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UAE based Hex Trust, crypto custodian receives first MVP operational license from VARA

UAE based Hex Trust, crypto custodian receives first MVP operational license from VARA

UAE – Hex Trust is the first entity to have received an MVP Operational license from VARA. This is the third licensing stage within the VARA framework, before the FMP Operational license. This means that Hex Trust can now operate under VARA supervision and monitoring. (for more information, please see review www.vara.ae)

Mohamed Reda El Sheikh, Head of Compliance MENA &MLRO at Hex Trust, a certified Blockchain Cryptocurrency Auditor, announced this in a LinkedIn post. In the post, El Sheikh stated, “The day has finally arrived. Hex Trust is the first entity to be granted the MVP operational license, and I am the first compliance officer “MLRO” to operate under the first specialized cryptocurrency regulator in the world “VARA”. Getting this done is a team effort, and without the support of my superstar colleagues at Hex Trust, I would not have been able to accomplish it.

LaraontheBlock spoke with El Sheikh to learn more. El Sheikh explained, “We have received a Minimum Viable Product (MVP) Operational license, which allows us to offer services only to institutional clients”. As a result, we will soon start onboarding institutional clients for our crypto custody and staking services. These will be the only two services we offer to cryptocurrency institutional clients.”  

He adds, “As a regulated custodian, we must legally and technologically segregate Clients’ assets under custody.” 

In November 2022 Hex Trust received its MVP preparatory license and after adhering to all the requirements and reporting policies required from VARA are now fully operational. 

El Sheikh adds, “The license application journey was a learning experience for Hex Trust” and “the regulator was supportive throughout the process.” 

UAE Cypher Capital seeking $100 million for crypto venture fund

UAE Cypher Capital seeking $100 million for crypto venture fund

As per a recent article in Bloomberg, UAE Cypher Capital an early-strategy venture firm focused on investing in Web3 infrastructure, is seeking to raise $100 million for a crypto venture fund. Cypher Capital’s Chairman Bill Qian, the former head of Binance Labs, stated that he is seeking over $100 million in funding for a crypto venture fund. 

Bill Qian joined Cypher Capital in September 2022 as the new Chairman of its Board of Directors. Bill brings to Cypher Capital more than 15 years of invaluable industry expertise in managing and investing over $20 billion.

As per the article Cypher Capital is prioritizing projects that will bring about 5 billion more internet and social users to the web3. Bill Qian planned to approach Asian tech moguls for funding but did not name them.

Qian, plans to invest in web3-focused start-ups. The next edition is determined by the laxity of the internet that advocates say will be more decentralized and dependent on blockchain technology.

Cypher Capital has ten employees and recently invited Elaine Liu, a veteran of Tencent, to support its expansion in the UAE. In November, the company set up an office space for crypto and blockchain startups at Dubai Marina as part of an effort to find future deals.

He also declined to disclose whether the fund received any commitments but said the digital asset’s recovery this year, which has seen Bitcoin rise around 50%, has helped raise capital just got easier.

In June 2022, Cypher Capital  invested in Blockchain gaming platform, MetaOne. UAE Cypher Capital, Huobi Ventures, LD Capital and GSR Capital have invested 2 million USD in MetaOne, a SAAS ( Software as a Service) platform that is working to onboard games and guilds onto blockchain gaming.

In November 2022, Rekt Studios, a Dubai-based startup  secured $1.5 million in funding from Cypher Capital, to bolster the development of the ‘Unseen’ ecosystem. 

Crypto Ownership more than doubles in Morocco, Egypt, Tunisia and Lebanon

Crypto Ownership more than doubles in Morocco, Egypt, Tunisia and Lebanon

The TRIPLE A January 2023 crypto ownership country report noted that the number of cryptocurrency users has increased since January 2022. In January 2023 there were 420 million crypto owners globally; this is up from their previous report in January 2022 where they had stated there were 300 million crypto owners globally. In the Arab world biggest growth was seen in Morocco, Egypt, Lebanon, Tunisia, and even Iraq. 

