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MRHB network partners with Bahrain’s Shari’ah bureau for DeFi product

MRHB network partners with Bahrain’s Shari’ah bureau for DeFi product

The Singapore headquartered,MRHB Network which provides interest-free DeFi, NFT and halal crypto asset opportunities has partnered up with Shari’ah Review Bureau (“SRB”), a Bahrain-based Shari’ah advisory firm, to independently assess and review its new product EMPLIFAI (Earnings Amplified with Algorithms & AI) which aims to provide Sharia-compliant passive income.   

“The MRHB ecosystem aims for a wide array of crypto-based DeFi solutions”, explained Naquib Mohammed, Founder and CEO of MRHB Network. “After a successful launch of the Sahal Wallet app, a multichain self-custodial digital wallet, we are pleased to present our new product to the Muslim community – a liquidity harvester product, EMPLIFAI which incorporates a Sharia-compliant mechanism and structure for users to invest and generate passive income.”  

EMPLIFAI is designed to generate income mainly from DeFi activities such as yield farming, liquidity mining, bridge protocol fees and arbitrage opportunities. It will be rolled out in two phases, namely V1 and Version Pro. V1 will be for retail users whereas Version Pro (in the pipeline) will be catered to institutional participants.  

DeFi (decentralized finance) is a rapidly growing sector within the digital asset industry. The value locked in DeFi protocols has grown from billions to tens of billions of dollars in just a few years, and the space is expected to continue its growth in 2023. 

Commenting upon the engagement with SRB, Naquib Mohammed said, “Bringing SRB on board to review, assess and eventually audit EMPLIFAI’s processes, legal documents and the passive income mechanism in light of Shari’ah further strengthen our trust for our shareholders and the users. SRB is one of the few Shari’ah advisory firms that works with fintech companies with a diverse product offering and we leveraged on their experience.”   

Yasser S. Dahlawi, Founder and CEO of SRB added, “EMPLIFAI product exhibits a growing trend in the community that seeks an alternative investment and return from blockchain asset class. We will continue to help MRHB in its product enhancement and Shari’ah compliance as it scales its offering in the blockchain sphere with Version 2.”

With the growing development and success of MRHB Network halal crypto ecosystem, MRHB is currently closing its bridge to Series A round from strategic partners and expanding to the Kingdom of Saudia Arabia before the close of 2023. 

Naquib Mohammed speaking to Laraontheblock states, “ I am extremely proud of the MRHB Shariah Team and the Engineering Team, to have successfully launched an industry first liquidity harvesting protocol that is tailored to address the faith based crypto community. Testament to our efforts is the approval stamp of the Central Bank of Bahrain regulated SRB, who certified our product and architecture without a single correction remark. This itself proves the high quality of the deliverable that the teams have succeeded in creating. Emplifai is a gift of MRHB to the world, where the halal oriented community can reap the benefits of DeFi, just not with compromising their beliefs , but also their principal amount. The nature of Emplifai is such that it preserves the defi user from the volatility of the crypto market, hence a relief to a newbie.”

UAE regulated Crypto broker RAIN now connected with local banks

UAE regulated Crypto broker RAIN now connected with local banks

UAE regulated crypto broker RAIN which recently received its virtual assets licens from ADGM in Abu Dhabi is now providing its customers with the ability to work with local banks, using their accounts to make instant deposits and withdrawals of AED without any transfer restrictions.

As per their press release, this further enhances our banking infrastructure and users in the UAE can benefit through a secure and seamless transition from fiat currency to virtual assets.

In addition to the innovative banking stream, Rain ADGM has expanded its OTC (Over the Counter) service, offering high-net-worth and institutional clients a white-glove, institutional-grade brokerage facility for execution of  larger virtual asset trade orders. The OTC Desk will provide clients with a customized trading experience and block trading for precise execution at the best value.

Rain OTC Desk will facilitate seamless and secure over-the-counter (OTC) trading for clients, by offering a more customized execution and settlement service, and sourcing competitive pricing, This exclusive offering will be available to high-net-worth and institutional clients, further solidifying Rain ADGM’s commitment to delivering cutting-edge solutions to its diverse clientele.

