Maria Alam

Total Post: 10

Dubai regulated TOKO tokenization exchange partners with Virtuzone to offer blockchain enabled VC funding

Dubai regulated TOKO tokenization exchange partners with Virtuzone to offer blockchain enabled VC funding

Dubai regulated virtual asset broker and exchange TOKO FZE a creation of international law firm DLA Piper, has partnered with  Virtuzone, a pioneer in business solutions and corporate services for the region. The partnership will include the establishment of a tokenized equity crowd funding platform will further cement Dubai’s standing at the forefront of financial innovative and as a destination for early stage and fast growth companies seeking a supportive business environment.

TOKO has just received a fully operational license from Dubai’s Virtual Asset Regulatory Authority (VARA).The partnership with Virtuzone is set to transform early-stage private equity fund raising using blockchain technology to bring enhanced transparency, accessibility, and opportunity for both investors and the businesses seeking to raise funds. Across a variety of compelling businesses, investors will have greater insight, information and access to private equities for their portfolio and the expectation of greater liquidity that comes with this digital transformation.Scott Thiel, Managing Director of TOKO, says “The VARA regulatory framework has been custom designed for virtual asset transactions, providing a robust and clear route to market that is going to support the transformation of investments and facilitate financial inclusion.  We are excited to be partnering with Virtuzone in tokenising early-stage equity investments. At TOKO, we believe in improving the world and reshaping the virtual asset management landscape through cutting-edge technology, regulatory compliance, and a user-centric approach, and this partnership with Virtuzone provides a wonderful platform to achieve this”.By tokenising early equity offerings, TOKO and Virtuzone will open up access to a broader range of investors, allowing both institutional and individual investors to participate in a more accessible and transparent manner.The partnership is poised to take full advantage of VARA’s regulatory framework to drive positive change in the financial services sector. It will create a revolutionary platform for SME-sized companies, enabling them to engage in early equity fundraising with ease.Neil Petch, Chairman and Co-founder of Virtuzone, says: “Since our founding 14 years ago, our mission remains the same – to ease the way for entrepreneurs, start-ups and SMEs and equip them with all the tools they need to succeed. We are therefore thrilled to partner with TOKO, under the VARA regulatory framework, and introduce tokenised equity offerings, which we believe will make Dubai an even more attractive destination for startups and entrepreneurs seeking funding, as well as for angel investors and venture capitalists looking to be part of Dubai’s thriving business sector. Our strategic collaboration with TOKO also aligns with the UAE’s National Entrepreneurship Agenda, which aims to establish the UAE as home to 10 unicorn companies by 2031.”This partnership between TOKO and Virtuzone represents a transformative step forward in the evolution of Dubai’s innovative financial landscape. By introducing tokenised early equity fund offerings, the collaboration will not only empower businesses but also create exciting opportunities for investors.

UAE Venture Capital firm raises $50 million to invest in Blockchain Web3 startups

UAE Venture Capital firm raises $50 million to invest in Blockchain Web3 startups

UAE based Illuminati Capital has raised $50 million to invest in early-stage blockchain startups including game companies.

According to the news, the Dubai based firm and its partners have individually invested in blockchain startups worth over $1 billion.

Illuminati Capital aims to offer more than just financial support. The venture capital firm is dedicated to building the global Web3 ecosystem and driving transformative shifts in decentralized technologies.

The team behind Illuminati Capital has collectively deployed $30 million, resulting in exits worth $150 million.

Vickaash Agrawal partner at Illiminati Capital stated in an article in Venture Beats, “We are witnessing a remarkable growth trajectory in Web3 venture investing.  With a track record of 120-plus successful blockchain investments in my investment portfolio, I will bring my expertise in data, infrastructure, regulation and mining.”

Illuminati Capital’s investment focus spans multiple verticals, including decentralized finance (DeFi), blockchain gaming, artificial intelligence, NFT infrastructure, and real-world assets (RWA). By strategically investing in pioneering sectors, Illuminati Capital aims to play a pivotal role in shaping the decentralized economy of the future.

“The possibilities of decentralized technology are endless,” said Dhaval Parikh, a partner at Illuminati Capital and blockchain investor with five-plus years of experience and a portfolio of leading Web3 high-end projects, in a statement. “With a background in VC, I will focus on due diligence, risk assessment, portfolio management, and deal flow while analyzing industry trends and key ecosystem insights.”

UAE Blockchain authentication platform Stitchain to authenticate luxury products for THE LIST

UAE Blockchain authentication platform Stitchain to authenticate luxury products for THE LIST

UAE Blockchain authentication platform Stitchain, has been chosen by Dubai online luxury commerce platform, THE LIST, to authenticate ownership for luxury fashion sector.

