A key executive from Ripple leaves to join Crystal Blockchain

A key executive from Ripple leaves to join Crystal Blockchain

Navin Gupta, former Managing Director for South Asia and MENA at Ripple has left Ripple to join Crystal, a blockchain intelligence firm focused on compliance and risk monitoring for cryptocurrencies, Gupta will become the new CEO of Crystal while Marina Khaustova moves into the new position of Chief Operations Officer at Crystal.

Crystal is a blockchain intelligence firm empowering financial institutions, law enforcement and regulators with real-time blockchain analysis, investigative and compliance solutions.

Gupta joins Crystal from Ripple, where he successfully drove growth for the firm in the MEA and South Asian markets. His roles at HSBC and CitiBank, and entrepreneurial experience as co-founder of a commercial transport technology platform, makes Gupta the perfect candidate to steer this next phase of expansion for Crystal. Ripple has grown over the past years in MENA region with 20% of its customers coming from MENA.

With crypto assets becoming increasingly mainstream due to key regulatory and market developments, Crystal appointed Gupta to expand its blockchain intelligence solutions to a global audience of regulators, VASPs, TradFi sectors, and stakeholders in cryptocurrencies.

“Recent developments like the Bitcoin ETF approval have set the stage both for an increased appetite for digital assets and for compliance tools to keep pace with regulatory expectations,” said Brian Brooks, Bitfury Board member and former head of the Office of the Comptroller of the Currency. “It is imperative that regulators and financial institutions worldwide equip themselves with the best toolset and intelligence to keep pace and be fully prepared to tackle any potential risks from this asset class.”

Gupta said, “Marina and Crystal has been at the forefront of developing an exceptional blockchain intelligence solution. As we continue to see adoption grow, we are committed to leveraging new-age tech to stay ahead of the curve. Regulators need superior intelligence and cutting-edge tools to navigate these changes, and TradFi institutions are seeking to manage risks effectively as they enter the digital assets market. Our goal is to stay insanely customer-centric, bringing our solutions to every corner of the world.”

Since 2019, Crystal has expanded its presence into key financial hubs including North America, UK, Europe and MEA, empowering financial institutions, investigators, and regulators with blockchain analysis, compliance and risk monitoring solutions. Crystal’s customer base doubled in 2023 by focusing on delivering its unique solution to enforcement and supervisory bodies. The product offers real-time indirect risk assessment, monitoring over 50,000 entities and organizations and offers proprietary training programs for professional cybercrime investigators.

Oman Ministry of Housing uses blockchain for unified portal

Oman Ministry of Housing uses blockchain for unified portal

Oman’s Ministry of Housing and Urban Planning ( MoHUP) has announced its roadmap for 2024 which will encompass 130 initiatives of which blockchain technology will play a part.  The Oman Ministry of Housing intends to launch a unified portal with one of its main components being blockchain.

The plan hinges on four key pillars: empowering people, embracing a digital leap, strengthening foundations, and building together. These guiding principles will translate into tangible actions, such as capacity-building programs, streamlined processes through technology, clear regulations, and enhanced public engagement.

Urban planning takes center stage, with initiatives like the implementation of the Greater Muscat City structural plan and the development of comprehensive plans for major centers like Greater Sohar and Salalah. Future cities like Sultan Haitham City and Al Jabal Al Akhdar will see significant progress, while the development of Khasab will gain momentum.

As part of its commitment to ensuring “Housing for All”, the Ministry has outlined a number of programs. The Mandaa Project will provide safe havens in Jabal Shams, while mountain villages will receive 84 new residential units. The Kamzar Housing Project and initiatives in the Al-Halaniyyat Islands address specific needs, and relocation and renewal efforts will bring modern housing to Soqara residents and revitalize Wadi Bani Khalid and Qurayyat.

