Dubai Airport freezone to launch its metaverse

Dubai Airport freezone to launch its metaverse

Dubai Airport Freezone (DAFZ), part of Dubai Integrated Economic Zones Authority (DIEZ), will be launching its metaverse called METADAFZ during Gitex 2022.

The launch is part of the Dubai metaverse strategy, and  aims to attract foreign direct investment (FDI) and businesses to the free zone, by uncovering DAFZ’s unique offerings, products, and solutions to advance the Emirate’s leading position as a hub for competitive and constructive technology.

METADAFZ will enable clients from across the globe to conduct meetings via a virtual platform, offering a unique and semi-realistic experience regardless of the physical location. The innovative initiative offers an alternative to the traditional way of conducting business activities, and empowers company representatives to discuss future work prospects, as well as how to launch businesses and projects in Dubai.

Amna Lootah, Director-General of Dubai Airport Free Zone (DAFZ), said, “Since its establishment more than 26 years ago, DAFZ has succeeded in consolidating its position as a leading and innovative free zone, providing its clients with access the most up-to-date technology and initiatives. This initiative, which bridges the gap between the physical and virtual world, will contribute to the digitisation of businesses in the free zone and support global businesses to establish themselves in Dubai, via a smooth experience. This will place DAFZ at the heart of the technological revolution, and enhances our presence as a regional and global destination for attracting direct foreign investments and as an integrated business incubator operating according to the highest, standards. The launch represents a significant step forward toward defining DAFZ’s technological and innovative identity in the digital world.”

Venom Blockchain gets ADGM license and becomes the first to build NFT marketplace and Fiat backed stablecoin

Venom Blockchain gets ADGM license and becomes the first to build NFT marketplace and Fiat backed stablecoin

UAE ADGM ( Abu Dhabi Global Market) announced on LinkedIn that Venom Blockchain has become the first ADGM licensed crypto foundation to build a scalable blockchain platform. ADGM also stated, “Venom is on its way to developing an NFT marketplace, derivative exchange and fiat-backed stablecoin”

The statement adds that Venom Foundation is set to become one of the most anticipated blockchain phenomena, enriching the ADGM community and the nation as a whole!

As per the news Venom Foundation perpetually works on providing an abundant bundle of scalable blockchain-powered products and services for the wider financial community. Through robust security measures and a rich database, Venom Foundation has produced an array of self-sufficient tools, including ewallets, decentralised exchanges and more.

The statement then adds, “Subject to the relevant regulatory approvals, Venom Foundation will work with ecosystem participants to ensure that such products are offered in a compliant manner within the trusted and well-regulated environment of ADGM.”

ADGM’s UAE virtual asset regulator in Abu Dhabi,  FSRA (Financial Services Regulatory Authority) of ADGM ( Abu Dhabi Global Market) had recently announced enhancements on its capital markets framework, allowing for the trading of NFTs  (Non Fungible tokens) on virtual asset regulated platforms, This means that MTFs/Custodians (Multilateral trading Facilities) operating within ADGM are now able to seek approval from the FSRA to engage in Non-Fungible Token (NFT) activities.

It would seem that Venom is the first fruit of this new framework.

Prior to the announcement Venom Foundation released their press release, where they stated that, “Venom Foundation has been registered as the first crypto foundation in the ADGM, with a license to operate a blockchain and issue utility tokens. ADGM is well known as a fintech oasis for investors and financial services firms in the region and from around the globe. The next essential step of Venom Blockchain – its launch – will be announced soon.”

Venom blockchain is an asynchronous blockchain technology of dynamical sharding, that has made a leap in blockchain technology development globally, bringing to the market boundless scalability, and higher security guarantees with decentralization.

Venom Foundation has  three core directions, such as Essential Infrastructure, Support of Inbound Projects, Developer-friendly Platform, each to offer novel solutions for solving earlier existing issues in the crypto market.

As per Venom news,  the most valuable feature for the MENA region market is the technology that enables major corporations and companies to conduct an easy and secure transition into Web3 globalization, managing the gross data transaction flows without faltering by increasing fees and transaction times.

