Stc Bahrain to offer Blockchain Web3 infrastructure services in Bahrain

Stc Bahrain to offer Blockchain Web3 infrastructure services in Bahrain

Stc Bahrain, the Saudi telecom subsidiary in Bahrain, announced that it will be offering Web3 infrastructure services using blockchain in partnership with LionsCraft for the Bahrain market. Lionscraft provides cutting-edge technology and business consulting in the thriving Web3 space.

This collaboration marks a significant step in integrating stc Bahrain’s telco capabilities into the blockchain industry facilitating the introduction of the most innovative products and services, and setting new benchmarks in regional digital evolution.

As per the release, the expansion is aimed at nurturing the advancement of the digital economy and improving the experience of internet users.

The signing ceremony was held in the metaverse in stc Bahrain tower while the agreement itself was deployed as an NFT ( Non Fungible token) on the Avalanche Blockchain.

. Additionally, the partnership agreement itself is deployed as an NFT (non-fungible token) on the Avalanche network. Within its metadata, there is hash linking to the signed contract, enabling users to authenticate the NFT’s origin and validity.

stc Bahrain chief wholesale officer Mr. Saad Odeh commented on the partnership, saying, “Web3 is progressively solidifying its form. While it may be perceived as another iteration of the internet, it represents a generational shift. stc BH will offer several Web3 infrastructure services, serving as a cornerstone to enable dynamic user experiences while ensuring greater data sovereignty and privacy to internet users. We are thrilled to contribute to establishing the groundwork for the future and spearheading the transformation of the digital experiences in MENA region.  We are committed to executing our mandate of empowering the next phase of digital transformation in alignment with the Bahrain Economic Vision 2030.”

Lionscraft CEO Dr. Adilah Hussien added, “Lionscraft is delighted to partner with stc Bahrain, harnessing our collective expertise to forge the path for Web3 innovations. This collaboration represents a shared vision for a decentralized future, where empowerment and user-centric design lead the digital narrative. Together, we are laying the foundational stones for an ecosystem that prioritizes trust, autonomy, and the seamless integration of blockchain technologies into everyday digital interactions.”

In December 2022, stc Bahrain became the first telecom operator in Bahrain to accept cryptocurrencies through its partnership with Eazy Financial Services, a leading Bahraini Payment Services provider specializing in POS and online payment gateway. In addition stc Bahrain collaborated with AlephZero, a layer 1 blockchain that allows the deployment of Web3 applications quickly, securely and at low cost for its Hackathon called CTRL+Hack+ZK.

UAE allows Ramadan Bitcoin and crypto donations

UAE allows Ramadan Bitcoin and crypto donations

In what could be called a first, a UAE top official noted that the UAE governmental entities and authorities in the UAE will accept Bitcoin, and other crypto currencies for donations this Ramadan.

UAE newspaper, Khaleej Times in an article stated, that a UAE top official has noted that authorized individuals and entities collecting funds during Ramadan will accept Bitcoin and other digital currency payments. This comes as Bitcoin surges past the $60,000 mark.

In a press conference held by the Ministry of Community Development, Mohammed Naqi, Director of Non-Benefit Public Associations Department and Mona Khalil, Director of Government Communications also noted that unauthorized individuals and entities collecting funds during Ramadan will be liable for fines up to Dh500,000 or even imprisonment.

The ministry said restaurants will not be allowed to directly donate food boxes to mosques.

Mohammed Naqi, Director of Non-Benefit Public Associations Department, said, “A fine not less than Dh500,000, or imprisonment, shall be imposed on anyone who collects or receives donations from outside the UAE in violation of the applicable regulations and procedures.”

He added: “A fine not exceeding Dh150,000 and not less than Dh300,00 or imprisonment, shall be imposed on anyone who uses donation funds for purposes other than those accepted or collected for. A fine one of Dh100,000 shall be imposed on any entity that labels itself as a “charitable or humanitarian “association, organization or institution without obtaining certification from the competent authority.”

Only 34 approved entities, mainly charitable organizations and government entities, will be permitted to receive and collect donations for Ramadan, the ministry said.

