AMINA Crypto bank revenues from UAE grow by 150 percent

AMINA Crypto bank revenues from UAE grow by 150 percent

AMINA Bank AG, a global crypto bank licensed in Switzerland and the UAE, announced its financial performance for 2024, with 69% surge in revenue to $40.4 million with revenues from its Abu Dhabi operations growing 150% year on year and Hong Kong office accelerating 570%. Currently assets under management ( AUM) are $4.2 billion a 136% increase.

Franz Bergmueller, CEO of AMINA Bank said, “Our global, client-first strategy has delivered exceptional results in 2024 and proves how the market responds when you put your clients at the center of your business. I’m incredibly proud of our team’s tenacity and focus, which led to quarterly profitability in Q4 2024 – a pivotal milestone that confirms the value of our approach. With our current group geographical footprint – spanning multiple jurisdictions, offering 24/7 trading capabilities, and maintaining zero default in our lending book over five years – we are uniquely prepared to support our clients through the fast-paced changes of the crypto industry.”

As per the press release, AMINA’s self-funded approach and operational excellence in the past three years has placed the bank at a sustainable competitive advantage delivering $801 million in net new assets (NNAs) in 2024 along with 40% growth in derivatives revenue driven by client demand for risk management solutions.

Significant technology investments have been made under the new CTO leadership to develop a proprietary crypto banking platform and a modern online and mobile experience, all launching later this year. Supported by a scalable and API-driven architecture, these platforms support B2C, B2B, and B2B2C models while delivering seamless secure client integration and rapid adaptability to market demands, ensuring both AMINA and its clients remain agile, as the industry continues to evolve.

“Our strong financial fundamentals underpin this exceptional growth trajectory, demonstrating our strength and agility to support our clients through any market conditions,” added Mike Foy, CFO of AMINA Bank. “AMINA’s Liquidity Coverage Ratio is 228%, up from 219% in 2023. In addition, our CET1 capital ratio, which compares a bank’s capital against its risk-weighted assets, is more than double the regulatory requirement at 34%, despite an increase in risk-weighted assets as a result of our expansion.”

With the acceleration of institutional adoption and demand for regulated solutions, AMINA has established itself as an essential infrastructure provider at crypto’s critical inflection point. AMINA Bank has attracted almost 20 B2B2C partners including some of Europe’s largest private banks, with expectations to reach 30 partners by year-end.

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Abu Dhabi to have an AI AION cognitive city

Abu Dhabi to have an AI AION cognitive city

Abu Dhabi-based security company BOLD Technologies, a subsidiary of BOLD Holding, and My Aion partnered to develop AION SENTIA Cognitive City, a next-generation AI platform designed to manage and optimize complex urban systems. The initiative, structured under a $2.5 billion Build-Operate-Transfer (BOT) model, will leverage MAIA, My Aion Inc.’s proprietary AI core engine, to integrate and support key sectors such as mobility, energy, education, healthcare, and digital services.

Currently under active development, the platform aims to deliver scalable smart infrastructure solutions globally, beginning with deployment in the UAE.

To mark the collaboration, BOLD Technologies and My Aion Inc. hosted a launch event, at the Emirates Palace Hotel in Abu Dhabi, attended by over 100 prominent business and technology leaders.

The guest list included representatives from leading institutions and global enterprises such as Sequoia Capital, Adnoc, G42, Leonardo, Amazon, TikTok, Fincantieri, Stellantis, the Mexican Ambassador, the Italian Embassy in the UAE, Abu Dhabi Capital Group, US Capital Group, AV Investor SA, Horizon Capital, and Netmore, as well as strategic technology players including Negg, Sitep Italia, Techera Watergy, and Motuse.

Representative of the private office of Bold Holding Chairman were also in attendance, along with senior representatives from Abu Dhabi’s government and public institutions, further underscoring the initiative’s strategic alignment with national innovation and development agendas.

The event introduced the vision and framework of AION SENTIA, showcasing its expected applications and how it will use advanced AI, sensor networks, and data analytics to support intelligent urban operations.