Beyond these specific initiatives, the plan outlines ambitious goals like distributing 1,000 government residential plots, establishing 1,200 housing units within the housing assistance program, and securing RO 1.9 billion for housing loans with the Oman Housing Bank. The completion of 1,051 housing units in Al-Naseem and the offering of 5,300 units through the Sorouh Program further demonstrate the Ministry’s commitment to tangible outcomes.

All this will include a digital transformation journey with the digitization of all Ministry services and the launch of a unified portal leveraging blockchain technology. Key legislation related to urban planning, real estate, and housing will solidify the legal framework for sustainable development.

Previously, the digital revolution permeated the Ministry’s operations, with 56 services automated on platforms like Tatweer and Amlak. This shift not only streamlined processes but also empowered citizens with convenient online access.

In January 2024, The Oman Development Bank announced as well that it would be digitizing its operations utilizing low code blockchain enabled solutions from NewGen Software. Newgen Software, a global provider of low code digital transformation platform will streamline Oman Development Bank’s banking processes.

In addition, the Ministry of Transport Communications and Information Technology announced earlier in February that it would be piloting Blockchain Land transport eWay Bill.

Even ESCWA in February organized a training workshop in Oman on blockchain technology for trade facilitation. The workshop is part of a project to build the capacities of member countries to use the blockchain technology to enhance trade facilitation and competitiveness.  Participants included Omani officials from various agencies including the Ministry of Transport and Information Technology, Ministry of Trade, Customs authorities and Oman Logistics Center.

Blockchain at the heart of Saudi Arabian Smart City

Blockchain at the heart of Saudi Arabian Smart City

In the midst of Saudi Arabia, in Jeddah to be exact, a city is emerging, a smart city that is built on Blockchain. The city is called Mayasem

Mayasem is a smart city construction project in the Kingdom of Saudi Arabia that covers 1.6 million square meters strategically located in Obhur, the thriving new heart of north Jeddah.

Saudi based Shamayel United Development Company; a Jeddah based real estate developer founded in 2010, is the master developer of a 1.6 million sqm plot in the district of Obhur north of the city of Jeddah. The development is an integrated sustainable mixed-use community.

The site of the smart city built on Blockchain, lies adjacent to the development of the Kingdom Tower poised to be the world’s tallest skyscraper.

In Mayasem city, Blockchain technology is not just a concept but the core foundation. It is not just the physical features of the city that are future looking and innovatively designed but as per the developers it is integrated into the blockchain.

The technology in Mayasem is providing an improved standard of living and a new level of data control.

As per the Youtube video on Mayasem, “Every brick, every tree, every drop of water is part of a larger interconnected network. It is not just a city it’s a smart City. It uses data to change the way cities are run and that’s why it is the city of the future but what makes Maysem unique is the blockchain.”

According to the developers, the blockchain technology is the lifeblood of this city, it keeps the heart of the city pumping.

The developers state that the entire construction project has DLT technolog woven into its very fabric. It manages the data from the high end apartments to the shopping malls, luxury parks, up to the lagoons.

The technology is giving the people of the city control over their data and in turn a better standard of living. It is reinventing the way cities are run by offering empowerment, transparency ad progress.

Recently, more and more blockchain projects are being built in Saudi Arabia. For example, blockchain enabled Crysp Farms, a UAE based innovator and operator of decentralized blockchain enabled vertical farms, has secured a $2.25 million ‘Pre-Series A’ round structured and led by Gate Capital with participation from regional investors, including those from the UAE and Saudi Arabia, and is planning to launch in KSA.

While most recently, the Hashgraph Association and the Saudi Ministry of Investment signed a partnership to launch a $250 million Deep tech studio for emerging technologies.

UAE Web3 blockchain gaming project, Exverse raises $3 million

UAE Web3 blockchain gaming project, Exverse raises $3 million

Exverse, a UAE Web3 blockchain gaming project, incubated by launchpads that include KuCoin Labs, Seedify, Epic Games, and ChainGPT, has raised $3 million in a private round led by Cogitent Ventures, Cointelligence, and Moonrock Capital.

