Binance sees close to 50 percent growth in MENA users on its platform

Binance sees close to 50 percent growth in MENA users on its platform

Binance crypto exchange saw a 49 percent growth in the number of users from MENA region in 2022. As per the news this reflects the growing appetite for virtual assets.

In addition Binance has grown its employee base in Dubai alone to over 400 employees.  This comes as Binance recently obtained its Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) which allows the company to offer a range of approved virtual asset related services to suitably qualified retail and institutional investors in Dubai.

Richard Teng, Regional Head of MENA at Binance, comments, “It is extremely encouraging to see this level of growth in the MENA region, not just in terms of user adoption but also in terms of headcount and new employees in our own teams, particularly in the UAE. We are witnessing rapid adoption of blockchain technology in the region and we believe there is huge potential for the UAE to soon become a leading virtual asset hub.”

He adds, “We’ve got exciting plans for Binance in the MENA region and are putting together a highly skilled team to lead our expansion, setting a firm foundation for our future growth. Aligned with our growth objectives, we remain committed to working closely with local regulators to establish a safe and secure ecosystem, and we will continue our cooperation in Dubai and the wider UAE to develop a robust virtual asset infrastructure that protects the market and the investors.”

MENA crypto users receive $566 billion worth of crypto in one year

MENA crypto users receive $566 billion worth of crypto in one year

As per a recent Chainalysis blog report, MENA based crypto users received $566 billion worth of cryptocurrency in one year from July 2021 to June 2022. As per the news, this is a 48 percent increase from 2020-2021.

In addition Turkey, Egypt and Morocco once again lead not only in MENA region but globally. All three countries are in the top thirty list of countries with most crypto savings, usage of crypto for remittance payments and permissive crypto regulations.

These could be caused by these countries’ fiat currency devaluations and the huge remittance market in Egypt for example. This is why Egypt has become the fastest growing crypto market in 2022, while Turkey still remains the largest crypto market with its citizens receiving $192 billion.

The report also notes the role of countries in the GCC (Gulf Cooperation Council), and cites the example of Saudi Arabia which is the third largest crypto market in MENA, while UAE stands at fifth largest. This is especially true given the recent stance of the UAE on crypto and the increased regulations as well as the licenses being granted to crypto exchanges the likes of Binance, and FTX.

In Chainalysis previous report from June 2020 until June 2021, the MENA region was also the fasted growing crypto market. At the time the Middle East region received 271.7 billion USD worth of cryptocurrency representing almost 7 percent of global crypto value received. This was an increase of 1500 percent compared to June 2019 until June 2020. The growth of crypto in Middle East was higher than the overall world adoption that had jumped 880 percent by June 2021.At the time both Turkey and Lebanon topped the MENA countries in terms of receiving crypto.

UAE Blockchain DeFi entity sponsors Future Blockchain Summit

UAE Blockchain DeFi entity sponsors Future Blockchain Summit

Dubai based Ultron Foundation, a Blockchain DeFi entity is sponsoring the Future Blockchain Summit being organized by DWTC in partnership with VARA (Virtual assets Regulatory Authority) from October 10-13th 2022

Ultron CEO, Shukhrat Shadibekov, stated, “We highly respect the people behind the Future Blockchain Summit. It is a brilliant idea to gather Blockchain companies and give them a venue where they can explore and share innovations (to fellow experts and enthusiasts) in the ever-evolving tech industry. We are happy to be included here, as the fastest growing layer-1 blockchain company is an honor for Ultron Foundation.”

Ultron will discuss at Gitex the latest developments in NFT and metaverse as well as the utility of Ultron’s Blockchain network.

The Ultron Football Metaverse project with Devla will be launched in the coming months. It will allow the players to play, strategize, and earn passive rewards. The features and the structure of the game give much anticipation from ULX users and metaverse enthusiasts.

Aside from the gameFi project, Ultron is also set to launch a one-of-a-kind NFT collection with world-famous tattoo artist Ivana Belakova aka Ivana Tattoo Art, in Dubai. The tattoo artist has worked with celebrities like Chris Brown, Rita Ora, Lil Wayne, etc..

