UAE Cypher Capital invests in Bitcoin DeFi Platform, Velar

UAE Cypher Capital invests in Bitcoin DeFi Platform, Velar

UAE based Cypher Capital, a venture capital firm that invests in Web3, Blockchain, and crypto startups has invested in Bitcoin DeFi platform Velar.

Velar closed its seed funding round of $3.5 million from a range of notable Web3 investors. The round attracted participation from key ventures including Bitcoin Startup Lab, CMS Holdings, Black Edge Capital, GBV, Cypher Capital, Trust Machines SPV, Transform Capital, Maple Block and Samara Asset Group, among others.

Building on the unprecedented interest and growth in DeFi over the past few years that attracted over $100B in liquidity to the Ethereum network, Velar is deploying the world’s first perpetual decentralized exchange (PerpDEX) on Bitcoin.

Velar aims to unlock the $800 billion of dormant network liquidity to Bitcoin’s evolving DeFi landscape, and in doing so, offer BTC holders the same value proposition and yields that have been so successful in the Ethereum ecosystem.

The company is currently preparing for the mainnet launch of Dharma, the first ever Uniswap v2-inspired AMM built on popular Bitcoin Layer Stacks.

Velar intends to use the new capital to accelerate development of its PerpDEX Velar Artha. The platform will leverage Stacks to enable liquidity for DeFi dApps on Bitcoin, with Velar Artha due to launch in Q2 2024.

Despite initially launching on Stacks, Velar is a L2-agnostic protocol and will also integrate other leading Bitcoin L2s. Cem Özer, Co-Founder and CEO of Sovereign labs, and Alexei Zamyatin, Co-Founder of Build on Bitcoin (BoB), both prominent upcoming Bitcoin L2s have also participated in Velar’s funding round as angel investors.

“Velar’s successful funding round is a validation of our mission to make Proof-of-Work and Bitcoin the base layer of DeFi. Velar is set to redefine what’s possible, facilitating $800B worth of dormant liquidity to be used in DeFi; and we’re excited to invite the world to be a part of this groundbreaking journey,” said Mithil Thakore, Co-Founder and CEO of Velar.

“DeFi is the logical next step for Bitcoin. Introducing perps for Bitcoin and other assets that can be swapped in a decentralized way, and earn rewards will help unlock the $500B in untapped value on Bitcoin,” said Muneeb Ali, Co-Creator of Stacks. “This fundraise helps the team at Velar build a liquidity protocol that will be a major gateway for the usability being unlocked by sBTC on Bitcoin L2.”

Velar’s eventual product suite will include an AMM, project launchpad, and PerpDEX, with the latter enabling institutions to utilize their dormant BTC holdings as collateral in a non-custodial way. Velar launched its AMM testnet last May which saw over 165,000 testnet wallets created, a record for a Bitcoin-focused DeFi project.

Web3 companies hire for C-level positions for operations in MENA

Web3 companies hire for C-level positions for operations in MENA

Over the past few months more and more Web3 and Blockchain companies have been hiring for managerial positions in the MENA and GCC region. One of the latest is the new Managing Director of Middle East and Africa for Ripple, Mr. Reece Merrick as well as Amir Tabch CEO for APAC and MENA at Liminal Custody Solutions.

In a LinkedIn post, Reece Merrick stated, “I’m happy to share that I’m starting a new position as Managing Director, Middle East & Africa at Ripple!”

While Web3 entity, Liminal Custody Solutions (Liminal), the fastest-growing digital asset custody and wallet infrastructure provider in the APAC and MENA announced in a press release the appointment of Amir Tabch as its CEO for the Middle East region.

Mr. Tabch, a seasoned financial services executive and fintech pioneer, brings over two decades of experience in leading and scaling businesses across traditional and digital asset markets.

Prior to this, Mr. Tabch held senior leadership positions at SC Meta Markets, Emirates Investment Bank, and First Abu Dhabi Bank, where he honed his expertise in global markets, multi-asset trading, and regulatory compliance. He was also the Ex Copper Securities CEO.

