Gamification enters the crypto exchange world with DIFX

Gamification enters the crypto exchange world with DIFX

DIFX, a cross asset crypto exchange which recently witnessed a 20 percent increase in its number of users, has launched new features amid the bear market, most notably is the introduction of Avatars and personalized profiles, giving the exchange a more gamified look and feel. 

DIFX announced the launch of its future trading, allowing users to maximize profits by utilizing both traditional and digital markets, including stocks, indices, metals, commodities and of course cryptocurrencies. While users can now create accounts through emails and phone numbers, they can also create their own avatar giving the crypto exchange a more gamified feel to it.

New crypto-enthusiasts will also benefit from features such as viewing their digital assets in their preferred currencies, creating trading views with only their favorite assets and custom alerts to keep track of their investments. Other advanced features include the addition of crypto pricing and algorithmic trading, market pairs (Spot & Futures) organized by categories (USDT, NFT, DEFI, etc.), and an order book for filtering & decimal selection.

DIFX cross asset crypto exchange is most popular in Brazil, Spain, France, Lithuania, Vietnam, Ghana and Nigeria. Most of these countries have a high percentage of youth, which are interested in both crypto and egaming. 

UAE Alawad Fund launches 300 million crypto mining and blockchain investment fund

UAE Alawad Fund launches 300 million crypto mining and blockchain investment fund

UAE Alawad Fund announced the launch of their 300 million USD Blockchain crypto investment fund which consists of two main sub funds. The first Fund is focused on cryptocurrency mining while the second is on crypto and Blockchain. The chairman of the fund is His Excellency Sheikh Alawad. As per the website the fund has gained regulatory approval out of DAFZA (Dubai Airport Free Zone). The CEO of the Fund is Jojo Jiang.

The fund is said to invest in virtual assets, blockchain startups, crypto exchanges, with a focus on Bitcoin mining. The Cryptocurrency Mining Sub-fund focuses on cryptocurrency miner supply chain finance and cryptocurrency mining farm constructions. As per an article on Bitcoinist, ” The first Fund is a total of 300 million USD.”

The second sub fund is the investment fund, which will invest in project with sufficient industry experience. The main investment areas are Web 3.0, Metaverse, GameFi & DAO. 10 percent of fund will be allocated to the above and 90 percent will be quantitative investment using statistical algorithms and machine learning.

Currently AlAwad Fund has made investments in two entities, MBTC Mining and Ankots. MBTC mining is a next Generation Crypto providing a Cross-chain Trust Standard in the Metaverse. MBTC mining requires hash power from NFT miners using next-gen proof-of-NFT validation with zero energy consumption. The maximum supply of MBTC is 21,000,000. Mining rewards are 50MBTC per 10mins initially and will be halved every four years.

Ankots is a gameFi play to Earn platform that utilizes NFTs.

UAE DMCC is home to 36 percent of UAE’s crypto and Blockchain businesses

UAE DMCC is home to 36 percent of UAE’s crypto and Blockchain businesses

Since June 2021, exactly one year ago, the UAE DMCC (Dubai Multi Commodities Center) has been able to attract 373 crypto and blockchain companies into its ecosystem of 21,000 companies. Looking deeper this means the crypto and Blockchain companies already make up 1.6 percent of the total number of registered companies at DMCC. These crypto entities reside in DMCC’s crypto center. (figures provided to laraonetheblock by DMCC)

This information came to light when DMCC recently announced its half year 2022 results, which witnessed 1,469 new companies registering at DMCC of which 205 were in the crypto and Blockchain space. As such 14 percent of new companies registering at DMCC in 2022 so far have been from the crypto ecosystem.

While the total percentage of Blockchain and crypto companies registered in DMCC might look insignificant, it is a powerful testament to DMCC and the UAE. The UAE has become a home to major global crypto and Blockchain players especially after the activation of the Virtual Assets Regulatory Authority in Dubai as well as the work being done by ADGM (Abu Dhabi Global Markets) in Abu Dhabi.

Notably UAE now is home to 1000 blockchain and crypto entities as per the stats provided by Crypto Oasis ecosystem. In response, UAE based Crypto Oasis recently updated its target for 2022 to 1500 crypto and Blockchain companies from its previous target of 1000. Given that UAE is home to 1000 blockchain and crypto companies, and DMCC houses a total of 373, this means DMCC is currently home to 37 percent of all the blockchain and crypto entities present in the UAE.

In DMCC press release they noted that part of the growth in the number of companies was due to the continued interest in the DMCC Crypto CENTER. The Crypto Centre offers a home to all types and sizes of crypto businesses, from companies developing blockchain-enabled platforms, NFTs and Metaverse environments, through to firms trading crypto assets.

