UAE based Venom Blockchain gets good news

UAE based Venom Blockchain gets good news

It seems good news are in order for UAE based Venom Blockchain. Alibek Garcia Isaaev, one of the founders and main investors in Venom Blockchain has been found innocent of all civil and criminal charges. Not only that but he will be receiving close to a billion dollars in restitution. This closes a very bleak chapter in the Venom Blockchain history and it comes at the right time.

In July 2023, Alibek Garcia Isaev, was pushed into the center of a very controversial legal entanglement which brought a lot of criticism not only to Issaev but inadvertently Venom Blockchain, and its Foundation.

In the media Issaev was called a “fraudster” but now he has been cleared of all charges, and it is Ilya Kligman, a Russian banker that has been found guilty and has been sentenced to prison in the UAE. UAE court convicted Ilya Kligman for a prison term in absentia. According to news sources, “He is set to face a prison term, extradition from Germany to the UAE, and the recovery of multibillion-dollar damages he caused to numerous companies through extortion, blackmail, and obstructing their normal functioning.”

It seems Kligman fled from Russia to Germany for multiple financial crimes. He is noted to have siphoned off billions of rubles from Russia and bankrupted dozens of Russian banks.

One of the companies owned by Kligman, Papaya Ltd, registered in Malta (with partners such as Mastercard and dozens of payment projects), will be seized. Lawyers have already filed requests with law enforcement agencies in Germany, Malta, and the Czech Republic.

On the other hand, all charges against Alibek Isaev, one of the main investors in Venom, have been dropped in both civil and criminal courts. Ilya Kligman will be obligated to pay Alibek Isaev compensation amounting to $940 million. This sum represents restitution for all the damage caused and is part of the efforts to restore justice and punish unlawful actions.

After serving his prison term in the UAE and settling all compensations, Kligman will face extradition back to Russia, to face sentencing there.

This is good news, after many have noted that Venom Blockchain has been quiet with no investments being made into startups. Now the case is cleared Venom will be able to resume its activity. Venom on launching early 2023 had noted that it would be launching a $1 billion venture fund.

UAE based Venom Ventures Fund, invested $5 million in Everscale, a premier blockchain platform that aims to solve the scalability issues bogging down the Web3 industry. It also acquired a crypto exchange naming it Venomex after it received its license from ADGM in October 2022.

Earlier this month Mustafa Kheriba, the Executive Chairman of Venomex, a UAE regulated crypto exchange and one of the initial investors and supporters of UAE based Venom Blockchain Foundation resigned from his position at Venom Foundation.

However it seems that there is light at the end of the tunnel for Venom Blockchain.

CoinBase launches Blockchain powered Project Diamond out of ADGM reglab

CoinBase launches Blockchain powered Project Diamond out of ADGM reglab

CoinBase Asset Management, has launched Blockchain powered Project Diamond, with the execution of the first debt instrument on the platform as it prepares to enter the Abu Dhabi Global Market (“ADGM”) RegLab sandbox.

Project Diamond’s initial use cases will be for registered institutional users outside the U.S. only. Project Diamond harnesses the power of the Coinbase technology stack: Coinbase Prime custody, Web3 Wallet, the Project Diamond platform, and USDC, all connected to the Base layer-2 blockchain.

Project Diamond has received in-principle approval from the Financial Services Regulated Activity (FSRA) of Abu Dhabi Global Market (ADGM) to conduct the regulated activity of Developing Financial Technology Services within the RegLab.

The goal of Project Diamond is to enable institutional use of next generation financial technology. Project Diamond is a platform to create, buy, and sell digitally native assets leveraging the power of the Coinbase technology stack and Base, an Ethereum layer-2 blockchain.

On November 10, the first digital debt instrument on Project Diamond was successfully issued, distributed, and matured on the platform as a technical demonstration of feasibility to the Financial Services Regulatory Authority as it prepares to join the ADGM RegLab sandbox.

