Genesis Digital assets opens bitcoin mining datacenter in Argentina

Genesis Digital assets opens bitcoin mining datacenter in Argentina

Genesis Digital Assets Limited (GDA),a Bitcoin mining company with a presence in the UAE, is opening a new data center in Argentina powered by YPF Luz, a leading company in electric power generation.

The announcement comes during a period of expansion by GDA, which now operates 20 industrial-scale data centers across North America, South America, Europe, and Central Asia. The company’s first facility in South America is located in Rincón de Los Sauces, in the Neuquén Province and has a total capacity of 7 MW and 1 MW of backup.

The Bajo del Toro Thermal Power Plant, composed of YPF, Equinor and YPF Luz, will power 1,200 bitcoin mining machines, and efficiently monetize stranded gas, which would otherwise be flared into the atmosphere.

Speaking from the company’s Dubai office today, Abdumalik Mirakhmedov, Executive President of GDA, said: “We believe that Argentina is an important country for Bitcoin mining, given its abundance of energy sources and business-friendly environment.

“The opening of our first data center in South America is an important step in our geographic diversification efforts. And this will be yet another opportunity to show the world that Bitcoin mining can have a positive effect on the environment and can be fully integrated into local communities.”    

With an abundance of energy, a favorable political climate, and a strong crypto ethos, Argentina is becoming increasingly important for Bitcoin mining and the broader industry.

For the new data center, GDA will use the electricity generated from stranded gas provided YPF Luz, an electric power generation company that has been leading the energy transition since 2013.

As stated by the Intergovernmental Panel on Climate Change, methane gas adversely impacts the environment as it is responsible for approximately a third of the warming the world is experiencing. Methane mitigation techniques, such as the utilization of stranded gas, are important to reduce emissions and combat global warming.

“In 2022, we were the first Argentine company to generate electrical energy for cryptocurrency mining from flare gas, an innovative solution in line with YPF’s energy transition needs,” said Martín Mandarano, CEO of YPF Luz. “This project with GDA allows us to bring YPF and Equinor, two companies committed to reducing the carbon footprint of their exploration activities, an adaptable and sustainable flare gas use solution.”

UAE Blockchain gaming studio raises $7 million led by Animoca Brands

UAE Blockchain gaming studio raises $7 million led by Animoca Brands

UAE based Param Labs, an independent Web3 Blockchain gaming and technology studio raises $7 million in strategic funding round led by Animoca Brands. Other investors included Delphi Ventures, Mechanism Capital, P2 ventures, Merit Circle, TRGC, MH Ventures, and UAE based Cypher Capital.

,Param Labs boasts a fairly robust online community. The company said it has more than 2.5 million followers on X across all its pages, in addition to 500,000 Discord users, according to a statement. The platform also has 300,000 daily active users, said Param Labs.

“This collaboration aligns with our shared vision to redefine the gaming landscape, ensuring that gamers are the true owners of their digital assets,” Animoca Brands co-founder and executive chairman Yat Siu said in the statement.

The availability of funds of this type will play a significant role in strengthening blockchain enabled Param Labs’ efforts to create a gaming world solely for native PARAM tokens. This supports the general mission to open the gates to the luminary members of the gaming world to own their assets.

Anthony Anderson, founder and CEO of Param Labs and Kiraverse, emphasized the importance of the strategic investment and partnership with Animoca Brands: “This investment marks a significant milestone for Param Labs’ ecosystem development and the broader Web3 gaming landscape. Our vision is aligned with that of Animoca Brands and we’re thrilled to collaborate on the creation of valuable products at the forefront of gaming’s innovative shift to digital ownership. With our new funding, we’ll continue to invest in building out and scaling our current products while also advancing our ecosystem initiatives and fostering community involvement.”

The investment in Param Labs announced today further expands the presence of Animoca Brands in MENA, following a partnership with NEOM to drive Web3 in the region, and with King Abdulaziz City for Science and Technology to establish a physical office and Web3 hub in Riyadh.

Param Labs aims to build a gaming ecosystem that will be governed by its native PARAM token, which will soon be launched, the company also said. The company’s first game, “Kiraverse,” is a play-to-earn, multiplayer shooter.

