U.S. based DTCC to acquire Abu Dhabi digital asset infrastructure provider Securrency

U.S. based DTCC to acquire Abu Dhabi digital asset infrastructure provider Securrency

The Depository Trust & Clearing Corporation, an American post-trade financial services company providing clearing and settlement services to the financial markets known as DTCC, has signed a definitive agreement to acquire Abu Dhabi based Securrency Inc. (“Securrency”), a leading developer of institutional-grade, digital asset infrastructure invested in by Mubadala sovereign Fund.

Securrency will become a fully-owned subsidiary of DTCC and will operate under the name DTCC Digital Assets. Nadine Chakar, CEO of Securrency, will join DTCC as Managing Director, Global Head of DTCC Digital Assets, reporting to Lynn Bishop, DTCC Managing Director and Chief Information Officer. Chakar will also join the DTCC Management Committee. In addition, Dan Doney, CTO and founder of Securrency, John Hensel, COO and co-founder, and other members of the Securrency leadership team, as well as roughly 100 Securrency staff of full-time employees or contractors, will become DTCC employees.

Securrency is a blockchain-based financial and regulatory technology developer that raised $30 million in 2021 from State Street, US Bank, WisdomTree Investments and others. It has worked with WisdomTree to help the asset manager launch “blockchain-enabled” funds that keep a secondary record of share ownership on the Stellar or Ethereum blockchains.

Frank La Salla, President, CEO and Director, DTCC, said, “Securrency is an important strategic acquisition that will give us the technology to drive market-wide transformation by enabling end-to-end digital lifecycle processing for tokenized assets, digital currencies and other financial instruments. By bringing together DTCC’s commitment to providing market stability and our unparalleled network of financial market participants with the sophistication of the Securrency technology, we will be in a leading position to unlock the value of digital assets and help guide the industry through its digital transformation journey. We believe this next generation of financial market infrastructure will further reduce settlement times, facilitate market transparency and risk management, enhance regulatory oversight and controls, and unlock efficiency and innovation to create an improved investor experience.”

By combining DTCC’s digital capabilities and Securrency’s technology, DTCC will fast-track development of its enterprise digital asset platform to unlock the power of institutional DeFi. DTCC will leverage the technology over time to embed digital assets within its existing products and services, develop new, regulatory-compliant blockchain-based offerings and explore use cases with the industry, including buyside asset managers, broker-dealers and custodians, to collaborate on new DTCC blockchain-based solutions.

In addition, DTCC will lead the industry’s development of a robust, global digital infrastructure by licensing the Securrency technology and offering professional services. Firms will be able to leverage the technology to transform and evolve their operating models and to create innovative, new digital asset services alone or in collaboration with other market participants – similar to how WisdomTree licenses Securrency’s software as part of the infrastructure for its WisdomTree Prime™ offering that provides tokenized assets and funds via digital wallets for retail investors and consumers.

Chakar said, “As we join forces with DTCC, we are excited to bring together DTCC’s infrastructure capabilities with Securrency’s technology to embrace a future where the digitization of capital markets is at the forefront of innovation. These capabilities will allow DTCC to partner with the industry to build a resilient and scalable infrastructure critical to the mass adoption of digital assets. Together, we will unlock opportunities to reimagine compliance, liquidity, efficiency and interoperability in trading real-world assets on the blockchain.”

DTCC also plans to provide global leadership to foster industry-wide collaboration to help avoid fragmentation with different digital technologies and standards. Securrency’s technology can address this issue by acting as a DLT-agnostic harmonization layer that promotes interoperability, liquidity, transparency and security.

La Salla said, “We look forward to building on our past work to drive consensus around the standards, controls and frameworks necessary to support regulatory-compliant digital asset solutions and development of the right architecture and infrastructure to ensure widespread interoperability. We’re excited to welcome our new colleagues to the DTCC team and to begin collaborating as a group to strengthen market stability and resilience and drive greater efficiencies, productivity, risk mitigation and liquidity in the global financial markets.”