More interesting is that if we compare the percentage of crypto owners in the Arab world between January 2022 and January 2023 in some countries the increase is exponential.

For example in Jan 2022 2.38% of Moroccan population owned crypto, by January 2023 this number had increased to 4.9% an increase of more than 2% in one year. The same goes for Egypt, Tunisia, and Lebanon were the increase was also significant.

CountryJan 2022 Crypto Ownership %Jan 2023 crypto ownership %Crypto Ownership Population 2023
Morocco2.384.91,794,827
Saudi Arabia1.31.6592,351
Egypt1.7533,098,736
UAE1.54NANA
Jordan1.271.5170,649
Kuwait1.12NANA
Tunisia1.042.0241,098
Lebanon12.4185,704
Bahrain0.90.916,802
Qatar0.90.924,608
Oman0.9NA 
Iraq0.91.8700,935
PalestineNA2.3326,851
AlgeriaNA2.21,016,105
TurkeyNA5.54,626,523

In another recent CoinGecko report, Lebanon placed first in the rankings as the country most interested in AI crypto, scoring the highest of 100 for almost all the search terms, resulting in a total score of 1,200. The 21.6% share in AI crypto search interest suggests that the Lebanese crypto community is keen to trade on trends like the pumping prices of AI tokens. Other Arab countries curious about crypto AI included UAE, followed by Kuwait and Qatar.

One can also go back to Chainalysis report in October 2022, where Middle East & North Africa (MENA) was the fastest growing region. MENA-based users received $566 billion in cryptocurrency from July 2021 to June 2022, 48% more than they received the year prior. The top three countries at that time were Morocco, Egypt, Lebanon and Turkey. This is once again mirrored in the stats showcased in this article. 

UAE Hub71 launches $2 billion blockchain digital asset initiative to fund startups

UAE Hub71 launches $2 billion blockchain digital asset initiative to fund startups

Abu Dhabi’ Hub71, the technology ecosystem in UAE has launched the Hub71+ Digital Assets. This ecosystem is dedicated to advancing Web3, a decentralized online space built on innovations like blockchain technology and metaverse applications. 

The ecosystem has over US$2 billion of capital committed to fund Web3 startups and blockchain technologies in Abu Dhabi. Hub71+ Digital Assets will offer Web3 startups access to an extensive range of programs, initiatives, and corporate, government, and investment partners in the UAE and global markets.

The initiative will be based at Hub71 in Abu Dhabi Global Market (ADGM), providing Web3 startups with a progressive regulatory environment and world-class blockchain and virtual asset infrastructure. 

FABRIC, is the the research and innovation center of First Abu Dhabi Bank (FAB), will be the anchor partner of Hub71+ Digital Assets, while digital asset exchanges and service providers are part of the initiative to facilitate the discovery, trading and custody of digital assets.

Hub71 has also onboarded a diverse range of partners and Web3 players that form part of Hub71+ Digital Assets including Binance and MidChains, Amazon Web Services (AWS) and Mastercard as well as Venture studio Founders DAO.

It has also onboarded Venture capital funds who will provide access to capital and investment opportunities including names such as Binance Labs’ $500 million Investment Fund to invest in ‘Web3’, Venom Foundation through its $1 billion venture fund, Venom Venture Funds (VVF) in partnership with ICEBERG Capital and Ton Foundations’ $250 million TONcoin.Fund. 

Additionally, existing venture capital partners from Hub71 are set to invest in Web3 companies

The combination of these elements aims to support participating startups to launch tokens and promote tokenization, as part of the fundraising journey.

