UAE Fils leverages Blockchain Sui platform to track carbon credits

UAE Fils leverages Blockchain Sui platform to track carbon credits

UAE Fils leverages Blockchain Sui platform to track carbon credits. Sui is a next generation Layer 1 blockchain.

The collaboration will leverage blockchain technology to serve use cases in line with the ESG goals that modern businesses are seeking. Users will also benefit from the unique crypto wallet infrastructure provided by Sui. For example, using Sui’s zkLogin tooling, end users can authenticate by simply using Web 2 social credentials, creating and accessing their wallets will be effortless.

Nameer Khan, the Founder and CEO of Fils stated, “Sui offers speed and scalability that is unique, along with a commitment to sustainability that make them an ideal partner for us. We look forward to leveraging this capable blockchain to offer an unprecedented solution to one of the world’s most intractable challenges,” said Nameer Khan.

Fils officially launched in November with its B2B2C product offering, the company is targeting several industries including financial services, hospitality, and e-commerce. With Sui platform, Fils can now elevate the user experience and enhance the platform’s capabilities through blockchain technology.

Greg Siourounis, Managing Director at the Sui Foundation, added, “The most important challenges of our era demand the most capable technology implemented by the strongest teams working together to build solutions. I am extremely proud to see Sui’s infrastructure being integrated by the forward-thinking team at Fils to address the crucial global issue of climate change in a fundamentally new way.”

So far there have been many announcements pertaining to Blockchain platforms for Carbon credits or sustainability including the recent e&enterprise announcement today.

UAE e&enterprise to develop largest Blockchain sustainable exchange

UAE e&enterprise to develop largest Blockchain sustainable exchange

UAE e& enterprise partners with Blockchain and AI enabled platform World Wide Generation to develop the world’s largest global sustainability exchange platform.

The platform powered by WWG’s G17Eco platform, e& enterprise’s ‘Sustainability as a Service’ is set to transform the way in which organizations access, interpret, and act on sustainability data, offering insights, solutions, and support across various sectors.

The cloud-based G17Eco platform, powered by innovative technologies such as data bots, blockchain and AI, integrates over 3,000 ESG metrics and 50 frameworks into a unified digital taxonomy. This integration significantly reduces the time, cost, and risk associated with disclosure, enabling real-time data sharing with stakeholders.

Sustainability as a Service involves a diverse selection of offerings, such as sustainability advisory services for ESG assessment and target setting, monitoring and tracking platforms, and solutions to enhance efficiency and decrease carbon emissions.

The service benefits  various stakeholders comprising large and small enterprises SMEs, government bodies, financial institutions, and regulators. Its aim is to facilitate the end-to-end mapping, tracking, measurement, and marketing of sustainability performance.

The partnership intends to develop a marketplace that motivates and rewards companies with robust sustainability credentials through sustainable financing alternatives.

Salvador Anglada, the CEO of e& enterprise, noted,“We are excited to collaborate with World Wide Generation and utilise their G17Eco platform, which perfectly aligns with our sustainability strategy. Our partnership will allow us to work together on AI ethics, climate action, and sustainable cities, and demonstrate our collaborative dedication towards advancing the SDGs. WWG’s implementation of Fourth Industrial Revolution (4IR) technologies, such as data bots, blockchain, and artificial intelligence (AI), is in line with our goal to advance community and individual progression. The organisation’s inspiring women leadership has elevated the inventive utilisation of these technologies, reflecting a commitment to objectivity and precision.”

Manjula Lee, World Wide Generation’s CEO and Founder  added “After six years of development and the launch of G17Eco a year ago, we are pleased to announce a partnership with e& enterprise. e& enterprise provides an optimal collaboration for advancing G17Eco’s mission, beginning with initiatives in the United Arab Emirates, Saudi Arabia and Egypt to drive tangible progress in sustainability.”

Recently many sustainability initiatives launched in the UAE. UAE Aya licensed under Web3 Innovations FZE, an entity of Enjinstarter, a Web3 Launchpad and advisory that it has been granted a virtual asset services provider license pending fulfillment of pre-operating conditions and qualifying for operational approval.

KSA Bank to patent Blockchain system for CBDCs

KSA Bank to patent Blockchain system for CBDCs

The Saudi Islamic Development Bank Institute (IsDBI) is working to patent a Blockchain system for smart stabilization for CBDCs and digital assets after receiving a positive evaluation for its Blockchain smart stabilization system patent. The World Intellectual Property Organization (WIPO) is looking into the patentability of the system.

