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Five digital asset startups accepted into Abu Dhabi’s Hub71 cohort

Five digital asset startups accepted into Abu Dhabi’s Hub71 cohort

Abu Dhabi Hub71 welcomed 21 new startups to its Cohort 15, among them five startups into its digital asset’s cohort. The five startups set to join Hub71+ Digital Assets, a specialist ecosystem focused on unleashing the growth potential of Web3 and digital assets include Norway-based Gateway.fm, a distributed blockchain infrastructure that automates and provides enterprises with turnkey solutions for deploying private blockchains and infrastructure. The company has raised USD 6 million (AED 22 million).

Also joining the Hub71 + Digital Asset cohort is Chainsight, a platform aggregating on-chain and off-chain data, including Real World Assets (RWAs), to deliver comprehensive insights through time-series analysis.

easeflow will also join. It is an AI enabled management tool that simplifies node setup, operation, and management for node operators in the blockchain industry, while Greengage is a Web3 FinTech company providing accounts and lending services to SME’s and family office clients.

UK-based Greengage that offers Web3 FinTech solutions for SME and family offices has raised USD 10 million (AED 36 million) in funding is set to join the Hub71+ Digital Assets specialist ecosystem. By joining Hub71, these startups are establishing operations in Abu Dhabi, further solidifying the UAE capital’s status as a leading global tech hub and a preferred destination for entrepreneurial growth.

Finally Stables has joined. It is a platform that offers a mobile-first digital wallet live in 130 countries, powered by stablecoins to make cross-border remittances.

So far since its inception the Hub71 Cohort 15 has raised over $130 million in capital for startups with 80 percent of those startups headquartered outside UAE.

Hub71, Abu Dhabi’s global tech ecosystem, has welcomed 21 startups in Cohort 15, increasing the total number of ventures it supports to 243. Following a rigorous selection process, these startups will enter Hub71’s Access program and the specialist ecosystems of Hub71+ Digital Assets and Hub71+ ClimateTech.

Collectively, the startups in Cohort 15 have raised USD 134.9 million in funding, which underlines Hub71’s success in attracting high-potential startups poised to drive technological innovation across the priority sectors of Abu Dhabi’s diversified economy.

Ahmad Ali Alwan, CEO of Hub71, said: “Cohort 15 is abundant with pioneering startups that are positioned to contribute to Abu Dhabi’s innovation ecosystem. By providing the startups with access to investment opportunities and market reach, Hub71 is supporting the founders’ journey in Abu Dhabi and accelerating their transformative impact globally.”

By joining Hub71 “Access” and Hub71+ specialist ecosystems, startups will be able to tap into a vibrant community of mentors, partners, and investors within Abu Dhabi’s thriving technology ecosystem, gaining access to market opportunities, top talent, and capital, which significantly enhances their prospects of securing commercial deals, attracting investment, and driving market growth. Additionally, startups will benefit from up to AED 250,000 worth of in-kind incentives and AED 250,000 in cash for equity, through a SAFE note. High-performing startups will also be eligible to receive a top-up of up to AED 250,000 in exchange for additional equity upon completing the program.

Circle and KryptoGO partner for stablecoin growth as KryptoGo expands into Middle East

Circle and KryptoGO partner for stablecoin growth as KryptoGo expands into Middle East

Circle, issuer of stablecoin USDC, and KryptoGO, a leading Web3 infrastructure platform, have partnered to drive the worldwide adoption of stablecoins and enhance compliance solutions, as KryptoGo seeks to expand into the Middle East.

As per the announcement, this collaboration represents a major step forward for both companies in enabling efficient, and scalable virtual asset management solutions across various industries.

KryptoGO’s products, including the KryptoGO Studio and KryptoGO Wallet, now offer seamless integration of stablecoin features such as peer-to-peer transactions, social payments, etc.

