Eighteen Dubai based virtual asset providers fined by Dubai’s regulator

Eighteen Dubai based virtual asset providers fined by Dubai’s regulator

In a market notice issued November 17th 2023, the Dubai Virtual Assets Regulatory Authority (VARA), confirmed that the deadline for VA sector to engage in the regulatory license elapsed today and that eighteen virtual asset service providers commercially licensed on mainland under Dubai’s Department of Economy and Tourism (DET) have thus far, been issued fines for failing to comply with VARA’s directives and regulatory guidance.

A VARA spokesperson declined to name the eighteen entities in question.

As per the notice, in line with VARA’s commitment to protect consumers, maintain market integrity, and manage security of the Virtual Economy being enabled in and from Dubai, these enforcement actions are a pre-requisite to remedy compliance breaches and assure global markets that VARA’s regime can be trusted to have consistency and resilience in deployment.

The Dubai virtual asset regulator stated that this would be an ongoing process, with additional fines, enforcement actions, and closure of unlicensed VASPs expected. VASPs have until year end to address any regulatory gaps.

Entities seeking to continue to offer virtual asset services in Dubai are urged to contact VARA immediately to avoid further penalties. Consumers are advised to check the VARA website for advice on approved VASPs in Dubai. For further information, please contact VARA via our website or via

This comes a day after CEO Henson Orser stepped down, and 10 days after VARA issued a notice asking all VASPs to finalize their license registrations and requirements.

But there have also been positive news in the VASP licensing arena, with entities such as Fuze Finance receiving a license as well as HexTrust and BackBack in the past 10 days.

UAE home grown Fuze Finance receives license from Dubai virtual asset regulator

UAE home grown Fuze Finance receives license from Dubai virtual asset regulator

UAE based Fuze Finance under the licensed name Morpheus Software Technology (FUZE) FZE has just received a full VASP license from Dubai’s Virtual asset regulatory Authority. Fuze offers embedded digital asset capabilities for financial institutions as a digital asset infrastructure provider for the Middle East.

VARA’s license will allow Fuze Finance to offer broker dealer services, allowing them to serve institutional investors, retail and qualified investors. Through this licence, the business will be able to serve customers through two core service lines: firstly, via digital assets as a service (DAAS) enabling banks, fintechs and enterprises to integrate B2B2C digital asset products natively into their channels and secondly, through a regulated Over-The-Counter (OTC) service providing investors with a technology-first option for executing institutional-level digital asset trading with ease and efficiency.

With a regional digital asset market worth $566bn, and growing at 48% YoY, Fuze co-founder and CEO, Mohammed Ali Yusuf believes the Middle East is the perfect home to establish a digital assets infrastructure business.

Ali Yufu on receiving the license noted, “We thank VARA for assessing and approving our licence. VARA’s comprehensive and consultative process demonstrates the robust framework at the heart of this booming industry. Across the UAE, digital assets businesses are being welcomed to a thriving ecosystem with regulation that matches rapid innovation and adoption. Businesses can now have full confidence in the regulated infrastructure that Fuze provides, as we support the world’s fastest-growing digital assets hub.”

In September 2023 UAE headquartered Fuze Finance, raised a seed round of $14mn, the largest Seed investment in a digital assets startup in the history of the Middle East and North Africa region (MENA). The investment was led by Abu Dhabi-based Further Ventures, along with participation by US-based Liberty City Ventures.

Fuze wanted to benefit from the strategic capital and network of these investors, acting as a catalyst for the business as it builds the digital asset infrastructure that will drive the future of finance.  A first-of-its-kind infrastructure provider in MENA, Fuze enables any bank, fintech or traditional enterprise to easily offer regulated digital assets products to their customers through their native apps.

Fuze was founded by an expert team of fintech, traditional finance (TradFi) and decentralized finance (DeFi) leaders, with its co-founders holding extensive knowledge from experience in global hypergrowth businesses.

CEO, Mohammed Ali Yusuf (Mo Ali Yusuf) has held prominent roles at Checkout.com and Visa; Arpit Mehta (COO) was previously in the leadership team at fintech leaders like Simpl and Clear; Srijan Shetty (CTO) built algorithmic trading systems at Goldman Sachs and worked at tech leader Microsoft.