It also had additional support from industry leaders such as KuCoin Labs, Epic Games, Seedify, and ChainGPT. The funding will power preparations for the game’s testnet and token launch, forge additional strategic partnerships, and expand its marketing efforts in the APAC region.

Before closing its private seed round, Exverse forged strategic partnerships with a wide range of entities to ensure the startup has a full arsenal of tools to develop the strongest possible game, alongside a robust business model and marketing strategy. Seedify and KuCoin Labs provided guidance and mentorship via their incubation programs—with ChainGPT preparing Exverse for its upcoming launch —and Maven Capital advising the startup on its go-to-market strategy.

Spanning three planets, the Exverse ecosystem offers gamers an immersive experience and advanced gameplay by focusing heavily on competitive and intuitive mechanics, a fluid physics engine, and dynamic visuals. Exverse’s three planets—Social, Quest, and Battle—cater to different playing styles while remaining interconnected within a single timeline, where users compete in cycles known as seasons, lasting eight weeks.

The blockchain game is designed to foster community by allowing players to engage in social events and even develop user-generated worlds within an ever-expanding universe.

Built using Epic’s Unreal Engine 5, Exverse utilizes blockchain technology to strike the balance between enjoyable, realistic, and immersive real-time gameplay. The game prioritizes skill over pay-2-win mechanics, enabling players to earn rewards by staking tokens before a season’s kickoff, with top performers receiving a share of profits from in-game NFTs such as cosmetics and skins.

Ahead of its upcoming alpha launch with a 5,000-player tournament set for March, Exverse has already surpassed 65,000 verified signups. The deathmatch-style tournament occurring on the game’s Battle Planet precedes Exverse’s token launch and gives early wait listers an exclusive chance to test their skills.

“We see ourselves as pioneers in the gaming industry because we’ve built an AAA-quality, classic first-person shooter with Web3 elements,” says Fei Ooi Hoong, CEO of Exverse. “Our hybrid approach is the result of our understanding that for NFT or blockchain games to succeed post-bull market, they need to appeal to gamers in the same way as beloved titles like ‘Call of Duty,’ ‘Halo,’ and ‘Counter-Strike’ have. We decided to focus our efforts first on developing a fun and visually captivating game, and only then strategically working in the token mechanics in a way that rewards skill—all before conducting an IDO.”

“We are excited to be invested in such a promising gaming project like that of Exverse, who gracefully blends the best of Web2 with Web3,” says Sayantan Mitra, partner at Cogitent Ventures. “They boast a strong and visionary leadership along with a talented group of developers, and we are excited to see their project advance over the next several months.”

“It’s been a great pleasure working closely with the Exverse team during their incubation period with us,” says Esport Manager at Seedify. “They had a great vision, talented leadership, and an impressive team of developers that allowed them to get the most out of our incubator. Seedify continues working closely with Exverse to prepare the team for their testnet launch as well as providing a wide array of support, guidance, and infrastructure.”

XDC Blockchain and IFTA to hold digital assets trade workshop in UAE

XDC Blockchain and IFTA to hold digital assets trade workshop in UAE

IFTA (The International Trade and Forfaiting Association) and XDC Blockchain network will be holding a fintech workshop entitled “Use of Digital assets across Trade Origination and Distribution. The event will be held in Dubai UAE on February 22nd at Emirates Financial Towers.

As per the X feed, the workshop is tailored to IFT members, banks, credit insurers, fintech companies and law firms as well as policy makers, corporates, alternative lenders, family offices, asset managers, and logistics operators.

The topics covered will include MLETR policy developments, digital negotiable instruments, and real-time loan transactions and how tokenization and digital assets are revolutionizing the trade finance and lending practices.

Trade Finance has picked up interest not only from the UAE government but also the banking sector. In September 2023, UAE based Emirates NBD invested in Blockchain enabled Komgo, trade finance platform. As per the press release, the strategic equity investment was made by Emirates NBD’s Innovation Fund, the Bank’s corporate venture fund.  The fund created in early 2023, aims to strengthen synergies from strategic partnerships by combining the Bank’s digital ambitions and regional expertise with the agility and technological innovations of fintech companies.