UAE based decentralized credit intelligence platform appoints blockchain expert

UAE based decentralized credit intelligence platform appoints blockchain expert

UAE based Synnax Technologies, a decentralized credit intelligence platform, has appointed Luc Froehlich, the ex-global Head of Digital assets solutions at Fidelity International as their Chief Commercial Officer. He will lead Synnax’s global commercial strategy and operations.

Synnax was established in Dubai in 2023 by Founders Robert Alcorn, Dario Capodici, and Alessio Quaglini, who bring over a decade of experience in digital assets (Hex Trust, Clearpool) as well as extensive backgrounds in traditional finance.


As per the press release, Froehlich brings over two decades of expertise in fixed income, experience in scaling businesses within global financial institutions, and leading high-performing teams. Froehlich’s extensive professional background and MSc in Blockchain, coupled with his thought leadership and research contributions at the World Economic Forum, equip him to lead Synnax in delivering groundbreaking credit intelligence solutions.

Synnax is revolutionizing the credit analysis industry by harnessing a decentralized network of data scientists to predict companies’ future credit metrics. This innovative approach benefits a broad range of users, including lending and borrowing platforms, market makers, asset managers, and investment managers, providing them with financial health data critical for their business.


“Credit markets, particularly private credit, have boomed over the past few decades. In contrast, the risk assessment toolkit has lagged, transparency is still lacking, and conflict of interest remains. Synnax introduces a revolutionary approach to credit analysis. By leveraging advanced encryption, we can now harvest the computing power of a broad network of AI models to deliver credit intelligence. I am excited to join an experienced and trustworthy team to develop and deploy this pioneering technology. We’ll provide a competitive edge to traditional credit investors and risk managers, and open up a new realm of opportunities in the on-chain lending space.” – Luc Froehlich, Chief Commercial Officer, Synnax.


“We are thrilled to welcome Luc to the Synnax team,” said Robert Alcorn, CEO and Co-Founder of Synnax. “His deep expertise in credit markets and proven track record of driving innovation in the digital asset space will be invaluable as we work towards our mission of providing a more trustless and privacy-preserving framework for institutional credit assessment. His appointment is also timely as we prepare to release our first public model.”


Froehlich‘s appointment follows the successful closure of Synnax’s pre-seed funding in March 2024, led by No Limit Holdings; evidence of the firm’s forward momentum and growth. With Froehlich’s leadership and Synnax’s cutting-edge technology, the company is set to empower businesses with better information to improve their capital allocation decisions, revolutionizing the traditional approach to credit assessment and ratings for the digital asset era.

UAE Phoenix Group for crypto mining and blockchain reveals 166 percent year on year growth

UAE Phoenix Group for crypto mining and blockchain reveals 166 percent year on year growth

UAE headquartered, Phoenix Group PLC a provider of web3, crypto, and blockchain technologies in the region, announced financial results for the first quarter of 2024 with a Q1 net income of $66.2 million, a growth of 166% year-on-year.

As per the press release, total assets surged by 237% year-over-year, soaring to $879.3 million from $261 million. ⁠The quarter-over-quarter growth in total assets stands at 5%, while revenue experienced an 18% quarter-on-quarter increase, reaching $68.9 million.

In addition gGross profit saw a robust 82.8% quarter-on-quarter rise, amounting to $23.28 million, while tTotal comprehensive income expanded by 312% year-on-year to $102.28 million and by 33.7% quarter-on-quarter. As such the earnings per share for Q1 2024 amounted to $0.011.

“We are immensely proud of the remarkable strides we have made in the first quarter of 2024,” stated Seyed Mohammad Alizadehfard, Co-Founder and Group CEO of Phoenix Group. “Our robust financial results underscore the resilience and effectiveness of our business model, as well as our dedication to delivering exceptional value to our stakeholders. As we move forward, our commitment to innovation, strategic investments, and sustainability remains strong. We are confident that these focal points will not only help us achieve our long-term objectives but will also further cement our standing as a pivotal player in the web3 domain.”

Echoing this sentiment Mr. Munaf Ali, Co-founder & Group Managing Director added “Sustainability is a core principle that underpins our operations. We are diligently focusing on optimized energy solutions and exploring new technologies to minimize the environmental footprint of our crypto mining activities. We are convinced that responsible business practices are critical for long-term success, and we remain dedicated to advancing to a more sustainable future for the industry.”

