Lara

Total Post: 1228

NFTs gaining traction in Middle East with Chalhoub Group, MasterCard, and Healthvarsity

NFTs gaining traction in Middle East with Chalhoub Group, MasterCard, and Healthvarsity

UAE based Chalhoub Group’s SOL3MATES future sneakers NFTs pre sale will be launched today on  May 4th while MasterCard has launched its Music Pass NFT Web3 training program for emerging musical artists and Music fans in the MENA region and Healthvarsity has launched the biggest GCC online learning platform for health professionals, using AI and NFT certificates built on blockchain technology.

Rijal Hikmatullah Co -Founder of SOL3MATES part of Chalhoub Group announced on LinkediN, “In just 3 days, SOL3MATES by Chalhoub Group is releasing a one-of-a-kind NFT that will be a game changer for the Industry. The NFTs are not just a digital asset, but an access pass to enter the SOL3MATES ecosystem that empowers sneaker designers, a community-centric platform and exclusive perks. Yes… we are releasing a physical sneaker with perks.”

The perks include access to SOL3MATES sneakers, free shipping, lifetime discounts, etc, in addition to partner perks which allow access to token gated benefits and membership perks with access to giveaways, and next SOL3MATES sneaker drop.

There will be only 10,000 NFTs for its first collection priced at 0.03 ETH which can also be purchased at luxury NFT marketplace Exclusible.

“We are a sneaker brand first, and an NFT project second,” stated Nick Vinckier, Head of Corporate Innovation at Chalhoub Group and Founder of SOL3MATES. “Our aim is to create the sneaker brand of the future born from web3 technology and mechanics such as gamification, community and decentralization. The entire customer journey is created in such a way where we merge the best of the virtual and physical experience. With the launch of our first collection, and all future collections, our focus is on adding value to our community over time.”

Each SOL3MATES sneaker will be equipped with an NFC tag linking the physical shoe with blockchain-enabled authentication to track the sneaker ownership and providing more product information to the end user. And the SOL3MATES community will get access to rare sneaker giveaways, hype sneakers at retail, free SOL3MATES merchandise, meetups and more.

Additionally Mastercard Music Pass NFT is now available for music fans from Eastern Europe, Middle East and Africa and around the world. These fans can participate with the limited release Mastercard Music Pass NFT being minted on Polygon

Music Pass NFT unlocks access to exclusive content and experiences from the Mastercard Artist Accelerator. The unique program will prepare five emerging musical artists from around the world with the tools and skills to harness Web3 technologies to reimagine their creative processes and grow their careers in the digital economy. Artists will learn how to use Web3 tools to create original tracks, which will be redeemable as NFTs as well as performed live by the artists in a special showcase.

Nigerian R&B/Afrobeats record producer and songwriter LeriQ join four other musicians from around the world for the Mastercard Artist Accelerator: Cocoa Sarai, a hip-hop artist from Brooklyn; Vietnamese American-singer Emily Vu; Manu Manzo, a Latin pop artist from Venezuela; and Young Athena, a London-based R&B soul singer and BRIT School alumna. The participating artists represent a range of genres and backgrounds and were chosen because of their unique story, sound and inclusion-focused mindset.

“One of the incredible things about Web3 technologies, and NFTs in particular, are the way in which they offer creators more flexibility and ownership of their content, while generating exciting new ways for fans to engage with their art,” said Beatrice Cornacchia, Senior Vice President, Marketing and Communications, EEMEA. “The Mastercard Artist Accelerator program and Mastercard Music Pass give us an opportunity to harness NFTs for both of these exciting purposes, while helping to support some of the most vibrant, diverse young artists in the world today.”

The Mastercard Music Pass NFT is being minted on the Polygon blockchain and is free to redeem until 8 May.

Healthvarsity edtech venture launched the biggest GCC online learning platform for health professionals, using AI and NFT certificates built on blockchain technology. It will offer more than 200 courses for up skilling doctors nurses, pharmacists, physiotherapists and aspiring medical students, among others.  On completion of each course, they receive a certificate on blockchain to maintain security and authenticity.

Going forward, the platform will also introduce features such as an AI-based Virtual Instructor, AI-based Virtual Mentor and AI-based Virtual Assessor.

Crypto will play a small role in UAE and global family offices portfolio

Crypto will play a small role in UAE and global family offices portfolio

In KPMG and Agreus’s  2023 Global Fmaily Office Compensation Benchmark Report which found that financial wealth, generated by ultra-high-net-worth individuals and family offices is forecasted to increase to 46% by 2026 and that Crypto, a growing area of interest in the UAE, could play a small role in global family office portfolios as CEOs and MDs explore it and fall into the category of fun.