In addition, Blockchain trade finance platform for banks in the UAE, UAE Trade Connect, an e&enterprise company has announced that it has surpassed $27 million in transactions identifying interbank duplicate financing and preventing fraud attempts.

In December 2023, UAE based InvoiceMate, a blockchain enabled invoice financing platform, tokenized a real world asset, an invoice, using the XDC blockchain in its recent pilot. The project used TradeFinex’S open source smart contract standards.

Earlier this year, Dubai’s virtual asset regulator (VARA) announced its plans for 2024 which will include enhancements to its regulatory infrastructure with introduction of real world use cases for tokenized fractionalized market participation using Blockchain as well as TradeFi, DeFi regulations while it has phased out its MVP licensing program

Finally and most importantly the UAE government is supporting tradeFi and the utilization of digital assets. At Davos in January, the UAE government signed an MOU with WEF (World Economic Forum) to support UAE’s new Blockchain and AI enabled Trade Tech initiative. The initiative is designed to accelerate the digitization of international supply chains, enhance customs procedures, and improve developing countries’ access to the global trading system and, as a result, spur a new era of trade growth.

So it seems that this workshop and definitely others to come, are opportune for learning more about the connections between Trade sector and digital assets.

UAE Ghaf Labs and DRIFE to grow blockchain Taxi 3.0

UAE Ghaf Labs and DRIFE to grow blockchain Taxi 3.0

In an announcement on LinkedIn, both UAE Ghaf Labs, a blockchain consultancy and incubator firm focused on cultivating and fostering dynamic startups in the blockchain domain, and DRIFE Blockchain Taxi 3.0 platform has partnered to grow the ride haling landscape in the MENA region.

Ghaf Labs sister company is Ghaf Capital a private investment company also based in the UAE.

Firdosh Sheikh, Founder of DRIFE states, “We are excited to announce our partnership with Ghaf Labs. With such a strong advisory team on board from GHAF, we’re ready to navigate the ride-hailing landscape in MENA. Stay tuned for the journey ahead with DRIFE!

Ghaf Labs also stated that they are proud to highlight DRIFE one of their advisory projects. According to Ghaf Labs, DRIFE is set to revolutionize Dubai’s taxi service. Ghaf Labs notes, “Utilizing blockchain technology and an auction-based pricing model, DRIFE ensures fare transparency and a zero-commission policy, offering riders competitive fare options directly from drivers.”

With a new trade license secured through collaboration with AASA Passenger Mobility Services, DRIFE is launching with 1,000 cabs, introducing a new era of decentralized ride-hailing, dubbed Taxi 3.0.

Ghaf Labs is supporting DRIFE’s mission to transform urban mobility in Dubai.

Saudi Space and tech commission extend registration for emerging tech sandbox

Saudi Space and tech commission extend registration for emerging tech sandbox

The Saudi Arabian, Communications, Space, and Technology Commission  has extended the registration period for the Emerging Technologies Regulatory Sandbox to March 31, 2024. The Emerging Technologies regulatory sandbox is open for technologies such as Blockchain, IoT, and cloud computing, space technology, AR/VR/XR and 3D printing.

This decision supports the nation’s commitment to innovation and technological advancements, offering entrepreneurs and innovators the opportunity to experiment with cutting-edge products, solutions, and business models within a flexible regulatory framework.

By allowing additional time for registrations, the CST is inviting a broader spectrum of innovators to leverage this platform, thereby enhancing inclusivity and diversity in the market. This initiative is part of a broader effort to foster a conducive environment for launching innovative business models, solutions, or services, with the ultimate aim of supporting entrepreneurs and innovators in bringing their visions to life.

The commission’s recent collaboration with the Ministry of Education and the announcement of the winners of the Internet of Things Challenge 2023 are prime examples of its active involvement in nurturing talent and encouraging technological innovation.

