Lara

Total Post: 917

UAE digital assets infrastructure startup Fuze raises $14mn Seed round led by ADQ’s Further ventures

UAE digital assets infrastructure startup Fuze raises $14mn Seed round led by ADQ’s Further ventures

UAE headquartered Fuze, a digital assets infrastructure provider, has raised a seed round of $14mn, the largest Seed investment in a digital assets startup in the history of the Middle East and North Africa region (MENA). The investment was led by Abu Dhabi-based Further Ventures, along with participation by US-based Liberty City Ventures. 

Fuze will benefit from the strategic capital and network of these investors, acting as a catalyst for the business as it builds the digital asset infrastructure that will drive the future of finance. 

A first-of-its-kind infrastructure provider in MENA, Fuze enables any bank, fintech or traditional enterprise to easily offer regulated digital assets products to their customers through their native apps.

Fuze was founded by an expert team of fintech, traditional finance (TradFi) and decentralized finance (DeFi) leaders, with its co-founders holding extensive knowledge from experience in global hypergrowth businesses. 

CEO, Mohammed Ali Yusuf (Mo Ali Yusuf) has held prominent roles at Checkout.com and Visa; Arpit Mehta (COO) was previously in the leadership team at fintech leaders like Simpl and Clear; Srijan Shetty (CTO) built algorithmic trading systems at Goldman Sachs and worked at tech leader Microsoft.

With a regional digital asset market worth $566bn, and growing at 48% YoY, Fuze co-founder and CEO, Mohammed Ali Yusuf believes the Middle East is the perfect home to establish a digital assets infrastructure business. 

Yusuf states, “We are excited to build the future of regulated financial infrastructure and digital assets out of the UAE. Regulations have played a pivotal role in propelling the UAE into a central position within the global Digital Assets industry. To receive the backing of Abu Dhabi-headquartered Further Ventures combined with the deep expertise of US-based Liberty City Ventures, confirms the relevancy and potential of Fuze’s mission to rapidly expand our cutting-edge infrastructure across the region.”

Further Ventures commented, “This is an important strategic investment into digital assets, one of our core verticals. The team at Fuze is highly experienced and has a clear vision to develop a trusted, world-class digital assets proposition. Technology that enables a range of stakeholders is vital for the future of the financial ecosystem and Fuze is well placed to be a leader in digital assets across the MENA region and beyond.”

In September 2022, Abu Dhabi’s ADQ and Further Ventures, an investment firm back by ADQ launched a $200 million fund focused on Fintech, digital assets and supplychain.

Fuze was founded in December 2022 and selected earlier this year to join Hub71, Abu Dhabi’s global tech ecosystem through its Company Building Program. Its white label solutions handle the complexities of blockchain and regulatory overheads for enterprises, enabling these organizations to readily offer digital assets such as stablecoins, cryptocurrencies, CBDCs and tokenized assets.

The funding will propel Fuze’s growth as it obtains regulatory licensing, adds strategic hires in key roles, continues to expand its technological capabilities, and accelerates its geographic expansion across the region. Its products, such as Fuze Trader and Fuze Loyalty, allow banks, brokerages and superapps to offer digital asset products in a simple, easy and trusted manner.

“We are building a suite of products that addresses the growing demand for regulated digital asset capabilities through trusted channels. Our technology first approach is a game-changer for the region and offers our customers a reliable bridge to the new era of investments and to the future of finance,” adds Yusuf. 

In a recent report by Singaapore funded UnaFinancial, the group said that Fintech funding in UAE could reach $2.8 billion in 2028 from $1.8 billion in 2023. This is boosted by a strong economy and favourable environment.

Oman Central Bank reviews stance on crypto in its 3rd meeting for 2023

Oman Central Bank reviews stance on crypto in its 3rd meeting for 2023

In a news piece on Oman News agency, the Board of governors of the Central Bank of Oman, held their third meeting for 2023 where the followed up on developments as well as reviewed the international stance on cryptocurrencies as well as related studies conducted by the executive management team at the central bank on cryptocurrencies.