As per KPMG Agreus report, “ Diversifying does not always mean investing heavily in the likes of cryptocurrency but rather, decentralizing risk by spreading investments across multiple areas with precedents of high return. Crypto like many ‘new’ asset classes may well continue to play a very small role in Family Office portfolios but it is envisioned this shall fall into the category of fun, a small percentage for Principals to play with either for passion or simple curiosity.”

KPMG report believes that while the coming years could see the introduction of yet another new and exciting asset class, many Family Offices will look to diversify away from risky areas and invest in traditional, safe arenas where track records have already been achieved.

With the UAE’s rise in the establishment of new family offices, wealthy families from around the world have recognized the country’s appeal as a destination for their offices stemming from its combination of tax advantages, strategic location, robust financial services sector, and high-quality lifestyle amenities.

The report surveyed the views of family office chief executive officers, managing directors and staff to analyze succession planning, social mobility, and governance structures. It found that global family offices plan to diversify away from risky areas and invest in traditional, safe arenas where track records have already been achieved. This includes decentralizing risk by spreading investments across multiple areas with high return.

Among those areas of high return was crypto. In the report KPMG noted that crypto, a burgeoning area of interest in the UAE, could play a small role in global family office portfolios as CEOs and MDs explore it.

The report found that family office leaders in the region are aggressively pursuing strategies to grow their wealth and reputation.  Family-owned businesses play a vital role in the economy, contributing over 60% of the GDP in many regions. In 2021, financial wealth in the UAE grew by 20%; approximately 41% was generated by ultra-high-networth individuals and family offices, forecast to increase to 46% by 2026. It is estimated that the UAE’s financial wealth will continue to grow at a compounded annual rate of 6.7% and reach USD 1 trillion by 2026.

Raajeev B Batra Partner and Head of Private Enterprise at KPMG Lower Gulf, said: “Middle East family offices are approaching 2023 with an educated outlook. Previously many family offices focused heavily on investments and less on having a robust sophisticated operational infrastructure, but this trend has changed. The regulatory framework in the UAE more specifically has been a significant driver in attracting family offices to set up in the country.”

Tayyab Mohamed, Co-Founder of Agreus, said: “The contribution of family-owned businesses in the region cannot be stressed enough. They continue to remain a crucial part of the economy, with the UAE and KSA rapidly rising within this space. With the recent initiative by the DIFC to create the Global Family Business and Private Wealth Centre, we believe the Middle East is very competitively placed to be a hub for family offices in the future.”

BECO Capital joins Dubai AI Web3 Campus to foster Web3 startups’ innovations

BECO Capital joins Dubai AI Web3 Campus to foster Web3 startups’ innovations

BECO Capital is now part of the Dubai AI and Web3 Campus based out of DIFC ( Dubai International Financial Center). BECO capital VC firm manages more than $450 million in assets. According to Dubai AI and Web3 campus, BECO capital will supercharge their ecosystem.

In a LinkedIn post Dubai AI and Web3 Campus stated, “ With BECO Capital onboard, we’re introducing dynamic initiatives like demo days, offering startups a platform to showcase their innovations, and office hours, providing direct access to industry experts.”

BECO Capital’s impressive track record places them consistently in the top 10% globally for fund performance. They’ve played a pivotal role in nurturing regional unicorns like Careem and Property Finder, and we’re eager to see what future successes this partnership will bring.

Prior to this, the Dubai AI and Web 3.0 Campus, announced that it will be issuing artificial intelligence (AI) and Web3 licenses supporting activities ranging from Distributed Ledger Technology Services (DLT), specialised Artificial Intelligence Research & consultancies, IT infrastructure builders, Technology Research and Development and Public Networking Services.

Abu Dhabi Finance Week to hold Blockchain Summit Abu Dhabi and discuss digital assets

Abu Dhabi Finance Week to hold Blockchain Summit Abu Dhabi and discuss digital assets

Abu Dhabi Finance week, running from November 27th to November 30th will be holding discussions on the future of finance that will cover topics such as payments,  digital assets, cyber security, market integrity and credit. It will include The Regulators Summit, Blockchain Abu Dhabi, Risk4.0, A.I. Abu Dhabi and the 2023 Fintech Abu Dhabi Awards.