Ivana Tattoo Art NFT collection is not just an NFT asset. Ultron and Cosmic Wire curated a lifestyle-based experience that comes with each NFT piece. It is a digital key to wonders that will make you wander and celebrate life with Ivana Tattoo Art around the world. NFT holders will also engage in a community of NFT enthusiasts and join a luxurious annual yacht party with Ivana Tattoo Art and the rest of the NFT VIPs.

To promote the NFT Collection, Ultron Foundation will bring Ivana Tattoo Art to the US, Europe, and the Middle East. There will be a series of events where NFT pass holders will receive one-of-a-kind merchandise and a chance to win a tttoo session with Ivana.

The project will be pre-launched on October 14, 2022, at Ultron’s Grand Closing Celebration in a private and invite-only yacht party attended by distinguished guests from the media and NFT space, executives, celebrities, and the one and only, Ivana Tattoo Art, in Dubai.

Banks will become Dapps and 2022 is a crypto building year

Banks will become Dapps and 2022 is a crypto building year

The chairman of Belobaba, a crypto native hedge fund with a regulated security token, believes that Banks will become Dapps, and that this was the year of building crypto not a bearish year.

Five year old, Belobaba utilizes big data and AI in its investment decisions… The company is currently setting up its headquarters in the UAE as it seeks to get regulated in GCC region. The hedge fund is already regulated by the Gibraltar Financial services commission and operating legally in the USA, as well as in Spain and Estonia.

Lluís Mas, chairman at BELOBABA spoke to LaraontheBlock expressing his views on the crypto market,the banking sector and why they are setting up their headquarters in UAE.

The hedge fund which currently has just $5 million under management is seeking to grow and expand. According to Mas, “I don’t consider it a bad year for crypto and I wouldn’t call it a bullish or bearish market, because just remember in the bearish markets of 2017-2019 Uniswap was created as were NFTs. For me this year is a building year as we see Ethereum merge and global regulations pick up.  Companies like Black Rock are entering the crypto space and financial actors such as Coinbase are offering crypto products to institutional investors. So for me it is definitely a building year.”

He also states that it is absolutely unfair to talk about a crash of Bitcoin. He says, “Bitcoin is at $20,000 today, it is a far cry from where it started out. We also see billions of dollars being invested in esports, DeFi and blockchain with many projects performing well.”

While he doesn’t foresee any significant changes in the crypto market in the next few months, he does see a pick-up in the middle of 2023.  Mas states, “While I don’t see much change in the crypto scene today, what I do know is that Ethereum is super cheap, and things should start to pick up in mid-2023.”

When touching on the topic of banking and its evolution, Mas mentions a well-known phrase in the crypto community, “ Banks are necessary but bankers not” As he explains, for some time bankers have not been taking care of their customers, which has led to the rise of neo banks. For him the future of banks is Dapps. He explains, “ Banks will slowly become dapps first they have the money and collateral, secondly they are working hand in hand with regulators, so in the next few years they will move to decentralized applications. Bitcoin is not here to destroy, but to make things more efficient and more user friendly. This is unstoppable and our role is to educate as many people as possible.” 

According to Belobaba chairman Dapps stand as the new paradigm and DeFi represents a change in the business model of traditional banking giving the opportunity to put the user at the centre of the value model. 

He notes that the banks of the future will not be huge with 1000 employees, but might be as small and nimble as entities such as Uniswap which has just a dozen or so employees. 

While Belobaba seeks to build one day a crypto bank, the company is also bullish on NFT gaming industry which will reach $800 billion by 2024. Belobaba also sees Security token offerings as a huge opportunity given it has grown by 84 percent. As for crypto, it is expected to become a $24 trillion market by 2030.

In terms of expansion, Belobaba is moving its headquarters to Dubai UAE, and are in the process of seeking a license. Mas says, “We are working with local partners to move our headquarters here. There are two reasons for our move; first given we are originally from Spain, the GCC as a geographic region is a comfort zone. In Gibraltar we are accustomed to the Commonwealth laws, as is the situation in UAE.”