This comes as Oman works on its virtual asset regulations, having  at the end of July 2023 announced a public consultation paper on virtual assets regulatory framework by the Oman Capital Market Auhtority.The Capital Market Authority, Sultanate of Oman (CMA), which regulates and develops Oman’s financial markets for the capital market and insurance sectors, had earlier announced its plans to establish the new regulatory framework for Virtual Assets (VA) and Virtual Asset Service Providers (VASP).The proposed new regulatory framework is envisaged to cover activities such as crypto assets, tokens, crypto exchanges, and initial coin offerings, among others. CMA had invited relevant stakeholders to provide their views and comments no later than mid August 2023.Oman has also been at the forefront of crypto mining in the region and in August 2023 announced the first phase of Asyad Group crypto mining center was launched in the Free zone in Salalah. Built and managed by Exahertz, a subsidiary of Afaq Advance Technologies firm, the first phase was inaguarated during a ceremony attended by top Omani governmental officials. Later on in the same month Oman-headquartered Green Data City and Abu Dhabi’s Phoenix Group have signed an agreement to develop a 150MW crypto-mining farm in Oman. The new farm will be set up in Green Data City and should be fully operational by Q2 2024, becoming one of the largest crypto-mining data centres in the region.Even in June 2023 the Oma Capital Markets Authority published a decision with regards Instructions for registering virtual asset service providers and applying AML/CFT requirements.So it would seem that while the Central Bank of Oman is reviewing cryptocurrencies both from a local and international perspective, the country is moving forward with its crypto and virtual assets plans.

Canadian Blockchain fintech startup launches its Lab in Dubai UAE

Canadian Blockchain fintech startup launches its Lab in Dubai UAE

LFi, Canadian fintech tech startup, leveraging advance computing and blockchain has expanded into the UAE with a presence in Dubai under its new LFi Labs office. According to the news releases, the Lab will serve as a central hub for new advancements and innovations. 

As per their website, LFi is a decentralized platform designed to provide equal opportunities for wealth generation and financial independence through crypto. It operates on its own blockchain, guided by a DAO-driven ecosystem. 

The startup intends to fuse crypto, finance and technology to foster innovation and financial freedom. The tech startup seeks to provide a diverse range of products and services that give people greater access to tools and information for navigating the crypto and Web3 landscape.

According to the news, the establishment of the Labs locally in UAE gives the brand a strong foothold in one of the most progressive, influential, and technology-oriented economic hubs in the Middle East and North African region.

The company looks to collaborate with visionaries, tech enthusiasts, and creators from various backgrounds to realize revolutionary ideas that will shape the future.

The soft launch of LFi Labs event featured the LFi One smartphone, a smartphone that allows users to mint tokens and enter the crypto world seamlessly It also showcased 

xLFi Minters, and other innovative products, the immersive experience offered a taste of what the future holds for the brand.

With the official opening on the horizon, CEO Luiz Góes expressed excitement toward the prospect of fresh collaborative opportunities with experts and market participants within the region. The CEO added that the platform’s new venture in Dubai aims to attain a “brighter era” for global crypto.

It is noteworthy that while LFI is a tech startup and might not need a regulatory license, if it offers any crypto services like minting its token and using its token for utility purposes, it definately will need one. 

Taurus digital asset custodian to expand in UAE after investments and partnership with Deutsche bank

Taurus digital asset custodian to expand in UAE after investments and partnership with Deutsche bank

As Taurus, digital asset infrastructure provider, offer digital custody and tokenization services, partners with Deutsche Bank, it plans to expand into the UAE among other countries.

Founded in 2018, Taurus offers enterprise-grade digital asset infrastructure for the issuance, safeguarding, and trading of various digital assets, including cryptocurrencies, tokenized assets, NFTs, and digital currencies. The company’s product portfolio includes Taurus-Protect, a secure storage solution used by over 25 financial institutions and corporations in Europe, and Taurus-Capital, which facilitates the issuance and management of NFTs and tokenized assets on public and private blockchains.

Deutsche Bank’s partnership with Taurus builds on the bank’s recent initiatives in the digital asset space. By leveraging Taurus’ technology, the bank aims to meet the evolving needs of its clients in the digital asset ecosystem.

Paul Maley, the global head of securities services at Deutsche Bank, emphasized the significance of adapting to the growing digital asset market. As the digital asset space is expected to encompass trillions of dollars of assets, custodians must provide the necessary support to investors and corporations.

This partnership follows Deutsche Bank’s previous investment in Taurus. The bank participated in Taurus’ $65 million Series B funding round earlier this year, alongside Credit Suisse, Pictet Group, and Arab Bank Switzerland. Taurus plans to utilize the funding to further develop its digital asset platform and expand globally, with new offices in Europe, the UAE, the Americas, and Southeast Asia.