Held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, and Chairman of the Executive Council and powered by Abu Dhabi Global Market (ADGM), ADFW will seek to examine the factors affecting monetary systems, technological disruptions, financing the race to net zero, the resultant services and facilities, and the industrial and social sectors that impact the global financial system. It will collectively aim to collaborate on maximising the opportunities and minimising the challenges presented within the ‘Transition Era’.

Commenting on the ADFW’s pioneering theme, His Excellency Ahmed Jasim Al Zaabi, Member of Abu Dhabi’s Executive Council and Chairman of ADDED and ADGM said, “We are part of an extraordinary era that is transitioning in every aspect whether it is economic, technological advancement or climate. As we navigate the complexities and challenges of this transformative phase, ADFW acts as a superb platform to gather impactful decision-makers that look at these aspects as opportunities. By investing in the transition era, ADFW stands as a platform that is not just about adapting to change but also seizing the opportunity that propels us towards a brighter, more prosperous future.”

The event was a global success last year, exceeding all expectations in its first edition. It witnessed local, regional and global participation of approximately 9000 attendees from 102 countries including 346 speakers who participated across 31 events and 105 sessions along with 52 strategic partnerships and over 75 MoUs announced and signed during the event.

ADFW unveiled additional top-line speakers who will be present in Abu Dhabi for the various events including H.E. Khaldoon Al Mubarak – Managing Director & Group CEO of Mubadala, Mohamed Alabbar – Founder of Emaar, Peter Orszag – Lazard CEO, Mohammed Alardhi – Executive Chairman of Investcorp, Dr. Samir Haj-Yehia – Chairman of Bank Leumi, H.E. Dr. Abdulrahman Al Hamidy – Director General & Chairman of Arab Monetary Fund, Yoni Assia – Co-founder & CEO of eToro, Atif Abdulmalik – CEO & Chairman of the Executive Committee at Arcapita and Bob Steers – Executive Chairman of Cohen & Steers. In June, ADFW announced its first cohort of elite speakers from the international financial spectrum, which listed iconic names such as Ray Dalio, KBW Founder and CEO – HRH Prince Khaled bin Alwaleed bin Talal Al Saud, Franklin Templeton President and CEO – Jenny Johnson, Midas List Venture Capitalist and Managing Partner at GGV Capital – Jenny Lee, Hong Kong Exchanges and Clearing Ltd. Chairman – Laura Cha, Rockefeller International Chairman – Ruchir Sharma, Fortune CEO – Alan Murray, Co-founder of Brevan Howard Asset Management LLP – Alan Howard, The Children’s Investment Fund Founder – Sir Christopher Hohn, Chairman of Wamda and Co-founder of Aramex – Fadi Ghandour and Former SEC Chairman – Jay Clayton.

Binance launches crypto futures products in Bahrain after it ends its crypto debit card offering with MasterCard

Binance launches crypto futures products in Bahrain after it ends its crypto debit card offering with MasterCard

Binance crypto exchange has announced the launch of crypto futures products in Bahrain after receiving regulatory permission.  With this Binance Bahrain BSC becomes the  first regulated exchange in the region to offer these services and the only exchange with a CAT4 licence.

The launch of these products follows a comprehensive regulatory review and consultation period to ensure that Binance Bahrain BSC, which operates the regulated Binance Bahrain platform, has met the necessary compliance and governance requirements to offer futures products locally in a regulated manner.

Eligible local users must complete and pass a mandatory suitability assessment questionnaire in order to access the products.

Tameem Al-Moosawi, General Manager of Binance Bahrain, said: “Binance is committed to compliance and its users, and we are focused on building the local digital assets ecosystem that is sustainable for the long-term.”

This announcement comes after cryptocurrency exchange Binance announced it  will suspend its crypto debit card services in Latin America and the Middle East from Aug. 25. The crypto debit card services in Latin America and the Middle East will be terminated by Sept. 21, but the exchange claimed refunds and disputes can still be processed until Dec. 20, 2023.

Binance was working with Mastercard in Bahrain but the crypto card program has been ended. Mastercard and crypto exchange Binance  ended four crypto card programmes in Argentina, Brazil, Colombia and Bahrain as of Sept. 22, a spokesperson for Mastercard said via email on Thursday.

The Binance cards allowed users to make payments in traditional currencies, funded by their cryptocurrency holdings on the exchange.