WIPO has acknowledged the Stabilization System as a novel, inventive, and industrially applicable solution. WIPO also noted its significant potential for international patent recognition.

The Blockchain smart stabilization system will work to enhance the stability of organized asset markets without compromising efficiency. The system will effectively manage the gap between supply and demand to mitigate price volatility while upholding the market-equilibrating role of this gap.

As such Dr. Sami Al-Suwailem, Acting Director General of IsDBI, expressed his appreciation towards the team’s dedication and hard work, stating, “This recognition from WIPO not only validates our commitment to innovation but also positions IsDBI at the forefront of bolstering the financial stability of the digital and crypto-based economy.”

The Blockchain system for smart stabalization will be utilized in financial assets, digital currencies ad CBDCs using Blockchain technology.

The Blockchain system is self-financed, with no need for substantial capital to achieve its objectives. A prototype is under way after IsDBI signed an agreement with Settlemint. Saudi IsDBI bank started working on this project with Blockchain solution provider Settlemint in May 2023.

UAE CoinMENA to reduce fiat to crypto costs

UAE CoinMENA to reduce fiat to crypto costs

UAE CoinMENA licensed crypto exchange will be able to reduce fiat to crypto transaction costs after being awarded its license from VARA, the Dubai virtual asset regulatory authority. CoinMENA holds a broker license allowing it to cater to retail and institutional clients.

With the license CoinMENA now has, it can serve clients from Dubai and utilize local banking services. Users can now instantly deposit and withdraw funds.

As Talal Tabbaa CO Founder of CoinMENA  explained, “Dubai is at the forefront of crypto growth and innovation, launching various initiatives to push the adoption of the digital asset in the region. Working with VARA will enable us to better serve our institutional and retail users in the Emirate as well as reduce fiat to crypto transaction costs.”

Dina Sam’an Co Founder and Chief Operation Officer added, “Building strong relationships with local regulators has been a priority for us since day one. We are delighted to have received a license from VARA, which further strengthens our market position and gives confidence to our users and investors.”

CoinMENA is the fifth crypto broker to receive a license from VARA. CoinMENA and others have received licenses both broker and exchange before Binance and other international players such as Crypto.com and OKx have.

CoinMENA already holds a license in Bahrain.

This comes two weeks after M2 launched in Abu Dhabi with full crypto exchange services. Dubai and Abu Dhabi are proving to be the center of regulation casting doubt on the regulatory environment in other countries such as the USA.

SBI Japan moves across GCC with digital asset ventures reaching Saudi Arabia with Aramco

SBI Japan moves across GCC with digital asset ventures reaching Saudi Arabia with Aramco

The big news in the region is the recent announcement by SBI Holdings that it has entered into a Memorandum of Understanding with Saudi Arabian Aramco, one of the leading energy and Chemicals Company, after SBI Holding established a digital asset venture in UAE with Standard Chartered.

The signing was between SBI Holding, Chairman, President and CEO, Yoshitaka Kitao; and Aramco’s President and Chief Executive Officer: Amin H. Nasser.

As per the press release, based on the MOU, SBI Holdings and Aramco will consider a business alliance in the areas of collaboration in the field of digital assets and co-investments leveraging both parties’ investment portfolios related to digital assets, as well as identifying Japanese startups in the digital asset field which have interests in expanding their business in Saudi Arabia and supporting their entry and growth.

It also includes launching various specific projects related to investments in the semiconductor field, including establishment of factories in both Japan and Saudi Arabia.

The scope of the alliance may be expanded upon agreement between the Company and Aramco.

SBI Holdings has been promoting the establishment of investment funds with local partners in the Middle East, as well as the construction of semiconductor factories in Japan, through a partnership with Powerchip Semiconductor Manufacturing Corporation. SBI Holdings recently announced a partnership with Standard Chartered to launch a $100 million Fund in the UAE to also establish a digital asset joint venture.

Through this partnership with Aramco, the parties will, together, leverage their mutual knowledge and resources to discuss further business opportunities in advanced technology fields, such as semiconductors, digital assets, etc. and contribute to economic cooperation between Japan and Saudi Arabia.