Mr. Tabch’s appointment is part of Liminal’s strategic expansion in the Middle East and expansion of its custody offerings.

In addition Landvault appointed Muhammad Hamza as Landvault’s Vice President of Business GCC. Based in Dubai, Muhammad’s extensive expertise in artificial intelligence, metaverse technologies, and virtual development will further drive Landvault’s business strategy and oversee our international expansion in the GCC region. Landvault has built over 100 million square feet in virtual experiences for brands including Mastercard, Standard Chartered, Hershey, and more.

Even entities within the UAE are announcing new appointments, such as HUB71 which announced that Ahmad Ali Alwan has transitioned from Deputy Chief Executive Officer to Chief Executive Officer of Hub71 as of January 2024.

Alwan joined Hub71 as a founding member in 2019 and was appointed Deputy Chief Executive Officer of Hub71 in October 2022. Since then, Alwan has played a critical role in spearheading Hub71’s strategic development to become one of the region’s premier tech startup hubs supporting more than 260 startups that raised over AED 5 billion in capital.

His Excellency Ahmed Jasim Al Zaabi, Chairman of Hub71, said: “Within Abu Dhabi’s soaring ‘Falcon Economy’, Hub71’s transformative impact on the startup landscape is undeniable. Under the ambitious leadership of Hub71, startups globally have a destination where innovation thrives, and growth unlocks endless possibilities. Ahmad has witnessed Hub71 growth stages and played a pivotal role in building the global tech ecosystem in Abu Dhabi. The journey ahead is an exciting, and we are confident that his deep knowledge and experience in helping startups and founders grow and scale disruptive technology companies from the UAE will shape the future of Abu Dhabi’s tech ecosystem.”

In 2023 for example, Web3 Blockchain company, Circle appointed its Vice President for Middle East and Africa, Miriam Kiwan. Many others have been hired over the past two years, as both local and globaly players flock to the region.

Bahrain Economic Development Board now a member of Swiss Crypto Valley Association

Bahrain Economic Development Board now a member of Swiss Crypto Valley Association

The Swiss based Crypto Valley Association; a nonprofit crypto and blockchain ecosystem announced that the Bahrain Economic Development Board, which focuses on attracting investments to Bahrain, has become its latest member.

As per the announcement, the association noted, “We are beyond excited to announce Bahrain Economic Development Board (EDB) as our newest corporate member!”

Bahrain Economic Development Board collaborates with government bodies and investors globally to identify and cultivate mutually beneficial opportunities, actively contributing to Bahrain’s economic diversification and sustainable growth.

The Crypto Valley Association is known as Switzerland’s leading blockchain & crypto ecosystem. It has been fostering collaboration and growth in the global blockchain ecosystem since 2017.

Bahrain was the first country in the GCC to incorporate crypto exchanges under a regulatory regime. It currently has three licensed crypto exchanges and brokers, including RAIN, Binance and CoinMENA.

It seems Bahrain is gearing towards attracting more crypto and blockchain companies to the country in 2024.

MRHB to launch localized Blockchain enabled NFT platform in Saudi

MRHB to launch localized Blockchain enabled NFT platform in Saudi

In collaboration with Saudi Arabian Blockchain tech provider Limar, MRHB Network, Fintech DeFi firm will be localizing MRHB’s Souq NFT platform for KSA and GCC markets.

As per the license agreement, the venture will see the localization of MRHB’s Souq NFT platform for the Saudi Arabian and Gulf markets, leveraging Limar’s pioneering experience in blockchain technology and advanced tech solutions.

Limar is a Saudi Teh company that focses on solving problems using advanced technologies since 2017. Limar has since been backed by AlNahdi United Group.It focuses on raising awareness for the adoption of decentralized appliation, or Blockchain networks in Saudi Arabia and the region. Limar is also a member of the Hyperledger Community.

