Institutional investors lead all time high in crypto volumes at CoinMENA

Institutional investors lead all time high in crypto volumes at CoinMENA

In a recent LinkedIn post, Talal Tabbaa, Co-Founder and CEO at CoinMENA, a regulated crypto broker in both UAE and Bahrain noted that the crypto exchange witnessed all-time high in crypto trading volume in February 2024.

As he stated, “CoinMENA hit an all-time high in trading volume this February, surpassing January by 80%. January itself set a record with a 64% increase from December.”

Interestingly he added that the majority of this volume came from institutions, family offices, and high net worth individuals. He adds, “The majority of this volume came from institutions, family offices, and high-net worth individuals. Retail is picking up, but nowhere near 2021 levels. Google Trends and Coinbase App Store ranking confirm similar trends. 2024 could be the biggest year in bitcoin yet because this is unprecedented in the history of finance.”

His comments on increased institutional interest is backed up by Philippe Bekhazi, CEO of XBTO global who recently told Fastcompany ME media platform that there’s a clear uptake in institutional investments in the international and UAE cryptocurrency markets, with 64% of institutions planning to increase their digital asset allocations in the next three years.

“This maturing market environment influences institutional investors by offering a diversified and technologically advanced investment landscape, enabled by the entry of specialized and regulated digital asset players in the UAE ecosystem,” says Philippe Bekhazi, CEO at XBTO Global.

Tabbaa believes that for the first time, increasing demand is meeting fixed supply. He gives example of ETFs which are alone purchasing over 11,000 BTC, while the daily issuance of Bitcoin is 900 BTC. So there is an obvious shortage.  

This is not just happening in the MENA region, rising bitcoin (BTC) prices have revived a crypto trading frenzy in South Korea, with volumes on local exchanges crossing those in the local stock market. Local media reported that trading volumes on South Korea-based crypto exchanges totalled a record 11.8 trillion won (KRW) on Sunday, or $9 billion at the going USD-KRW exchange rate. These topped Friday’s South Korean stock trading volume of 11.47 trillion won, or $8.7 billion.

CC Data noted that In February, the combined spot and derivatives trading volume on centralized exchanges rose 2.28% to $4.73tn as trading activity remains at a heightened level with Bitcoin nearing new all-time highs.

Tabbaa explains, “ETFs are buying up 12x the daily supply of bitcoin. The halving coming up in April will cut the daily issuance to 450 BTC. Bitcoin price is 9% away from an all-time high. Eventually, everyone will want access to the best-performing asset class in the world.”

He believes that given that Bitcoin price is at an all-time high, and the halving is 36 days away, increasing demand will meet decreasing supply.

With Bitcoin at $73,000 it seems he just might be right!

Blockchain forces in Qatar and South Korea to spur Vision 2030

Blockchain forces in Qatar and South Korea to spur Vision 2030

The homegrown Qatar Blockchain startup, Genesis Technologies has partnered with South Korean Blockchain company CP Labs.

Genesis Technologies and CPLabs are set to play a role in realizing Qatar’s Vision 2030 for a digital economy. The collaboration aims to deliver unparalleled security and resilience against cyber threats, underscoring the importance of robust blockchain solutions in the ever-evolving digital landscape.

Speaking at the signing ceremony in Doha, Richard Yun, the head of the business division at CPLabs, highlighted the company’s extensive experience and leadership in the blockchain domain. Yun stated, “As Korea’s first blockchain technology company, CPLabs has been at the forefront of commercializing blockchain based on the experience and expertise accumulated since the early days of blockchain technology in 2013. Furthermore, we aim to drive future changes in digital assets, which are essential elements of digital transformation, through blockchain technology. With 327 blockchain-related patents held worldwide, we have established ourselves as a complete IT solutions provider and are growing into a successful provider of solutions for government and institutional blockchain adoption.”

