WadzChain, affiliate of UAE licensed WadzPay launches a Hybrid blockchain

WadzChain, affiliate of UAE licensed WadzPay launches a Hybrid blockchain

WadzChain Network, a blockchain technology infrastructure provider, an affiliate to WadzPay which has received a VASP license in UAE pending final requirements, has launched a hybrid blockchain intending to transform global payments for businesses by catering to all types of payments needs including micropayments, high-volume payments, disbursements, benefits and many more. 

As per the press release, the platform meets the needs of government, corporations, merchants and consumers while being highly scalable, with the capacity for up to 10,000 TPS. Its hybrid architecture (Layer 1 public, Layer 2 private) uses Proof of Stake (PoS) for public consensus, and Proof of Authority (PoA) for private consensus, ensuring fast, secure transactions. Interoperable and compliant with global regulations, WadzChain supports multiple digital assets and payment gateways, offering smart wallet integration, comprehensive payment features, and flexibility for businesses to operate in both public and private environments.

The press release notes that network has strategically shifted its focus to solidify its long-term growth. This renewed emphasis is on building the core of the business with purpose-built technology, ensuring its foundation is robust and aligned with future opportunities.

The company notes that these advancements may involve internal restructuring to optimize operations, the approach is being managed carefully to ensure the organization remains agile and fully committed to serving its community and all critical stakeholders.

Commenting on the launch, Mr. Anish Jain, Founder, WadzChain Network, said, “At WadzChain Network, we are leveraging our experience in the global payment industry to create a secure and user-friendly payments platform for global enterprises. Our vision is to become the central switch for all payments globally, providing interoperability across all digital currencies, including CBDCs. As the payment ecosystem evolves, WadzChain will serve as the backbone, offering unparalleled scalability, security, and flexibility. We are committed to building a global, future-proof solution that addresses the complexities of modern payment systems.”

Senior Vice President at WadzChain Network – Stas Madorski said, “WadzChain represents a new frontier in global payments, where speed, security, and scalability come together seamlessly. Our hybrid blockchain is designed to empower businesses with the tools they need to thrive in an increasingly connected world. With its hybrid approach, modular infrastructure, and the company’s deep understanding of payment demands, we believe that WadzChain will become the default blockchain payments platform globally.”

With the Testnet launch, WadzChain invites developers to build the next generation of payment applications on its versatile infrastructure. The blockchain offers developers the freedom to create tailored solutions that address real-world business challenges while taking full advantage of WadzChain’s scalability, security, and speed with decentralised finance (DeFi) support.

The WadzChain Testnet is just the beginning. Based on feedback and the success of this testing phase, WadzChain will move towards the phased launch of its mainnet.

Cosmoverse interchain conference returns to Dubai for fourth time

Cosmoverse interchain conference returns to Dubai for fourth time

Cosmoverse, the largest interchain conference, returns for a fourth year, instead heading to Dubai from October 21-27, 2024. As per the organizers, this will be another opportunity to shine a spotlight on the expanding Cosmos-SDK ecosystem while broadening its focus to encompass the wider interchain and crypto industry.

Building on its legacy, Cosmoverse has introduced Uptober, establishing October as the prime month for blockchain and crypto events. Alongside Cosmoverse, attendees can expect other major events in October and early November, such as Blockchain Life, Cardano Summit, and the Future Blockchain Summit, further establishing Dubai as the epicenter of blockchain innovation.

“We’re excited to bring Cosmoverse to Dubai, a global hub for crypto innovation. The UAE is fast becoming the go-to destination for builders in this space. Cosmoverse is expanding beyond the Cosmos ecosystem to demonstrate how the Cosmos tech stack can integrate across various sectors. With new tracks covering AI, EVM, Tokenization, and more, we’re setting new industry standards and showcasing the future of the interchain ecosystem,” says Juri Maibaum, Co-Founder of Cosmoverse.

Cosmoverse Tracks will transform the conference experience, offering dedicated spaces for attendees to dive deep into the topics that matter most. Tracks include Bitcoin, AI, EVM, Tokenization & RWAs, Interchain, ZK, and Gaming & NFTs. These tracks will offer not only talks but also hacker lounge discussions, workshops, and mentorship sessions, creating opportunities for deeper collaboration.