Headquartered in New York, and with a presence in Dubai and Lisbon, THE LIST identified the Dubai-based ID authentication platform due to its proprietary protocols to connect physical products and assets to the digital world.

As a social commerce platform for luxury fashion, THE LIST enables immediate access for consumers to a network of leading global brands and retailers, where they can discover and shop personalized content and access “hard-to-find” items.

The partnership supports THE LIST’s mission to ensure the authenticity of every product listed on the platform. By embedding NFC (Near Field Communication) tags linked to Stitchain’s blockchain-based authentication system, customers can also use the platform to verify the provenance and ownership of their purchases, fostering trust and confidence in the platform’s offerings.

Each asset registered on the platform is allocated a unique, encrypted digital ID stored on the blockchain. This digital ID is then linked to a physical NFC tag that can be embedded or attached to the asset. As a result, users can easily authenticate and verify ownership by tapping the NFC tag on their smartphone via mobile application.

Samir Al Andari Founder of Stitchain, said, “By partnering with THE LIST we are able to showcase our cutting-edge solution for asset authentication and management that well-align with THE LIST’s commitment to quality, authenticity, security and transparency. Not only does this showcase the technology pioneered from the MENA region, but it also aims to set a new standard in the luxury goods industry.”

Andreas Skorski Founder of THE LIST, added, “At THE LIST, we are committed to giving our customers the highest level of authenticity and transparency. We are thrilled to work with Stitchain and take advantage of their ground-breaking authentication platform to boost our customers’ trust in the legitimacy and ownership of the high-end goods we offer on our platform”

Saudi Arabia’s Food and Drug Authority uses blockchain and NFTs to track and certify farm products

Saudi Arabia’s Food and Drug Authority uses blockchain and NFTs to track and certify farm products

Saudi Arabia’s Food and Drug Authority (SFDA), in cooperation with KSA’s Digital Government Authority (DGA), has conducted a Proof of Concept (POC) using blockchain technology and HALAL certificates built as NFTs for tracking the journey of products from the farm to point of sale as well as certifying them. 

As per the news, this experiment is one of the first of its kind in tracing the movement of products on a large scale using blockchain technology. The solution will provide  end-users with complete transparency regarding the parties involved in the supply chain, such as the farm, the slaughterhouse, and the retailer. By recording data in a decentralized manner, the end consumer can have confidence in the product’s journey, ensuring security and immutability.

Additionally, the POC also included displaying other information about the supply chain partners, including the “Halal” certificate from the Saudi Halal Center, which documents the work of slaughterhouses for meat products in the form of a non-fungible token (NFT). These advanced records enhance the values of transparency, which in turn increases the level of trust among supply chain entities and consumers.

It is noteworthy that the global market for halal products is growing at a rapid pace, providing an opportunity for local companies to access global markets with a competitive advantage, which is a halal certificate documented by the Saudi Halal Center in an unalterable form and the form of a non-fungible token (NFT). This solution contributes to verifying the products’ halal status and enhances the values of discipline, transparency, and support for promising local companies.Saudi Arabia has been fast moving its digitization efforts using Blockchain and NFTs. During Saudi’s leading tech event LEAP 2023, IR4LAB, a Saudi-based company specialized in disruptive technologies such as Blockchain and Artificial Intelligence., and SGS (Saudi Ground Services), jointly announced the implementation of DocCerts Blockchain management solution for all training related digital documents and ground service equipment licenses issued by SGS at 28 Saudi Arabian airports where SGS provides ground services.

Shipsy, a leading global SaaS-based logistics management platform provider which utilizes technologies such as blockchain  signed an MOU with Monsha’at, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia, to support Saudi Vision 2030. This development took place at the sideline of Biban 23 Forum.

In October 2022 Saudi Arabia’s Information and Communication technology Commission has launched a blockchain enabled identity tracking management system for Bulk SMS messages in an effort to decrease fraud and enhance trust in Bulk messaging service offerings. 

Even Saudi’s first NFT marketplace platform, Nuqtah  raised a seed round of millions of dollars from Blockchain platform Polygon and Animoca Brands. As per the release the new funding will scale Nuqtah’s business over the next 12 months. In 2022, Nuqtah had announced it was planning to raise $5 million in upcoming seed rounds. 