This announcement comes as John Hensel, Chief Operating Officer and Senior Executive Officer, MENA, Securrency told IBS intelligence, “The UAE is ramping up its efforts to become a global blockchain hub.” In his interview he commented on why they chose UAE out of all the other countries globally including, USA, Switzerland, Hong Kong and Singapore.

According to Hensel, SEC ( Securities and Exchange Commission) in the USA has portrayed a conservative approach to the regulation of digital assets, so exploring other regulatory jurisdictions they found that the UAE was a credible, well positioned young financial center that embraced technology with experienced regulatory experts from the USA, Australia, Singapore and others.

He explains, “ After being here for 6 years we have seen the landscape change and become more favorable for investors partnering under FSRA and who are benefiting from the protection of ADGM which will grow opportunities locally for us given we were first movers and have strong relations with sovereign wealth entities, broker dealers, fund managers as key stakeholders.”

Securrency entered the ADGM FSRA regulatory sandbox in 2017 and secured a Financial Services Permission (FSP) from ADGM’s Financial Services Regulatory Authority (FSRA) to deal in investments as a matched principal and provide custody for those investments in 2022. The license enabled Securrency Capital to provide trading of digital assets to a variety of clients, including retail clients.

Securrency had raised $30 million in its latest funding round. The funds were used to roll out the company’s expansion plans. The Series B funding round included existing investor WisdomTree Investment along with Abu Dhabi state fund Mubadala-backed Abu Dhabi Catalyst Partners, State Street and U.S. Bank. Prior to that in 202, The Abu Dhabi Investment Office (ADIO) had invested in Securrency, a US-based developer of blockchain-based financial and regulatory technology through its ventures fund.

The company also signed a strategic partnership with leading investment management and banking firm, Musharaka Capital in KSA, to develop a compliant platform for issuing digital securities in Saudi Arabia in 2020.

UAE Scintilla partners with Verseprop to tokenize real estate projects

UAE Scintilla partners with Verseprop to tokenize real estate projects

UAE regulated Scintilla an institutional-grade tokenization platform, and Verseprop, a digital platform specializing in tokenized real estate equity and debt, have partnered to offer financial engineering solutions to the Real Estate sector and introduce advanced tokenization solutions that bring greater efficiency, transparency, and inclusivity to the market, alongside cost savings and distribution. 

Verseprop, founded in 2021 by a former senior executive from CBRE and Savills, is a  Financial Conduct Authority (FCA) Appointed Representative, headquartered in London, specializing in real estate debt and equity. Its current focus is short-duration, first and  second-charge UK real estate debt, which grants strong investor protections at viable  yields and is asset backed.

Scintilla, licensed by Dubai’s Virtual Asset Regulatory Authority (VARA), brings a powerful tokenization engine and its broker/dealer license and services to the table, solidifying its reputation as a leader in digital asset innovation. 

“Verseprop is not just tokenizing real estate equity and debt; we are fundamentally  reshaping how people access real estate and how asset owners think about distribution,”  said Joel Coren, CEO of Verseprop. “Our platform offers a seamless, transparent, and digital way for investors to access high-quality real estate opportunities that were  previously out of reach, and asset owners to reach them.”

Verseprop provides real estate owners access to state-of-the-art financial and tokenization services that also streamline the process for raising capital for equity, debt or a hybrid mix, while Scintilla will deliver the core  tokenization technology and broker/dealer services necessary to facilitate the distribution  of these digital tokens in the UAE.

For investors, this collaboration unlocks access to  diversified real estate opportunities while enjoying the efficiency and lower costs provided  by blockchain technology. 

“Scintilla is delighted to join forces with Verseprop to redefine how real estate assets are  tokenized and traded,” said Tim Popplewell, founder and CEO of Scintilla. “This  collaboration marks a significant step in our journey to bring institutional-grade solutions  to the digital asset space, opening up new avenues for investors and developers alike.” 

This announcement comes at the heels of the DAMAC Mantra tokenization deal.