Holiday Swap joins UAE Ministry of Economy NextGen FDI program to enhance its AI and Blockchain capabilities

Holiday Swap joins UAE Ministry of Economy NextGen FDI program to enhance its AI and Blockchain capabilities

Holiday Swap,a vacation exchange and booking platform which seeks to enhance its platform utilizing AI ( Artificial Intelligence) and Blockchain, has joined the UAE Ministry of Economy NextGen FDI program, and will be basing its headquarters in the UAE.

The NextGen FDI program  is a  multistakeholder initiative that provides pioneering businesses from around the world with the market-entry fundamentals required to establish and scale their operations in the UAE.

Launched in 2018, Holiday Swap is a community-based platform that connects holidaymakers online, enabling them to swap homes or rent directly from one another at minimal or zero cost. Today, the platform has more than 120,000 listed properties across 185 countries, including the UAE, where it has approximately 1,200 listings. It aims to expand its listings to 400,000 properties by the close of 2023.

The company, which has developed its own proprietary software, has joined the NextGen FDI programme to consolidate its global operations in the UAE. The company will establish its headquarters in Dubai Internet City, supporting 500 jobs in the country within two years, 250 of which will be highly skilled, as it seeks to enhance its platform through advanced technology capabilities such as AI and blockchain.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said, “The onboarding of Holiday Swap reflects the continuing success of the NextGen FDI programme in attracting pioneering companies to the UAE and fostering the development of cutting-edge solutions across a diverse range of economic sectors. The partnership is not only testament to the UAE’s position as a world-class hub for innovation but also the scale and sophistication of its travel and tourism industry, which contributed AED167 billion to the country’s GDP in 2022, a growth of more than 60 percent. We look forward to working with Holiday Swap to unlock new capabilities and adding a new dimension to our travel-related service exports.”

In response to joining the programme, James Asquith, Founder and CEO of Holiday Swap, commented, “We are thrilled to join the Ministry of Economy’s NextGen FDI program, a decision aligned with our commitment to innovation and expansion. Establishing our global operations HQ in Dubai Internet City positions us perfectly to leverage the UAE’s reputation as an international leader and a powerhouse in the travel and tourism industry.

UAE Web3 social networking and content monetization platform receives investment from UAE Cypher Capital

UAE Web3 social networking and content monetization platform receives investment from UAE Cypher Capital

UAE-based social networking and content monetization platform Lyvely,  that provides an integrated multimedia e-commerce and payments solution, has successfully raised an undisclosed amount from UAE based Cypher Capital, an early strategy venture firm.

Lyvely soft launched early this month (August) and is already experiencing rapid growth and user adoption.  Led by experienced cofounders, Farah Zafar and Dave Catudal, Lyvely aims to compete with Big Tech global giants and revolutionize the current social networking and social e-commerce landscape. 

“We are the world’s first social networking profile that pays,” says Zafar, who is Lyvely’s Co-Founder and CEO. Every time you post content on Big Tech platforms, they make money. When was the last time you got a cheque or received a payment from Instagram? It just doesn’t work that way in Big Tech because it’s a biased and broken system. Lyvely’s doing it differently. We’re the Platform for the People. Our commitment to our users is to reward them fairly for their contribution to the Lyvely ecosystem. Our mission is to empower people to thrive in this new digital age.”

With the recent funding round led by Cypher Capital, Lyvely has a strategic advantage in the Web3 space. With Cypher Capital’s support, Lyvely will be developing a Cryptocurrency Token that seamlessly integrates into the platform, enhancing the user experience and earning potential on Lyvely.

“We’re designed as a familiar and intuitive Web2 platform, but we’re actually the bridge to a Web3 future for hundreds of millions of people” says Dave Catudal, Lyvely Co-Founder and CXO. “We’re here to create the #1 platform for anyone to monetize their content or services online. With our Token having extensive utility within our platform, we introduce the use of cryptocurrency to the masses, with zero barrier to entry.”

Joining the ranks of Lyvely’s advisory board are Bijan Alizadeh, the Co-Founder of Phoenix Group and Co-Founder of Cypher Capital, and Bill Qian, Chairman of Cypher Capital.

Bijan Alizadeh said “Lyvely is a company that excites us because of the quality of the founders, and the vision they have for becoming the bridge to Web3 for the masses. With Lyvely’s platform, they have seamlessly integrated a tokenized ecosystem using a Web2 user experience and have created a fully integrated platform that revolutionizes the way people make money online. We believe in its future and potential.”

UAE Crypto Oasis partners with Swiss Crypto Valley for WEB3FEST 2023 6 day festival

UAE Crypto Oasis partners with Swiss Crypto Valley for WEB3FEST 2023 6 day festival

UAE Crypto Oasis partners with Swiss Crypto Valley for WEB3FEST 2023 6 day festival between September 12th-17th in Zug and Zurich.