Abu Dhabi has been selected as the global headquarters for the initiative due to its progressive regulatory environment, robust cybersecurity standards, and well-established digital ecosystem. The move aligns with the UAE’s digital transformation strategy and positions the platform for international adoption.

“This initiative will support job creation for UAE nationals, foster local innovation, and contribute meaningfully to the national AI ecosystem,” remarked Thani Al Thani Al Falasi, the CEO of BOLD Technologies.

“We’re excited to work alongside My Aion Inc. to bring this ambitious vision to life,” he stated.

My Aion CEO Daniele Marinelli said: “Relocating our global operations to Abu Dhabi marks a new chapter for our team. The UAE offers the infrastructure and institutional support needed to scale responsibly and strategically.”

The partnership also includes plans to collaborate with UAE universities to launch training and upskilling programmes, further supporting the development of the national workforce in AI and digital technologies.

Founded in March 2023, BOLD Technologies leads digital transformation initiatives across the region and is one of eight subsidiaries under BOLD Holding, which operates in sectors including AI, energy, construction, oil & gas, and trading.

My Aion Inc., the developer of the AION SENTIA platform, is part of a group established in 2020 and maintains a presence in the US, UK, Italy, Latvia, and Monaco.

As part of this collaboration, all 63 employees and global operations will be consolidated in Abu Dhabi, a strategic relocation reinforcing the UAE’s position as a global hub for smart technology.

OKX crypto exchange official crypto partner at Family office summit in UAE

OKX crypto exchange official crypto partner at Family office summit in UAE

The Family Office Summit, a well renowned investment summit being held in Abu Dhabi UAE on May 29th 2025 will have OKX crypto exchange as their official Crypto Partner. OKX joins the roster of other partners that include Mashreq Bank, Nexus Wealth Management, Select Equity and others.

As per the LinkedIN post, “We’re excited to welcome OKX as our official Crypto Partner for the upcoming Family Office Summit in Abu Dhabi. As one of the world’s leading crypto exchanges and Web3 platforms, OKX is helping investors navigate the next chapter of digital assets with trust, innovation, and global scale.”

The post adds that OKX involvement will bring a crucial perspective to our discussions, from tokenization and custody to how family offices are approaching crypto as an alternative asset class.

OKX is a regulated crypto exchange in the UAE.


Digital asset startups in Hub71 raise $100 million in 2024

Digital asset startups in Hub71 raise $100 million in 2024

Hub71, Abu Dhabi’s global tech ecosystem, in its 2024 Impact Report, noted that startups in the Digital Assets program raised more than $100 million. As per the report in 2024 Hub71 startups recorded $2.17 billion (AED 8.02 billion) in funding; a 44.7% year-on-year increase from $1.5 billion (AED 5.4 billion) in 2023, demonstrating strong investor confidence in Abu Dhabi’s innovation economy. Revenue generated by startups also climbed to $1.2 billion (AED 4.5 billion), up from $1 billion (AED 3.5 billion) the previous year, reflecting sustained commercial traction across priority sectors.

Much of this rapid growth was fueled by Hub71, which is driving sector-wide transformation through its specialist ecosystems. Hub71+ Digital Assets, Hub71+ ClimateTech, and the newly launched Hub71+ AI are attracting startups that are developing impactful solutions to some of the world’s most pressing challenges. Startups in the Digital Assets program alone have raised more than $100 million, while partnerships with global tech leaders like Google, NVIDIA, Solana, Hashed and AWS are accelerating innovation across Web3, AI, renewable energy, and deep tech.

During the year, Hub71 received over 3,100 applications from entrepreneurs representing more than 20 countries, highlighting the growing global appetite to build from the UAE capital. Of the 46 startups selected, approximately over 70% came from international markets, with more than half in the Seed or Series A stages. Startups from the US, UK and Germany, made up nearly 63% of Cohort 16, cementing the city’s reputation as a gateway between established tech hubs and high-growth emerging markets.

