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Dubai AI & Web3 Festival Launch FutureTech World Cup for startups

Dubai AI & Web3 Festival Launch FutureTech World Cup for startups

The first Qualifier round of FutureTech World Cup, one of the new initiatives launched by Dubai AI & Web3 Festival & Trescon to recognize and support the most promising emerging tech start-ups from around the world, was hosted successfully by the Dubai AI Campus on July 10, 2024. Ten pre-qualified global startups pitched their groundbreaking ideas to a panel of five esteemed jury members with three startups – Momint, Nettle and Orbii – advancing to the grand finale set to be held during the Dubai AI & Web3 Festival on September 11 & 12, 2024.

  • Momint: Recognised for its innovative approach and impactful solutions for accelerating clean energy.
  • Nettle, s.r.o.: Praised for its goal of redefining customer engagement with AI-Powered Digital Humans for the omnichannel age
  • Orbii AI: Honoured for its model of harnessing better data and intelligent AI models to help lenders make faster and more accurate credit decisions.

“The competition provides a platform for innovators to showcase ideas, gain exposure, connect with stakeholders, collaborate with peers, and access capital, while also driving advancements in AI, Web3, and global digital economies.”, said Naveen Bharadwaj, Group CEO, Trescon.

The distinguished panel of jury for the first qualifier included:

  • Hasan Fardan Al Fardan, CEO, Al Fardan Exchange
  • Ian Arden, General Partner, Mempool Ventures
  • Dr. Jonathan Doerr, Partner MENAP, Antler
  • Ahmed Refaie, CEO & Global CIO, G.P.J. Global Partners Investments
  • Sarah Abuagela, Partner & Head of Investment, Ceras Ventures

Serial Angel Investor & Chairman of Trescon, Mohammed Saleem said, “The FutureTech World Cup is designed to celebrate and elevate those who dare to believe they can transform the world of AI and Web3. Our goal is to support competent startups and founders from around the world with access to connections and investments that will help scale their businesses while ensuring they are solving real-world challenges”.

All start-ups qualifying to the grand finale are offered fully sponsored Start-up Pods at the Dubai AI & Web3 Festival and the penultimate winner receives fully sponsored one-year Dubai AI Campus License, Trescon credits worth USD 10,000 to be used for future events, access to mentorship by the Jury members, and networking opportunities with the industry’s finest, in addition to the coveted title of ‘FutureTech World Cup Champion’, which will help elevate their start-up’s overall journey.

The FutureTech World Cup aims to reshape the world of AI & Web3. This event kicks off with a qualifier round, spotlighting start-ups from around the globe. Held in partnership with leading organizations, these competitions provide a launching pad for revolutionary AI and Web3 concepts. Standout start-ups advance to the grand finale hosted at the Dubai AI & Web3 Festival.

The second qualifier round is expected to take place in August and the pre-qualification has already begun. Interested startups can apply for free on https://dubaiaiweb3festival.com/future-tech-world-cup/

Jordan launches Blockchain network for e-government enhancement

Jordan launches Blockchain network for e-government enhancement

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In May 2023, the Jordanian government represented by Jordanian Ministry of Digital Economy and Entrepreneurship ( MODEE)) commissioned the United Nations Economic and Social Commission for Western Asia (UNESCWA) Economic and Social Commission for Western Asia to draft a national blockchain policy for Jordan. Fast forward one year, and MODEE has officially launched a national blockchain network, called MODEE DLT ( Distributed Ledger Technology) to enhance e-government services.

Blockexe, which stands for Blockchain excellence and expertise, a company based out of Jordan that develops customized blockchain solutions has been chosen by MODEE to partner with it on the delivery of the national blockchain network. The aim of the network called MODEE DLT will be to enhance trust and transparency in governmental services.

MODEE will be integrated with Jordan’s government portal Sanad, to offer a decentralized and verifiable digital record of all Sanad transactions.

As per the press release on Petra news agency website, the initiative will bolster trust and streamline the integration of e-government services.

