UAE Zand Bank enters the realm of Blockchain and AI

UAE Zand Bank enters the realm of Blockchain and AI

UAE Zand Bank, UAE’s first digital only bank has subscribed to Infosys Finacle Solutions, a wholly owned subsidiary of Infosys suite to power its corporate banking services and enable it to innovate and integrate solutions on Blockchain and AI.

The deployment of Infosys Finacle’s advanced cloud-native solutions on Microsoft Azure is a testament to Zand’s commitment to provide a customer-centric, future-ready banking experience, underpinned by the latest in AI and predictive analytics.

The Finacle Corporate Banking Solution Suite’s modular framework and expansive suite of features, including an array of Open APIs, will significantly accelerate the launch of innovative services, supporting Zand’s objective of continuous innovation and commitment to customer delight.

Infosys Finacle enables Zand’s capability to assimilate and process a vast array of data, equips it to partner with sophisticated analytics platforms, thereby offering cutting-edge services to its customers.

The collaboration enables Zand to innovate and integrate emergent technologies like AI, blockchain, and digital asset management and drive a competitive advantage in the evolving landscape of digital finance.

Michael Chan, Chief Executive Officer of Zand, said, “We are delighted to announce our adoption of the Finacle modular core banking system. This strategic move empowers us to fortify our position at the forefront of innovation, enabling seamless deployment of digital assets, AI, and blockchain technologies. Embracing the future, we are poised to redefine banking experiences and drive unparalleled value for our customers.”

Sajit Vijayakumar, Chief Business Officer, Infosys Finacle, said, “A digital revolution is shaking up the corporate banking sector, paving the way for modern, customer-centric models. We are delighted that Zand, as a trailblazer in this domain, has chosen Infosys Finacle for their ambitious project to redefine corporate banking excellence. We are committed to enabling Zand, fast-track its journey towards offering differentiated customer-centric and world-class corporate banking services. Our collaboration with the bank is yet another testimony to the flexibility of the Infosys Finacle Corporate Banking Suite and the enduring trust that banks in the Gulf Cooperation Council place in us.”

ZAND Bank and ADGM partnered sometime back to offer preferential services to virtual asset service providers.

ADGM’s DLT Guide now made easier with MHQ and ACX Compliance

ADGM’s DLT Guide now made easier with MHQ and ACX Compliance

UAE private wealth optimization platform and ACX compliance, a crypto and Web3 compliance advisory firm, have published a guidebook ” Navigating ADGM’s DLT Foundations”. This initiative is designed to equip businesses with the knowledge and strategies necessary to navigate the intricacies of the Abu Dhabi Global Market’s (ADGM) Distributed Ledger Technology (DLT) ecosystem.

In November 2023, the Abu Dhabi Global Market (ADGM) introduced the Distributed Ledger Technology (DLT) Foundations Regulations 2023, marking the world’s first legal framework for blockchain within its jurisdiction. They have been actively broadening its regulatory framework relating to digital assets and DLT, with the objective of establishing a comprehensive legal and regulatory structure for such businesses.

The ADGM DLT foundations regime offers a supportive ecosystem for blockchain-based businesses, prioritizing investor protection and market integrity. Specifically tailored guidelines provide clarity and certainty for businesses in the blockchain and DLT sector, emphasizing transparency, accountability, and investor confidence. Key benefits include regulated token issuance, programmable governance, and legal protection for decentralized protocols, bridging the gap between on-chain and off-chain realms.

Entities interested in registering a DLT foundation with the ADGM Registration Authority (ADGM RA) must meet stringent application criteria outlined in the Regulations. Eligible applicants include a diverse array of entities such as blockchain foundations, web3 entities, decentralized autonomous organizations (DAOs), and traditional foundations seeking to harness the potential of DLT for enhanced operations.

According to the guidebook, DLT foundations are bound by numerous ongoing and annual compliance obligations to ensure their operations align with legal standards. These ongoing obligations necessitate DLT foundations to maintain a registered office within the ADGM, serving as a central point for all communications and notices.
Additionally, foundations are required to appoint a Company Service Provider1 responsible for several critical functions. This provider must keep all corporate records as mandated by applicable laws, ensure the foundation has a registered office within the ADGM, act as the foundation’s representative in all interactions with the ADGM RA, including the service of documents, and manage all required notifications and filings with the ADGM RA in accordance with relevant laws.

