The Global Blockchain Show launches 2nd edition in UAE

The Global Blockchain Show launches 2nd edition in UAE

The Global Blockchain Show has launched its second edition, taking place on December 12 and 13, 2024 at the Grand Hyatt Exhibition Centre, Dubai. Organized by web3 and artificial intelligence consulting giant VAP Group, the two-day show will provide an opportunity to network with the top 1% of the web3 community by bringing together founders, solution providers, experts and enthusiasts from around the world under one roof. 

“The Global Blockchain Show is more than just a one-time event. It is designed to be the ultimate blockchain mixer where attendees will go on a continuous journey through the dynamic world of blockchain technology and unwind with the ‘who’s who’ of the industry,” said Vishal Parmar, Founder and Chief Executive Officer of VAP Group.

Speakers such as:

  • Yat Siu – Co-Founder and Chairman, Animoca Brands
  • Dr. Marwan Alzarouni – CEO/CEO AI, Dubai Blockchain Center/Dubai Economy & Tourism
  • H.E. Justin Sun – Founder/Global Advisory Board, TRON/HTX Global Advisory Board
  • Rachel Conlan – Global Chief Marketing Officer, Binance 
  • Mr. Ahmed Bin Sulayem – Executive Chairman and CEO, DMCC
  • Jason Allegrante – Chief Legal and Compliance Officer, Fireblocks
  • Pierre Samaties – Chief Business Officer, DFINITY
  • Marcello Mari – Founder & Chief Executive Officer, SingularityDAO
  • David Palmer – Chief Product Officer, Co-founder, Vodafone
  • Alicia Kao – Managing Director, KuCoin

… and many more will deliver groundbreaking insights and announcements at the highest level. 

Themes including digital currency, blockchain regulations and Web3 gaming will deep-dive into real-life applications, while workshops will provide practical ‘how-to’ frameworks, models, implementation guidance, and success metrics. 

The Global Blockchain Show is the only event that gives you a 360-degree roadmap of how individuals can leverage blockchain technology effectively. And it does not stop there. Monthly virtual roundtable conferences, quarterly reports, private project meetings and much more are set to take place all year round to ensure that the story of blockchain’s impact, innovation and integration is told in its entirety. 

Additionally, the Global Blockchain Show is led by a multidisciplinary advisory board, composed of industry leaders and experts such as Ida Mok, Chief Strategy Officer, W3GG, President, Women in Blockchain Asia; Christian Gleich, International Ambassador, European Blockchain Association; Nena Dokuzov, Coordinator, Strategy of Digital Transformation of Economy, Ministry of the Economy, Tourism, and Sport, Slovenia, among others. The board will regularly meet to discuss key industry developments through the year as well as be the committee steering the discussions that happen live on stage. 

“With a community of over 110,000, the Ultimate Blockchain Season Finale is set to open up opportunities to network with some of the most influential voices in the industry, all gathered together in a common area,” said Vishal Parmar.

So what are you waiting for? Head to: https://www.globalblockchainshow.com/tickets/ and grab your tickets to attend the grand finale of events this year. 

Ripple partner, Tranglo expands into Oman, Qatar, and Bahrain

Ripple partner, Tranglo expands into Oman, Qatar, and Bahrain

Tranglo, a leading global cross-border payment hub and a partner of Ripple, an enterprise blockchain solutions for global payments has expanded its operations into the GCC ( Guld Cooperation Council) in three new markets, Oman, Qatar, and Bahrain.

As per the press release, the strategic move aims to meet the growing demand for efficient remittance services across the GCC region, one of the largest remittance markets globally.

By expanding into Oman, Qatar, and Bahrain, Tranglo’s innovative payment solutions are now accessible to over 31 million migrant workers. Remittances coming from the GCC countries amount to $120 billion and are projected to grow.

The press release notes that Tranglo solidifies its commitment to transforming remittance and cross-border transactions across the region. Tranglo entered the UAE market in 2023, enabling individuals to make direct transfers to bank accounts.