In addition the UAE has attracted top crypto and blockchain companies, such as Binance, Crypto.com, FTX and others. For example Forbes recently published its top 50 Blockchain companies for 2022, noticeably companies such as FTX crypto exchange on this year’s list now has a presence in the UAE as a regulated entity.

It wouldn’t be surprising to see a larger number of crypto and Blockchain entities enter the UAE by the end of 2022.

Crypto FX trading volume in MENA reaches 400 million USD

Crypto FX trading volume in MENA reaches 400 million USD

According to Saxo Bank press release utilizing data driven from its crypto FX platform, 400 million USD of crypto FX trading was recorded in the MENA region compared to global trading volumes surpassing 3.40 billion USD. These findings were recorded since the initiation of Crypto FX in May 2022.

Saxo Bank noted that Bitcoin and Ethereum were the most popular currencies being traded in the MENA region with 57 percent for Bitcoin and 40 percent for Ethereum. This is in line with global trading which puts Bitcoin-USD at 45 percent of crypto forex trading volumes and  Ethereum-USD at 44 percent volumes. 

Stanislav Kostyukhin, Commercial Owner, Trader, Saxo Bank, said: “These figures show the high interest in this nascent asset class within the region while also highlighting the confidence that investors have in our framework as the market continues to evolve.  Our crypto offering ensures clients have a fully compliant product, with best execution and best practice, an important framework in a space that is otherwise extremely volatile and unregulated.”

Damian Hitchen, CEO of Saxo Bank MENA, highlighted some of the major developments regionally which are helping to increase demand.  He said: “There is no doubt that the UAE is a leading global player in this space. We are seeing high levels of interest and trading from our own clients in this nascent asset class, and we understand the need to balance this increased demand for access with the regulatory and investor protections that are commonplace in more mature asset classes.

UAE Blockchain enabled Data and Location-driven marketing company accepts crypto payments

UAE Blockchain enabled Data and Location-driven marketing company accepts crypto payments

UAE based data and location-driven marketing services company, MEmob which utilizes blockchain technology to offer advanced and effective advertising services, is now accepting crypto payments

As per their announcement, MEmob is assisting entrepreneurs, crypto investors, agencies, and brands as well as decentralized apps (DAPPs), data oracles, blockchain firms, and crypto exchanges by offering them the opportunity to pay in cryptocurrencies. Ihab El Yaman, CEO of MEmob stated, “By backing blockchain technology, embracing it, and accepting cryptocurrencies as payments, we are saying that we believe in this long-term.”

MEmob was one of the first tech companies in MENA to integrate blockchain technology into its operations; MEmob is presently well positioned to enhance digital marketing activations & performance and has strict control over data flow and GDPR adherence. MEmob is trusted by top brands to harness their data for growth and ROI maximization.

Ihab El Yaman added, “I believe, Blockchain, with all its implementations, mistakes, and corrections, will become available to every user with access. Blockchain technology and cryptocurrencies will surely evolve and power the new internet. As we’ve seen with the internet and its use cases over the last 14 years of innovation, this new technology – blockchain too will evolve, possibly over the next ten years. But I am positive that in the near future, hospitals, governments, and financial systems will embrace this technology and reap the benefits. Blockchain integration empowers businesses to unlock endless opportunities to create a global digital footprint. It’s time that we all take active steps towards near future implementation. Also, it goes without saying that the rise of blockchain will eventually bring about a revolution and change the world as we see it now. The best is indeed yet to come.

Crypto is under the influence of two Weather fronts warm and cold

Crypto is under the influence of two Weather fronts warm and cold

Unlike previous crypto winters, this time we are witnessing two weather fronts hitting crypto at the same time. One is sunny and warm and inviting, the other is cold, dreary and repellent.

If you are in the UAE for example crypto is under a warm summer spell. I mean let us take the first drop of news where MENA based Trust Smart Solutions (TSS), a payment tech service provider just partnered with PayScript global company focusing on digital assets, to enable the Crypto Payment Acceptance on Point of Sales Terminals. This is huge, as Payscript is an all-inclusive Crypto Solutions-as-a-Service platform that aims at bridging the gap between the merchants’ accepting cryptocurrencies and the owners of cryptocurrencies. The platform will allow users to do crypto payment via different channels including sending and receiving payments, accepting payments on E-commerce stores and online websites, as well as physical Point-Of-Sale transactions in Retails Stores and Cafes.