Scintilla Acquires TOKO

Scintilla, bought out TOKO FZE registered and licensed out of Dubai UAE by VARA ( Virtual Assets Regulatory Authority) as a crypto exchange and broker. Originally developed within DLA Piper’s Law& innovation portfolio, the former TOKO brand has evolved into Scintilla with a fresh identity, new leadership, and groundbreaking product offerings.

Abu Dhabi regulated digital asset bank, Sygnum now valued at $1 billion

Abu Dhabi regulated digital asset bank, Sygnum now valued at $1 billion

Abu Dhabi licensed, global digital asset banking group Sygnum has raised a total of $58 million in its oversubscribed Strategic Growth Round, giving it a post-money valuation of more than 1 billion.

Fulgur Ventures, cornerstone investor in the final close of Sygnum’s Strategic Growth Round, is a venture capital firm focusing on Bitcoin technologies, infrastructure and applications that drive Bitcoin adoption. Fulgur is joined by new and existing strategic and financial investors, as well as Sygnum team members again participating on equal terms. The Co-Founders, board and team members continue to hold Sygnum majority ownership.

Funds will support expansion

Proceeds from the completed Strategic Growth Round will be put to work to drive Sygnum’s 2025 expanded EU/EEA market entry and to launch its regulated presence in Hong Kong. Sygnum also intends to use the funds to broaden its institutional infrastructure, expand its product portfolio with a focus on Bitcoin-technology, and enable opportunities for strategic acquisitions as the market develops.

A key driver of the oversubscribed Strategic Growth Round was the bank’s multi-year core business growth. 2024 revenues for all trading products, including crypto spot, derivatives, FX and traditional securities, surpassed the previous year’s total in Q3 for the second year running. Total annual trades in 2024 increased by more than 1,000% YoY, propelled by PostFinance and the 20+ banks on its B2B platform providing regulated crypto services to more than a third of the Swiss population.

Mathias Imbach, Sygnum Co-Founder and Group CEO, noted, “Sygnum reaching Unicorn status is a strong validation by the market of our business model, strategy and team. While it is an achievement we are very proud of, it won’t alter the values of integrity and humility, and the importance of displaying confidence without attitude at all times, which have acted as our true-north since day one. As Switzerland is currently losing ground to other jurisdictions as a preferred digital asset hub, it is also our obligation to highlight the need for Switzerland to not ignore the importance of continuous innovation in the financial sector and to continue to attract talent and capital to remain relevant in the long-term. In that way, our mission is only at the very beginning.”

Gerald Goh, Co-Founder and CEO APAC, said, “The successful completion of our Strategic Growth Round is proof of Sygnum’s strong and unique position as a leading regulated financial institution in the global digital asset industry. Offering trusted institutional infrastructure and regulated services for digital assets will continue to be the foundation for Sygnum’s future growth strategy.”

Oleg Mikhalsky, Partner of Fulgur Ventures, added, “Fulgur is a venture capital firm that continues to drive investment into the accelerating convergence of Bitcoin and institutional financial markets. Sygnum’s market-tested infrastructure, digital asset-native team and global ecosystem makes them the ideal partner to co-develop innovative Bitcoin-related financial products and technologies – as well as for future collaborations with other Fulgur portfolio companies. We are proud to be the cornerstone investor for the final close of Sygnum’s Strategic Growth Round, which coincides with a potential inflection point for Bitcoin’s institutional adoption and regulatory clarity.”

In FY 2024, Sygnum achieved operational profitability and continued to grow its 2,000-strong institutional client base domiciled in over 70 countries, serviced through its regulated operations in Switzerland, Singapore and Abu Dhabi. The group is also regulated in the established global financial hubs of Luxembourg and was recently registered Liechtenstein.

UAE Sigma Capital venture firm launches $100 million Web3 fund

UAE Sigma Capital venture firm launches $100 million Web3 fund

UAE based Sigma Capital, a Web3 early-stage venture firm, has launched a $100 million fund dedicated to accelerating the next wave of Web3 innovation in the Middle East and globally. As per the press release, the fund launch spotlights the UAE’s growing role as a global hub for the Web3 & Blockchain sector.


