Aethir and Blockchain Center Abu Dhabi partner for $100 million ecosystem fund

Aethir and Blockchain Center Abu Dhabi partner for $100 million ecosystem fund

Aethir ,enterprise-grade GPU-as-a-service platform on the market, capable of supporting AI and gaming companies of all types and sizes with reliable, secure, and highly scalable GPU computing power and The Blockchain Center Abu Dhabi (ADBC) partnered at Bitcoin MENA to supercharge AI and gaming development through Aethir’s $100 Million Ecosystem Fund.

As per the blog post, the fund comprises of Aethir compute subsidies and token grants for eligible projects, focusing on innovators developing projects in Abu Dhabi and the broader MENA region. ADBC will be the regional onboarding partner for Aethir’s AI and gaming ecosystem grants, as they have expertise in the local Web3 sector.

Aethir’s decentralized cloud infrastructure can efficiently service the most demanding enterprises in the Web3 industry with premium GPU compute resources. Additionally, Aethir’s network of over 33,000 globally distributed Aethir Edge cloud computing devices enables anyone to become a compute provider in our network and support the everyday workloads of our clients worldwide.

ADBC aims to empower businesses, governments, and individuals to leverage blockchain technology for sustainable growth and transformation that can positively impact users’ everyday lives globally. The center’s Incubation & Acceleration Hub provides Web3 startups with comprehensive resources, expert mentorship, and strategic funding.

The grant program will primarily focus on AI and gaming enterprises building projects in the MENA region, focusing on Abu Dhabi with ADBC’s support. Aethir will be the exclusive GPU computing provider for all eligible projects with compute grants, subsidies, and token grants from our $100 million Ecosystem Fund.

ADBC will be Aethir’s exclusive partner for onboarding innovative AI and gaming projects from the MENA region into the ecosystem through Aethir’s grant program.

ADBC will form a committee to source and onboard startups into the Aethir ecosystem, specifically in Abu Dhabi and the broader MENA region, and will offer grantees expertise in regulatory compliance, business strategy, and market entry within the UAE. Furthermore, ADBC will co-host or sponsor events to increase the visibility of grantee projects and create networking opportunities, as well as joint marketing campaigns to promote these projects.

While, Aethir’s role in this partnership will be to provide compute subsidies and token grants to eligible applicants. All grant program applicants must use Aethir’s cloud-computing infrastructure or partner with Aethir through allocations of their native tokens.

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Aspen Digital gains crypto broker and custody license from ADGM in UAE

Aspen Digital gains crypto broker and custody license from ADGM in UAE

Aspen Digital, a full-service private wealth management platform built for family offices and ultra-high net worth clients allocating into digital assets, co-incubated by Everest Ventures Group and TTB Partners and backed by RIT Capital Partners, Liberty City Ventures and Token Bay Capital today has received a Financial Services Permission (FSP) from the Financial Services Regulatory Authority of ADGM.

The license grants the company permission to provide broker-dealer, asset management, advisory, and custody services under its fully regulated and best-in-class tech platform. The wealth management platform received preliminary approval back in June 2024.

Elliot Andrews, CEO of Aspen Digital, said, “ADGM has established itself as a global center for digital assets, and we look forward to contributing to the continued development of the ecosystem. With digital assets increasingly becoming an important part of the private wealth portfolio, Aspen Digital is uniquely positioned to service this segment of clients in the region by providing a holistic solution across the asset class.”

Arvind Ramamurthy, Chief Market Development, ADGM, added, “We are delighted to welcome Aspen Digital to ADGM, further cementing its reputation as a global financial hub and its growing prominence as a leading wealth management hub. Aspen Digital’s decision to establish its presence in ADGM is a testament to the strength of our regulatory framework and our ability to enable private wealth platforms to serve the growing demand for digital assets across the region. We look forward to supporting Aspen Digital in its journey to advance the private wealth management landscape in Abu Dhabi and beyond.”

Japanese bitgrit establishes DLT Foundation in ADGM UAE

Japanese bitgrit establishes DLT Foundation in ADGM UAE

bitgrit, founded in Japan, aims to democratize AI development for all creators and has been working on developing systems utilizing blockchain technology. has announced that it has registered its DLT Foundation at ADGM in UAE.

As per the announcement, this foundation represents the first instance of a Japanese-rooted company leveraging ADGM’s regulatory framework to create a crypto asset foundation.