Commenting on the latest milestone, Tranglo Group CEO, Jacky Lee, said, “The entry into Oman, Qatar, and Bahrain, is evidence of our dedication to building a more inclusive and connected world. The GCC region has a unique remittance landscape, with millions of workers relying on safe, cost-effective cross-border payments to support loved ones back home. Our expansion in these countries will streamline financial access and strengthen our commitment to providing solutions that make sending money simpler and more affordable.”

At launch, individuals can send funds using the cash pick-up method, with transactions available for near-instant collection in Omani Rial (OMR), Qatari Riyal (QAR), and Bahraini Dinar (BHD). The cash pick-up option is now also available in the UAE.

Tranglo helps financial institutions and businesses pay through Tranglo Connect, its proprietary cross-border payments solution. Tranglo seamlessly integrates payout and partner services, unifying the end-to-end process with direct API access.

Tether facilitates $45 million crude Middle East oil transaction

Tether facilitates $45 million crude Middle East oil transaction

Tether, issuer of stablecoin USDT, through its Investment division has financed a physical crude oil transaction, in the Middle East, between a publicly traded super-major oil company and a top-tier commodity trader worth $45 million. The transaction which was completed in in October 2024, facilitated the loading and transporting of 670,000 barrels of Middle Eastern crude oil. This was Tether Investments’ first crude oil transaction in the region.

Launched earlier this year, Tether’s Trade Finance business has quickly scaled to support the $10 trillion trade finance industry by providing accessible capital solutions that streamline and modernize global trade flows. This new venture, part of Tether Investments, is separated from Tether’s Stablecoin reserves and leverages the company’s high profitability as demonstrated in its recently published quarterly attestation for Q3/2024. Tether aims to help drive positive change within the trade finance industry by providing flexible capital solutions to a wide range of companies and driving efficiency in trade flows through its stablecoin, USD₮.

“Tether Investments’ financing of this significant crude oil transaction underscores our commitment to reshaping the trade finance landscape,” said Paolo Ardoino, CEO of Tether. “With USD₮, we’re bringing efficiency and speed to markets that have historically relied on slower, more costly payment structures. This transaction marks the beginning, as we look to support a broader range of commodities and industries, fostering greater inclusivity and innovation in global finance.”

Tether is driving the use of USD₮ in trade finance transactions, which lowers costs and reduces payment times – a distinct benefit over traditional lending – while leveraging top-tier compliance and AML standards, boosted by the transparency of blockchain networks.

Tether has been steadily growing its presence in the Middle East announcing that it will be launching the AED stablecoin in UAE. 2024 is proving to be a landmark year for stablecoins in the UAE. Through the first half of the year, the value of stablecoins received by services, particularly on centralised and decentralised exchanges (CEX and DEX) in the country totalled over $9.8billion, a 55 per cent spike over the $6.3billion received over H1 2023.

Consequently, stablecoins now account for the largest share of crypto activity in the UAE (51 per cent), which stands significantly higher than both Bitcoin (19 per cent) and Ether (9 per cent), which are typically considered to be the most recognized and popular cryptocurrencies.

Ethiopia signs with 25 bitcoin mining companies

Ethiopia signs with 25 bitcoin mining companies

Ethiopia Electric Power (EEP), a state-owned utility, has signed power purchase agreements with 25 bitcoin mining companies. These bitcoin companies are using Ethiopia’s surplus renewable energy from The Grand Ethiopian Renaissance Dam (GERD), a 6,450 MW hydropower project nearing completion on the Blue Nile in Ethiopia, located about 30 km upstream of the border with Sudan.

The GERD is generating $55 million over the past 10 months. As per the announcement, the collaboration with mining companies will allow Ethiopia to efficiently use its energy grid and attract foreign investments. These agreements are expected to help modernize the country’s energy infrastructure.

EEP officials noted that cryptocurrency mining could become a key factor in developing Ethiopia’s energy sector and digital economy.