This comes at the heel of the signing of the Deep tech Venture Studio between The Hashgraph Association and Saudi Arabia’s Ministry of Investment.

All this is a reflection of the Kingdom’s aim to attract more emerging tech startups and companies to the country.

UAE sovereign wealth fund subsidiary backs Blockchain venture fund

UAE sovereign wealth fund subsidiary backs Blockchain venture fund

UAE Mubadala Capital, a subsidiary of Mubadala Investment, sovereign wealth fund of Abu Dhabi UAE, has offered significant support and backing to RW3 Ventures, an early stage venture capital firm focused on Blockchain. RW3 announced $60 million in capita commitments.

In addition to the support of Mubadala, The Raptor Group, has also support RW3 Ventures.

Launched in 2021 in partnership with The Raptor Group, the family office of Jim Pallotta, RW3 Ventures supports early-stage companies building disruptive blockchain infrastructure and decentralized applications and protocols.

As per the press release, the firm takes a collaborative, hands-on approach to help founders in Web3 grow and scale their platforms. In addition to deploying capital, RW3 Ventures is uniquely positioned to help startups hire talent, build communities, and enhance their technical research and development capabilities.

The RW3 team boasts a significant level of operating and investing experience at some of the largest digital asset firms and financial institutions, and brings an extensive network of relationships throughout the blockchain ecosystem.

The team is led by, Pete Najarian, Founder and Managing Partner. Pete previously served as the Chief Revenue Officer of BitGo from 2019 to 2021, where he helped lead the company through its most dramatic period of growth. Prior to that, he served as a Senior Vice President- Institutions at Xapo, which was acquired by Coinbase in 2019. Pete also brings considerable traditional markets experience having served as global co-head of the emerging markets businesses for two of the world’s largest financial institutions.

Also involved is Joe Bruzzesi, Partner. Joe previously served as a Managing Director at BitGo from 2020 to 2022, where he oversaw the Americas division and led over $10 billion in transactions involving some of the largest crypto protocols, companies, and funds. Joe is also one of the earliest advisors to Avalanche.

Pete Najarian, Founder and Managing Partner of RW3 , stated,“Blockchain technology is fundamentally changing the way the world transacts and manages value, services, and data. While there are many talented founders in the industry with revolutionary ideas, most are in need of operational experience and support to drive their businesses forward. At RW3 we leverage our experience developing and scaling some of the largest crypto infrastructure firms to help our portfolio companies around the world meet their full potential. The combined networks of RW3 and Raptor are already proving to be unique and powerful in this space.”

“Pete and Joe’s disciplined, methodical, and institutional approach to the digital asset markets is based on their years of experience helping companies scale in growth markets and manage risk through volatility,” said Jim Pallotta. “Blockchain companies have the potential to be among the most valuable enterprises in the future, and we believe the best investment opportunities will present themselves over the next 36 months. I believe the RW3 team is exceptionally well-positioned to identify the most promising companies of tomorrow and help them grow.”

Fund I seeks to capitalize on RW3’s institutional approach, extensive network of blockchain ecosystem relationships, and differentiated operating model to bring transformative growth to its portfolio companies. The Fund targets opportunities from pre-seed through Series A and places an emphasis on teams that seek to utilize blockchain technology to disrupt real-world industries and business models with sizeable addressable markets. To date, the Fund has made several investments across blockchain protocols, decentralized infrastructure, fully homomorphic encryption, and gaming.

In the past Mubadala has supported and backed blockchain companies, such as Andalusia Labs, formerly known as RiskHarbor, which raised $48 million in a series A funding round and sets up its global headquarters in UAE Abu Dhabi in ADGM ( Abu Dhabi Global Market).

Fils adds more payment providers to its blockchain enabled sustainable infrastructure

Fils adds more payment providers to its blockchain enabled sustainable infrastructure

UAE based Fils, agroundbreaking ESG-focused digital infrastructure fintech which utilizes blockchain technology, has partnered with Telr, the award-winning online payment gateway.