The Swiss WEB3FEST serves as a testament to their shared vision of ushering in the future of the internet. Crypto Valley, known for its pioneering role in blockchain and decentralized technologies in Switzerland and Lichtenstein, and the Crypto Oasis in MENA, a thriving hub for innovation, growth, and advancement, come together to present an event that encapsulates the essence of Web3.

Web3 encapsulates the upcoming phase of the internet, encompassing a spectrum of cutting-edge technologies including AI, Blockchain, Cryptocurrencies, Gaming, Sustainability, IoT, Metaverse, NFTs, and beyond.

Ralf Glabischnig, initiator of WEB3FEST, commented: “Our vision for this festival is to combine the exceptional potential of both Crypto Valley and Crypto Oasis. Switzerland is an outstanding location for founders looking to provide a regulatory home for their blockchain and Web3 startups. The Middle East offers a brilliant platform for these startups to scale internationally. With the launch of WEB3FEST, we aim to establish an annual Web3 event series worldwide.”

The festival sets off from September 12th to immerse participants and attendees in a dynamic journey through the diverse themes that define the Web3 realm.

NFT ART DAY: The festival’s curtain raiser on September 12th in Zug, will be a comprehensive survey exhibition of the Swiss NFT art scene and the inauguration of the Swiss NFT Timeline.

Web3 Gaming and Metaverse: The event’s second day invites attendees to dive into the realm of Web3 gaming and Metaverse projects. Engage with innovators and founders while gaining a deeper understanding of Internet Computer’s role in shaping the future of gaming. This will be followed by a tribute concert to Amy Winehouse combined with an AI-generated experience at the renowned Volkshaus Zurich.

Sustainability and Innovation: On the third day, the spotlight shifts to sustainability, and the role of AI and Web3 in building it. The European launch of The Green Block initiative, which underscores the festival’s commitment to sustainability and lines up to the launch of the first The Green Block report leading up to COP28 in the UAE.

 

Deep Dive Crypto Valley: Day four unravels the history of Crypto Valley in Zug with a deep dive into the ecosystem, with a focus on protocols and regulated digital assets businesses, where attendees can connect with the minds behind this vibrant blockchain hub. Engage in discussions with opinion leaders and investors over an exclusive brunch, lunch, or dinner that follows.

Ecosystem Unconference: Saturday, September 16th is all about connection and collaboration and open to the public to showcase tangible products and experiences. The Ecosystem Unconference, together with the Swiss NFT Association, welcomes forward thinkers from various domains. The Entire FIVE Hotel Zurich will be divided into experience areas focusing on AI, DeFi, Education, Longevity, Sustainability, NFTs, Real-world Assets, Gaming, and the Metaverse. This day will also witness the unveiling of the FIVE Zurich Metaverse by Pulse World.

Curtain Closer: The grand finale of the WEB3FEST will be a Networking Event on Sunday at the FIVE in Zurich. Attendees will have the opportunity to network over brunch and later by the pool, providing a relaxed setting to reflect on the festival, forge new connections, and plan for the year ahead. It’s the perfect ending to a week of innovation and collaboration.

The Swiss WEB3FEST is initiated by Inacta Ventures, Crypto Oasis Ventures, The Crypto Valley Association, and Trust Square, co-hosted by The Internet Computer, and is supported by the City and Canton of Zug in Switzerland.

Prior to this Crypto Oasis had announced that the orbs for WorldCoin ID verification were present at the crypto Oasis DIFC Innovation Hub office in Dubai.

As per Crypto Oasis post on LinkedIn,” We are currently supporting Worldcoin’s launch and spread across the UAE. Worldcoin is dramatically increasing access to World ID—the digital identity protocol powered by the Worldcoin ecosystem.”

Ornella Hernandez from Web3TV got scanned by a Worldcoin “orb” and signed up for a digital ID via the World App.

WorldCoin had announced in July 2023 that its orbs were available in the UAE.

Saudi’s leading fintech entity, Geidea partners with two blockchain payment platforms in KSA

Saudi’s leading fintech entity, Geidea partners with two blockchain payment platforms in KSA

Saudi’s fintech entity Geidea just announced that it has partnered with UAE based Blockchainenabled payments platform Magnati, and FAB ( First Abu Dhabi Bank) to offer digital payments in KSA, this comes after Geidea had partnered with Blockchain payments platform WadzPay in 2022.