He adds that the region is connected to Asia and other continents, and most in the region are open to investing.

While it might not be easy to get a license says Mas, he is confident that given their track record and strong partnerships such as that with RSM their efforts will be fruitful. He explains, “We are actively looking into Abu Dhabi regulatory ADGM, VARA in Dubai and Bahrain.  RSM is a global network of audit, tax and consulting experts that help us ensure our investors are protected.”

Recently Belobaba invested 1 million Euros in Team Queso, a leading esports club in mobile gaming.

UAE Bike and electric mobility retailer to offer crypto payment services with Binance

UAE Bike and electric mobility retailer to offer crypto payment services with Binance

Binance Pay is once again being used in the UAE to buy products using cryptocurrencies. UAE based Bikeera, a retailer for bicycles, scooters, electric mobility vehicles has teamed up with Binance Pay to offer virtual asset payment services.

Bikeera says the move aims to help reduce GHG emissions, carbon footprint and improve the health and lifestyle of GCC residents. Purchasers can pay in BNB, Bitcoin and Ethereum.

Already Majid Al Futtaim, Virtuzone, Palazzo Versace, EazyPay and others are using Binance Pay in the region.

Anthony Boukather, CEO of Bikeera, stated, “Bikeera aims to provide sustainable mobility alternatives that promote a healthy lifestyle and a better planet. By partnering up with Binance, we are giving more flexibility to customers in terms of payment methods. We are proud to have been selected as one of the first companies in this program, and would like to congratulate Binance on their recent announcement about receiving the MVP license from Dubai’s Virtual Asset Regulatory Authority (VARA). This most recent license is an acknowledgement of the compliance and safety processes behind the Binance ecosystem.”

Nadeem Ladki, executive director of Business Development and Strategic Partnerships at Binance added, “Binance is committed to supporting innovative and impact driven businesses such as Bikeera. As a leader in this space, Bikeera’s decision to accept virtual assets payments via Binance Pay empowers the sports community in the UAE and helps with the adoption of more efficient payment methods.”

How can our most important and cherished chats and messages live on forever?

How can our most important and cherished chats and messages live on forever?

At one point in all of our lives, we have either deleted important messages we received by accident, or lost all our whatsapp conversations, and maybe even wished we knew how to find an important message on discord, telegram, or even a Web3 communication app we were using.  Well this has now been resolved with the advent of a Web3 blockchain enabled, ‘Eternal Message’

Today more than 3 billion people worldwide are using messaging apps, sending an average of 145 billion messages every day. While the majority of these messages are insignificant, some are very important to those sending and receiving them.

While Web3 messaging apps have come to resolve the issues of security and privacy, as well as offer fully encrypted and stored messages on the blockchain, yet none of them has thought about eternally capturing those we deem important so we can retrieve them easily later on.

In an interview with LaraontheBlock Mohamed Abdou Founder and CEO of Egyptian headquartered and UAE based Pravica, developers of a Web 3.0 Blockchain communication platform, highlighted the innovation that will save those very previous messages whether personal, business related or potentially those of historical significance , he explained,“ In both of our Web3 crypto native Pravica messenger and Pravica Club group chat platforms, we have developed a solution that allows users to save their text messages forever on the blockchain in the form of NFTs. We call it the eternal message.”

Explaining how it works, he adds, “Users can take pieces of their conversations and put it in plain text on the blockchain. The piece of conversation will be converted into a single transaction ID that users can share with anyone. It will forever be on the blockchain and can be verified and shown as a Proof of Chat.”

These minted text extracts of 1024 characters, called eternal messages, can be minted into NFTs (Non Fungible token). Eternal messages, which can not only save and engrave personal moments, like the first time someone said I love you, or a marriage proposal, but can also be used in business transactions, forged through a chat or even a historical statement made in a historical moment addressed to a community or group.

 So for example in the historical moment when Ethereum merged successfully, Vitalik statements to the entire Ethereum community could have been engraved eternally on the blockchain, so future generations could bear witness to the achievement decades from now.

With more and more business conversations happening on Web2 and Web 3 messaging platforms, deals, transactions, and partnerships will most probably be minted into eternal messages.