Through this license agreement, Limar has licensed the Souq NFT platform from MRHB to create an Arabic version that caters specifically to Saudi Arabian customers. This localized version will run on a private blockchain developed by Limar, ensuring compliance with the Kingdom’s regulatory frameworks and cultural nuances.

By licensing the Souq NFT platform to Limar, MRHB Network is not only expanding its global footprint but also reinforcing its commitment to ethical and culturally sensitive financial solutions.

Limar has developed a crypto free Web3 ecosystem that will enable the adoption of Web3 in KSA focusing on eliminating the legal constraints of crypto with compleiance and usability at the core. They have developed AlMajra Blockcain and Hesa Wallet that allows startups and organizations to quickly deploy secure private blockchain networks.

Earlier this year, DeFi firm, MRHB built for Ethical and Inclusive DeFi expanded into the Saudi market after receiving a license from the Ministry of Investment. MRHB plans to relocate its research and development team to Riyadh KSA.

The Global Blockchain Show in the heart of Dubai, the Grand Hyatt

The Global Blockchain Show in the heart of Dubai, the Grand Hyatt

Global Blockchain Show is heading to the Granf Hyatt Dubai UAE in April. The event aims to bring all the notable leaders from the Web3 sphere under one roof. It has benefits in various aspects pertaining to those who participate and those who take the stage.

The Global Blockchain Show will happen on 16-17 April 2024. At the core lies the idea of fueling interactions about insights and the future of Web3. Besides, the event is posed to give people a chance to expand their networks, participate in leadership sessions, engage in learning sessions, and showcase their projects.

Participants are likely to come from diverse backgrounds in corporate, investment, startup, and government, to mention a few. Most of the speakers hail from the background of executive positions. This includes Lennix Lai, the Chief Commercial Officer at OKX; Zara Zamani, the Co-Founder of Neoki; and Uldis Teraudkains, the Chief Executive Officer of Nexpay, among others.

David Palmer, the Chief Product Officer & Co-Founder of Digital Asset Broker (DAB) Platform by Vodafone, has said he looks forward to attending the Global Blockchain Show. David has further stated that the event comes at a time when the latest technologies like AI, Fintech, and Web3 are evolving.

Dubai has been chosen as the venue for the Global Blockchain Show as the region ideally provides a secure environment for discussions around blockchains. Also, the government has been vocally supportive of innovation with its regulations and policies. Dubai has emerged as a central global hub for blockchain activities, also housing world-class conference venues plus facilities for international events.

Curated by VAP Group, the Global Blockchain Show is backed by media partners such as, Emirati Times, Britain Herald, Bitcoin World and others. VAP Group is a blockchain consultancy firm that specializes in assisting the industry with its core ethics of commitment to excellence and corporate transparency. Vishal Parmar, the CEO of VAP Group, has said that they are excited to host all the participants and speakers at the Global Blockchain Show in Dubai. Vishal has said that the event marks a point where traditional technology and upcoming modern innovation intersect for the betterment of everyone’s future.

More than 7,000 participants are expected to be present in Grand Hyatt Dubai for the event. Over 300 speakers could take the stage, delivering keynotes that trigger productive discussions around industry insights. The Global Blockchain Show has all plans in the pipeline to extend access to lunch and drinks during the networking session. Representatives from 3,000+ companies are expected to market their presence.

Overall, the Global Blockchain Show comes packed with a set of benefits for individuals and organizations. Each gets access to valuable insights, networking opportunities, and a chance to build partnerships along with exploring career opportunities in blockchain.

Blockchain Life brings 8,000 crypto enthusiasts to Dubai UAE

Blockchain Life brings 8,000 crypto enthusiasts to Dubai UAE

On April 15-16, Blockchain Life 2024 is going to prove its status as one of the main crypto events of the year bringing together over 8,000 crypto enthusiasts and thousands of international companies in the globally recognized crypto capital of Dubai.

The event unites top crypto players from Web3, Cryptocurrencies and mining industries from 120 countries.