Cosmoverse isn’t just focused on the Cosmos ecosystem—it’s about fostering a truly multichain future, bringing together projects, enterprises, and institutions across the broader crypto space. The Cosmos tech stack, particularly the Cosmos-SDK, and IBC, continues to power some of the most innovative projects across the industry, from DeFi to decentralized AI, and Cosmoverse 2024 aims to explore the diverse adoption of Cosmos technology

Headline Speakers for this year’s event include:
● Mert Mumtaz, CEO, Helius Labs
● Sandeep Nailwal, Co-Founder, Polygon
● Mustafa Al-Bassam, Co-Founder, Celestia
● Nikita Sachdev, Founder & CEO, Luna Media Corporation
● Guy Turner, CCO & Co-Founder, Coinbureau

Cosmoverse is also introducing Cosmos Ventures, an elevated VC Track that includes an Executive Lounge, Pitching Competition, and fundraising support. The Pitching Competition offers selected projects the chance to pitch in front of leading VCs and investors, with the final round taking place on the main stage. Pitching projects receive complimentary Executive Tickets, making it a prime opportunity to showcase their ideas to a high-caliber audience.

The Executive Lounge will serve as a hub for investors, C-suite executives, market makers, validators, and other industry leaders. It offers an exclusive environment for forging connections and engaging in business development efforts, complete with VIP access, pre-event access, and VC speed dating.

Cosmoverse 2024 also ensures a seamless conference experience with integrated side events, meaning attendees won’t have to move between venues. Key side events include dYdX Day on October 21st and Bitcoin Day by Persistence on October 23rd, creating a holistic experience for all participants.

With over 2,000 attendees expected, Cosmoverse 2024 is set to be the most diverse and productive yet, offering unparalleled opportunities for collaboration, networking, and innovation across the interchain ecosystem.

Late Admission Tickets are now available for $299, offering access to one of the most anticipated blockchain conferences of the year.

Bahrain central Bank licenses ATME digital assets tokenization exchange

Bahrain central Bank licenses ATME digital assets tokenization exchange

The Central Bank of Bahrain has recently licenses digital assets exchange ATME launched at FinTech Forward 2024. ATME aims to democratize access to a wide range of previously illiquid assets through ownership fractionalization using tokenized assets.

Built on the permissioned blockchain, Hyperledger Fabric network, ATME facilitates the conversion of traditionally less liquid real-world assets into digitally tradable, more liquid tokens. By incorporating the innovation of tokenization into established financial instruments, ATME enables businesses to gain access to new, more cost-effective and time-efficient ways of raising capital. Meanwhile, it opens doors to new, high-value investments and portfolio diversification for investors.

Alex Lola, CEO ATME stated, ” Tokenization is altering the rules of the game. It eliminates the need for a multitude of well paid intermediaries, facilitates greater accessibility, and inclusivity in the debt markets. It allows entities of all sizes to optimize their balance sheets and access new opportunities.”

According to the Boston Consulting Group (BCG), the total size of tokenized illiquid assets, including real estate and natural resources could reach $16.1 trillion by 2030.

ATME provides a comprehensive range of services that optimize the capital raising process and enhance investment potential. These services encompass initial token configuration, smart contract development, token minting and distribution to secondary market trading. Expert advisory is also provided on structuring, guidance on choosing the right token types, and investor onboarding.

Alex Lola recently met with H.E. Abdulla bin Adel Fakhro, Minister of Industry & Commerce. The productive discussion focused on the immense potential of blockchain and secure tokenization to unlock diverse investment opportunities.

The National Bank of Bahrain launches first Bitcoin Linked structured investment in GCC

The National Bank of Bahrain launches first Bitcoin Linked structured investment in GCC

The National Bank of Bahrain (NBB) has launched the GCC’s first Bitcoin-linked Structured Investment, in partnership with ARP Digital which provides crypto investment products and services such as Wealth management, coverage & OTC. The unveiling took place during a special ceremony at Fintech Forward 2024.