Yusuf at the time of raise stated, “We are excited to build the future of regulated financial infrastructure and digital assets out of the UAE. Regulations have played a pivotal role in propelling the UAE into a central position within the global Digital Assets industry. To receive the backing of Abu Dhabi-headquartered Further Ventures combined with the deep expertise of US-based Liberty City Ventures, confirms the relevancy and potential of Fuze’s mission to rapidly expand our cutting-edge infrastructure across the region.”

Article updated on November 20th 2023

Dubai virtual assets regulator appoints new CEO amid intensified regulatory efforts

Dubai virtual assets regulator appoints new CEO amid intensified regulatory efforts

Dubai’s Virtual Assets Regulatory Authority (VARA) in a press release has announced that Mathew White will be the new CEO of VARA which comes as VARA intensifies its efforts towards regulating the VASPs in Dubai calling on them to finalize their applications today.

As per the press release, Matthew White has 20 years of experience in technology, cyber security and digital trust while working as a partner at PricewaterhouseCoopers. Former CEO Henson Orser who is leaving to pursue other opportunities will remain fully engaged to support the new CEO as he integrates into his new role.

In a Bloomberg article it noted that VARA is poised to levy fines on over a dozen crypto firms, as the head of Dubai’s crypto regulator is poised to depart after less than a year on the job.

The news comes as VARA calls on more than 1000 legacy firms to complete their applications to register under Dubai’s unique regulatory framework by November 17th 2023, as part of Dubai’s commitment to fostering a transparent and resilient virtual asset environment.

VARA is calling on VASPs that have yet to submit the applications, have missed the notifications from their commercial licensing authorities, or have submitted incomplete forms to proactively get in touch, to avoid unintended regulatory consequences.

It seems with new VARA CEO efforts will be focused on ensuring compliance to regulatory and FATF requirements by VASPs.

Indian crypto custodian Liminal receives in principle approval from Abu Dhabi regulator at ADGM

Indian crypto custodian Liminal receives in principle approval from Abu Dhabi regulator at ADGM

In a press release, Indian based digital asset custodian and wallet, Liminal has been granted an In Principle Approval by Abu Dhabi’s Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a custody provider for Virtual Assets.

Liminal is working diligently to fulfill all the IPA conditions and meet FSRA’s stringent requirements to receive the Financial Services Permission (FSP).

As per Liminal, receiving the FSP from the FSRA will empower Liminal in extending its services as a trusted and reliable custodian for Virtual Assets within the ADGM jurisdiction and serve the broader MENA region. Liminal also recently launched its compliance solutions suite, with Notabene’s Travel Rule solution.

Earlier this year, in May, Liminal achieved another milestone by obtaining the TCSP License from the Hong Kong Companies Registry, enabling regulated digital asset custodial services in Hong Kong.

When Liminal secures the FSP from the FSRA, it will play a vital role in the Web3 ecosystem in the UAE, expanding its product and service offerings for the MENA region. Liminal will offer institutions a comprehensive suite of services designed to safeguard their virtual assets effectively.

Manan Vora, Senior VP of Strategy & Business Operations at Liminal, expressed enthusiasm about the IPA, stating, “ADGM has established itself as a thriving hub for innovation, growth, and maturation of the Web3 ecosystem. Their dedication to formulating clear and comprehensive regulations has created a trusted and secure environment for investors and Web3 enterprises. Recognizing the escalating demand for secure custody services in the MENA region, we took this strategic step to cater to the industry’s evolving needs. The IPA marks a significant leap forward in our mission to provide institutional-grade custody services for the digital asset industry. We are genuinely thrilled to contribute to the growth of this emerging market. After setting up an entity in Abu Dhabi, our next step is to obtain the FSP, and work closely with the ADGM team to provide regulated custody operations.”

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We extend our congratulations to Liminal on being granted the IPA from the FSRA of ADGM, which paves the way for them to become fully operational in ADGM as a premier custody provider for virtual assets. As an international financial center of the UAE’s capital, ADGM’s vision for fostering a dynamic and trusted financial ecosystem prioritizes upholding the highest standards of security, innovation, and regulatory compliance. Liminal’s capabilities and dedication align seamlessly with ADGM’s goals and reinforce our commitment to driving the growth of the digital asset space in Abu Dhabi and beyond. We anticipate witnessing Liminal’s positive impact on the market and its contribution to the advancement of virtual asset services.”