Ahmad Ali Alwan, Deputy Chief Executive Officer of Hub71, said: “Hub71+ Digital Assets signifies that Abu Dhabi is open to disruptive businesses driving forward change and transformation on a global level. Decentralization is the future of a blockchain-based internet, and Web3 startups will play an immense role in accelerating this transition. Teaming up with ADGM, FAB and its research and innovation center, FABRIC, alongside the world’s leading Web3 companies and enablers under one roof will provide founders with an opportunity to fundraise, develop and commercialize innovations safely while operating within the largest regulated jurisdiction of virtual assets in the Mena region.”

Dhaher bin Dhaher Al Mheiri, CEO of ADGM, said: “We are pleased to strengthen our association with Hub71 on the launch of Hub71+ Digital Assets. In today’s rapidly evolving digital landscape, we have seen the rise of new technologies, and ecosystems such as Web3 that have the potential to transform the world. At ADGM, we are dedicated to providing a holistic environment that facilitates a seamless and secure adoption of digital assets to foster the growth of this new digital landscape. This alliance will help start-ups and digital assets to benefit from ADGM’s diverse ecosystem and progressive regulatory environment by accessing world-class and innovative infrastructure.

Suhail Bin Tarraf, Group Chief Operating Officer at First Abu Dhabi Bank (FAB), commented: “FAB is trusted as a financial partner to our customers in the real world, and those same customers are now increasingly active in the Web3 space as well. Staying ahead of the curve when it comes to innovations such as blockchain, NFTs and the metaverse, is yet another way we fulfil our Customer First promise as we leverage new opportunities at the intersection of digital identity, ownership, and value. Through this partnership, it is our intent to meet our customers in this emerging digital space and keep them ahead with their financial needs.”

A Blockchain enabled Food Metaverse launches in UAE with OneRare

A Blockchain enabled Food Metaverse launches in UAE with OneRare

Food Metaverse, OneRare, the world’s first food metaverse, known as Foodverse has launched in the UAE. The Foodverse is bringing the Global F&B Industry to Web3 for the first time ever – allowing them to create virtual experiences, food NFTs and games, & interact with foodies from across the world built using the blockchain.

In UAE, partnerships with food brands such as Foodlink UAE, The Bhukkad Cafe, Cali Poke, Farzi Cafe, Papa John’s and more have been signed in only a few months.

Created while in lockdown, Supreet Raju, co-founder and CEO of OneRare states, “I have long said that food has a language of its own and makes the world a happier place. It is what connects us and the metaverse only brings us closer together in a unique way in which we can share our culture and our food. Now with the launch of the foodverse, there is no reason why brands and consumers can’t come together in this safe, virtual setting.” 

The Foodverse developed by OneRare will feature various zones where users can discover Celebrity Chefs, Food Brands and Virtual Restaurants. Designed like the real world, the foodverse features various geographical areas like the beach, forest and lakeside, and you can explore the open world at your will. There is also an exclusive Gaming zone, with activity areas for players to explore, earn, collect and battle. “The platform is incredibly unique and offers the end-user with so many opportunities to explore food,” adds Gaurav Gupta, co-founder of OneRare. 

OneRare will also allow users to claim Dish NFTs from across the world, by collecting Ingredients and following Recipes to mint exclusive NFT artworks. Dishes include global cuisines, festive specials, keto and vegan-friendly recipes, as well as signature recipes from celebrity chefs and restaurants. Raju explained, “As we grow, users will also be able to swap these NFTs for real meals & deals – amalgamating our real & virtual lives.”

UAE-based F&B group Foodlink released NFTs for its award winning sustainable cloud kitchen brand, Art of Dum’s signature Dish’s Dum Handi ka Gosht’ & China Bistro’s Vegetable Crystal Dumplings in food verse,  and  the street food inspired cafe The Bhukkad Cafe in collaboration with OneRare is all pumped up to release three unique Vada Pav NFTs — Cheeseburst, Schezwan, and Classic on 19th February . The Vada Pav NFTs  will be available to mint in the OneRare Kitchen.