Yun further emphasized CPLabs’ commitment to navigating the challenges of the GCC market stating, “The GCC market presents another challenge for CPLabs. Being the only local blockchain company in Qatar, our partnership agreement with Genesis Technology, a startup at QU, holds great promise for both parties to enter the local government agencies and markets jointly. We got attracted to collaborate with Genesis Technologies because they share an innovative mindset as we do. Furthermore, we are committed to providing unlimited support and playing a leading role in contributing to the development of blockchain technology in Qatar.”

Mazen Al-Masri, the CEO of Genesis Technologies, echoed similar sentiments, expressing excitement about joining forces with CPLabs. “We are thrilled to collaborate with a well-established and innovative company like CPLabs that is a pioneer in the world of blockchain. Both companies share a similar vision to enable the digital transformation of business, government, and society, leading to a more secure, intelligent, and high-performing world. We will join efforts to produce best-of-breed solutions that respect local regulations and serve the local context effectively.”

This comes soon after Genesis Technologies unveiled two innovative software as a service offerings during their participation at the Web Summit in Qatar in February 2024.

UAE Infinity Capital acquires stablecoin security infrastructure provider for seven figures

UAE Infinity Capital acquires stablecoin security infrastructure provider for seven figures

UAE based blockchain validation provider Infinity Capital has acquired Andro, a security infrastructure for crypto and stablecoin management on financial institutions. As per the press release, the undisclosed seven-figure acquisition by the UAE-based firm aims to enhance its services with the blockchain product built by the Colombian startup.

The announcement adds that with this acquisition, the product’s capabilities will be improved, seeking to exceed one billion dollars in transacted volume by the end of the year.

Andro’s innovative platform empowers clients to manage their digital assets securely and efficiently. In their current version, clients can connect their personal custody wallets, such as MetaMask or Ledger, to Andro’s system.

Smart contracts diversify their holdings across various types of stablecoins to mitigate parity loss risks while continuously monitoring market prices. This system enables swift decision-making and asset exchange in the face of volatility, exemplified by incidents like the UST (Terra Luna) debacle, the FTX collapse, or the Silicon Valley Bank crisis affecting USDC’s value.

The advent of new stablecoins and traditional banks like Societé Generale and HSBC venturing into tokenized assets and deposits on the blockchain further illustrates the dynamic evolution of the financial landscape. Andro’s role in this ecosystem is crucial, offering a robust and responsive platform for navigating the complexities of digital currency investments.

Jose Pino, Andro’s founder, is a renowned figure in cybersecurity, credited with identifying vulnerabilities in the security protocols of over 30 major institutions, including Microsoft, Yahoo!, PayPal, and Harvard University. His work in developing open-source tools like Trape, aimed at combating terrorism and criminal activities, and Temcrypt, a multi-layer information encryption mechanism resistant to common brute-force attacks, has set new standards in the field of ethical hacking and cybersecurity.

The founding team consists of Jaime Varela, also founder of Zulu, an international business payments startup that successfully secured US$5 million in venture capital funding; Carlos Villarreal, the strategic mind and designer responsible for the seamless user experience; and Daniel Esposito, the leader of the development team. Their combined efforts have been pivotal to Andro’s development and triumph.

Jose Pino, Founder of Andro states, “We are confident that under Infinity Capital’s ownership, Andro will not only see enhanced capabilities but will also greatly contribute to Infinity Capital’s value. While I step into a new chapter focusing on AI-powered cybersecurity, I am excited to see Andro thrive in its next phase of growth.”

Bitcoin Magazine to hold its first Bitcoin MENA conference in UAE

Bitcoin Magazine to hold its first Bitcoin MENA conference in UAE

UAE based ADNEC Group, an events management company, will be holding the first Bitcoin MENA Conference in partnership with Bitcoin Magazine and Capital events. The Bitcoin MENA Conference 2024 is set to take place December 9-10th in the heart of Abu Dhabi at the ADNEC Centre Abu Dhabi.