Ahmad Ali Alwan, Chief Executive Officer of Hub71, said, “Hub71 began as an ambitious idea to enable founders to build from Abu Dhabi. That idea has since grown into a thriving community of entrepreneurs, investors, and partners working together to drive lasting impact. The progress captured in this report reflects the strength of our ecosystem and the trust placed in us by those who believe in Abu Dhabi’s long-term potential. As we look ahead, our focus remains on empowering founders and positioning Abu Dhabi as a global hub for technology and innovation.”

Hub71’s momentum mirrors Abu Dhabi’s growing status on the global startup map. According to the 2024 Global Startup Ecosystem Report, the emirate is the fastest-growing emerging startup ecosystem in MENA, with its ecosystem value rising 28% to $4.2 billion between mid-2021 and end-2023. StartupBlink’s 2024 rankings placed Abu Dhabi 6th regionally and 2nd in the UAE, reinforcing its rising global profile.

Capital access remains a central pillar of Hub71’s strategy. In 2024, capital partners deployed $65 million (AED 238 million) into its startup community. The global tech ecosystem welcomed new investors, including Princeville Capital, The Catalyst, and Golden Gate Ventures.

Meanwhile, Tech Barza, Hub71’s exclusive capital club for family offices, recorded its first startup deal and a 10% increase in membership. To unlock early-stage capital, Hub71 launched the Angel Investor Support Package empowering five new angel networks, including Falcon Valley and Qora71, to facilitate more early-stage ticket investments, thereby accelerating the growth and scalability of startups within the Abu Dhabi ecosystem.

Unlocking market access through strategic partnerships

Beyond funding, strategic partnerships remain a key pillar of Hub71’s value proposition, playing a critical role in helping startups gain traction. In 2024, startups signed 91 corporate deals with government and private sector partners worth $28 million (AED 103 million), accelerating their ability to scale and commercialize their solutions.

Programs like the Regulatory Sandbox, co-developed with the Abu Dhabi Department of Economic Development (ADDED), Abu Dhabi Mobility, and the Abu Dhabi Agriculture and Food Safety Authority (ADAFSA), enabled startups to pilot cutting-edge technologies in sectors such as smart mobility, digital health, food innovation, and alternative proteins.

Startup successes: Scaling impact from Abu Dhabi

In a year marked by an evolving funding environment, Hub71 startups captured investor attention with landmark raises that signal both global relevance and real-world impact. FinTech startup FlapKap, raised $34 million (AED 124.7 million) in pre-Series A funding to expand its AI-driven lending solutions across the GCC. ClimateTech pioneer 44.01 secured $37 million (AED 135.7 million) in Series A funding to scale its CO₂ mineralization technology that transforms captured emissions into rock, contributing to global decarbonization. Meanwhile, HealthTech innovator BioSapien closed a $5.5 million (AED 20 million) pre-Series A round to accelerate clinical trials of its MediChip™, a 3D-printed implant that delivers localized cancer treatment with minimal side effects.

Today, Hub71 is home to a vibrant community of founders building high-impact startups that address global challenges and unlock new markets; driven by access to capital, expert support and sector-specific expertise to attract top talent and fuel Abu Dhabi’s innovation agenda.

About Hub71:

Hub71 is Abu Dhabi’s global tech ecosystem that enables founders to build globally enduring homegrown tech companies in any sector by providing access to global markets, a capital ecosystem, a global network of partners, and a vibrant community filled with highly skilled talent, governed by forward-thinking regulation.

Abu Dhabi Finstreet subsidiary of IHC Group signs MOU with Ninety One investment manager to integrate blockchain technology

Abu Dhabi Finstreet subsidiary of IHC Group signs MOU with Ninety One investment manager to integrate blockchain technology

Finstreet Limited, a subsidiary of IHC Group through Sirius International Holding a regulated subsidiary in Abu Dhabi ADGM, has signed a Memorandum of Understanding (MoU) with Ninety One, a global active investment manager with US$163 billion in assets under management (as of 31st December 2024) to explore innovative collaborations using blockchain technology.