Emmanuel Alamu, Global Head of OTC, added that “our integration with the local banking infrastructure is a comprehensive step forward in building a cohesive virtual asset community in the UAE. With near-instant bank deposits, we are now able to bring the quality of localised OTC services in the UAE materially closer to both the efficiency and depth of more established global virtual asset markets within Europe and Asia.”

UAE’s ADGM grants crypto custodian Changer an FSP license

UAE’s ADGM grants crypto custodian Changer an FSP license

UAE based changer.ae, a crypto custodian service provider has received  the Financial Services Permission (FSP) license by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM).

With the FSP, Changer has become officially authorized to offer its services to individuals who are looking for a robust and reliable platform to hold their crypto currencies. Being uniquely positioned in the UAE, Changer focuses on protecting crypto based investors and informing the community about safety, risks, and crypto investments through its state-of-the-art custodian services.

Changer’s custody solution is an easy-to-use, all-in-one platform that offers customers simplicity at their fingertips while safeguarding their virtual assets. Individuals from all over the world can soon access the mobile application and use it to store their digital assets, with peace of mind that their investments are secure and always insured.

Changer’s enterprise-grade and robust infrastructure uses advanced encryption and multi-signature authorization to enhance the security of its wallets. Unlike most applications, Changer caters to investors looking for an independent provider of safe custody. By separating trading venue and storage, market participants are better able to ensure the protection of client capital.

Regulated by the world-class advanced regulatory framework of Abu Dhabi Global Market (ADGM), Changer offers clarity and transparency in its services. Since the crypto world is a very fast-paced one and can be overwhelming at times, Changer has been designed with our clients in mind, it is simple, straightforward, and user-friendly. The intuitive interface allows customers to easily manage their digital assets, make transactions, and monitor their account activity through one of the fastest and most efficiently designed platforms. Moreover, there is a dedicated team of experts that is available for support and to answer any questions our clients may have.

Nadeem Ladki, Senior Executive Officer of Changer, commented on the launch: “We would like to thank his excellency H.E Ahmed Jasim Al Zaabi, Chairman of ADGM, the Financial Services Regulatory Authority, and particularly the Authorization Team for granting us the FSP license. This license is an endorsement from one of the most reputable regulators in the world and marks Changer’s commitment to maintaining a transparent and secure relationship with ADGM, ensuring that all our clients’ virtual assets are safeguarded in the safest way possible”.

He added: “I would like to extend my heartfelt gratitude to the dedicated Changer team, our partners, and the regulators who have made the launch possible. Our combined hard work has made Changer come to life, soon to be offering individuals all over the world the possibility to protect their investments with cutting-edge security measures. With Changer’s services catering to a global audience, we are assisting in driving the UAE’s ambition to become a global center for the crypto industry and virtual asset community”.

Beyond the imminent launch of its custody solution, Changer plans to expand its services in the near future to offer its clients simplified fiat conversion and fiat escrow services thereby enriching its product portfolio.

UAE Deca4 partners with Hedera powered HashPack to bring Web3 to the MENA sports industry

UAE Deca4 partners with Hedera powered HashPack to bring Web3 to the MENA sports industry

UAE based Deca4, a specialised blockchain consultancy studio, and HashPack, a non custodial wallet built on Hedera Hashgraph DLT (Distributed Ledger Technology) platform have partnered together to bring Sphera World, which is leveraging the largest football and sports fans community in the Arab world with the latest technology and trends of Web3 NFTs, and Blockchain, into the world of non custodial wallets and the Hedera network.

Sphera world is powered by the largest sports media website in the Middle East, Kooora.com, and is backed by the Hashgraph Association. Sphera World is also incubated and managed by UAE Deca4.

May Chan, Co-Founder, and CEO of Hashpack stated, “This partnership is a monumental step towards our shared vision of expanding the reach of Web3 technology and bridging the gap between traditional Web2 users and the progressive Web3 ecosystem.”

She adds, “At HashPack, it has always been our mission to deliver an unparalleled user experience, exploring the transformative power of Web3 technology as a unique advantage for conventional companies and digital brands.”