The event will be co-organized by Capital Events, the event management arm of ADNEC Group, and BTC Inc., the parent company of Bitcoin Magazine and the Bitcoin 2024 conference. The seminal partnership was cemented by a high-profile signing ceremony between Humaid Matar Al Dhaheri, MD and Group CEO of ADNEC Group and David Bailey, CEO of BTC Inc. The launch of this event marks a significant milestone in the world’s largest Bitcoin conference’s expansion into the investment-friendly, dynamic, and rapidly growing MENA region.

Humaid Matar Al Dhaheri Managing Director and Group CEO of ADNEC Group said: “Organizing this conference in the Emirate of Abu Dhabi reinforces its status as a regional and global epicenter for cryptocurrencies. It provides the region with a crucial platform for dialogue, discourse, and the sharing of knowledge and insights in this domain, contributing to shaping the sector’s regional trajectory for the future. The strategic collaboration with BTC Inc. to host the inaugural Bitcoin MENA Conference underscores the increasing global interest in investing in decentralized digital currencies in recent years. This partnership reflects our anticipation of future growth trends within this leading investment field.”

The Bitcoin Conference, produced by BTC Inc., is the world’s largest and most globally recognized conference brand dedicated to advancing the understanding and adoption of Bitcoin and blockchain technology. With a mission to foster collaboration and innovation, the conference brand brings together key stakeholders from across the global Bitcoin ecosystem to shape the future of Bitcoin and exhibit the latest developments, technology, and services.

Throughout this two-day event, participants will delve into the potential, challenges, and innovations within the developing Bitcoin ecosystem. Showcasing an impressive roster of expert speakers and influencers in the Bitcoin space, Bitcoin MENA is set to present a dynamic agenda complete with engaging keynote sessions, interactive discussions, and insightful workshops on key industry topics. These include the emergence of a new wave of banking and finance within the Bitcoin space, the dynamics of Mining, and the competition for energy dominance, along with insights into open-source initiatives tailored for the technical minds in the Bitcoin community.

Additionally, Bitcoin MENA 2024 will offer a variety of networking opportunities, fostering meaningful international and regional connections among participants whilst also providing a platform to showcase cutting-edge innovations and the latest developments in Bitcoin technology and services.

David Bailey, CEO of BTC Inc. noted, “Across our ecosystem, we have seen a significant upsurge in interest to enter the MENA region. When visiting Abu Dhabi, it became clear that it had all the right ingredients – infrastructure, investment, bold vision, and global access – to provide a perfect home for the international Bitcoin community to tap into the boundless opportunities this vibrant region has to offer. Capital Events and ADNEC Group are the ideal partners to collaborate with us on this journey as they bring world-class infrastructure and deep connections within the region to help supercharge growth and quickly establish Bitcoin MENA as the region’s go-to event.”

Darren Johnson, CEO of Capital Events added, “We are extremely excited to be partnering with BTC Inc. on this vital launch of Bitcoin MENA. Abu Dhabi’s increasing adoption of blockchain technology and friendly progressive regulatory environment have resulted in several high-profile industry licenses being awarded, thereby firmly positioning Abu Dhabi as the optimal hub for the flourishing adoption of Bitcoin in the region. It was clear early on in our discussions with BTC Inc. that we shared the same vision of creating an exceptional world-class event that would serve as a cornerstone in the region’s thriving Bitcoin landscape. We are confident that their deep specialist experience and global industry connections, coupled with our multi-sectoral experience and regional footprint, will make for a memorable launch and long-term growth.”

UAE based Crypto Oasis Ventures invests in bootstrapping layer for DeFi

UAE based Crypto Oasis Ventures invests in bootstrapping layer for DeFi

UAE based Crypto Oasis Ventures is one of the investors in Kaskade Finance, cross-chain liquidity bootstrapping layer for DeFi protocols and networks. The oversubscribed seed round had participation from over 40 investors, some of which include Marshland, NxGen.xyz, Artemis Capital, Andromeda Capital, Hercules Ventures, 369 Capital, Crypto Oasis Ventures, as well as influencers, including VirtualBacon, Brian D Evans, CryptoJack and more.