A DLT Foundation is a foundation scheme provided by ADGM, specifically tailored for projects involving crypto assets and DLT. This framework enables such projects to operate transparently and reliably. It also allows for the issuance and management of tokens in a legally authorized environment, providing significant advantages for projects prioritizing regulatory compliance.

bitgrit has now transitioned into an ADGM-registered entity, placing itself at the forefront of AI and blockchain innovation in the Middle East. The company connects a global community of over 35,000 data scientists and offers innovative services through its AI competition platform and an AI marketplace currently under development.

The newly established BITGRIT DLT Foundation will form the foundation for bitgrit’s planned issuance of crypto tokens. These tokens will be utilized within the company’s platforms, enabling AI agents to leverage AI models and datasets while facilitating transactions among users through token-based ecosystems.

Kazuya Saginawa, CEO of bitgrit, statedm “The establishment of the BITGRIT DLT Foundation is a significant milestone for us as a Japanese-rooted company operating under ADGM’s regulations. By integrating AI agents and Web3 technologies, we aim to create a new ecosystem that delivers value to both users and businesses while ensuring transparency and reliability.”

bitgrit DLT Foundation aims to issue crypto tokens to build an ecosystem where AI agents can efficiently operate and interact, and work toward listing the tokens on the UAE’s “Available Virtual Assets” list to enhance trust and adoption, while expanding from the MENA region to global markets.

In August 2024, Kaia DLT Foundation got licensed in ADGM and their mainnet will be launched on August 29th 2024. Prior to that IoTA also launched its DLT Foundation from ADGM.

HTX crypto exchange receives provisional approval for a license in UAE

HTX crypto exchange receives provisional approval for a license in UAE

HTX, a crypto exchange, during the Bitcoin MENA 2024 event in Abu Dhabi announced that it has received a provisional approval from Dubai’s Virtual Asset Regulator (VARA) as it seeks to expand to the MENA region. Charmain Lim, Head of VIP Clients Services at HTX made these statements during one of the panels.

During the session, “The Great Debate: Bitcoin vs. Crypto” session, Justin Sun, Global Advisor of HTX and Founder of TRON, attributed Bitcoin’s breakthrough of the $100,000 mark to advancements in cryptocurrency technology. He explained, “Tether once issued stablecoins on the Bitcoin Omni Layer, but the platform’s slow transaction speeds hindered its growth. However, USDT on TRON enables instant transactions, meeting the needs of users. Technological advancements have also benefited Bitcoin. The growing popularity of stablecoins has led to increased capital flowing into Bitcoin, further solidifying its role as a store of value.”

While Charmaine Lim, during a roundtable discussion titled “Improving Access to Bitcoin in the UAE” stated that despite advancements in UAE when it comes to cryptocurrencies, challenges persist, such as the cautious approach of certain banks toward cryptocurrency transactions, insufficient public education about cryptocurrencies, and regulatory uncertainties. These factors hinder the growth of the crypto sector in the UAE.

Charmaine noted that HTX secured the Provisional Approval for the Virtual Asset Service Provider (VASP) license from Dubai’s VARA and is currently applying to upgrade it to a full VASP license.

He emphasized HTX’s strong focus on the UAE market, noting the platform’s ongoing efforts to connect with regulatory bodies and its proactive steps to collaborate with local banks in establishing a streamlined fiat-to-cryptocurrency transaction channel. Charmaine added that HTX will provide global users with learning opportunities on subjects such as crypto trading, storage, and security through HTX Live and online workshops. The platform will also continue to expand language options, including offering Arabic support, to enhance the user experience.”

UAE Bank invests in crypto custodian Zodia Custody

UAE Bank invests in crypto custodian Zodia Custody

A leading UAE bank, Emirates NBD, has invested in a crypto custodian service provider, Zodia Custody, which is seeking to be licensed in UAE. Zodia Custody is backed by Standard Chartered, SBI holdings and others.

As per the announcement, the strategic equity investment was made by Emirates NBD’s Innovation Fund, the bank’s corporate venture fund.

Headquartered in London, Zodia Custody tailors digital asset custody solutions for institutional clients in alignment to regulatory requirements, ensuring institutions can make informed investment decisions according to market trends with the highest levels of security.

