Crypto.com launches its global retail service from Dubai UAE

Crypto.com launches its global retail service from Dubai UAE

Crypto.com, the global crypto exchange, has announced that it will be launching its global retail services across 90 countries out of Dubai UAE. The crypto exchange has partnered with Standard Chartered Bank to allow the deposit and withdrawal of crypto and fiat easily.

As per their X post, “This is the first seamless USD, EUR and AED deposit and withdrawal in over 90 countries. We’re excited to announce the launch of global retail services to our millions of users worldwide, powered by Standard Chartered Bank from our Dubai hub.”

The company claims that this move will improve the efficiency and utility of users’ cryptocurrency transactions.

The global retail services will be managed from Crypto.com’s regional hub in Dubai. Standard Chartered will support the expansion. The regulatory framework established by Dubai’s Virtual Assets Regulatory Authority is intended to provide a secure environment for the growth of digital assets.

“Working with Standard Chartered to launch our global retail services is a huge milestone for us,” said Eric Anziani, President and COO of Crypto.com.

“Not only is it a significant step forward in our global expansion plans, but also enables our commitment to delivering a world-class customer experience whilst maintaining the highest levels of security and compliance,”

The service will first be available next month to customers in the UAE. Users in the region will be able to access Crypto.com’s products and services through the app. This includes the ability to trade over 250 cryptocurrencies. Crypto.com plans to expand the service to other countries in the future.

The company aims to offer the same services and financial infrastructure for deposits and withdrawals to a global audience.

Rola Abu Manneh, Chief Executive Officer, UAE, Middle East and Pakistan for Standard Chartered, added: “This collaboration closely aligns with the UAE’s National Agenda which emphasizes innovation, economic diversification, and the growth of a knowledge-based economy.”

“By providing cutting edge solutions that meet the evolving needs of customers across the UAE and beyond, we are contributing to the UAE’s vision of becoming a regional and international hub for digital assets,” she added.

In April of 2024, Crypto.com received its full license from Dubai’s virtual asset regulator VARA.

UAE based Cypher Capital participates in $3.5 million round in Echelon decentralized lending protocol

UAE based Cypher Capital participates in $3.5 million round in Echelon decentralized lending protocol


UAE headquartered Cypher Capital, a crypto investment firm, has participated in the $3.5 million seed funding round for Echelon, an innovative decentralized lending protocol. The seed round attracted additional support from strategic partners including Amber Group, Laser Digital, Saison Capital, Selini Capital, Interop Ventures, and Re7. 

As per the press release, this investment demonstrates Cypher Capital’s commitment to supporting advanced solutions in decentralized finance (DeFi) and blockchain technology. Echelon aims to enhance DeFi lending by improving capital efficiency, integrating with other DeFi applications, and providing innovative yield strategies on Move-based blockchains such as Movement and Aptos.

“Echelon has demonstrated that their project is truly driving innovation in the DeFi space,” said Harsh Agarwal, Investment Lead at Cypher Capital “Echelon’s focus on capital efficiency, user-friendly design, and its potential to integrate real-world assets makes it a standout in the evolving DeFi landscape. We are excited to support their efforts in developing high-performance lending markets.”

Echelon’s protocol features advanced functionalities including increased borrowing power on correlated assets, isolated pools for niche asset markets, and direct in-wallet integration for streamlined yield strategies. The platform is designed to target institutional-grade markets while ensuring affordable borrowing rates and innovative yield opportunities.

“This funding will help us build additional lending and risk management products, expand to new networks, and provide global access to dollar denominated yields,” said Glen Rose, cofounder of Echelon. “We’re excited to build core primitives on high performance Move-based chains.” 

With the new funding, Echelon plans to enhance its offerings by developing strategies backed by treasury and real-world assets (RWAs), implementing cross-chain deposit vaults, and expanding its team of full-stack and smart contract engineers.