Hermione Harrison, Director, and Head of Corporate Governance M/HQ commented: “The introduction of the ADGM DLT Foundations Regulations in 2023 signifies a significant breakthrough for the UAE’s cryptocurrency industry, positioning DLT foundations as leaders in innovation and progress within both the ADGM and beyond. These Regulations establish an unprecedented level of regulatory clarity, opening doors to a future marked by heightened transparency and efficiency across the blockchain and Web3 sectors.”

So far two DLT Foundations have been registered in ADGM, IoTa and Finischia.

A New crypto asset broker receives license in Bahrain

A New crypto asset broker receives license in Bahrain

Homegrown Bahrain based ARP Digital has received a Category 3 crypto asset service provider licensed by the Central Bank of Bahrain. A category 3 license allows ARP Digital to offer crypto trading service as an agent and as a principle as well as offering custodial and investment management services.

ARP Digital provides accredited and institutional investors the requisite, tools, products, and services to effectively allocate capital to the digital asset space. ARP Digital combines best-in-class structuring capabilities with sophisticated quantitative research to deliver investment solutions for investors looking to build a strategic allocation to the digital asset space in a fully integrated way.

As per their website, ARP Digital customers include, accredited investors, family offices, institutions, asset managers, crypto exchanges, and crypto miners.

ARP Digital will be the sole provider in Bahrain specialized in over-the-counter services for structured digital asset products.

With the availability of structured digital asset products, a bridge is ​being built between traditional and cryptographic financial services.

At the heart of ARP Digital’s mission is the provision of comprehensive trading, custody, and portfolio management services. As per their website ARP Digital offers investors the ability to buy tokens, options, and structured products using wire transfers or on-chain transfers.

The team behind ARP Digital includes Yusuf Alireza, a former Goldman Sachs titan with a storied two-decade tenure and historical designation as the institution’s⁣ inaugural Arab partner, offers a blend of traditional and innovative investment strategies.

In addition is Abdul Aziz Kanoo, who previously held the position of regional director for Amber Group business in MENA. Prior to Amber Group, Abdulaziz worked in various Venture Capital Funds in New York and Dubai including Fin Capital, Palm Drive Capital, and BECO Capital. His Brother Yusuf Kanoo also a director, served as a fintech executive at the Bank of Bahrain and Kuwait (BBK) and a data analytics professional at MARF Group, where he was responsible for utilizing big data for strategy formulation and process optimization.

Yusuf Alireza’s believes that digital assets are the most consequential financial services innovation in the past two decades.

CoinMENA a licensed crypto broker in Bahrain also holds a Category 3 license. While Binance is the only crypto exchange in Bahrain to hold a category 4 license. Binance with its category 4 license can offer full crypto exchange services.

Bitget crypto exchange users can now buy crypto using UAE dirham

Bitget crypto exchange users can now buy crypto using UAE dirham

Bitget, crypto exchange and Web3 company, has partnered with OnRamp, the leading crypto payment solution provider to allow users the ability to buy crypto using UAE Dirham through bank transfers. With the integration, Bitget users can now buy and sell digital assets using various local currencies. This collaboration brings significant improvements for users interacting with digital assets, enabling seamless conversion between fiat and crypto instantaneously.

Users can buy crypto with NGN, AED, and MXN through bank transfers, and with VND via VietQR. This range of options ensures that users have easy-to-use and reliable methods to convert cryptocurrencies to fiat and vice versa. Bitget caters to users with a diverse set of preferences and finance management requirements, fulfilling their needs with emerging WEB3 products.

Bitget is introducing a zero-fee offer with this integration for all cryptocurrencies. This compliments Bitget’s current in-house zero-fee offer for Bitcoin (BTC) and Ethereum (ETH). The move allows users to buy cryptocurrencies via traditional banking channels through OnRamp without incurring any fees.