This is aligned with Jordan’s digital transformation Strategy, and will support Jordan’s goals of robust and trustworthy digital economy.

In the past there has been some news on blockchain projects and success stories within Jordan. One example is when Fresh Del Monte Produce a global integrated producer, distributor, and marketer of fresh and fresh cut fruits and vegetables acquired a 39 percent stake in Jordanian Blockchain driven food safety and traceability startup Decapolis. 

Additionally in 2024, Blockchain Center and Binance Academy came together to expand its Global University Outreach program to included Jordan based Al Ahliyya Amman University.

Saudi Esports World Cup competition be live streamed on AI Blockchain data network

Saudi Esports World Cup competition be live streamed on AI Blockchain data network

U.S. based PlayFi, an AI and Blockchain powered network will be offer first live streaming competition for Esports World Cup in Saudi Arabia. The competition is completely powered by PlayFI AI processors and backed by the data of its AI agents enabling users to mint NFTs, predict Esport World Cup CounterStrike tournament outcomes, and earn significant rewards.

“We’ve told you what PlayFi can do. Now it’s time to see it in action,” said Ben Beath, founder of PlayFi. “This initiative marks a significant milestone in our mission to transform the way we interact with live content and streaming. The PlayFi AI will analyze and predict the outcomes of live events in real-time, opening the door for interactive experiences and innovative prediction markets across the entire live streaming landscape. Join us and be early to the AI revolution.”

Participants will need to mint an NFT through the through the MetaverseHQ campaign on www.playfi.ai/esports which will be considered an official entry.
By participating, players are not only minting a special edition PlayFi Esports NFT and earning outsized airdrop points but are also taking part in the very first live content predictive market powered by PlayFi. PlayFi’s powerful AI agents will be monitoring every second of the CounterStrike tournaments, collecting data in real time, and sending it to the blockchain to identify the eligible winners.

As per the press release, PlayFi is redefining gaming by integrating blockchain technology to enhance gameplay and community engagement.

UAE Cypher Capital invests in Bitcoin backed stablecoin protocol

UAE Cypher Capital invests in Bitcoin backed stablecoin protocol

UAE Cypher Capital, a multi strategy crypto investment firm, has invested along side lead investor CMS Holdings and Rocktree Capital in Satoshi Protocol, the first stablecoin protocol backed by Bitcoin. Satoshi Protocol has raised $2 million in its seed round.

As per the press release, Satoshi Protocol will utilize the seed funding to strengthen its security measures, expand integrations across multiple Layer 2 solutions, and increase its global presence. The protocol has integrated across platforms within the Bitcoin ecosystem, including BOB, Bitlayer, BEVM, Core Chain, Botanix, B^2, Alys/Anduro (Marathon Holding), and Omni Network. It recently collaborated with Binance Web3 Wallet Campaign, engaging over 172,000 users.

“The support from our investors is crucial as we work towards creating a universal stablecoin that meets the needs of Bitcoin users,” said Naka, Founder & CEO of Satoshi Protocol. “This funding allows us to achieve these critical development and market goals.”
Satoshi Protocol enables users to collateralize BTC/LST to mint the stablecoin $SAT on both Bitcoin mainnet and multiple Layer 2, pioneering a utility and stable asset on the Bitcoin ecosystem.

“Satoshi Protocol’s approach to integrating stablecoins is a real leap forward within the Bitcoin ecosystem,” commented Vineet Budki, Managing Partner at Cypher Capita. “This investment reflects our confidence in its ability to enhance liquidity options for Bitcoin users and Bitcoin’s overall utility.”

This is the second Bitcoin startup investor for Cypher Capital this year. It invested in February in Velar DeFi startup. It also co-led a $2.4 million investment round in German blockchain data analytics firm BitsCrunch.

The Blockchain scene is witnessing increased investments in stablecoin solutions and payment platforms. PEXX a fintech startup specializing in cryptocurrency and blockchain technology, today announced the successful closure of a $4.5 million seed funding. The investment will propel the development of the company’s innovative stablecoin to fiat payment platform.