Chainalysis report finds that Arab African country Morocco still in top 20 global list for crypto adoption

Chainalysis report finds that Arab African country Morocco still in top 20 global list for crypto adoption

In the fourth annual Chainalysis Global crypto adoption index, identifying countries where the most people are putting the greatest share of their wealth into cryptocurrency, once again Morocco takes lead and is listed as one of the top 20 countries placing an Arab country on the map, while Turkey places the MENA region. The 2023 report states that global adoption is down, but not in one crucial subset of the world.

More specifically, there’s one crucial segment of countries where grassroots adoption has seen a much stronger recovery than anywhere else: Lower middle income (LMI) countries.

The full report will be out in October, but compared to 2022, the countries on the top 20 list are still almost the same.  In 2022 Turkey, Egypt and Morocco led not only in MENA  region but globally. All three countries were in the top thirty list of countries with most crypto savings, usage of crypto for remittance payments and permissive crypto regulations.

As for Sub Saharan Africa, the adoption of Bitcoin is the highest in the world with 9% growth rate. Nigeria was one of only six countries in the world whose transaction volume grew year-over-year. The use of homegrown Sub-Saharan Africa-based exchanges continues to outpace global exchanges.

IOTA Blockchain for internet of things launches headquarters in UAE

IOTA Blockchain for internet of things launches headquarters in UAE

IOTA, distributed ledger built for the “Internet of Everything” , has announced that it is establishing a foundation and another headquarter in Abu Dhabi UAE, as part of their commitment to developing a digital infrastructure and innovation ecosystem in the UAE.  IOTA’s Tangle is an open, feeless and scalable distributed ledger, designed to support frictionless data and value transfer.

The IOTA foundation will  grow IOTA’s reach and importance around the globe. As per IOTA news release, the purpose of this entity is to become one of the primary organizations to foster the growth, adoption, and global expansion of IOTA.

IOTA states, “As we open up a new chapter with IOTA, we need to match technology with the right support to establish IOTA as a global ecosystem. We can only do this by operating out of the right environment. We are convinced that the UAE will offer IOTA the best environment to realize its global ambitions.”

IOTA considers the new entity in Abu Dhabi as an additional headquarter, to further decentralize the governance of IOTA.

The news adds that IOTA is to become one of the leading DLT ( distributed ledger technology) entities in the UAE. The news adds, “ Being established under the new regulatory framework, we intend to work closely with regulators, business leaders, and government entities to further advance the UAE’s global role as a leader in technology and business. This distinction highlights our dedication to embracing robust oversight and well-defined procedures to support and enhance the crypto community within the UAE and worldwide.”

According to Dominik Schiener, Chairman of the IOTA Foundation: ”From the very beginning, we have experienced a very warm welcome and unwavering support from leaders, regulators, and businesses in Abu Dhabi. I am simply amazed at how the country operates and how it is being led by visionary and open-minded leaders. This “can-do” mentality is the perfect environment for us to take IOTA to the next level. We are excited to play a role in helping to establish the UAE as a hub for technology innovations.”

One of its primary objectives of the UAE based IOTA entity will be to provide essential funding and support to the rapidly growing IOTA ecosystem. This commitment aligns with our mission to foster innovation and development within the broader DLT space.

The move doesnt come as a surprise as in May 2023, IOTA executives and UAE governmental leaders had fruitful discussions on IOTA’s role in the UAE digital strategy. 

Qatar ruling family member supports Qan private blockchain platform

Qatar ruling family member supports Qan private blockchain platform

The QAN platform unveiled its private blockchain on September 12th 2023. The platform which is both quantum resistant and compatible with Ethereum’s EVM received support from Qatar ruling family member H.E. Sheikh Mansoor Bin Khalifa Al Thani. 

In a privately held partner event prior to the public launch of QANplatform, H.E. Sheikh Mansoor Bin Khalifa Al-Thani, Member of the Qatari Ruling Family, Chairman of MBK Holding, and former ICT Director for The Council of The Qatar Ruling Family Affairs stated, “We always evolve but not everyone leads the way. I’m proud to support the introduction of a cutting-edge deep tech project, such as QANplatform, in the Gulf region and on the global market.”