“At Bitget we’re constantly improvising our platform’s abilities, including its fiat-to-crypto conversion capabilities. The integration is a step closer to our mission to drive mass adoption of crypto, making it easy for people around the world to trade crypto. By smoothing out the conversion process between crypto and fiat we’re accelerating an inclusive and global financial revolution,” says Gracy Chen, Managing Director at Bitget.

In the UAE CoinMENA also announced its partnership with Network International for crypto onramping.

VARA grants First crypto derivative exchange license to Deribit

VARA grants First crypto derivative exchange license to Deribit

Deribit FZE, the UAE based entity of Deribit group, a crypto derivative options platform, has announced that it has received a conditional Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) for VA Exchange Services. The license covers both spot and derivatives trading and remains non-operational until Deribit fully satisfies all remaining conditions and select localization requirements defined by VARA.

Deribit is a centralized, institutional-grade crypto derivatives exchange for options and futures. Deribit set up its operations One Central in Dubai and has now announced that it is relocating its global headquarters to Dubai. It has also appointed Luuk Strijers as the Chief Executive Officer alongside two Non-Executive Directors. The firm will work closely with VARA to complete the last formal steps in the process to enable it to officially launch the exchange in Dubai.

Once operational, Deribit will serve institutional and qualified investors, enabling them to utilise the platform´s leading technology. The firm will also continue to serve its retail client base from its broker affiliate in Panama, which is a member of Deribit FZE in Dubai until further notice.

Strijers commented, “Being appointed CEO at this crucial time is a huge honor. VARA’s progressive regulatory framework opens up vast opportunities in the digital asset realm. Our strong position in the crypto options market reflects the trust our clients have in us. I’m thrilled to work with our loyal clientele and drive Deribit’s innovation, as we continue to lead in the evolving crypto marketplace.”

Deribit has also disclosed that Dennis Dijkstra, Former CEO of Flow Traders, and industry veteran Willem Meijer, will become Non-Executive Directors (NEDs) for Deribit. As NEDs, Dijkstra and Meijer will be assisting in advising on the long-term growth strategy of the company and ensuring that Deribit continues to position itself as a successful and profitable market leader.

John Jansen, Co-Founder of Deribit, added, “Today marks a monumental chapter in Deribit’s story. Securing the conditional VASP license from VARA is not just a regulatory milestone; it’s a sign of our unwavering commitment to providing a secure, transparent, and innovative platform for our users. The appointment of a new CEO and two seasoned NEDs signifies a fusion of fresh insights and extensive experience, fortifying our strategy for long-term growth. As we anchor our operations in Dubai, we’re not only extending our reach but also reaffirming our resolve to remain the platform of choice for trading. This is a giant stride towards realising our ambitious vision, and it invigorates our journey in steering the crypto industry to new horizons.”

Former ambassador to UAE chairs Binance Board of Directors at ADGM

Former ambassador to UAE chairs Binance Board of Directors at ADGM

Registered in UAE’s Abu Dhabi Global Markets, the new board of Directors of Binance is headed by the former Barbados ambassador to UAE Mr. Gabriel Abed.

Binance MENA Holdings, registered in ADGM has appointed Gabriel Abed, who served as ambassador of Barbados to the United Arab Emirates, as chairman. According to ADGM website Abed was appointed on March 8th 2024. Could this mean that Abu Dhabi is the headquarter of Binance?

Binance listed the Board of Directors on its website.

Gabriel Abed as Chairman of the Board (Independent Board Member), a globally recognized technology entrepreneur, seasoned board member and former diplomat specializing in the intersection of regulatory innovation and financial technologies. He has over 13 years of experience within the blockchain industry and has navigated complex financial landscapes within regulated environments across several industries and countries

In 2013, Mr. Abed was the founding CEO of Bitt, the trailblazing company that introduced one of the world’s earliest Central Bank Digital Currencies (CBDCs). In 2016, he co-founded Digital Asset Capital Management (DACM), a hedge fund that quickly became best-performing in its category. Today, he continues to be a leading authority on digital economy affairs, regulation and blockchain technologies.