Bitcoin and other cryptocurrencies will be accepted alongside traditional methods of raising funds like cash with receipts, vouchers, SMS, markets, exhibitions, auctions, charity events and monthly deductions from personal bank accounts.

In 2019 The Ministry of Community Development, had launched a blockchain payment gateway in partnership with Dubai Blockchain center.

Blockchain and AI IO Research secures $30 million valuating it at $1 billion

Blockchain and AI IO Research secures $30 million valuating it at $1 billion

IO research, a, blockchain and AI startup, founded and headed by Ahmad Al Shadid, has raised $30 million in a series A funding, valuating the company at $1 billion.

IO research, the creators of Depin, is a Solana based decentralized AI compute cloud. IO Research launched DEPIN in November 2023. At the time this was considered as an opportunity for cryptocurrency miners in possession of underutilized GPUs, as well as clients requiring a scalable and affordable computing solution amid rising costs.

In November, Founder and CEO Ahmad Shadid has noted, “This is a monumental moment for io.net and the entire decentralized computing community. We are not simply launching a platform; we are pioneering a global movement towards optimal utilization of computational resources. Our vision has always been to bridge the gap between underutilized resources and rising computational demands facing AI and ML engineers, not to mention crypto miners. I believe we can make a significant contribution to the AI revolution over the coming months and years.”

With deployment speeds of less than 90 seconds, io.net will enable ML and AI engineers to deploy massive enterprise-level clusters to power models for training and inference. io.net is said to be up to 90% more cost-effective than traditional GPU providers such as AWS and Azure.

Few months later, March 2024, IO.net, DEPIN has received $30 million in funding spearheaded by Hack VC in collaboration with several angel investors including Multicoin Capital, 6th Man Ventures, Solana Ventures, OKX Ventures, Aptos Labs, Delphi Digital, The Sandbox, Sebastian Borget of the Sandbox, and others.

In addition, there was investment from Matty Taylor, Ian Krotinsky (founder of Tiplink), MH Ventures, Amber Group, Arkstream, Modular, Continue Capital, Foresight, Longhash, SevenX, and Delphi Digital.

According to sources familiar with the Series A funding, the funds were raised in tranches coupled with the fact that it is structured as a simple agreement for future equity (SAFE), with token warrants in a 1:1 ratio. The first tranche happened in January but it was not until recently that the final one was completed.

The CEO and founder of io.net Ahmad Shadid, explained the terms of the investment, stating that investors have a minimum one-year lock-in period for tokens.

This $30 million fund will help the Artificial Intelligence (AI) protocol enhance the aggregation of blockchain distributed GPUs.

Qatar shrimp farm to raise $285 million using security token offering

Qatar shrimp farm to raise $285 million using security token offering

Stobox Blockchain tokenization solution provider has announced that it will be working with Qatar based ICM Capital to raise $285 million for the biggest aqua marine shrimp farm using a security token offering (STO).

The project will introduce security token offerings for aquaculture industry utilizing Stobox’s expertise in tokenization and blockchain technology. Stobox offers Securities issuance, management, and trading on a blockchain.

Jason Jones Head of Global STO Sales Consulting & Client Project Management at Stobox, states, “Stobox will be handling the legal, technology and consulting requirements for the project.”

ICM Capital aims to raise $285 million for the development of the Shrimp Farm Project. This capital has been earmarked for scaling operations, enhancing sustainability practices, and ensuring the farm’s competitiveness on the global stage.

ICM Capital with headquarters in the UK, opened an office in Qatar as part of the firm’s expansion into the Middle East and North Africa (MENA). The multi-regulated broker gained authorization from the Qatar Financial Centre to establish a physical presence in the state.

As per Stobox announcement, through this tokenization effort, ICM Capital is not only seeking financial investment but also inviting global stakeholders to be a part of a sustainable and profitable future in aquaculture. Tokenization brings efficiency to the traditionally complex issuance of securities by leveraging blockchain technology, offering a more streamlined and technologically advanced approach to the entire process.