According to launch blog, “ QANplatform has unveiled the world’s first private blockchain that is both quantum-resistant and compatible with Ethereum’s EVM, while also enabling developers to code smart contracts in any programming language. The NIST-recommended primary post-quantum algorithm has been foreseen and integrated into the quantum-resistant QAN Private Blockchain. This integration enhances the security of blockchain solutions built on the platform, rendering them resilient against potential attacks from quantum computers.”

QANplatform’s multi-language smart contracts,allows  over 26 million new software developers are able to enter the Web3 space.

QANplatform is developing a hybrid blockchain. The launch of the QAN Private Blockchain marks the first step, followed by the Public TestNet this autumn and the QAN Public Blockchain’s expected release by late 2023.

With its three IPs (Intellectual Property): Lattice-based post-quantum cryptographic algorithm implemented in Go programming language, Multi-language Smart Contracts, Rapid Cloud Platform Deployment, and other unique features, QANplatform is ushering in a new era for Web3 operating systems and blockchain mass adoption.

According to its creators the QANplatform will be resistant to quantum computer attacks.

The National Institute of Standards and Technology (NIST) plays a critical role in the field of post-quantum cybersecurity by providing leadership and guidance in the development of cryptographic standards and algorithms that can resist attacks from quantum computers. NIST announced their first post-quantum security standards on the 5th of July, 2022. NIST recommends CRYSTALS-Dilithium as the primary algorithm for quantum-resistant signatures — the same algorithm QANplatform has been chosen in 2021, one year before NIST’s announcement and is using through QAN XLINK, an Ethereum EVM-compatible cross-signer for post-quantum transactions. For robust enterprise and government blockchain use cases such as digital identity or CBDCs, it is essential to build them on quantum-resistant blockchain infrastructures from the very first point.

Johann Polecsak, Co-Founder and CTO of QANplatform  explained, “Designing a private blockchain that addresses both future challenges, such as quantum attacks, and current market issues, like high entry barriers for developers and enterprises, presented a significant and complex undertaking. Additionally, ensuring Ethereum compatibility to facilitate the onboarding of existing solutions onto the QANplatform added to the intricacy of the task. I am proud of the QANplatform team for achieving these milestones as a global pioneer. I am eagerly anticipating the opportunity to showcase the initial use cases of our partners operating on the QAN Private Blockchain.”

“We are looking forward to building our first use cases on the QAN private blockchain that will add value to Alpine, starting with Alpine Esports.” — said Guillaume Vergnas, Head of Esports, Gaming & Web3 at Alpine.

While Dym Budorin, Co Founder and CEO of Hacken stated, “The quantum threat is a real issue that can’t be neglected by the web3 community. I’m happy to see that the QAN private blockchain is addressing this issue. We are proud to be part of the celebration of the first milestone.”

Swiss Hashgraph association partners with UAE du telecom for enterprise blockchain solutions

Swiss Hashgraph association partners with UAE du telecom for enterprise blockchain solutions

Swiss based Hashgraph association has partnered with UAE du telecom to harness the potential of the Hedera Blockchain to offer secure traceable and scalable solutions for enterprises.

du and the The Hashgraph Association will provide innovative blockchain solutions to small and medium-sized enterprises (SMEs), governmental institutions, and municipalities by leveraging the efficiency of Hashgraph on a decentralised, public network, the Hedera Distributed Ledger Technology ensures a trusted and reliable foundation for the newly developed solutions.

Target sectorswill include manufacturing, healthcare, education, smart cities, and agriculture, catering to a wide range of industries seeking secure and efficient applications.

Notably, Hedera stands out as the greenest proof-of-stake network according to UCL research, aligning perfectly with du’s commitment to providing sustainable solutions.

Prior to this Kuwait based Zain telecom group had joined Hedera as one of their governing council members. 

In June 2023  Hashgraph Association, an independent non-profit organization focused on building a vibrant innovative ecosystem for startups, enterprises, and government institutions leveraging the capabilities of Hedera Hashgraph announced it would be expanding into the UAE and launching Hashgraph Ventures out of Abu Dhabi’s ADGM ( Abu Dhabi Global Market) with several important large enterprise collaborations within the UAE. 

In addition Humans.ai Blockchain for AIs which announced it would be working with UAE based RAK Digital Assets Oasis (RAK DAO) and Blockchain AI empowered platform Humans.ai   to drive artificial intelligence innovation in the Ras Al Khaimah (RAK) UAE, had introduced wrapped AI NFTs using Hedera Hashgraph blockchain network. 

