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Myco joins Aptos Blockchain for decentralized streaming

Myco joins Aptos Blockchain for decentralized streaming

Founded in the UAE, Myco, a Web3 streaming platform has partnered with Aptos Foundation, which supports the growth of the Aptos Blockchain. Myco will be integrating its platform with the Aptos Blockchain to decentralize streaming.

The partnership will focus around technical integration, developing builder resources, and a mutual commitment to advancing Web3 technologies and delivering next-generation, decentralized digital streaming experiences.

The partnership is part of Myco’s broader plans to transition its infrastructure to the Aptos blockchain and support the Web3 streaming service provider’s long-term vision of becoming fully decentralized.

Hani El Khatib, co-founder and chief of Web3 at Myco stated, “Aptos’ advanced blockchain technology will support the launch of our sustainable and efficient token, enhancing our platform’s scalability and security while providing a superior user experience. This integration aligns seamlessly with our mission to lead the charge in making Web3-enabled streaming and entertainment accessible to the masses.”

Umair Masoom Co-Founder of Myco on LinkedIn stated, “This is a significant milestone in our journey as a company but more so a significant milestone for the entire hashtag Web3 industry!”

He explains what has ben achieved is a simpler, scalable, and friction less B2C product offering using Aptos Blockchain.

According to Masoom, Myco is now positioned to migrate our entire community, our brand promise and a real, revenue generating platform with millions of active users into an ecosystem that will enable our community & product to thrive.

Myco will be announcing soon its successful Series A raise that they will use to enter into the gaming sector after their success in video streaming.

In 2023, Republic Crypto signed an agreement with MyCo ( formerly MContent ), the UAE web3 streaming platform, to help build their web 3 strategy, making MyCo the first advisory project from the region.  MyCo is the first-of-its-kind vertically integrated streaming platform that empowers creators and users alike and offers a diverse content slate, including film, tv shows, influencer content, live sports, and UGC.

Digital assets platform, Zumo joins UAE sustainable Finance declaration

Digital assets platform, Zumo joins UAE sustainable Finance declaration

Zumo, a blockchain enabled digital asset as a service platform, aimed to offer sustainable finance to fintechs, banks, asset managers, has signed the Abu Dhabi Sustainable Finance declaration as it extends its reach further into the MENA region.

The Abu Dhabi Sustainable Finance Declaration is a voluntary membership-based initiative launched by Abu Dhabi Global Market (ADGM) in 2019 with support from the Ministry of Climate Change and Environment, the Central Bank of the UAE and the Securities and Commodities Authority.

It aims to establish a healthy sustainable finance industry in line with the UAE’s Green Economy for Sustainable Development initiative, which underpins the country’s ambition to become a successful model for the new green economy. The Declaration was signed by an initial group of 25 public and private sector entities.

Zumo will now collaborate with other participants to help create a framework for fostering and integrating green and sustainable investments, and provide expertise and insights gained from the company’s pioneering work in the sustainability sphere.

Zumo was a member of the World Economic Forum’s Crypto Sustainability Coalition, exploring how blockchain tools can be leveraged to contribute to meaningful progress towards climate action.

Building on this work, Zumo developed its Oxygen solution. The first of its kind, Oxygen uses blockchain technology and strategically sourced market instruments, including renewable energy certificates (RECs) and carbon removals, to enable financial institutions measure, mitigate, and report on the carbon footprint of their digital asset activities.

Nick Jones, Founder and CEO, Zumo, said, “The UAE is rapidly emerging as a significant crypto hub, thanks to the Emirati leadership’s proactive approach and the region’s welcoming regulatory environment. It is also working hard to become a hub for green technologies, which is something we’re very passionate about.”

He adds, “Sustainability now sits high on the world’s corporate agenda, and we’ve seen the regulator in Europe, ESMA, introduce ESG disclosures for crypto-asset providers and token issuers through its MiCA framework. As we expand into the UAE, we look forward to working with industry stakeholders to share our knowledge and help to drive a sustainable digital assets sector in the Middle East.”

Other signatories of the Abu Dhabi Sustainable Finance Declaration include the Central Bank of the UAE, the Abu Dhabi Securities Exchange, Deloitte and a number of the world’s leading banks, including First Abu Dhabi Bank, BNP Paribas, Citibank, HSBC, ING Bank, Macquarie and UniCredit.