This comes as Qatar has moved full force into the digital assets field announcing its digital assets lab as well as upcoming digital assets regulatory framework. QFC has mentioned on several occasions that they are interested in seeing security token offerings, tokenization of real estate and more.

Nexo crypto platform receives initial license approval from Dubai’s VARA

Nexo crypto platform receives initial license approval from Dubai’s VARA

Nexo, a crypto and digital assets fintech platform has received initial approval from Dubai’s regulatory authority VARA. Nexo DTC, its UAE entity will be seeking a license for crypto brokerage, crypto lending, borrowing and investment license.

As per the announcement, “Nexo is enthusiastic about the pursuit of new market strategies aligned with the transformative guidance of Dubai’s Virtual Asset Regulatory Authority,” said Kalin Metodiev, co-founder and managing partner at Nexo.

As per the press release, “This IA positions Nexo as one of the first digital asset lending institutions seeking to expand into the pivotal Dubai market. Once licensed, the solution will be available to Nexo clients through the Nexo platform to offer it in compliance with local regulations, accessible via both mobile and web platforms.”

“From the UAE, the global leader for vision, governance, and innovation, Nexo aims to contribute to the regional ecosystem through pioneering lending, brokerage, management, and investment solutions. Nexo is enthusiastic about the pursuit of new market strategies aligned with the transformative guidance of Dubai’s Virtual Asset Regulatory Authority,” said Kalin Metodiev, CFA, Co-founder and Managing Partner at Nexo.

In March 2023, Nexo Co-Founder and MD Antoni Trenchev announced that the UK entity would be opening its offices in the UAE as it expanded into the MENA region.

He noted at the time, that the MENA region will grow to account for 30 percent of its total global operations. NEXO had noted that it would set up under Dubai’s VARA regulations as well as DIFC.

As per comments made by Trenchev 150 people will be recruited. In the article he states, “We are seeking two lines of regulation,” Trenchev said. “One is for the crypto-related activities which will be at VARA, while DIFC will be for more traditional offerings associated with wealth management.

“There appears to be a political will to create a blockchain fintech financial hub in the region but more specifically Dubai and Abu Dhabi, which is always welcoming,” he said.

Morgan Stanley opens office in ADGM as it eyes Bitcoin ETF in the United States

Morgan Stanley opens office in ADGM as it eyes Bitcoin ETF in the United States

Morgan Stanley, which is said to be eyeing a Bitcoin ETF, has announced the opening of its office in Abu Dhabi at ADGM. The firm has expanded its footprint in the Middle East. The firm already has offices in Riyadh, Dubai, and Qatar.

Commenting on the new office, Clare Woodman, Head of Morgan Stanley EMEA and CEO of Morgan Stanley & Co International plc, said “We are delighted to be expanding our regional presence and commitment by opening an office in Abu Dhabi Global Market (ADGM). There are exciting times ahead for the MENA region and as capital markets activity continues to grow and diversify it brings new and rewarding opportunities for both regional and global investors.”

Arvind Ramamurthy, Chief of Market Development at ADGM, continued “We welcome Morgan Stanley, a pioneer in the global financial services industry to Abu Dhabi and its thriving International Financial Centre. This expansion underscores the attractiveness of Abu Dhabi and its value proposition as a preferred destination for global players seeking strategic growth opportunities for their business, showcasing our commitment to fostering a conducive ecosystem that drives sustainable economic development in the UAE and beyond.”

Patrick Delivanis, Regional Co-Head of MENA at Morgan Stanley commented, “We have a highly sophisticated investor base in the MENA region, and opening an office in Abu Dhabi allows us to broaden our footprint and further deliver local and regional clients access to Morgan Stanley’s leading institutional securities business as well as our renowned asset management franchise, and increasingly, global clients access to the regional market.”

The opening of an office in ADGM, well known for its virtual assets regulatory regime is interesting as Morgan Stanely is said to be deciding on whether or not it will offer Bitcoin ETFs to customers.

As per a CoinDesk article, Wall Street giant Morgan Stanley is in the midst of performing due diligence to add spot bitcoin ETF products to its brokerage platform, according to two people with knowledge of the matter.