 Nathan Lenga, CEO of Kaskade, tabled the MVP to go live in August, and to continue to build a world-class team that will make certain Kaskade Finance is the premier liquidity incentivization layer for all of DeFi.

Kaskade already has a shortlist of protocols asking to collaborate in order to leverage its incentivization mechanism to bootstrap volume and liquidity; the first of which being Redacted Finance.

Lenga added, “We founded Kaskade to flip the incentive model on its head; rather than focusing on bootstrapping liquidity first, we strive to drive additional volume in the ecosystem. Our team fundamentally believes that the industry must incentivize volume, which represents demand, to create sustainable flywheels, given demand inevitably results in supply, liquidity.”

The first campaign will launch mid-March, in collaboration with Redacted Finance, with up to $30,000 USD in $BTRFLY rewards available for all participants. Not only is there a large rewards pool, but also a gas rebates program that frequent traders can avail themselves of.

Protocols with live tokens can create campaigns through the Kaskade application, engaging their users to increase trading volume and accordingly liquidity. These protocols will put up rewards in any token to incentivize their users to trade more frequently, with users being able to claim these rewards at the end of the week.

Blockchain entity Chiliz invests in Aramco backed sports talent platform

Blockchain entity Chiliz invests in Aramco backed sports talent platform

Chiliz, the leading blockchain provider for sports and entertainment fan tokens and digital assets supporting over 170 major sport organizations has signed an agreement with KSA based Grintafy, the largest talent discovery platform in the MENA region with over 2 million users.

As per the press release, Chiliz Blockchain provider for sports will become a strategic investors and partner for Grintafy and aspiring fooballers in the Middle East. Saudi based Grintafy has already substantial investment from Saudi Aramco Waed Ventures, and has formed partnerships with leading football organizations across the Middle East, alongside clubs in some of the world’s most prestigious leagues, including LaLiga and the Premier League, as well as elite academies globally.

Awarded SportsTech Startup of the Year by Gitex, Grintafy will now benefit from Chiliz’s unique technological infrastructure, ecosystem, and expertise to facilitate its transition into web3, using blockchain for various use cases such as player ratings, rankings, and performance certifications.

Moreover, by gaining access to Chiliz’s vast network of sporting and technology partners, Grintafy will not only amplify its platform but also contribute to the advancement of Saudi football internationally. Daniel Maglietta, Football Commercial Director for Chiliz, will play a pivotal role as a key advisor to Grintafy in its internationalization efforts.

This collaboration will, therefore, open new opportunities for young Saudi athletes, fostering the game’s evolution in the region with a philanthropic approach to nurturing future talent.

The medium post adds, “The investment in Grintafy marks Chiliz’s first foray into the rapidly evolving Saudi football scene as it launches operations in Riyadh to back football projects in line with Vision 2030’s tech-driven transformation goals. The move not only underscores the company’s commitment to Saudi football’s growth and internationalization but also aims to connect major European football teams with Saudi talent, highlighting the investment in local companies to foster industry opportunities.”

Alex Dreyfus, CEO of Chiliz and Socios.com, commented that: “This investment is a strategic move that brings value to both Grintafy and the Chiliz ecosystem, while also supporting the broader vision of Saudi football. Together, we aim to both support the local talented players and global football powerhouses in their investments in the Kingdom. We want to be one of the digital bridges of Vision 2030, between Europe, South America & Saudi Arabia.”

Majdi Allulu, Founder and CEO of Grintafy, commented that: “In searching for our next investor/partner, we tried to be strategic, in that Grintafy seeks a company that has their vision aligned with ours. Chiliz is not just a leader in the sports web3 space, but it also shares our vision to change the game in the sports tech space and our commitment to support football’s growth in the Middle East. That’s why we are so happy with this strategic investment, which lays the foundations of a new vertical that will enable our dreamer with more tools and technologies to make it. We are incredibly excited to leverage the Chiliz network.”