In April 2018, Mr. Abed was appointed as the Special Technology Advisor to the Honourable David Burt of Bermuda. In 2020 he had a leadership role in the World Economic Forum’s Global Future Council on Cryptocurrencies’ Regulatory Framework Group. He was also a board member of the Barbados Stock Exchange and of ANSA Bank (Trinidad). Mr. Abed serves as an honorary member for the Barbados Financial Services Commission’s subcommittee for FinTech.

Mr. Abed graduated with honors from the Ontario Technology University, with a Bachelor’s Degree in Information Technology, majoring in Network Security. Due to his contributions to blockchain and regulation technology, Mr. Abed was also conferred an Honorary Doctorate in Law by the University of the West Indies.

As per Binance website, “As Chairman of Binance’s Board of Directors, Mr. Abed remains dedicated to forging multilateral relationships across governments, governance, technology and regulation.”

Xin Wang appointed as Independent Board Member. Xin Wang is a qualified lawyer in the State of California and a Solicitor of England and Wales with extensive experience in leveraged, acquisition and project financings as well as mergers and acquisitions (M&A). Ms. Wang serves as an independent board member of Binance’s Board of Directors.

Ms. Wang is the CEO of Bayview Acquisition Corp, a special purpose acquisition company listed on NASDAQ. She also serves as consulting partner at BHR Partners, a firm that focuses on strategic private equity investments in cross-border M&A deals with specific focus on high-end manufacturing and natural resource sectors. Prior to BHR, she served as Counsel with the international law firm of White & Case. Ms. Wang received her Bachelor of Commerce from McGill University and Juris Doctorate from Boston University School of Law.

Arnaud Ventura appointed as Independent Board Member. Arnaud Ventura is Managing Partner of Gojo & Company, a Tokyo Based investment holding company. He is a serial entrepreneur focusing on businesses that generate strong social impact. Mr. Ventura founded and led two of the leading financial inclusion groups worldwide, PlaNet Finance and Baobab (formally known as MicroCred Group), a microfinance holding company which he led as its founder and CEO till 2019. Mr. Ventura was also the Founder of mBank Holding, a mobile banking-based group and of the Positive Economy Forum, a series of events focusing on developing a positive economy. Mr. Ventura is Co-Founder and President of the France-China Young Leader Programme and the France Asia Foundation. Mr. Ventura is a French-American Young Leader Fellow and a WEF Young Global Leader. He is a graduate of one of the top French engineering schools.

Mr. Ventura is also an Independent Board member with: NSIA Group and MANZI Holding; Ard Financial Services, where he is also chairman of the Audit & Risk committee; and, Humo Bank, where he also chairs the Risk committee. Mr. Ventura is also the Chairman of the Board of Binance France, a registered VASP in France.

Richard Teng :is the CEO of Binance; previously serving as CEO of Binance Singapore and held roles looking after the MENA region, the European region, and ultimately all regions outside of the U.S. as the Head of Regional Markets at Binance.In this role, he led regional teams to secure strategic partnerships, foster an ecosystem of innovation, and expand the cryptocurrency ecosystem within the respective regions. Prior to joining Binance, Mr. Teng was a former regulator. He was the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), where he showcased his capabilities as one of the world’s foremost innovative regulators. Mr. Teng’s vast experience also includes previous roles as the Chief Regulatory Officer of the Singapore Exchange (SGX) and Director of Corporate Finance at the Monetary Authority of Singapore (MAS). Mr. Teng received his Masters in Applied Finance (Distinction) from the University of Western Australia and a Bachelor of Accountancy (1st Class) from Nanyang Technological University.

Roger Wang: is the top product expert in Binance and a founding member of the organization. He developed the cutting-edge technology that drives Web3 innovation through the Binance platform. He is responsible for the design and implementation of the exchange platform and wallet system, ensuring its security, stability, and scalability. He has been working in the financial industry for over 10 years. Prior to joining Binance, Mr. Wang played a leading role in the development of the credit booking, analytics and marking systems in Nomura and the equity system in Morgan Stanley.