Jehanzeb Awan, Founder & CEO, J. Awan & Partners, praised Liminal’s commitment and said, “It’s truly impressive to witness Liminal’s dedication to regulatory compliance and their unwavering service to the digital asset industry. Our joint efforts in undergoing stringent screening procedures and audits have culminated in a significant milestone with the issuance of the IPA. I am confident that Liminal will continue to set new standards in the virtual asset custody space, while fostering innovation in ADGM’s rapidly emerging market.”

In its commitment to delivering regulated and compliant custody solutions in the Middle East, Liminal is pleased to welcome Dr. Bhaskar Dasgupta, Veteran Business Strategist, to Its Board in Abu Dhabi. Dr. Dasgupta is highly regarded for his contributions to ADGM, and has been instrumental in revolutionizing cryptocurrency regulation on a global scale. In the past, he has also held distinguished positions as the Chief Operating Officer of UK Export Finance and held leadership positions at esteemed financial institutions, including HSBC, ABN AMRO, Citigroup, and PwC.

Marathon Digital mines 18 Bitcoins from UAE with expected 7 exahashes online by end of 2023

Marathon Digital mines 18 Bitcoins from UAE with expected 7 exahashes online by end of 2023

Marathon Digital Holding, a crypto mining entity has mined 18 Bitcoin out of the 1,202 Bitcoin produced in October 2023 from its UAE joint venture with 2.3 exahashes online in Abu Dhabi with 7 exahashes to be online by end of 2023. The figures were published in its unaudited Bitcoin BTC production and miner installation updates for October 2023.

Fried Thiel, Marathon Digital’s Chairman and CEO  stated in their press release, “  “In October, we increased our energized hash rate 1% to 19.2 exahashes as the facility in Garden City, Texas, where we have 4.1 exahashes of miners installed, began to come online. Once this facility is fully operational later this month, we will have surpassed our 23 exahash target and solidified Marathon as the largest publicly traded Bitcoin miner in North America.”

In terms of the operation in UAE, Thiel added, “By increasing our hash rate and continuing to improve our operations at the facility in McCamey, Texas and elsewhere, we earned 4.0% of the total Bitcoin network’s available miner rewards and produced 1,202 bitcoin in October. This total includes 18 bitcoin from our 20% share of the JV in Abu Dhabi. We now have 2.3 exahashes online in Abu Dhabi as our second, larger facility in Masdar City has begun powering up. We continue to expect the full 7.0 exahashes in the UAE to be online by year-end.

“We have also been exploring new methods of mining that we believe may allow us to further diversify our operations, reduce our energy costs, and increase our sustainable energy mix. We recently announced a pilot project in Utah that is exclusively powered by landfill methane gas. Naturally produced methane is often stranded, and Bitcoin miners like Marathon are uniquely positioned to help capture and convert this environmentally harmful gas into clean, renewable energy. We look forward to sharing more of the many innovative mining projects that we are exploring in the months ahead.”

Furthermore in November 8th Marathon Digital Holdings reported results for the third quarter 2023 including its operational results for the quarter ended September 30th 2023, Thiel made a statement showcasing how their international expansion in UAE has opened up new international opportunities such as Paraguay. He noted, “We made significant progress on our 2023 strategic  priorities in the  third quarter. First, we grew our energized hash rate 8% quarter-over-quarter to  19.1 exahashes. In addition, our new facility in Garden City started energizing last week and is  expected to be fully operational later this month. Second, we experienced significantly higher uptime  as  optimization  efforts  helped  increase  our  U.S. average operational hash  rate 18%  from last  quarter to  14.2 exahashes.  Third, we energized our first joint venture and our first international location in  the UAE. This initial success has helped open new opportunities, and we  recently entered into a new joint venture in Paraguay powered by hydroelectricity.

The Company recorded net income of $64.1 million, or $0.35 per diluted share, during the three months ended  September 30, 2023, compared  to a net loss  of $72.5 million, or $0.62 loss per share, in the same period last year.

Marathon Digital officially inaugurated it 200 MW Bitcoin mining facility at Masdar City in Abu Dhabi UAE, under the joint venture Two Zero. In January 27th 2022, Marathon digital Holdings, announced that it had entered into a shareholder’s agreement with FSI (FS Innovation), the BTC mining subsidiary of UAE ADQ a sovereign fund, to form an Abu Dhabi, (Abu Dhabi Global Markets) based company.

