UAE Crypto mining entity Phoenix Group orders $380 million of crypto mining hardware

UAE Crypto mining entity Phoenix Group orders $380 million of crypto mining hardware

UAE Crypto mining entity, Phoenix Group, which recently launched the first crypto blockchain IPO in the MENA region, has purchased $380 million of crypto mining hardware from Whatsminer.

The contract exceeding $380 million marks the largest order for Whatsminer in the last two years, underlining Phoenix Group’s dominant position in the Middle East’s tech and blockchain sector.

The agreement entails an immediate delivery of mining equipment valued at $136 million, with an additional option worth $246 million.

Phoenix Group, already partnered with and the exclusive distributor of WhatsMiner, is taking a significant leap forward by integrating hydro cooling miners in collaboration with WhatsMiner. This initiative, already underway, marks a pivotal step towards establishing world-class High-Performance Computing (HPC) data centers. The established partnership with WhatsMiner, now further enhanced by this deal, demonstrates Phoenix Group commitment to sustainable mining technologies, leading the industry towards a greener future.

Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group PLC, shares, “This collaboration with Whatsminer is a milestone for Phoenix Group, reflecting our strategic foresight and commitment to pioneering in the tech industry. Our successful listing on the ADX has further empowered us to pursue such significant partnerships, enhancing our capabilities in the blockchain and cryptocurrency sector.”

Munaf Ali, Co-Founder & Group MD, adds, “Our partnership with Whatsminer and the development of hydro cooling technologies are key components of our vision for sustainable and innovative mining operations. These advancements are not only a leap in our technological capabilities but also align with our commitment to environmental responsibility.”

UAE Crypto mining entity, Phoenix Group, which recently launched the first crypto blockchain IPO in the MENA region, has purchased $380 million of crypto mining hardware from Whatsminer.

The contract exceeding $380 million marks the largest order for Whatsminer in the last two years, underlining Phoenix Group’s dominant position in the Middle East’s tech and blockchain sector.

The agreement entails an immediate delivery of mining equipment valued at $136 million, with an additional option worth $246 million.

Phoenix Group, already partnered with and the exclusive distributor of WhatsMiner, is taking a significant leap forward by integrating hydro cooling miners in collaboration with WhatsMiner. This initiative, already underway, marks a pivotal step towards establishing world-class High-Performance Computing (HPC) data centers. The established partnership with WhatsMiner, now further enhanced by this deal, demonstrates Phoenix Group commitment to sustainable mining technologies, leading the industry towards a greener future.

Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group PLC, shares, “This collaboration with Whatsminer is a milestone for Phoenix Group, reflecting our strategic foresight and commitment to pioneering in the tech industry. Our successful listing on the ADX has further empowered us to pursue such significant partnerships, enhancing our capabilities in the blockchain and cryptocurrency sector.”

Munaf Ali, Co-Founder & Group MD, adds, “Our partnership with Whatsminer and the development of hydro cooling technologies are key components of our vision for sustainable and innovative mining operations. These advancements are not only a leap in our technological capabilities but also align with our commitment to environmental responsibility.”

Blockchain Agritech company Dimitra working with Saudi Arabia to develop Coffee business

Blockchain Agritech company Dimitra working with Saudi Arabia to develop Coffee business

Blockchain Agritech company, Dimitra, is working with Saudi Sustainable Union Trading company (SUT), an organization that develops innovative agriculture solution to establish a program for Jazan Coffee producers with Connected Coffee Platform for 700 farms.

Dimitra and SUT aim to promote the coffee industry within the country. By assisting in developing coffee farms in the Jazan region of Saudi Arabia, these farmers can further capitalize on their unique coffee heritage in Saudi Arabia.

The Jazan Coffee Cooperative (CCJ), a leading agricultural development institution and national expertise house in the agriculture sector, is using Dimitra’s Connected Coffee platform. The tailored Blockhain enabled platform provides straightforward, actionable insights to increase the quality and quantity of coffee yields, all sustainably and with longevity in mind. The platform also offers real-time track and trace capability throughout all levels of the supply chain, ensuring farmers’ produce is transparent and credible.