Ethiopia Electric Power (EEP) has already made $55m in less than a year from power-purchase agreements with bitcoin miners. It expects to earn at least $123m in 12 months from September 2024 as more bitcoin miners come online.

The Grand Ethiopian Renaissance Dam (GERD) will be the largest hydropower project in Africa. Owned and operated by the Ethiopian Electric Power company, the 145-m-tall roller-compacted concrete gravity dam will flood 1,874 km2 at a normal pool elevation of 640 m, and will have a tributary catchment of 172,250 km2. With a volume of 74 km3 (of which 14.8 km3 is dead storage), the reservoir can hold about 1.6 years’ worth of average flow of the Blue Nile – 48.5 km3/yr – at the El Diem gage station, just below the border in Sudan (Conway 1997).

In addition Matthew Sigel, Head of Digital Assets Research at VanEck Investment firm speaking on CNBC SquakBox noted that three new BRIC members, Argentina, UAE, and Ethiopia have begun mining Bitcoin using government resources

According to him this is a trend among BRICS nations toward exploring digital assets for economic resilience and financial independence.

Tremendous urgency to circumvent the fiscal policy in USA.

He also noted in the interview that Russia’s Sovereign Wealth Fund is investing in Bitcoin mining throughout BRICS countries with the goal of settling global trade in Bitcoin.

Earlier this year, the government’s investment branch, Ethiopian Investment Holdings, announced a preliminary agreement with Hong Kong-based West Data Group for a $250 million project to enhance the nation’s digital infrastructure to support BTC mining activity.

However, challenges remain. Despite an installed capacity of 5,200 MW, over 40% of Ethiopia’s 130 million citizens still lack access to electricity. The country aims to generate 25 GW of renewable energy by 2030, but access to power remains a significant hurdle for Bitcoin mining expansion.

Luxor Technology in an X post stated, ” We participated in the second GAMA_alliance conference in Addis Ababa, Ethiopia. Ethiopia leads Africa for deployed hashrate at 600MW with much more hashrate to come. Luxor is looking forward to continuing to support miners in Africa with machine importation, & custom firmware.”

This is announced as UAE Hodler Investments, a UAE based investment company headquartered in the Dubai, which includes in its portfolio energy, AI, and digital asset mining startups such as PermianChain, Brox Equity, NEXGEN, and others; and GCL Energy Investment, subsidiary of GCL Group (Golden Concord Group), a leading Chinese integrated energy service provider that specializes in clean energy and new energy, with diversified development of related industries, have partnered to develop a distributed energy infrastructure project to power next generation distributed compute cluster data centers that are hosting AI, Blockchain and other applications.

In April 2024, Golden Concord Group signed two PPSA agreements with the Ethiopian government to explore and develop gas in the Ogaden Basin. Relevant GCL development blocks have 2P reserves of nearly 200 BCM of natural gas and 46 million tonnes of oil reserves.

As per the Memorandum of Understanding, both Hodler Investments and Golden Concord Group will co-invest in feasible and suitable energy projects applying energy optimization and sustainable energy efficient technologies. Golden Concord Group will supply critical energy infrastructure that will monetize under-utilized energy in Ethiopia, with the aim of hosting global data center operators, while reducing carbon emissions.

UAE Zand Digital bank, Alibaba and Ant Digital work to offer AI, blockchain, and digital payment solutions

UAE Zand Digital bank, Alibaba and Ant Digital work to offer AI, blockchain, and digital payment solutions

UAE based Zand Bank, regulated digital bank is collaborating with Alibaba Cloud, digital technology and intelligence backbone of Alibaba Group and Ant Digital Technologies in the Middle East region to focus on Generative AI use cases, blockchain, and Fintech solutions including Real World Assets, E-Wallet, mPaas and other services. 

Michael Chan, CEO at Zand commented, ”We are thrilled to collaborate with Alibaba Cloud and Ant Digital Technologies to accelerate the applications of Generative AI, Blockchain and Payment Technology. This partnership represents a step forward in our journey to use generative AI to build Zand Bank’s AI Agent platform to boost the productivity of customer support, compliance and coding. This collaboration supports our AI powered banking businesses and UAE’s Digital Economy Strategy to double the sector’s contribution to the nation’s GDP over the next decade.”