“We are excited to collaborate with Circle to bring our vision of a compliant stablecoin ecosystem to life,” said Kordan Ou, CEO of KryptoGO. “At KryptoGO, our focus is on delivering solutions that uphold regulatory standards while offering users a seamless experience in managing their virtual assets. This partnership allows us to expand globally, making stablecoin transactions more accessible and reliable for users worldwide.”

The global stablecoin market has seen exponential growth, with a total market capitalization exceeding $1.6 trillion. USDC alone accounts for more than 20% of this market, offering a highly regulated stablecoin option.

As part of its strategic expansion into global markets, KryptoGO is actively focusing on regions such as the Asia-Pacific, Middle East and Asia, where demand for stablecoin solutions and compliant virtual asset services is rapidly increasing.

The collaboration between KryptoGO and Circle opens up new possibilities for stablecoin adoption in industries such as telecommunications, payroll, and financial services, particularly in the rapidly growing Asia market.

Oman Refining company invests in digital asset exchange SDAX

Oman Refining company invests in digital asset exchange SDAX

Oman Muscat Precious Metal Refining company has invested in SDAX, Singapore’s Digital Asset Exchange. SDAX raised $50 million Series B2 funding round led by the Oman-based Muscat Precious Metals Refining Company LLC (“MPMR”). SDAX plans to launch digital asset exchange in Oman.

This follows a US$18 million Series B funding round in 2021 led by PSA International, Straits Trading Company, and New Horizon Global. They joined existing shareholders: ESR, RHT and Crazy Goats, supporting SDAX’s mission to empower investors with access to private markets and alternative investment opportunities.

As per the press release, the funds raised will accelerate the expansion of the SDAX ecosystem on several fronts, chief among them is the focus on client acquisition and the inclusion of other business lines such as wealth and fund management.

Regional expansion is another priority, as is the launch of a digital asset exchange in Oman. This platform will not only provide a strategic gateway to the GCC and Africa but will also connect Oman to liquidity pools globally.

Rachel Chia, Chief Executive Officer of SDAX, said, “The successful Series B2 funding round is a testament to SDAX’s commitment to democratise access to institutional-grade private markets and alternative investments. We value the continued support of our current investors, and welcome both our new shareholders MPMR and the business potential that this new partnership brings. We are particularly excited about the opportunity to expand into the GCC region.”

Nick Cochrane-Dyet MBE of MPMR, and Chair-designate of SDAX, commented, “After more than a year of working with SDAX, the results of our partnership have demonstrated the potential SDAX has to offer in democratizing investments for financial inclusion. We look forward to deepening our partnership with SDAX by developing capabilities in Oman to provide companies in the GCC with an alternative source of funds, and to building a strong investor base in the region. We look forward to supporting SDAX’s growth journey and contributing to its continued success.”

Tan Chong Huat, outgoing Chairman of SDAX, added, “We welcome MPMR to our esteemed roster of shareholders and are proud of the SDAX team’s well-deserved achievements. Looking ahead, we are thrilled about SDAX’s international expansion and being recognized as one of the leading digital asset platforms globally. I am honored to have been a part of SDAX’s success and now wish SDAX to attain further heights together with MPMR.”

In April this year, the diversity of products offered on the digital asset exchange platform has been bolstered by the strongest demand for gold in over a decade.

OneDegree launches digital asset insurance in UAE

OneDegree launches digital asset insurance in UAE

OneDegree, Asia’s licensed insurer for digital assets and Dubai Insurance Company have announced the issuance of digital assets custodial risk insurance to their customers in UAE. The Central Bank of UAE approved issuance of the digital asset insurance offering.

OneDegree and Dubai Insurance partnered in 2023. Custodial risk insurance completes the product portfolio and allows the partners to offer a one-stop-shop for digital asset companies in the UAE, under the brand “OneInfinity”.

VARA, Dubai’s dedicated regulator for digital assets, requires such coverage along with professional indemnity and directors & officers insurance. With this latest approval, specialized custodial risk insurance can be offered directly in UAE for the first time. Custodial risk insurance protects companies against the risk of losing access to digital assets including through third party hacks and theft, internal fraud and physical damage to the storage media.