Finally KSA has moved forward with its CBDC project. The Saudi Central Bank (SAMA) confirmed that the Central Bank is continuing to experiment on Central Bank Digital Currencies (CBDC).  SAMA is currently working on a project that focuses on domestic or national wholesale CBDC use case in collaboration with local banks and FinTech’s.

Egyptian Singularity Innovations and Red Date Technology bring BSN Blockchain network to MENA region

Egyptian Singularity Innovations and Red Date Technology bring BSN Blockchain network to MENA region

UAE Egyptian based Singularity Innovations Limited a Fintech Blockchain infrastructure provider, with a license out of DIFC ( Dubai International Financial Centre), has partnered with Red Date Technology, a Hong Kong based enterprise blockchain infrastructure company, to promote and build a global public IT system infrastructure based on non-cryptocurrency public chain technologies.

Singularity will act as an infrastructure provider for the BSN Spartan Network in the Middle East and Africa; offering blockchain infrastructure to corporate and governmental entities.

The BSN Spartan Network is a public infrastructure network based on the lightweight BSN Spartan data center software, which is open source, free, and anonymous for anyone to install. Within the data center, the nodes of several Non-Cryptocurrency Public Chains can be installed and accessed. By removing the cryptocurrencies from public chains‘ layer one, the BSN Spartan Network‘s mission is to provide Non-Cryptocurrency public chain services to all IT systems around the world to enjoy this kind of public IT system infrastructure.

The validator nodes of the public permissioned network are run by large corporates such as HSBC, Emperor Group, and Lan Kwai Fong Group, although many of the current companies have Hong Kong or Chinese connections. 

Mo Taysir, CEO & Co-Founder of Singularity Innovations Limited & Singularity Finance expressed his excitement about the partnership: “This partnership lays down the infrastructure required to power and empower international interoperable enterprise blockchain solutions; be it in global trade & supply chain, identity, carbon credits, personal data management, and more.”

“We have received strong positive feedback about the huge potential for public IT systems and non-cryptocurrency public blockchain technology from both enterprises and governments in the MEA region.  Red Date is excited to be partnering with Singularity to bring the BSN Spartan Network to the MEA region,” said Tim Bailey, VP of Global Sales for Red Date Technology.

“We aim to work with government bodies and regulators to always be complaint with all requirements and licensing in the aim of providing a ‘fully compliant Smart-Contracts infrastructure layer’ for enterprise & governmental use,” commented Mo Taysir. 

Saudi Ground Services to implement Blockchain document solution across 28 airports in KSA

Saudi Ground Services to implement Blockchain document solution across 28 airports in KSA

During Saudi’s leading tech event LEAP 2023, being held between February 7th-9th in Riyadh KSA, IR4LAB, a Saudi-based company specialized in disruptive technologies such as Blockchain and Artificial Intelligence., and SGS (Saudi Ground Services), jointly announced the implementation of DocCerts Blockchain management solution for all training related digital documents and ground service equipment licenses issued by SGS at 28 Saudi Arabian airports where SGS provides ground services.

The Blockchain enabled solution will allow SGS to issue over 10,000 digital documents annually including licenses.

Document verification is one of the major challenges internationally. DocCerts is a solution developed to solve these issues by utilizing the power of Blockchain Technology.

Eng. Ayman Alghamdi, Vice President of Human Resources, at SGS, said: “We are very pleased to be announcing this groundbreaking solution at LEAP 2023. This is a historical moment and it’s the first initiative of its kind in the aviation industry. SGS delivers services to over 88 million passengers on 690,000 flights a year. Using DocCerts Blockchain solution at KSA airports we will be able verify documents and licenses easily, securely and efficiently improving customers’ experience. We are proud to be working towards achieving Saudi Arabia’s vision 2030 through these efforts.”

Airport ground services support smooth aircraft operations. Functions carried out through these services include delivery of passenger services, baggage handling, ramping, traffic control, load control and fleet solutions. According to Expert Market Research, global Airport Ground Market Size will grow at a CAGR of 10.40% in the Forecast Period of 2023-2028

Majd Jamal Alafifi, Co-founder & CEO of IR4LAB stated: “IR4LAB was Saudi Aramco’s first blockchain technology investment in the Kingdom given that we are committed to increasing the tech adoption in the country as well as building local capabilities. The agreement today with SGS is a clear example of the fruitful collaboration between local blockchain tech startups and leading local companies in the adoption of new technologies such as blockchain. We look forward to more agreements with other players in KSA as part of the aim to achieve Saudi’s 2030 vision and lead the way locally and globally.”