Cardano Summit to be held for second year in Dubai

Cardano Summit to be held for second year in Dubai

As Cardano Foundation gears up for its upcoming Cardano Summit which will be held once again in Dubai UAE between October 23rd-24th, Cardano news is buzzling in the UAE, with the announcement that the UAE police have piloted Cardano blockchain.

As per Cardano press release, the decision to host the Cardano Summit in Dubai once again pays homage to the city’s rich tradition of facilitating commerce and connectivity, plus driving forward technological innovation. Dubai has consistently ranked as one of the world’s most influential crypto hubs, with an encompassing blockchain strategy that makes the city a key region for the blockchain sector. By hosting the Summit in Dubai for the second year, the Cardano community will have the opportunity to tap into the innovation showcased at the Summit last year, strengthening connections, and building new relationships in one of the nerve centers of the blockchain world.

In addition, Cardano in its press release made it clear that Dubai in particular has deployed Blockchain in several key sectors. The Cardano Foundation’s CEO, Frederik Gregaard, commenting on the importance of the Summit 2024, said: “This is shaping up to be an exciting year for blockchain, with adoption across a wide range of sectors growing significantly. Dubai, in particular, has deepened the strategic deployment of blockchain in several key sectors, and we are thrilled to host the Cardano Summit in Dubai for the second time. Year on year, the Summit has proven to be invaluable in building connections, consolidating relationships, and catalyzing innovation.”

This comes at the heels of the announcement made by Chris O, the Founder of the Cardano GhostFund DAO, that Dubai police had submitted a Cardano based pilot project holding data management capabilities. As per Chris O’s X statement, “The project analyzed the secure sharing of sensitive data related to criminal investigations with authorities such as Interpol. The presentation of the Cardano integrated project highlighted the high level of security involved in sharing the scans of bullets in concrete obtained through an advanced scanner. Using the blockchain, significant forensic information was distributed safely among international stakeholders worldwide.”

He adds, “The blockchain ensures that the data is not tampered with and can be tracked among various stakeholders. This is an ideal use case for blockchain & Cardano. Ensuring data can be securely shared and managed in a decentralized network is becoming more and more relevant in industries from energy, defense to IoT.”

Few days earlier on March 4th 2024, EMURGO Africa, the investment and commercial arm of Cardano in Africa, announced the launch of EMURGO Labs, a dedicated development entity for emerging Web3 technologies. EMURGO Labs is designed to support the growth of established and nascent Web2 and Web3 organizations. EMURGO Labs is set to spearhead the digital transformation across borders, leveraging the transformative power of the Cardano blockchain.

Dubai’s DMCC now home to 600 crypto blockchain companies

Dubai’s DMCC now home to 600 crypto blockchain companies

DMCC announced the number of new companies that enrolled in 2023, with 123 new crypto and blockchain entities registering at the DMCC crypto center, culminating in 600 companies in total. By the end of 2022 DMCC had announced that it had 500 crypto blockchain entities registered in its freezone.

In total Dubai Multi Commodities Centre (DMCC) has enrolled 2,692 new companies in 2023, taking the total number of companies in DMCC to over 24,000.

The launch of new industry ecosystems, the expanded service offerings and the physical growth of the Uptown Dubai district with the launch of Uptown Tower have driven DMCC’s 2023 growth story.

DMCC accounted for 11% of Dubai’s total FDI inflows. As per the 2023 annual report, DMCC became a hub for trading of commodities such as diamonds, and precious stones, gold, as well as a hub for high value services such as crypto, gaming and Web3.

 Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “For DMCC, 2023 showcased its ability to sustain its record performance whilst undertaking crucial infrastructure expansions. Attracting 2,692 new companies is testament to our efforts to continuously enhance our value proposition year after year, reinforcing the role we and our members play in driving trade and investment, contributing up to 11% of all FDI inflows to Dubai. With the opening of Uptown Tower and the wider development of Uptown Dubai, our business district is stronger now than it has ever been, and we have set ourselves up for accelerated growth, a crucial factor as we accommodate new waves of investment to Dubai.”

