UAE MBank, Al Maryah Community Bank the first fully integrated digital bank in the UAE, is offering AED secure and regulated AED dirham to crypto conversions and trades, AED Escrow Account Services, executed at UAE regulated Changer.ae platform, a global crypto custodian service provider.

The Central Bank of the United Arab Emirates (CBUAE) has officially approved Mbank to open an AED Escrow Account for Changer.ae. This approval enables secure and compliant holding of AED funds in escrow through Mbank’s digital infrastructure, while the conversion of virtual assets and stablecoins such as USDT and USDC into AED is carried out by Changer.ae.

As per the press release, the service is a significant step toward bridging the gap between traditional finance and the digital asset economy. Mbank provides AED Escrow Account Services to Changer.ae clients allowing them to safely utilize a Dirham escrow account powered by the bank, while all conversions between dirhams and crypto assets are executed by Changer.ae.

Mbank and Changer.ae announcement of the Dirham-based crypto conversion service, including a fully regulated fiat escrow account in AED for crypto transactions, was made during TOKEN2049 Dubai, with Mohammed Wassim Khayata, CEO of Mbank and Board Member of Changer.ae, and Wang Hao, Senior Executive Officer at Changer.ae.

For customers, this means they can confidently and immediately convert their digital assets into local currency within a fully regulated and secure environment, eliminating the uncertainty and delays often associated with fiat, in on-ramp and off-ramp transactions. The service is entirely online, providing fast, transparent, and seamless access to funds, and allows individuals and businesses to manage crypto-to-fiat flows with ease, backed by Mbank’s trusted digital banking platform.


The cooperation between Mbank and Changer.ae enables individuals to exchange supported cryptocurrencies and stablecoins into AED via Changer.ae, with the converted Dirham funds held securely in escrow by Mbank. It also provides businesses with the tools to operate transactions entirely within a regulated, blockchain-enabled system, with real-time access to fiat and crypto balances.


This escrow service supports Crypto to Dirham and Dirham to Crypto conversions executed by Changer.ae, while the customers’ Dirham funds and transactions are fully protected through a comprehensive regulatory compliance and by Mbank’s secure technology infrastructure. Furthermore, this service facilitates fast movement of customer’s AED funds, in and out, within the UAE banking system.


Mr. Mohammed Wassim Khayata, CEO of Mbank and Board Member of Changer.ae, stated, “We are excited to offer this unique service to our customers, providing a seamless way to integrate Dirhams and crypto-related transactions with confidence. By providing AED Escrow Account Services to Changer.ae, we ensure secure and regulated dirham to crypto conversions for Changer clients. This partnership with Changer.ae aligns with our mission to drive innovation in the UAE’s financial ecosystem by offering regulated and secure financial infrastructure. The launch of this escrow account demonstrates the UAE’s commitment to becoming a global crypto hub while maintaining the highest standards of security and regulatory compliance.”


Mr. Wang Hao, Senior Executive Officer at Changer.ae, said, “At Changer.ae, we are thrilled to bring this innovative product to the market in collaboration with Mbank. With the approval from CBUAE, we are enhancing our service offerings by providing a secure, reliable, and convenient way for customers to access crypto services. This product reflects our continued dedication to bridge the gap between traditional finance world and the rapidly growing world.”


Mr. Tarek Soubra, Chief Technology Officer at Mbank noted that the AED escrow account service was an exciting leap forward, as it was developed in house with the highest standards of security, reliability and compliance without relying on third-party crypto custody platform.

He added, “The seamless and straight forward integration between the systems of Mbank and Changer.ae,callow our customers to benefit from a safe, fast, and transparent crypto-to-fiat experience. Customers can now convert their cryptocurrencies into AED through Changer.ae and then use their converted AED funds immediately and seamlessly, with Mbank holding the AED funds in escrow. Alternatively, Mwallet customers can now receive their converted AED funds immediately into their wallets and use them for any supported transactions or for immediate cash withdrawal, using Jaywan ATM card.”

