UAE investors participate in the $12 million Blockchain round for Shiba Inu

UAE investors participate in the $12 million Blockchain round for Shiba Inu

UAE Funds including names such as, WoodStock Fund and Cypher Capital are among the investors in Shiba Inu’s $12 million raise.

Shiba Inu, an interconnected ecosystem of digital assets and solutions built on the Ethereum blockchain that includes popular global cryptocurrency $SHIB, announced a raise of $12 million from a number of non-U.S. strategic partners in venture capital, including Comma 3 Ventures, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, Mechanism Capital, DWF Ventures and Spirit Dao. T

his group of investors has invested in the Shiba Inu Ecosystem through a $12 million purchase of the not-yet-released $TREAT utility and governance token, Shiba Inu’s final non-stable token.

$TREAT is the final unreleased token by the popular meme brand that will unlock Shiba Inu’s  newly announced blockchain featuring Fully Homomorphic Encryption (FHE). The new chain utilizes the FHE technology of their partner Zama.ai. This new encryption chain aims to solve multiple problems in crypto, including privacy and trust for Shiba Inu’s large community of tens of millions, and the next billion, crypto-curious individuals.

“Shiba Inu started from the vision of our founder Ryoshi and we’ve been so thankful to the community. Together, we have changed the face of crypto as we’ve worked towards that vision. We’ve crushed expectations by creating a full-fledged ecosystem with a core technology stack that no one else has, alongside community, games, AI, metaverse, DeFi, self-sovereign identity, and encryption,” said Shiba Inu’s Lead Developer known as Shytoshi Kusama. “We are excited to gain the support of such powerful VCs, angel investors, and brands as we plow towards the completion of this grand decentralized experiment. Through the involvement of these venture capital firms and their strategic partners, we are expanding not only our network of trusted partners, but also exponentially increasing what Shiba Inu can truly be capable of for our community, The ShibArmy.”

The funding, through The Shiba Inu Mint S.A. (a Panama corporation), will be used by Shiba Inu to build its new blockchain with FHE, ensure Shibarium becomes the meme center of the world, and expand security and regulatory compliance. Shiba Inu continues to enhance its stack while increasing the usability and portability of its technology in more places than ever, including partnerships like D3 to gain a .shib top-level domain, philanthropic partnerships with organizations like the Manny Pacquiao Foundation, and memberships within organizations like CDSA (Content Delivery & Security Association), the international association of security executives across Media & Entertainment.

UAE Blockchain Phoenix Group to boost liquidity with BHM Capital

UAE Blockchain Phoenix Group to boost liquidity with BHM Capital

UAE Phoenix Group PLC, the GCC region’s first listed blockchain and tech conglomerate has partnered with BHM Capital, a liquidity provider tol boost liquidity for Phoenix shares on the Abu Dhabi Securities Exchange (ADX). As per the press release this will enhance trading volumes and bolstering investor trust.

Phoenix Group’s partnership with BHM Capital which serves as liquidity provider to Phoenix Group’s shares (PHX) reinforces its commitment to optimizing share trading on the ADX. This strategic alliance not only aims to increase trading volumes and stabilize prices but also enhances investor value. 

As a liquidity provider, BHM Capital plays a crucial dual role, strengthening market stability and improving the order book. The commitment to providing liquidity for Phoenix Group’s shares is designed to ensure more consistent pricing and increase overall trading liquidity on the ADX, making transactions smoother across various price levels.

Seyed Mohammad Alizadehfard, Co-Founder and Group CEO of Phoenix Group, commented, “Our partnership with BHM Capital represents a crucial step in strengthening the liquidity and stability of our shares on the ADX. It does not only enhance our market position but also provides our investors with more robust trading options. We are fully committed to leveraging this collaboration to deliver substantial value to our shareholders.” 

Abdel Hadi Al Sa’di, the CEO of BHM Capital, added “This move will enhance the company’s position in the Abu Dhabi Securities Exchange, stabilize the price movements of its traded shares, and enable investors to diversify their investment portfolios, taking advantage of opportunities in financial markets.”