The fund will focus on early-stage venture investments in transformative areas such as DeFi, blockchain infrastructure, real-world asset tokenization, gaming and the metaverse.

Sigma Capital will actively manage a portfolio of liquid tokens, seizing market opportunities to generate consistent returns. The fund will also leverage high-yield DeFi strategies to optimize portfolio performance and invest in high growth crypto venture funds that broaden exposure to emerging innovations.


Vineet Budki,an expert in the Web3 space, and the former CEO and Managing Partner of Cypher Capital, also a Web3 VC based out of UAE, will lead the fund.

Vineet spearheaded over 300+ investments in high-profile projects, including Mysten Labs, Sei Network, Casper Labs, Web3Auth, Casper labs, Manta network, Mocaverse, Peak network and MyPetHooligan.


The Sigma Capital Team has years of experience in the Blockchain investing space and have been invested or partnered with multiple reputed players in the Blockchain space which include Polygon Technology, Morningstar Ventures, Blockchain Founders Fund, Woodstock Fund and many others.


Vineet Budki, CEO and Managing Partner of Sigma Capital, said, “We envision a digital economy that is more open, inclusive, and innovative. The UAE’s dynamic economy and forward-thinking regulatory environment provide the perfect backdrop for Web3 innovation. This fund empowers startups with capital, equips them with access to our extensive network and expertise, and enables them to thrive in a rapidly evolving landscape.”


Sandeep Naliwal, Founder Polygon Technology one of the leading players in the Blockchain space noted, “ Vineet’s track record as a visionary leader in Web3 speaks for itself. His deep understanding of market dynamics and foresight in nurturing high-impact projects have been pivotal in advancing the ecosystem. The launch of Sigma Capital’s $100 million fund is a testament to his expertise and the UAE’s emergence as a global hub for blockchain innovation. I have no doubt this fund will catalyze the next wave of groundbreaking startups and solidify the region’s role in the decentralized economy.”


Sigma Capital plans to deploy investments across 100 early-stage projects, 25 liquid tokens, and 10 fund-of-fund allocations over the next three years. The firm’s strategic edge lies in its proven expertise and global reach, leveraging its network to provide access to key exchanges, market makers, exchanges, launchpads and opinion leaders.

Danilo S. Carlucci, Founder & CEO at Morningstar Ventures, and a key partner in the fund sdded, “Since our establishment in Dubai in 2020, Morningstar Ventures has been committed to supporting transformative projects and bold founders that push the boundaries of blockchain innovation. Sigma Capital’s $100 million fund is a testament to the region’s growing influence in blockchain and financial technology. It will support the growth of Web3 startups and further solidify the region’s position as a leader in financial innovation.”


Sigma Capital collaborates with Web3 hubs across 10 global cities, providing portfolio companies with deep market insights and comprehensive support to enable success in a competitive market. By combining a diversified approach with deep market access, Sigma Capital aims to drive sustainable growth in both the Global and GCC Web3 ecosystem.


The firm’s dual presence in Dubai and Singapore, coupled with regulatory oversight from the Cayman Islands, ensures access to global opportunities while maintaining a strong compliance framework.

In December 2024, The Hashgraph Group (THG), the Swiss-based international business, technology, and investment firm that operates exclusively within the Hedera ecosystem, secured a fund management license through its subsidiary Hashgraph Ventures Manager Ltd in ADGM planned to launch a $100 million global venture fund (Hashgraph Venture Fund-I). The strategic Web3 venture fund would focus on generating attractive long-term returns by investing in proven early-stage and well-established companies utilizing deep technologies to build and commercialize enterprise-grade solutions and products for the Web3 economy.