Sanjay Vazirani, Founder and CEO of Foodlink Global restaurants & catering services, “My endeavor – Foodlink, operates a variety of verticals in the F&B industry. I’m thrilled to be a part of Web3’s transformational journey and am looking forward to seeing it in its full potential soon, complete with innovative functionalities, cutting-edge user experience, and ease of use that will make it easy for our expanding customer base to adopt. I wish OneRare the best as they work to revolutionize Web3 and raise awareness of and interest in what the future may hold for all of us.”

“We’re extremely excited to announce our collaboration with OneRare on developing the world’s FIRST EVER VADA PAV NFT! When OneRare reached out to us with the idea of developing our own series of NFTs, we were excited because we’re a very crypto friendly brand & have always supported our growing Bhukkad community with all things crypto, from hosting free crypto workshops to accepting payments in crypto. Our vision with this collaboration is to educate our followers & customers on use cases of crypto & ease them into adoption with fun, unique solutions & features. We look forward to engaging with our food community to create even more fun experiences in the Metaverse with the expert help of OneRare.”  — Reshmi Mukherjee, co-founder, The Bhukkad Cafe

Oman announces upcoming launch of Virtual asset regulatory framework

Oman announces upcoming launch of Virtual asset regulatory framework

The Oman Capital Market Authority has announced that it will  establish the Virtual Assets Regulatory Framework to regulate and develop the market in the Sultanate of Oman.

The Capital Market Authority (CMA), which regulates and develops the Sultanate’s financial markets for the capital market and insurance sectors, is planning to establish the new proposed regulatory framework for Virtual Assets (VA) and Virtual Asset Service Providers (VASP). 

As per the press release, this move highlights the Sultanate’s growing recognition and the CMA’s proactive approach to develop the digital assets and fintech industry in Oman.

This important initiative in Oman was announced during a public stakeholders engagement session held at the CMA recently and being led by the CMA. By regulating and developing the virtual assets industry, the CMA aims to provide an alternative financing and investment platform for issuers and investors, while mitigating the risks associated with this asset class.

The CMA is in the process of defining a comprehensive and facilitative regulatory framework, which will include a new regulation to cover all virtual assets activities, a licensing framework for all VASP categories and a supervisory framework to identify, assess, and mitigate ongoing risks. The aim of this new regulation is to establish a market regime for virtual assets that includes rules to prevent market abuse, including through surveillance and enforcement mechanisms.

The proposed new regulatory framework is envisaged to cover activities such as crypto assets, tokens, crypto exchanges, and initial coin offerings, among others. The regulation for virtual assets in Oman is important, as it will provide a clear and secure framework for the growth of the virtual assets industry. The move towards digitalization and the adoption of virtual assets aligns with the Sultanate’s Vision 2040 of a digitally transformed economy and financial sector, while attracting foreign investments into Oman.

The CMA has also appointed XReg Consulting Limited, an international policy and regulatory consultancy specializing in virtual assets, and Said Al-Shahry and Partners, Advocates & Legal Consultants (SASLO), an Omani law firm, to advise and assist the CMA. This collaboration brings together expertise in policy, law and technology to assist in the creation of a comprehensive regulatory framework for virtual assets in Oman.

Back in  June 2022 Oman Capital Market Authority  issued its new Securities Law (46/2022) which  stipulates that the authority can “Agree to application of technologies, virtual digital investments or any products or services in the areas related to the provisions of this law, as set out in the Regulation.”

Oman was only one of the first countries in the region to allow crypto mining , mining its first Bitcoin in December 2022.    While The Oman Water and Waste Water Services Company ( OWWSC), member of Nama Group, trialed a stablecoin linked to the Oman Riyal. The company signed an MOU with Oman based Digital Digits, the creators of Easy coins and Connected Chains to trial “ Hasalah” a stablecoin Wallet.   