Marwan Hadi, Group Head of Retail Banking and Wealth Management, Emirates NBD, stated, “Our strategic investment in Zodia Custody reflects our commitment to creating an environment where digital asset trading venues and forward-thinking institutions can interact safely, securely and without compromise. FinTech is changing the institutional landscape rapidly and we want to ensure our ongoing support to emerging technologies to bolster this growth by bridging the gap between financial services and digital assets.”

He added, “Our investment is significant in light of the UAE’s progressive approach to digital asset regulation and its ambition to become a global innovation and technology hub. Additionally, it aligns with the Dubai Economic Agenda D33 that envisages the Emirate among the top four global financial hubs and a preferred capital market in the Middle East, Africa and South Asia region.”

Neeraj Makin, Group Head of Strategy, Analytics and Venture Capital at Emirates NBD, said, “Emirates NBD has decades of experience in leveraging innovation to simplify banking. The investment in Zodia Custody’s robust and unique offerings positions Emirates NBD at the forefront of digital asset innovation, a trillion-dollar-asset class. The MENAT region is transforming rapidly into a key player in the crypto economy fuelled by institutional and enterprise activity and a growing appetite for DeFi and Stablecoins. In line with our vision to be a digital leader in the region, we are making strategic investments via the Innovation Fund and committed to fostering a culture of innovation.”

Julian Sawyer, CEO of Zodia Custody, said, “As the fifth bank to cast a vote of confidence in our proposition, we are beyond grateful to Emirates NBD for placing their trust in us. This investment is a monumental step forward, paving the way for Zodia Custody to become a leading player globally.”

Alex Manson, CEO of Standard Chartered Ventures, said: “Emirates NBD’s investment marks the fifth TradFi institution supporting our Digital Assets venture Zodia Custody. As we build an ecosystem of infrastructure to operate Digital Assets at institutional grade, we are grateful for this recognition, support and most importantly look forward to our partnership.”

This week as well, Emirates NBD, added, its fifth member of its Digital Asset Lab, Chainlink, the standard for onchain finance, verifiable data, and cross-chain interoperability. Chainlink will join other founding members including PwC, Fireblocks, R3 and Chainalysis.

This also comes days after UAE based Zand Bank, an AI powered digital bank, received a full VASP license from Dubai’s virtual assets regulatory authority (VARA) allowing it to offer crypto custodial services. The license allows Zand to offer crypto and digital asset custodial services to institutional investors and qualified investors.

Reem Finance and Temenos partner to launch new digital community bank

Reem Finance and Temenos partner to launch new digital community bank

Reem Finance has partnered with Temenos to establish a new digital community bank in the United Arab Emirates (UAE). Temenos integrates Ripple blockchain technology using Bluzelle’s Altitude Gateway to create a new standard for bank-to-bank settlements as well as has collaborated with SETL to offer users seamless tokenized deposits and smart contracts.

The decision to leverage Temenos’ market-leading core banking platform underscores Reem Finance’s strategy to enhance operational efficiency and compliance. With robust localization capabilities, the platform offers advanced retail and corporate banking functionality. Delivered as Software-as-a-Service (SaaS), the solution ensures rapid scalability and streamlined operations, enabling Reem Finance to adapt quickly to market demands.

By integrating Temenos’ core banking, payments, and data analytics capabilities, the new digital community bank aims to provide seamless services to both individual and business customers. The platform’s ability to optimise banking processes and reduce costs is expected to position Reem Finance as a competitive player in the UAE’s dynamic banking sector, unlocking new opportunities for growth.

Reem Finance CEO Seraj Faidi expressed enthusiasm for the partnership, stating, “We are excited to partner with Temenos to launch our digital community bank in the UAE. Temenos’ cutting-edge SaaS platform will enable us to rapidly innovate and scale up, deliver exceptional customer experiences, and stay ahead of the curve in a fast-moving market.

“The cloud-based Temenos solution has a pivotal role in our tech stack, and it enables us to connect across infrastructure and manage the most critical customer and business data. This collaboration will help us transform the way banking services are delivered in the UAE, with a focus on providing accessible, seamless, and scalable financial solutions to both retail and corporate customers.”

Temenos CRO William Moroney echoed these sentiments, added, “Temenos is proud to support Reem Finance in launching their new digital community bank. We have a strong presence in the Middle East, expertise in cloud banking and a track record of client success across the region. By leveraging Temenos’ cloud-based platform, Reem Finance is well-positioned to deliver next-generation financial services and continue its mission to drive financial inclusion and innovation across the UAE.”