 The DMCC Crypto Centre welcomed industry leaders such as Bybit, Solana and TDeFi into the fold alongside an additional 129 companies. The Centre is now home to 600 firms, further reinforcing its position as the largest concentration of crypto, blockchain and Web3 companies in the region.

Two core growth sectors for DMCC show promising opportunities in 2024 are the Gaming Centre and the impending launch of a new AI Centre. Over the past year, DMCC’s Gaming Centre doubled in size to reach almost 100 members at the year end.

UAE Judicial department puts virtual currencies on the table

UAE Judicial department puts virtual currencies on the table

The UAE Abu Dhabi Judicial department held the Fifth Abu Dhabi Justice Partners Forum and discussed virtual currency laws in regards to money laundering and terrorist financing. The forum discussed how legal professionals can fight these crimes in accordance to UAE legislation and international best practices.

Topics on the table included the definition and risks associated with virtual currencies, the relationship between blockchain technology and these currencies, and the potential impact of virtual currencies on the global economy.

Also discussed was deceptive techniques used in money laundering and terrorist funding, the involvement of regulatory organizations in combating these offenses, and the UAE’s efforts to address money laundering through legislation and international agreements.

The forum specifically focused on money laundering offenses, their elements and background, the obligations placed on financial institutions, business sectors, and non-financial professions in terms of combating money laundering based on national laws, and the connection between virtual currencies and financial crimes.

 Attendees were provided with information about the characteristics of cryptocurrencies and their connection to money laundering and terrorist financing, as well as tactics for identifying suspicious transactions involving virtual currencies.

The forum highlighted the responsibilities and roles of lawyers and legal experts in combating financial crimes. It specifically emphasized the importance of finding a middle ground between client privacy and ethical principles while reporting suspicious criminal activities.

Furthermore, the forum emphasized the significance of conducting due diligence on customers when dealing with virtual currencies and staying informed about the challenges posed by new and advanced technologies.

This Forum and discussions held come after the UAE was taken off FATF (Financial Action Task Force) and is indicative of the UAE’s commitment to combating financial crime.

Qatar Blockchain startup unveils two new SaaS products

Qatar Blockchain startup unveils two new SaaS products

Qatar based Blockchain solutions provider Genesis Technologies unveiled two innovative software as a service offerings during their participation at the Web Summit in Qatar in February 2024.

The first offering, Imdaat is a decentralized digital signature system powered by blockchain technology. Imdaat is specifically designed to streamline the process of document signing and attestation, providing a secure and efficient solution for businesses.

The second offering Sheel is a distributed file management system that leverages blockchain technology to enhance the security and privacy of critical documents. Sheel offers a robust platform for managing sensitive information with confidence.

According to Mazen El Masri, CEO of Genesis Technologies, both products harness the power of blockchain to offer cutting-edge solutions in their respective domains.

El Masri added, “The Genesis Technologies LLC team exhibited imdaat and sheel to prospects, discussed industry pain points with experts in the field, and established valuable connections. As young startup, we need platforms such as the Web Summit to share knowledge and build relevant partnerships.”

These two new products were announced after Genesis Technologies partnered with BRI Middle East for the launch of a Blockchain Data Storage System in Qatar. The system backed up databases in a distributed way, which increased security, availability and readiness to data, and secured continuous connectivity without downtime.

In 2022, Genesis launched its first product Maxya, a blockchain that requires miners to solve complex logistics problems and produce business-usable data, unlike other proof-of-work blockchains that require solving complex computational puzzles with no usefulness beyond securing the network.

Mazen El Masri described Maxya’s consensus mechanism as Proof of Useful Work, and indicated that designing blockchains this way makes them carbon negative, because they create two uses for electricity solving logistics problems and validating transactions.