Chan believes the alliance with Deca4 is a significant landmark as it goes beyond the tech stack and engages with community members and companies. The utilisation of Distributed Ledger technology needs to be harnessed effectively and this is done thoroughly by Hedera Hashgraph.

Mohammed Mahfoudh, Founder and CEO of Deca4 consultancy adds, “Working with HashPack to bring Sphera World, powered by Kooora, with a staggering 30+ million active users, will provide a unified platform that meets the needs of Web savvy users while introducing Web2 natives to the Web3 world.”

Above all, the project is supported by Hashgraph Association, a non profit organisation that promotes and provides funding for innovation, research and development for the benefit of economic inclusion and with a positive environmental, social, and governance (ESG) impact.

Kamal Youssefi, President of The Hashgraph Association, explained, “We are proud to be supporting organisations in the MENA region, especially those in the sports and gaming industries which are set to grow by 8.7% by 2026 according to The World Economic Forum. Our association is here to support companies in their journey towards Web3, helping them deliver unmatched value to stakeholders and users.”

BITMAIN enters MENA through collaboration with Oman’s Exahertz and MoonWalk Systems

BITMAIN enters MENA through collaboration with Oman’s Exahertz and MoonWalk Systems

BITMAIN, crypto mining leading ASIC manufacturer enters MENA through a collaboration with Oman’s Blockchain Data center and technology park Exahertz and MoonWalk. This collaboration marks a significant leap forward as Exahertz takes on the role of hosting upwards of 10,000 state-of-the-art BITMAIN machines in the pioneering Exahertz Technology Park, nestled in Salalah, Oman. According to the press release, “This isn’t just any partnership, it’s BITMAIN‘s first-ever hosting venture in the Middle East and a groundbreaking initiative for hydro computers worldwide.

The Exahertz Technology Park, standing tall as the Middle East’s largest private Blockchain Data center, underscores Exahertz’ unwavering commitment to innovation and progress.” Exahertz International, recently kicked off a pilot phase of Exahertz Technology Park in Salalah. In collaboration with their strategic partners Moonwalk Systems, they rigorously testing and optimizing the hydro systems to ensure peak performance in local conditions and challenges. An impressive highlight by Exahertz Team involves using treated grey water to efficiently cool down the data center computers.

This innovative approach maximizes efficiency while staying environmentally responsible. The treated grey water, after being thoroughly cleaned, is returned to the earth responsibly, reflecting the commitment to eco-friendly practices. Jad Fredrick Kharma, CEO of Exahertz, articulate his vision, affirming, “Our mission transcends the introduction and adoption of cutting-edge technology; we are unwavering in our commitment to elevate Oman’s proficiency and prominence within the domains of modular IT infrastructure, the innovative design of hyper-scale data centers, and the cutting-edge landscape of high-performance blockchain technology.

In Sam Ferdows’ words, the CEO of Moonwalk Systems, “We’re excited about this partnership with BITMAIN and look forward to being a key partner for them in the region. Our goal is for Exahertz Technology Park to be the benchmark for all blockchain data centers in the region and the world for hydro solutions.” BITMAIN‘s Director is equally enthusiastic about this strategic partnership. He emphasizes, “This collaboration allows BITMAIN to have a stronger presence in the region, utilizing our advanced technology.”

 

Varys Capital to enter GCC market with $75 million digial asset blockchain fund based out of UAE

Varys Capital to enter GCC market with $75 million digial asset blockchain fund based out of UAE

Venture capital fund Varys Capital is looking to enter the GCC market, and is working to raise $75 million for its equity fund focused on blockchain innovation. The fund aims to achieve long-term growth from a curated portfolio of high-quality, early-stage businesses utilising blockchain to solve addressable needs in the wider software, gaming, and finance industries. 

To govern its entry into the UAE, Varys Capital has secured reputable local services, including Al Tamimi, one of the GCC’s most prestigious law firms, as its primary counsel.

According to the press release, the company has received inquiries from local institutions and prominent investors. The fund has 12 commitments in place across decentralised (DeFi) and centralised (CeFi) finance, GameFi/Web3, infrastructure, and emerging technologies.

Darius Askaripour, Managing Partner, Varys Capital said, “We are looking at entering the UAE market first encouraged by supportive local government directives, its high innovation levels, robust infrastructure, and forward-thinking mindset, but plan to deploy across the Middle East and North Africa with multiple deals already at the final stages of due diligence.”