Heina Chen: is a Senior Executive and Co-Founder of Binance. With deep Web3 experience, Ms. Chen manages the clearing, settlement and treasury at Binance and is also responsible for the strategy implementation, company policies enhancement and business operation management. Ms. Chen has over 14 years of operations management and entrepreneurial experience. The breadth of her experience includes overseeing the whole back office covering Finance, HR, Admin, Clearing, and Treasury functions for the world’s largest cryptocurrency exchange. Prior to Binance, Ms. Chen was Chief Operating Officer and Co-Founder of Bijie Tech, a software development company providing exchange-as-a-service platforms to other exchanges. Ms. Chen has a Master EMBA from the National University of Singapore and Bachelor’s Degree in Finance and Accounting from Shanghai University of Finance and Economics.

Rock He: dedicated himself to the digital currency field in 2014 and joined Binance in 2017 as one of the founding team members, where he has led a number of business units including one of the most critical, Fiat, for the on-ramps and off-ramps. Mr. He has over a decade of experience in team management and more than four years of experience in Internet and media companies leading operations, branding and business.

Mr. He has more than 10 years of experience in the blockchain industry, including as an independent researcher, with strong institutional knowledge with respect to Binance’s product offerings and product development strategy. Mr. He oversees daily business operations, including the setting of key performance indicators, and ensuring teams achieve their performance targets. Mr. He focuses on plans to increase efficiency and reduce operational costs; coordination with the regional and global management team to ensure alignment; and, ensures operational processes stay compliant with local laws and regulations. Mr. He has a Master EMBA from the National University of Singapore.

The Global Advisory Board comprises of the following members:

Max Baucus, USA, Former U.S. Ambassador to the People’s Republic of China; Former U.S. Senator Montana; Former Chairman of Senate Committee on Finance

HyungRin Bang, Korea, Advisor of the Korea Presidential Committee; PR/Communications Advisor of Yoon Seuk-Yul’s 2022 Presidential Campaign; Former CEO, SoftForum Inc.; Former Executive Director, Hyundai; Former Executive Director, Samsung;

Henrique de Campos Meirelles, Brazil, Former Minister of the Economy, Former President of the Central Bank of Brazil, Former Chair of J&F’s board of directors, Former Member of the Board of Directors of Azul Brazilian Airlines, Former President, BankBoston; Former President of Global Banking, FleetBoston Financial; Former Board member, Raytheon Corporation, Bestfoods and Champion International. Former Member of the Council of Lloyd’s of London; Former Chairman of Lazard Americas.

Adalberto Palma, Mexico, Honorary Board Member of The Aspen Institute Mexico; Former Senior Advisor at the Chief of Staff Office to the President of Mexico; Director of Business Development at BEworksMX Consulting; Former President of the CNBV; Founding Chairman of The Center for Excellency in Corporate Governance; Independent Director of the Institute for Savings Protection; President of Bankers Trust Mêxico, Colombia and Venezuela; Managing Director of Citibank Mexico.

David Plouffe, USA, Business, Non-Profit and Political strategist; Author, Member of Various Boards of Directors; Former Campaign Manager Senior Advisor to President Obama in the White House

Christin Schäfer, Germany, Founder and Managing Director of acs plus; Former Group Risk Operating Officer, Erste Group Bank; Former Global Head of Quantitative Solutions, Deutsche Bank, Member of the Data Ethics Commission, German Federal Government

Lord Vaizey, UK, Member of the House of Lords; Former Minister and Member of Parliament

David Wright Europem Chair, EUROFI; Former Secretary General, IOSCO, Former European Commission; Deputy Director General Financial Markets, European Commission

Prior to this Binance offloaded its venture arm Binance Labs.

ADGM hosts Blockchain funds Forum on digital finance and DeFi

ADGM hosts Blockchain funds Forum on digital finance and DeFi

UAE Financial centre, ADGM (Abu Dhabi Global Markets) has announced that it will be holding the Abu Dhabi Blockchain Funds Forum on April 16th at ADGM.

The Forum will gather investors to discuss and explore opportunities in the digital finance and Blockchain landscape.

Speakers will also discuss the potential of Web3 with expert panels on investment opportunities in blockchain technology.

