20 percent of Ripple customers from MENA region

20 percent of Ripple customers from MENA region

In a recent blog post Sologenic, a Ripple partner pointed out the Ripple now boasta of 4.8 million wallets with 20 percent of its customers coming from MENA region. The information was provided by Ripple CEO Brad Garlinghouse during the Dubai Fintech Summit.

These comments were made as Sologenic and Ripple expand their presence in the UAE and MENA region. The SOLO Wallet has successfully onboarded over 200,000 users onto the XRP Ledger. Moreover, strategic partnerships with payment ramps like Uphold and BANXA to provide global accessibility to the ledger, and recent listings on prominent exchanges in specific regions such as Bitpanda (Northern Europe), CoinDCX (India), and CoinsPh (The Philipines) underscore the platform’s unwavering commitment to delivering accessible and cutting-edge tokenization solutions. These efforts directly address the surging demand among institutional investors eager to access digital assets.

As Ripple charts its course into the heart of Dubai’s financial sector, Sologenic stands as the one-stop-shop for all things XRP within the ecosystem. Sologenic’s platform connects global financial markets with the world of cryptocurrencies, redefining digital asset trading by allowing fractional share ownership.

Sologenic’s regulated arm is deploying a platform with a hybrid model for the on-demand tokenization of assets. This platform facilitates trading between crypto and off-chain traditional assets such as stocks & ETFs. This institutional-grade offering is designed for RIA’s, brokerage houses, family offices, banks and other financial institutions looking to tokenize real-world assets for their clients.

In Ripple’s latest report in July 2023,entitled “ 2023 New Value report, Crypto Trends in Business and Beyond” which covered topics such as cryptocurrencies, tokenization, DeFi, and crypto custody, financial decision makers from MENA ( Middle East and North Africa) are more bullish than their counterparts in other regions when it comes to cryptocurrencies, digital assets, and Blockchain.

As per the report findings, 72% of finance leaders surveyed expressed increased confidence in the crypto industry over the last 6 months, the number is even higher for those in the MENA region, reaching 87%.

90% of global finance leaders anticipate big impacts on business from blockchain and digital assets in the next three years. In terms of tokenization, they see the most massive impact in public stock trading and private share trading. This was especially expressed by finance decision makers with cryptocurrency experience in MENA.

Blockchain deposit token payment platform Fluent to set up operations in UAE

Blockchain deposit token payment platform Fluent to set up operations in UAE

USA based Fluent Finance, a blockchain enabled fintech infrastructure company responsible for developing the connections from core banking to public layers, bridging Web2 to Web3 utilizing the Fluent Protocol, has joined UAE’s Ministry of Economy NextGEN FDI program as Fluent plans to launch its operations in Abu Dhabi and expand its workforce in the UAE to 125 people in the next five years.

Fluent is working to issue deposit tokens which are stable-valued, regulatory-compliant digital assets interoperable with core banking systems. With Fluent, banks may issue fiat-equivalent tokens directly to public blockchains based on outstanding customer deposits and central bank-issued CBDCs.

Fluent will use its new UAE headquarters to deploy and scale its proprietary Fluent Economic Bridge, which can be used by importers and exporters to settle transactions via stablecoins or, increasingly, deposit tokens.

They are already piloting the platform in Kenya, and now hope to develop a digital trade corridor with the UAE.

Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said Fluent’s participation in the NextGen FDI initiative underlines the UAE’s status as a hub for global trade and a supportive ecosystem for new technologies such as blockchain: “The UAE has become a prominent advocate for the modernization of the multilateral trading system, as well as a supportive place for the development of the tools and applications that can deliver it. I am optimistic about the possibilities of the Fluent Economic Bridge, and the potential for digital currencies to improve the efficiency and accessibility of global supply chains. In the build-up to the World Trade Organisation’s 13th Ministerial Conference in Abu Dhabi in February next year, encouraging platforms such as those developed by Fluent will offer an important proof point for the UAE’s leadership on trade technology.”

Bradley Allgood, Fluent Finance’s Chief Executive Officer, said the UAE was the obvious place in which to launch Fluent Economic Bridge. “The UAE offers exactly the kind of supportive, enabling environment that Web3 companies such as Fluent require. The combination of thoughtful regulation, forward-looking vision and advanced technology ambitions means we have the right foundations on which to develop our product and grow our organization. Importantly, this is also an important trade crossroads, which provides a multitude of opportunities to deploy our platform. We genuinely believe that, with the right support, we can transform Fluent Economic Bridge into the next unicorn.”

UAE Blockchain enabled Silal food traceability platform acquires major food distributor

UAE Blockchain enabled Silal food traceability platform acquires major food distributor

Blockchain enabled Silal traceability agriculture and food safety platform, backed by Abu Dhabi’s ADQ has acquired a majority stake in SAFCO Group, a leading food and beverage distributor in the UAE.