Taurus opens UAE based Middle East office as more financial and non-financial entities sign up for digital asset and custodial services

Taurus opens UAE based Middle East office as more financial and non-financial entities sign up for digital asset and custodial services

Taurus SA, a FINMA-regulated Swiss institutional-grade digital asset infrastructure provider, has expanded its operations into the Middle East to serve its growing client base in the region. Taurus will service the GCC and MENA region, including KSA, Qatar and even Turkey through its Dubai UAE office.

Founded in 2018Taurus SA, a Swiss company provides enterprise-grade digital asset infrastructure to issue, custody and trade any digital assets: cryptocurrencies, tokenized assets, NFTs and digital currencies.

Managing Director, Bashir Kazour, leads Taurus’ new UAE office based in the DIFC in Dubai. M. Kazour brings more than 20 years of retail, capital markets and technology experience gained at Royal Bank of Canada, Standard Chartered and FIS, a leading banking and payment technology provider. Over the last decade, he collaborated closely with a diverse client base ranging from sovereign wealth funds and central banks to brokers and family offices.

“I am excited to lead Taurus’ efforts and build a winning franchise in the Middle East, a region known for its rapid adoption of blockchain technology and digital assets,” said Kazour. “Taurus is well-known for its unique custody and tokenization capabilities serving banking clients and large enterprises, which aligns perfectly with the needs of the region. We’ve already started interacting closely with regulators, central banks and clients and I’m looking forward to delivering cutting-edge and compliant solutions to the market.”

Speaking to LaraontheBlock on whether Taurus requires regulation by VARA, Bashir Kazour, Managing Director at Taurus SA explained, “Taurus does not need a regularity license in the UAE as we solely focus on providing the digital asset infrastructure to our clients in the region. To make it simple, Taurus is a technology provider, equipping banks and corporates, with a platform to manage any digital asset. The financial services activity is regulated by the Swiss FINMA and is not promoted outside of Switzerland.”

Taurus opened an office in DIFC Dubai because the company has already signed up some large financial institutions according to Kazour. He adds, “We are also in late stage discussions with several other financial and non-financial institutions in the Middle East region. The region is known for its rapid adoption of blockchain technology and digital assets driven by the regulatory clarity already provided through VARA, ADGM, RAK DAO initiatives, fostering innovation.”

As such Kazour reaffirms that the opening of the office in the UAE is to support this growing demand in the region for both custodial and tokenization solutions.

The office according to Kazour will serve the full Middle East region, including Qatar, KSA but also Turkey. He adds, “ We also have plans to expand to other countries as well.”

Taurus has already consolidated its European leadership position as the preferred digital asset infrastructure provider for banks and corporates, building on its Swiss market leadership with more than 60% market share. Among others, Taurus has recently announced a partnership with Deutsche Bank as well as CACEIS, one of the largest global custodians. Taurus also closed its $65 million Series B funding round last February with strategic investors including Arab Bank Switzerland, Credit Suisse, and Pictet.

Hex Trust digital asset custodian receives VARA full license

Hex Trust digital asset custodian receives VARA full license

Hex Trust, a digital asset custodian has announced that it has received a full Virtual Asset Service Provider (VASP) license from the Virtual Asset Regulatory Authority (VARA) in Dubai.

This follows the issuance of its MVP operational license in February 2023, which marks the final step in VARA’s licensing process, allowing Hex Trust to offer Virtual Assets Custodial Services to institutional clients and sophisticated investors in Dubai.

Hex Trust’s Dubai office was established in June 2022, and is led by Regional MENA Director, Filippo Buzzi.  “It is exciting for us to become one of the first virtual asset companies to receive this operating license in Dubai,” said Filippo Buzzi, Hex Trust’s Regional Director MENA. “Hex Trust is fully committed to expanding into the Middle East and sees enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem in the region.”

“Hex Trust’s commitment to compliance and regulation has always been a priority. This focus has allowed us to be granted a full operating license in Dubai – one of the few companies to obtain this,” said Alessio Quaglini, Co-Founder and CEO of Hex Trust. “There is so much potential in the Emirate of Dubai. We’re excited to continue to scale our business in the region and make a positive contribution to the virtual asset ecosystem.”