Hashkey Group crypto exchange to be licensed UAE

Hashkey Group crypto exchange to be licensed UAE

HashKey Group (“HashKey”), a leading end-to-end digital asset financial services group in Asia, has announced that HashKey MENA FZE , a member of the HashKey Group, has received an In-Principle Approval (IPA) from the Dubai Virtual Assets Regulatory Authority (VARA) for its Virtual Asset Service Provider (VASP) license application to offer crypto exchange services.

As per the press release, this regulatory approval reinforces HashKey Group’s position as a trusted leader in the virtual asset industry, enabling HashKey to deliver secure and transparent services globally.

HashKey Group is adigital asset financial services group in Asia with global operations in regions such as Hong Kong, Singapore, Japan, Ireland and Bermuda. Since 2018, HashKey Group has built al Web3 ecosystem within a high-compliance regulatory framework, including HashKey Exchange, a licensed virtual asset exchange regulated by the Hong Kong SFC; HashKey Global, the global flagship digital asset exchange; HashKey Capital, a global asset manager investing exclusively in blockchain technology and digital assets; HashKey OTC, the compliant over-the-counter (OTC) trading arm of HashKey Group, HashKey Cloud, a leading provider of global Web3 infrastructure; and HashKey Tokenization, a tokenization services provider.

Upon final approval, the VASP license will authorize HashKey MENA FZE to offer Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services to retail investors, qualified investors, and institutional investors.

HashKey Group holds licenses in Hong Kong, Singapore, Japan, and Bermuda, has a VASP registration in Ireland, and is actively pursuing a MiCA license in Europe to further strengthen its global regulatory footprint. The Group recently secured VASP registration approval from the Central Bank of Ireland.

So far UAE has been able to attract global crypto exchanges to the country including Crypto.com, Binance, OKX, and others. Hashkey will be one of the first from Asia to be seeking a license in the UAE.

The Hashgraph Association supports KSA’s Deep tech report

The Hashgraph Association supports KSA’s Deep tech report

The Hashgraph Association, a Swiss non-profit, driving the global adoption of Hedera-powered solutions by funding innovation, training, and venture programs, was one of the first blockchain technology groups to participate in Saudi Arabia’s deep tech strategy, a strategy which seems to be paying off based on a recent report by the Saudi Ministry of Communications and Information technology, King Abdullah University of Science and Technology and Hello Tomorrow Consultancy.

The Deep Tech report published on January 7th 2025, notes that in 2025, nearly 50% of homegrown deep tech startups in KSA are specializing in AI (Artificial Intelligence) and the Internet of Things (IoT). While the number of scale-ups has reached 43 companies contributing to driving innovation.

The Deep Technology Report presents a roadmap for making Saudi Arabia a global deep tech hub and highlights the different initiatives that support the Kingdom in realizing the objectives of Vision 2030.

As per the report, the deep tech startup ecosystem is still in its infancy and is relatively modest in size when compared to the overall startup landscape with room for expansion. Currently there are 43 deep tech startups in the overall 1,000 startups in the country.

Deep tech startups raised over US$100 million between 2020 and 2022. The Kingdom has also seen a rise in the number of incubators and accelerators that offer deep tech verticals.

$250 million investment in Deep Tech studio with Saudi Ministry of Investment

One of those deep tech incubators and accelerators is The Hashgraph Association’s which was launched in February 2024. The Switzerland based Hashgraph Association signed a strategic partnership with the Ministry of Investment of Saudi Arabia (MISA) to launch a Deep Tech Venture Studio in Riyadh, worth $250 million over the next five years.

The studio would focus on the convergence of Web3, AI and technologies such as distributed ledger technology (DLT), virtual reality, robotics, and quantum computing, helping to launch 500 new companies over the 2024-2028 period.

The Hashgraph Association and its DeepTech Venture Studio will enable local Saudi companies, as well as international portfolio companies seeking to establish operations in the Kingdom, to develop innovative solutions, leveraging deep tech such as AI, DLT, Robotics, IoT, VR, and Quantum Computing, all of which are key as per the Deep Tech report from MCIT.