UAE Financial institutions will be able to integrate digital assets with Klumi and Fuze

UAE Financial institutions will be able to integrate digital assets with Klumi and Fuze

Klumi Ventures a blockchain-native Venture Capital Firm and Fund Manager based in Abu Dhabi, has partnered with Fuze, the Middle East’s regulated digital assets and blockchain infrastructure provider to harness Klumi Ventures’ investment acumen and Web3 expertise alongside Fuze’s robust digital assets infrastructure to accelerate the adoption of Web3 technologies throughout the region. Financial institutions will be able to integrate regulated digital assets, including cryptocurrencies, stablecoins, tokenized assets and central bank digital currencies (CBDCs) into their operations.

The parties will also be working together to facilitate enhancements in cross-border payments, enabling financial institutions through the speed and efficiency of digital assets. Both companies will also collaborate on educational initiatives, workshops, and programs aimed at helping financial institutions understand the complexities of blockchain technology, regulatory compliance, and the potential of digital assets. Additionally, the partnership will focus on developing new products and exploring unique use cases, such as specialized OTC trading solutions.

This collaboration underscores a shared commitment to advancing the Web3 and digital asset ecosystem within UAE, aligning closely with the Abu Dhabi Economic Vision 2030 and the regulatory standards set by the ADGM and the Financial Services Regulatory Authority (FSRA).

“By aligning Fuze’s vision with Klumi Ventures’ investment expertise, we are set to drive meaningful growth in the region. This collaboration not only supports our commitment to nurturing startups but also enhances our ability to deliver innovative solutions for tokenizing real-world assets and facilitating cross-border payments. We are enthusiastic about the opportunities this partnership presents and look forward to collaborating with Fuze as we work together to shape the future of digital assets in the region,” stated Kristiina Lumeste, SEO and Founder of Klumi Ventures.

Mo Ali Yusuf, Co-Founder and CEO of Fuze said, “The future success of regional economies relies on grasping the full potential of blockchain and Web3. Klumi Ventures is unequivocal in its belief in the transformative potential of this infrastructure and we look forward to fostering innovation through our collaboration.”

Fuze, which is backed by Further Ventures, has rapidly established itself as a leader in the digital assets sector, offering a Digital-Assets-as-a-Service platform that empowers banks and fintechs to integrate regulated digital assets into their offerings. Additionally, Fuze provides Over-The-Counter (OTC) services, facilitating larger digital asset transactions for institutions, funds, and high-net-worth individuals (HNIs).

Overall, the partnership between Klumi Ventures and Fuze is poised to accelerate the digital asset landscape, and enhance technological capabilities in the region from the UAE capital. A recent panel held by the Institute of Chartered Accountants in England and Wales (ICAEW) and the UAE Banks Federation (UBF) highlighted that the UAE alone accounts for between 5-10% of global digital assets trading volume. Globally, revenue growth for digital assets is expected to grow by 17.38% in 2025 (Statista).

UAE Myco raises $10 million from MENA and international investors

UAE Myco raises $10 million from MENA and international investors

UAE-based Web3 streaming platform, myco, has raises $10 million in its Series A funding, prominent venture investors across MENA, such as Ghaf Capital, Daman Investments, Enjinstarter and other from North America and Europe. Key participants include Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Mix Media Network, Factor6 Capital Partners, along with several prominent strategic angel investors. 88 accredited investors also participated in the round through Republic.com.

The capital was raised at a post-money valuation of $80 million, supported by Daman Investments as an Advisory Partner and Seed Investor, and Republic Crypto as a Web3 Advisor.

Last month, myco reported its first profitable year, with an EBITDA of $1 million and revenue of $7.5 million for the 2023-24 fiscal year. 

This funding milestone is also accompanied with the recent announcement of the multi-million dollar partnership deal between myco & it’s new blockchain partner, Aptos Foundation. The platform is set to relaunch its native utility token on the Aptos Blockchain at the beginning of Q4 2024, along with the migration of its wallet infrastructure. 

“myco has already demonstrated our ability to scale in key markets, achieving exceptional metrics in user growth, retention, revenue, and community building. With this new capital, we plan to replicate our success by expanding into markets with similar demographics and strong regional partnerships.” said Umair Masoom, Founder and Managing Director of myco.

myco’s live streaming division has secured major rights until 2025, including ICC and PSL Cricket Rights for Pakistan, all major cricketing rights for North America via Willow TV, and rights for the World Squash Federation and Egypt Squash Federation. Additionally, myco holds 

Following recent expansions into North America and Egypt, myco is identifying further strategic growth territories and aims to conclude a second closing on their Series A by early 2025.