World Blockchain summit returns to Dubai UAE

World Blockchain summit returns to Dubai UAE

The 30th edition of the World Blockchain Summit, organised by Trescon, is returning to Dubai to set the stage for innovation and thought leadership in the rapidly evolving world of blockchain and Web 3.0.

Hosted at Jumeirah Emirates Towers on 10-11th October 2024, the event will bring together over 2,000 blockchain pioneers, web3 innovators, visionaries, and investors to explore the future of decentralized technologies.

Celebrating the theme of how blockchain-based solutions are reshaping global economies, the summit will highlight both regional and global advancements in web3 technology. Attendees will engage with thought leaders and industry experts to examine the transformative impact of blockchain across various sectors, including finance, supply chain management, and digital identity.

The summit will feature a robust agenda, including high-profile keynote addresses, panel discussions, and interactive demonstrations. The key pillars of discussions at the summit include enterprise blockchain, tokenization of real-world assets, virtual assets & global laws, the DeFi frontier and more.

Amongst the notable speakers at the event are, Yat Siu, Co-Founder and Chairman, Animoca Brands, Haider Rafique, Global Chief Marketing Officer, OKX Nils Andersen Röed, Global Head of Law Enforcement Response and Deputy Head of Financial Crime Compliance, Binance, and Pankhuri Bansal, Blockchain & AI Expert, United Nations

Speaking on the future of blockchain and the impact of the event, Anil Kumar, Chief Operating Officer of Trescon, stated, “Blockchain has the potential to fundamentally transform industries by enhancing transparency, improving data security, and driving greater efficiency across various sectors.” He added, “The World Blockchain Summit is a vital platform for sparking meaningful dialogue among industry leaders and experts. It provides an opportunity to explore how blockchain intersects with digital marketing and other fields, uncovering its potential to reshape strategies and drive innovation.”

Additionally, the summit will host the regional finals of the Startup World Cup, organized by the US-based venture capital firm Pegasus Ventures. The winning startup will earn the coveted opportunity to pitch at the grand finale in San Francisco and win funding worth US$ 1 million.

Kaia DLT Foundation now licensed in ADGM

Kaia DLT Foundation now licensed in ADGM

Kaia DLT Foundation is now licensed in ADGM and their mainnet will be launched on August 29th 2024.

Kaia was formed through the merger of the Klaytn and Finschia blockchains initially developed by Kakao and LINE respectively. It aims to bring Web3 to the fingertips of hundreds of millions across Asia.

As per Kaia blog, “With the incorporation of Kaia DLT Foundation in ADGM, the final key dependency is now complete and we are excited to announce that the Kaia mainnet will be launching on 29 August 2024.”

Prior to the launch staking will be disabled on Finschia. It will then be followed by on-chain parameter changes for Klaytn and Finschia.

On 27 August, the Finschia Governance Members will offboard, deactivating their Finschia validator nodes to join the Kaia Governance Council. In their place, foundation-directed nodes will be activated.

Then, in preparation for the launch of the Kaia mainnet, the Finschia mainnet will undergo a final round of update. In the meantime, exchanges may suspend deposits and withdrawals for FNSA exchanges in preparation for the Kaia Mainnet launch. The timing of this suspension may vary by exchange, so please refer to each exchange’s policies.

Finally on August 29th the Kaia Portal will go live together with the launch of the Kaia mainnet. Kaia Portal is an official web service provided by the Kaia DLT Foundation and will serve as the gateway to the Kaia DeFi ecosystem.

Could the first Dirham stablecoin in UAE come from Tether

Could the first Dirham stablecoin in UAE come from Tether

Tether, a digital asset company that issues the stablecoin USDT ( Tether) has announced in the UAE its plans to add a new Dirham backed stablecoin.

According to the press release, the new stablecoin pegged to the United Arab Emirates Dirham (AED) is set to be launched in collaboration with UAE’s Phoenix Group, a Web3 investor and Bitcoin mining conglomerate.