Humans.ai’s cutting-edge Blockchain for AIs has launched its cross-chain interoperability with Hedera Hashgraph, to revolutionize the way AI NFTs are used across different platforms.

UAE Central Bank, and BIS call for blockchain solutions for auditing in sustainable Finance

UAE Central Bank, and BIS call for blockchain solutions for auditing in sustainable Finance

The Central Bank of the UAE, and the Bank of international settleents along with Emirates Institute of Finance, have called innovators and developers to submit blockchain solutions for auditing, enhancing transparency, traceability and accountability in sustainable finance. The call comes unser the COP29 UAE TechSprint, an initiative aimed at promoting innovation in scaling sustainable finance and combating climate change. The launch of the COP28 UAE TechSprint comes ahead of the UAE’s hosting of COP28 later this year.

The initiative aims to encourage the participation of financial innovators and developers from global private and public sector entities in fast-tracking innovative technology solutions to address challenges in green and sustainable finance through technologies such as Artificial Intelligence (AI), Blockchain, Internet-of-Things (IoT), and sensor technologies across three problem statements:

AI solutions for sustainable finance reporting, verification, and disclosure in the financial services industry.

Blockchain solutions for auditing and enhancing transparency, traceability, and accountability in sustainable finance.

IoT and sensor technology solutions for sustainable finance to ensure informed assessments of impact or risk. 

His Excellency Khaled Mohamed Balama, Governor of CBUAE and Chairman of EIF, said: “In line with the vision of the UAE’s leadership, and its endeavors to address the challenges of climate change; we value the partnership with COP28 UAE and the BIS in launching this international initiative aimed at encouraging innovators across the globe to leverage financial technology in developing new green and sustainable finance solutions.”

Agustín Carstens, General Manager of the BIS, said: “Combating climate change is more urgent than ever. It calls for a profound change in the way economies operate and grow. To finance the needed transformation, investors need certainty that their funds are channeled to their intended uses. Technologies that promote the timely measurement and disclosure of climate-related information are part of the solution. The BIS Innovation Hub has explored how to apply technologies such as AI, blockchain and internet-of-things to green finance instruments and climate-related disclosure. This TechSprint in collaboration with the COP28 UAE, the CBUAE and EIF will complement these efforts to address remaining gaps in the green finance market.”

The COP28 UAE TechSprint is open to technology and financial innovators and developers from around the world. To participate, please register at link and submit technology proposals to one or more problem statements by [Friday, 6 October 2023].

Shortlisted participants for each problem statement will be invited to further develop their solutions and will be eligible for a stipend of AED 45,000 (approximately USD 12,000)].

A winner for each problem statement will be selected by an independent panel of experts. The winners will be announced at COP28 UAE in December 2023, with each winner eligible for an award of [AED 220,000 (approximately USD 60,000)].

UAE Freezone Dubai South first to implement blockchain integration with Dubai customs

UAE Freezone Dubai South first to implement blockchain integration with Dubai customs

Dubai South, property developer and free zone, has completed a blockchain integration with Dubai Customs, making it the first free zone in Dubai to achieve this milestone.

As part of Dubai’s ecommerce strategy, Dubai South will utilize blockchain integration to enhance its ecommerce operations reducing timeand costs by autor generating declarations and streamlining the tracking and processing of orders.

The automated processes further bolster efficiency, while the new gate pass stamping method for entry and exit enhances information accessibility.

RHS Logistics, a UAE-based local entity with robust commercial and business expertise offering a full range of logistics and supply-chain solutions, and FirstCry, UAE’s leading online store for children’s products, became the first companies in the Logistics District to onboard and initiate blockchain in their processes. Subsequently, other companies in the Dubai South free zone are in the process of adapting blockchain technology. 

In his comments, Mohsen Ahmad, CEO of the Logistics District – Dubai South, said: “Our objective at the Dubai South Logistics District is to align with governmental initiatives. Our specialised e-commerce zone, EZDubai, was inaugurated to augment the Dubai e-commerce strategy and draw regional and international e-commerce entities.

He added, “The successful completion of our blockchain integration with Dubai Customs stands is a testament to our commitment to offering our clientele efficient solutions. This promotes supply chain transparency, authentication, and anti-counterfeiting of goods; ensures data security and privacy; and paves the way for reduced fees for goods transiting through the free zones. We express our gratitude to Dubai Customs for their pivotal role in realising this project, and we eagerly anticipate onboarding more companies across our free zone.”