UAE regulated crypto provider partners with Zodia for custody solutions

UAE regulated crypto provider partners with Zodia for custody solutions

Aquanow, a global crypto infrastructure provider trusted by 300+ clients, has partnered with  Zodia Custody, a leading institution-first digital asset custodian backed by Standard Chartered, SBI Holdings, Northern Trust, and National Australia Bank, to offer enterprise custody solutions for its clients.

The partnership will see Zodia Custody provide its enterprise custody solutions, which are trusted by globally recognized financial institutions, for Aquanow’s expansion across UAE and the wider Gulf Cooperation Council (GCC) region region. By leveraging Zodia Custody’s enterprise technology solutions, this custody partnership will allow the crypto provider to ensure that it meets the institutional-grade cold storage demands required by banks, neobanks, and other top-tier financial institutions.

Last month, Aquanow announced that it had secured full operational approval for its Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). The approval has positioned the company to begin enabling crypto services in partnership with major financial institutions across the Middle East.

“Together with Aquanow, we’ll be playing our part in building the infrastructure that local and global institutions need in order to capitalize on the digital asset opportunities in the Middle East.” said Julian Sawyer, Chief Executive Officer, Zodia Custody. “And the foundations of that ecosystem begin with efficient, secure custody. This is where our partnership with Aquanow is a leap forward in building the UAE’s digital asset ecosystem.”

“As we enter the next phase of our growth and begin expanding across the Middle East, we’re proud to be partnering with Zodia Custody for digital asset custody solutions,” said Phil Sham, CEO of Aquanow. “This partnership provides us with the enterprise custody solutions trusted by even the most demanding financial institutions, ensuring that digital assets accessed through their platform are both safe and readily available.”

Okto, self custody wallet from CoinDCX gets licensed in UAE

Okto, self custody wallet from CoinDCX gets licensed in UAE

Okto, the self custody wallet created by India’s CoinDCX crypto exchange which already has 1 million users, has secured a business license within the UAE through the RAK Digital Assets Oasis.


As per the blog post, Okto stated, that this is a significant milestone that underscores their commitment to compliance and operational excellence and marks a new chapter in their journey to democratize blockchain technology.


RAK Digital Assets Oasis is an initiative by the government of Ras Al-Khaimah, designed to foster innovation in digital assets, Web3, and AI. RAK DAO’s mission is to create a robust ecosystem that supports developing and adopting cutting-edge technologies. By providing operational clarity, RAK DAO plays a crucial role in positioning Ras Al-Khaimah as a global hub for digital innovation.

The license will enable a broader reach for Okto wallet. It will also bring new user benefits and improved services and security.

The business license will allow them to offer more robust tools and resources for developers, helping them create cutting-edge applications with ease. The blog post also notes that it will strengthen their platform.

The company plans to launch new features such as enhancing the Okto Wallet and Web3 SDK.

On X Neera Khandelwa, Co Founder of Coindex noted, “Thrilled to share that Okto has secured an operational license from RAK Digital Assets Oasis the world’s first Free Zone dedicated to digital assets! This milestone makes Okto the first Web3 wallet to achieve such a license, marking a significant step in our mission to democratize blockchain technology and foster Web3 adoption.”

In July 2024, CoinDCX acquired UAE based BitOasis crypto exchange, which according to Bloomberg could add $50 million in revenues to Coin DCX as it expands into the MENA region with the acquisition.

Established in 2018, CoinDCX has a user base of over 15 million, offers access to over 500 crypto assets, and facilitates average quarterly trading volumes exceeding $840 million in spot in 2024 while BitOasis established in 2016, holds over 60 tokens with fiat currencies such as AED, SAR, and USD and has processed over $6 billion in trading volume.


The UAE leads in Crypto adoption index for 2024

The UAE leads in Crypto adoption index for 2024

According to the recent report from Henley&Partners the UAE leads in this year’s crypto adoption Index, as it is listed among top 12 countries while leading when it comes to public adoption, and innovation and technology.