Robin Scott, General Manager of Middle East for OneDegree, said, “UAE has only strengthened its position as a digital asset hub since our market entry last year. There are hundreds of companies setting up across the Emirates and looking to obtain key licenses. For this they need strong, tailored insurance policies. It’s fantastic that we are now able to offer the full suite of OneInfinity digital asset products to these inspiring companies.”

Abdellatif Abuqurah, CEO of Dubai Insurance, added, “We are thrilled to work with OneDegree on this important development in the UAE. Dubai Insurance is committed to bringing the most innovative insurance products to the UAE. Custodial risk insurance is something brand new to the market but that satisfies an urgent demand as UAE cements its position as a global leader in digital assets.”

OneInfinity by OneDegree offers tech-enabled digital asset insurance and risk management solutions globally. By offering tailor-made insurance to end-to-end digital asset players (including trading platforms, custodians, asset managers, banks, family offices and technology providers).

In addition, OneDegree, recently partnered with Saudi Arabia’s Walaa Cooperative Insurance Company, an insurance and reinsurance company where Walaa will support OneDegree as a reinsurer for its market-leading digital asset products globally. The partnership was announced during 24 Fintech event in Riyadh KSA.

Holon a decentralized green storage provider signs agreement with Arclive

Holon a decentralized green storage provider signs agreement with Arclive

Holon Global Investments Limited (Holon), a technology company aimed at creating a greener Web3 ecosystem, has signed partnership agreement with ArcLive Limited to deliver a solution to enhance energy performance and sustainable data management for both domestic and commercial premises.

Launching this strategic and promising collaboration, Holon and ArcLive signed a Memorandum of Understanding (MoU) on the first day of the Dubai AI & Web3 Festival. Holon’s Managing Director Heath Behcncke and ArcLive’s Co-founder Nicholas Edwards were present to sign the agreement.

Holon, is a green, verifiable distributed data storage and computing company that operates energy-efficient, immersion-cooled edge data centers powered by renewable energy sources utilizing blockchain technology, Holon provides robust governance over the data stored in its systems, ensuring security and sustainability.

ArcLive specializes in the collection, storage, collation, analysis, and presentation of real-time data from various premises and buildings. By leveraging sensors and other hardware, ArcLive collects performance data to help customers analyze and improve the energy efficiency of their buildings.

This joint solution enables regulatory compliance with sustainable finance objectives and helps property owners and their lending banks achieve their decarbonization targets, all while being powered by green energy.

In addition Holon also entered into a partnership with Magma ,a platform that integrates 3D modeling with blockchain technology to enhance collaboration in real estate by exploring opportunities in decentralized data storage, tokenization of real estate assets, and the integration of blockchain technologies.

Holon and Magma aim to develop new solutions that enhance data privacy, ownership, and energy efficiency in building management. By combining their expertise, both companies will focus on creating secure, sustainable, and efficient data management options for residential and commercial properties.

Holon Global Investments Limited (Holon) officially appointed Michael Clark as its Global Holon Evangelist at the highly anticipated Dubai AI & Web3 Festival.

Michael, a renowned data scholar and industry advisor, will work closely with Heath Behncke, Holon’s Managing Director, to advance Holon’s pioneering roadmap for data custodianship, decentralized sustainable storage, and tokenization.

These partnership agreements comes weeks after Holon announced its presence with an office in the UAE.

ByBit crypto exchange receives VASP license in UAE

ByBit crypto exchange receives VASP license in UAE

The UAE Virtual Regulatory Authority website has just listed ByBit crypto exchange, the second largest crypto exchange globally, as a licensed VASP ( Virtual Asset Service Provider), pending final authorizations and requirements. Once the license is fully received Bybit will offer crypto exchange services institutional Investors, Qualified Investors and Retail Investors.

“Dubai’s strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector,” said Helen Liu, Chief Operating Officer of Bybit. “With its robust regulatory framework and commitment to becoming a blockchain capital, Dubai is the ideal place to advance digital currencies and foster growth in this exciting industry.”