The project’s initial phase starts with 200 farms in 2023 and will reach 350 by the end of 2024. The project’s full scope is to implement the Dimitra Connected Coffee platform for 700 farms in 6 coffee provinces in the Jazan region that cultivate Arabica and Khawlani coffee beans.

Specifically, Dimitra’s Connected Coffee platform will help the farmers establish quality control measures. It will also assist with monitoring and maintaining the quality of coffee produced. Moreover, it will also encourage farmers to adhere to international quality standards. The app will also motivate farmers to consider obtaining certifications such as organic to enhance marketability.

Maged Elmontaser, Dimitra’s MENA regional Director, says, “The Jazan province is packed full of advantages. The six mountainous governorates have many investment opportunities, especially in agriculture and heritage sites. Exploring opportunities to integrate coffee farms into the Dimitra Connected Coffee platform will transform the coffee industry. In addition, it will revolutionize the history, cultivation, and brewing of Saudi Arabian coffee. They are leveraging knowledge exchange, access to markets, and improving the overall competitiveness of Saudi Arabian coffee”.

South Korean WeMade game developer and DIFC Innovation hub to build WEMIX Play Web3 community

South Korean WeMade game developer and DIFC Innovation hub to build WEMIX Play Web3 community

South Korean game developer, Wemade, and UAE DIFC (Dubai International Financial Zone), Innovation Hub partner to build WEMIX Play web3 gaming community to support Dubai Program for Gaming 2033.

The Wemade-DIFC Innovation Hub collaboration plans to focus on core initiatives, including establishing WEMIX PLAY Center within the DIFC Innovation Hub for WEMIX PLAY. Wemade and DIFC Innovation hub will onboard game companies and facilitate the raising of $100 million Web3 gaming fund to  support the developers, studios and entrepreneurs.

Dubai is a leading business hub with advanced financial services and policies for fostering economic growth, investor attraction, blockchain, and cryptocurrency. Aided by DIFC Innovation Hub, Wemade aims to maintain close communication with UAE crypto-regulating bodies for making the Middle East business strategy as per up-to-date trends.

Wemade is also working on an application for Crypto Token Recognition from the Dubai Financial Services Authority, the DIFC’s Financial Regulator. Tokens conferred with this status will allow financial institutions in the DIFC to carry out transactions with them, to be used by over 4,900 companies in the special economic zone.

Qatar Investment company invests $15 million in Layer1 Blockchain platform QAN

Qatar Investment company invests $15 million in Layer1 Blockchain platform QAN

UK QANplatform, the quantum-resistant Layer 1 blockchain, receives $15 million investment from Qatar investment company MBK Holding. In September 2023, MBK holding publicly expressed their support for QANplatform.

The QANplatform unveiled its private blockchain on September 12th 2023. The platform which is both quantum resistant and compatible with Ethereum’s EVM received support from Qatar ruling family member H.E. Sheikh Mansoor Bin Khalifa Al Thani.  In a privately held partner event prior to the public launch of QANplatform, H.E. Sheikh Mansoor Bin Khalifa Al-Thani, Member of the Qatari Ruling Family, Chairman of MBK Holding, and former ICT Director for The Council of The Qatar Ruling Family Affairs stated, “We always evolve but not everyone leads the way. I’m proud to support the introduction of a cutting-edge deep tech project, such as QANplatform, in the Gulf region and on the global market.”

Today MBK holding has gone a step further and announced their $15 million investment in QANplatform days before the launch of its testnet.

MBK Holding, an investment holding company with its main office in Qatar and a subsidiary in the United Kingdom, focuses on investing in technology startups. The Founder and Chairman, H.E. Sheikh Mansoor Bin Khalifa Al-Thani, member of the Qatari ruling family, formerly served for a decade as the director of information technology for The Council of The Qatar Ruling Family Affairs.

In addition MBK Holding will offer growth services to facilitate global market access and expansion for QANplatform. MBK Holding’s focus extends to various regional markets, including Qatar, Saudi Arabia, United Arab Emirates, Turkey, and United Kingdom while also encompassing other global opportunities.