What to expect:

  • Premium community of crypto whales and industry leaders
  • More than 160 experts having a speech and analyzing the market from the stage
  • More than 150 key industry companies featured at the exhibition and promising Startups
  • Dozens of teams at the Startup Pitch contest – traditionally many of these projects will rise in a few months
  • Smart networking app to find the one among the thousands
  • Numerous formats for business networking
  • The legendary AfterParty at one of the world’s most renowned clubs – SKY2.0

“I have no doubts that the majority of conversations will focus on the growth of the crypto market due to halving. I invite everyone to join one of the best world’s crypto events and become a part of the power that drives bull run” stated the organizer of the Blockchain Life Sergei Khitrov.

On the 2 stages of the event attendees can anticipate market analysis and forecasts from the top crypto exchanges as well as investing strategies from the leading crypto funds.

Among the top speakers are:

  • Justin Sun (Founder of TRON, Member of the HTX Global Advisory Board)
  • Sergei Khitrov (Founder of Blockchain Life, Jets.Capital and Listing.Help)
  • Paolo Ardoino (CEO of Tether, CTO of Bitfinex)
  • Andrei Grachev (Managing Partner of DWF Labs)
  • Dominic Williams (Founder and Chief Scientist of DFINITY (ICP))
  • Xinxi Wang (Co-Founder of Litecoin Foundation)
  • Danilo S. Carlucci (Founder and CEO of Morningstar Ventures)
  • Irene Wu (Head of Strategy of LayerZero Labs)
  • Pascal Gauthier (Chairman and CEO of Ledger)
  • Jason Lau (Chief Innovation Officer at OKX)
  • Alicia Kao (Managing Director at KuCoin)
  • and many more

Most of the forum speakers are still a secret, but organizers will soon unveil them to you in new announcements.

Learn how to take everything from the upcoming bull run at Blockchain Life 2024.

Buy a ticket at a Presale price now with a 10% discount using promo code ZEXPR.

https://blockchain-life.com

Oman’s port to host data mining center with 20,000 servers

Oman’s port to host data mining center with 20,000 servers

Oman Sohar port Free zone, signed a deal with Green Data City to develop a multimillion dollar data computing center which will include data mining. The data mining centers would allow for AI and Blockchain data mining as well as crypto.

The Data Computing Center in SOHAR Free zone will be used for hosting, processing, and data mining, solidifying their position as a key player in the digital economy, fostering technological innovation and economic growth.

The land lease agreement, signed with encryption mining company Green Data City (FZC) LLC, covers the development of a 45,000-square-metre site that will house 20,000 servers from leading manufacturers, according to a statement on Monday.

With a total investment of $210 million, the data computing center is considered a vital facility for companies, providing the necessary infrastructure for storing, processing and mining data.

Commenting on this agreement, Mr. Olivier OHNHEISER, CEO of Green Data City stated: “Collaborating with SOHAR Free zone is a strategic move for Green Data City. Our infrastructure not only transforms SOHAR into a global hub for innovation but strategically reinforces our geographical diversification, adding significant value to our business footprint. This agreement reflects our commitment to pioneering solutions and ensures mutual success in the dynamic digital landscape.”

Omar bin Mahmood Al Mahrizi, CEO of SOHAR Freezone, DCEO SOHAR Port said, “Our agreement with Green Data City represents a step forward for SOHAR in the digital realm. While emphasizing our commitment to technological innovation, this agreement contributes to our broader goal of supporting Oman`s economic diversification and sustainable development, placing us as a participant in the nation`s digital future.”

In December 2022, Oman Ministry of Transport, Communications, and IT in partnership with Green Data City (GDC) the next generation data blockchain ecosystem, launched the first licensed sustainable crypto mining datacenter in Oman, and the GCC.  The delegation witnessed the first Bitcoin officially mined in Oman using immersive cooling technology which will reduce electricity consumption.

Since then several crypto mining entities have signed agreements with Green Data City to launch crypto and Blockchain mining data centers.