Siraj Finance and ASSNTURE in UAE partner to pilot tokenization solutions

Siraj Finance and ASSNTURE in UAE partner to pilot tokenization solutions

Siraj Finance PJSC, a private joint stock company based in Abu Dhabi and regulated by the UAE Central Bank, offering a multitude of financial products, designed in compliance with Islamic Shari’ah principles and ASSNTURE Limited a registered in Abu Dhabi ADGM ( Abu Dhabi Global Market) as a technology startup providing Asset Tokenization and Digital Assets Infrastructure Solutions signed a strategic partnership during ADWF ( Abu Dhabi Finance Week), to explore solutions in asset tokenization and digital assets.

As per the announcement, this collaboration represents a shared commitment to leveraging blockchain technology to redefine financial services, with a focus on enabling secure, efficient, and compliant tokenization of real-world assets.

Siraj Finance and ASSNTURE aim to combine their expertise to pilot and commercialize asset tokenization solutions that align with the regulatory frameworks of the Central Bank of the UAE (CBUAE) and Abu Dhabi Global Market (ADGM). By integrating cutting-edge blockchain technology, the two entities intend to provide clients with alternative liquidity solutions and expand access to high-value assets for a broader range of investors.

Commenting on the occasion, Mr. Mohamed Rusan Fyroze, CEO of Siraj Finance said, “This collaboration highlights Siraj Finance’s vision to lead the adoption of next-generation financial solutions in the UAE, aligning with our mission to empower businesses and individuals with innovative and compliant tools.”

Mr. Ihsan Khelef, Founder and Managing Director of ASSNTURE Limited added, “Partnering with Siraj Finance during ADFW reflects ASSNTURE’s dedication to building a robust ecosystem for tokenized assets. Together, we are setting the foundation for a new era in financial services.”

In October 2024, ASSNTURE launched “TradeDesk,” a blockchain-based platform designed to revolutionize the management and settlement of trade finance transactions for finished goods, raw materials, and commodities.

Beam launches $150 million Web3 gaming fund in UAE

Beam launches $150 million Web3 gaming fund in UAE

The Beam Foundation has launched Beam Ventures in Abu Dhabi, the first venture fund focused exclusively on Web3 gaming from ADGM. The $150 million gaming fund aims to accelerate promising founders and contributing to Abu Dhabi’s transformation into a global gaming hub.

Beam Ventures is strategically positioned at the intersection of blockchain, gaming, and artificial intelligence, the fund is driven by a commitment to shape the future of gaming together with the next generation of game developers and innovators. Beam Ventures will launch an accelerator program, inspired by globally recognized precedents. This program is designed to support early-stage startups specializing in web3 gaming and AI, offering a combination of in-person and remote participation options. The goal of the program is to create a breeding ground of successful startups that will impact the gaming industry and beyond.

HE Saeed Al Fazari, Strategic Affairs Executive Director at the Department of Culture and Tourism – Abu Dhabi, said, “Over the past three years, we have built a robust gaming infrastructure in Abu Dhabi, and establishing a dedicated gaming fund is a crucial step in ensuring that this ecosystem continues to thrive. This initiative aligns seamlessly with our Abu Dhabi Gaming efforts, reflecting our commitment to welcoming investments in the gaming industry and highlighting the trust and confidence investors have in our ecosystem.

We remain deeply committed to attracting and nurturing talent in Abu Dhabi, contributing to the knowledge-sharing economy, and driving the growth of the creative industries. This fund is another step forward in ensuring Abu Dhabi becomes a global hub for gaming excellence and innovation.”

“At Beam Ventures, one thing drives us above all else: innovation. In whatever form it might take, innovation has always been our lifeblood and our North Star – and that’s why we are so delighted to be bringing our pursuit of innovation to Abu Dhabi, a city that has shown itself time and again to share our mindset. We’re convinced that Abu Dhabi is set to be the epicenter of the world’s most exciting, pioneering tech and gaming innovation for years and decades to come. We have always sought the cutting edge at Beam Ventures – and we know that with this collaboration we have found exactly that. We look forward to other cutting-edge creators and founders joining us on this adventure.” – Mark Borsten – Chief Strategy Officer.