H.E. Sheikh Mansoor Bin Khalifa Al-Thani, Founder and Chairman of MBK Holding commented, “MBK Holding proudly backs QANplatform, the game-changing quantum-resistant blockchain platform and nominates Johann Polecsak as the Director of Blockchain of MBK Holding. Blockchain technology in general, is still an untapped area with many opportunities and potential to transform entire value chains, sectors, and business processes. As a deep tech startup, QANplatform can lead the next wave of blockchain platforms with its remarkable features, including multi-language smart contracts and quantum-resistant security. QANplatform is a great fit for our portfolio and partner companies to discover and benefit from the potential of its technology.”

Johann Polecsak, Co-Founder and CTO of QANplatform added, “Working alongside MBK Holding and their team is truly an honor. QANplatform is driven by the vision of creating the safest and most user-friendly blockchain platform, enabling the development of numerous real-world robust applications that bring tangible value to various industries.”

MBK Holding recently signed a strategic partnership with the Ministry of Investment of Saudi Arabia to support entrepreneurial growth and innovation in Saudi Arabia by developing growth services that seek to create market-leading investment opportunities.

QANplatform will be the first EVM-compatible, quantum-resistant Layer 1 hybrid blockchain platform where developers can code smart contract, DApp, DeFi, DAO, token, NFT, Metaverse, CBDC, tokenized asset, and robust Web3 solutions on top of the QAN blockchain platform in any programming language.

As a hybrid blockchain, QANplatform will have a private and public blockchain as well. In September 2023, QANplatform marked a new era of Web3 OS (Operating System) with the launch of the QAN Private Blockchain. QANplatform has unveiled the world’s first private blockchain that is both quantum-resistant (using NIST primary recommended post-quantum algorithm), and compatible with Ethereum’s EVM, while also enabling developers to code smart contracts in any programming language.

QANplatform’s ecosystem is building up with renowned companies such as Hacken, Beosin, or Alpine Esports. In February 2023, Alpine Esports, a Group Renault brand, and inter alia in the Formula 1® Esports Series signed QANplatform as its Official Blockchain Partner. In September 2023, QANplatform was selected to the Ernst & Young Startup Program as one of the nine selected promising startups in the technology and finance sectors, chosen from among hundreds of applicants globally.

This announcement comes as Qatar enters the blockchain era, with the launch of its digital assets lab, as well as partnerships with R3, Settlemint and others.

SEBA Crypto bank changes its name to AMINA as it grows operations in UAE, Hong Kong, and Switzerland

SEBA Crypto bank changes its name to AMINA as it grows operations in UAE, Hong Kong, and Switzerland

UAE based SEBA digital assets crypto bank has renamed itself AMINA Bank AG, which comes from the word transAMINAtion’, meaning transference of one compound to another. As per the press release, AMINA is a brand driven by perpetual change, bringing together the various ‘compounds’ of traditional, digital, and crypto banking to unlock new potential and growth for their clients

The group operates globally from its regulated hubs in Zug, Abu Dhabi and Hong Kong, offering its clients traditional and crypto banking services, and the entities will be seeking renaming in all of these operations.

SEBA Bank made history in 2019 by becoming one of the first FINMA-regulated institutions to provide crypto banking services. This rebrand marks a new chapter for the company, which has proudly been in operation for more than four years.

Franz Bergmueller, CEO of AMINA, stated, “We are delighted to introduce the world to our new brand identity. While we say goodbye to the SEBA name, we remain forever proud of the achievements made by the group under the former brand. Our brand signifies a new era in the company’s growth and strategy; we are a key player in crypto banking and are here to define the future of finance. With our client-focused approach, our years of traversing traditional and crypto finance, we offer a platform for investors to build wealth safely and under the highest regulatory standards.”

AMINA bank seeks to expand it growth in strategic hubs in Abu Dhabi, Switzerland and Hong Kong while continuing its global expansion in 2024.

UAE Tech Innovation Institute launches Blockchain carbon tracking & trading platform at COP28

UAE Tech Innovation Institute launches Blockchain carbon tracking & trading platform at COP28

UAE Technology Innovation Institute (TII), a leading global scientific research center and the applied research pillar of Abu Dhabi’s Advanced Technology Research Council (ATRC), has launched a blockchain-powered carbon tracking and trading platform, which will facilitate international trade in carbon tokens. Verifiable and trustworthy carbon trading can play a vital role in driving green investment and accelerating the road to net zero emissions.