Binance Pay clients in UAE versus Bahrain, you win some you lose some

Binance Pay clients in UAE versus Bahrain, you win some you lose some

While Binance Pay with its partner in Bahrain is breaking records with new clients accepting crypto payments using the platform, in other places, like the UAE it is losing clients. The issue could be regulatory more than technical.

So last week, Novotel Bahrain Al Dana Resort became the first hotel in the region to accept crypto payments via EazyPay & Binance Pay, while UAE’s Dubai Canadian University seems to have changed its stance and is no longer willing to accept crypto payments. This also seems to be the same situation with UAE Emirates Zone Investment Services which has also announced a partnership, but no longer mentions this prominently on their website or in their tweets. While it still mentions it in their news section.

So back to Bahrain, Eazy Financial Services “EazyPay”, Bahrain’s payment services provider signed a payment services agreement with Novotel Bahrain Al Dana Resort, a luxury 4-star beachside hotel in Manama to offer crypto asset payments to its clients via Binance Pay application which is regulated by the Central Bank of Bahrain.

Novotel Bahrain Al Dana Resort’s General Manager, Mr. Amid Yazji commented: “Keeping up with the development of technologies, and our constant desire to provide our valued guests with the highest levels of service, we are thrilled to announce that we are the first hotel in the Kingdom of Bahrain and the region to use the latest digital payment technologies in partnership with Eazy Financial Services “EazyPay”

This is neither the first nor the last client in Bahrain to sign up. Over the past few months EazyPay has signed up an array of clients utilizing its partnership with Binance Pay. Bahrain real estate developer Bin Faqeeh Real estate Investment Company announced that clients could apartments or houses using cryptocurrencies using EazyPay’s POS terminals.

Even stc Bahrain has become the first telecom operator in Bahrain to accept cryptocurrencies through its partnership with Eazy Financial Services, a leading Bahraini Payment Services provider specializing in POS and online payment gateway. EazyPay uses BinancePay and wallet to offer this service to more than 5000 POS terminals in Bahrain.

While in the UAE, in January 2023, UAE Emirates Zone Investment Services announced it had partnered with Binance Pay, to accept crypto payments from the UAE start-up community, small and medium businesses (SMBs), Investors and Entrepreneurs who are planning to set up companies in the region. At the time, the service was prominently mentioned on the first page of their website and in their tweets. Yet now no tweet is visible on the matter and the only reference to the partnership is in their news section of their website.

Furthermore, another UAE client who had announced that they would be accepting cryptocurrencies with Binance Pay has since then retracted their statement. UAE’s Canadian University in Dubai had announced that it was accepting crypto payments through Binance Pay. In a twitter post the Canadian University Dubai announced that it had collaborated with Binance Pay to offer crypto as a payment method. According to the post students of Canadian University Dubai can use Binance Pay to pay their fees.

But then a few days later, in another tweet the Canadian University of Dubai stated, “Dear CUD Community, for technical reasons, CUD will not be accepting cryptocurrency as a method of payment, until further notice. We apologize for any inconvenience.”

It seems weird to have technical issues after the fact, as most entities try and test the service and ensure there are no technical issues before making announcements.

Could there be another reason for the sudden retraction? Could there have been regulatory restraints perhaps? One person commented on the Dubai Canadian University tweet saying, “Lies, you backed down because of pressure from gov. Paying in USDC or crypto is one of the easiest and cheapest ways to send value across the world with perfect and complete settlement.” While other tweet replies bashed Binance.

Whatever the reason it would seem that Binance while winning many clients to its Binance Pay platform, has also lost some especially in the UAE!

LaraotheBlock  reached out to Binance spokesperson and is awaiting their comments. If comments are made this article will be updated. 

LaraontheBlock also tried calling Emirates Investment Zone services but to no avail.

Where is UAE Central Bank 10th initiative for digital asset payments regulation for its upcoming CBDC and digital asset payment providers?

Where is UAE Central Bank 10th initiative for digital asset payments regulation for its upcoming CBDC and digital asset payment providers?