Standard Chartered to support Paxos USDG and USDL stablecoins

Standard Chartered to support Paxos USDG and USDL stablecoins

Paxos, a regulated blockchain and tokenization infrastructure platform, has partnered with Standard Chartered to enhance Global Dollar (USDG) and Lift Dollar (USDL) reserve management. Standard Chartered will provide cash management, trading, and custody services, further strengthening the infrastructure supporting the trusted digital assets in Singapore and UAE.

Both USDG and USDL are fully backed and trusted stablecoins issued under prudential regulatory oversight. Paxos maintains rigorous standards in reserve management and exclusively holds short-term, highly liquid US government securities and cash equivalents to ensure that stablecoins maintain 1:1 parity with the US dollar. This guarantees seamless convertibility to fiat currency while reinforcing trust in Paxos’ ecosystem.

Through this collaboration, Standard Chartered will support Paxos’ global tokenization platform by offering seamless integration with a comprehensive suite of banking capabilities across transaction banking, financial markets, and securities services.

Adam Ackermann, Head of Treasury and Portfolio Management at Paxos, said, “As the stablecoin industry continues to attract the world’s leading enterprises, it’s more important than ever to ensure they have access to sophisticated, institutional-grade products. Standard Chartered’s commitment to risk management, compliance and operational efficiency across its world-class banking solutions is critical to Paxos as a regulated stablecoin issuer.”

John Collura, Global Head of Banks & Broker Dealer Sales and Head of Europe & Americas for Financing and Securities Services at Standard Chartered, added, “Our partnership with Paxos reflects Standard Chartered’s commitment to shaping the future of digital finance with trust and innovation. By providing robust cash management, trading, and custody services, we’re enabling the next generation of secure and regulated digital assets solutions that drive global adoption and economic inclusion.”

Global Dollar (USDG) is a US dollar-backed stablecoin issued by Paxos Digital Singapore, and is substantively compliant with the Monetary Authority of Singapore’s (MAS) upcoming stablecoin regulatory framework. This ensures USDG meets the highest standards of consumer protection and regulatory compliance. Paxos International, which is regulated by the Financial Services Regulatory Authority of Abu Dhabi Global Market, launched the US dollar-backed stablecoin Lift Dollar (USDL) earlier this year. USDL passes daily programmatic safe yield to its end holders.

Versifi an OTC crypto trading and lending firm receives initial approval from ADGM in UAE

Versifi an OTC crypto trading and lending firm receives initial approval from ADGM in UAE

VersiFi, a crypto and digital asset trading and lending firm, has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM in UAE.

As per the announcement, subject to final regulatory approval, VersiFi will launch a fully regulated digital asset trading solution for institutional clients from its new global headquarters in ADGM.

VersiFi’s ADGM presence is led by a team of exceptional financial services executives whose experience spans both digital and traditional assets at firms such as the Abu Dhabi Investment Authority, ADS Securities, Deutsche Bank, Credit Suisse, Gemini, Interactive Brokers, JP Morgan, Standard Chartered and the Royal Bank of Scotland.

VersiFi is working to address the IPA conditions and, subject to FSRA’s approval, plans to offer institutional clients a full trading solution, that will include direct Market Access (DMA) to leading digital asset trading venues; market-leading algorithmic trading that improves trade execution and efficiency; bilateral OTC trading in both spot and derivatives; powerful tools for real-time portfolio and risk management; a full range of KYC and AML protocols and segregated custody via secure, third-party digital asset custodians.


“ADGM has established one of the most robust and dynamic regulatory frameworks in the world and they are taking a leading role in the responsible regulation of digital assets,” said Sameer Shalaby, CEO, VersiFi.

“The FSRA has impressed us with its diligence and collaborative approach and we are committed to building and upholding the highest level of integrity and security as part of the progressive financial services community in the UAE. Receiving our IPA is a validation of our vision and an important step for VersiFi as we to contribute to the region’s digital asset growth story while building our own.”

“We are delighted to be the first DMA and OTC trading firm to be granted IPA,” said John Livingstone, ADGM Regional Head, VersiFi. “We are focused and actively working with the FSRA to comprehensively address all the IPA conditions and we are looking forward to serving clients globally from our ADGM headquarters.”

VersiFi is fully committed to the UAE, and subject to the regulatory approval and receipt of the Financial Services Permission, the company plans on making further investments to expand its presence in the region.