In collaboration with Saudi Arabian Blockchain tech provider Limar, MRHB Network, Fintech DeFi firm will be localizing MRHB’s Souq NFT platform for KSA and GCC markets.
As per the license agreement, the venture will see the localization of MRHB’s Souq NFT platform for the Saudi Arabian and Gulf markets, leveraging Limar’s pioneering experience in blockchain technology and advanced tech solutions.
Limar is a Saudi Teh company that focses on solving problems using advanced technologies since 2017. Limar has since been backed by AlNahdi United Group.It focuses on raising awareness for the adoption of decentralized appliation, or Blockchain networks in Saudi Arabia and the region. Limar is also a member of the Hyperledger Community.
Through this license agreement, Limar has licensed the Souq NFT platform from MRHB to create an Arabic version that caters specifically to Saudi Arabian customers. This localized version will run on a private blockchain developed by Limar, ensuring compliance with the Kingdom’s regulatory frameworks and cultural nuances.
By licensing the Souq NFT platform to Limar, MRHB Network is not only expanding its global footprint but also reinforcing its commitment to ethical and culturally sensitive financial solutions.
Limar has developed a crypto free Web3 ecosystem that will enable the adoption of Web3 in KSA focusing on eliminating the legal constraints of crypto with compleiance and usability at the core. They have developed AlMajra Blockcain and Hesa Wallet that allows startups and organizations to quickly deploy secure private blockchain networks.
Earlier this year, DeFi firm, MRHB built for Ethical and Inclusive DeFi expanded into the Saudi market after receiving a license from the Ministry of Investment. MRHB plans to relocate its research and development team to Riyadh KSA.