The investment product is designed exclusively for accredited investors to provide them the opportunity to gain exposure to Bitcoin’s (BTC) long-term growth while ensuring capital preservation. Through this structured product, accredited investors can benefit from Bitcoin’s upward performance, capped at a predefined threshold, while enjoying 100% capital protection on the downside. This offers a powerful hedge against the volatility traditionally associated with digital currencies.

Hisham AlKurdi, Group Chief Executive – Markets & Client Solutions at National Bank of Bahrain said, “We are proud to introduce this bespoke structured investment, which blends the appeal of digital asset exposure with the security of capital protection. This product underscores our focus on offering our wealth management clients innovative and secure avenues to diversify their portfolios in an evolving investment landscape. It is a testament to NBB’s continued leadership in financial innovation within the region.”

The launch of the Bitcoin-linked Structured Investment is aligned with the Bank’s strategy to enhance its product suite, particularly for wealth management clients, by providing tailored solutions that balance growth potential with risk mitigation. The product meets the demand for risk-averse investors seeking exposure to Bitcoin, while fully insulating their principal investment from market fluctuations.

Abdulla Kanoo, Co-Founder and Co-Chief Executive Officer at ARP Digital added, “Our collaboration with NBB is poised to be a game-changer in the regional market. By leveraging our expertise in digital assets and NBB’s extensive reach in the financial sector, we have created a product that introduces Bitcoin exposure within a highly secure framework. This structured investment opens new doors for investors seeking a calculated approach to digital assets.”

Dalal Buhejji, Executive Director of Business Development for Financial Services at Bahrain Economic Development Board stated, “The launch of this Bitcoin-linked Structured Investment is a prime example of the true potential of Bahrain’s robust financial services ecosystem, which provides an attractive and streamlined environment that gives rise to innovative solutions, which is key to maintaining Bahrain’s position as a leading regional fintech hub and trusted investment destination for local and global investors alike. This initiative embodies a seamless fusion of traditional financial practices and inventive blockchain-based solutions, and we are proud to witness local institutions like NBB driving cutting edge advancements and diversification to the sector.”

ARP Digital received its license from Bahrain earlier this year.

Crystal Intelligence to provide UAE BitOasis crypto broker with AML and monitoring solutions

Crystal Intelligence to provide UAE BitOasis crypto broker with AML and monitoring solutions

Crystal Intelligence, blockchain analytics, compliance, and risk monitoring firm has partnered with UAE crypto broker BitOasis to offer Crystal’s cutting-edge anti-money laundering (AML) and transaction monitoring solutions, and hyper-local approach to blockchain analytics.

As per the release, this will further strengthen BitOasis’ capacity to safeguard its users and ensure robust compliance with relevant rules and regulations. Crystal’s technology will provide BitOasis near real-time analytics and insights to help prevent fraud, further strengthening the platform’s compliance framework.

BitOasis since 2016 has processed over $6 billion in trading volume.

“The UAE, with its progressive regulations, is poised to become the crypto capital of the world. With our blockchain intelligence expertise, we want to empower licensed firms like BitOasis to keep the platform and their customers safe,” says Navin Gupta, CEO of Crystal. “We’re proud to be partnering with a leading platform in the region and believe that BitOasis is setting the standard for focusing on building out a robust suite of compliance tools, including Crystal.”

“Crystal brings a unique mix of deep analytical compliance capabilities with a user-friendly interface that our team can immediately benefit from,” says Ola Doudin, CEO and Co-founder of BitOasis. “This collaboration underscores our continued commitment to providing a secure and safe trading environment for our users.”

Recently, Crystal announced the opening of its office in Dubai with the goal of delivering exceptional service for the many partners it has within the area.