One of the people said Morgan Stanley, which is among the largest U.S. broker-dealer platforms, has been evaluating offering spot bitcoin ETFs to clients since the Securities and Exchange Commission approved their introduction in the U.S. in January.

There are 10 spot bitcoin ETFs now trading in the U.S. The ones with the most assets are Grayscale’s GBTC, BlackRock’s IBIT and Fidelity’s FBTC. It’s not clear which ones Morgan Stanley is looking to offer to its clients.

Morgan Stanley, a leader in the alternative investments and private market space with over $150 billion in assets under management, was the first major U.S. bank to offer its wealthy clients access to bitcoin funds in 2021. The bank confirmed during its first-quarter earnings call in April 2021 that it was offering its wealth management clients exposure to bitcoin via a pair of external crypto funds.

The wealth management firm’s former CFO, Jonathan Pruzan, said at the time that the bank was allowing qualified investors to gain access to two passive funds. It is understood that these funds were offered by Galaxy Digital and NYDIG.

KACST and Animoca Brands to spur blockchain Web3 development in Saudi Arabia

KACST and Animoca Brands to spur blockchain Web3 development in Saudi Arabia

Saudi Arabia’s King Abdulaziz City for Science and Technology (KACST) during the LEAP 2024 event, signed an agreement with Animoca Brands to propel Blockchain and Web3 system in KSA. The agreement aims to facilitate the entrance of companies and institutions into the Web3 and blockchain ecosystem.

As per the agreement both entities will work to develop joint research and development projects in Blockchain applications, games, AI and metaverse development.

KACST has signed 13 partnerships at the event so far with one being a partnership with the Global Semiconductor Group focusing on the design of electronic chips.

KACST also signed a strategic partnership with Elm Company, to enhance cooperation in the field of future cities’ technologies and emerging technologies, in addition to its partnership with Tulip Technologies Company to enhance cooperation in research and development, and training in the field of robotics, AI, and automation.

Animoca brands has been expanding its presence in the MENA region, including KSA. Animoca Brands was one of the investors in Saudi’s first NFT marketplace platform, Nuqtah. Nuqtah raised a seed round of millions of dollars from Blockchain platform Polygon and Animoca Brands.

In addition, in October 2023, Metaverse creator Animoca Brands Corporation Limited announced that it signed a Memorandum of Understanding (“Strategic Partnership”) with NEOM Company (“NEOM”) to drive regional Web3 initiatives in line with the Saudi Vision 2030 plan. This came after NEOM investment fund signed a term sheet for $50 million investment in Animoca Brands.

In the UAE, Animoca Brands, early investors in The Sandbox, invested in UAE gaming startup Farcana, to advance digital property rights for gaming and the metaverse fueling Farcana’s beta launch and development within the Bitcoin Ecosystem with Free Mint Bitcoin ordinals.

Qatar and Saudi Arabia sign agreement for Digital Government

Qatar and Saudi Arabia sign agreement for Digital Government

The Qatar Ministry of Communication and Information Technology (MoCIT) and Saudi Arabia’s Digital Government Authority have signed an agreement to build the digital government field using cutting edge technologies.

The agreement was signed during the LEAP 2024 event being held in Riyadh KSA from March 4-7 2024 under the theme ‘Into New Worlds’.

The agreement aims to strengthen collaboration between the two countries in government digital transformation, capacity building, and competency enhancement in digital governance, as well as research, development, and investment in cutting-edge technologies within the digital government sphere. Additionally, the agreement encompasses various other areas relating to digital government and the Information and Communications Technology (ICT) sector.

The cooperation agreement was signed by Minister of Communications and Information Technology HE Mohammed bin Ali Al Mannai and Minister of Communications and Information Technology.

Al Mannai said, “Our strong fraternal relations with the Kingdom of Saudi Arabia pave the way for extensive cooperation and development opportunities across various sectors between our countries. Today’s agreement exemplifies our dedication to fostering innovation and technological advancement both locally and internationally. We anticipate a productive partnership with the Kingdom of Saudi Arabia that fosters the exchange of experiences and best practices in delivering government services, digital transformation, infrastructure development, and innovation promotion.”