Prior to this, UAE’s ADQ, Silal, announced the launch its blockchain powered platform to trace the lifecycle of food from farm to fork. As per the news using the new traceability service is as simple as scanning the QR code of a Silal Fresh product through the Silal App.

Today, the acquisition of SAFCO integrates with Silal’s strategic growth ambitions and significantly strengthens its presence in the hospitality, restaurant and catering segment, leveraging SAFCO’s 30-year track record in importing, distributing and exporting a wide array of premium food and non-food products across the UAE, Middle East and Africa. The acquisition integrates with Silal’s strategic objectives and growth ambitions.

SAFCO’s acquisition is a pivotal step in enhancing Silal’s capacity to meet the market’s demand for a wide range of high-quality products and will accelerate the company’s efforts to enhance its food distribution.

UAE FAB bank completes Blockchain payments pilot with J.P. Morgan

UAE FAB bank completes Blockchain payments pilot with J.P. Morgan

UAE FAB bank, (First Abu Dhabi Bank), has announced the successful completion of its J.P Morgan’s Coin blockchain based cross border payments.

Coin systems support digital solutions on proprietary blockchain network to enable instant transfer and settlement of value on a permissioned distributed ledger.  The pilot phase, executed seamlessly and within satisfactory response times, have demonstrated the capabilities and potential of blockchain technology in enhancing cross-border payment solutions.

FAB’s achievement through collaboration with Onyx by J.P. Morgan, is a demonstration of the bank’s commitment to leveraging cutting-edge technologies to provide innovative solutions to its clients around payments space and particularly cross border payments domain.  Looking ahead, FAB’s Global Transaction Banking business plans to explore further opportunities using J.P. Morgan’s Coin Systems.

Bahrain’s ABC Bank was the first bank to actually go live with Coin System built on Onyx by J.P Morgan, after two years of piloting.

UAE M2 crypto exchange,custodian and investment platform launches Bitcoin Ethereum yield product

UAE M2 crypto exchange,custodian and investment platform launches Bitcoin Ethereum yield product

UAE base M2, a crypto exchange, custodian, and investment platform for crypto investors has officially launched its international platform, and is offering its first product M2 Earn, that provides yields of up to 10.5% on Bitcoin and Ethereum.

The M2 Earn product available at launch by M2, provides up to 10.5% yield on Bitcoin and Ethereum and investors can calculate their investment yields over a preferred timeframe by using the Earn calculator featured in the app.  M2 investment products and the app have been inspired by extensive industry benchmarking and mirror the rigorous systems of investment banking which are now being applied to the digital asset sector.

Stefan Kimmel, M2, CEO, said: “The arrival of M2 group gives institutional investors, family wealth offices and retail investors the invitation they have been looking for to confidently and securely invest in the fast-growing digital asset sector. The first decade of crypto was marked by the introduction of Bitcoin and the highs and lows of a volatile asset class with a heavy focus on speculation. M2 has been built to give experienced investors exposure to the digital asset sector by offering market leading yields that are based on real returns.”

As per the press release, M2 has to date obtained a license from The Securities Commission of Bahamas (SCB) as a Digital Assets Business and M2 Limited and M2 Custody Limited (M2 ADGM) a Financial Services Permission from the Financial Services Regulatory Authority of the ADGM as a Multilateral Trading Facility (MTF) and for Providing Custody.  Combined, the regulatory bodies offer the most comprehensive and progressive regulatory frameworks for digital assets in the world. Additionally, M2 has initiated licenses in several jurisdictions globally.

The M2 user experience has been designed by investors for investors and aims to eliminate the barriers slowing them down, features available on M2 at launch include:

  • Calculate the Real Yield – the M2 Earn calculator allows investors to easily evaluate what level of returns they can anticipate over 30, 60, 90 days. The Earn calculation you see is the real yield.
  • Set and Earn– The institutional grade Smart Trading features on M2 allows users to execute large buy and sell orders seamlessly, reducing transaction costs and saving users time.
  • Security beyond banking benchmarks – M2 security systems have been designed by cybersecurity experts who operate at the highest-level and all protocols are externally audited.
  • Global Community Support – The M2 support team provides coverage across multiple time zones ensuring 24-hour support for customers.

Marking the arrival of M2, the MMX token (ERC20) will be available to users and feature at the core of the M2 experience. The MMX token is designed to provide onboarded clients with specialized access to specific products and services within the M2 ecosystem that will include the ability to boost yields for M2 earn products (MMX tokens used to boost yields will be burned by M2, making it deflationary). The MMX token will also provide advanced access to new yield products and new digital asset listings. 

M2 plans to make the MMX token available on both centralized and decentralized secondary marketplaces. The token’s primary purpose is to enhance users’ experience of the M2 ecosystem and is not intended to serve as an investment vehicle or represent an ownership stake in M2. 