UAE Phoenix Group launches 20 Megawatt digital asset mining facility in Canada

UAE Phoenix Group launches 20 Megawatt digital asset mining facility in Canada

Phoenix Group PLC (PHX), a leading multi-billion-dollar blockchain and crypto mining conglomerate listed on the Abu Dhabi Securities Exchange (ADX), has launched 20-megawatt mining facility in St Leon, Canada to grow its data center capacity and digital asset mining. The new site will add 700PH and provide the lowest electricity price (0.039 USD) in the Phoenix Group fleet with more than 97% uptime. This significant expansion plays an important role in enhancing top and bottom-line revenue within Phoenix Group’s core businesses including data center capacity and digital asset mining.

As per the press release, the site adds to the group’s overall gigawatt-scale operational and development capacity. It is part of a long-term strategy to expand the Group’s core business, with the goal of enhancing hash rate productivity while lowering costs.

Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO of Phoenix Group, commented, “Expanding and strengthening our core business presence in Canada and North America, where we see a bright, growth-oriented future is a natural extension of our ambition to be at the forefront of growth and innovation in crypto mining and associated Web 3 and blockchain development. The new capacity will benefit both our top and bottom line revenue and we anticipate further investment in business expansion over the coming months.

Strategically located to utilize local energy resources effectively, the St Leon mining site optimizes operational efficiency and sustainability and maintains Phoenix Group’s position as one of the top 4 bitcoin mining operations globally. The Group’s adaptable infrastructure approach allows Phoenix to swiftly adapt to changes in the computing landscape, exploring opportunities in both blockchain and alternative high-value computing forms.

Phoenix Group boasts a 765MW mining operation, and fuel growth through strategic partnerships and innovation.

In May 2024, Phoenix Group announced financial results for the first quarter of 2024 with a Q1 net income of $66.2 million, a growth of 166% year-on-year. As per the press release, total assets surged by 237% year-over-year, soaring to $879.3 million from $261 million. ⁠The quarter-over-quarter growth in total assets stands at 5%, while revenue experienced an 18% quarter-on-quarter increase, reaching $68.9 million.

UAE Federal government exempts virtual assets and crypto from taxation

UAE Federal government exempts virtual assets and crypto from taxation

The UAE Federal Tax Authority (FTA) published on October 2nd 2024 the amended version of the Executive Regulation of Federal Decree Law No. 8 2017 on Value added tax and has exempted virtual assets and investment fund management.

The amendments which are implemented following the Cabinet Decision No. (100) of 2024 will be effective from November 15th 2024.

These amendments aim to enhance clarity, provide further details on key provisions and procedures, and align with earlier changes in the Decree-Law and other relevant tax legislation.

When it comes to financial services, the decree noted that the management of investment funds and the transfer and ownership of virtual assets, including cryptocurrencies as well as conversion of virtual assets will be exempt from value added taxation. The exceptions on conversion of virtual assets and transfer and ownership of virtual assets are treated as effective from 1 January 2018.

According to PWC, the UAE has defined virtual assets as digital representation of value that can be digitally traded or converted and can be used for investment purposes and does not include digital representations of fiat currencies or financial securities.

PWC notes, “Businesses dealing with virtual assets should analyze the impact of the exemption on their (retrospective) VAT position, especially in respect to their input tax recovery. Voluntary disclosures may be required to correct historic returns.

PWC adds, “In particular fund managers, funds and companies dealing with virtual assets should assess whether their services are within the scope of the VAT exemption and also analyse the impact of that on the input tax recovery.”

According to the recent report from Henley&Partners the UAE leads in this year’s crypto adoption Index, as it is listed among top 12 countries while leading when it comes to public adoption, and innovation and technology. The report notes that one of the top reasons for UAE’s crypto growth is its low-tax jurisdiction which offers an attractive environment for crypto businesses.

For example, when it came to public adoption of crypto, the UAE ranked second following only USA. It is the only Arab country in the top 12 for this year. As per the Index findings, the UAE stands out as a leading jurisdiction for crypto investors. Public interest is high, with a substantial portion of the population owning cryptocurrencies. This enthusiasm is matched by strong government support and a thriving start-up scene.