UAE crypto broker BitOasis uses Sumsub for AML and KYC Compliance

UAE crypto broker BitOasis uses Sumsub for AML and KYC Compliance

UAE regulated crypto broker platform BitOasis will be using Sumsub, a full cycle verification platform providing customizable KYC, KYB, transaction monitoring, and AML solutions.

BitOasis has chosen Sumsub for crypto identity verification and AML screening for crypto compliance. Having recently reopened its platform to new retail and institutional users, this partnership with Sumsub will enable BitOasis to further enhance its user onboarding process while ensuring full compliance with strict AML and other regulatory requirements.

“We are excited to start working with Sumsub, a global leader in verification, anti-fraud and compliance. Sumsub will enable us to further strengthen the stringent controls we use to protect our users and ecosystem from illicit activities and support us in ensuring continued full compliance with evolving AML regulations. By implementing Sumsub’s KYC and AML Screening solutions, we make sure to provide the best user experience to our customers in the Middle East and beyond,” says Stanford Cardoz, AML Director at BitOasis.

“We are thrilled about our collaboration with BitOasis, a leading crypto platform in the Middle East,” comments Peter Sever, co-founder and Chief Strategy Officer of Sumsub. “We are proud to join BitOasis’ mission of building infrastructure for a new digital financial system based on cryptocurrencies, a system that is transparent, inclusive, compliant and secure.”

BitOasis recently received its active MVP Operational license from Dubai’s virtual asset regulatory authority, one step towards receiving a full license.

BitOasis noted that it holds and sells 60+ cryptocurrencies adding that since its launch, it has processed more than $6 billion in trading volume and raised more than $40 million dollars in funding from leading regional and global investors, such as CoinDCX, Wamda Capital, Jump Capital, Pantera Capital, and Global Founders Capital.

Tether signs MoU with UAE RAK DAO for stablecoin adoption

Tether signs MoU with UAE RAK DAO for stablecoin adoption

Tether Operations Limited, creators of USDT digital currency has signed a Memorandum of Understanding (MoU) with RAK Digital Assets Oasis (RAK DAO). As per the press release this is the first step towards the launch of several strategic initiatives to help foster the adoption of Bitcoin technology and stablecoins in Ras Al Khaimah (RAK) UAE.

In collaboration with RAK DAO, Tether will help facilitate crypto payment adoption in the region and design blockchain-focused education programs.

Through its recently launched educational arm, Tether Edu, Tether will develop initiatives for individuals of varying skill levels covering cutting-edge fields such as Bitcoin, blockchain, peer-to-peer technologies, stablecoin adoption, and real-world use cases of crypto.

To date, RAK DAO has attracted interest from more than 100 businesses, as well as many Indian based tech entities. As a result, Tether will collaborate closely with RAK DAO on comprehensive initiatives designed to educate and empower local businesses, opening up new avenues for growth and innovation.

“Tether is proud to collaborate with RAK DAO to realize the promise of Bitcoin and blockchain technology in the region,” said Paolo Ardoino, CEO of Tether. “As home to the world’s first and only free zone dedicated to the proliferation of digital asset endeavors, Ras Al Khaimah is in a prime position to become the region’s leading hub of blockchain technology and innovation, and Tether is committed to working with RAK DAO to make this dream a reality.”

Commenting on the collaboration, Dr. Sameer Al Ansari, CEO of RAK DAO, stated: “This collaboration with Tether marks a pivotal moment in RAK DAO’s journey towards becoming a leading hub for blockchain innovation. By harnessing the power of Bitcoin technology and cryptocurrencies, we aim to drive economic growth, foster financial inclusion, and position RAK DAO as a global leader in the digital economy.”

UAE Blockchain enabled Silal Agrifood company launches automated packhouse

UAE Blockchain enabled Silal Agrifood company launches automated packhouse

ADQ backed Silal, Abu Dhabi’s leading blockchain enabled Agrifood and technology company, has inaugurated its automated packhouse in Al Ain, spanning 12,000 square meters. The facility represents a significant step in fresh produce packaging technology, underscoring Silal’s commitment to quality, innovation, safety and sustainability.