KSA seeks to attract $7.9 billion in foreign investment and $12.5 billion in local for AI

KSA’s goal is to attract $7.9 billion in cumulative foreign direct investment (FDI) and $12.15 billion from local markets in data and AI by 2030. The Kingdom of Saudi Arabia also saw the addition of 104 active investors in 2024 with a 75% increase in the number of researchers since 2015. The report highlights that Saudi Arabia is expanding its research infrastructure to accommodate 140,000 researchers by 2030, a sevenfold increase from the current 20,000 researchers in the country.

Mohammed Robayan, Deputy Minister of Technology at MCIT, stressed that this report represents an important step in strengthening the Kingdom’s position as a global hub for advanced technologies, and that the Kingdom seeks by focusing on innovation and investing in competencies and infrastructure, to build an integrated system that supports digital transformation and sustainable development.

Robayan called on those interested in the public and private sectors, especially academia and investors, to avail of this information to draw a roadmap that promotes innovation and contributes to realizing the goals of Saudi Vision 2030.

Data Centers are Key to Deep Tech Strategy

In 2021 Saudi Arabia’s Ministry of Communications and Information Technology announced new plans to ramp up national data center investment to $18 billion, with a goal to surpass capacity of 1,300-megawatts by 2030. Since the launch, numerous investment groups, infrastructure developers and global hyperscalers have announced plans for new data center and cloud regions in the Kingdom committing billions of dollars in investment.

These datacenters will need energy and not any energy, sustainable efficient energy sources. This is why HODLER INVESTMENTS, a UAE based investment company, headquartered in Dubai, which includes in its portfolio energy, AI, and digital asset mining startups such as PermianChain, Brox Equity and others; and Abu Dhabi’s EHC Investment which leads multiple businesses with operations and investments across the energy, infrastructure, firefighting technology and system integration services signed a strategic partnership to launch NEXGEN.

NEXGEN will support the creation of a compliant digital energy market to supply critical energy infrastructure that will monetize wasted energy such as flared gas in the UAE, KSA, and Egypt with the aim of hosting global data center operators, reducing carbon emissions and contributing to the Digital Energy Infrastructure (DEI) Fund, a local decarbonization innovation fund.

Saudi Princess Nourah Al Faisal leads Web3 Blockchain hackathon for youth innovation

Saudi Princess Nourah Al Faisal leads Web3 Blockchain hackathon for youth innovation

Saudi Arabia recently hosted the NEXTG3N Hackathon, led by Her Royal Highness Princess Nourah Al Faisal. The event was held from January 9th until the 11th 2025 at Princess Nourah University in Riyadh. It gathered international innovators alongside Saudi talent to develop groundbreaking solutions at the crossroads of Web3 and gaming using decentralized solutions for learning environments. Selected innovations from the hackathon will be showcased at a side event during the World Economic Forum in Davos.

Her Royal Highness Princess Nourah Al Faisal, Chief Creative Director of Adhlal sponsored the event in collaboration with W3 ff Venture Builder. Adhlal brings deep expertise in empowering Saudi youth through creative ecosystems aligned with Vision 2030, while W3-ff leverages cutting-edge Web3 technologies and venture-building strategies.

The Hackathon included a track under the theme of Web3 and Identity, where participants were asked to create secure, decentralized, and personalized learning environments using Web3 technologies. The track question was “How can decentralized identities empower young learners and creatives in Saudi Arabia to securely access, develop, and share learning content?”

In an article published in Arab News, Princess Nourah was quoted as highlighting how blockchain could provide a secure space for young users fostering their engagement with digital platforms. Princess Nourah remarked on the significance of soft skills in preparing the youth for future challenges, and added: “When we think about the evolving landscape over the next few years, we must consider how to foster innovation and creativity among youth.”

The second track covered Future Skill Development. It centered on building future skills through immersive hackathon experiences.
How can we empower Saudi Arabia’s youth to develop future literacy, creative collaboration, and entrepreneurial thinking while solving real-world challenges?