The platform will be delivered in a Platform-as-a-Service (PaaS) model in TSS’ operating markets, which brings an element of efficiency and scalability to banks that participate in the platform ecosystem. The platform comes with a core focus to accelerate the adoption of Crypto Payments, providing the platform to bank/Financial Institution and Merchants as an alternative payment channel and additional revenue streams.

Mr. Tamim Halawani, Deputy General Manager of Trust Smart Solutions commented “Crypto is at the forefront of payment innovation globally, addressing high-impact use cases across the merchant-consumer ecosystem. We firmly believe that our partnership with Payscript will democratize access to the crypto universe and drive seamless adoption across various payment channels”.

Mr. Nadeem Shaikh, CEO of Payscript commented “Cryptography is going to be the future of money, whether it’s Bitcoin or Stable Coin or Central Bank Digital Currencies (CBDCs) still needs to be seen but it’s inevitable. Crypto provides a better, transparent, secure framework for managing money. Our partnership with Trust Smart Solutions will enable merchants across Middle East and North Africa to accept crypto payments on the point-of-sale terminals directly in addition to cards! Isn’t that amazing? I am super excited about the partnership and the opportunities lying ahead”.

But that’s not all that is happening in MENA, an entity called crypto and Properties has launched allowing anyone to purchase properties in the UAE via cryptocurrencies. As per their website their vision is to be recognized as Dubai’s most trusted and established real estate brokerage brand. They are the authorized agents of names such as Emaar, Meraas, Dubai Holding, Omniyat, Damac, Kempinski, Nakheel, and others. If crypto is dead then why so many outlets popping up supporting crypto payments?

Even globally According to a Bank of America Global Research survey of U.S. crypto users and prospective users 91% of respondents said they intend to buy cryptocurrencies in the next six months despite a sharp decline in prices. The same number of respondents also reported purchasing coins and other digital assets over the past six months.

Circle Internet Financial has announced a USD coin custody partnership with the American bank holding company New York Community Bancorp (NYCB). Under the agreement, NYCB’s subsidiary, New York Community Bank, will become a custodian for the company’s stablecoin reserves.

It is also interesting to see that even though China through its state run media has noted that Bitcoin is heading to zero amidst its previous ban on cryptocurrency transactions and mining, China is once again the second biggest crypto mining market in the world, superseded by the USA. China has reemerged as a major Bitcoin mining hub, taking second place after USA with 21 percent of market Share. USA holds 37.8 percent of market share. It seems like an oxymoron of sorts coming from a country that seems to officially despise crypto but inherently embrace it.

So there are a lot of interesting good weather news for crypto around the globe, even Luna2, the child of failed Luna seems to be skyrocketing.  The price of Terra (LUNA2) recovered sharply after falling to its historic lows of $1.62. On June 27, LUNA2’s rate reached $2.77 per token, thus chalking up a 70% recovery when measured from the said low. Still, the token traded 77.35% lower than its record high of $12.24, set on May 30th 2022.

In other areas the crypto winter is upon us. Three Arrows Capital just got struck by an arrow right in its heart. A court in the British Virgin Islands has ordered the liquidation of Singapore-based Three Arrows Capital as per a Sky News report. The order reportedly came on the same date that Voyager Digital issued a notice of default to 3AC for its failure to pay its 15,250 Bitcoin and 350 million USDC loan.

Shares of crypto exchange Coinbase Global have been downgraded by analysts at Goldman Sachs after plunging cryptocurrency prices affected the exchange’s underlying business, underscoring the challenges posed by the bear market.  The reason for the downgrade stems from the “continued downdraft in crypto prices,” Goldman analyst William Nance said in a note that was obtained by Bloomberg. Coinbase is also laying off 18 percent of its staff.

In MENA as well crypto exchange BitOasis announced a layoff of 5 percent of its employees. This comes after RAIN Crypto exchange carried out its own layoffs in May.

In the meantime, crypto mining operations globally are facing liquidity issues pushing them to sell their crypto assets or lose their operations all together such as in the case of Compass Mining.

So there is a lot of news hovering within the storm of the crypto winter, but in the end it all depends on how you want to look at it. So for example when you read a newspiece that says 80,000 Bitcoin millionaires wiped out in the great crypto crash of 2022, in that same article it also reads, the bear market has seen more than 13,000 new “wholecoiners”, a wallet that contains one or more BTC , bringing the total number of wholecoiners to just over 860,000. This significant spike in the number of whole coiners would suggest that retail investors are accumulating large amounts of BTC while prices tank.

It is up to you the reader to assess whether it is truly a crypto winter or the likings of a crypto spring.