MBank received Payment Token Services approval from UAE Central Bank

Al Maryah Community Bank also received approval from the Central Bank of the UAE to provide Payment Token Services within the country. This new capability allows merchants to open accounts and accept payments through the AEC Wallet, further reinforcing Mbank’s role in supporting a regulated and innovative crypto payments ecosystem in the UAE.

Previously Mbank also launched the first regulated stablecoin AE Coin.

UAE based IHC, a global investment company focused on building dynamic value networks, plans to establish a new AI-driven reinsurance platform headquartered in the Abu Dhabi Global Market (ADGM) with BlackRock. At the core of the company’s operations will be an AI-native approach, unencumbered by legacy technology, to enhance data analytics, pricing strategies, and company operations. This technology will bolster underwriting capabilities by improving the quality and speed of risk assessments, thereby optimizing capital efficiency.

As per the press release, the new platform, yet to be named, will provide critical underwriting capabilities, underpinned by cutting-edge AI technologies, to help accelerate the rapid growth in the Gulf region and support the continued evolution of regional capital markets.

BlackRock will partner with the platform to provide leading insurance asset management, advisory, and its Aladdin technology capabilities to the initiative. Lunate will also be a partner in the new platform, leveraging its deep expertise in private and public markets and its global, multi-asset investment experience in supporting the platform.

The platform will offer tailored solutions covering Property and Casualty (P&C), Life, and specialized insurance products. With its base in ADGM, it will operate across key international jurisdictions, creating a local platform capable of adapting to the diverse demands of the global market, while maintaining a strategic focus on the Middle East and Asia.

The platform will implement a buy-and-build strategy, targeting initial liabilities exceeding $10 billion. Initial equity commitments are expected to surpass $1 billion, which will be bolstered by additional hybrid and debt financing. After the signing of definitive documentation, BlackRock will provide a minority investment commitment to the venture.

IHC also announced that the company will be chaired by Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, GCEO and MD of ADNOC, and led by seasoned industry expert Mark Wilson, former CEO of Aviva Plc and AIA Group Limited, who brings a wealth of experience to this initiative.

“We are excited to bridge global capital with regional opportunities in this fast-growing market to launch a value accretive business with solid financial returns while shaping the future of insurance with cutting edge technology. Supported by exceptional global partners in IHC, BlackRock and Lunate, the new company will bring deep expertise, a strong capital base, and AI-driven underwriting to enhance efficiency and precision. Furthermore, establishing the company in ADGM gives us access to a robust regulatory framework, a rapidly growing insurance market, and dynamic financial hub,” said Dr. Sultan Ahmed Al Jaber UAE Minister of Industry and Advanced Technology


Syed Basa Shueb CEO of IHC noted, “This venture embodies IHC’s commitment to innovation and strategic growth. By leveraging our diversified portfolio and deep regional insights, we aim to redefine the insurance landscape, delivering sustainable value to our stakeholders and contributing to the economic prosperity of the region.”

Larry Fink, Chairman and CEO of Black Rock added, “We are proud to collaborate with IHC and Lunate in this transformative endeavor to help accelerate the development of a more dynamic insurance, capital markets and financial ecosystem in Abu Dhabi and the broader region. We look forward to applying our asset management, advisory and technology capabilities to support its growth.”


UAE based AqlanX, an artificial intelligence company, has raised $10 million investment from Lakeba Group through their venture DoxAI. The investment was facilitated through connections fostered by the UAE’s NextGen FDI initiative, to accelerate AqlanX’s mission to localize and expand the proven enterprise automation capabilities of DoxAI across the Middle East.

Founded on the vision of building UAE-Made, Arabic-first AI technologies, AqlanX focuses on automating business processes, enhancing operational efficiency, and transforming enterprise document management for large organizations.