While the third track covered Games to grow, where participants were asked to design engaging and innovative gaming experiences that enhance creative skillsets, promote problem-solving, and encourage design thinking. How can gaming be leveraged to accelerate the development of young designers in a fun and impactful way?

Speakers at the event included Princess Nourah; Hamad Al-Owaishiq, founder and CEO of the Saudi Youth Society; Tanja Ludwig from W3 ff Venture Builder in Germany; Dalia Samra-Rohte from the Algemeine Handels Kamer; and Xavier Prost from Veridos UAE, one of the event’s sponsors.

42.000,- SAR in prizes were distributed to winning the teams.

UAE Varys Capital investment in Movement Labs pays off with $6 billion valuation

UAE Varys Capital investment in Movement Labs pays off with $6 billion valuation

After UAE Varys Capital led a Pre- seed raise for Blockchain L2 platform developer Movement Labs in 2023 where the startup raised $3.4 million. This week Movement Labs announced it was raising $100 million in a series B funding round which led to a valuation of $6 billion.

The recent funding round is being led by CoinFund and Brevan Howard’s digital asset arm Nova Fund.

Movement Labs will use the new capital for product enhancements, and expansion into the Asia Pacific market. Movement is redefining the blockchain ecosystem as an EVM-compatible Layer 2 solution built on the Ethereum network. It utilizes the innovative Move programming language, designed to enhance scalability, security, and flexibility, ensuring high-performance decentralized applications.

Prior to the Series B funding round, Movement Labs had also raised $38 million in a Series A round led by Polychain.

In a LinkedIn post Varys Capital noted that UAE MBS Global Investments were early supporters of their fund which had invested in Movement Labs. Varys Capital stated, “We’re honored to not only have you on our cap table, but seeing the blossoming partnership between our two entities taking shape and broadening our collective reach.”

MBS Global Investments is the investment arm of the Private Office of Sheikh Nayef Bin Eid Al Thani, with headquarters in Dubai UAE.

MBS Global Investments prior to that had noted on LinkedIn, “MBS Global Investments proudly congratulates our partner, Varys Capital on their successful pre-seed investment in Movement Labs (MOVE), a pioneering project that has just achieved a major milestone. The recent Token Generation Event (TGE) for MOVE was a resounding success, with the token reaching an extraordinary fully diluted valuation surpassing $6 billion. This remarkable achievement has already captured the attention of the global crypto community, with MOVE being listed on all major exchanges, including Binance.”

MBS also noted that they would continue to support this venture. They stated, “We are excited to continue supporting this transformative venture and looks forward to the significant impact MOVE will have on the future of decentralized finance and blockchain technology.”

Varys Capital and FundRock create Master Fund in ADGM

In April 2024, Varys Capital (“Varys”) partnered with FundRock Investment Management Services (ME) Ltd (“FundRock”), a fund management company, licensed by the FSRA, to manage a feeder fund, that would invest its assets into a Master Fund with a mandate centered around blockchain, Web3 and infrastructure. The entity is named the Varys Capital Ventures (CEIC) Limited in the Abu Dhabi Global Market (ADGM).

Varys Capital has also invested in another layer 2 blockchain called MintLayer n that utilizes Dynamic Slot Allocation (DSA) consensus merging Proof-Of-Stake and Bitcoin technologies to make decentralized financial markets attack-proof. MintLayer has planned to launch it mainnet on January 29th 2024 and work to tokenize real-estate assets starting from Dubai UAE.

The Varys Capital portfolio is currently heavily focused on decentralized financing (DeFi) related platforms and services.

Animoca Brands moves to next stage with Saudi Neom

Animoca Brands moves to next stage with Saudi Neom

 In 2024, Animoca Brands and Saudi Arabian NEOM Investment Fund signs a strategic partnership that included a $50 million convertible notes financing from NEOM into Animoca, today Animoca Brands announce that the next step of the partnership is fast approaching and it includes building a solid web3 infrastructure using innovative technologies.