Also onboard is Green Acorn Investments. The Tether dirham backed stablecoin will need to be licensed from the UAE Central Bank which recently came out with its Payment Token services regulation. The regulation notes that only dirham backed stablecoins can be used as legal tenders for the purchase of goods and services within the UAE. Tether’s USDT can only be used for the purchase of virtual assets.

The press release notes, that Tether’s latest upcoming stablecoin is a digital representation of the United Arab Emirates Dirham, with each token being fully backed by liquid UAE-based reserves. Adhering to Tether’s transparent and robust reserve standards, it ensures that every Dirham-pegged token is tied to the value of the AED, providing stability and confidence in its value. 

Tether’s Dirham-pegged stablecoin is aiming to provide users with a seamless and cost-effective means of accessing the benefits of the AED while leveraging the transparency and efficiency of blockchain technology. This digital asset will streamline international trade and remittances, reduce transaction fees, and provide a hedge against currency fluctuations, thus playing a crucial role in the financial ecosystem of the UAE and beyond.

“We’re pleased to announce this initiative to develop Tether’s Dirham-pegged stablecoin, adding to our range of stablecoin options,” said Paolo Ardoino, CEO of Tether. “The United Arab Emirates is becoming a significant global economic hub, and we believe our users will find our Dirham-pegged token to be a valuable and versatile addition. Tether’s Dirham-pegged stablecoin is set to become an essential tool for businesses and individuals looking for a secure and efficient means of transacting in the United Arab Emirates Dirham whether for cross-border payments, trading, or simply diversifying one’s digital assets.”

The global market for stablecoins is currently valued at $150 billion, with USDt alone having a market cap of more than $115 billion, and projections see this industry’s potential growth to $2.8 trillion by 2028.

“We are thrilled to be working with Tether on bringing a UAE Dirham-pegged stablecoin to the market and are confident of its potential in transforming the digital economy for users across the region and beyond,” commented Seyedmohammad Alizadehfard, Co-Founder and Group CEO of Phoenix Group. “This collaboration with Tether not only underscores our commitment to innovation and excellence but also reflects our dedication to providing financial solutions that meet the needs of our customers. Abu Dhabi’s progressive stance towards blockchain, digital assets and innovation makes it the perfect launchpad”.

Phoenix Group claims to be the 5th largest Bitcoin mining company in the world and mines 3 percent of world’s bitcoin. While Pheonix Group profits went up 141 percent in the second half of 2024 reaching $56 million, revenues decreased by 35%. In an interview with CNBC Arabiya, the CFO of Pheonix explained that this was due to Bitcoin halving, and the decrease in sales of mining equipment, while profits were due to investments in crypto projects and tokens as well as trading.

In a press conference, Munaf Ali, co-founder and managing director, Phoenix Group, said they are working very closely with the regulator and all stakeholders to get it as soon as possible. He said the group is set to launch the Dirham stablecoin in January 2025.

This annoucement comes one day after ADGM released a consultation paper for Fiat referenced tokens. As per the announcement, FRTs are a category of stablecoins that are backed by high-quality, liquid assets denominated in the same currency as the FRT and that can be liquidated rapidly with minimal adverse price effect. FRTs are intended to be used as a means of payment and share certain characteristics with Stored Value.

Africa’s stablecoin on and off ramp platform Yellow Card to utilize Fireblocks for cross border transactions

Africa’s stablecoin on and off ramp platform Yellow Card to utilize Fireblocks for cross border transactions

Yellow Card, Africa’s stablecoin on/off ramp, has integrated with digital asset infrastructure provider Fireblocks to improve cross-border transactions for both businesses and individuals.

By utilizing Fireblocks, Yellow Card seeks to remove obstacles for global corporate treasury, in accessing African markets, by offering secure and effective on-chain solutions. This includes leveraging Fireblocks’ Wallets-as-a-Service (WaaS) which enables Yellow Card to create, manage, and secure up to 14 million multi-party computation (MPC) wallets at scale and safeguard customer assets.

“We’re excited to work with Fireblocks to enable real-world use cases for stablecoins, solving the complex challenges of international and pan-African transactions,” said Chris Maurice, CEO and co-founder of Yellow Card. “Together, we enhance how businesses around the world manage their treasury, make payments, and drive innovation across Africa.”