DMCC in Dubai and CV VC in Switzerland join hands to spur Web3 ecosystem

DMCC in Dubai and CV VC in Switzerland join hands to spur Web3 ecosystem

DMCC free zone and Government of Dubai Authority on commodities trade and enterprise – and CV VC, one of Switzerland’s leading early-stage blockchain venture capital firms, have entered into a new strategic collaboration to connect and mutually support the Web3 ecosystems in Dubai and Switzerland. The agreement was signed during the annual CV Summit 2024, Switzerland’s premier blockchain and Web3 event, which gathered thousands of industry leaders and entrepreneurs in Zug, Switzerland this week.

The collaboration agreement between DMCC Crypto Centre and CV VC, one of the founder’s of the Swiss Crypto Valley and which operates the international blockchain ecosystem builder CV Labs, marks a significant step in bolstering ties between two of the world’s most significant Web3 ecosystems. Together both sides aim to accelerate Web3 entrepreneurship between Dubai and Switzerland to create the next vibrant innovation corridor.

As a strategic regional alliance, DMCC’s and CV VC’s ecosystems will be scaled up through mutual and cross-border collaboration, including educational initiatives such as workshops and seminars, the exchange of resources and workspaces, and joint events including the Web3 Hub during the World Economic Forum in Davos, Switzerland, in January 2025. CV VC will also partner in the upcoming DMCC-Bybit Hackathon, underscoring a shared commitment to foster and drive blockchain technology innovation in the region.

Feryal Ahmadi, Chief Operating Officer, DMCC, said: “We are delighted to announce this latest strategic alliance between CV VC and DMCC Crypto Centre, which will not only provide our members with a range of unique benefits but scale up Web3 innovation between Dubai and Switzerland. We recognise the immense value that greater collaboration, knowledge exchange, and resource-sharing can bring to unlocking the potential of Web3. By connecting our ecosystems, we can drive the next phase of global Web3 adoption and pave the way for a more interconnected and innovative future for businesses worldwide.”

Mathias Ruch, Founder & CEO, CV VC, said: “This alliance is an opportunity to exchange knowledge and resources, supporting the growth of the blockchain space in both the Middle East and Switzerland.”

Olaf Hannemann, Co-Founder & CIO of CV VC, added: “From an investment perspective, we feel the Middle Eastern Ecosystem has significantly matured over the last few years, driven by a long-term vision and a deeply rooted motivation to invest in future technologies”.

With over 600 members, the DMCC Crypto Centre is a comprehensive ecosystem for companies that develop Web3 and blockchain technologies and associated value-added services. Providing everything that crypto businesses and entrepreneurs need to set up and scale their operations, it has become the largest concentration of crypto and Web3 firms in the region.

CV VC is an early-stage venture capital firm based in Switzerland, focusing primarily on global start-ups that offer solutions using blockchain technologies. As a founder of the Swiss Crypto Valley, CV VC has the essential resources and network to identify, incubate and accelerate the journey of blockchain start-ups.

UAE Al Maryah Bank launched first national blockchain digital wallet

UAE Al Maryah Bank launched first national blockchain digital wallet

UAE based Al Maryah Community Bank (Mbank) has officially launched Mbank Wallet, what it calls the first UAEt national blockchain based digital wallet using decentralized blockchain technology, enhanced with QR technology, and linked to Jaywan.

As per the announcement, this addition to Al Maryah Community Bank’s financial technology suite illustrates the bank’s continued promise in building the most advanced mobile payment experience for its customers.

Through Mbank Wallet, end-users will be able to perform all daily financial transactions including but not limited to sending, receiving, requesting, and paying money. Sending money to other bank accounts or Mbank accounts is as easy as tapping on a few buttons. Users can also choose to send money through the Mbank Wallet app to their loved ones located anywhere in the world. Moreover, users can receive money to their digital wallets from their family members or friends via Mbank or other UAE bank account transfers.

For in-store purchases, all customers need to do is scan the QR code at their favorite stores and enjoy secure, easy, and fast payment transactions. With Al Maryah Community Bank’s ever-growing strategic tie-ups with well-established merchants across the Nation, it offers its customers a wide range of stores and vendors that happily accept digital payments through Mbank Wallet.