As part of its national capacity-building strategy, AqlanX, DoxAI, and Lakeba have also formed a strategic partnership with the University of Wollongong in Dubai (UOWD) to establish an AI Centre of Excellence. This initiative will cultivate homegrown AI talent, research, and innovation directly in the UAE.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, commented that, “This collaboration between AqlanX, Lakeba, and DoxAI demonstrates the power of the NextGen FDI program to catalyse strategic, cross-sector partnerships. It underscores our commitment to fostering an ecosystem that nurtures innovation and collaboration in priority sectors like artificial intelligence.”

“This investment is more than capital, it’s a commitment to a shared vision. The UAE AI firm represents the next frontier of enterprise AI in the Middle East, and we are proud to bring our experience, technology, and strategic resources to support its growth,” said Giuseppe Porcelli, Executive Chairman of Lakeba and DoxAI.

Demetrio Russo, Founder and CEO of AqlanX, noted that, “With Lakeba and DoxAI behind us, AqlanX is equipped to deliver Arabic-first AI that is not only world-class, but also born in, and for, the UAE. We are building an innovation hub that reflects the ambitions of this region and empowers its enterprises to lead globally.”

Bybit, the world’s second-largest cryptocurrency exchange by trading volume which currently holds an in principle approval from Dubai regulator, and UAE based Ghaf Labs, a MENA-based Web3 boutique advisory and consultancy firm, signed a Memorandum of Understanding (MOU) to enter a multi-year strategic partnership that aims to drive crypto adoption, ecosystem development, and real-world utility across the Middle East and North Africa (MENA).

This partnership is on a mission to position the region as a global Web3 hub by enabling innovation, supporting regulatory clarity, and fostering meaningful use cases that integrate blockchain into daily life.


Ghaf Labs, backed by Ghaf Capital Partners, offers tailored advisory and incubation services to Web3 ventures across MENA. With its strong regional network and regulatory insight. Together, Bybit and Ghaf Labs will provide equity-free grants, startup support, and access to strategic resources for ventures exploring blockchain, AI, and sustainability, central to the region’s digital transformation.

“Our partnership with Ghaf Labs is rooted in a shared vision for the MENA region, one where crypto isn’t just adopted, but lived,” said Helen Liu, COO of Bybit. “From developer tooling to lifestyle integration, we’re building the bridges that bring crypto into everyday life.”

The collaboration will also launch a series of education initiatives designed to nurture local Web3 talent. These include university partnerships, bootcamps, and developer hackathons, all aimed at empowering the next generation of blockchain builders.

Additionally, both parties will co-develop educational content to improve Web3 literacy across Arabic- and English-speaking communities in the region.

“This partnership with Bybit reflects our shared commitment to advancing Web3 infrastructure, education, and institutional engagement across the MENA region. Together, we aim to accelerate innovation and continue to position the UAE as a global hub for digital assets.”
said Feras Al Sadek, Co-Founder and Managing Partner at Ghaf Labs.

Lara on the Block spoke with Al Sadek asking why Bybit in particular, his reply, “Bybit brings more than just liquidity and listing power. The decision was rooted in long-term alignment: Bybit has consistently demonstrated commitment to Web3 ecosystem growth, regional presence in MENA, and a partner-first approach. Unlike other exchanges, Bybit is building beyond trading, with initiatives in education, infrastructure, payments, and community development. We’ve supported Bybit from the beginning, and this partnership reflects our continued belief in their vision and values.”

Ghaf Labs has invested in MENA and International startups since its inception, so we asked Al Sadek what added value would Bybit bring in? He noted that the crypto exchange offered three layers of added value. The first was distribution and exposure paving a direct path to exchange listings, co-marketing and user acquisition at scale, secondly was product integration such as access to Bybit Card, API infrastructure, and on-chain tools to enable real-world utility and faster product-market fit, and finally was credibility & reach where being affiliated with a top-tier global exchange enhances startup credibility, which is critical for follow-on investment and partnerships.


Beyond development, the partnership highlights the real-world utility of crypto through lifestyle applications like the Bybit Card. This product connects digital assets with premium experiences, including exclusive access through partners such as Grand Millennium Hotels in Dubai—demonstrating the role of crypto in elevating travel, luxury, and everyday spending.