UAE based InvoiceMate works with Mansa to offer liquidity for emerging market players

UAE based InvoiceMate works with Mansa to offer liquidity for emerging market players

Mansa, a DeFi liquidity provider for emerging markets has partnered with UAE based InvoiceMate, a blockchain and AI-powered invoice management and financing solution. As per the medium post, this collaboration aims to optimize the efficiency of liquidity provision to export and payments companies in emerging markets through Mansa’s decentralized credit financing protocol and InvoiceMate’s advanced AI-driven financing solution.

InvoiceMate provides detailed invoice verification, enabling liquidity providers to gain a comprehensive understanding of the risks and strengths associated with any issuance. Their privacy-preserving technology incorporates real-time data to validate and monitor invoice authenticity, generating dynamic credit scores with automated precision. In doing this both will bring emerging market financing on-chain, while still ensuring lenders can accurately quantify their risk.

By leveraging real-time data through a privacy-preserving infrastructure, InvoiceMate enables borrowers to validate their invoices from third-party sources, including bank accounts, loan tracking software, and custody solutions, all while maintaining data privacy.

Mansa sources DeFi liquidity from institutional and accredited investors to provide short-term liquidity to companies in the export and payments sectors, guided by their evolving credit scores.

Already, UAE based InvoiceMate in collaboration with The Internet Computer (ICP) blockchain has tokenized over 100 K invoices worth more than $220 million. InvoiceMate, is a platform for invoice tokenization recognized by Deloitte.

Tokinvest has raised half a million dollars

Tokinvest has raised half a million dollars

Tokinvest, a marketplace for real-world asset tokenization, has raised half a million dollars ($500,000) in pre-seed funding from several strategic investors. This comes weeks after it received preliminary approval for a crypto broker license in Dubai UAE.

Tokinvest is a marketplace that connects real-world asset issuers with investors globally. The advanced platform is noted to simplify the investment process by creating virtual tokens representing rights to assets and providing comprehensive lifecycle services from ideation to trading to asset servicing.

“We believe in Tokinvest’s vision of setting standards in the real-world tokenisation industry. Their approach not only meets the highest legal and compliance levels but also aligns with current demand by providing accessibility to the most desirable assets for all investors. We are thrilled to be part of this exciting growth period for the company,” said Michael Ourabah, CEO at BSO and one of Tokinvest’s strategic investors.

As per the press release, the funds will be used to enhance the platform’s technological infrastructure, expand the team, and accelerate market penetration.

Scott Thiel, CEO of Tokinvest, stated, “We are immensely grateful for the trust and support from our early investors. This funding fuels our technological and operational development and solidifies our strategy to lead in the real-world asset tokenization space. We are excited about the opportunities that lie ahead and are keenly focused on launching our marketplace later this year.”

Tokinvest is seeking to commence other fund raising rounds to scale their operations.

Sentient Labs a Blockchain and AI startup raises $85 million

Sentient Labs a Blockchain and AI startup raises $85 million

Singapore Headquartered with an operation in the UAE AI startup Sentient Labs, has raised $85 million in seed funding. The round was co-led by Peter Thiel’s Founders Fund, Pantera Capital and Framework Ventures.

Other investors included Arrington Capital, Canonical, Dao5, Delphi, Dispersion, Ethereal, Folius, Foresight, Hack VC, Hashkey, Hypersphere, IDG, Mirana, Nomad, Primitive Ventures, Protagonist, Republic, Robot Ventures, Sky9, Spartan, Symbolic Capital, Topology, and several more.


As per the a news piece on Bloomberg, Sentient Labs will use the capital to accelerate the development of open source AI platform.

The company was founded in 2024 by a team, including Polygon Labs co-founder and executive chairman Sandeep Nailwal along with academics Pramod Viswanath and Himanshu Tyagi. Its mission is to democratize AI development, ensuring that AI benefits humanity as a whole.