Furthermore, the SBI Group plans to establish “SBI Middle East” in Riyadh as a base of operations for conducting business in the Middle East, and is working towards further expanding its businesses in the region.

Saudi Aramco has made prior investments into Blockchain startups, including Data Gumbo, IR4Labs, VAKT, and others.

While Sanabil, the $3 billion fund owned by the government’s Public Investment Fund, is an indirect crypto investor. It mainly invests in other funds, with half its assets in venture capital (VC). They include commitments to crypto-focused Haun and Blockchain Capital as well as several other VCs with major crypto portfolios such as Andreessen Horowitz, Coatue and Tiger Global.

However this news on SBI Holding agreement with Aramco and its relation to the semi conductor business is significant given that recently USA forced Saudi backed fund Prosperity7 from investing in Sam Altman’s AI startup Open AI.  Prosperity7 has already invested as well in Blockchain, with Red Date Tech.

UAE Blockchain enabled ACX Group carbon marketplace partners with Brazil B3

UAE Blockchain enabled ACX Group carbon marketplace partners with Brazil B3

UAE Blockchain enabled ACX Group has partnered with Brazilian financial service provider B3 to streamline carbon market access to Brazilian companies seeking to reach their net zero goals.  The partnership will leverage UAE blockchain ACX’s proprietary exchange technology and established leadership in the carbon market and B3’s position as the largest financial exchange in Latin America.  

ACX operates the world’s first recognized investment exchange for environmental instruments in Abu Dhabi. It caters to corporates, financial traders, carbon project developers, and other industry stakeholders. ACX provides participants with an efficient and transparent trading platform that is user-friendly, seamless and offers the lowest transaction fees in the market. Leveraging distributed ledger technology,

As part of the partnership, B3, with its strong presence in the Brazilian capital markets and its deep relationships with market participants, aims to contribute to the expansion and success of ACX’s Brazil trading platform which is targeted to be launched in 1Q 2024.

ACX and B3, both regulated financial companies under their respective jurisdictions, will seamlessly connect what is expected to be one of the world’s largest carbon markets to the broader international marketplace.  ACX’s transparent and award-winning platform will allow Brazilian businesses to transact with buyers and sellers worldwide.

William Pazos, Co-Founder and Co-CEO of ACX, said, “We are excited to partner with B3 in Brazil.  This transaction connects one of the world’s largest carbon markets to the broader network of ACX exchanges.  With our strong partners and by providing market-leading trading technology, we aim to support Brazil’s efforts to promote sustainable development and grow its native carbon market.”

Leonardo Paulino Betanho, Head of OTC products at B3, said, “Brazil has the potential to be one of the biggest carbon credit suppliers in the world and B3 is committed to boosting this market in this country by providing a safe, with price transparent, and integrated trading platform that supports the acceleration toward a more sustainable future. Furthermore, the deal is in line with B3’s strategy of developing new products and advancing the ESG agenda in a way that promotes sustainable economic development.”

Together, ACX and B3 are dedicated to promoting the growth and visibility of Brazil’s carbon market, fostering economic prosperity, and addressing climate change challenges. By facilitating connections between local and global stakeholders, this partnership sets the stage for a more sustainable future, where Brazil’s carbon credits can make a meaningful impact on a global scale.

Carlos Martins, CEO of BlockC, ACX’s Brazilian partner, said, “With B3’s market position and strong network, ACX’s technology and expertise in carbon trading, coupled with BlockC’s deep understanding of the local market, we have an invaluable combination of strengths as we establish our presence and bring ACX’s Brazil platform to fruition.”

The Saudi NEOM Food Company Topian to utilize blockchain technology

The Saudi NEOM Food Company Topian to utilize blockchain technology

Saudi Arabian NEOM, the development taking shape in Northwestern Saudi Arabia announced the launched of Topian, the NEOM Food Company which will utilize blockchain technology.

As per the press release, Topian seeks to redefine food production, distribution, and consumption through the creation of sustainable and innovative food solutions across five vertical pillars: climate-proof agriculture; regenerative aquaculture; novel foods; personalized nutrition; sustainable food supply and ESG.

Topian has been launched with the support of the Saudi Ministry of Environment, Water and Agriculture (MEWA). It is fully aligned with the KSA’s goal of achieving Saudi Vision 2030, spearheading the Kingdom’s efforts to ensure food security, mitigate climate change and achieve net-zero emissions by 2060.