In June 2023, Bybit received its minimum viable product license from VARA.

During this time, the crypto exchange partnered with UAE’s DMCC freezone to offer financial support totaling $136,000 for new crypto businesses looking to set up in the DMCC crypto center. Bybit’s pledge of financial support in the amount of $136,000 will be used to kickstart the growth journeys of 15 new Web3 companies at the DMCC Crypto Centre. It also held its Hackathon at DMCC.

Bybit also supported crypto and blockchain ecosystem in the UAE with the University of Sharjah. Bybit contributed $272.000 equivalent to 1 million AED to establish a scholarship fund to support 20 students to accelerate their academic and research career into fintech and blockchain at the American University of Sharjah.

In March 2023 Bybit was one of the global crypto exchanges to have received preliminary approval from VARA.

So far Dubai’s VARA has licensed Binance and Deribit as crypto exchanges with derivative services, while offering crypto exchange service licenses to OKx, Crypto.com, BackPack and Toko.

Updated September 16th with quote from ByBit.

Brevan Howard is first crypto custodian client of Standard Chartered out of DIFC

Brevan Howard is first crypto custodian client of Standard Chartered out of DIFC

Brevan Howard is the first client for Standard Chartered regulated crypto custody service out of DIFC. DIFC ( Dubai International Financial center) regulator DFSA ( Dubai Financial has granted a license to Standard Chartered for its digital asset custody service in the UAE. In May 2024, Standard Chartered has announced that it had 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.

The now licensed service will allow clients to safekeep their Ethereum and Bitcoin cryptocurrencies as a start. Brevan Howard Digital, the dedicated crypto and digital asset division of Brevan Howard, is confirmed as the inaugural client for the product.

Bill Winters, Group Chief Executive of Standard Chartered Bank said, “The launch of our digital asset custody offering represents a pivotal moment not just for Standard Chartered, but for the financial services industry. We firmly believe that digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance.”

Margaret Harwood-Jones, Global Head of Financing & Securities Services added, “After a period of intensive work and close collaboration with regulators both regionally and globally, we are thrilled to welcome Brevan Howard Digital as the first client of our digital asset custody offering. This announcement demonstrates the growing institutional interest in digital assets and the critical need for secure, regulated custody solutions. Our offering goes beyond simple wallet services – it is a comprehensive solution that addresses the unique challenges of digital asset custody from a regulatory, risk and prudential point of view. It is a game changer for institutional clients, as we can support them with our traditional expertise to navigate the complexities of the digital asset space, without compromising on the highest standards of security.”

Gautam Sharma, Chief Executive Officer of Brevan Howard Digital commented, “This is a significant win for the UAE and the wider digital asset industry. Standard Chartered’s global reputation and demonstrated commitment to this space adds a layer of credibility that is meaningful for institutional adoption. The development of the institutional infrastructure within the asset class and region supports our established business within the ADGM in its continued expansion and our ongoing efforts toward improving and reinforcing standards in the digital asset ecosystem.” 

The Bank plans to broaden its scope in the coming months to encompass a wider range of digital assets, and is actively exploring opportunities to extend its custody services to other key financial hubs in its footprint markets.

After selection by Abu Dhabi Hub71, XBTO receives in principle approval from ADGM

After selection by Abu Dhabi Hub71, XBTO receives in principle approval from ADGM

XBTO, a global institutional digital assets company, have received In-Principle Approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate in the UAE, after being selected by Hub71 Digital assets lab.

Philippe Bekhazi, Founder & CEO, XBTO said, “Receiving an In Principle Approval is a significant step forward for XBTO in establishing a strong presence in the rapidly growing Gulf region. We believe the UAE has the potential to become the global hub for digital asset businesses worldwide, so it is important that XBTO as one of the world’s leading digital assets companies has a foothold here. I’m excited to see this area of the business develop in the coming months and years.”