Coinbase Asset Management is building Project Diamond to enable a future where institutions can create, distribute and manage a wide range of digitally-native assets directly onchain. On our journey, we seek world class partners to join us in imagining and creating the future of the global financial system. Together, we will make finance scale like software.

In April 2023, CoinBase global crypto currency exchange,revealed that it was in talks with UAE’s regulator in Abu Dhabi, FSRA ( Financial Service Regulatory Authority)  part of ADGM (Abu Dhabi Global Market) to expand its regulated operations to the UAE.

Mubadala backed Andalusia Labs raises $48 million and sets up headquarters in UAE

Mubadala backed Andalusia Labs raises $48 million and sets up headquarters in UAE

Mubadala backed Andalusia Labs, formerly known as RiskHarbor, has raised $48 million in a series A funding round and sets up its global headquarters in UAE Abu Dhabi in ADGM ( Abu Dhabi Global Market).

Andalusia Labs aims to create the industry’s security standards, instill confidence and resilience across the blockchain and Web3 industry, and help integrate this transformative technology into global financial services worldwide. Andalusia Labs intends to utilize the funds to accelerate product development, enhance institutional partnerships, and continue global expansion. The team is rapidly expanding, and hiring across finance, business development, AI, cryptography, distributed systems, and security engineering, among many other roles.

Andalusia, valued at $1 billion, is a risk management infrastructure for digital assets. It has received investment from  Lightspeed Venture Partners led the round with participation from UAE Mubadala Capital and existing investors Pantera Capital, Framework Ventures, Bain Capital Ventures, and Digital Currency Group. Other existing investors include industry giant Coinbase, Proof Group, Nima Capital, Naval Ravikant, and founders, general partners, and executives from leading global organizations.

In conjunction with the round, Andalusia Labs announced the establishment of its global headquarters in Abu Dhabi’s Financial Center, Abu Dhabi Global Markets. As per the press release this strategic move underscores the company’s commitment to expanding its global footprint and highlights Abu Dhabi as a leading financial hub for digital assets that nurtures growth and fosters innovation through its progressive regulatory structure, unique connectivity to eastern and western markets, and being home to some of the world’s largest sovereign wealth funds providing strong access to institutional capital.

“Andalusia Labs is addressing one of the most significant challenges in the blockchain industry today,” said Ravi Mhatre, Partner at Lightspeed Venture Partners. “Financial institutions and blockchain companies grapple with the absence of robust risk management technologies to safeguard their assets. Raouf, Drew, and their team are the first to fill this gap by delivering mission-critical risk management infrastructure that not only paves the way for wider institutional adoption by an order of magnitude, but also empowers developers to create novel applications that are inherently safe and secure from day one.

Andalusia offers blockchain solutions for risk management. The first product is Karak is a Layer 2 blockchain introducing a novel risk management infrastructure for blockchain, Web3, and global financial services, prioritizing financial security while upholding the highest standards of security, scalability, and affordability. Karak represents a new approach to securing a wide array of financial products and services for blockchain, Web3, and global financial services.

Subsea natively built on the Karak blockchain, is the world’s leading risk management marketplace for digital assets that pioneered a completely automated, transparent, and impartial invariant detection mechanism to secure users against digital asset risks, hacks, and attacks. Subsea has secured over $1 billion in digital assets and built 100+ integrations with different blockchains and financial applications.

The second product is Watchtower is an institutional security platform for digital assets. Unlike current market models that lack realism, Watchtower is creating realistic market simulations in real time with real data for the first time. Currently, Watchtower is in private beta. The combination of Subsea and Watchtower built on the Karak blockchain will provide the foundational risk management and security required to build a safe environment for the industry.

“Blockchain is still in the very early innings, and we’re thrilled to have partners like Lightspeed and Mubadala who share our commitment and vision for building the premier risk management infrastructure for the world,” said Raouf Ben-Har and Drew Patel, founders of Andalusia Labs. “This funding will enable us to continue developing the best-in-class products for our users that will unlock the potential of digital assets and drive innovation in global financial services around the globe.”