Phoenix Group expects that the partnership with BHM Capital will significantly drive up trading activity and elevate demand for its shares on the ADX, fostering a more vibrant market presence. With a specific focus on boosting trading volume and the value of PHX shares, Phoenix Group is confident that this engagement will have a positive impact on the company’s performance in the coming months. 

Recently Phoenix Group paid $2.5 million for a 12.5% stake in Rekt Web3 gaming company, among other investments the group has made in the past few months.

Web3 accelerator Startup Wise Guys launches construction tech fund in KSA

Web3 accelerator Startup Wise Guys launches construction tech fund in KSA

Startup Wise Guys, one of the most active accelerator funds in Europe and Africa, investing in Web3, SaaS, Fintech, cybersecurity, XR, sustainability, and Proptech verticals in more than 60 countries, has partnered with Saudi Arabia’s SEEDRA Ventures and under the sponsorship of KSA’s National Technology Development Program (NTDP), launch of the first Construction Tech Specialized Fund and Accelerator Program in Saudi Arabia.

The Construction Tech specialized fund, spearheaded by Startup Wise Guys, boasts two seasoned General Partners, Jourdan Younis and Aya Zaghnin. “We are thrilled to pioneer this transformative venture in Saudi Arabia’s burgeoning startup ecosystem,” remarks Jourdan Younis, General Partner, highlighting the fund’s commitment to driving meaningful change through technology.

“Aligned with the pivotal projects of Saudi Vision 2030, We are steadfast in our commitment to nurturing an environment primed for innovation and expansion within a sector craving transformative advancements, cost efficiencies, and scalability. Our aim is to actively contribute to providing cutting-edge technologies within the sector, fostering the growth and development of built assets in Saudi Arabia.” adds Aya Zaghnin, emphasizing the fund’s alignment with the nation’s vision for economic diversification and technological advancement.

The collaboration between Startup Wise Guys and SEEDRA Ventures marks a new update in Saudi Arabia’s startup ecosystem as well as its impact in the global startup ecosystem. The partnership combines Startup Wise Guys’ extensive experience as one of the most active accelerator funds in Europe and Africa with SEEDRA Ventures’ deep understanding of the Saudi Arabian market.

This initiative is further bolstered by the partnership between Startup Wise Guys and WZMH. WZMH will be working towards establishing a first satellite research and development lab – Sparkbird – in Riyadh and will focus on developing existing technologies for implementation in MENA and starting several new concepts working closely with government, private industry, and the educational sector in Saudi Arabia.

“The collaboration with SWG paves the way for bringing Sparkbird’s innovations, particularly those tailored for the Saudi construction market, into new partnerships with local institutions. Our inventions, including recent developments inspired by Saudi Arabia’s unique VISION 2030, align with the region’s demand for advanced Proptech and Contech solutions. This initiative represents a critical juncture where our commitment to smart building technologies and the specific requirements of Saudi Arabia meet, promising real groundbreaking advancements in the sector.” noted Mohammed Al Atheri and Zenon Radewych from WZMH about the initiative.

Accompanying the fund, Startup Wise Guys will be introducing their signature accelerator program in the region, which includes Web3. “With our extensive experience and robust network, we are poised to empower entrepreneurs and innovators in the Construction Tech space,” states Cristóbal Alonso, CEO at Startup Wise Guys, underscoring the accelerator program’s dedication to supporting startups in their growth journey.

Haitham Alforaih, Founding Partner at SEEDRA Ventures added “Saudi Arabia exemplifies the transformative power behind rapid development, and its construction sector serves at the forefront of this extraordinary progress. With substantial investments in infrastructure and mega-projects including NEOM and the Red Sea Development Project, the Kingdom is witnessing constant growth in construction activities. This growth presents opportunities for construction companies, specializing in cutting-edge technologies that increase productivity, improve safety and coordination, to support the Kingdom’s transformative era.”