The IPA marks a significant milestone in XBTO’s journey and commitment towards becoming a regulated digital assets business in the different jurisdiction they are presently in, having been regulated by the Bermuda Monetary Authority (BMA) since 2019 and currently applying for licenses in the UK and France.

A major reason XBTO has chosen ADGM as a base for its expansion is that the FSRA is one of the first regulators globally to introduce and implement a comprehensive and bespoke regulatory framework for the regulation of exchanges, custodians, brokers, and other intermediaries engaged in virtual asset activities and ADGM being the fastest growing financial centre in the region, with a 211% increase in assets under management (AUM) in Q1 2024 compared to Q1 2023.

In addition, with notable financial institutions launching in Abu Dhabi last year, Abu Dhabi is rapidly attracting its target segment of clients including family offices, traditional and crypto native macro hedge funds, high net worth individuals, blockchain protocols, VC funds, brokerages and more.

Karl Naïm, Global Head of Business Development & General Manager XBTO Middle East added, “This is an exciting time for digital assets, the UAE and surrounding countries. There is strong interest in the growth of the sector here. XBTO is working with organizations across the region and we look forward to working hand in hand with the regulator, decision makers and institutions to help build a thriving and leading digital assets ecosystem from Abu Dhabi.”

XBTO will continue to have its main company headquarters in Bermuda, and European offices in Paris and London, while leveraging Abu Dhabi as a base to better locally serve the Middle East. In line with XBTO’s long term commitment to the UAE and regulatory frameworks, and subject to the regulatory approval for the grant of the FSP, the company plans on making further investments to invest in their presence in the UAE.

UK Blockchain Sports Ecosystem and Saudi investment company

UK Blockchain Sports Ecosystem and Saudi investment company

UK tech company, Blockchain Sports Ecosystem, signed a Memorandum of Understanding (MoU) with Saudi Arabian Alpha Jossor Investments to explore the development of one of the MENA’s biggest innovative sports complex using advanced hi-tech solutions and attraction of direct investments into the sports and entertainment industries, with a cumulative value of $3.3 billion. The top football stars Kevin Kuranyi, Jay-Jay Okocha, Mikael Silvestre, and Jens Lehmann were present at the signing ceremony in Riyadh, KSA, to endorse the strategic partnership.

The complex in Saudi Arabia will include an advanced football academy featuring the latest integrated training solutions, along with real estate development aligned with the concept of a smart sports city. The creation of new real estate facilities will contribute to the development of tourism and the attractiveness of foreign investment in the region in preparation for global sports events. The representatives of Blockchain Sports Ecosystem across three continents, along with the private sector representatives, will participate in implementing this massive project.

“I believe the partnership marks a significant milestone and is beneficial for the whole MENA region. The Middle East has proved its ability to bring innovative projects of enormous scale to life. With the advanced technologies Blockchain Sports Ecosystem has developed, the upcoming project will set a new standard for the global sports community. We hope our mutual efforts will make the region prominent in the world’s sports arena”, – Dmitry Saksonov, Founder of Blockchain Sports Ecosystem.

Alpha Jossor Investments has expressed its readiness to invest in the private sector and actively contribute to implementing the plan at all the subsequent stages.

The MoU also involves the real estate aspect. It includes the launch of a digital real estate platform facilitating buying, selling, and management of properties within the digital domain. It will include additional private developments around the football academy, with investments estimated at $1.6 billion, including 1,500 villas and approximately 3,330 apartments, which will be built under the smart city concept to promote sustainable and eco-friendly urban living.

“Alpha Jossor Investments is dedicated to bridging global expertise and local private investor landscape through high-impact investments. Our partnership with Blockchain Sports Ecosystem is a strong step towards creating an innovative sports hub in Saudi Arabia, aligning with our vision for sustainable growth,” – Faisal Janahi, CEO of Alpha Jossor Investments.