Speaking on this to Lara on the Block, Al Sadek noted that Bybit Card is a gateway to real-world crypto utility. He explained, “We see it as a foundational layer across our startup ecosystem. From loyalty programs to on-chain-to-off-chain commerce, the card can power a new wave of fintech experiences. One early proof point is our tripartite collaboration with Grand Millennium Hotel, where Bybit Cardholders now enjoy up to 30% off across F&B, rooms, salons, and events. We plan to expand this model, embedding Bybit Card access into everyday products, services, and reward mechanisms offered by our portfolio projects.”

In 2023, Ghaf Labs, partnered with Sui Foundation, a Blockchain Foundation that supports the growth and proliferation of the Sui blockchain protocol (“Sui”) and associated ecosystem.

Agile Dynamics, a UAE based consulting firm, will work to develop a sovereign quantum resistant blockchain infrastructure with Abu Dhabi Department of Government Enablement in UAE. Agile Dynamics has been selected as the program’s strategic partner.

As per the announcement, the transformative project quantum program is spearheaded by Abu Dhabi’s Government with the threefold aim to redefine the emirate’s digital economy, accelerate its growth, and solidify its position as a global leader in next-generation technology adoption.

Quantum is considered as one of the most promising technologies that can enable ground-breaking advancements in business and society.

As part of the partnership with Agile Dynamics, the consulting firm will provide crucial expertise in blockchain strategy, decentralized trust models, and innovative tokenization frameworks. The collaboration will concentrate on three pivotal technical objectives, forming the bedrock of Abu Dhabi’s next-generation digital strategy.

Architecting a Sovereign, Quantum-Resistant EVM-Compatible Layer 1 Blockchain to incorporate cutting-edge post-quantum cryptographic primitives, ensuring enduring security and resilience against future computational threats, safeguarding the nation’s digital assets and critical data for decades to come.

Creating an Integrated DeFi Framework that will unlock new financial paradigms, aiming to streamline international trade finance through transparent and instantaneous settlements, and foster innovation in financial services.

Assessing the Feasibility of an Institutional-Grade Foreign Direct Investment (FDI) as-a-Service Tokenization Ecosystem which will explore novel mechanisms for attracting and managing investment, further bolstering Abu Dhabi’s economic dynamism.

In a LinkedIn post, Agile Dynamics noted that the UAE has the potential to dominate the blockchain economy. Their forecast position blockchain as the backbone of a decentralized trust economy driving $456 billion in non-oil GDP by 2031.

In terms of use cases, the UAE will pioneer use cases like tokenized FDI, AI-auditable governance, and stablecoin remittances. With quantum-resistant infrastructure and strategic alliances, Abu Dhabi has the potential to redefine digital trust worldwide.

Paul Lalovich, Managing Partner at Agile Dynamics, emphasized the profound technical significance of the initiative stating “Abu Dhabi is not merely implementing a blockchain strategy; it is architecting a complete, future-proof trust infrastructure stack. Our design will integrate post-quantum cryptographic primitives, embed protocol-level regulatory compliance, and champion cross-chain interoperability standards. This will create a resilient foundation for both domestic applications and a new era of international digital trade, positioning Abu Dhabi’s infrastructure as a blueprint for decentralized trust that can serve as a global benchmark.”

The Agile Dynamics team brings specialized expertise in the domain to the engagement, led by leaders and blockchain experts Paul Lalovich (blockchain business architectures), Ema Vukovic (blockchain business architectures), Yilmaz Yadırgı (tokenization frameworks), Philipp Kishkovarov (AI-blockchain integration), and Nikola Mandic (blockchain ecosystem architect).

They are steered by affiliate expert partners Henrik von Scheel (digital economy design), Srđan Vukmirović (quantum-resistant cryptography), and Darko Capko (blockchain technology architecture).