TII’s Cryptography Research Center (CRC) designed the new platform that aligns with both the UAE Vision 2021’s aim of fast-tracking a sustainable environment and achieving net zero as well as the goal of COP28 to “accelerate a transition that puts our economies on the path toward a new low-carbon, high-growth, sustainable economic model in a way that is both transformational and just. The platform will support the global carbon market and allow better tracking of carbon emissions and carbon emission trading. Using a lightweight, efficient blockchain implementation that is not computationally wasteful, as opposed to existing blockchain projects, tracking and trading activities can be verified publicly at little to no cost, either in carbon emissions or other resources. 

Dr. Ray O. Johnson, CEO, Technology Innovation Institute, said, “We are proud to announce this digitized tracking and trading platform at COP28, which represents the UAE’s drive to become a technology and innovation powerhouse and its commitment to leading the world’s climate action agenda. The UAE has provided the tool to ensure that trading can be done in confidence while mitigating human impact and maximizing the benefits to the environment.”

While other organizations are also developing digital carbon trading platforms, TII is the first to implement a blockchain-enabled Proof of Concept as it continues to prepare the platform for global trading. The platform will accurately track carbon emissions by registering the emissions from any worldwide public or private organization. Auditors can then establish a chain of trust from emissions from capture to storage to trading. These audited transactions can be made transparent while keeping intact the privacy of the user – emitter, buyer, or third party. 

TII’s new platform will allow for the creation of tokens that represent a quantity of carbon dioxide that has been removed from the environment. The token can then be stored and traded transparently and securely. The trade-in tokens will create incentives to drive investment in green projects such as forestation and carbon capture and allow entities to offset hard-to-decarbonize activities – further incentivizing green investment. Specifically, blockchain can track and trace products throughout their supply chain journey, enable peer-to-peer energy trading, and create a transparent and immutable ledger of waste disposal and recycling activities. It can also help track water and forestry management efforts.

The establishment of a global carbon credit market was approved at COP21 in Paris in 2015 and a supervisory body was set up to oversee its regulation. The entity aims to finalize its recommendations for approval during COP28, which will trigger a more robust international carbon market than currently exists.

By employing the use of PKI and advanced consensus algorithms, this blockchain solution ensures secure transactions without the resource-intensive proof of work algorithms, resulting in a seamless and eco-friendly network where the decentralized transactions can unfold minimal transactional impact.

Dr. Najwa Aaraj, Chief Researcher at TII’s Cryptography Research Center (CRC), said: “This tracking and trading platform was designed by our talented team of international experts and allows large numbers of verified users to carry out carbon tracking and trading transactions in confidence. It protects the integrity of the transactions and the privacy of the user while ensuring auditability and transparency, making it a perfect tool for a new era of confident carbon trading.”

The TII blockchain offers a verifiable multi-tenant, multi-transaction solution with public key infrastructure (PKI) permissioning built into its core design in addition to a high-security cryptographic stack. The blockchain features a consensus algorithm and a smart contract platform which are designed as pluggable components with integrated practical complex fault tolerance. The permission-based blockchain uses a lightweight, efficient implementation that makes it easy and affordable to transact, track, and trade.

UAE Crypto mining Group Phoenix shares rise 50% on first day of trading

UAE Crypto mining Group Phoenix shares rise 50% on first day of trading

UAE based crypto mining group, Phoenix share price soared 50% as it launched on Abu Dhabi Exchange (ADX). Its share price opened at 2.25 AED on Tuesday December 5th, up from its IPO price of 1.5 AED. This is the first crypto IPO and listing in the MENA region.

The IPO raised $371 million and was oversubscribed 33 times with retail investors leading with over subscription of 180 times.

International Holding Co, Abu Dhabi’s largest conglomerate controlled by a key member of the emirate’s royal family, bought a 10% stake in Phoenix in early October.

Phoenix is also closely affiliated with the recently launched M2 regulated crypto exchange out of Abu Dhabi.