As per the agenda, speakers will include Alex Lipton from ADIA, John D’Agostino from Coinbase, Valerie Hawley from True Global ventures, as well as speakers from SuperScrypt, BH Digital, First Abu Dhabi Bank, Galaxy Digital, Further Ventures, CoinFund and more.

Also on the table is a discussion about the future of DeFi (Decentralized Finance).

ADGM has been at the forefront of virtual asset and DLT regulation. It has also welcomed players such as IoTa, Solana, and others to its financial centre. In addition, the first national crypto exchange M2 was launched recently from ADGM.

The UAE has become a magnet for crypto, digital assets and blockchain startups and companies given its work to advance virtual asset and blockchain regulations.

Biconomy the advocator for seamless blockchain receives strategic funding

Biconomy the advocator for seamless blockchain receives strategic funding

Account Abstraction infrastructure provider Biconomy, a developer platform setting UX standards for seamless blockchain transactions integrated across 20 chains and more than 400 dApps, with partners including J. P Morgan, Trust Wallet, Mercedes-Benz, Animoca Brands, and Kwenta, has received strategic funding from leading web3 VCs Jump Capital, Borderless Capital, Consensys Ventures, Taisu Ventures, Manifold Trading, Side Door Ventures, and Blockchain Founders Fund, to position itself for accelerated growth as momentum returns in the crypto market.

Notable angels include prolific investors such as American entrepreneur and investor Balaji Srinivasan, and Jordi Alexander, founder of Selini Capital. To date, Biconomy’s Account Abstraction-SDK has helped onboard more than 4.5M users, created more than 6.1M UserOps with almost 50% of market share in Account Abstraction transactions, while powering more than 1.2M Smart Accounts.

“Securing this important round is testament to the strength and promise of our vision to empower web3 developers to unlock mass adoption of blockchain technology,” remarked Aniket Jindal, Co-founder of Biconomy. “We remain committed to our goal of delivering market-leading infrastructure for web3 teams, and we are grateful for the trust and support of our investors.” ‍

‍This comes as Biconomy partners with leading players including J.P Morgan who built a gas-abstraction solution with Biconomy’s dynamic Paymaster service that ensured all transaction gas fees were covered. Using the Sponsorship Paymaster mode to create a smart contract wallet with Biconomy, Fund Managers could easily and seamlessly deploy new funds in the form of Smart Contracts, as well as enable convenient payments in any ERC20 tokens.

In addition Anichess Game A subsidiary of Animoca Brands leverages Biconomy’s Smart Accounts and produced almost 300K on-chain gasless actions in its first 7 days of going live.

Even Trust Wallet, the largest mobile self-custody wallet in web3, unveiled SWIFT — a smart contract wallet powered by Account Abstraction and achieved in partnership with Biconomy’s Paymaster and Bundler infrastructure, with support for 200+ tokens — to a base of 80 million users.

Biconomy’s other Co-Founder Ahmed Al-Balaghi is based out of Dubai UAE and hosts a podcast called Encrypted.

In 2021, Biconomy, raised $11.5 million from their token sale on Coinlist and added 12,000 new token holders Prior to this Biconomy had raised 9 million USD from investors in its seed round.

Islamicoin launches blockchain interest free loan platform

Islamicoin launches blockchain interest free loan platform

U.S. based ISLAMICOIN has launched a blockchain enabled sharia compliant Riba free loan platform called Iqrad. ISLAMICOIN whose founder is a Lebanese national Jaafar (Jeff) Krayem has built Sharia Compliant Certified Islamic Cryptocurrency for the Global Muslim Community and a core to develop iChain.

iChain stands as a decentralized blockchain network aimed to nurturing halal-only projects, catalyzing an unprecedented transformation in the world of Islamic finance. Built on Hyperledger Besu IBFT platform, iChain creates a space that empowers individuals, organizations, and projects aligned with the principles of the Islamic faith.

Built on the Polygon network and utilizing smart contract technology, iQrad offers a model for riba-free loans aimed at promoting sustainable development and social solidarity within the framework of Islamic sharia.