Startups participating in the Accelerator Program will also have the opportunity to collaborate with experts and mentors from Startup Wise Guys’ extensive network, gaining valuable insights and guidance to scale their businesses globally.

The program which will include investments in Web3 startups, will be launched in Q3 of 2024. More information on how to apply will be launched soon.

This announcement comes after The Hashgraph Association partnership with the Ministry of Investment in KSA to launch a deep tech venture studio.

MENA crypto broker CoinMENA enhances liquidity for its platform

MENA crypto broker CoinMENA enhances liquidity for its platform

CoinMENA B.S.C., a leading 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 partnered with Zodia Markets, a UK headquartered digital asset trading business, backed by Standard Chartered enhancing its liquidity on its platform.

The partnership will provide CoinMENA users with enhanced liquidity and reduced slippage on high-volume trades for G10 and GCC currencies vs a list of vetted and well-researched stablecoins and crypto assets.

Zodia Markets is renowned for its industry-leading trading and operational infrastructure, ensuring timely and efficient settlement. The business operates as a digital asset brokerage for institutional clients, offering a seamless avenue for fiat versus digital asset transactions across multiple currencies.

CoinMENA is a crypto asset platform where retail and institutional investors can buy, sell, send, receive, and store digital assets safely.
The partnership merges the strengths of two pioneering institutions. CoinMENA’s extensive network of retail and institutional clients across the MENA region, combined with Zodia Markets’ industry-leading capability, establishes a reliable and trusted gateway to digital assets.
In a joint statement, CoinMENA co-founders Talal Tabbaa and Dina Sam’an stated, “This partnership comes at a perfect time because we are seeing a significant increase in interest from retail and institutional investors. With Zodia Markets we substantially enhanced our service offering and can provide investors with more efficient avenues for entering and exiting the digital assets market, with minimal transaction costs and efficient settlement.”


Ayad Butt, Head of Sales and Trading Africa and Middle East, Zodia Markets added “The AME region, particularly UAE and Bahrain, has evolved impressively over the last five years. Regulatory clarity, world-class infrastructure, access to capital, and a growing economy
have attracted the best minds and the most sophisticated capital for trading, investing, and innovating.”


Ayad emphasized, “The growth and increased adoption of digital assets in this ecosystem hinge on bridging traditional finance with digital assets. That’s precisely what the partnership between Zodia Markets and CoinMENA achieves. We’re excited by the efficiencies this partnership will create for trading in the region.”

Over the past months CoinMENA has been partnering with several major players to enhance its crypto offering across the MENA region. It partnered with Network International, Onramp Bitcoin

stc Bahrain partners with Avalanche Blockchain for Web3 growth in MENA

stc Bahrain partners with Avalanche Blockchain for Web3 growth in MENA

During the recent Token 2049 Dubai event, stc Bahrain, a telecom operator and digital enabler, partnered with Ava Labs to advance the progress of Web3 in the region. By launching an Avalanche Subnet as part of its Web3 Launchpad Program, stc Bahrain is striving to accelerate the adoption and expansion of blockchain across the Middle East.

Avalanche has been selected as the Qala’a Path Partner and Industry Ambassador. The Qala’a Path is named after a UNESCO heritage site, Qala’a al-Bahrain (Bahrain Fort), emblem of strength and intercultural confluence. The partnership aims to build a foundation for Web3 in the region.

stc Bahrain is a subsidiary of stc group, with a brand valued at $13.9B. stc has a track record of innovation, highlighted by the initiatives of deploying the world’s largest undersea cable (linking Europe, Africa, and Asia) and the development of the region’s first integrated data center park, which covers 55,000 square meters.

Now, stc Bahrain will be using Avalanche to catalyze the region’s Web3 development.

To stc Bahrain, Avalanche stands out for its near-instant transaction finality, high throughput, and robust Subnet architecture allowing for the development of customized solutions. Subnet performance and flexibility will prove key to the sweeping initiative, as stc Bahrain’s launchpad aims to establish a regional ecosystem consisting of a range of dApps – all while maintaining high performance and security.