The agreement aims to expand strategic partnerships in the digital government and digital economy sectors. It comes aligned with the ongoing efforts of the Qatari-Saudi Coordination Council to strengthen the partnership between the two brotherly countries.

In addition, Amazon Web Services unveiled its plans to launch a new infrastructure region in KSA by 2026, investing more than $5.3 billion. The move aims to support the Kingdom’s digital transformation and meet growing demand for cloud services in the Middle East. The new region will offer services such as analytics, artificial intelligence, compute, and storage, catering to various industries including healthcare, education, gaming and nonprofits.

LEAP forum is exploring topics such as artificial intelligence (AI), blockchain, smart cities, and the digital economy.

Saudi Arabia recently signed an agreement with The Hashgraph Association to launch a deep tech venture for cutting edge technologies including Blockchain.

Blockchain GameFi Venture, MetaTrace receives license in UAE

Blockchain GameFi Venture, MetaTrace receives license in UAE

MetaTrace, a GameFi venture, has secured a license from the UAE RAK DAO within the free economic zone. Embarking on its third investment round, the project aims to amass $25 million for global expansion, fortifying its market presence globally.

In May 2022 MetaTrace raised $500,000 for its NFT collection. By August 2022, a successful MVP on the geolocation platform MetaFora, powered by Polygon blockchain, was unveiled.

The second investment phase garnered $5,150,000, supported by angel investor Alexey. This marked the beginning of an extensive blockchain product ecosystem and a team of 50+ professionals. In September 2023, the MetaTrace TRC token debuted on exchanges, showcasing a 400% increase and maintaining a leading market position.

Metatrace is now launching its Series A investment round of $25 million. Mezen consulting group values MetaTrace at over $296 million, with projections soaring to $700 million within the next year. Despite the high valuation for a yet-to-be-fully-launched game, MetaTrace’s substantial user base and vibrant ecosystem provide a distinct advantage in this dynamic project.

UAE game studio launches 24 products for its blockchain strategy

UAE game studio launches 24 products for its blockchain strategy

UAE based Lucidia, a game studio and publisher has announced Web3 gaming strategy integrating blockchain technology. As per the announcement Lucidia is set to redefine the gaming experience with its suite of 24 ground-breaking products. The company’s strategy focuses on blending traditional gaming with the transformative potential of blockchain, catering to the vibrant and rapidly expanding gaming community in the Middle East.

Feras Alnimer, CFO and Co-Founder of Lucidia, shared his vision for the company, stating, “We are crafting ecosystems that redefine the essence of gaming through the power of Web3. The Middle East, with its vibrant youth and untapped potential, is not just a market for us—it’s the future. So we’re inviting our community to help us shape this future. Our suite of 24 ground-breaking products is only a beginning. Together, we’re not just playing games; we’re setting new paradigms.”

Lucidia’s innovative approach is not only about enhancing game mechanics with blockchain technology but also about creating a new revenue model and community engagement strategies that position the company at the forefront of the Web3 gaming sector.

The global gaming market has surpassed $200 billion by 2023, with the Middle East experiencing the fastest growth. This rapid expansion highlights the vast potential and opportunities within the region for innovative gaming solutions like those offered by Lucidia.

“Our focus on the Middle Eastern market involves developing localized content and tailored gaming experiences to resonate with the cultural nuances and preferences of the region. This strategic direction is expected to enable Lucidia to capture a significant share of the market, leveraging the region’s untapped potential to foster a vibrant gaming community,” Alnimer said.

The company is committed to building a self-sustaining community of gamers, developers, and investors, creating an ecosystem where innovation, engagement, and growth can thrive.

Lucidia, based in Dubai, UAE specializes in merging classic gaming experiences with the innovative capabilities of blockchain technology.

This announcement comes as more investments are being made in the gaming sector in MENA and UAE. For example, GameCentric a new Web3 enabled MENA gaming platform which seeks to incorporate crypto and digital assets, raised $1.5 Million in capital from UAE Angel Investor, Bilal Merchant. The platform is currently live.