Finstreet Global Markets Limited is, subject to final regulatory approval licensed for the Regulated Activity of Operating a Multilateral Trading Facility; at ADGM as well as subject to final regulatory approval, licensed for the Regulated Activity of Providing Custody, as a Digital Settlement Facility and Central Securities Depository; and is licensed for the Regulated Activities of Operating a Private Financing Platform, Managing a Collective Investment Fund, Advising on Investments or Credit, Arranging Deals in Investments, and Arranging Custody.

This strategic agreement aims to explore innovative collaborations in the development of structured and exchange-traded products, as part of Finstreet’s vision to redefine financial market access by integrating blockchain technology with traditional financial infrastructure platforms.

As per the press release, by combining Ninety One’s global experience with Finstreet’s infrastructure, the collaboration aims to drive growth and innovation in the financial sector, while meeting rising investor demand for private debt instruments.

The partnership will focus on creating and trading structured products and private debt instruments on Finstreet Global Markets, addressing growing market demands for sophisticated investment solutions.

Sunidhi Pasan, Founder & CEO of Finstreet Limited, commented, “This partnership underscores Finstreet’s commitment to redefining financial market access through strategic collaborations. Ninety One’s global expertise complements our vision of delivering robust investment solutions to institutional and professional investors.”

Nicolaas Alberts, Co-Head of the Middle East, Ninety One, said, “Through this MoU, Finstreet and Ninety One are laying the cornerstone for a dynamic, long-term partnership that will create enduring value for stakeholders. Furthermore, this collaboration with Finstreet will allow us to develop liquidity for our private debt solutions, including infrastructure debt, while strategically addressing market needs. Moreover, it reflects our shared ambition to deliver innovative investment solutions and products that unlock long-term value for investors.”

USDC stablecoin issuer has set up office in Abu Dhabi ADGM

USDC stablecoin issuer has set up office in Abu Dhabi ADGM

Circle Internet Group, Inc., a global digital financial technology firm, and the issuer of the USDC stablecoin has incorporates its entity in the ADGM, as part of its strategic expansion into the Middle East and Africa.

As per the announcement, Circle has also entered into a partnership with LuLu Financial Holdings (‘LuLuFin’), and its affiliates, one of the largest financial services conglomerates in the region, to facilitate remittances and cross-border payments with USDC, Circle’s fully-reserved digital dollar.

Circle’s mission centers on enhancing financial inclusion and accessibility by deploying a stablecoin infrastructure that addresses gaps in financial services while complementing existing payment systems, particularly in high-traffic remittance corridors such as those traversing the Middle East. The partnership with LuluFin exemplifies this vision, deploying USDC as a robust platform to enable near-instant payments that enhance operational efficiency and reduce transaction costs.

LuLuFin operates across the Gulf Cooperation Council (GCC), Indian sub-continent and APAC region, managing over $10 billion in annual transactions. Through this partnership, LuluFin will optimize remittances and cross-border payment flows using USDC, initially targeting corridors between the Middle East and Asia, as well as Europe. By leveraging USDC, LuLuFin will benefit from increased liquidity and reduced volatility, while harnessing the speed, immutability, and traceability of blockchain technology.

“This partnership with LuLuFin marks a significant step forward in the evolution of cross-border payments within one of the world’s most dynamic remittance corridors,” said Jeremy Allaire, Co-founder and CEO of Circle, from the sidelines of Abu Dhabi Finance Week. “By incorporating in the ADGM and collaborating with industry leaders like LuLuFin, we strengthen our commitment to advancing the digital asset economy in the region. Together, we are driving innovative solutions and enhancing access to efficient digital financial offerings.”

“Our partnership with Circle reflects our unwavering commitment to innovation. At LuLu Financial Holdings, we have harnessed the transformative power of blockchain technology, enabling better, faster, and more seamless cross-border payment experiences for our customers. This collaboration with Circle marks another significant step forward in that journey, reinforcing our resolve to redefine remittance experiences with cutting-edge solutions,” said Adeeb Ahamed, Managing Director of LuLu Financial Holdings.