Eric Wan, General Manager of the Middle East, Turkey and Africa, Alibaba Cloud Intelligence said, “As digital technologies are reshaping how we live and work in the era of AI, we are thrilled to join hands with Zand Bank in accelerating the adoption of advanced digital technologies such as Generative AI, Blockchain, and cutting-edge payment solutions in the Middle East. As a leading cloud service provider, Alibaba Cloud is committed to supporting local businesses in the region on their digital transformation journey through our robust infrastructure and innovative solutions. Together with Zand Bank, we look forward to shaping a more digitally-enabled future in the Middle East.”

Lily Peng, General Manager of International Business at Ant Digital Technologies, stated, “As our technology, products and business are going global, we are thrilled to collaborate with Zand Bank, a prominent banking group with extensive influence in the Middle East region. We will provide one-stop digital banking solutions, technology products such as mPaaS, ZOLOZ, and SOFA in close collaboration with Alibaba Cloud. Together with Zand Bank, we aim to explore the vast potential of the Middle East in the digital economy. “

Recently, IDA, a Hong Kong-based stablecoin issuer, partnered with UAE Zand Bank, to offer cost-effective and efficient cross-border transactions across the Belt and Road regions and BRICS Plus. As per the press release both entities aim to provide businesses with streamlined 24/7 digital payments.

UAE Phoenix Group now on FTSE ADX 15 Islamic Index

UAE Phoenix Group now on FTSE ADX 15 Islamic Index

UAE Phoenix Group PLC, listed on the Abu Dhabi Securities Exchange (ADX: PHX) has announced its inclusion in the newly-launched FTSE ADX 15 Islamic Index (FADXI 15). 

As per the press release, live on ADX, the FADXI 15 marks a significant step forward in diversifying Shariah-compliant investment opportunities. Being included in the ADX FADXI highlights Phoenix’s stability and market leadership, and will enhance investor confidence, attracting investment opportunities for those seeking Sharia-compliant products.

“The inclusion of Phoenix Group in the FTSE ADX 15 Islamic Index is an honor and a testament to our dedication to aligning with global standards in ethical and Shariah-compliant investments,” said Mr. Seyed Mohammad Alizadehfard (Bijan), CEO and Co-Founder of Phoenix Group. “To be part of this exclusive index offers investors the opportunity to engage with high-growth, Shariah-compliant companies that are reshaping the future of the UAE’s technology sector.”

Munaf Ali, Co-Founder and Group Managing Director of Phoenix Group said “Phoenix Group remains focused on advancing innovation and economic growth in the UAE and throughout MENA, providing investors a structured entry point into the region’s dynamic tech sector, aligned with their ethical and financial aspirations. This index is a key channel for accessing exciting, Shariah-compliant growth opportunities.”

A week previously Phoenix announced its Q3 results.

UAE tokenization issuance platform Libre Capital and Mantra offer institutional investors access to onchain funds

UAE tokenization issuance platform Libre Capital and Mantra offer institutional investors access to onchain funds

MANTRA, a layer 1 blockchain purpose-built for tokenized real-world assets (RWAs) has partnered with Libre Capital, a UAE-headquartered financial instruments tokenization and issuance platform, to provide investors with onchain access to a diverse range of attractive investment funds.

As per the press release the partnership will provide those MANTRA users that are institutional or accredited investors with investment opportunities across a number of notable onchain funds, including leading hedge funds, private credit funds and money market funds.

By leveraging Libre’s capabilities and MANTRA’s robust ecosystem, the partnership will facilitate the issuance of a tokenized Money Market Fund, and expand investment horizons for institutional and accredited investors seeking to diversify their portfolios within the digital asset landscape. The initiative underscores MANTRA’s commitment to leading the development of a comprehensive and diverse digital asset infrastructure, and strengthens MANTRA’s position in the growing digital asset spectrum within the financial services industry.