Venom Foundation’s main priority is to develop and support a self-sufficient blockchain ecosystem and it has already yielded significant results: non-custodial Wallet (VenomWallet mobile application and Desktop Browser Extension) with a Multisig accounts option and Ledger support, VenomScan (to keep everything transparent with access to transactions history), VenomBridge (allowing the interchain transactions to be made fast, while low price), VenomPools (to stake on Validator nodes), VenomGet (an easy gateway to Venom tokens), Web3.World (native decentralized exchange) has been built.

Venom also mentioned that individual developers, companies, and government authorities will be able to engage Venom Foundation to establish new products such as NFT marketplace, Derivative Exchange, fiat-backed stablecoin, and many others to come with the potential to become a bridge toward wide adoption of CBDC in the UAE, other MENA countries and globally.

BSV Blockchain Association MENA to launch its projects and educational initiatives at exclusive VIP reception in UAE

BSV Blockchain Association MENA to launch its projects and educational initiatives at exclusive VIP reception in UAE

The BSV Blockchain association MENA chapter is working on several blockchain education and implementation projects to drive innovation in the UAE. To launch these initiatives BSV Blockchain will be hosting a VIP reception event in Ras Al Khaimah on October 8th 2022 at the InterContinental Ras Al Khaimah Resort and Spa.

Members of the UAE royal family, C-level executives and select members of the media will be in attendance.

Muhammad Salman Anjum, BSV MENA Hub Lead and Chief Mate of InvoiceMate stated, “This event will include the rolling out of training programmes in the Ras Al Khaimah to orient government decision makers and educate local developers and entrepreneurs on the capabilities of the BSV blockchain, an initiative that has already received great interest in the UAE.”

At the event notable speakers and global industry experts will share their uses cases built on BSV Blockchain. They include names such as Marcin Zarakowski – Chief of Staff at BSV Blockchain Association, Bryan Daugherty – Co-founder of blockchain distribution network SmartLedger, Mohammed Ibrahim Jega – Co-founder of Domineum and Geoffrey Weli-Wosu – Co-founder of Domineum, Stephan Nilsson – Founder of UNISOT, and Rohan Sharan – Founder of TimeChain Labs.

BSV Blockchain Association MENA chapter will also be exhibiting at the Future Blockchain Summit in Dubai being held alongside Gitex 2022.

The summit will allow industry experts to leverage countless networking opportunities, an expert conference programme and transformational workshops to explore distinct themes including: Blockchain for Enterprise, The Future of Digital Assets, Into the Metaverse

BSV Blockchain Association will have a physical booth on the show floor where attendees can learn about the original Bitcoin, and its benefits to start-ups and enterprises, as well as speak to BSV Blockchain companies in the Middle East and North Africa (MENA) region.

UAE ADIB Bank becomes 10th bank to join UAE Blockchain trade finance platform

UAE ADIB Bank becomes 10th bank to join UAE Blockchain trade finance platform

Abu Dhabi Islamic Bank (ADIB) has become the 10th bank to join Blockchain trade finance platform UAE Trade Connect (UTC), developed by e& enterprise, formerly Etisalat Digital.

As per the news this will support ADIB’s digital transformation strategy while boosting the transparency and security of its services. The bank will utilize the UTC platform for the detection of fraud and dubious transactions in the trade finance segment, according to a press release.

Faisal Abu Shaar, Group Chief Risk Officer at ADIB, said: “With the goal of supporting UAE’s economic development, we will work closely with UTC and other member banks to enhance our digital capabilities and promote the security of the country’s financial sector. We look forward to capitalizing on the opportunities of this agreement to deliver safe and completely transparent banking solutions for our customers.”

Meanwhile Zulqarnain Javaid, CEO of UTC, added “ADIB is an important bank in the corporate banking space and their participation in the platform will further strengthen the network. They join the network at the same time we have crossed the important milestone of AED 60 billion  equivalent to $16 billion value presented to UTC for duplicate inspection and fraud analysis.”

In December 2021, the UAE Blockchain AI enabled  UAE Trade Connect trade finance platform which was built by Etisalat and Blockchain solution provider Avanza Innovations, had processed 10 Billion AED (2.7 billion USD) worth of invoices during the first eight months of its operation. Etisalat Digital  launched UTC trade Finance platform in April of 2021 alongside seven banks within the UAE.

In early 2022,  Abu Dhabi Commercial Bank joined UTC platform as did Dubai Islamic Bank. At that time UTC had in total nine banks on its roster.