In September 2023 ,UAE based Silal, which enhances agriculture and food safety in Abu Dhabi by diversifying and stimulating food production sources via technology, research and knowledge transfer initiatives for farmer, launched its blockchain powered traceability platform to trace the lifecycle of food from farm to fork.

With the inauguration of Silal’s packhouse it now has a total capacity of 325 tons per day, capable of producing over 180,000 packs daily, and equipped with 28 precooling chambers and 9 cold stores, Silal has optimized every aspect of the packaging process. This state-of-the-art facility ensures the highest quality standards but also demonstrates Silal’s dedication to efficiency and service excellence.

Silal’s investment in this cutting-edge infrastructure which includes utilization of blockchain technology reflects its vision to champion economic development while catering to the evolving needs of consumers. The packhouse represents a milestone in Silal’s ongoing mission to redefine standards in the fresh produce industry, setting a benchmark for quality, and efficiency.

In October 2023 ADQ also acquired a majority stake in SAFCO Group, a leading food and beverage distributor in the UAE.

Rain crypto exchange issues statement with regards to lost funds

Rain crypto exchange issues statement with regards to lost funds

In a blog post, RAIN Crypto exchange regulated in both Bahrain and the UAE issued a statement replying to the report by ZachXBT that the exchange had likely been exploited for $14.8 million, addressing the security incident involving the exchange. They noted ” We would like our customers to know that the situation has been resolved. We assure you that we have already taken all the necessary steps to address this matter to protect customer funds.”

The crypto exchange was replying to the news circulating that “It appeared the crypto exchange Rain was likely exploited for $14.8M on April 29, 2024 after their BTC, ETH, SOL, and XRP wallets saw suspicious outflows. Funds were quickly transferred to instant exchanges and swapped for BTC and ETH.”

RAIN added, “Customers’ funds are under custody, fully accounted for, and held on a 1:1 basis. This means that all your fiat currency and crypto assets are held with the highest standards of security and regulatory compliance. Rain Management W.L.L is licensed and regulated by the Central Bank of Bahrain and Rain Trading Limited is regulated by the ADGM Financial Services Regulatory Authority, which means we maintain a 1:1 asset-to-funds ratio in line with regulatory requirements.”

The blog noted that as soon as RAIN became aware of the incident it isolated the issue and put additional controls to strengthen their security.”

Moreover RAIN confirmed that it had “covered any potential losses resulting from this incident, ensuring that customers’ interests remain protected.”

RAIN also stated that there operations are uninterrupted including crypto buy and sell, send, receive, along with fiat deposits, and withdrawals.

In conclusion RAIN commented, “We are committed to upholding the highest standards of security and regulatory compliance. In response to the incident, we have taken immediate steps to further strengthen the security of our platform. We are also fully cooperating with the relevant legal and regulatory authorities and specialist advisors to ensure that this issue is handled appropriately.”

The first regulated crypto exchange in the Middle East has lost $14.8 million

The first regulated crypto exchange in the Middle East has lost $14.8 million

According to ZachXBT, an internet sleuth with over 500 hundred thousand followers on Twitter, Bahrain and UAE regulated crypto broker, RAIN, has been likely exploited for $14.8 million. The exploit happened on April 29th and according to ZacHxbt no statement was made by RAIN on the incident.

On the contrary on May 6th RAIN Bahrain tweeted “It was our pleasure to have our General Manager of Bahrain Mohamed Ateeq speak at the Sixth Innovation and Entrepreneurship Forum, organized by the University of Bahrain as part of the Manama week events by the Southern Municipality. It is always a pleasure for us to share Rain’s journey that lay the foundations for the crypto sector in the MENA region.”

According to ZachXBT on TME, “It appears the crypto exchange Rain was likely exploited for $14.8M on April 29, 2024 after their BTC, ETH, SOL, and XRP wallets saw suspicious outflows. Funds were quickly transferred to instant exchanges and swapped for BTC and ETH.”

He added, “As of now Rain has yet to make any statement about the incident.”