UAE Sectors left right and center accepting crypto payments

UAE Sectors left right and center accepting crypto payments

This week several entities each one in a different sector announced that they have become the first in their fields to accept crypto payments. Writing this piece I get a feeling that this will soon become common practice. For the past few months all one reads is more and more entities in UAE accepting crypto payments, whether they are schools, restaurants, property developers, Emirates airlines, retail shopping centers such as Majid Al Futtaim and many more. This time it is the turn for art galleries and charities. The majority of crypto enthusiasts and those passionate about Blockchain and crypto have been waiting for this for a long time; it signals the entrance of crypto into mainstream economy and once that happens there is no turning back. Bearish or bullish markets are of little significance because everyone is into crypto.

So Yesterday UAE based Galloire, art gallery announced that it is now accepting crypto payments such a Bitcoin, Ethereum and USDC for artwork sales globally. It is doing so through UAE based digital asset exchange, Midchains. Prior to this DAMAC properties announced it was accepting crypto payments through UAE based digital asset exchange Hayvn

Founder of Galloire Edward Gallagher said; “We have an absolute belief in the use of technology to bring art to as wide an audience as possible, so by using photorealistic VR and AR you’ve already seen us bring exhibitions from world-famous artists to tens of thousands more people than could have ever seen it in the gallery. We want more people to connect with contemporary art and also believe in an egalitarian approach to how people want to pay for that art: Why should we force a crypto-native person to pay in traditional (fiat) currency to acquire a beautiful painting, and vice-versa, why should a traditional collector looking to venture into NFTs have to pay in crypto-currency just to access some digital art they fall in love with?”

MidChains CEO Basil Al Askari said; “We are a company which prides itself on innovation and being able to provide safe and regulated ways to transact and invest with cryptocurrency, so working with Galloire to enable collectors to invest in art using their preferred cryptocurrency made perfect sense to us. Enabling people to pay securely for a physical asset with a digital asset, especially something as impactful as art, is a huge step forward in the UAE and we have been able to power that today, not in months or years’ time.”

Prior to this, UAE government backed nonprofit healthcare organization also became the first healthcare charity to accept cryptocurrency donations.  Al Jalila Foundation announced that it had been granted approval to receive charitable donations in cryptocurrencies. Again Al Jalila did this through a partnership with a leading cryptocurrency platform without naming it.  

Dr Abdulkareem Sultan Al Olama, CEO of Al Jalila Foundation, said: “As a philanthropic organization we rely on charitable donations and we are always seeking innovative ways to expand our donation channels for ease of convenience for donors from all around the world to support our programs. Therefore, as an emerging source of fundraising, providing the opportunity to the growing number of crypto users around the world to donate to Al Jalila Foundation to causes that interest them is a win-win for us as a foundation and the donor community. We are proud to be the first healthcare charity in the UAE to accept donations in cryptocurrencies bridging the gap between physical and digital currency.”

One thing remains to be seen, is when the UAE government announces that it accept crypto payments, then I will just call it a day and name UAE the crypto nation of 2022. 

UAE ChainTech Labs launches first reward bearing tokens marketplace from DIFC

UAE ChainTech Labs launches first reward bearing tokens marketplace from DIFC

ChainTech Labs, the first Reward Bearing tokens marketplace, with custom smart contracts and vaulting technologies that will enable startups and SMEs to get funded utilizing a novel token issuing framework, has launched out of UAE specifically out of DIFC (Dubai International Financial Center).

On its twitter page it states that it is the first DAO (Decentralized Autonomous Organization) out DIFC in UAE.

As per their website, ChainTech builds next generation Dapps for government agencies, global conglomerates and companies operating in over 40 different industries. The company also manages NFT communities. They state that the “total token market cap under their command reached 100,000,000 USD in June 2022.

They have developed BAPESCLAN which is a metavestor NFT DAO with a total market cap of 60,000,000. Minting officially started today. They also have developed BLOODLINES™, the first decentralized animated series, created and owned by its holders, that bridges the gap between Hollywood and Web 3.

Their product offering includes ChainLaunch a Launchpad for highly professional NFT projects and companies with a major focus on metaverse play-to-earn gaming, ChainRescue™ an NFT consultancy service that assists and embraces NFT projects and their communities with promising missed potential, ChainVest™, the world’s first marketplace for Reward Bearing Tokens (RBTs) that enables startups and SMEs to raise capital like never before. RBTs provide holders with access points in the metaverse to earn rewards, ChainReality™ a realistic digital twin of our world, also known as a meta-world. It is built entirely on Unreal Engine 5 with realistic avatars created with Metahuman.