The founding banks included First Abu Dhabi Bank (FAB), RAKBANK, Emirates NBD, Commercial Bank of Dubai, National Bank of Fujairah, Mashreq Bank, ADIB – Abu Dhabi Islamic Bank, and Commercial Bank International.

42 percent of UAE youth and middle aged residents have held crypto, stablecoins and NFTs

42 percent of UAE youth and middle aged residents have held crypto, stablecoins and NFTs

In Checkout.com’s third annual report on digital transformation in MENA for 2022, it found that e-commerce in the UAE had settled into a stable high growth era. The report states that consumers in the UAE are turning to their digital devices and spending more time and money online. Even payment methods are evolving in the UAE with more turning to crypto and digital wallets.

The report confirms that 42 percent of 18-40 year olds in the UAE have held digital assets such as crypto, stablecoins and NFTs, and 59 percent of 18-40 year olds would like to be able to pay for goods and services in crypto or stablecoins in the next 12 months. 

The digital transformation in MENA 2022 report draws insights from a regional survey which polled more than 15,500 consumers in August 2022 in the UAE, KSA, Egypt, Qatar, Kuwait, Bahrain and Pakistan.

96 percent of UAE consumers now shop ecommerce, an increase from 89% from last year. This comes as a testament to the continued consumer demand of the flexibility and comfort to shop online.

According to the report, 4 in 10 consumers in UAE shopped online weekly or more frequently in 2022. Moreover, the eCommerce market in the UAE is expected to grow further over the next 12 months with 80% of UAE consumers saying they will maintain or increase their current level of ecommerce spending into 2023.

75 percent of consumers in UAE cite a digital payment method as their preferred payment option for ecommerce, a near doubling in the popularity of digital wallets compared to figures from 2021.

Moreover, 45% of consumers in the UAE say they used BNPL in the last 12 months, an increase from just 21% who used it the year before, this number is expected to surge further with an additional 27% planning to use BNPL in the coming 12 months.

Preference for social commerce in the UAE more than doubled, reaching 16%. Regionally, 20% of consumers in MENA say they most frequently shop ecommerce in a social media channel which represents a 43% growth in the past 24 months.

Remo Giovanni Abbondandolo, Senior Vice President for MENA at Checkout.com, stated,  “The report validates our conclusions from last year – that the UAE’s eCommerce and digital payment ecosystem is growing rapidly. The UAE is one of the most connected societies in the region and consumers here have achieved a high level of maturity when it comes to eCommerce, they are at the top of eCommerce usage in the region and globally.”

He adds, “Additionally, the growing trust in online payments by shoppers means the digital transformation of the region’s retail sector is well underway. This is underlined by the emergence of Web3 as a key component of the online experience, with shoppers showing a significant appetite for transacting on-chain, and a desire both to be paid and to pay in digital currencies.” 

Binance sees close to 50 percent growth in MENA users on its platform

Binance sees close to 50 percent growth in MENA users on its platform

Binance crypto exchange saw a 49 percent growth in the number of users from MENA region in 2022. As per the news this reflects the growing appetite for virtual assets.

In addition Binance has grown its employee base in Dubai alone to over 400 employees.  This comes as Binance recently obtained its Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) which allows the company to offer a range of approved virtual asset related services to suitably qualified retail and institutional investors in Dubai.

Richard Teng, Regional Head of MENA at Binance, comments, “It is extremely encouraging to see this level of growth in the MENA region, not just in terms of user adoption but also in terms of headcount and new employees in our own teams, particularly in the UAE. We are witnessing rapid adoption of blockchain technology in the region and we believe there is huge potential for the UAE to soon become a leading virtual asset hub.”

He adds, “We’ve got exciting plans for Binance in the MENA region and are putting together a highly skilled team to lead our expansion, setting a firm foundation for our future growth. Aligned with our growth objectives, we remain committed to working closely with local regulators to establish a safe and secure ecosystem, and we will continue our cooperation in Dubai and the wider UAE to develop a robust virtual asset infrastructure that protects the market and the investors.”

MENA crypto users receive $566 billion worth of crypto in one year

MENA crypto users receive $566 billion worth of crypto in one year

As per a recent Chainalysis blog report, MENA based crypto users received $566 billion worth of cryptocurrency in one year from July 2021 to June 2022. As per the news, this is a 48 percent increase from 2020-2021.