As per the recent announcement, The collaboration has the potential to be transformative in the Saudi payments space and is set to create exceptional value for clients, bridging the gap between advanced financial solutions and accessibility, while ensuring enhanced affordability, said the statement.

With a focus on innovation and technology, Magnati offers Payment as a Platform services that cater to a wide range of industries and businesses, encompassing integrated payment solutions, secure transaction processing, and comprehensive e-commerce solutions.

Launched in the Kingdom of Saudi Arabia in 2008, Geidea provides over 700,000 payment terminals (POS) across the region and serves over 139,000 trusted merchants including regional and international brands, SMEs as well as e-commerce players.

Magnati CEO Ramana Kumar said the Geidea collaboration is a testament to its commitment to serving the clients’ expansion goals in Saudi Arabia. Kumar added, “Together, we aim to revolutionise the payment landscape by introducing innovative solutions, seamless integrations, and unparalleled customer experiences. Leveraging Geidea’s innovation and Magnati’s fintech expertise, we are poised to unlock the full potential of digital payments.”

Geidea Chief Business Officer Abdullah Alshowier expressed delight at the strategic alliance sealed with FAB and Magnati to support clients in Saudi Arabia. “This collaboration will empower merchants with Geidea’s state-of-the-art payment solutions, seamlessly accepting a wide spectrum of digital payments through a unified platform. We are enthusiastic about collaborating with FAB and Magnati to drive innovation, amplify services, and extend our collective presence in the GCC region,” he added.

In June 2022 Magnati had launched its MetaV, a virtual marketplace that that provides users with richer visual and sensory information, as well as improved quality of information to shop, learn, play games, attend concerts and more online.

The platform built on Magnati’s blockchain aims to accelerate the move from two-dimensional to multi-dimensional online commerce by enabling consumers to experience e-commerce in a new, immersive way.

Prior to that Geidea had expanded its operations into the United Arab Emirates and through a partnership with  Magnati.

But this is not the first partnership between Geidea and a blockchain enabled payments platform. Prior to this in November 2022, Geidea partnered with UAE based WadzPay,a blockchain enabled payments platform as well.  Geidea utilized WadzPay technology for the issuance of an e-money wallet, specifically for Hajj and Umrah, to be used in over one million point-of-sale (POS) terminals deployed across multiple merchants throughout the Kingdom of Saudi Arabia.

WadzPay blockchain-based payment solutions allow Hajj and Umrah pilgrims to set up their own e-Money wallets on their mobile devices to be used for their expenses. Once the wallet is loaded, the pilgrim is ready to spend in Saudi Arabia with lower transaction fees and a user-friendly refund process.

The product is in final live testing and will be licensed soon. According to a tweet last week by WadzPay community member, “ We are getting closer to launch in KSA as licenses ad testing are in the final stretch. Q3 will see live terminals on WadzPay platform.”

So Geidea is moving forward with enabling blockchain digital asset payments from two major players in the region.

India’s CoinDCX investment into UAE BitOasis crypto broker breaths new life into the company

India’s CoinDCX investment into UAE BitOasis crypto broker breaths new life into the company

UAE based BitOasis crypto broker exchange has announced that it has secured an investment from CoinDCX, India’s biggest crypt exchange. This comes after BitOasis’s license was suspended by VARA for not meeting requirements. The latest investment will give BitOasis a new life line.

As per the news, the new capital injection will help to support BitOasis’s vision to amplify its regional presence and secure further licenses in the region.

Commenting on the news, Ola Doudin, Co-Founder and CEO of BitOasis said: “We are delighted to be working with CoinDCX, India’s leading crypto platform. From our first conversations, it was clear we share a common vision and synergies across our markets that we look forward to building towards. The investment will allow us to sharpen our focus on perfecting our existing products and expanding across our markets. We are very excited about the opportunities the funding will unlock for us.”

Sumit Gupta, Co-Founder and CEO of CoinDCX stated: “We are immensely excited about investing in BitOasis, the largest crypto trading platform in the Mena region. We have been impressed by BitOasis’s excellent product offering, strong leadership and their persistence to serve customers in the most secure and compliant manner.”

The investment comes after news that CoinDCX was in talks to acquire BitOasis. BitOasis in the past month had let go of more than 30 employees.

Prior to that VARA had freezed BitOasis’s MVP operational license for non compliance to requirements set by the Dubai virtual asset regulator.

With this an Indian crypto exchange now has a foothold in the MENA region with the investment in BitOasis.