The system rewards engineers for tasks such as data labelling and refining, which are essential for training AI models. While testnet is slated to go live in two months, the startup focuses on the open, monetisable, and loyal (OML) model, rewarding community contributions and claims to be transparent, fair, and decentralized

“We’re not just another AI project,” stated co-founder Himanshu Tyagi. “We’re building an open world through blockchain to achieve transparency and fairness. When our AI is used, everyone who contributed will be rewarded through the blockchain protocol.”

German DWS beats UAE Banks with stablecoin issuance announcement

German DWS beats UAE Banks with stablecoin issuance announcement

As the UAE Central Bank recently came out with its AED stablecoin regulation allowing UAE Banks to utilize a subsidiary or a fintech provider to offer AED Stablecoins, Deutsche Bank-owned DWS, which manages $1trln globally, beats UAE Banks to it announcing the eminent launch of their own Euro backed stablecoin. DWS plans to go live with the first euro-denominated stablecoin to be regulated by Germany’s BaFin watchdog in 2025.

European fund giant DWS has created a new company as part of its plans to launch the first German-regulated cryptocurrency next year, the firm’s CEO told Reuters. Deutsche Bank-owned DWS, which manages 941 billion euros ($1 trillion) globally, plans to go live with the first euro-denominated stablecoin to be regulated by Germany’s BaFin watchdog in 2025, Stefan Hoops said. BaFin declined to comment.

DWS had previously said the token would be launched by June next year. BaFin has yet to award an e-money license for a stablecoin, and DWS has set its sights on being first. “In the short term, we expect demand from investors in digital assets, but by the medium term we expect wider demand, for instance from industrial companies working with ‘internet of things’ continuous payments,” Hoops said.

BaFin has generally been critical of cryptocurrencies and has previously called for global regulation of the industry, but it has said it views stablecoins differently. European Union rules under MICA requiring stablecoins to be regulated kicked in last month.

In the first week of July Cryptocurrency firm Circle received a license, registered as an electronic money institution, or EMI, in France, The registration granted the firm a key license to become a compliant stablecoin issuer under the European Union’s crypto laws. Circle, which is primarily known for its USD Coin, or USDC, stablecoin, said in a statement that it was granted an e-money license by France’s banking industry regulator, Autorite de Controle Prudentiel et de Resolution, or ACPR.

As for the UAE the Central Bank, its stablecoin regulation noted that a Bank may not act as a Payment Token Issuer, but they can create a subsidiary or affiliate which can perform this activity. In addition crypto exchange platforms, can receive a non-objection registration to perform payment token conversions.

It also noted that both a bank or exchange house may apply for a Non-Objection Registration in order to perform Dirham Payment Token Conversion.  So the UAE has set its regulation into motion, what is needed is a bank that will endorse and take the first step either by setting up a subsidiary or affiliation.

UAE Phoenix Group and Web3 IOPn will invest $100 million in Ras Al Khaimah

UAE Phoenix Group and Web3 IOPn will invest $100 million in Ras Al Khaimah

UAE Web3, crypto blockchain company Phoenix Group, an ADX listed company, and IOPn, a Web3 ecosystem that leverages blockchain, AI and spatial computing, has partnered with RAK DAO, digital asset free zone in Ras Al Khaimah, investing $100 million in the Emirate of Ras Al Khaimah by 2030. Phoenix Group and IOPn ( Internet of People), will leverage RAK DAO’s infrastructure.

As per the press release, this substantial investment underscores Phoenix Group and IOPn’s dedication to stimulating innovation and attracting top-tier professionals to the region within the Web3 space. The partnership seeks to target, encourage and attract highly-skilled individuals in Web3, crypto, blockchain, and developer domains to the region.

Phoenix Group and IOPn aim to enrich the local talent pool by leveraging initiatives such as the Golden Visa programs and RAK DAO business licenses through investment. By nurturing top-tier talent, RAK DAO, Phoenix Group and IOPn seek to create a thriving ecosystem that harnesses cutting-edge technologies – including blockchain, spatial, and cognitive solutions for economic development and sustainability.