Fireblocks is an easy-to-use platform to create new blockchain-based products and manage day-to-day digital asset operations, having secured the transfer of over $6 trillion in digital assets. Both entities seek to tackle the complex challenges faced by multinational corporate treasuries such as regulatory compliance, currency volatility, and inefficient legacy banking systems.

“Much like the rest of the world, Africa has seen a transformative shift from traditional payment methods to alternative payments, driven by new technologies, with $100 billion worth of remittances flowing into the continent. However, cross-border payments are still encumbered by high costs, with low-value cross-border payments incurring steep fees,” said Ran Goldi, SVP Payments and Network at Fireblocks. “We are delighted to be working with Yellow Card to provide our direct custody wallets-as-a-service (WaaS), allowing them to secure their customers’ digital assets at scale.”

Yellow Card, with a presence in 20 African countries, is at the forefront of assisting organizations in handling foreign exchange (FX) risk through stablecoin transactions. By utilizing USDT, USDC, and PYUSD, the company helps businesses manage their treasury and related transactions within and beyond the continent.

This marks a pivotal moment for both companies as they pave the way for more streamlined and secure financial operations across Africa. With a shared vision of innovation and excellence, Yellow Card and Fireblocks have a common goal of transforming cross-border transactions by introducing new benefits to businesses and the economy through innovation and excellence.

Liminal Custody on WazirX attack, they were using our self custodial wallets

Liminal Custody on WazirX attack, they were using our self custodial wallets

Weeks after WazirX, a cryptocurrency exchange was targeted by a cyber attack resulting in the theft of digital assets exceeding $230 million from one of their Multisig wallets, Mandiant Solutions, a cyber security firm and a Google subsidiary gave WazirX a clean chit.

As part of Mandiant Solutions’ investigation, one of their tasks was to determine if any of the three laptops used by WazirX team member for performing transactions had been compromised.

In its report published on August 14th, Mandiant stated, “We did not identify evidence of compromise on the three laptops that were used for signing transactions.”

Wazirx noted in its post dated August 19th , “While a detailed report is forthcoming, the findings largely indicate that the issue leading to the cyberattack originated from Liminal. The wallet that was attacked was managed using Liminal’s digital asset custody and wallet infrastructure.”

A spokesperson for WazirX said, “We have full faith in the investigating agency and shall cooperate with them to the fullest extent. We are actively working on recovering the stolen funds and are hopeful that those responsible will be brought to justice.”

Liminal custody explains stance

Given that Liminal Custody is a regulated crypto custodian in the UAE having acquired the Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) and is currently seeking a license from Dubai through VARA, Lara on the Block asked Liminal for their feedback on the WazirX incident.

Liminal Custody statement (provided via email) stated, “It is pertinent to note that the client in question is using our self-custody wallet infrastructure software and not any custody service, regulated or otherwise. It is also important to understand that this incident occurred in India and is unrelated to the UAE, managed custody, regulated custody, or ADGM.”

Liminal Custody goes on to note, “In the self-custodial wallet service, they are the custodians of the assets as they have complete access to all the wallets and funds at all times. Furthermore, they are the sole initiators of all transactions on their wallets and also have recovery kits and backup kits to gain complete access to their wallets in the event that Liminal were to not exist for any reason. This is a standard and default feature of all self-custodial wallet infrastructure products.”

Liminal has also just provided Lara on the Block with an updated statement on WazirX post on August 19. Liminal Custody states, “We cannot comment on the statement put out by WazirX, due to the lack of any information on the scope and methodology of the audit they have conducted. Having said that, if one were to go by the information they’ve shared, this actually raises serious questions on the security of their network infrastructure, operational custody controls and overall security posture, given that they were the custodians for 5 of the 6 keys.”

Liminal adds, “As far as our front-end and UI is concerned, our preliminary audit reports categorically indicate no breach in our front-end or UI. Please note that we have empaneled more than one reputed independent auditors to conduct forensic analysis and our detailed reports are expected to arrive within this week. We are confident that the Liminal front-end and UI were not compromised and the report and findings will be shared as soon as they are made available to us. It is unfortunate that this is being made out into a Liminal vs WazirX social media battle while so many users continue to suffer. In the interest of absolute transparency at our end, we have empaneled more than one reputed auditor and are open to empaneling additional auditors, including the likes of Mandiant to conduct the UI audit as well.”