The move comes as the International Market Analysis Research & Consulting Group (IMARC) forecasts the GCC’s digital asset management market will be worth US$222 million by 2028, registering a compound annual growth rate of 12.9% over the next five years.

Since 2018, Varys Capital has managed an equity-focused venture fund and a distinguished quantitative trading fund. Its blockchain venture fund boasts a total value to paid-in capital returns of 440% and over triple-digit internal rate of return since capital deployment in March this year.

The fund has made five investments in prominent blockchain, cloud technology, and games projects such as modular blockchain network developer Movement Labs, games studio SunSpear Games, blockchain enhancer for mobile operators Bloxtel, competitive multiplayer first-person shooter games producer Shrapnel, and cloud hardware and software developer, Nirvana Labs. Two of the projects have already experienced significant uprounds boosting returns

UAE’s ADQ Silal launches blockchain powered food traceability platform

UAE’s ADQ Silal launches blockchain powered food traceability platform

UAE’s ADQ, 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, has just launched its blockchain powered platform to trace the lifecycle of food from farm to fork.

As per the news announcement, using the new traceability service is as simple as scanning the QR code of a Silal Fresh product through the Silal App. This traces the journey of crops, assuring users that the data appearing on their screen is credible.

This move is a milestone towards achieving food credibility, gaining customers’ trust and loyalty.

Enhancing food chain transparency is important for companies to ensure consumers of the quality of their products and to sustain efficient supply in the market, prevent foodborne illnesses, and detect the source of a problem in the event of an outbreak.

Knowing the source of food is essential for good health and wellbeing, which drove Silal to exert efforts to give full access to explore the origins of Silal Fresh products.

Through its traceability project, Silal aims to create a resilient supply chain system that advances agricultural goals and sustainable practices.

ADQ had set up a $200 million fund to invest in Digital assets, supplychain and Fintech. 

ADQ has been investing in various startups, including blockchain ones, and recently UAE Fuze has raised $14 million led by Further Ventures which is backed by ADQ. 

ADQ is also partnered to create a bitcoin mining farm with Marathon Digital. 

UAE regulated Laser Digital launches Bitcoin Adoption Fund

UAE regulated Laser Digital launches Bitcoin Adoption Fund

UAE regulated virtual asset broker dealer and investment management services, Laser Digital, a subsidiary of Nomura has launched their Bitcoin Adoption Fund.

The fund, which provides a seamless way for institutional investors to access the digital asset class, will be the first in a range of digital adoption investment solutions that Laser Digital Asset Management will bring to the market.

The Laser Digital Bitcoin Adoption Fund, provides long-onlyexposure to Bitcoin whilst being one of the most cost effective and secure investment solutions.

To secure the fund’s assets, Laser will use Komainu, which was founded in 2018 by Nomura, Ledger and Coinshares and delivers a regulated custody solution for institutional digital asset investors. The Fund is a segregated portfolio part of Laser Digital Funds SPC, aSegregated Portfolio Company registered asa mutual fund pursuant to section 4(3) of the Mutual Funds Actwith CIMA (Cayman Islands Regulatory Authority).

On launching the fund, Sebastien Guglietta, Head of Laser Digital Asset Management commented: “Technology is a key driver of global economic growth and is transforming a large part of the economy from analogue to digital. Bitcoin is one of the enablers of thislong-lastingtransformational change andlong-termexposure to Bitcoin offers a solution to investors to capture this macro trend.”

Fiona King, Head of Distribution, Laser Digital Asset Management added: “We’re delighted to now launch our Bitcoin adoption fund, which allows institutional investors a secure path into digital asset investment that is backed by established finance, with the highest levels of risk management and compliance.”

Laser Digital was launchedby Nomura and was co-founded by Steven Ashley, who previously led Nomura’s wholesale division and Jez Mohideen, who was Nomura’s Chief Digital Officer andCo-Headof Global Markets EMEA. Headquartered in Switzerland, Laser Digital combines the rigor, best practices, and capabilities from global investment banking with the experience of a crypto-native team.

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.