“We’re honored to build our partnership with Raouf, Drew and the Andalusia Labs team. The opening of their global headquarters in Abu Dhabi will catalyze their global scaling efforts and strategically position the company for unparalleled growth. We look forward to supporting them on the next chapter of their journey in shaping the future of blockchain and Web3 parametric risk management,” said Shaun Lee, partner at Mubadala Capital.

Recently Swiss based Copper, an institutional digital asset infrastructure provider focusing on custody and collateral management, acquired  Abu Dhabi based Securrency Capital Limited, a full-service, regulated blockchain-enabled brokerage firm offering digital securities trading based in the Abu Dhabi Global Market (ADGM), making its entry into the UAE market.

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.”

South Korean WeMade game developer and DIFC Innovation hub to build WEMIX Play Web3 community

South Korean WeMade game developer and DIFC Innovation hub to build WEMIX Play Web3 community

South Korean game developer, Wemade, and UAE DIFC (Dubai International Financial Zone), Innovation Hub partner to build WEMIX Play web3 gaming community to support Dubai Program for Gaming 2033.

The Wemade-DIFC Innovation Hub collaboration plans to focus on core initiatives, including establishing WEMIX PLAY Center within the DIFC Innovation Hub for WEMIX PLAY. Wemade and DIFC Innovation hub will onboard game companies and facilitate the raising of $100 million Web3 gaming fund to  support the developers, studios and entrepreneurs.

Dubai is a leading business hub with advanced financial services and policies for fostering economic growth, investor attraction, blockchain, and cryptocurrency. Aided by DIFC Innovation Hub, Wemade aims to maintain close communication with UAE crypto-regulating bodies for making the Middle East business strategy as per up-to-date trends.

Wemade is also working on an application for Crypto Token Recognition from the Dubai Financial Services Authority, the DIFC’s Financial Regulator. Tokens conferred with this status will allow financial institutions in the DIFC to carry out transactions with them, to be used by over 4,900 companies in the special economic zone.

SEBA Crypto bank changes its name to AMINA as it grows operations in UAE, Hong Kong, and Switzerland

SEBA Crypto bank changes its name to AMINA as it grows operations in UAE, Hong Kong, and Switzerland

UAE based SEBA digital assets crypto bank has renamed itself AMINA Bank AG, which comes from the word transAMINAtion’, meaning transference of one compound to another. As per the press release, AMINA is a brand driven by perpetual change, bringing together the various ‘compounds’ of traditional, digital, and crypto banking to unlock new potential and growth for their clients

The group operates globally from its regulated hubs in Zug, Abu Dhabi and Hong Kong, offering its clients traditional and crypto banking services, and the entities will be seeking renaming in all of these operations.

SEBA Bank made history in 2019 by becoming one of the first FINMA-regulated institutions to provide crypto banking services. This rebrand marks a new chapter for the company, which has proudly been in operation for more than four years.

Franz Bergmueller, CEO of AMINA, stated, “We are delighted to introduce the world to our new brand identity. While we say goodbye to the SEBA name, we remain forever proud of the achievements made by the group under the former brand. Our brand signifies a new era in the company’s growth and strategy; we are a key player in crypto banking and are here to define the future of finance. With our client-focused approach, our years of traversing traditional and crypto finance, we offer a platform for investors to build wealth safely and under the highest regulatory standards.”

AMINA bank seeks to expand it growth in strategic hubs in Abu Dhabi, Switzerland and Hong Kong while continuing its global expansion in 2024.

UAE Crypto mining Group Phoenix shares rise 50% on first day of trading

UAE Crypto mining Group Phoenix shares rise 50% on first day of trading

UAE based crypto mining group, Phoenix share price soared 50% as it launched on Abu Dhabi Exchange (ADX). Its share price opened at 2.25 AED on Tuesday December 5th, up from its IPO price of 1.5 AED. This is the first crypto IPO and listing in the MENA region.