Pravica revealed the ‘Eternal message feature’ during their launch of the first DcFi (Decentralized Communications and Finance) platform, the Pravica Club, at CV Summit 2022, hosted by CV Labs in Switzerland.  Back in 2021, CV VC Labs had invested in Pravica.

Pravica applications, built on Stacks Blockchain and secured by Bitcoin, developed and launched a completely decentralized Web 3.0 communications platform utilized by both enterprise and individuals.

The DcFi platform allows for Web3 and native crypto conversations with seamless in chat payments, stacking pools similar to DeFi applications out there.

The CEO noted, “We are empowering the Web 3 creator economy. This is especially relevant in the era of the metaverse where individuals will need decentralized identities, secure communications and P2P financial transactions as well as features such as eternal messages. This is a gateway towards a truly Web 3.0 creators economy.” 

Crypto advocate Kevin O’Leary turned UAE national launches Web3.0 fund with lead investor from UAE

Crypto advocate Kevin O’Leary turned UAE national launches Web3.0 fund with lead investor from UAE

Kevin O’ Leary, nicknamed “Mr. Wonderful”,  a Canadian businessman, entrepreneur, and television personality and an advocate of cryptocurrency stated that he recently became a UAE citizen because he wants to work freely in a region that has attracted investment by some of crypto’s heaviest hitters, including FTX, Binance and Crypto.com

This came as he announced at Converge22 Blockchain and cryptocurrency conference that he was launching a Web3.0 investment fund called Cipher with the lead investor coming from the UAE.

As he noted on stage, “We’ve got to get away from this speculative price of an asset here. We’ve got to find reasons that this technology gets embedded into the economy.”

He went on to say, “I recently became a citizen of the United Arab Emirates to work freely in a region that has attracted investment by some of crypto’s heaviest hitters, including exchanges FTX, Binance and Crypto.com. The new all-Web3 fund’s lead investor comes from the United Arab Emirates.  There’s a tremendous amount of capital and interest there to invest in this space.”

The Shark Tank investor also commented on Jamie Dimon, the chief executive officer of JPMorgan Chase & Co., who called Bitcoin and some other cryptocurrencies as “decentralized Ponzi schemes” during the U.S. House Committee on Financial Services hearing.

“This is my interpretation. He feels threatened by some of this technology, particularly around payments,” O’Leary said. “This isn’t about speculation on asset price. This is about reducing the fees of how the world’s economies work more transparent, more productive, completely auditable, regulated, but less expensive.”

O’Leary is a vocal proponent of Web3 technology as a spokesperson for cryptocurrency exchange FTX and an investor in financial technology company Circle, the issuer of the USDC stablecoin and the organizer of the Converge22 conference.

Abu Dhabi’s virtual assets regulator First MENA regulator to allow NFT trading

Abu Dhabi’s virtual assets regulator First MENA regulator to allow NFT trading

UAE virtual asset regulator in Abu Dhabi,  FSRA (Financial Services Regulatory Authority) of ADGM ( Abu Dhabi Global Market) has enhanced its capital markets framework, allowing for the trading of NFTs  (Non Fungible tokens) on virtual asset regulated platforms, This means that MTFs/Custodians (Multilateral trading Facilities) operating within ADGM are now able to seek approval from the FSRA to engage in Non-Fungible Token (NFT) activities.

As per the news, these are considered significant enhancements to its capital markets framework, across spot commodities, securities, derivatives, benchmarks, environmental instruments and virtual assets that will further improve on its innovative and progressive regime and leadership in financial markets.

Alongside its innovative approach to virtual assets, the ADGM has now implemented its regulatory framework for spot commodity and environmental instrument activities, making it the first international financial centre in the MENA region to do so

Ahmed Jasim Al Zaabi, Chairman of the ADGM, said, “The ADGM wishes to thank all those who responded to the consultation paper released earlier this year. The degree of interest shown in the consultation, as well as the keen interest by participants looking to undertake activities in these significant new areas, is hugely positive. Collectively, the ADGM and its market participants continue to provide regulatory and industry leadership, positioning the ADGM and Abu Dhabi as the jurisdiction of choice. These enhancements to our capital markets framework will unlock the next stage of investment and growth opportunities, across commodities, environmental instruments, virtual assets activities and wider financial markets.”