The completion of VARA’s licensing process demonstrates Hex Trust’s commitment to provide a comprehensive, secure and compliant trading environment for digital asset investors in Dubai, and its dedication to help build the virtual asset ecosystem in the MENA region, which is fast becoming one of the world’s leading virtual asset hubs.

In July, Hex Trust received regulatory approval in France to provide digital asset custody services, introduced innovative AI-driven investment tools, and actively participated in global industry events. Hex Trust’s dedication to delivering 24/7 regulated digital asset support to its 200+ global institutional clients remains unwavering as the industry recovers from the bear market. Its resilient approach is a positive signal of confidence and underscores its commitment to building secure blockchain infrastructure and expanding its global reach as a fully-licensed digital asset custodian.

Komainu was the first to receive a digital assets custodial license by VARA.

The Hashgraph Innovation Program partners with Digipharm to redefine healthcare technology in MENA

The Hashgraph Innovation Program partners with Digipharm to redefine healthcare technology in MENA

Digipharm, a value-based healthcare ecosystem dedicated to transforming healthcare procurement and patient engagement, today announces its participation in the “Hashgraph Innovation Program” driven by The Hashgraph Association, the not-for-profit accelerating adoption of the Hedera network globally. As a revolutionary step in blockchain technology and decentralised application development, this partnership will significantly bolster the capabilities and outreach of Digipharm’s Reimburse and Digihealth platforms.

DigiPharm works with UAE based Burjeel Medical City. In 2022, Burjeel Medical City (BMC), and Digipharm joined hands to design and validate a new model for patient care in the UAE. The new platform, will focus initially on the Bone Marrow Transplantation program and will later expand to other specialties at the hospital.

Digipharm is an industry leader in the value-based healthcare arena. Its flagship product, Reimburse, stands out as a pioneering value-based procurement platform which has been adopted by government clients spanning from the UK to the Middle East.

Additionally, esteemed private hospital groups are leveraging Reimburse to redefine their healthcare offerings. Digihealth, another element of Digipharm’s offering, is curated as a patient engagement ecosystem. Its primary aim is to enhance patient preference and engagement, ensuring that healthcare decisions resonate with the needs and insights of the very individuals they impact.

The Reimburse and Digihealth platforms, key innovations by Digipharm, align perfectly with the core objectives of the Hashgraph Innovation Program. These platforms, built to redefine patient-centric care and healthcare finance, will greatly benefit from the innovation program. With the support from the Hedera network, both platforms will undergo extensive ideation, proof-of-concept modelling, and minimum viable product (MVP) development, ensuring that they stand at the forefront of healthcare technology.

Kamal Youssefi, President of The Hashgraph Association, said; “We are thrilled to welcome Digipharm to the “Hashgraph Innovation Program”, pioneering the way towards value-based healthcare. This partnership will catalyse new and innovative ways to accelerate decentralised solutions on the Hedera network, while identifying real-world use cases. We’re confident that by providing the funding and support to Digipharm, we’ll help bring the benefits of DLT to healthcare systems worldwide.”

Speaking on this significant partnership, Ahmed Abdulla, CEO at Digipharm, commented, “Joining the Hedera Hashgraph Innovation Program is a monumental leap for Digipharm. We are eager to harness the extensive resources and expertise from this collaboration to further enhance Reimburse and Digihealth, ensuring we deliver unmatched solutions in healthcare.”

As part of this esteemed group, Digipharm is set to benefit from the vast network, financial support, and unparalleled expertise provided by the Hashgraph Association. This collaboration solidifies Digipharm’s commitment to integrating top-tier blockchain solutions into healthcare, creating a brighter and more sustainable future for the sector.

Qatar Ministry of Labour and QRDI launch Blockchain AI challenge for certificate attestation

Qatar Ministry of Labour and QRDI launch Blockchain AI challenge for certificate attestation

The Qatar Research, Development, and Innovation (QRDI) Council’s flagship program, Qatar Open Innovation (QOI), announced the launch of Open Innovation Opportunities in partnership with the Ministry of Labour (MoL) in Qatar to develop certificate attestation process for the Ministry of Labour using technologies such as Blockchain and AI.