The UAE Central Bank announced on Sunday 12th of February 2023 its nine initiatives for what it calls its financial infrastructure transformation program, the FIT program that will enable the Central Bank of the UAE to be among the top central Banks globally. One of the nine initiatives is the launch of a CBDC for internal and cross border payments, but where is the 10th, the one that will actually put the UAE on the map as the digital payment hub. Where is the UAE’s Central Bank digital asset payment and remittance regulation or rulebook?

So the UAE Central Bank has finally openly stated that it will be launching a CBDC ( Central Bank Digital Currency) for not only cross border payments but also UAE internal national payments. As per the release, the Central Bank Digital Currency (CBDC) would be utilized for cross-border payments and domestic usage in order to address the problems and inefficiency of cross-border payments and help drive innovation for domestic payments respectively.

Ofcourse the announcement that they will launch a CBDC is not surprising given the work the UAE has been doing in the realm of CBDCs over the years. 

In 2019, the Central Bank of the UAE (CBUAE) piloted a wholesale CBDC project with Saudi Central Bank named of “ABER.” A final report was published in 2020, which showed that “the distributed ledger technology would enable central banks to develop payments systems at both local and cross-border levels.”

More recently, the CBUAE, along with the BIS Innovation Hub Hong Kong Centre and the central banks of Hong Kong, Thailand and China,  implemented Project mBridge, a joint initiative experimenting with cross-border payments using a custom-built common platform based on distributed ledger technology (DLT) upon which multiple central banks can issue and exchange their respective central bank digital currencies.

In my previous blog article published on December 15th 2022, I alluded to the fact that the UAE Central Bank could be close to issuing its own CBDC.

At the end of January 2023, the UAE Central Bank and Central Bank of India signed an MOU to collaborate in the payments sector; fintech solutions and experimenting with a CBDC to facilitate cross border transactions.

The Central Bank of UAE as explained in the press release wants to become the financial and digital payment hub and a center of excellence for innovation and digital transformation.

H.E. Khaled Mohamed Balama, Governor of the CBUAE, said: “The FIT Program embodies the directions and aspirations of our wise leadership towards digitizing the economy and developing the financial sector. We are proud to be building an infrastructure that will support a thriving UAE financial ecosystem and its future growth. H.E added: “We will work with our partners to implement the Program, achieve its goals, accelerate the adoption of digital services in the financial sector and attract the best talent.”

The Program comprises implementation of nine key initiatives  mentioned below:

 

 

1.  Card Domestic Scheme: The UAE’s first unified, secured, and efficient card payment platform to facilitate the growth of e-commerce and digital transactions in the country.

2.  eKYC:  A  secure  and  user-friendly  platform  to  facilitate  non-face-to-face customer on-boarding and on-going customer due diligence.

3. Central Bank Digital Currency (CBDC): CBDC for both cross-border payments and domestic usage in order to address the problems and inefficiency of cross-border payments and help drive innovation for domestic payments respectively.

4.  Open Finance: Driving innovation and competitiveness as well as collaboration in the financial services sector through inter-connectivity and inter-operability among all players and institutions.

5. Supervisory Technology (SupTech): Advanced SupTech supporting the regulatory and supervisory processes.

6. Innovation Hub: A collaborative platform for engagement, research and development for Fintechs.

7.  Instant Payments Platform: A secure, efficient, and robust payment platform that will support financial inclusion and enable a cashless society through digital payments.

8.  Financial Cloud: A secure, resilient, scalable, and reliable sovereign financial infrastructure.

9. Excellence & Customer Experience: Supporting exceptional customer experiences and fostering a culture of excellence across the financial sector.

 

But where is the 10th most important initiative? Where is the initiative that actually will allow the UAE to be a digital payments hub? Where is the digital asset payment regulation guideline, the one that VARA in its recent announcement of regulations didn’t cover? Where is the digital asset payments initiative that the UAE Securities and Commodities Authority didn’t cover?