Mohamed EL KANDRI, Co-Founder & CTO IR4LAB added: “This is an important milestone for the aviation industry not only in KSA but worldwide. Our customizable solution DocCerts allows any organization to create documents for their recipients using digital signatures that are then issued on the blockchain. This enables all stakeholders to verify them securely in real-time making the ground service offering in KSA airports safer, quicker, and more transparent.” 

Crypto.com and Coca Cola offer Fans of World Cup FIFA 2022 from GCC and MENA NFT collection

Crypto.com and Coca Cola offer Fans of World Cup FIFA 2022 from GCC and MENA NFT collection

Coca-Cola and Crypto.com, sponsor of Qatar World Cup 2022, have teamed up to launch an NFT collection inspired by the Qatar 2022 FIFA World Cup. The collection, created in collaboration with digital artist GMUNK, is based on “heat maps” that visually represent the movements and highlights of the tournament’s players. GMUNK has created 10,000 NFTs based on these heat maps, which will be available to fans on the Crypto.com NFT platform from May 1 to July 31, 2022.

To access the NFT collection, fans will need to create an account on the Crypto.com NFT platform and visit Coca-Cola’s fan zone page to mint a token. The Coca-Cola fan zone is a digital hub for the Qatar 2022 FIFA World Cup that offers fans the opportunity to experience thrills, excitement, games, and moments to remember during the tournament.

 In addition to the NFT collection, the fan zone includes leaderboards, pledges, and predictions, allowing fans to compete with each other and interact with the tournament in real-time.

As per some news websites the registration sites for the NFTs are offered on either Coca-cola Middle East or the fan zone links officially provided for residents living in Qatar, Saudi Arabia, or the United Arab Emirates.

Just after the announcement Crypto.com’s CRO token (CRO) gained value this week. CRO climbed as much as 10% after the press release hit, and though it slipped to a 8.5% advance at press time CRO remains one of the top performing digital assets on Monday 5th of December. Despite this, CRO token remains lower by about 50% over the past month in the FTX-related crumbling in the cryptocurrency markets. CRO is down nearly 90% year over year.

This is the first World Cup that has not only features Blockchain and crypto sponsors but tokens and NFTs, growing the interest in both in the MENA region.

Another crypto custodian gets licensed by Dubai’s VARA regulator

Another crypto custodian gets licensed by Dubai’s VARA regulator

Dubai’s regulator is currently pushing forth its crypto custodial licenses. Last week VARA ( Dubai Virtual Asset Regulatory Authority) provided Komainu DeFi, digital asset custodian with a provisionary license and today it has provided Hex Trust, fully licensed and insured provider of bank-grade custody and associated services for digital assets a Minimum Viable Product (MVP) license. 

The MVP license will allow Hex Trust to provide a wide range of virtual asset services to institutional clients and sophisticated investors] in Dubai within its framework for virtual asset service providers (VASPs). The range of services Hex Trust can now provide includes Virtual Assets custodial services, Broker-Dealer Services and Staking Services. 

 Hex Trust opened its Dubai office in June 2022, which is run by Filippo Buzzi, and serves as its headquarters for the MENA region.

Filippo Buzzi, Regional Director MENA of Hex Trust, commented, “Becoming one of the first virtual asset companies and custodian to receive the license is a big step for Hex Trust as we establish ourselves in the MENA region. We recognize the enormous potential this region has to build one of the leading virtual asset hubs in the world. Hex Trust looks forward to expanding our client base in Dubai following the license approval and making a positive contribution to the VA ecosystem in the region. 

Alessio Quaglini, cofounder and CEO of Hex Trust, commented, “From day one, Hex Trust was built to follow the strictest compliance policies and adhere to regulatory standards across the main jurisdictions. Being amongst the first companies to be granted the MVP is exciting, given the enormous potential of the sector in Dubai.”

Visa launches NFT auction for FIFA World Cup Qatar Fans on crypto.com

Visa launches NFT auction for FIFA World Cup Qatar Fans on crypto.com

Visa the Official Payment Technology Partner of FIFA unveiled Visa Masters of Movement, a first-of its-kind hybrid experience featuring a pre-event NFT auction and immersive activation for fans at FIFA World Cup Qatar 2022™.

The Visa Masters of Movement auction features digital art inspired by iconic goals from five legendary footballers that have been minted into unique NFTs, available on Crypto.com.

Later this month, the experience will come to life on an interactive pitch at the FIFA Fan Festival™ in Doha, Qatar and allow fans to create digital art inspired by their own signature movements. 

Eligible fans will have the option to mint this digital art into their own NFT in partnership with Crypto.com, the official cryptocurrency trading platform sponsor of FIFA World Cup Qatar 2022™.