The Henley Crypto Adoption Index 2024 is a proprietary bench-marking tool that assesses crypto-friendly countries that host investment migration programs, based on their adoption and integration of cryptocurrencies and blockchain. Including 670+ data points, the index provides crypto investors with a comprehensive overview of the extent to which these countries are embracing this emerging technology.

For example, when it came to public adoption of crypto, the UAE ranked second following only USA. It is the only Arab country in the top 12 for this year. As per the Index findings, the UAE stands out as a leading jurisdiction for crypto investors. Public interest is high, with a substantial portion of the population owning cryptocurrencies. This enthusiasm is matched by strong government support and a thriving start-up scene. This low-tax jurisdiction offers an attractive environment for crypto businesses, further bolstered by a highly digitalized and wealthy population.

In terms of infrastructure adoption however the UAE came in 8th place preceded by Singapore, USA, Hong Kong, Malta, UK, Australia and Canada.

But the UAE makes it up with its ranking in terms of Innovation and technology, where it stands second only superseded by Singapore.

Despite the proactive stance that the UAE has taken in terms of regulating virtual assets, Henley &Partners still ranked the UAE as 11th on the list.

If one puts together three factors, public adoption, innovation and regulation the UAE holds 3rd place globally only proceeded by USA and Singapore.

The crypto Wealth report by Henley&Partners also found a new class of high-net-worth individuals has emerged. Crypto millionaires surged by 95% in just one year, with 172,300 individuals now holding over USD 1 million in digital assets. The echelons of crypto wealth have expanded dramatically, with centi-millionaires growing by 79% to 325, and even the rarefied air of crypto billionaires seeing a 27% increase to 28 individuals.

Digital Energy Fund emerges from UAE to power Blockchain, DePIN, AI infrastructures

Digital Energy Fund emerges from UAE to power Blockchain, DePIN, AI infrastructures

HODLER INVESTMENTS (“HODLER”), a UAE based investment company, headquartered in the Dubai Silicon Oasis, which includes in its portfolio energy, AI, and digital asset mining startups such as PermianChain, Brox Equity and others, has announced its ongoing plans for a $500 million Digital Energy Infrastructure (DEI) Fund to be established as a closed-ended exempt Fund, subject to compliance and regulatory approvals. The DEI Fund has already secured soft commitments from lead investors and in-kind contributions in addition to offtake partners seeking energy and connectivity for A.I. and digital asset mining operations.

The Digital Energy Infrastructure (DEI) Fund will offer professional investors and clients the opportunity to invest in utility-like income generating assets and distributed energy infrastructure for compute applications that adopt innovative methods for carbon capture, storage & utilization. The DEI Fund’s investment mandate covers the entire digital energy value chain including sectors such as clean energy, power generation (IPPs), data mining (ASICs, GPUs, etc…) for blockchain, Decentralized Physical Infrastructure (DePIN), AI, cloud, and other compute cluster applications with a focus on achieving zero-emissions across the majority of the Fund’s portfolio.

Additionally, the DEI Fund will allocate capital investments towards vertical technology startups operating platforms and software that add value to the Fund’s portfolio.  The Fund will seek to acquire early to growth stage modern software technology companies that are active in digital infrastructure and software applications that support the development and growth of financial technology (FinTech), decentralized finance (DeFi), web3, blockchain and artificial intelligence (AI).

HODLER has appointed and engaged Ento Capital Management Ltd, a well-established asset manager in DIFC regulated by DFSA with a shari’a compliant window for ethical investing, to advise on, structure, establish and manage the DEI Fund

Mohamed El Masri, Managing Director, Hodler Investments states, “The Digital Energy Infrastructure Fund is a testament of our commitment to our mission, centered around the development of critical energy infrastructure for the advancement of the digital economy globally. We are proud to be leading this mission out of the UAE, building on the nation’s strategy to develop a digital economy while encompassing sustainability at the core. We are committed to contributing to energy security and reducing energy poverty.”