Liminal Custody in MENA

With regards to their operations in the MENA, Liminal Custody states, “ In the MENA region, we provide regulated custody services where Liminal holds all the private keys and leverages its expertise to provide robust security and compliance with international security certifications, including CCSS Level-3 QSP, ISO 27001 & 27701, and others, which underscore our unwavering commitment to security.”

Finally in their statement to Lara on the Block Liminal Custody states, “ We unequivocally state that Liminal’s platform, infrastructure, wallets, and assets remain completely secure and both our platforms continue to process transactions and withdrawals seamlessly.”

Liminal Custody is doing its own investigation

In July 2024, Liminal published a statement staring that the recent security breach suffered by WazirX, underscores the urgent need for robust security measures and investor protection across the industry. This wallet, independently created and subsequently imported onto the Liminal platform, was compromised on July 18. Our preliminary investigation points to a customer level compromise via a sophisticated intrusion. They had stated that Liminal’s platform, infrastructure, wallets, and assets remain completely secure.

Liminal had announced its engagement of independent CERT-certified, third-party experts to conduct thorough forensic audits which will be backed by published reports while engaging with relevant authorities.

However soon after this statement WazirX accused Liminal Custody of failing to secure the multisig wallet, and WazirX ended its Custody Relationship With Liminal moving funds To New Multisig Wallets.

The blaming game is not important getting back users money is

Whoever is to blame, on X, Top Asian Crypto influencer, WISE ADVICE expresses what’s on the mind of everyone. He notes, “It’s been more than a month since WazirX got hacked, Still, nobody is taking responsibility for the hack. Earlier, Liminal blamed WazirX for this hack. Now WazirX is blaming Liminal for this hack. But that’s not the main question; the main question is when users are going to get their money back.”

The Blockchain Center in Abu Dhabi to launch $100 million Web3 fund with Gate.io ventures

The Blockchain Center in Abu Dhabi to launch $100 million Web3 fund with Gate.io ventures

The Blockchain center in Abu Dhabi, a hub for Web3 and Gate Ventures, the venture capital arm of Gate.io, have launched the Falcon Gate Ventures, a $100 million Web3 fund. This joint venture initiative takes a global stance to support Web3 builders that are committed to reshaping the world in the digital age.

As per the announcement, Gate Ventures and the Blockchain Center synergize their expertise and resources to help young talents from key regions including the USA, Asia, Europe, and the MENA region. Falcon Gate Ventures is designed to advance decentralized infrastructure and applications and accelerate the adoption of pioneering technologies.

The fund will support high-potential projects across the world, with a targeted focus on technical breakthroughs in the Middle East, Asia, the US and other key regions

Falcon Gate Ventures will work closely with international regulatory authorities to develop frameworks that both foster innovation and ensure global user protection.

“Choosing Gate Ventures as our partner for this joint fund was a natural decision for us. Gate Ventures brings a wealth of experience and a proven track record in the blockchain and digital assets space. Their deep industry expertise, combined with their innovative approach to investing, aligns perfectly with our vision at the Blockchain Center in Abu Dhabi,” said Abdulla, CEO of the Blockchain Center in Abu Dhabi. “We believe that together, we can create a powerful synergy that will drive forward our mission to support and scale high-potential blockchain projects. Gate Ventures shares our commitment to fostering cutting-edge technologies, and with their global network and insights, we are confident that this partnership will accelerate the adoption and impact of blockchain innovations, both in the UAE and internationally.”

Leveraging the extensive network and expertise of both Gate Ventures and the Blockchain Center, Falcon Gate Ventures seeks to discover and support projects poised to shape the future of blockchain technology and digital assets.

“Falcon Gate Ventures marks a significant step in our mission to advance global blockchain innovation,” said Kevin Yang, Managing Partner at Gate Ventures. “In partnership with the Blockchain Center in Abu Dhabi, we are investing in the digital future, supporting transformative ideas across continents.”

Falcon Gate Ventures is poised to drive blockchain innovation on a global scale. The venture aims to foster Innovation, accelerate the deployment of blockchain solutions by funding innovative projects and startups worldwide and support Education and Research.