As an Avalanche builder, supporter, and official ambassador in MENA, stc Bahrain will spur the greater adoption of Web3 on Avalanche in the region. This will entail fostering innovation and driving community engagement via co-marketing, conferences, hackathons, and related efforts.

“We are excited to embark on this journey with Avalanche, leveraging their groundbreaking technology to elevate our Web3 infrastructure,” said Saad Odeh, Chief Wholesale Officer at stc Bahrain. “Deploying an Avalanche Subnet is a testament to our dedication to leading digital transformation and innovation in the region.”


“We are honored to align with stc Bahrain to expand Avalanche’s presence in the Middle East and North Africa,” said John Nahas, SVP of BD at Ava Labs. “Subnets have the performance and flexibility needed for stc Bahrain to cultivate a powerful Web3 ecosystem, and for the people of these regions to benefit from cutting-edge blockchain applications. This launch coincides with our larger plans for the MENA region which are upcoming.”

stc Bahrain has been forging partnerships with major Web3 and Blockchain entities with the most recent being DePin infrastructure provider Aleph Zero.

UAE Dunes Fintech enters crypto space with acquisition of Be Mobile Africa

UAE Dunes Fintech enters crypto space with acquisition of Be Mobile Africa

UAE based Dunes Fintech platform signed an MOU to acquire a portion of Be Mobile Africa which offers a banking and cryptocurrency infrastructure.

As per the announcement, the acquisition, slated for completion by the end of the second quarter of 2024, marks a significant milestone for Dunes, positioning the company as a trailblazer in the latest generation of Fintech companies.

Dunes is seeking to launch a platform, seamlessly integrating cryptocurrency and traditional banking services. This groundbreaking initiative signals Dunes’ unwavering commitment to redefining the digital banking landscape in the UAE and beyond.

As part of the agreement, Be Mobile Africa will sell significant technology assets, including key components related to its banking and cryptocurrency infrastructures. Notably, this includes the Be Network, a game-changing infrastructure facilitating real-time settlement of fiat and cryptocurrency transactions 24/7. Be Mobile Africa will retain banking services for the African continent, continuing with its focus on fostering financial inclusion initiatives across the continent.

“The strategic sale of non-financial assets injects vital financial resources into Be Mobile Africa. These resources will be used to double down on key African markets, in line with the company’s mission of banking the unbanked and underbanked in Africa.” emphasized Dr Cédric Jeannot, Co-founder and CEO of Be Mobile Africa.

A senior Dunes Financial executive expressed enthusiastic anticipation about the acquisitions, stating, “We are thrilled to embark on this journey of innovation and progress. The acquisition aligns with our vision of creating a bridge between crypto and fiat, opening up new possibilities for regulated entities and individuals. We are committed to providing a secure and compliant platform redefining how people interact with financial services.”

UAE football league to develop blockchain games with Chiliz

UAE football league to develop blockchain games with Chiliz

The UAE Pro League (ADNOC Pro League), the premier professional football league in the United Arab Emirates, has partnered with Chiliz, a blockchain provider for the sports and entertainment industry, to propel the league’s international presence through web3 technologies, firstly with the development of a Web3 Blockchain enabled fantasy football game.

During the first stage of this multi-year partnership that will see both parties explore a wide range of applications, Chiliz and the UAE Pro League will develop a web3-based fantasy football game, leveraging blockchain technology to offer a unique and immersive experience for fans globally.

Additionally, fans will have the opportunity to own exclusive blockchain-authenticated game-scored balls. Details on how these items will be distributed are forthcoming, with plans to ensure fair and equitable access to fans around the world.

The UAE Pro League represents the highest level of professional football in the United Arab Emirates. Featuring 14 clubs, it serves as the country’s most popular sports competition. This collaboration with Chiliz is part of the UAE Pro League’s strategic efforts to enhance fan interactions and expand its global footprint.

Thes partnership further strengthens Chiliz’s commitment to supporting football in the MENA region. By partnering with the UAE Pro League, Chiliz not only aims to bring advanced technology to the league but also to contribute to the growth and popularity of football within the UAE.