Topian aims to perfect the ‘Art of More with Less’, embracing a ‘new era of food’ to achieve food security. Topian’s launch concept, ‘Future to Table’, will introduce and apply innovative solutions and initiatives that will revolutionize the current global food system and tackle issues arising from rapid population growth, changing consumption patterns, climate change, and the depletion of our natural resources.

Nadhmi Al-Nasr, CEO of NEOM, stated “NEOM is an accelerator of human progress and Topian reflects our dedication to creating a positive, long-lasting transformation to lives in Saudi Arabia and the rest of the world. Topian’s innovative approach will be a key driver in shaping the future landscape of a sustainable and secure food industry. We look forward to working closely with investors, partners, and food industry experts in turning ambitious ideas into reality, supporting economic diversification in the Kingdom and aligned with Saudi Vision 2030.”

Dr. Juan Carlos Motamayor, Chief Executive Officer of Topian, added “As a wholly-owned subsidiary of NEOM, Topian is fully aligned with NEOM’s commitment to providing high-quality food products to the market, and promoting food security and sustainability, while contributing to the Kingdom’s self-sufficiency objectives and long-term economic goals. Topian is leading the food-security conversation to create a resilient food supply in line with the Saudi Green Initiative and the United Nations Sustainability Development Goals. We are not only committing to shaping a transformative global food system, but also to setting a global benchmark by pioneering new technologies and innovative solutions to overcome food-related challenges and create a more secure, sustainable, and prosperous future for all.”

Answering LaraontheBlock on whether Topian will utilize Blockchain technology, CEO Motamayor replied that yes it will.

Topian has signed agreements, with entities such as King Abdullah University of Science and Technology (KAUST), Tabuk University, as well as Tabuk Fish Company, BlueNalu, Van der Hoeven Horticultural Projects, and Cargill, to collaborate on research-and-development initiatives, and harness partners’ expertise to develop innovative and sustainable approaches to food production.

UAE Fuze to bring digital assets to AL Fardan Exchange

UAE Fuze to bring digital assets to AL Fardan Exchange

UAE Fuze, digital assets infrastructure provider, which recently received a license from Dubai’s regulator, has signed an MOU with UAE Fardan Exchange to allow the exchange to offer digital asset products such as buying, selling and transfer

The MOU was signed by both Hassan Al Fardan, CEO of Al Fardan Exchange and Ali Mo Yusuf, the Founder and CEO of Fuze Finance.

The decision to delve into the digital assets domain comes as more clients request digital finance solutions allowing them to buy, sell and transfer digital assets in an easy, safe and use friendly way.

According to Hassan Al Fardan, CEO of Al Fardan Exchange, “ We are committed to innovation as digital transformation becomes more embedded and through this cooperation with Fuze Finance we look forward to offering innovative fintech solutions continuing to offer financial services that are secure, easy, and in line with the future.”

Mo Ali Yusuf, Co-Founder and CEO of Fuze added, “Exchange services are central to the financial sector in the UAE, and Fardan has longstanding history in this field, surpassing 50 years. Al Fardan offers its services to millions of citizens and residents in the UAE and we are proud to be able to develop digital asset solutions for the clients of AL Fardan.”

Prior to this, Fuze partnered with Abu Dhabi headquartered Wio Bank to empower its customers with virtual assets trading services.

Blockchain and Web3 companies listed among UAE Ministry of Economy Future 100 enterprises

Blockchain and Web3 companies listed among UAE Ministry of Economy Future 100 enterprises

The UAE Ministry of Economy and the Government Development and the Future Office recently chose the top 100 Future enterprises based out of the UAE, of those were promising Blockchain and Web3 companies that are making promising contributions to the UAE’s future economic sectors.

Companies such as ACX exchange, Aya, Pravica, Distichain, Pure Harvest, Seafood Souq, Fuze,  and Verofax among others.

For example ACX operates the world’s first recognized investment exchange for environmental instruments in Abu Dhabi. It caters to corporates, financial traders, carbon project developers, and other industry stakeholders. ACX provides participants with an efficient and transparent trading platform that is user-friendly, seamless and offers the lowest transaction fees in the market. Leveraging distributed ledger technology, while Aya,  is a climatetech launchpad and advisory platform unwaveringly dedicated to harnessing the full potential of technology to drive transformative climate solutions. As trailblazers in Web3, it embraces the power of decentralized networks and blockchain, thereby elevating its approach, and amplifying the impact of its initiatives.