Who will regulate digital asset payments and remittance ecosystem if the Central Bank of UAE doesn’t? It would be hard to imagine the UAE as a hub for digital payments without digital asset payments as well. It will be hard to imagine UAE as a hub for crypto and blockchain companies if there is no regulation governing the crypto, virtual assets payment ecosystem.

Sources close to the matter told LaraontheBlock, ” The nine initiative announced today are only related to the financial infrastructure. There are other initiatives being worked on.” 

I wonder if it is prudent to announce nine initiatives and pass over the one most important initiative that everyone is waiting for. But it seems that the Central Bank are working on other initiatives and hopefully digital assets as a payment method are one of them.

Saudi Nuqtah NFT signs MOU with Saudi STC Group to tokenize photographs

Saudi Nuqtah NFT signs MOU with Saudi STC Group to tokenize photographs

KSA born Nuqtah NFT marketplace has signed an MOU (Memorandum of Understanding) with Saudi Telecom group (STC) to tokenize photographs from stc’s Sarha project and mint them in the form of non-fungible assets exclusively on the Nuqtah NFT marketplace.

As per the blog, STC is committed to delivering the best customers experience through its advanced technology and innovative solutions.

Sarha, the world’s first content-generating camel, is set to take its viewers on a journey of discovery. The camel travelled around Saudi Arabia in tandem with the most skilled photographers, capturing stunning images and videos that will be shared with the world.

Sarha’s journey will take its viewers further than ever before with the broadest network and widest coverage. This unique project provided by stc  has be used to create amazing experiences for people all over the world.

As such Nuqtah and stc have come together to create a unique collaboration that will bring the world of photography and blockchain technology together. Through this collaboration, Nuqtah will be creating Non-Fungible Tokens (NFTs) from photographs taken by stc.

This Memorandum of Understanding was signed on the main stage at the Leap 2023 Tech Forum in the capital, Riyadh, KSA. 

Salwa Radwi, Founder of Nuqtah NFT on LinkedIn stated, “At Nuqtah, we are proud to be the first blockchain and Web3 Company in Saudi Arabia to gain this amount of trust and approval from public and private bodies on a national and international scale.”

Saudi Aramco partners with Blockchain entity Data Gumbo for blockchain innovation in oil and gas sector

Saudi Aramco partners with Blockchain entity Data Gumbo for blockchain innovation in oil and gas sector

Saudi Aramco has signed a memorandum of agreement with Data Gumbo, a US based Blockchain technology company which developed a blockchain as a service platform to streamline smart contracts management for industrial customers. The agreement between Saudi Aramco and Data Gumbo is for Blockchain collaboration over a three year term.

This is not the first time Saudi Aramco has dealt with Data Gumbo. In August 2022, Saudi Aramco’s investment arm Saudi Aramco Energy Ventures made its fourth investment in Data Gumbo series C round where Data Gumbo raised $4million. The round was led by Saudi Aramco Ventures and Equinor, Norway’s energy operator.

As per the Data Gumbo blog post, “ Data Gumbo is proud to announce that on 8 February, 2023 we entered into a memorandum of understanding (MOU) with Saudi Aramco for Blockchain Collaboration.  The agreement has a 3 year term. We are honored by the opportunity to deepen our collaboration and look forward to several transformational projects in the coming years.”

The MOU was signed by Mohamed Marzouk, Saudi Arabia Country Manager and Saudi Aramco’s Senior Vice President, Digital and Information Technology Mr. Nabil Al-Nuaim in Riyadh.

As per the agreement the Areas of collaboration will include, accelerating digital transformation within the Oil & Gas Industry, exploring,  identifying and co-innovating blockchain use, improving operational efficiency and driving ROIU with Aramco, its customers and suppliers, providing blockchain training and finally identifying potential applications for managed blockchain services