“We are proud to welcome Circle, the preeminent global stablecoin issuer, to one of the largest financial districts in the world — ADGM,” added Arvind Ramamurthy, Chief of Market Development at ADGM. “Circle’s products represent a powerful platform for intelligent financial services, and, alongside ADGM’s robust ecosystem, are positioned to unlock a myriad of opportunities for technological innovation and next-generation financial applications in the region. Their contribution will further strengthen ADGM’s position as a global financial powerhouse.”

“The Middle East is a crucial frontier for Circle’s mission of raising global economic prosperity through the frictionless exchange of value,” said Miriam Kiwan, VP, MEA at Circle. “By collaborating with impactful partners like LuluFin, we aim to transform how cross-border payments are conducted, ultimately delivering substantial benefits to individuals and businesses throughout the region.”

This comes just after the announcement that AE Coin has been issued the first stablecoin license in the UAE by the Central Bank of the UAE.

Tether also intends to issue its AED stablecoin in the UAE at the onset of 2025.

The Regulatory authority of ADGM in UAE publishes digital asset amendments consultation paper

The Regulatory authority of ADGM in UAE publishes digital asset amendments consultation paper

The Financial Services Regulatory Authority (FSRA) of ADGM has published Consultation Paper No. 11 of 2024 setting out proposed amendments to its regulatory framework for Authorized Persons conducting Regulated Activities involving Virtual Assets in ADGM and to seek feedback on potential changes to that framework.

The proposed amendments include revisions to the process by which Virtual Assets are accepted for use within ADGM and refinements to capital requirements and fees. The paper also seeks feedback on several questions, including questions relating to staking and other emerging business models involving Virtual Assets.

One of the proposed amendments is that now the scope of the Regulated Activity of Providing Custody under FSMR currently
encompasses Financial Instruments, VAs and Spot Commodities. As outlined above, all VAs held in custody must be AVAs. The FSRA is asking for feedback on whether authorized persons can engage in providing custody to other than AVAs and hold a broader range of digital assets. They are also asking what other digital assets could be held.

    Feedback is also sought on the criteria to be applied in determining whether non-ADGM issued Fiat-Referenced Tokens should be accepted within ADGM. The paper also proposes to expand the scope of investments in which Venture Capital Funds may invest.

    As per the consultation the FSRA does not intend to restrict acceptance to FRTs issued only by issuers located in ADGM (“Domestic FRTs”). However, the FSRA notes that FRTs issued by issuers outside ADGM (“Foreign FRTs”) may not be subject to standards as
    stringent as those applied to Domestic FRTs. Given this, Foreign FRTs approved as Accepted FRTs for use within ADGM will be
    categorised as such to distinguish them from Domestic FRTs, which are subject to FSRA standards.

    The consultation adds, all Authorized Persons that use Foreign FRTs in conducting Regulated Activities will have to disclose to their Clients that such Accepted FRTs are not subject to the FSRA’s requirements for issuers of Domestic FRTs.

      The consultation period will close on 31 January 2025.

      The new consultation paper came out on the same day that ADGM issued its fiat-referenced-tokens framework, better known as its stablecoin regulations.

      The new framework expands the suite of digital assets already offered by ADGM regulatory authority.
      As per the press release, the framework introduces several key components that establish robust standards for FRT issuers to ensure financial stability and investor protection such as reserve assets, governance and integrity, transparent disclosure, prudential safeguards and redemption rights.


      The framework makes FRT issuance a distinct Regulated Activity within ADGM’s comprehensive financial services regulatory regime. It has been designed to be risk-proportionate while ensuring FRT issuers operate in a safe and prudent manner.


      Emmanuel Givanakis, CEO of the ADGM FSRA stated, “Our FRT framework is a significant milestone in ADGM’s evolution as a progressive international financial centre. Through extensive consultation with industry stakeholders, we have created a regime that balances innovation with strong regulatory oversight. This framework provides the regulatory certainty that industry participants need while maintaining high standards of financial stability and investor protection. We believe this positions ADGM as a premier jurisdiction for responsible FRT issuance and shows our commitment to fostering responsible innovation in financial services.”