Michael Saylor an American entrepreneur and business executive and the executive chairman and co-founder of MicroStrategy, a company that provides business intelligence, mobile software, and cloud-based services in an interview with Al Arabiya English notes that GCC banks could become trusted digital asset custodians, while he calls for their sovereign wealth funds to buy Bitcoin.

In the Al Arabiya English interview with Hadley Gamble, he works to convince the globe on why Bitcoin is the center of the AI economy, and why countries including KSA, Kuwait, Qatar, and UAE as well as the rest of the world should buy Bitcoin. He then states that GCC region with its low taxation, its digital asset regulations, and its trusted banking sector could become the trusted digital asset custodians for the digital economy.

He starts with the fact that there is a change in the status quo and how digital capital is a no brainer, it is like Facebook for money, Google for money because Bitcoin is digital gold and a non-sovereign store of assets, allowing investors to avoid counter party risk.

He adds that it is a safe haven better than gold, 10X more valuable than gold and is growing in value at 20% a year. He says, “It is the best investment idea in the world, and people just want to keep their money, usually doing it through buying real estate, equities, collectible, which all have risk factors.

With increased uncertainty and losing confidence in governmental currencies which are facing a lot of risk because of technology, politics and monetary policy, they will trade it in for Bitcoin. For him Bitcoin is a hedge growing by 55% 2 trillion now to 20 trillion in four years and 280 trillion in 2045.

He goes on to note that this is the dominant network. He also states that USD stablecoin demand is increasing

His case against Gold

He believes that given gold is not as liquid as money, and not a sellable commodity like it was 1000 years ago, it isn’t fast enough. He explains, “400 million companies across the globe cannot settle with gold. To settle $10 billion of gold it would take 10 years.” According to Saylor, Bitcoin represents digital gold, the most liquid and fungible commodity asset, better than gold that can be teleported in seconds, put on 5 billion smart phones, with 0% inflation.

He adds that cash settlement is always difficult but with Bitcoin you can settle billions every four hours. He calls it the “perfect money, perfect capital, that will build an entire digital economic system.”

When asked why people aren’t using it to buy stuff, he simply states, “You don’t pay for things in capital. Money has two aspects high frequency money like the dollar and Euro, and Peso which people don’t hold for more than four years, with local currencies being held only for weeks or months especially in countries like Egypt and Lebanon. 90% of people don’t save in dollars, they save in land, real estate, equities, and Bitcoin.

He also believes that once the United States regulates stablecoins its market cap will go up to $2 trillion.  

The digital economy fused with AI will need Bitcoin

He reasserts what we all know already that the future is digital. He believes everything will be tokenized starting with the dollar. According to him given that AI will be prevalent and it will be smarter and faster, “your AI will want to move your money for better investment opportunities 18 million times an hour.” The intelligent economy will bypass regulated economies. So countries need to advance their regulatory environments, while ensuring ethically responsible friction free environment.

How the GCC countries can benefit

There are many ways countries like Saudi Arabia, Kuwait, Qatar and UAE can benefit from the rise of digital economies and Bitcoin. First according to Saylor, they could become the repositer of digital energy which is more important for the AI datacenters than it is for Bitcoin. He states, “The AI economy will need massive amounts of energy 400 GWs of electrical power to move forward. If an economy doesn’t have electricity it doesn’t think. He believes nuclear technologies will power the intelligent economy.

He calls on sovereign wealth funds in GCC to invest in Bitcoin, telling them to buy as much as they can buy. “You ought to buy as much as you want money, returns of 29% a year for 21 years.

He also adds that the GCC banking sector could become institutional custodians for Bitcoin. He explains, “digital currencies will want to find a home that has favorable tax regimes, favorable regulations and they will be looking for institutional grade custodians, banks that I trust in the UAE, Qatar, or Kuwait where I can custody my bitcoin, a Bitcoin custodian Bank.”

He adds that we have yet to see who will emerge as a digital Switzerland.

The Risks

According to Saylor there are no risks or impediments to Bitcoin except the regulatory ones.