Visa states, “As FIFA World Cup 2022™ approaches, we want to celebrate football, art and technology through the lens of what makes the FIFA World Cup™ so special – wildly impassioned fans, legendary athletes and for a few short weeks, the ability to bring the world together in a uniquely connected way”

Starting Wednesday 1st of November (12:00pm GMT) through November 8 (9:00pm GMT), football fans can bid on the Visa Masters of Movement NFTs on Crypto.com. The auction brings together five unique works of art inspired by iconic FIFA World Cup™ and FIFA Women’s World Cup™ goals from legendary footballers: Jared Borgetti, Tim Cahill, Carli Lloyd, Michael Owen and Maxi Rodriguez minted into NFTs. The digital artwork was designed using an algorithm by award-winning XK Studios which transformed the iconic movements into dynamic works of art.

 A unique collector’s item, fans with the highest bid for each NFT at the close of the auction will receive the NFT in their Crypto.com wallet along with a high-quality printable art file and signed memorabilia from the legendary player featured in the NFT.

Visa will grant all auction proceeds to Street Child United, a charitable organization incorporated and operating in the United Kingdom, whose mission is to tackle the widespread stigma that street-connected children face globally.

“The FIFA World Cup™ is one of the most anticipated sporting events in the world, and we are incredibly excited to give fans a new way to engage with this epic event,” said Steven Kalifowitz, Chief Marketing Officer at Crypto.com. “We are thrilled to partner with Visa in bringing Visa Masters of Movement to life and offering fans the opportunity to create and collect the most unique collectibles at FIFA World Cup Qatar 2022™ that will live forever on the blockchain.”

Saudi PetroChemicals manufacturer launches traceability Blockchain pilot

Saudi PetroChemicals manufacturer launches traceability Blockchain pilot

Saudi based SABIC, petrochemicals manufacturer majority owned by Aramco, has launched a pilot project to investigate utilizing blockchain technology to support end to end traceability of circular feedstock. KSA based SABIC has partnered with Finboot, Plastic Energy, and Intraplás.

SABIC has launched this pilot project to demonstrate the feasibility of using a blockchain-based, value-chain IT application. SABIC’s is the first project of its kind in the industry to trace the product from feedstock production to converter, going further than previous industry applications of blockchain in end-to-end tracing. The platform offers reduced costs, time and improved data integration for all value chain partners.

Waleed Al-Shalfan, Vice President Polymers Technology & Innovation at SABIC, said: “At SABIC, we have a deep commitment to innovation and technology that can help us to deliver more sustainable solutions to our customers. Our vision to create a circular economy for plastics requires a total transformation of the value chain, and pioneering partnerships with partners both upstream and downstream. Blockchain technology holds exciting potential for the provision of our TRUCIRCLE products to customers, and therefore for our commitment to supporting customers in their sustainability ambitions.”

Finboot’s MARCO software solution acts as middleware layer and will track the TACOIL produced by Plastic Energy from their recycling process, the delivery of this oil to SABIC for conversion into its TRUCIRCLE circular polymers, and finally the delivery of the polymers to Intraplás for conversion into their packaging solutions. The technology also ensures that all data gathered remains immutable while shared across suppliers, customers and regulators – providing transparency, auditability and accountability in a complex industrial ecosystem.

 Juan Miguel Pérez Rosas, CEO of Finboot, commented: “We are excited to embark on this pilot as it will significantly contribute to the development and progression of a circular economy, while setting the example for best practice for the global manufacturing sector. SABIC is at the forefront of its industry, always looking to the future and investing in technology and innovation to accelerate its digital transformation that supports the circular economy.

Marisa Alves, Chief Procurement Officer at Intraplás, also stated, “As a global provider of packaging solutions, Intraplás has the clear ambition to make sustainable packaging broadly available to the market, without compromising the environment and food safety, something that boosted the participation on this important project with our supplier and long-term partner SABIC. The blockchain technology project will reinforce our objectives even more, as it will help us to improve performance, create additional transparency to the supply chain and promote digital traceability for our certified circular packaging. This is an Intraplás contribution, through more concretely sustainable solutions, to a real circular economy.”

 Carlos Monreal, Founder and CEO of Plastic Energy commented, “As a company who has developed our own innovative technology, we at Plastic Energy are excited to explore the opportunities that new technologies like blockchain can offer. This pilot has the potential to make a big impact in the value-chain, providing a new level of traceability and transparency for recycled plastics, and demonstrating how advanced recycling can play a valuable role in the circular economy of plastics