“The rise in demand for innovative and transparent Islamic finance solutions has fueled the development of iQrad,” said Krayem


This user-friendly platform provides individuals and institutions worldwide with access to riba-free loans, regardless of location.
iQrad represents a significant step towards financial inclusion and creating fair financial opportunities for all, particularly for low-income individuals and budding projects seeking growth.


At the heart of iQrad lies the concept of the “Angel investor.” This fosters a spirit of community, encouraging individuals and institutions to contribute to the loan fund through USDT deposits as a charitable act to empower others, not for profit. Protected by robust blockchain security technologies, these deposits allow investors to actively contribute to building an integrated and supportive financial ecosystem.

Krayem adds, “The launch of iQrad marks a significant step towards realizing our vision for the future of Islamic finance – where cutting-edge technology complements longstanding Islamic values, By leveraging iGold as collateral, we offer a Sharia-compliant loan platform that fosters positive and sustainable change in people’s lives while upholding our commitment to ethical and transparent practices.”

ISLAMICOIN also launched its ISLAMIwallet on apple and android. The update unlocks features such as the integration with iQrad, enahnced and iGold features.

ISLAMICOIN is different than Haqq Blockchain’s IslamicCoin.

UAE emerging tech investment firm leads $2 million investment in Swiftcourt

UAE emerging tech investment firm leads $2 million investment in Swiftcourt

UAE emerging tech investment firm, XVC Tech has led an investment round of $2.1 million in SwiftCourt AB, a digital solutions platform that offers digital sales contracts incorporating e-signing, secure peer-to-peer payment, and contract solutions.

XVC is an Investment Company based out of Dubai with a focus on early-stage investments in Next-Gen technology projects backed by XDC Network’s founders. XVC Tech has a global investment mandate to invest across Web3 native projects as well as Web2 to Web3 transformation projects

As per the press release published earlier this year, the investment underscores the shared vision and strategic alignment between XVC Tech and Swiftcourt as they join forces to transform the landscape of digital transactions and P2P transactions. SwiftCourt will utilize the XDC Blockchain Network which would enable transactions to be safe, more efficient, transparent, and secure to users worldwide.

With the vision of making second-hand trade as safe as purchases made in stores, Swiftcourt has been gaining recognition in Europe with its long-standing contract platform, and its recent release of a PSD2-compliant P2P payment service for buying and selling used goods to speed up transfer times and cut costs for distributors and end users.

Relying on bank-grade KYC and utilizing escrow accounts to safeguard transactions, Swiftcourt can ensure that neither party falls victim to fraud. With added blockchain capabilities, Swiftcourt will now utilize XDC’s smart contract features to further automate contract fulfillment and release funds to make the solution even more secure.

SwiftCourt has established a presence across Norway, Sweden, Germany, and Finland and has captured the market share of the Nordic region catering to 1.4 Million customers.

XDC Network, an enterprise-grade Layer 1, EVM Compatible Blockchain Network, will serve as the backbone to seal and verify the contract using a Simple Electronic Seal. The contract would be co-signed between two parties on SwiftCourt’s platform using a cryptographic hash and wrapping reference and later can be used to verify the signed contract on the XDC Network with the cryptographic hash.

Johan Lundberg, Founding Partner at XVC Tech, comments “We are thrilled to support Swiftcourt in its mission to revolutionize peer-to-peer transactions, and incorporating blockchain for documentation aligns perfectly with our investment vision of utilizing blockchain technology to ensure transparency and security. This infusion of capital will enable Swiftcourt to offer its solutions in new markets such as Asia while the access to XDC blockchain will bolster its tech stack and introduce cutting-edge smart contract technology.”

“Recent market changes have pinpointed clear market gaps in terms of fintech capabilities aimed at circular economies, and those fit perfectly with Swiftcourt’s vision. This new infusion of capital means that we can take on these challenges, but in turn brings some major changes and a highly ambitious roadmap that will require our full attention. This split of responsibilities allows for that and will hopefully enable us to share some more exciting news, very, very soon.” says Sofia Malmberg, Co-CEO.

After Europe, SwiftCourt is now planning an APAC expansion by offering its digital contract and P2P solutions to growing economies such as India, Bangladesh, and Sri Lanka.