While he mentions that Armada Spanish fleet hit Gold, he doesn’t mention that a lack of internet could hit Bitcoin, or the fact that if Bitcoin becomes centralized into the hands of the few, it defeats the purpose of the technology, or even the fact that if quantum computing prevails, the security of the Bitcoin network could be at risk.

So while he calls for sovereign wealth funds to buy Bitcoin as he create security products for investors of Bitcoin, and while Micro Strategy invests billions of dollars into Bitcoin, the risks are there even if smaller than the risks of 20th century money.

So yes it might be a great idea for sovereign funds to diversify their portfolios into Bitcoin, it might not be a good idea to try and buy so much that Bitcoin becomes a new central bank digital currency, and definitely not the smartest idea to have banks custody the Bitcoin!

eToro, UAE regulated crypto trading and management platform, has integrated UAE PASS, the UAE’s national digital identity platform, into its onboarding process, further localizing its product for the UAE market.

As per the announcement, the new feature allows UAE-based users to register on eToro using the UAE PASS app, which pulls verified Proof of Identity (POI) and Proof of Address (POA) directly from the government’s digital identity system. It simplifies the verification process significantly, enabling faster account creation, enhanced security, and a smoother experience for new users.

George Naddaf, Managing Director at eToro MENA, stated, “This is a major milestone in simplifying the onboarding experience and advancing in our vision to open the global markets for everyone to trade and invest in a simple and transparent way. By integrating a trusted local identity solution, we’re removing key friction points and adding another layer of trust and convenience for our UAE community.”

According to a recent survey by eToro, 87% of UAE retail investors now rely on fintech platforms to manage their finances. Additionally, 26% use only fintech providers, while 36% use them for the majority of their activity, reflecting the country’s rapid shift toward digital-first financial solutions.

This initiative adds to eToro’s broader localization initiatives in the region, including the opening of its Abu Dhabi office, the addition of stocks listed on the Abu Dhabi Securities Exchange and Dubai Financial Market.

Coinbase, the largest publicly traded cryptocurrency exchange, announced that it will be buying derivatives exchange Deribit for $2.9 billion deal to as it expands into the crypto options market, but the deal also means it will have a foothold in the UAE.

Deribit is one of the exchanges that has received a full license in the UAE back in December 2024, allowing it to offer spot and derivatives trading in the UAE under Deribit’s Dubai-based entity, Deribit FZE. It received its license from Dubai’s Virtual Asset Regulatory Authority after it had its conditional license in April 2024.

Coinbase noted that the acquisition would accelerate their Global Derivatives Strategy. They stated, “With Deribit’s strong presence and professional client base, Coinbase is making its most substantial move yet to accelerate our international growth strategy. Our complementary footprint strategically positions Coinbase within the sizable global crypto derivatives markets.”

The cash-and-stock deal will allow Coinbase to offer crypto options to its international clients. Widely used for hedging, options can be a key source of stability as their demand typically holds up during bouts of volatility.

The deal consists of $700 million in cash and 11 million shares of Coinbase’s Class A common stock, the company said, and is subject to regulatory approvals and other customary closing conditions and is expected to close by year-end.

The post also noted that the deal would create the Most Comprehensive Institutional Derivatives Platform given that Deribit is the global leader in crypto options. the blog stated, “Deribit’s robust options platform complements Coinbase’s rapidly growing US futures and international perpetual futures businesses, completing our derivatives offering. This is an important step toward our goal of providing traders access to spot, futures, perpetual futures, and options trading – all in one seamless, capital-efficient platform.”

The acquisition will also make Coinbase the global leader in crypto derivatives by open interest and options volume. Deribit facilitated over $1 trillion in trading volume last year across key markets ex-US, with strong demand from institutional and advanced traders. We believe crypto options are on the cusp of significant expansion, similar to the equity options boom of the 1990s.

Finally Coinbase notes that Deribit will immediately enhance profitability and add diversity and durability to their trading revenues upon close.