MMX will be freely transferable on the Ethereum blockchain. Provided users meet the M2 onboarding requirements, MMX tokens can be exchanged for other virtual assets and fiat currency, depending on the user’s needs. The M2 platform enables fast and secure trading of digital assets for fiat, fiat for digital assets, and digital assets for other digital assets, as well as offering high yield earn products. Visit M2.com.

UAE HAYVN crypto trading platform processes 22,000 crypto transactions in 2023

UAE HAYVN crypto trading platform processes 22,000 crypto transactions in 2023

UAE based HAYVN Pay an AC Holding Limited Dubai, offering,  digital asset-focused financial institution delivering Trading, Custody, Asset Management and Research services has processed over 22 000 cryptocurrency transactions to date in 2023.

As per HAYVN linkedIn post, “The market demands a payment platform that is accessible, regulated, affordable and efficient.”

The post adds, “HAYVN Pay is a regulation and technology-led business. We currently meet and exceed the requirements of several payment regulators and will continue to lead the integration of cryptocurrency into the traditional payments ecosystem.”

Prior to this announcement, HAYVN announced that it had received obtained initial approval from the Virtual Assets Regulatory Authority (VARA) in Dubai. HAYVN will now undertake the in-depth process of applying for a Virtual Asset Service Provider License, in accordance with VARA requirements.

The initial approval affirms HAYVN’s commitment to strengthening its presence throughout the by ensuring firm commitment to regulatory compliance in the region, which remains a core territory for HAYVN.

At the time CEO of HAYVN, Christopher Flinos stated, “We are delighted to have met the requirements for our initial approval from VARA and look forward to being part of VARA’s regulatory framework. VARA regulation solidifies our position as the trusted cryptocurrency provider regionally. This is a core market of ours, and our regulatory strength here further supports our broader GCC business. We are proud to be a regulation-led firm, committed to upholding the highest standards of regulatory compliance, as we continue to expand our presence and contribute to the growth of the digital asset ecosystem here in the UAE.”

UAE Enjinstarter launches AYA Web3 Launchpad to tackle climate challenges

UAE Enjinstarter launches AYA Web3 Launchpad to tackle climate challenges

UAE Enjinstarter launched in 2021 as a Launchpad, incubator, crowd funding, and advisory platform for Web3 metaverse, gaming, entertainment and impact and sustainable projects has announced the launch of AYA, ( means miracle in Arabic) dedicated to empowering innovators to tackle climate challenges.

“MENA is at the forefront of climate change, with temperatures expected to rise by 2.5 degrees by 2050. The UAE is emerging as a global leader in sustainability and Web3, attracting builders, investors, and climate warriors,” says Prakash Somosundram, our CEO.

With a focus on areas like reforestation, mangrove conservation, and sustainable agriculture, AYA aims to bridge the climate financing gap, offering a platform for high-impact startups to access innovative technologies, raise funds, and leverage tokenized carbon credits.

At the beginning of 2023, Enjinstarter appointed Vasseh Ahmed as the new Managing Director to lead the Web3 efforts in the MENA region. Vasseh spoke with LaraontheBlock discussing Enjinstarter’s plans to help companies reach their Web3 ambitions while positioning Enjinstarter as the go to provider for impact and sustainability projects.

In the interview Ahmed states, “Web3 has a major role to play in addressing the climate crisis. Carbon credits, in particular, can benefit from Web3’s underlying technology to increase transparency and accessibility. We want to support projects that are looking for ways to shift incentives away from exploitation and toward preservation and regeneration.”

In May 2023 EnjinStarter MENA, a web3 Launchpad and incubator, became the first Launchpad globally to receive initial approval by Dubai’s virtual asset regulatory authority.

UAE based Solarix Ventures is seeking to invest in Web3 technology entities and will be participatiog at the Abu Dhabi Family office Summit on the 23rd of November 2023.

Crypto mining firm Phoenix Group sells 10% of its shares to Abu Dhabi IHC

Crypto mining firm Phoenix Group sells 10% of its shares to Abu Dhabi IHC

UAE based Phoenix Group has sold 10% of its company shares to Abu Dhabi conglomerate International Holding Company’s subsidiary.

IHC’s wholly owned unit, International Tech Group, has entered into a definitive agreement to buy 10% stake in Phoenix Group, according to a disclosure on the Abu Dhabi Securities Exchange (ADX).

The company is currently completing all required procedures and obtaining regulatory approvals to complete the transaction, the disclosure noted.

This announcement comes at the heels of an agreement between Muscat-based Green Data City and Phoenix Group to develop a $300 million crypto-mining farm in Oman. The 150-megawatt farm, which will be one of the largest crypto-mining data centers in the region, will be installed in Green Data City, the entities said in a joint statement. The farm is expected to be fully operational by the second quarter of next year.