The IPO raised $371 million and was oversubscribed 33 times with retail investors leading with over subscription of 180 times.

International Holding Co, Abu Dhabi’s largest conglomerate controlled by a key member of the emirate’s royal family, bought a 10% stake in Phoenix in early October.

Phoenix is also closely affiliated with the recently launched M2 regulated crypto exchange out of Abu Dhabi.

In August 2023 Oman’s Green Data City and Abu Dhabi’s Phoenix Group signed an agreement to develop a 150MW crypto-mining farm in Oman. The new farm will be set up in Green Data City was noted that it will be operational by Q2 2024, becoming one of the largest crypto-mining data centers in the region.

Abdulla Salem Alnuaimi, Chief Executive Officer of ADX, said: “The listing of Phoenix Group on our exchange not only adds to the diversity of products on our market but also signals the growing interest in the digital economy and financial technology investments in Abu Dhabi and the UAE”.

“We are proud to continue to be the exchange market of choice for tech-driven issuers and investors, as we remain committed to our mission of connecting opportunity and providing a world-class exchange market experience for all our stakeholders,” he added.

Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group PLC, stated: “Phoenix Group’s ADX listing is a milestone for diversified technology and innovation. Our IPO symbolises a leap forward for Abu Dhabi as a nexus of digital transformation across various sectors. By blending advanced blockchain applications, strategic tech partnerships, and market-leading digital asset services, we’re proud to be part of Abu Dhabi’s Economic Vision 2030.”

Munaf Ali, Co-Founder & Group MD of Phoenix Group PLC stated: “The ADX listing of Phoenix Group is a testament to our multifaceted technological prowess. From spearheading blockchain advancements to shaping the landscape of digital finance, our presence on the exchange is a narrative of cross-industry tech innovation. As a preferred partner for government-led tech initiatives, we’re championing a future where the Abu Dhabi stands as a global beacon for sustainable and comprehensive digital economy growth.” 

This article updated November 6th 2023

Trust Wallet a self custodial crypto wallet sets up base in UAE

Trust Wallet a self custodial crypto wallet sets up base in UAE

In an interview with Bloomberg News, Trust Wallet, self-custody crypto wallet, majority owned by the former CEO of Binance has announced its operations in the UAE both in RAKDAO (Digital assets Oasis) free zone in Ras Al Khaimah and in ADGM in Abu Dhabi.

According to Eowyn Chen, CEO of TrustWallet, “Trust Wallet operates from the free trade zone of Ras Al Khaimah, where it has a business license. The zone is also known as RAK DAO, for “Digital Asset Oasis,” and caters primarily to blockchain companies. RAK has “more flexible and better corporate treatment” for web3 companies.”

Chen moved to Dubai from Virginia in October, while the company will be based in Ras Al Khaimah, the sixth-largest city in the UAE. The company has about 80 employees worldwide with about 15 per cent to 20 per cent in the UAE according to Chen.

A separate company, DApps Platform, holds the intellectual property rights for the wallet service and is based in Abu Dhabi Global Market in Abu Dhabi.

According to Chen, Trust Wallet has seen growth in India, Pakistan, and business opportunities in the UAE.

Trust Wallet is a software-based crypto wallet service designed to let users self-custody the kinds of digital assets popular in decentralized finance applications.

Globally, the app-based service has 56 million downloads on iOS and Android, making it the most popular crypto wallet for handheld devices, according to Data.ai.

In her interview Chen described regulators in the UAE as having a “friendlier outlook toward crypto in general”. That gives Trust Wallet confidence about the likelihood of “reasonable regulation on decentralized finance.”

ADGM in Abu Dhabi announced recently that it will be amending its virtual asset regulations and introducing DeFi regulations in 2024.

R3 Blockchain Bolsters its presence in GCC with relocation of its Head of partnerships to Abu Dhabi

R3 Blockchain Bolsters its presence in GCC with relocation of its Head of partnerships to Abu Dhabi

R3 Blockchain is establishing itself more in the GCC and MENA region, with Bryan D’Souza announcing his move to Abu Dhabi as Business Development and Partnerships Manager in the Middle East.

