator program in the region, which includes Web3. “With our extensive experience and robust network, we are poised to empower entrepreneurs and innovators in the Construction Tech space,” states Cristóbal Alonso, CEO at Startup Wise Guys, underscoring the accelerator program’s dedication to supporting startups in their growth journey.

Haitham Alforaih, Founding Partner at SEEDRA Ventures added “Saudi Arabia exemplifies the transformative power behind rapid development, and its construction sector serves at the forefront of this extraordinary progress. With substantial investments in infrastructure and mega-projects including NEOM and the Red Sea Development Project, the Kingdom is witnessing constant growth in construction activities. This growth presents opportunities for construction companies, specializing in cutting-edge technologies that increase productivity, improve safety and coordination, to support the Kingdom’s transformative era.”

Startups participating in the Accelerator Program will also have the opportunity to collaborate with experts and mentors from Startup Wise Guys’ extensive network, gaining valuable insights and guidance to scale their businesses globally.

The program which will include investments in Web3 startups, will be launched in Q3 of 2024. More information on how to apply will be launched soon.

This announcement comes after The Hashgraph Association partnership with the Ministry of Investment in KSA to launch a deep tech venture studio.

MENA crypto broker CoinMENA enhances liquidity for its platform

MENA crypto broker CoinMENA enhances liquidity for its platform

CoinMENA B.S.C., a leading crypto asset platform licensed by the Central Bank of Bahrain and sister company CoinMENA FZE, licensed by the Dubai Virtual Asset Regulatory Authority (VARA), have partnered with Zodia Markets, a UK headquartered digital asset trading business, backed by Standard Chartered enhancing its liquidity on its platform.

The partnership will provide CoinMENA users with enhanced liquidity and reduced slippage on high-volume trades for G10 and GCC currencies vs a list of vetted and well-researched stablecoins and crypto assets.

Zodia Markets is renowned for its industry-leading trading and operational infrastructure, ensuring timely and efficient settlement. The business operates as a digital asset brokerage for institutional clients, offering a seamless avenue for fiat versus digital asset transactions across multiple currencies.

CoinMENA is a crypto asset platform where retail and institutional investors can buy, sell, send, receive, and store digital assets safely.
The partnership merges the strengths of two pioneering institutions. CoinMENA’s extensive network of retail and institutional clients across the MENA region, combined with Zodia Markets’ industry-leading capability, establishes a reliable and trusted gateway to digital assets.
In a joint statement, CoinMENA co-founders Talal Tabbaa and Dina Sam’an stated, “This partnership comes at a perfect time because we are seeing a significant increase in interest from retail and institutional investors. With Zodia Markets we substantially enhanced our service offering and can provide investors with more efficient avenues for entering and exiting the digital assets market, with minimal transaction costs and efficient settlement.”


Ayad Butt, Head of Sales and Trading Africa and Middle East, Zodia Markets added “The AME region, particularly UAE and Bahrain, has evolved impressively over the last five years. Regulatory clarity, world-class infrastructure, access to capital, and a growing economy
have attracted the best minds and the most sophisticated capital for trading, investing, and innovating.”


Ayad emphasized, “The growth and increased adoption of digital assets in this ecosystem hinge on bridging traditional finance with digital assets. That’s precisely what the partnership between Zodia Markets and CoinMENA achieves. We’re excited by the efficiencies this partnership will create for trading in the region.”

Over the past months CoinMENA has been partnering with several major players to enhance its crypto offering across the MENA region. It partnered with Network International, Onramp Bitcoin

stc Bahrain partners with Avalanche Blockchain for Web3 growth in MENA

stc Bahrain partners with Avalanche Blockchain for Web3 growth in MENA

During the recent Token 2049 Dubai event, stc Bahrain, a telecom operator and digital enabler, partnered with Ava Labs to advance the progress of Web3 in the region. By launching an Avalanche Subnet as part of its Web3 Launchpad Program, stc Bahrain is striving to accelerate the adoption and expansion of blockchain across the Middle East.