“We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” said Deribit CEO Luuk Strijers. “As the leading crypto options platform, we’ve built a strong, profitable business, and this acquisition will accelerate the foundation we laid while providing traders with even more opportunities across spot, futures, perpetuals, and options – all under one trusted brand. Together with Coinbase, we’re set to shape the future of the global crypto derivatives market.”

Ripple backed Hidden Road, which offers traditional and digital asset brokerage services, has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM to operate as a regulated financial services firm.

Pending final regulatory approval, Hidden Road will be authorized to offer clearing and prime brokerage services across its global suite of traditional and digital asset products to institutional investors in the UAE.

“Receiving our IPA from ADGM marks a significant milestone for our business,” said James Stickland, UAE CEO, Hidden Road. “ADGM’s high regulatory standards make it a key market for institutional growth.”

Hidden Road Partners CIV NL B.V. is licensed as a MiFID investment firm and as a Crypto-Asset Service Provider (“CASP”) by the Netherlands Authority for the Financial Markets (AFM). It is also an authorized a AMLD5 and MiFID investment firm by the UK Financial Conduct Authority; as well as a Commodity Futures Trading Commission (CFTC)-registered Futures Commission Merchant (FCM), a Financial Industry Regulatory Authority (FINRA)-member broker-dealer, and a member of the National Futures Association (NFA) and Fixed Income Clearing Corporation (FICC).


“Our goal from day one has been to equip clients with seamless access both to traditional and digital markets,” said Noel Kimmel, President at Hidden Road. “We continue to actively pursue regulatory approvals around the world to deliver on that commitment, recognizing the confidence and transparency that follows when operating under clear regulatory frameworks.”

Arvind Ramamurthy, Chief of Market Development at ADGM, said, “ADGM congratulates Hidden Road on receiving its IPA from the FSRA to operate as a regulated financial services firm. The expansion of their services within the international financial centre is a testament to the immense opportunities available within Abu Dhabi. We look forward to Hidden Road receiving their Financial Services Permission (FSP) and their contribution to ADGM’s dynamic ecosystem.”

Hidden Road’s IPA from ADGM’s FSRA follows its recent definitive agreement on April 8, 2025, to be acquired by Ripple, a leading provider of digital asset infrastructure for financial institutions, for $1.25 billion. With the backing of Ripple’s significant balance sheet, Hidden Road will exponentially expand its capacity to service its pipeline and become one of the largest non-bank prime brokers globally. The deal is expected to close in the coming months, subject to regulatory approvals.

UAE regulated Aspen Digital, a digital asset manager seeds Coinbase Asset Management fund, which will be administered by Apex Group a leading financial services provider. The fund which will be delivered by Apex Malta is specifically tailored for digital asset strategies and its newly announced Coinbase Bitcoin Yield Fund (CBYF).

As per the press release, Aspen Digital will also serve as an exclusive wealth and distribution partner in the UAE and Asia.

This mandate further strengthens Apex Group’s strategic alliance with Coinbase AM and reflects the growing institutional adoption of digital assets, driven by the increasing demand for innovative yield-generating projects like CBYF.

Peter Hughes Apex Group’s Founder and CEO, noted, “We’re extremely pleased to strengthen our alliance with Coinbase AM to support the launch of CBYF this month. This fund further expands global access to meet the growing demand for bitcoin yield. Apex Group has ten years of expertise in crypto fund administration and is committed to innovation. We also have the ability to deliver secure, reliable and scalable solutions and pride ourselves on our capacity to handle the complexities of digital asset fund administration transfer agency and distribution while adhering to fiduciary standards.”

Matt Lundy, Coinbase AM’s COO and CRO, added, “The recent launch of the Coinbase Bitcoin Yield Fund has been met with incredible demand from institutional investors looking to earn yield on their Bitcoin holdings. Apex Group’s experience in the digital asset space and innovative thinking have allowed us to seamlessly deliver this unique international, institutional-grade Fund with Apex Group’s best-in-class administrator services to investors. We are thrilled to continue to build on our relationship with Apex Group.”