In addition Turkey, Egypt and Morocco once again lead not only in MENA region but globally. All three countries are in the top thirty list of countries with most crypto savings, usage of crypto for remittance payments and permissive crypto regulations.

These could be caused by these countries’ fiat currency devaluations and the huge remittance market in Egypt for example. This is why Egypt has become the fastest growing crypto market in 2022, while Turkey still remains the largest crypto market with its citizens receiving $192 billion.

The report also notes the role of countries in the GCC (Gulf Cooperation Council), and cites the example of Saudi Arabia which is the third largest crypto market in MENA, while UAE stands at fifth largest. This is especially true given the recent stance of the UAE on crypto and the increased regulations as well as the licenses being granted to crypto exchanges the likes of Binance, and FTX.

In Chainalysis previous report from June 2020 until June 2021, the MENA region was also the fasted growing crypto market. At the time the Middle East region received 271.7 billion USD worth of cryptocurrency representing almost 7 percent of global crypto value received. This was an increase of 1500 percent compared to June 2019 until June 2020. The growth of crypto in Middle East was higher than the overall world adoption that had jumped 880 percent by June 2021.At the time both Turkey and Lebanon topped the MENA countries in terms of receiving crypto.

UAE Blockchain DeFi entity sponsors Future Blockchain Summit

UAE Blockchain DeFi entity sponsors Future Blockchain Summit

Dubai based Ultron Foundation, a Blockchain DeFi entity is sponsoring the Future Blockchain Summit being organized by DWTC in partnership with VARA (Virtual assets Regulatory Authority) from October 10-13th 2022

Ultron CEO, Shukhrat Shadibekov, stated, “We highly respect the people behind the Future Blockchain Summit. It is a brilliant idea to gather Blockchain companies and give them a venue where they can explore and share innovations (to fellow experts and enthusiasts) in the ever-evolving tech industry. We are happy to be included here, as the fastest growing layer-1 blockchain company is an honor for Ultron Foundation.”

Ultron will discuss at Gitex the latest developments in NFT and metaverse as well as the utility of Ultron’s Blockchain network.

The Ultron Football Metaverse project with Devla will be launched in the coming months. It will allow the players to play, strategize, and earn passive rewards. The features and the structure of the game give much anticipation from ULX users and metaverse enthusiasts.

Aside from the gameFi project, Ultron is also set to launch a one-of-a-kind NFT collection with world-famous tattoo artist Ivana Belakova aka Ivana Tattoo Art, in Dubai. The tattoo artist has worked with celebrities like Chris Brown, Rita Ora, Lil Wayne, etc..

Ivana Tattoo Art NFT collection is not just an NFT asset. Ultron and Cosmic Wire curated a lifestyle-based experience that comes with each NFT piece. It is a digital key to wonders that will make you wander and celebrate life with Ivana Tattoo Art around the world. NFT holders will also engage in a community of NFT enthusiasts and join a luxurious annual yacht party with Ivana Tattoo Art and the rest of the NFT VIPs.

To promote the NFT Collection, Ultron Foundation will bring Ivana Tattoo Art to the US, Europe, and the Middle East. There will be a series of events where NFT pass holders will receive one-of-a-kind merchandise and a chance to win a tttoo session with Ivana.

The project will be pre-launched on October 14, 2022, at Ultron’s Grand Closing Celebration in a private and invite-only yacht party attended by distinguished guests from the media and NFT space, executives, celebrities, and the one and only, Ivana Tattoo Art, in Dubai.

Banks will become Dapps and 2022 is a crypto building year

Banks will become Dapps and 2022 is a crypto building year

The chairman of Belobaba, a crypto native hedge fund with a regulated security token, believes that Banks will become Dapps, and that this was the year of building crypto not a bearish year.

Five year old, Belobaba utilizes big data and AI in its investment decisions… The company is currently setting up its headquarters in the UAE as it seeks to get regulated in GCC region. The hedge fund is already regulated by the Gibraltar Financial services commission and operating legally in the USA, as well as in Spain and Estonia.

Lluís Mas, chairman at BELOBABA spoke to LaraontheBlock expressing his views on the crypto market,the banking sector and why they are setting up their headquarters in UAE.