As D’Souza noted on Linkedin, “I’m delighted to finally announce my move to Abu Dhabi with R3, where I will lead Business Development and Partnerships in the Middle East. After extensive travel between London and the GCC, the prospect of making Abu Dhabi my home is thrilling as I embark on this exciting new chapter.

He adds that he is excited to collaborate with GCC’s thriving financial services ecosystem. According to D’Souza, the GCC stands out as a forward-thinking hub of progress due to its dynamic blend of tradition and innovation, as well as a remarkable ability to execute on transformation.

He will be working to flourish digital economies and align with national visions of Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, Oman and Jordan, helping these countries to realize their financial sector developments including banking and capital markets transformation.

R3 will be working with Central banks, FMIs, commercial banks, FinTech, providing practical groundbreaking solutions for digital assets tokenization and regulated digital currencies, including CBDCs.

Last month Bryan D’Souza discussed his fruitful visit to Kuwait.

R3 has been a strong proponent in the Middle East and GCC region working with governments and enterprise on several projects, most prominently the CBDC projects in Saudi Arabia and UAE.

In addition the Qatar Financial Centre Authority and R3 signed an MOU to develop and grow Qatar’s fintech industry using technologies such as DLT (Distributed Ledger Technology) back in April 2023.

D’Souza stated after his visit to Kuwait, “I am thrilled to have experienced my first trip to Kuwait over the last couple of days as part of a mini GCC tour. I am grateful for the warm welcome from our great partners and potential clients. The hospitality of the Kuwaiti people left a lasting impression; warm, friendly, and eager to collaborate.”

He added, “Exciting opportunities ahead and looking forward to returning back to Kuwait soon!”

IOTA launches the first regulated $100 million DLT Foundation in Abu Dhabi UAE

IOTA launches the first regulated $100 million DLT Foundation in Abu Dhabi UAE

IOTA DLT Foundation announced that it has been registered as the first foundation under the DLT Foundations Regulations at ADGM ( Abu Dhabi Global Markets. As per their blog, his landmark achievement positions IOTA at the forefront of digital and real-world convergence in the financial sector in the MENA (Middle East and North Africa) region and globally.

The IOTA Ecosystem DLT Foundation will be seeded with over $100 million in IOTA tokens, to be vested over the next four years. This funding is earmarked for nurturing the IOTA ecosystem and accelerating the growth of the IOTA protocol. In line with its community-driven ethos, the IOTA Ecosystem DLT Foundation will foster valuable partnerships in the region to advance the adoption of IOTA and its staging network Shimmer, across various sectors.

As per the blog, this will include collaboration with institutional investors, governments, and academic institutions for the tokenization of real-world assets and bringing them on-chain, thus bringing billions of dollars into the UAE’s virtual assets space.

Hamad Sayah Al Mazrouei, CEO of the Registration Authority (RA) of ADGM said, “Welcoming IOTA, one of the most established and well-respected blockchain protocols into ADGM’s DLT regime exemplifies our ambition to position Abu Dhabi’s stature as a prime location and ADGM as the leading jurisdiction for the blockchain industry. It is a strong validation of ADGM’s progress with its new and revolutionary DLT Foundations Framework. Working with companies like IOTA, ADGM aims to move towards a future characterized by setting global benchmarks in the ever-evolving blockchain and Web3 landscape”.

“The IOTA Foundation’s support from ADGM and our partnership with UAE authorities is about more than global expansion. It’s about ushering in a new era of regulatory synergy in the crypto markets,” said Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation. “We want to ensure that we take the right steps toward digital autonomy for everyone, and that means making sure a diversity of communities take an active role in shaping the Foundation’s technology and governance.”

In early November 2023, IOTA stated it would be launching its DLT Foundation in Abu Dhabi UAE soon.