There is also Distichain is an international trade-as-a-service enabling instant integration with verification, fintech, regulation, documentation, and supply chain. As a software-as-a-service B2B marketplace solution, Distichain serves as a B2B trade infrastructure platform that is blockchain-enabled, with application program interfaces offering flexible functionalities and an ecosystem of service providers to deliver seamless trade to companies, trade authorities, and B2B marketplaces.

In addition to Fuze, which is a first-of-its-kind platform, enabling banks, fintechs, and enterprises to embed regulated digital assets infrastructure, and rapidly launch products from their native apps. This technology-first regulated infrastructure supports cryptocurrencies, central bank digital currencies, and tokenized assets. This enables banks and financial institutions to launch regulated and secure digital assets solutions in a B2B2C fashion, thereby allowing retail customers to participate in the virtual assets economy in a secure manner.

As for Pravica, its mission is to empower individuals and organizations with secure and private communication tools for the decentralized web. The blockchain-powered platform’s vision is to therefore create a world where privacy is the default. Pravica envisions a decentralized web where individuals have control over their data, and where organizations can collaborate freely without compromising privacy. Pravica aims to conduct market research to understand the specific needs and challenges of the region, including any regulatory requirements or cultural considerations.

Mohamed Abdou Founder and CEO of Pravica told LaraontheBlock, “ It was an amazing ceremony and I would like to thank the UAE Ministry of Economy. We are proud to have been chosen as this is not only a testament to Pravica’s success but also a testament to UAE’s leadership, vision and their support for innovation including Web3, Blockchain, and AI companies.”

He adds, “This recognition will encourage us to grow and build Pravica and grow our presence and offering.”

Pure Harvest is a technology-enabled agribusiness, harnessing the wonders of science, the power of nature, and the passions of our people to provide the tastiest, most affordable, nutritious, and most sustainable fresh produce possible anytime anywhere. Its vision is to create a more sustainable future by reimagining farming, and changing how and where humanity produces its food. Pure Harvest delivers over 15 million kilograms of produce per year- with a fraction of the water footprint of traditional farming. It has decoupled the relationship of food production from its dependence on climate, and instead married it to energy and capital sources, making possible sustainable and economic fresh produce production anywhere.

Then there is , Seafood Souq is an impact-focused digital ecosystem catering to the global seafood market, providing digital products tailored to actors in the seafood supply chain. The company has established itself as a network orchestrator, focusing its activities around trade operations and tracing the entire journey of fish, from ocean to plate.

Another on the list is Verofax which holds the in-country value (ICV) certification, a program initiated by the Abu Dhabi National Oil Company to encourage and incentivize local companies to participate in the oil and gas industry by boosting their contributions to the UAE’s economy.

Stefan Kimmel reveals M2 crypto exchange plans, and Bitcoin ETF

Stefan Kimmel reveals M2 crypto exchange plans, and Bitcoin ETF

LaraontheBlock interviewed the CEO of recently UAE licensed crypto exchange M2, Stefan Kimmel who had a lot to say on the future plans of M2, their product growth, partnerships, acquisition appetite, Bitcoin ETFs and license plans.

Why Abu Dhabi

According to Kimmel, launching a fully regulated, transparent clean startup from Abu Dhabi ADGM ( Abu Dhabi Global Market) was because the FSRA ( Financial Services and Regulatory Authority) in ADGM is one of the oldest most respected and esteemed regulatory authorities when it comes to virtual assets and crypto. FSRA as Kimmel explains has been around for five years and has a comprehensive solid framework. He stated, “ After all that has happened in crypto over the past few years, everyone is looking for a safe protected transparent exchange, and this is what we are offering from ADGM.”

M2 Strong liquidity

Another strong feature that M2 has is its strong liquidity which is essential for the success of any crypto exchange. As Kimmel explains, “ Liquidity is super important for successful crypto exchanges, and this is why we have partnered with global leading market makers, have tight spreads, and in terms of depth of key markets we are right up there with all the top players. Liquidity is key for good trading experience for investors and that is why we are connected with the largest global market makers and have deep liquidity especially on large crypto asset pairs.”