      As per the framework, an Accepted Fiat Referenced Token means a Fiat-Referenced Token that, in the opinion of the Regulator, meets the requirements that permit a regulated activity to be carried on in relation to it.
      The FSRA defined a Fiat-Referenced Token as a digital asset, the transfer and storage of which is achieved through the use of distributed ledger or similar technology, which can be used as a medium of exchange with a stable store of value, by referencing a fixed amount of a single fiat currency; and enabling the holder to redeem the token in exchange for the amount of the fiat currency referred to from its issuer upon demand.
      The fiat referenced token can be used for remittance payments, and payment transactions, including transfers, payments for services, direct debits, credit transfers between bank accounts, including standing order, and others.

      Prosper for Bitcoin mining is Hashrate sponsor of Bitcoin MENA in UAE

      Prosper for Bitcoin mining is Hashrate sponsor of Bitcoin MENA in UAE

      Prosper, a decentralized protocol offering institutional-grade Bitcoin mining power on-chain, has announced that it is the official Hashrate Sponsor for Bitcoin MENA 2024. The highly anticipated conference will take place on December 9-10, 2024, at the iconic Abu Dhabi National Exhibition Centre (ADNEC), bringing together industry experts and key players from the global Bitcoin ecosystem and the wider crypto industry.

      As the official Hashrate Sponsor, Prosper will feature prominently at the event and host an interactive booth where attendees can engage directly with its team and explore how Prosper is setting the standard for institutional-grade Bitcoin mining power on-chain, further unlocking Bitcoin’s full potential as the most decentralized cryptocurrency.

      “As one of the most innovative community-focused projects under Animoca Brands, we are excited to showcase our unique offering at this year’s Bitcoin MENA event which aligns perfectly with our mission to democratize access to Bitcoin and its mining power,” said Milton Lam, Advisory Council Member & Launch Partner, Prosper. “Our participation underscores our leadership in institutional-grade Bitcoin mining innovation, advancing the possibilities of the world’s original and most decentralized cryptocurrency.”

      Bitcoin MENA 2024 will bring together global leaders and influential voices, including Eric Trump, Prince Filip of Serbia and Saifedean Ammous, to shape the conversation on Bitcoin’s future.

      Eric Trump, Executive Vice President of the Trump Organization, will deliver a keynote address at Bitcoin MENA 2024, marking a significant milestone for the event. His participation brings a wealth of business acumen and leadership experience to discussions on Bitcoin’s growing adoption in the Middle East. Following Donald J. Trump’s appearance at Bitcoin 2024 in Nashville this July, the Trump family’s growing support for Bitcoin as a solution to combat inflation in the U.S. underscores the event’s importance.

      Other notable attendees include Prince Filip of Serbia, Saifedean Ammous, author of The Bitcoin Standard and Abdulla Al Dhaheri of the Blockchain Centre Abu Dhabi. Their involvement highlights Bitcoin MENA’s influence and Abu Dhabi’s emerging role as a central hub in the global Bitcoin economy.

      Abu Dhabi Blockchain Center signs MOU with Canadian University

      Abu Dhabi Blockchain Center signs MOU with Canadian University

      Velocity, the entrepreneurship center of the Canadian University of Waterloo, the number one school in Canada for entrepreneurs has signed an MOU ( Memorandum of Understanding) with The Abu Dhabi Blockchain Center.

      The recently launched Blockchain Center in Abu Dhabi seeks to become a global hub for Blockchain and Web3. As per the press release, the collaboration with the University and Velocity will empower Waterloo students, alumni and entrepreneurs with a global network of industry experts and capital to accelerate innovative applications of blockchain in healthcare, government, finance, energy and e-commerce.