Libre operates backbone infrastructure that allows investors to access tokenized versions of real world assets such as money market funds, private credit and hedge funds and other alternative asset products on public blockchains. Libre does this through the on-chain Libre Gateway DeFi dApps (decentralized applications) deployed on each public chain. This enables accredited, professional and institutional investors to directly access top-tier funds on MANTRA Chain in a fully compliant manner.

“We’re honored to be partnering with Libre to give users access to this caliber of funds, ” said MANTRA Co-Founder and CEO John Patrick Mullin, “with the addition of protocols like the Libre Gateway, MANTRA can better equip users with a best-in-class collection of tools to continue to grow the real-world asset economy.”

“The launch of the Libre Gateway on MANTRA Chain is a huge step forward to enable access to wealth and treasury management tools for users on MANTRA, and for Libre to take advantage of MANTRA’s RWA-specific infrastructure,” said Dr. Avtar Sehra, CEO and founder of Libre.

Bahrain Singapore Gulf Bank to offer digital asset custody services

Bahrain Singapore Gulf Bank to offer digital asset custody services

Operating under full regulatory approval from the Central Bank of Bahrain, Singapore Gulf Bank (SGB) has launched in Bahrain to offer comprehensive digital banking services to corporate customers in the digital economy to manage their traditional financial and digital assets on a single platform.

Global clients can onboard through Singapore Gulf Bank’s remote digital on-boarding solutions. SGB will extend its digital banking services to individual clients by the end of the year.

In addition to regular corporate banking services, SGB will provide a real-time settlement network, digital assets custody and intuitive trading solutions, all underpinned by robust AML/KYC measures. As per the announcement this enables businesses to manage their finances flexibly, whether they are traditional or digital assets – facilitating their participation in the digital economy.

Edmund Lee, Founding Chairman of the Board of SGB, stated, “We’re building the foundation for a new era of global finance where traditional and digital worlds converge to enable businesses to operate anytime and anywhere.”

H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board, said, “The launch of SGB marks a pivotal moment in deepening financial connectivity between MENA and Asian markets through Bahrain. As the digital economy continues to grow, our kingdom will serve as a gateway connecting Asian enterprises with opportunities across traditional and digital financial markets. SGB is a testament to Bahrain’s pro-innovation environment and our ability to attract and anchor ambitious global enterprises.”

H.E. Khalid Humaidan, Governor of the Central Bank of Bahrain, commented: “SGB’s launch demonstrates Bahrain’s commitment to fostering innovation in financial services while upholding the highest regulatory standards. With SGB, Bahrain will serve as a crucial nexus that connects businesses around the world and bridges traditional and digital financial services.”

SGB is pioneering a new era of banking where everyone can easily access and manage digital assets alongside traditional assets within one integrated network. Underpinned by its compliance-first approach, SGB will serve as a vital link between mainstream financial services and the rapidly advancing digital asset economy, empowering the next billion users with access to the future of finance.

In early October SINGAPORE Gulf Bank (SGB) appointed former Goldman Sachs executive Ali AlShamma as chief financial officer and ex-Sygnum executive Elaine Leong as chief operating officer. These two hires reinforce the mission of SGB to provide frictionless interaction between digital and traditional finance, said the digital bank.

Tether to issue AED Stablecoin on TON blockchain

Tether to issue AED Stablecoin on TON blockchain

On the same day that Tether the issuer of the USDT stablecoin announced that USDT is now on TON Network on MobeeID, Alessandro Giori, Tether’s senior strategic partnership manager based out of Dubai UAE, speaking at the TON Gateway event in Dubai UAE, announced that the upcoming USDT AED stablecoin will be launched on the TON Blockchain network.

The announcement was made during the TON Gateway annual event for the TON community. As per the website the TON Gateway event aims to power TON Blockchain and put crypto in every pocket by acting as a gateway to Web3 for millions of Telegram users. The Gateway brings the TON ecosystem together to collaborate and drive this mission forward.