In August 2023 Oman’s Green Data City and Abu Dhabi’s Phoenix Group signed an agreement to develop a 150MW crypto-mining farm in Oman. The new farm will be set up in Green Data City was noted that it will be operational by Q2 2024, becoming one of the largest crypto-mining data centers in the region.

Abdulla Salem Alnuaimi, Chief Executive Officer of ADX, said: “The listing of Phoenix Group on our exchange not only adds to the diversity of products on our market but also signals the growing interest in the digital economy and financial technology investments in Abu Dhabi and the UAE”.

“We are proud to continue to be the exchange market of choice for tech-driven issuers and investors, as we remain committed to our mission of connecting opportunity and providing a world-class exchange market experience for all our stakeholders,” he added.

Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group PLC, stated: “Phoenix Group’s ADX listing is a milestone for diversified technology and innovation. Our IPO symbolises a leap forward for Abu Dhabi as a nexus of digital transformation across various sectors. By blending advanced blockchain applications, strategic tech partnerships, and market-leading digital asset services, we’re proud to be part of Abu Dhabi’s Economic Vision 2030.”

Munaf Ali, Co-Founder & Group MD of Phoenix Group PLC stated: “The ADX listing of Phoenix Group is a testament to our multifaceted technological prowess. From spearheading blockchain advancements to shaping the landscape of digital finance, our presence on the exchange is a narrative of cross-industry tech innovation. As a preferred partner for government-led tech initiatives, we’re championing a future where the Abu Dhabi stands as a global beacon for sustainable and comprehensive digital economy growth.” 

This article updated November 6th 2023

UK Blockchain platform ZERO13 wins UAE Central Bank COP28 Techsprint

UK Blockchain platform ZERO13 wins UAE Central Bank COP28 Techsprint

The UAE Central Bank announced the result of the Cop28 UAE Techsprint, where UK Blockchain solution provider ZERO13, was recognized in the category of “Innovative blockchain solutions in sustainable finance to scale up climate action. ZERO13 blockchain driven platform facilitates issuance, trading, clearing and settlements of carbon credits linked to tangible ESG (Environmental Sustainable Goals) using interoperable blockchains and APIs.

As per ZERO13 website, ZERO13 is helping to achieve Net Zero by combining AI and blockchain to restore trust in carbon credit markets, addressing green washing, double counting, price transparency, vertical silos and market fragmentation.

UAE TechSprint launched by The UAE Central Bank, COP28 presidency, the Bank for International Settlements (BIS), and the Emirates Institute of Finance (EIF); is a global initiative that promotes  technology innovation in scaling sustainable finance, aligned with the CBUAE’s goals to drive digitalization, advanced technologies, and sustainability in the financial sector.

COP28 UAE TechSprint attracted 126 proposals from across 31 countries, engaging participation of financial innovators and developers from around the world. Following the submissions of proposals, 15 finalist teams were shortlisted and presented their prototypes to an independent panel of judges who selected the best solution in each of the three categories below.

Other winners included Intensel, from Hong Kong,  which was recognized in the category of “Innovative artificial intelligence solution to scale up sustainable finance and climate action” with their climate analytics platform that leverages artificial intelligence, satellite imagery and climate and financial models to measure and translate climate hazards into financial risk at the asset level.

In addition to  Evercomm, from Singapore, which was recognized in the category of “Innovative IoT and sensor technology solutions in sustainable finance to scale up climate action” with their IoT-powered digital emission disclosures and verification for industrial emission reduction strategies supporting compliance and sustainability-linked financing.

The teams behind these solutions along with the shortlisted participants will each be eligible to receiving an award to help them fund further development.

His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, said: “Effectively managing climate change demands finance that is both easily attainable, accessible, and economically feasible. I congratulate the teams behind these technological solutions aimed at fostering sustainable finance standards and instruments. These innovations have the capacity to enhance investor trust and more effectively channel capital to those most in need. COP28 remains steadfast in collaborating with its partners to implement tangible solutions, accelerating the expansion of climate action and expediting global initiatives for sustainable finance.”