Blockchain enabled, Fils is collaborating with Telr to integrate its end-to-end sustainable infrastructure to make finance and payments more sustainable and transparent. By Integrating Fils Technology, Telr will enable merchants to track their emissions and access voluntary carbon markets to mitigate the emissions’ harm to the environment. They will also be able to demonstrate their positive impact on the environment with robust reporting functionality, reduced greenwashing, and the encouragement of businesses to invest in sustainable initiatives through Fils’ marketplace.

The new capability adds to Telr’s existing suite of services, aiming to elevate e-commerce businesses seamlessly and efficiently with a one-stop-shop philosophy. This encompasses a variety of financial and business services, ranging from social commerce and QR codes to digital invoicing, Telr Buy Now Pay Later (BNPL), and Telr Finance—a dedicated program for merchant financing.

Nameer Khan, CEO and Founder of Fils, said, “Today’s exciting partnership with Telr will make a real impact in tackling the issues of climate change, providing access to carbon markets via our robust and transparent infrastructure. Our technology-first approach to sustainable action enables SMEs, large corporates and other organizations to seamlessly embed sustainability throughout their global operations.”

Telr, the UAE-based award-winning payment gateway solutions provider, facilitates transactions in over 30 currencies and supports over 120 languages. Telr, as a leading payments aggregator, enables businesses to connect to all payment schemes and manage financial and business services as a one-stop shop for ecommerce solutions. Telr’s collaboration with Fils will enable organizations to track and mitigate emissions seamlessly, increasing the sustainability of payment operations across the globe.

Khalil Alami, Founder and CEO of Telr, added, “This partnership underscores our unwavering dedication to driving sustainable finance. By leveraging Telr’s expertise and partnering with exceptional entities like Fils, we aim to reshape transactions.This effort promotes a more sustainable economy, empowering our merchants with access to emissions calculators to monitor their carbon footprint and emissions-reduction tools. These initiatives align with the ‘Net Zero by 2050’ strategy and are synchronized with COP28, highlighting our commitment to a brighter, more sustainable future.” 

Fils’s alliance with Telr builds on an impressive year of high-profile partnerships for the fintech company,  with clients such as e& Enterprise, Magnati, Mashreq Bank, Flowcarbon and AFS. 

Prior to this announcement, Geidea, recognized as one of the 25 top Fintech companies by Forbes Middle East, partnered with Fils.

UAE Phoenix Group crypto self-mining business witnesses 480% YOY growth  

UAE Phoenix Group crypto self-mining business witnesses 480% YOY growth  

Phoenix Group UAE a multi-billion-dollar tech powerhouse headquartered in the UAE focusing on blockchain, crypto, and tech revolution and boasting a 725MW mining operation, announced exceptional financial performance for 2023. Fueled by a robust vision for the future, the Group saw remarkable achievements across core business verticals, making significant strides in 2023 capped off with a landmark IPO on the Abu Dhabi Stock Exchange.

As per a press release, the company’s core hosting and crypto self-mining businesses witnessed substantial growth year on year growth of 119% and 480%, respectively. This success stemmed from strategic partnerships with high-net-worth individuals (HNWIs), power supply companies, and mining equipment manufacturers, solidifying a foundation for continued growth in the coming years.

In addtion the company witnessed 50% growth in net income year on year reflecting the overall financial strength of Phoenix. Impressive revenue growth in hosting and crypto self-mining, coupled with strong performance from digital asset investments and associate investee companies, fueled this remarkable result.

“Our success has been impressive, but 2024 promises to be truly transformative. With ambitious plans and an unwavering commitment to excellence, the group is poised to redefine success, not just in the UAE, but on a global scale”, said Seyed Mohammad Alizadehfard (Bijan), Co Founder and Group CEO.

Phoenix recently announced the acquisition valued at more than half a million dollars ($577,074) in one of its related parties, Phoenix Technology Solutions B.V. based out of the Netherlands.