The hedge fund which currently has just $5 million under management is seeking to grow and expand. According to Mas, “I don’t consider it a bad year for crypto and I wouldn’t call it a bullish or bearish market, because just remember in the bearish markets of 2017-2019 Uniswap was created as were NFTs. For me this year is a building year as we see Ethereum merge and global regulations pick up.  Companies like Black Rock are entering the crypto space and financial actors such as Coinbase are offering crypto products to institutional investors. So for me it is definitely a building year.”

He also states that it is absolutely unfair to talk about a crash of Bitcoin. He says, “Bitcoin is at $20,000 today, it is a far cry from where it started out. We also see billions of dollars being invested in esports, DeFi and blockchain with many projects performing well.”

While he doesn’t foresee any significant changes in the crypto market in the next few months, he does see a pick-up in the middle of 2023.  Mas states, “While I don’t see much change in the crypto scene today, what I do know is that Ethereum is super cheap, and things should start to pick up in mid-2023.”

When touching on the topic of banking and its evolution, Mas mentions a well-known phrase in the crypto community, “ Banks are necessary but bankers not” As he explains, for some time bankers have not been taking care of their customers, which has led to the rise of neo banks. For him the future of banks is Dapps. He explains, “ Banks will slowly become dapps first they have the money and collateral, secondly they are working hand in hand with regulators, so in the next few years they will move to decentralized applications. Bitcoin is not here to destroy, but to make things more efficient and more user friendly. This is unstoppable and our role is to educate as many people as possible.” 

According to Belobaba chairman Dapps stand as the new paradigm and DeFi represents a change in the business model of traditional banking giving the opportunity to put the user at the centre of the value model. 

He notes that the banks of the future will not be huge with 1000 employees, but might be as small and nimble as entities such as Uniswap which has just a dozen or so employees. 

While Belobaba seeks to build one day a crypto bank, the company is also bullish on NFT gaming industry which will reach $800 billion by 2024. Belobaba also sees Security token offerings as a huge opportunity given it has grown by 84 percent. As for crypto, it is expected to become a $24 trillion market by 2030.

In terms of expansion, Belobaba is moving its headquarters to Dubai UAE, and are in the process of seeking a license. Mas says, “We are working with local partners to move our headquarters here. There are two reasons for our move; first given we are originally from Spain, the GCC as a geographic region is a comfort zone. In Gibraltar we are accustomed to the Commonwealth laws, as is the situation in UAE.”

He adds that the region is connected to Asia and other continents, and most in the region are open to investing.

While it might not be easy to get a license says Mas, he is confident that given their track record and strong partnerships such as that with RSM their efforts will be fruitful. He explains, “We are actively looking into Abu Dhabi regulatory ADGM, VARA in Dubai and Bahrain.  RSM is a global network of audit, tax and consulting experts that help us ensure our investors are protected.”

Recently Belobaba invested 1 million Euros in Team Queso, a leading esports club in mobile gaming.

UAE Bike and electric mobility retailer to offer crypto payment services with Binance

UAE Bike and electric mobility retailer to offer crypto payment services with Binance

Binance Pay is once again being used in the UAE to buy products using cryptocurrencies. UAE based Bikeera, a retailer for bicycles, scooters, electric mobility vehicles has teamed up with Binance Pay to offer virtual asset payment services.

Bikeera says the move aims to help reduce GHG emissions, carbon footprint and improve the health and lifestyle of GCC residents. Purchasers can pay in BNB, Bitcoin and Ethereum.

Already Majid Al Futtaim, Virtuzone, Palazzo Versace, EazyPay and others are using Binance Pay in the region.

Anthony Boukather, CEO of Bikeera, stated, “Bikeera aims to provide sustainable mobility alternatives that promote a healthy lifestyle and a better planet. By partnering up with Binance, we are giving more flexibility to customers in terms of payment methods. We are proud to have been selected as one of the first companies in this program, and would like to congratulate Binance on their recent announcement about receiving the MVP license from Dubai’s Virtual Asset Regulatory Authority (VARA). This most recent license is an acknowledgement of the compliance and safety processes behind the Binance ecosystem.”

Nadeem Ladki, executive director of Business Development and Strategic Partnerships at Binance added, “Binance is committed to supporting innovative and impact driven businesses such as Bikeera. As a leader in this space, Bikeera’s decision to accept virtual assets payments via Binance Pay empowers the sports community in the UAE and helps with the adoption of more efficient payment methods.”