His Excellency Khaled Mohamed Balama, Governor of CBUAE and Chairman of EIF, said: “The COP28 UAE TechSprint highlighted the crucial role of advanced technology innovations in sustainable finance to contribute to a more sustainable future. The initiative has brought to the fore innovative solutions from around the world that can be deployed to drive progress in scaling sustainable finance in line with CBUAE’s strategy with an emphasis on advancing digitalization, innovations, and sustainability in the financial sector. On behalf of the CBUAE, I am pleased to congratulate the participants for their innovative solutions and look forward to the impact of pioneering technological solutions to scale up sustainable finance.”

Trust Wallet a self custodial crypto wallet sets up base in UAE

Trust Wallet a self custodial crypto wallet sets up base in UAE

In an interview with Bloomberg News, Trust Wallet, self-custody crypto wallet, majority owned by the former CEO of Binance has announced its operations in the UAE both in RAKDAO (Digital assets Oasis) free zone in Ras Al Khaimah and in ADGM in Abu Dhabi.

According to Eowyn Chen, CEO of TrustWallet, “Trust Wallet operates from the free trade zone of Ras Al Khaimah, where it has a business license. The zone is also known as RAK DAO, for “Digital Asset Oasis,” and caters primarily to blockchain companies. RAK has “more flexible and better corporate treatment” for web3 companies.”

Chen moved to Dubai from Virginia in October, while the company will be based in Ras Al Khaimah, the sixth-largest city in the UAE. The company has about 80 employees worldwide with about 15 per cent to 20 per cent in the UAE according to Chen.

A separate company, DApps Platform, holds the intellectual property rights for the wallet service and is based in Abu Dhabi Global Market in Abu Dhabi.

According to Chen, Trust Wallet has seen growth in India, Pakistan, and business opportunities in the UAE.

Trust Wallet is a software-based crypto wallet service designed to let users self-custody the kinds of digital assets popular in decentralized finance applications.

Globally, the app-based service has 56 million downloads on iOS and Android, making it the most popular crypto wallet for handheld devices, according to Data.ai.

In her interview Chen described regulators in the UAE as having a “friendlier outlook toward crypto in general”. That gives Trust Wallet confidence about the likelihood of “reasonable regulation on decentralized finance.”

ADGM in Abu Dhabi announced recently that it will be amending its virtual asset regulations and introducing DeFi regulations in 2024.

R3 Blockchain Bolsters its presence in GCC with relocation of its Head of partnerships to Abu Dhabi

R3 Blockchain Bolsters its presence in GCC with relocation of its Head of partnerships to Abu Dhabi

R3 Blockchain is establishing itself more in the GCC and MENA region, with Bryan D’Souza announcing his move to Abu Dhabi as Business Development and Partnerships Manager in the Middle East.

As D’Souza noted on Linkedin, “I’m delighted to finally announce my move to Abu Dhabi with R3, where I will lead Business Development and Partnerships in the Middle East. After extensive travel between London and the GCC, the prospect of making Abu Dhabi my home is thrilling as I embark on this exciting new chapter.

He adds that he is excited to collaborate with GCC’s thriving financial services ecosystem. According to D’Souza, the GCC stands out as a forward-thinking hub of progress due to its dynamic blend of tradition and innovation, as well as a remarkable ability to execute on transformation.

He will be working to flourish digital economies and align with national visions of Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, Oman and Jordan, helping these countries to realize their financial sector developments including banking and capital markets transformation.

R3 will be working with Central banks, FMIs, commercial banks, FinTech, providing practical groundbreaking solutions for digital assets tokenization and regulated digital currencies, including CBDCs.

Last month Bryan D’Souza discussed his fruitful visit to Kuwait.

R3 has been a strong proponent in the Middle East and GCC region working with governments and enterprise on several projects, most prominently the CBDC projects in Saudi Arabia and UAE.

In addition the Qatar Financial Centre Authority and R3 signed an MOU to develop and grow Qatar’s fintech industry using technologies such as DLT (Distributed Ledger Technology) back in April 2023.

D’Souza stated after his visit to Kuwait, “I am thrilled to have experienced my first trip to Kuwait over the last couple of days as part of a mini GCC tour. I am grateful for the warm welcome from our great partners and potential clients. The hospitality of the Kuwaiti people left a lasting impression; warm, friendly, and eager to collaborate.”

He added, “Exciting opportunities ahead and looking forward to returning back to Kuwait soon!”