In the 2024 announcement, as part of the partnership, Animoca Brands would work with NEOM to build Web3 enterprise service capabilities which would be deployed to support technology advancements in Riyadh and the NEOM region.

As per the news at the time, these projects would include a range of Web3 initiatives, including plans to establish a hub within NEOM to nurture the local Web3 ecosystem and bring in extensive capabilities from across Animoca Brands and its subsidiaries, partners, and broad portfolio of investments.

In a recent Linkedin post, Animoca Brands noted that they continue to support NEOM and its commitment to driving regional web3 development.

In 2024, Animoca Brands facilitated the Web3 development of NEOM with dedicated Web3 strategy workshops, and the networking conference “Outer Edge Riyadh” in KSA.

In 20205 the next phase starts which will include building the Web3 infrastructure.

As per the LinkedIn post which quoted Yat Siu as saying, “NEOM is the world’s most ambitious project seeking to use innovation and technology to redefine how we live, work, and play.”

Animoca Brands has invested in startups in KSA including Saudi’s first NFT marketplace platform, Nuqtah.

UAE Haifin, trade finance fraud platform announces $40.8 billion worth of transactions

UAE Haifin, trade finance fraud platform announces $40.8 billion worth of transactions

Haifin, previously known as UAE Trade Connect, an AI blockchain platform to combat trade finance fraud among the banking sector and non-banking sector, has announced a record-breaking year with nearly $40.8 billion of transactions (150 billion AED).

According to Zul Javaid, CEO of Haifan in a LinkedIn post, “ We identified and prevented hundreds of millions of Dirhams of duplicate financing and fraud for our member involved in lending.”

UAE Trade Connect (UTC), Launched in 2021, was co-created by e& enterprise and the UAE banking industry and offers a technology solution to detect suspicious transactions and prevent fraud and duplication in real time. It uses technologies such as AI, Blockchain and machine learning.

Juvaid added, “Big shout out to our steering committee and wider consortium for their trust and commitment to de-risking the lending environment and increasing accessibility to finance for the UAE economy.”

The members of Haifan platform include UAE Banks Federation, Al Masraf, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Commercial Bank International, Commercial Bank of Dubai, Dubai Islamic Bank, First Abu Dhabi Bank (FAB), Habib Bank AG Zurich, Invest Bank, Mashreq Corporate & Investment Banking Group, National Bank of Fujairah, RAKBANK, Sharjah Islamic Bank, United Arab Bank, Beehive Fintech, CredibleX, DP World, and Finneva.

In December 2023, Beehive, a peer-to-peer lending platform, became the second non-banking entity to join Blockchain enabled UAE Trade Connect platform, Haifin. Priort to that, DP World Finance platform partnered with UAE trade Connect in November of the same year.

Zul Javaid expressed his interest in expanding Haifan offering to countries across the GCC and MENA regions, including KSA hiring Wissam Massud to lead their international expansion in 2023.

Oobit for crypto trading and payments seeks license in UAE

Oobit for crypto trading and payments seeks license in UAE

Oobit, a crypto payments and trading application announced that it has applied for a license in UAE with the Financial Services Regulatory Authority (FSRA) license under the Abu Dhabi Global Market (ADGM) framework.

As per the blog post, this step marks their commitment to expanding into the thriving Middle Eastern market and aligning with a forward-thinking regulatory environment.

“Applying for the ADGM license is a monumental step for Oobit. It reinforces our commitment to fostering trust and innovation in the crypto space while paving the way for seamless global adoption,” said Aharon Miller, COO of Oobit.

As part of this expansion, Oobit plans to establish a dedicated office in Abu Dhabi, further cementing our presence in this market and fostering closer collaboration with local stakeholders.

Oobit decided to apply for a license in the UAE given that 30% of the UAE population owns crypto. In addition the UAE, and ADGM have created forward looking regulations for virtual assets. In addition, the geographic position of UAE opens markets in MENA and Asia.

The company intends to utilize the license for crypto and stablecoin payments.