It is estimated that global spending on construction of new data centers is expected to surpass US$49 billion by 2030 (source: MicKinsey & Company). With over US$1.0 trillion funding gap in renewable energy, it is believed to be an opportune time to lay the groundwork to power the advancement of compute infrastructure for a vibrant digital economy.

Ahmed Ebrahim, Managing Director, Hodler Investments, adds, “We are confident in our initiative to unlock natural wealth for all stakeholders including communities. The Digital Energy Infrastructure Fund is capitalizing on an existing pipeline of deals and projects that have been vetted by our qualified team of professionals backed by almost a decade of industry expertise and long-standing relationships with institutional stakeholders across the Middle East, Asia and North America”.

The Digital Energy Fund aims to utilize technologies such as blockchain, A.I., digital asset mining and other solutions combined with energy resources to strengthen the feasibility for sustainable energy infrastructure to meet the growing compute power demands while contributing to power grid stability for more equitable energy systems globally.

The utilities sector has seen an exponential growth in energy demand from modern compute applications. Data center electricity consumption stood at around 240-340 TWh (source: EIA).

Alaa Al Ali, Founder & Group CEO, Gewan Holding notes, “Our decision to be part of the Digital Energy Infrastructure Fund stems from our belief that the digital economies of the future cannot grow without globally distributed sustainable energy infrastructure. We are confident in our stakeholders and our collective effort to build sovereign digital energy infrastructure. We see the Fund as an effective vehicle to support the UAE’s Digital Economy Strategy.”

Currently the DEI fund is expected to have a size of between $250 million and $500 million, including in-kind commitments with a value not exceeding the total capital commitments.

The Fund’s capital commitments will be focused on providing Limited Partners exposure to, an existing energy envelope with offtake commitments and deal-flow from a portfolio of companies with high growth potential and proven business models. HODLER has secured over US$300 million in exclusive deal-flow across the Middle East, North America, Australia, Asia and Africa.

Amer Al Osh, Chief Development Officer, Gewan Holding added, we are pleased to be working closely with the team at HODLER to establish a compliant structure subject to regulatory approval. Given recent advancements in UAE regulations around digital assets and more specifically the recent landmark steps by the UAE’s financial jurisdictions to enact favorable laws for digital assets and AI sectors, we see improved investor sentiment for this type of asset class.

UAE and Bahrain CoinMENA expands its crypto offering with Bitpanda

UAE and Bahrain CoinMENA expands its crypto offering with Bitpanda

CoinMENA B.S.C., a crypto asset platform licensed by the Central Bank of Bahrain and sister company CoinMENA FZE, licensed by the Dubai Virtual Asset Regulatory Authority (VARA), have expanded the range of crypto assets available on its platform through its partnership with Bitpanda Technology Solutions, the leading digital assets infrastructure provider as a liquidity provider. The collaboration will enhance trade efficiency on the platform as well.

CoinMENA Co-Founders Dina Sam’an and Talal Tabbaa said, “We are excited to partner with Bitpanda Technology Solutions, an industry leader that shares our commitment to providing top-tier crypto asset trading services. This collaboration will not only enhance trading efficiency but also fulfil one of the most requested features from our users, enabling us to add new crypto assets more rapidly to meet market demands.”

When fully implemented, CoinMENA will have the ability to integrate the most complete range of crypto assets available on the market to meet the demands of its users safely and securely. By integrating Bitpanda Technology Solutions as a liquidity provider, CoinMENA will enhance trading efficiency, and ensure users receive the best possible prices. These improvements will deliver a smoother and more reliable trading experience, reinforcing CoinMENA’s position as a leading crypto asset service provider in the region.

Nadeem Ladki, Global Head, Bitpanda Technology Solutions, added: “The MENA region is one of the most ambitious and innovative regions in the world when it comes to crypto assets. Bitpanda Technology Solutions provides institutions in the region access to one of the broadest ranges of crypto assets available, in a fully modular way, all with a highly regulated and trusted partner.” 

Both Bitpanda and CoinMENA will collaborate closely with respective regulators to ensure full compliance in all future endeavors. In August 2024 CoinMENA announced that they have achieved a new milestone with crypto, fiat trading volumes surpassing $2 billion.