Avalanche has been selected as the Qala’a Path Partner and Industry Ambassador. The Qala’a Path is named after a UNESCO heritage site, Qala’a al-Bahrain (Bahrain Fort), emblem of strength and intercultural confluence. The partnership aims to build a foundation for Web3 in the region.

stc Bahrain is a subsidiary of stc group, with a brand valued at $13.9B. stc has a track record of innovation, highlighted by the initiatives of deploying the world’s largest undersea cable (linking Europe, Africa, and Asia) and the development of the region’s first integrated data center park, which covers 55,000 square meters.

Now, stc Bahrain will be using Avalanche to catalyze the region’s Web3 development.

To stc Bahrain, Avalanche stands out for its near-instant transaction finality, high throughput, and robust Subnet architecture allowing for the development of customized solutions. Subnet performance and flexibility will prove key to the sweeping initiative, as stc Bahrain’s launchpad aims to establish a regional ecosystem consisting of a range of dApps – all while maintaining high performance and security.

As an Avalanche builder, supporter, and official ambassador in MENA, stc Bahrain will spur the greater adoption of Web3 on Avalanche in the region. This will entail fostering innovation and driving community engagement via co-marketing, conferences, hackathons, and related efforts.

“We are excited to embark on this journey with Avalanche, leveraging their groundbreaking technology to elevate our Web3 infrastructure,” said Saad Odeh, Chief Wholesale Officer at stc Bahrain. “Deploying an Avalanche Subnet is a testament to our dedication to leading digital transformation and innovation in the region.”


“We are honored to align with stc Bahrain to expand Avalanche’s presence in the Middle East and North Africa,” said John Nahas, SVP of BD at Ava Labs. “Subnets have the performance and flexibility needed for stc Bahrain to cultivate a powerful Web3 ecosystem, and for the people of these regions to benefit from cutting-edge blockchain applications. This launch coincides with our larger plans for the MENA region which are upcoming.”

stc Bahrain has been forging partnerships with major Web3 and Blockchain entities with the most recent being DePin infrastructure provider Aleph Zero.

UAE Dunes Fintech enters crypto space with acquisition of Be Mobile Africa

UAE Dunes Fintech enters crypto space with acquisition of Be Mobile Africa

UAE based Dunes Fintech platform signed an MOU to acquire a portion of Be Mobile Africa which offers a banking and cryptocurrency infrastructure.

As per the announcement, the acquisition, slated for completion by the end of the second quarter of 2024, marks a significant milestone for Dunes, positioning the company as a trailblazer in the latest generation of Fintech companies.

Dunes is seeking to launch a platform, seamlessly integrating cryptocurrency and traditional banking services. This groundbreaking initiative signals Dunes’ unwavering commitment to redefining the digital banking landscape in the UAE and beyond.

As part of the agreement, Be Mobile Africa will sell significant technology assets, including key components related to its banking and cryptocurrency infrastructures. Notably, this includes the Be Network, a game-changing infrastructure facilitating real-time settlement of fiat and cryptocurrency transactions 24/7. Be Mobile Africa will retain banking services for the African continent, continuing with its focus on fostering financial inclusion initiatives across the continent.

“The strategic sale of non-financial assets injects vital financial resources into Be Mobile Africa. These resources will be used to double down on key African markets, in line with the company’s mission of banking the unbanked and underbanked in Africa.” emphasized Dr Cédric Jeannot, Co-founder and CEO of Be Mobile Africa.

A senior Dunes Financial executive expressed enthusiastic anticipation about the acquisitions, stating, “We are thrilled to embark on this journey of innovation and progress. The acquisition aligns with our vision of creating a bridge between crypto and fiat, opening up new possibilities for regulated entities and individuals. We are committed to providing a secure and compliant platform redefining how people interact with financial services.”