With a team of 1200+ tech and sports experts and offices in 8 countries across 3 continents, Blockchain Sports Ecosystem is the first international ecosystem building the future of sports by combining the advanced performance tracking, AI, XR, and blockchain technologies. The Blockchain Sports Football project is part of the ecosystem.

Over 50 football top players have endorsed Blockchain Sports Ecosystem activities. The renowned players Romario, Zico, Edmilson, Marco Materazzi, Ze Roberto, and Kevin Kuranyi are among the company’s ambassadors. Additionally, Wesley Sneijder, David Trezeguet, Essam El Hadary, William Gallas, Diego Lugano, Maicon, and many others are partners of the Blockchain Sports Ecosystem. The project will leverage their vast football experience and status to create the sports cluster of the highest international level. On the top of that, the Photochain project was developed to capture video memories of the football stars telling about their professional journeys. The interviews will help to gain insights and serve as the foundation for the design of the upcoming cutting-edge sports facility in Saudi Arabia.

An important part of the MoU is the digital ID Platform that will be created for athlete identities, allowing secure and transparent transactions within the sports industry. The partner academies from over 16 countries around the world will be connected to the platform to collect analytics and identify the best football players who will be given a chance to study at a high-quality academy in Saudi Arabia. The platform will be the first solution for storing data on athletes and will launch the global process of scouting players across the world. The integration solutions using blockchain technology will optimize the processes and data storage security.

UAE’s virtual asset regulators VARA and SCA cooperate on VASP licensing

UAE’s virtual asset regulators VARA and SCA cooperate on VASP licensing

The Securities and Commodities Authority (SCA) signed a cooperation agreement with Dubai’s Virtual Assets Regulatory Authority (VARA) where it was agreed that VASPs operating in/from Dubai, or wishing to service the emirate of Dubai require to obtain a license from VARA, and can be registered by default with the SCA to service the wider UAE. VASPs wishing to operate out of any other Emirates, must be licensed by the SCA to do so.

In addition under the agreement, the SCA and VARA will set forth rules and procedures for licensing and supervision virtual asset service providers (VASPs) and any related activities, services or associated transactions. This is subject to licensing in accordance with the provisions of Cabinet Decision No. 111 of 2022, and No. 112 of 2022 (Regulating Virtual Assets and Their Service Providers) and within the respective jurisdiction of both parties.

The agreement covers the mechanism for mutual supervision of VASPs, penalty and fine imposition, the exchange of information and statistics, as well as cooperation in employee training and qualification.

The agreement was signed by Her Excellency Dr. Maryam Buti Al Suwaidi, the SCA’s CEO, and Mr. Matthew White, VARA’s CEO, in the presence of senior officials from both organisations.

His Excellency Mohamed Ali Al Shorafa, the SCA’s Chairman stressed on the importance of cooperation between different regulatory authorities across the nation to attract global businesses and organizations to operate within its dynamic financial sectors, including that of virtual assets. He indicated that investing in virtual assets continues to see substantial interest and exponential growth, which required joint efforts to build unified and effective frameworks that promote sustainable development and bring stability to this vital sector.

HE Al Shorafa remarked that the cooperation agreement signed with Dubai’s VARA is aligned with the government’s directives to regulate the local virtual assets sector, control its activities, and enhance overall monitoring to protect investors. It also ensures compliance with local anti-money laundering regulations as well as those related to the financing of terrorism and illegal organizations, which boosts investor confidence in the UAE and its resilience in the face of global challenges.

For his part, His Excellency Helal Saeed Al Marri, Chairman of VARA’s Executive Board commented that this agreement underscores a joint national commitment to leveraging regulations as an enabler to secure business enablement within the Virtual Assets ecosystem, so that the global industry can sustainably evolve to becoming a cornerstone for the New Economy. Dubai’s 2033 Economic Agenda has outlined a defined roadmap to becoming the global hub for tomorrow’s Innovation economy – and such regulatory collaboration and clarity is foundational to assuring consumers, investors, and the international business community, of the UAE’s position as a world-leading hub for the Future of Finance.