Abu Dhabi Healthcare regulator commences Blockchain Pharmaceutical project

Abu Dhabi Healthcare regulator commences Blockchain Pharmaceutical project

The Abu Dhabi Department of Health, the healthcare regulator, has signed an MOU (Memorandum of Understanding) with Abu Dhabi Health Data Services (ADHDS), the operator of Abu Dhabi’s Health Information Exchange (HIE) platform “Malaffi”, and MSD GCC, a leading biopharmaceutical company, to experiment with blockchain technology for pharmaceutical industry.

The MoU was signed by H.E. Dr. Noura Al Ghaithi, Undersecretary of the Department of Health – Abu Dhabi (DoH), Ashraf Mallak, Managing Director from MSD GCC, and Kareem Shahin, Acting CEO from ADHDS on the sidelines of Arab Health 2024.

As per the press release, the agreement will see the three entities come together and collaborate to assess blockchain potential, while utilizing the neutral platform of the PharmaLedger Association (PLA), a non-profit global organization, to assess the technology and framework potential to support Abu Dhabi in achieving its ambitious vision of fortifying its healthcare ecosystem.

MSD GCC will play a pivotal role in this collaboration by providing its thought leadership and leveraging its extensive experience with blockchain technology across various application areas and markets.

H.E. Dr. Noura Al Ghaithi, Undersecretary of the Department of Health – Abu Dhabi (DoH), said: “The Department of Health – Abu Dhabi’s (DoH) partnership with Abu Dhabi Health Data Services (ADHDS) and MSD GCC serves as a testament to our commitment of working alongside strategic partners within the healthcare sector, to shape a future driven by healthcare technology. This collaboration further solidifies the Department’s ongoing efforts in leveraging cutting-edge technology to enhance the population’s health and well-being, ultimately paving the way for improved healthcare outcomes, and advancing patient-centric care within the Emirate. These efforts further cement Abu Dhabi’s position as a leading destination for healthcare and a hub for life sciences.”

Kareem Shahin, Acting CEO of Abu Dhabi Health Data Services (ADHDS), stated: “One of the areas of interest for the application of this technology for Abu Dhabi is enhancing data security and goods traceability among others. We are thrilled to embark on this groundbreaking collaboration with the Department of Health – Abu Dhabi (DoH), and MSD GCC. ADHDS will be the driving force behind the technical aspects of this partnership, which includes spearheading the assessment of the potential of blockchain technology in the Emirate.”

Shahin added: “At ADHDS, we understand the critical importance of safeguarding patient information while enabling seamless data sharing for improved healthcare outcomes. With our expertise and experience in health data management, following the successful implementation of Malaffi as the first and foremost HIE in the MENA region, we are uniquely positioned to take the lead in delivering a robust and secure blockchain infrastructure that protects the privacy and integrity of health data in Abu Dhabi. We are excited about the possibilities this partnership holds for transforming the healthcare landscape in the Emirate and ensuring the highest standards of data security and interoperability.”

Ashraf Mallak, Managing Director, MSD GCC  noted, “On its part, MSD will be bringing to the table its strategic expertise and extensive experience in the application of blockchain technology within the healthcare sector across various areas and markets. At MSD GCC, we recognise the immense potential of blockchain in revolutionizing healthcare delivery and data security as we are committed to providing our strategic insights, knowledge, and advice to drive the advancement of blockchain usage in the healthcare sector in the Emirates.”

The Central Bank of UAE makes first official CBDC transaction to China

The Central Bank of UAE makes first official CBDC transaction to China

According to WAM news agency, as part of UAE’s Central Bank 50th anniversary, His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of the Board of the Central Bank of the UAE (CBUAE), made the first ever CBDC, digital currency cross border payment transaction to China utilizing the Mbridge Blockchain platform.

This amounts to a $13.6 million transaction sent directly to China through the ‘BIS M Bridge’ platform DLT.

Prior to this, The Central Bank of the UAE (CBUAE) and the People’s Bank of China signed an MOU (Memorandum of Understanding) to enhance technical and technological cooperation in the development of central bank digital currencies (CBDC), going beyond initial collaboration on mBridge CBDC project.