He noted that the stolen funds currently sit on these addresses

137.9 BTC

bc1q53aawrkpt5lvk2e30z36unvmhqqdru7q4rprp2 (https://mempool.space/address/bc1q53aawrkpt5lvk2e30z36unvmhqqdru7q4rprp2)

1881 ETH

0x197bc094f990261fd6841342901c451858756c28 (https://etherscan.io/address/0x197bc094f990261fd6841342901c451858756c28)

RAIN crypto exchange had received a license both from the Central Bank of Bahrain as well as ADGM in Abu Dhabi. In Bahrain Rain Management W.L.L. is licensed by the Central Bank of Bahrain as a Category 3 Crypto-Asset Services Provider. It received its license back in 2019.

In 2022, RAIN Crypto exchange raised $110 in a Series B funding round. The round was co-led by Paradigm and Kleiner Perkins with participation from multiple parties including Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, and CMT Digital.

As per RAIN’s website it is backed by MEVP (Middle East Venture Partners), Dubai International Financial Centre, Coinbase, Paradigm, and KleinerPerkins.

In July 2023 RAIN received a fully regulated crypto broker license in UAE through ADGM.

Lara on the Block tried to get in touch with executives from RAIN but without avail. UAE ADGM also has no official statement to make at this time. The Central Bank of Bahrain could not be reached at this time.

Touting itself as “The most trusted cryptocurrency platform” if this turns out to be true it will have negative effects on crypto sentiments in the region. Crypto investors lost $2 billion to hacks and exploits last year and $333 million in Q1 of 2024. 

Liminal now a fully regulated crypto custodian in UAE

Liminal now a fully regulated crypto custodian in UAE

Liminal Custody Solutions, a provider of digital assets and crypto custody as well as crypto wallet infrastructure solutions, has officially acquired the Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) allowing it to operate as a regulated crypto custodian within the Middle East.

As per the press release, obtaining the FSP positions Liminal as a trusted crypto custodian partner for institutions seeking secure and compliant solutions for safeguarding their valuable digital assets. This expansion broadens Liminal’s reach and allows it to serve a wider range of clientele seeking best-in-class digital asset custody solutions.

Mahin Gupta, Founder of Liminal Custody Solutions, expressed his satisfaction with the achievement, stating, “We are honored to receive the ADGM FSP license. This accomplishment represents the culmination of significant effort on behalf of our entire team, all dedicated to upholding the highest regulatory standards. Building trust within the digital asset industry, which is undergoing rapid evolution, is a core tenet of our mission. The ADGM FSP license serves as a powerful validation of our commitment to compliance. We are confident that this achievement will further empower us to deliver best-in-class custody solutions to our clients, ensuring the continued security and integrity of their digital asset holdings.”

By adhering to stringent regulations, Liminal crypto custodian ensures the safety and security of client assets, while its unwavering commitment to innovation allows it to develop cutting-edge solutions that address the evolving needs of the digital asset landscape. This two-pronged approach – prioritizing both regulatory compliance and technological advancement – positions Liminal as a leader in the digital asset custody space.

Commenting on Liminal achievement, Arvind Ramamurthy, Chief of Market Development at ADGM said, ” We congratulate Liminal on completing its licensing process and receiving the required  Financial Services Permission (FSP) from the FSRA of ADGM. Liminal’s focus on regulatory compliance and innovative solutions in the space of digital assets aligns with ADGM’s vision for fostering a dynamic and trusted financial ecosystem that prioritizes upholding the highest standards of security and innovation. We look forward to witness Liminal’s contribution to the growth of the digital asset industry in Abu Dhabi and beyond.”

Amir Tabch, CEO of Liminal Custody Solutions Middle East and Senior Executive Officer of the Category 3C ADGM-regulated entity First Answer Middle East Limited, remarked, “Earning the ADGM FSP license is a clear indicator of Liminal’s ironclad dedication to compliance and innovation. This achievement not only positions us at the forefront of digital asset custody but also signals our pivotal role in its future evolution. By equally valuing regulatory compliance and technological progress, we aim to equip institutions with the confidence to explore the digital asset realm, tapping into its vast, transformative potential. This milestone is a springboard for Liminal’s continued growth and a significant contribution towards the digital asset industry’s maturity.”

Liminal had received in principle approval from ADGM back in November 2023, and recently received in principle approval from Dubai’s regulatory authority.