Phoenix Group operates nine crypto mining facilities in the US, Canada, CIS, and the UAE, with each unique company operating in one of four distinct verticals: Mining, Hosting, Trading, and Investments.

Dr. Sameer Al Ansari, CEO of RAK DAO has expressed, “We are thrilled to welcome Phoenix Group and IOPn as RAK DAO’s Ecosystem Partners. The $100 million investment marks a significant milestone in our mission to establish Ras al Khaimah as a premier destination for Web3 innovation and talent. By leveraging Phoenix Group and IOPn’s expertise and resources, we are poised to further enrich our dynamic ecosystem that fosters cutting-edge technologies and attracts the brightest minds in the blockchain and digital asset sectors.

Mr. Seyed Mohammad Alizadehfard (Bijan), Co-founder & Group CEO of Phoenix Group, elaborated on the new strategic dimensions of the partnership, stating, “Our joint venture marks a pivotal expansion of our commitment to blockchain infrastructure aimed at enhancing the technological landscape in Ras al Khaimah. Our partnership will not only drive innovation but also strategically position the Emirate as a leading center for blockchain excellence globally.”

Mr. Mojtaba Asadian, Founder and CEO of IOPn, added: “IOPn builds on the visionary leadership of Ras Al Khaimah and the supporting environment created by RAK DAO to provide a unique opportunity for top-rated world talent to innovate and create value. IOPn is doing this by offering a powerful new Web 3.0 ecosystem and using the significant proven capabilities of Phoenix Group. We’re thrilled to be embarking upon this partnership with RAK DAO in collaboration with Phoenix Group.”

Prior to this announcement, Lyvely, UAE-based social monetization platform, had been awarded a full operational license from Ras Al Khaimah Digital Assets Oasis (RAK DAO). The license allows Lyvely to undertake any non-regulated activities that fall under the SocialFi category. Lyvely is backed by Phoenix Group.

Key UAE Blockchain figure is backing up GCEX crypto broker in UAE

Key UAE Blockchain figure is backing up GCEX crypto broker in UAE

A prominent Blockchain and cryptocurrency figure in UAE, Saeed Al Darmaki is backing GC Exchange FZE part of the GCEX Group. He has not only been appointed as a Non-Executive Director for the UAE region, but will focus on driving growth of GCEX, which recently received a VASP crypto brokerage license from Dubai’s regulator VARA.

He is CEO of Sheesha Finance and co-founder of the Alphabit investment fund. He began his career in traditional finance, working at the Abu Dhabi Investment Authority (ADIA) for nine years, and has subsequently held a number of advisory and Board Director roles, playing a key role in helping innovative businesses scale.

Mehtap Önder, Managing Director, GCEX Dubai stated, “We are delighted to welcome Saeed to our Board. With his extensive network, industry expertise and regional experience, he will be a huge asset to GCEX, enabling us to maximize growth opportunities and reach our potential in the region.”

Saeed Al Darmaki, Non-Executive Director, GCEX MENA added, “This is a great opportunity for me to extend my contribution to the crypto ecosystem in the region. I have known the team at GCEX and their investors, True Global Ventures, for a while, and they tick all the boxes for me regarding their credibility and integrity, the experience of their team, their growth ambitions and their commitment to VARA and the UAE I feel confident that I can add value to the business, using my trad-fi and de-fi experience and network, as well as my in-depth understanding of the local infrastructure.”

the crypto broker opened its Dubai office in July 2022, empowering institutional and professional clients to access deep liquidity on digital assets, alongside trading and conversion of digital assets. It accepts AED and SAR, alongside many other fiat and cryptocurrencies. With a strong focus on client protection, GCEX has only partnered with regulated institutional digital custodians and staking providers and segregates all client money in Client Money Accounts.

True Global Ventures are investors in GCEX.