During the event Giori was speaking on the topic of USDT on TON. He was followed by Oleg Andreev CEO of Ton Apps, who spoke on gasless payments on TON, while Victor Mendes, Director of BD of Top discussed stablecoin adoption on TON.

Giori stated, that Tether and Ton have a strong relationship because they both focus on emerging markets. He noted that Tether is focusing on Brazil, Argentina, and Turkey. While Tether has 400 million users, TON has 1 billion users.

He states, “ In Just six months since we launched USDT on Ton, we have seen 1 billion USDT transacted on Ton chain, the fastest adoption for Tether in its history. We have been around for 10 years, on Ton we have seen 160,000 transactions per day and 7.6 million wallets.”

He noted that for example Turkey has inflation of 80%, Tether is used to protect value. They save in USDT, from the fisherman in Turkey to guy in Argentina who sells meat, Tether allows them to save in a currency that is more stable than theirs.

He also noted, that TON and Tether have been jointly educating people on stablecoin and Blockchain in nine universities in Africa. He explains this is very important given that 3 billion people around the world are unbanked because they don’t have enough money for banks to accept to open accounts with them.

In his final comments he stated, “As you might have heard about our announcement with joint venture UAE Phoenix Group and Acorn Group for the launch of a dirham backed stablecoin, we are happy to announce we will do Tether AED stablecoin on TON.”

Tether in August 2024, announced its plans to offer an AED pegged stablecoin set to be launched in collaboration with UAE based Phoenix Group. The Tether dirham backed stablecoin will need to be licensed from the UAE Central Bank which recently came out with its Payment Token services regulation. The regulation notes that only dirham backed stablecoins can be used as legal tenders for the purchase of goods and services within the UAE. Tether’s USDT can only be used for the purchase of virtual assets.

Soon afterwards in October, AED Stablecoin LLC announced that the Central Bank of UAE had provided it with in principle approval to launch and establish its own stablecoin, AE Coin. This comes after the Central Bank of UAE announced the “Payment Token Services Regulation”; Circular No. 2/2024, dated 7 June 2024, to be licensed by the Central Bank of the UAE.

Both Saudi Arabia and the UAE are shifting towards stablecoins as their preferred asset class. In Saudi Arabia, stablecoins accounted for 46.1% of the total crypto value received, while in the UAE, they accounted for 51.3% — both higher than the global average of 44.7%

UAE M2 crypto exchange resolves $13 million hack in 16 minutes

UAE M2 crypto exchange resolves $13 million hack in 16 minutes

On October 31st, UAE crypto exchange M2, underwent a cybersecurity breach involving $13.7 million but was able to quickly address the incident within 16 minutes.

M2 has since they fully resolved the issue, restoring all customer funds and taking responsibility for any potential losses.

M2 on its website stated, “We would like to report that the situation has been fully resolved and customer funds have been restored. M2 has taken full responsibility for any potential losses, demonstrating our unwavering commitment to safeguarding our customers’ interests. All services are now fully operational with additional controls in place.”

They added, “We are dedicated to upholding the highest standards of security and compliance, and we are actively cooperating with relevant legal and regulatory authorities to ensure this matter is dealt with thoroughly and appropriately.”

This is not the first Middle East crypto exchange to have been compromised. In May 2024, crypto exchange RAIN in Bahrain was exploited for $14.8 million.

At the time ZachXBT, an internet sleuth with over 500 hundred thousand followers on Twitter, informed followers that Bahrain and UAE regulated crypto broker, RAIN, had likely exploited for $14.8 million. The exploit happened on April 29th and according to ZacHxbt no statement was made by RAIN on the incident.

According to ZachXBT on TME, “It appears the crypto exchange Rain was likely exploited for $14.8M on April 29, 2024 after their BTC, ETH, SOL, and XRP wallets saw suspicious outflows. Funds were quickly transferred to instant exchanges and swapped for BTC and ETH.”