What distinguishes Mbank Wallet from other digital wallets is that users are not required to go through the hassle of creating a bank account. They can simply register with their Emirates ID and issue money transfers to and from other UAE banks via IBAN number only. Downloading the app, getting an IBAN number, and transferring money can all happen in a matter of minutes! This opens the potential for greater financial inclusion and enables any UAE National or Resident to access financial products that meaningfully impact how they live and work. To add money to Mbank Wallet, users can do so through cash deposits via Mbank ATMS or any of our many foreign money exchange and remittance partners’ branches across the UAE.

Al Maryah Community Bank continuously strives to create more ways for individuals to participate in the global economy by enabling quick and simple access to the financial system to more customers around the world who may use Mbank Wallet as their primary financial instrument. Adding a cross-border layer to Mbank Wallet, customers can easily utilize the app to send funds to countries across the globe where digital wallets are the go-to payment method.

Commenting on the launch of Mbank Wallet, Mohammed Wassim Khayata, CEO of Mbank, stated, “Al Maryah Community Bank is altering the way consumers pay for their everyday purchases and transforming payments in a way never seen before. We are bringing a new national level of everyday convenience to mobile devices with a very safe and secure environment for financial transactions that eliminates the circulation of cash and minimizes financial risk and fraud. As a result, we have launched Mbank Wallet, which has been successfully approved and licensed by the Central Bank of the UAE, the best-in-class national digital wallet that includes all advanced features for daily transactions, international remittance services, and an eCommerce marketplace”.

He added, “Through the combined power of Mbank’s strategic tie-ups and Mbank Wallet’s solid payment infrastructure, this new national digital wallet has the potential to help develop a new global era for inclusive and accessible global payments. It serves as the catalyst for Mbank’s new focus – transforming how consumers buy products in-store and online. Mbank Wallet’s launch is the first step in the many updates we will be releasing in the near future. As part of our ongoing commitment to open ecosystems, we will continue to expand on the capabilities of Mbank Wallet by working closely with our trusted partners and developers across all the UAE to become the national leaders in mobile payments”.

Bahrain based iBLOCKCHAIN and Accelera strike an alliance

Bahrain based iBLOCKCHAIN and Accelera strike an alliance

Bahraini consultancy firms, Accelera and iBLOCKCHAIN strike a strategic alliance aimed at leveraging the significant economic growth opportunities across the Gulf region, specifically in Saudi Arabia (KSA), the United Arab Emirates (UAE), and Qatar.

Through a synergy of visionaries, this collaboration brings together iBLOCKCHAIN’s undisputed leadership in ‘Intelligent Transformation’ and cutting-edge expertise in Blockchain, Ai, cybersecurity, and Web3 technologies with Accelera’s pioneering Consulting 2.0 approach, creating a force ready to address the digital transformation and business growth opportunities of the rapidly evolving markets in the region.

Commenting on the collaboration, Wassim Jarkas, founder and CEO of iBLOCKCHAIN, said, “This alliance represents a significant step in driving transformation within the Gulf. By combining iBlockchain’s technical prowess with Accelera’s understanding of modern management strategy, we can tailor unique and comprehensive solutions that cater to the region’s evolving needs. We’re not just helping businesses adapt to the post-digital era – we’re empowering them to lead it.”

Also commenting on the collaboration, Mohamed Alsayed, CEO of Accelera, added, “Our collaboration with iBlockchain isn’t just a joining of capabilities. It’s a fusion of visions. Together, we’re crafting a future where innovation isn’t just encouraged, but rather, it’s inevitable.”

As the Gulf Cooperation Council GCC countries, particularly Saudi Arabia, the UAE, and Qatar, continue to push forward with ambitious Vision2030 national development plans, the two companies will focus on sectors including hospitality, construction, and healthcare, where digital transformation initiatives are driving demand for advanced technology solutions and modern consulting.

This partnership marks a new chapter for both companies as they look to unlock new growth avenues and continue supporting the region’s transformation into a global hub for business, technology. It also cements Bahrain’s status as the beating heart of innovation in the region, and a centre of excellence for modern management knowledge. And so the message is clear: The future of business and technology in the region starts here, in Bahrain.