Prior to this announcement, ADGM’s FSRA had also announced that stablecoins could now be traded on virtual asset platforms. As they stated, ADGM will only permit those tokens where price stability is maintained by the issuer holding the same fiat currency it purports to be tokenizing on a fully backed 1:1 basis. This therefore currently prevents the use within ADGM of other types of stablecoins, such as algorithmic stablecoins.

While VARA (Virtual Assets Regulatory Authority) based out of Dubai continues to license virtual asset exchanges such as Binance with full licenses, it has yet to set its framework for the regulation of NFTs or stablecoins.

Despite this the UAE remains one of the most advanced virtual asset regulated hubs globally.

KSA Property developer issues NFTs for its Oman project

KSA Property developer issues NFTs for its Oman project

KSA’s Dar Al Arkan Real Estate Developer will drop a limited number of utility NFTs ( Non  fungible tokens) for its Oman AIDA project. The comments were made in an interview with AGBI media.

The $1.6 billion project AIDA, is the largest premium, mixed-use urban developments in Oman. It is a partnership between Dar Al Arkan and the Oman Tourism Development Company (OMRAN Group) to drive the development of the Gulf state’s property market and support the growth of Oman’s real estate sector as part of Oman Vision 2040.

Ziad El Chaar, vice chairman of Dar Al Arkan Real Estate Development, said in the interview, “We are dropping 500 NFTs in the middle of October, which are utility tokens for our project AIDA in Oman.  If you are a holder of that NFT, you have a priority in booking in any launch of the project. This has a lot of value.

He added that those who booked in Dar Al Arkan Pagani project in December made 25 percent profit as prices went up.

The NFT will also give holders other advantages in the development, such as priority booking at hotels or at the golf club.

Located in the Yiti area of Muscat, overlooking the Sea of Oman, the project will feature 3,500 residential units of medium-sized villas, townhouses and low-rise apartments, two hotels, a plaza filled with cafes and restaurants, and a gated promenade with luxury retail and other amenities.

The project will be developed in three stages, on an area of 3.5 million square metres, and marks Dar Al Arkan’s first entry into Oman.

El Chaar stressed that while tokens continue to attract hype and sell for large sums, they must have utility. He explained, “Most NFTs [are like] ‘I’m Snoop Dogg [and] I’m launching an NFT’, [or] you have some fashion brands that launched NFTs. Our NFT has a utility and it can be redeemed. And at any time if you say I don’t want this token anymore, you can put it as a down payment on an apartment or a villa. We will redeem it for you for a purchase.”

Abu Dhabi investment firm ADQ launches $200 million fund for Digital assets Fintech, and supplychain

Abu Dhabi investment firm ADQ launches $200 million fund for Digital assets Fintech, and supplychain

Abu Dhabi’s ADQ and Further Ventures, an investment firm back by ADQ have launched a $200 million fund focused on Fintech, digital assets and supplychain.

As per the news, entrepreneurs and experienced executives who choose to launch their next venture with Further will have access to product and engineering resources for concept development; seed capital required to take the business to Series A; and reserved capital for following on through multiple rounds of funding beyond capital investment.

Further ventures also has a dedicated team that provides legal and regulatory support, talent sourcing and recruitment, operations, and business development expertise with access to some of the largest organizations in the Middle East and North Africa (MENA) region as well as venture builders globally, as part of Further’s extensive network.

Further is focused on building, digital asset payments products, blockchain asset custody, security solutions, marketplaces, wallets and other infrastructure for institutions. In addition to Fintech, such as wealth management, SME finance, financial inclusion, remittance, and payroll .

Finally they will focus on supply chain examples of which include digital freight and warehouse management companies and other supply chain-related business.

In addition to launching its own ventures with founders, the firm will also establish the Further Network by actively investing in and co-creating start-ups with leading global venture builders.