Pheonix Group had announced on several occasions that it was seeking to have an IPO ( Initial Public Offering). With the 10% acquisition by IHC this could well put the IPO on hold.

Phoenix provides crypto-mining equipment distribution and hosting services. The company has a portfolio of mining facilities in the Middle East, Europe, the US, and Canada.

In the first half (H1) of 2023, IHC  generated net profits valued at AED 10.39 billion, up from AED 10.35 billion during the same period a year earlier.

This is a reflection of Abu Dhabi’s government interest in crypto mining. Prior to this Marathon Digital a digital asset mining entity announced in January 27th 2022, that it had entered into a shareholder’s agreement with FSI ( FS Innovation), the BTC mining subsidiary of UAE ADQ a sovereign fund,  to form an Abu Dhabi, ( ADGM (Abu Dhabi Global Markets) based company.

Marathong Digital will use fossil fule offset or nuclear to power bitcoin mining operation.

UAE Public Prosecution discusses money laundering crimes using virtual assets

UAE Public Prosecution discusses money laundering crimes using virtual assets

The UAE Public Prosecution is launching a forum entitled  “Financial Crimes Foresight Forum” on 11th October 2023, to discuss money laundering crimes using Virtual Assets. The event will be organized in anticipation of the upcoming International Summit on Metaverse Governance and Emerging Technology, scheduled to commence early next year in 2024.

The forum aims to study and analyze trends in financial crimes and explore proactive preventive measures based on modern and future global trends. It also seeks to explore the future of financial crimes in all its forms and delve into in-depth research to present them as topics for the upcoming International Summit on Metaverse Governance and Emerging Technology.

The forum presents an opportunity for exchanging experiences and enhancing awareness and commitment to combating various forms of financial crimes, especially those based on virtual assets. Experts will discuss the evolution of financial crimes related to virtual assets to shed light on achieving a balance between technological advancements and financial security guarantees. Moreover, it aims to develop scenarios for future information security challenges in the financial and banking sectors and the cyber risks they may face.

The forum will host a select group of speakers from the UAE Public Prosecution, the Securities and Commodities Authority, the Cyber Security Council, the Executive Office for Anti-Money Laundering and Counter-Terrorism Financing, the UAE Financial Information Unit, the Dubai Police General Headquarters, the Economic Security Center of Dubai, the Dubai Public Prosecution, and the Virtual Asset Regulatory Authority of Dubai.

Blockchain enabled Hyperspace raises millions of dollars from KSA backed Riyadh Seasons

Blockchain enabled Hyperspace raises millions of dollars from KSA backed Riyadh Seasons

UAE based Blockchain, VR, NFT enabled physical theme park builder has received millions of dollars in investment from KSA’s sovereign fund backed Riyadh Seasons. The majority of the $55million raised came from Riyadh Seasons. U.S. based Galaxy Interactive, venture capital firm focused on gaming, led the latest funding round, which includes other international investors.

Founded by Alexander Heller in 2020, Hyperspace is building physical theme park attractions that are blockchain-enabled and extended reality-native, with it making use of cutting-edge emerging technologies, spatial compute layers, real life virtual effects, and non-fungible token (NFT) projects

Heller sees them as physical front ends to the metaverse, with visitors to these venues making use of the developed technologies to access everything from surreal-istic playgrounds and immersive neighborhoods, to virtual production stages containing holographic super cars and high-end digital fashion.

HyperSpace had raised $11 million in equity in 2021 allowing it to scale its operations. At the time Heller noted, “In a world where blockchain, spatial computing, digital identity, and growth in the gaming and social media sector took meteoric steps in 2021, HyperSpace has rooted itself in building towards a future where these trends find place in the amusement attractions industry.”

In Q3 of 2023 Hyperscale will launch in Dubai Mall the House of Hype after it successful launched its first Immersive AYA space in Wafi Mall where nearly half a million enthusiasts paying $34 to enter its 40,000-square-foot park.

According to the Financial Times article KSA Riyadh Season, a government-backed entertainment initiative under the auspices of the sovereign wealth fund, has invested the majority of the $55mn of debt and equity raised by HyperSpace.  Riyadh Season is led by Turki al-Sheikh, who chairs the General Entertainment Authority.

HyperSpace is launching House of Hype in Riyadh in November.  The Riyadh-based company plans to expand in Saudi Arabia and beyond to the US. “There’s a big focus on expanding the business” to the rest of the world, Heller says in the interview with FT.

He adds, “Riyadh was a uniquely attractive partner, Heller said, given the importance of shopping centers to Saudis, who are also highly engaged in social media. HyperSpace is keen to be behind the push to attract consumers back to shopping malls, which have been hit by a rise in online shopping. Our parks adapt the best ingredients of video games, social media, and Web3 culture; translating them into future forward entertainment attractions.”