      The Abu Dhabi Blockchain Center was founded by Waterloo alum and serial entrepreneur Mickey Areibi (GBDA ’18) and expert Abdulla Al Dhaheri. The center focuses on training, events and entrepreneurship to drive blockchain adoption. It aims to empower businesses, governments and individuals for sustainable growth. As digital transformation accelerates, blockchain technology offers transparency, security and efficiency.

      “As a proud Waterloo native, I’m thrilled to partner with the University of Waterloo, a global leader in entrepreneurship and talent. Together, we’re bringing an ecosystem of blockchain support to Waterloo, fostering the next generation of blockchain entrepreneurs and innovators to drive startup growth and creating transformative co-op opportunities. This partnership not only strengthens the connection between two thriving ecosystems but also builds a world-class hub for blockchain solutions — rooted in the talent and spirit of where it all began for me, at Waterloo,” says Areibi.

      “We’re excited to partner with the Blockchain Center in Abu Dhabi to create unique opportunities for our students and entrepreneurs in blockchain commercialization, education and innovation,” says Vivek Goel, President and Vice-Chancellor at the University of Waterloo.

      “As we advance UWaterloo’s vision for a better future for humanity and our planet, we look forward to working together to explore the role of blockchain technology to unlock opportunities in health data, cybersecurity and beyond. Together, we are building a world-class hub for blockchain solutions and driving transformative change around the world.”

      The partnership will also integrate with Waterloo’s co-operative program.

      “Our partnership with the University of Waterloo combines their legacy of innovation and entrepreneurship with our global network, empowering founders to tackle big challenges and drive lasting impact. Together, we’re fostering a new wave of high-impact founders and trail blazing innovators,” says Dhaheri.

      Soter a digital asset insurer, a portfolio company of UAE Further Ventures receives initial regulatory approval from BMA

      Soter a digital asset insurer, a portfolio company of UAE Further Ventures receives initial regulatory approval from BMA

      A portfolio company of Abu Dhabi based Further Ventures, Soter Insure, a provider of insurance products tailored to the digital asset economy, whose CEO was the former CEO of VARA Dubai ( Virtual Asset Regulatory Authority), has received initial approval from the Bermuda Monetary Authority (BMA), to offer a range of insurance solutions designed specifically for institutions operating in the blockchain and cryptocurrency space.

      As per the press release, the approval marks a significant milestone for Soter, enabling the company to address the evolving risk management needs of the digital asset sector.‍

      “This regulatory approval is a testament to the vision we share with our partners and the growing need for tailored risk management solutions in the digital asset space,” said Henson Orser, CEO of Soter Insure. “With the rise of institutional adoption of blockchain technology, our products provide a critical layer of security for asset managers, funds, and validators. We are proud to offer coverage that aligns with the assets themselves—whether it’s Bitcoin, Ethereum, or other native currencies—allowing policyholders to be indemnified in the very currency they are seeking to protect.”

      Further Ventures noted on LinkedIN, “Our portfolio company Soter Insure has just announced receiving the initial approval from the Bermuda Monetary Authority. Great start for the project as we plan to share more updates and valuable content soon!”

      Further Ventures is a venture builder and investment firm based in Abu Dhabi. It supports innovative startups such as fintech, VASPs which include virtual asset payments products, blockchain based asset custody and security solutions, and others. ‍

      Soter has offices in Abu Dhabi Global Market Square, Abu Dhabi, United Arab Emirates

      Previously UAE headquartered Fuze, a digital assets infrastructure provider, raised a seed round of $14mn, the largest Seed investment in a digital assets startup in the history of the Middle East and North Africa region (MENA) led by Abu Dhabi-based Further Ventures, along with participation by US-based Liberty City Ventures.

      Soter’s product suite includes Directors & Officers (D&O) coverage, Asset Loss policies, and a unique Slashing insurance product that protects validators in Proof of Stake networks. Notably, all policies are denominated in the native digital currency being insured. For instance, Ethereum Validator Slashing losses are paid out in Ether, while Bitcoin asset loss policies are settled in Bitcoin—a groundbreaking approach that ensures alignment between the asset at risk and the insurance coverage.

      ‍