In addition they have developed ChainCapital™, the world’s first DAO Metafund powered by fractionalized ownership, facilitating the fundamental concept of distribution of wealth and power and ChainPaid™ a service that enables private and business payments of any bill or invoice using any cryptocurrency. There has never been a smoother way to pay for anything then now.

Above and beyond all this, in a twitter teaser they announced that they will be partnering with Dubai Blockchain Center and will announce this during the Dubai Fintech Week on the 28th and 29th of June. Both Dr. Marwan Alzarouni, CEO at the Dubai Blockchain Center, and Erik Lydecker, MD at Chaintech Labs Limited will be present.

Qatar to crypto or not to crypto that is the question

Qatar to crypto or not to crypto that is the question

This week Qatar made headlines in the Blockchain, crypto, NFT and metaverse scene on several fronts. While the CEO of Qatar  Sovereign Wealth Fund praised Blockchain but shunned crypto, Qatar’s Central Bank Governor stated that crypto assets are a technology innovation that will take us to a new era of fast accessible payments and financial services. Topping all this was Qatar Airways increased foray into the realm of the metaverse, and NFTs.

It seems that while the government of Qatar has yet to make up its mind on whether it wants to enter the era of cryptocurrencies, or whether they agree that crypto will have to be dealt with at one point or another, they are taking steps towards integrating elements of blockchain and CBDC into their strategies.During the Qatar Economic Forum Qatar Central Bank Governor Bandar Bin Mohammed Bin Saoud Al Thani admitted that Qatar is in the foundation stage of investigating a central bank Digital Currency (CBDC). As he noted, “Many central banks are now considering issuing CBDC, and we are not an exception to that. We are evaluating the pros and cons of issuing the CBDC and to find the proper and the right technology and the platform to issue.”He then noted, “Crypto assets are a technology innovation, and in my view it might take us to a new era of fast accessible payment and financial services.  “Those crypto assets which are not underlying by assets or monetary authority might be less credible.”

On the other hand Qatar’s sovereign wealth fund CEO Mansoor Al Mahmoud revealed that the wealth fund has no interest in investing in Bitcoin, but is still very much interested in exploring blockchain.

He was noted as saying, “Our team in the technology space is exploring opportunities in the blockchain,” Al Mahmoud said in an interview. He adds “This is the space that we’re interested in, not the currency itself.”

In the midst of these discussions Qatar Airways expressed its intention to include the purchase of tickets for physical flights through the QVerse metaverse, and the incorporation of NFTs. 

All this comes while the FIFA World Cup 2022 has partnered with the likes of crypto.com and Algorand Blockchain, and crypto exchange CoinMENA announces it is servicing clients in Qatar through its license in Bahrain. 

Qatar at one point will have to come to grips with the fact that with blockchain the metaverse and digitization comes digital assets, whether they are called cryptocurrencies, crypto assets, virtual assets, tokens or NFTs.

For example if Qatar were to utilize blockchain in the energy sector, and work with companies such as PermianChain which is tokenizing natural resources such as flared gas, and if they wanted to utilize PermianChain’s energy token marketplace, they would at some point need to use the DEC Token to optimize their experience. Tokens and Blockchain go hand in hand despite attempts to de-couple them.

One cannot implement blockchain, invest in blockchain nor create a CBDC to be held in digital wallets, without addressing the elephant in the room which is crypto and or digital asset. So instead of being the black sheep of the GCC Crypto hype, wouldn’t it be better if Qatar was the winning stallion.

Morocco’s crypto bill will be out soon

Morocco’s crypto bill will be out soon

The Central Bank of Morocco, Bank Al Maghrib, announced during its second quarterly in June 2022 that it will be introducing a cryptocurrency bill soon. Abdul Latif Al Jawhari, Governor of Central Bank of Morocco noted that the crypto CBDC committee created in February 2022 is putting in place an appropriate regulatory framework to combine innovation, tech and consumer protection.

He also noted that the crypto bill is being benchmarked against global experiences with IMF and World Bank. He also noted that this regulatory framework will also update the legislation on the fight against money laundering and terrorist financing.

In March 2022, during a session with media He revealed that the Central Bank of Morocco had created a council headed by him to oversee the required regulations for both cryptocurrencies and CBDCs. He stated, “We are in discussions with the Central Banks of friendly nations such as Switzerland, Sweden, and France as well as international financial institutions such as the IMF and World Bank to learn from their expertise and experience.”

Despite the fact that the Moroccan government considers crypto illegal in the country, Morocco has the highest number of crypto owners within the Arab region, followed closely by Egypt. 2.38 percent of Moroccan population own crypto.