M2 investors

Speaking on M2 investors and whether the company will be seeking further investment, Kimmel replies that M2 is not seeking to raise capital any time soon. According to Kimmel, M2 is lucky to have an equity investment of $300 million which will give them a long run rate. According to Kimmel, “Our strategic key investor is Phoenix Group but we also have investment from several Abu Dhabi family offices.”

However for those who have asked or been interested in investing in M2, Kimmel states they have the option of investing in Phoenix Group which is now trading publicly on the ADX exchange in Abu Dhabi or they can buy the M2 MMX token on the M2 exchange and Uniswap.”

Noteworthy is that while Phoenix Group is a strategic investor in M2 it also partners with M2 on Bitcoin mining and Hashrate mining.

Acquisition appetite

As for M2’s acquisition appetite, Kimmel admits that if they find well regulated transparent crypto exchanges in countries of interest they would seek to acquire them. On whether M2 would be interested in Binance, he replies, “First Binance is not up for sale, and secondly we are on the lookout for fully regulated exchanges, as we want to be regulated, transparent and clean in everything we do. So we would have to choose an exchange that is in the same direction.”

The U.S. market

At the moment M2 is not interested in the U.S. market given the unclear regulatory situation. Kimmel states, “We will be staying outside of the USA unfortunately, given its current regulatory state. There are no rules we can apply or abide by currently in the USA only enforcement.”

However M2 is very keen on Europe given that Europe has come out with its MICA regulations for crypto service providers. He states, “Our next intention after receiving several regulatory licenses from ADGM and a license from the Bahamas is to acquire a license in Europe and we have filed for one in Spain.”

After Spain, M2 plans to apply for a license in the United Kingdom.

Bitcoin Earn Yield Product

The first product launched by M2 was Bitcoin Earn product. The product was launched in partnership with Phoenix crypto mining group and offers yields that reach up to 10.5%.

The pair designed a product that utilizes Bitcoin mining to offer genuine returns for investors. Most investment platforms that offer yield returns on crypto provide it through one of two routes. M2 are generating returns predominantly with Bitcoin mining, which underpins the M2 Earn product

Kimmel admits that the appetite for the M2 Bitcoin Earn product has been fantastic. He states, “This has been one of the most debated topics inside the M2 because a large share of deposits goes to the Bitcoin Earn product. 10.5% is amazing given that it is hard to earn decent returns on Bitcoin.”

According to Kimmel it is not that difficult to offer 10.5% returns because as he notes, “Given that we are partially owned by Phoenix Group, we reinvest in Bitcoin mining which offers higher returns than 10%, the other two angles is on platform lending which is over collateralized and fully on platform, and a small percentage goes into Proprietary Trading (Prop Trading) market making and basic arbitrage, but no big exposures, as we are not trying to take on risks.”

According to Kimmel even if the crypto markets are not doing well since the investment is in Bitcoin and the interest return is in Bitcoin, then there is no FX market exposure.

Future product offerings partnerships

Kimmel is excited about the future of M2 after going live and ensuring that the processes in place are scalable and robust. Next up are more product offerings, partnerships, and maybe an ETF.

Kimmel explained, “In Q1 of 2024 we will be coming out with a crypto payment card. We will also be offering fiat on and off ramp with one of the banks in the UAE. In addition we have partnerships coming up with big retail names in the country to reach a bigger customer base.”

When asked about the potential of a Bitcoin ETF product, Kimmel confesses that this is absolutely on the radar. He says, “We are already having initial exploratory discussions on it.”

Outlook on crypto exchanges and DeFi

In terms of the bigger global situation when it comes to crypto exchanges, competition and DeFi, Kimmel believes that given that today there are around 600 crypto exchanges globally, we will definitely see some closing down because of the regulatory requirements, others being bought because the market cannot accommodate so many crypto exchanges. He explains, “ We will not only see consolidations in the UAE as crypto exchanges struggle to meet tighter regulatory environment, but there will also be eliminations as market gravitate towards the stronger players.”

In terms of centralized crypto exchanges versus decentralized using DeFi, Kimmel believes that for mass adoption to take place, centralized exchanges are a must. Kimmel, “As we drive for mass adoption the vast majority will struggle with decentralized user experiences, such as managing wallets, on and off ramp, which is hard, in addition we also have governments and regulators who struggle in DeFi, where it is anonymous and users as well may not subscribe to that ethos. For institutional adoption this can only happen in centralized platforms.”