UAE RAK Bank and Bitpanda to offer digital asset services

UAE RAK Bank and Bitpanda to offer digital asset services

The National Bank of Ras Al Khaimah (“RAKBANK”), a UAE bank partners with Bitpanda Technology Solutions, a leading digital assets infrastructure provider, to provide a robust platform that will enable UAE residents to effortlessly manage digital assets, subject to UAE Central Bank approval.

As per the announcements, RAKBANK customers will be able to pursue various digital assets use cases unlocking one of the most complete offerings available in the UAE market. This allows banks to participate in the virtual asset economy without needing to develop their own in-house virtual asset capabilities.

Dongjun “DJ” Choi, Group Chief Customer Officer of RAKBANK commented: “We believe digital assets represent one of the future ways for customers to manage their finances more efficiently and securely. This partnership is poised to fill the gap in the market for a trustworthy and regulated banking platform to deal in digital assets. By merging our expertise, we aim to revolutionize the traditional financial landscape for the benefit of our customers, enabling them to explore a broader range of digital assets opportunities.”

Lukas Enzersdorfer-Konrad, CEO of Bitpanda Technology Solutions added: “RAKBANK has a long history of pioneering crypto innovation in the UAE, and we want to support their ambitions. Bitpanda Technology Solutions is fully modular, enabling us to tailor products to our partners’ needs. This partnership exemplifies the importance of that flexibility. Together, we will transform crypto access for millions in the UAE and lay the groundwork for future innovation.”

Bitpanda Technology Solutions stands as one of the most scalable digital assets infrastructure providers globally. As a highly regulated leader in the industry, it boasts a worldwide footprint and is already trusted by some of the world’s foremost financial institutions, banks, neobanks, and fintechs.

In May 2024, Bitpanda, Austria’s first unicorn company, announced plans to expand to the Middle East, with the launch of Bitpanda MENA with offices in DMCC Crypto Center. Bitpanda will match the region’s ambitions and provide the infrastructure necessary to power future trading growth and unlock digital assets for millions of investors.

At the time Bitpanda noted that Banks, fintech, (neo-)brokers and crypto-native companies in the region will be able to partner with Bitpanda Technology Solutions (BTS) to launch their own trading solutions powered by Bitpanda’s infrastructure in as little as 3 months once Bitpanda MENA has finalized obtaining its local license later this year.

BitPanda already partners with several of Europe’s largest banks, and currently provides the trading infrastructure for over 20 million customers across Europe.

Binance powers Azerbaijan Chain reaction event

Binance powers Azerbaijan Chain reaction event

Binance, a Web3 Blockchain ecosystem and the largest crypto exchange in terms of trade volume, is powering the Chain Reaction, event series organized by FARI Solutions in Baku Azerbaijan. The event will be held from September 10-11th 2024.

The conference is a melting pot of innovation, where the sharpest minds in Web3, crypto, AI and blockchain will converge to push boundaries, share groundbreaking ideas and set new directions for the future. As the globe’s foremost experts, innovators and thought leaders assemble, we extend an invitation for you to join this transformative experience.

Rachel Conlan and Vishal Sacheendran, the respective Global Chief Marketing Officer and Global Head of Regional Markets at Binance, will be speaking at the conference. They will be joined by ministers and government officials such as Inara Valiyeva, Chairwoman, Innovation and Digital Development Agency (IDDA); Fariz Jafarov, Executive Director of the Centre for the 4th Industrial Revolution (C4IR) Azerbaijan; Dr. Angelika Layr, Deputy Director of the Office for Financial Market Innovation & Digitalisation, Liechtenstein; and representatives from Barings, Vodafone, Syz Group, Beincrypto, Jadwa Investment, Dow Jones, EY, Deloitte, among many others.

Chain Reaction 2024 powered by Binance, coincides with the high-energy atmosphere of the Formula 1 Azerbaijan Grand Prix, guaranteeing unmatched exposure and engagement. Partners will have a unique platform to showcase their brands to a diverse audience, while attendees will benefit from exclusive access to industry pioneers and immersive, hands-on workshops.

For those interested in attending they can visit www.chainreaction.farisolutions.com

The announcement comes as Binance has restarted its operations in India.