“We’re thrilled to partner with Chiliz in this multi-year agreement aiming to bring groundbreaking web3 technologies to our fans,” said UAE Pro League CEO Waleed Al Hosani.

“This partnership represents a pivotal step in our ongoing efforts to expand our global reach, setting new standards for technological innovation in the world of sports,” he added.

“The Pro League is keen on leadership in the professionalism’s world. Our partnership with Chiliz provides a new and unique experience for the fans of the ADNOC Professional League,” the UAE Pro League’s CEO noted.


“Collaborating with the UAE Pro League is a key Chiliz milestone for Chiliz as we continue to pioneer the integration of web3 technologies in football,” stated Alexandre Dreyfus, CEO of Chiliz and Socios.com. “We’re committed to enhancing the fan experience through these innovative platforms and look forward to contributing to the growth and success of football in the wider region by leveraging not only our technology and expertise but also our remarkable network within the global sports industry.”

Crypto Venture Capital fund receives in principle approval from ADGM in UAE

Crypto Venture Capital fund receives in principle approval from ADGM in UAE

 Token Bay Capital limited(“Token Bay”) is expanding its venture capital footprint in the capital of the UAE and has been granted an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) to carry out regulated activities that include managing both token and equity investments in early stage crypto start ups in the ADGM.

Subject to final regulatory approval for the grant of the Financial Services Permission (FSP), Token Bay brings niche capabilities to manage both token and equity investments in early-stage crypto start-ups under the FSRA’s Venture Capital Fund Manager (VCFM) framework.

Founded in 2021, Token Bay is a Crypto Venture Capital Fund that has adopted a regulatory-first approach from day one. Token Bay invests in start-ups building next-generation blockchain infrastructure and decentralized applications for Web3. Building on the success of its first fund, Token Bay is now launching its second fund and will continue to back outstanding entrepreneurs building infrastructure solutions for the new token economy.

In addition to Abu Dhabi, Token Bay also has offices in Hong Kong, and is strategically positioned across digital assets hubs in both the Middle East and Asia.

Founder and Managing Partner of Token Bay, Lucy Gazmararian stated, “This marks the first phase of global expansion for Token Bay, and we’re excited to have been granted the IPA in ADGM for venture capital investment in tokens as well as in equity. Blockchain technology has the potential to drive innovation through tokenization, and as blockchain networks continue to evolve, it is important that as venture capitalists we are fully equipped to support talented founders building in Web3 by directly participating in these networks and taking an ownership stake through tokens. We extend our sincerest thanks to the regulator for their forward-thinking approach and open dialogue so that we were able to reach this important milestone and establish Token Bay in one of the world’s leading international financial centers and digital assets hub.”

ADGM’s progressive regulatory framework, English common law legal framework, status as a leading centre for financial innovation and vibrant blockchain and digital assets ecosystem have attracted Token Bay to set up offices in the capital of the UAE.

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We extend a warm welcome to Token Bay Capital as they join ADGM’s international financial centre and commence their establishment in Abu Dhabi, marking the beginning of their global expansion journey. ADGM is dedicated to cultivating innovation and excellence in the financial sector, particularly within the virtual asset space. With progressive regulatory frameworks that facilitate companies like Token Bay Capital, ADGM’s vibrant ecosystem stands as the optimal platform for initiating their global growth trajectory.”

Token Bay’s Venture Funds offer institutions, multi-national companies, private banks, family offices and high-net-worth individuals the opportunity to invest in an emerging asset class right at the start of a multi-decade cycle. 

Binance the biggest crypto exchange in the world receives UAE license

Binance the biggest crypto exchange in the world receives UAE license

Binance FZE, the Dubai entity of the biggest global virtual assets services provider and crypto exchange, has received the Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This license, subsequent to the previous issuance of the Minimum Viable Product (MVP) License in July 2023, marks a significant milestone for Binance.