Director of Planning, Quality, and innovation, at the Ministry of Labour, Dr. Noura Ghanem Al Hajeri said, “Launching these initiatives in partnership with QRDI Council signifies our commitment to modernize Qatar’s labour sector. The opportunities, for Certification Attestation Process – Optimization through Blockchain Technology and Artificial Intelligence Driven Document Analysis for Qatar’s Ministry of Labour, aim to enhance the efficiency of labor policies and regulations. They will streamline processes, reduce manual labour reliance, and ensure compliance with Qatari law and cybersecurity standards, ultimately enhancing efficiency and advancing the levels of excellence and innovative effectiveness in Qatar’s labor sector.”

The first challenge, titled “Certification Attestation Process – Optimization through Blockchain Technology,” aims to address various issues associated with the current manual certification verification process, such as workforce requirements, extended processing times, semi-automated university and government systems, high costs, intricate procedures, susceptibility to errors, degree forgery, and unauthorized verification.

Director of Research, Development, and Innovation Programs at the QRDI Council Nada Al Olaqi added, “Our collaboration with the Ministry of Labour in Qatar marks a pivotal moment in innovation and technology. QRDI Council, through the Qatar Open Innovation Program, aims to foster partnerships between government entities and local and international technology-based companies, to achieve more excellence, development and innovation in the government sector.

“These partnerships will empower government entities to serve as test beds for piloting innovative technologies, effectively addressing various critical challenges they face.” “Involving government entities in our initiatives is crucial for establishing a robust and vibrant national innovation system in Qatar, aligning with the efforts to build a sustainable society and a knowledge-based economy, a pivotal objective outlined in the National Vision 2030.”

The second challenge, titled “Artificial Intelligence Driven Document Analysis for Qatar’s Ministry of Labour,” focuses on improving the efficiency of the Ministry of Labour’s operations. Manual document analysis has been time-consuming, labour-intensive, and error prone. By adopting AI-driven solutions, MoL aims to modernize its processes, reduce manual labour, and enhance efficiency, with a primary focus on contract analysis in the Arabic language. The proposal submission deadline for both opportunities, as highlighted by Qatar Open Innovation Program, is November 30, 2023.

This comes after Qatar recently launched its digital assets Innovation dome.

Swiss digital asset custodian and manager enters UAE with acquisition of Securrency Capital

Swiss digital asset custodian and manager enters UAE with acquisition of Securrency Capital

Swiss based Copper, an institutional digital asset infrastructure provider focusing on custody and collateral management, has acquired  Abu Dhabi based Securrency Capital Limited, a full-service, regulated blockchain-enabled brokerage firm offering digital securities trading based in the Abu Dhabi Global Market (ADGM), making its entry into the UAE market.

This comes just after The Depository Trust & Clearing Corporation, an American post-trade financial services company providing clearing and settlement services to the financial markets known as DTCC, signed a definitive agreement to acquire Abu Dhabi based Securrency Inc. (“Securrency”), a leading developer of institutional-grade, digital asset infrastructure invested in by Mubadala sovereign Fund.

The two entities Securrency and Securrency Capital have been sold to other institutions just months apart. Securrency Capital Limited is a full-service regulated institutional brokerage firm that offers both traditional and digital financial services. Its mission is to deliver asset tokenization benefits to retail and institutional clients by providing access to multiple digital products and asset classes through a single, easily accessible marketplace

While Securrency is an institutional-grade digital asset infrastructure provider that offers  solutions to market participants to facilitate the trading, settlement and servicing of digital securities and assets.

Securrency Capital’s platform is powered by Securrency, allowing it to provide investors with access to global securities, delivering 24/7 trading with near-real time settlement. In addition, the tokenisation of traditional securities enables increased investor access and simpler, more efficient value chain management through automation.

Operating out of ADGM and supervised by the Financial Services Regulatory Authority (FSRA), Securrency Capital Limited will be renamed Copper Securities Limited and will remain headquartered in the ADGM.

Dmitry Tokarev, CEO and Founder of Copper, said: “Through this acquisition, Copper is able to grow its role as a global digital asset infrastructure provider and establish a stronger footprint in the United Arab Emirates. This is just the beginning of our expansion into the Middle East.”

John Hensel, Co-founder & COO of Securrency, Inc, said: “I am thrilled to announce Securrency Capital’s acquisition by Copper. We look forward to working with Dmitry and team as they serve the rapidly growing Abu Dhabi Global Market.”

Broadhaven Capital Partners acted as an adviser to Copper on the deal.