In September 2023, during a speech given by Hong Kong Monetary Authority (HKMA) CEO Eddie Yue, he discussed the whole sale CBDC ( Central Bank Digital Currency) project Mbridge stating that the launch of a minimal viable product ( MVP) would be soon, with participation of UAE Central Bank, Bank of China, BIS, Bank of Thailand and some new entrants.

The UAE Central Bank officials had called for a comprehensive regulatory framework for central digital currencies that would facilitate, accelerate and reduce the cost of cross border monetary operations.

R3 was chosen by UAE Central Bank as its technology partner to design and build a CBDC for the first phase of the central bank’s CBDC project because it is a permissioned based DLT (Distributed Ledger Technology) that decentralize assets privately and works well in regulated industries, but more importantly is its interoperability and asset fluidity.

Sheikh Mansour also witnessed the graduation of the first batch of 1,056 citizens from the ‘Ethraa’ program, who completed a high-level training and qualification program at the Emirates Institute of Finance.

The ceremony showcased the progress and development journey that the CBUAE has witnessed over 50 years, during which the apex bank has contributed to strengthening financial and monetary stability and driving the wheel of economic growth in the UAE. This is in addition to launching a package of innovative projects implemented by the Central Bank’s subsidiaries within the Financial Infrastructure Transformation Program (FIT program) to accelerate the digital transformation in the financial services sector as part of a wider strategy aimed at enabling the CBUAE to be among the top central banks globally.

UAE blockchain hydroponic farm expands into KSA after raising $2.25 million

UAE blockchain hydroponic farm expands into KSA after raising $2.25 million

Crysp Farms, a UAE based innovator and operator of decentralized blockchain enabled vertical farms, has secured a $2.25 million ‘Pre-Series A’ round structured and led by Gate Capital with participation from regional investors, including those from the UAE and Saudi Arabia.

The homegrown ‘Farming as a Service’ provider builds and operates bespoke onsite hydroponic farms catering to hospitality groups, healthcare facilities, restaurants, and hypermarkets. Notably, its high-quality produce is served in venues recognized by the leading awards and guides, such as Gault & Millau and Michelin.

The funding round will focus on scaling the company’s expansion strategy across the region and delivering committed contracts internationally.

Crysp Farms,is  the only Blockchain enabled hyperlocal farming provider in the region. Each farm provides continuous access to onsite fresh produce and reduces greenhouse gas emissions, supporting the outcomes of COP28. According to the Food and Agriculture Organization of the United Nations (FAO), between 30 and 40% of total food production is lost before it even reaches the consumer. Through Crysp Farms, there is close to zero spoilage.

With the current funding round, Crysp Farms will continue its strategic expansion, introducing new farms in prestigious hotels and resorts managed by global leaders like Hilton Worldwide, Jumeirah Group, and Marriott International, among others.

 In the last month, Blockchain enabled Crysp Farms partnered with five new properties, bringing its sustainable farms to more than 20 locations across the UAE, with many more in the pipeline across regional and international destinations, including the Seychelles and Maldives.

As per the press release, the business will target expansion into the Kingdom of Saudi Arabia, enabling and enhancing local food production through innovative technology, in line with Saudi Vision 2030. The business aims to support the hospitality and healthcare sectors across major cities and new development projects in the Kingdom.

Speaking about the investment round, Maan Said, CEO and founder of Crysp Farms, said, “This financial and strategic investment opens up opportunities and enables the business to scale exponentially across our target markets. Through our partner relationships, we are eager to create a more sustainable world through hyperlocal farming. We are proud to receive the support of Gate Capital and other leading investors in this round, as we look forward to sustainably scaling our operations.”

Munther Hilal, Chief Executive and Founder of Gate Capital, said, “Crysp Farms has grown from an innovative idea to disrupt agriculture into a tangible green investment opportunity, with sturdy unit economics and a strong foundation paving the way for scalable growth. Gate Capital’s continuous commitment to ESG-led businesses is a testament to identifying impact investment opportunities.”