Binance CEO Richard Teng stated, “As we secure the esteemed full market VASP License, it notably amplifies our unwavering commitment to advancing the financial landscape through compliance and innovation. This achievement embodies our dedication to transparency, regulatory compliance, and responsible growth in the dynamic digital assets domain.


Furthermore, it bears testimony to the innovative spirit of the UAE, as it continues to embrace the transformative economic implications of blockchain technology for its residents.”


The transition from an MVP License to a VASP License allows Binance FZE to extend its product offering and expand its services to the retail market, in addition to qualified and institutional investors. Binance FZE can now offer individual customers a broad portfolio of virtual asset products that includes spot trading, margin trading (for qualified users), and staking products.


Binance FZE General Manager Alex Chehade said, “This is a major milestone that validates our commitment to providing secure, compliant, and top-tier services to our users. It underlines Dubai’s position as a forward-thinking city – acknowledging and embracing the
financial potential that blockchain technology brings.”


Upon initiating operations under the new VASP License, Binance FZE will significantly enhance its current services beyond spot trading and fiat services. This license allows diversifying trading services exclusively for qualified and institutional investors only, where these segments are eligible to engage in margin and derivatives products, including futures and options. Presently, these services are strictly restricted to those that meet the qualified investor criteria.

Binance already has a license in Bahrain. Its license in UAE, follows the licensing of several other crypto exchanges including international players such as OKX, and Crypto.com. The competition just got fiercer in the UAE.

This announcement also comes as Binance sets to return to India.

Varys Capital sets up Master fund for blockchain DeFi and Gamefi investment

Varys Capital sets up Master fund for blockchain DeFi and Gamefi investment

Varys Capital (“Varys”) has partnered with FundRock Investment Management Services (ME) Ltd (“FundRock”), a fund management company, licensed by the FSRA, to manage a feeder fund, that will invest its assets into a Master Fund with a mandate centered around blockchain, Web3 and infrastructure. The entity is named the Varys Capital Ventures (CEIC) Limited in the Abu Dhabi Global Market (ADGM).

The feeder fund will invest its assets into a Master Fund (“Fund”), which was initially established as an early-stage, equity-focused venture fund with a mandate centered around blockchain innovation, Web3, and infrastructure. The Fund has identified commitments across DeFi, GameFi/Web3, Infrastructure, and Emerging Technologies, all centered around blockchain.

Varys will invest in multiple domestic companies and has entered the UAE because of the local government’s supportive directives, the country’s high level of innovation, robust local infrastructure, and forward-thinking minds. Since securing initial investment from prominent family offices, institutions, and high-net-worth investors, Varys has actively closed the gap on its $75m round.

The feeder fund’s appointed investment manager, legal counsel, fund administrator, and auditor are FundRock, Al Tamimi, Apex Fund Services (AD) Limited, and Crowe Mak LLP, respectively.

Darius Askaripour, Director of Varys Capital, said, “Due to the government’s leadership and vision, ADGM has created limitless opportunities and attracted the most brilliant and talented minds in the digital asset space. As a unique venture fund with the capacity to quantitatively execute deals, we are honoured to be a significant contributing entity in the region. We have immediate plans for deployment, adding to our high-performing portfolio and reinforcing the global appeal of the United Arab Emirates as the nation continues to expand the wide use cases of blockchain technology.”

Matthew Pykstra from FundRock, said “We are thrilled to have partnered with Varys Capital on this feeder fund and are enthusiastic about the diverse offering that the fund brings to the region”

Arvind Ramamurthy, Chief of Market Development at ADGM, added “We congratulate Varys and FundRock on joining hands to manage a feeder fund, here in the ‘Capital of Capital’ – Abu Dhabi. This initiative aligns with ADGM’s growth strategies for the digital assets space, focusing on progressive regulations and initiatives encompassing DeFi, Blockchain, and other related sub-clusters.

ADGM’s vibrant community includes a range of domestic companies in the new-age finance sector, and we look forward to this fund strategically bridging the investment gap for these companies that will foster significant growth within the sector and enhance overall industry development.”