UAE based Venom Blockchain to launch testnet at end of April 2023

UAE based Venom Blockchain to launch testnet at end of April 2023

UAE based Venom Blockchain announced that its testnet would be going live by the end of April 2023. Venom was the first blockchain foundation to be granted a license to operate in Abu Dhabi’s ADGM (Abu Dhabi Global Market).

The testnet is designed to suit both ecosystem users and developers and allows developers to test and debug dApps and blockchain protocols, while providing users with an immersive experience of these applications. As per the news, the Venom team believes that the testnet will encourage innovation and community building within its ecosystem, which is vital for growth and sustainability.

To engage with the Venom testnet, users will need to carry out two simple steps before being able to explore a variety of dApps built on Venom. Simply install the Venom wallet as a Google chrome browser extension or through either the app or Google play store. Secondly, users can jumpstart their journey of testing the Venom ecosystem by claiming testnet VENOM tokens.

The Venom testnet, will feature a diverse array of dApps. Some of these will be native to the Venom ecosystem, such as Venom Scan, while others have been developed by external projects and partners

For developers, Venom is offering the opportunity to try their hand at building on the asynchronous Venom blockchain which boasts ultra-fast speed at 100k TPS, and a dynamic Sharding feature that enhances scalability and network reliability. To kick things off, Venom has curated a repository of developer documentation to equip developers with the necessary tools and knowledge to start building.

Prior to this, UAE based Venom Ventures Fund, a Web3 and blockchain innovation fund managed by Abu Dhabi-based investment fund manager Iceberg Capital Limited, has invested $5 million in Everscale, a premier blockchain platform that aims to solve the scalability issues bogging down the Web3 industry.

The $5 million will be used by Everscale to expand its development teams and boost the number of projects.

The investment came after Venom Ventures Fund announced it was allocating $1 billion to invest in Web3, blockchain and cryptocurrency projects and services. This is the first $1 billion fund for Web3 and Blockchain to originate from the MENA region. Prior to this UAE Cypher Capital had announced its allocation of $200 million for Blockchain, Web3 and Crypto at the end of 2022 and Shurooq Partners had allocated $150 million for the same.

Finally Venom Foundation, announced it was cooperating with DAO Maker, a prominent blockchain growth solutions provider recognized for their Launchpad, to incubate innovative Web3 firms with an emphasis on providing real-world use cases.

In GCC the Fast Track to CEO status is Blockchain

In GCC the Fast Track to CEO status is Blockchain

Two announcements recently for C-level positions in the GCC region, showcased how blockchain is helping to fast track appointments up the corporate ladder.

The first announcement was that of The Abu Dhabi Securities Exchange (ADX), the Arab world’s second-largest bourse by market value, who appointed Abdulla Al Nuaimi as its new chief executive. Al Nuaimi had previously held the position of COO at ADX.

In the announcement it stated, “ Al Nuaimi played a key role in the development of the ADX’s trading platform, helping establish the first application of blockchain technology in the UAE’s financial sector.” He will seek to further accelerate the range of products and services at the ADX, the statement added.

His appointment comes at a time of heightened market activity on the ADX. The exchange has experienced a rush of initial public offerings (IPOs) in recent years. Companies that listed on the bourse last year include Borouge, the Abu Dhabi Ports Group, Abu Dhabi healthcare provider Burjeel Holdings and Bayanat, a geospatial data products and services provider owned by artificial intelligence and cloud computing company G42.

Then another C-level announcement was made by Tata Steel for its appointment of Shuja Haque, a 23 year steel industry veteran, as Regional General Manager for the Middle East region. Once again in their announcement they mentioned his role in building and executing the first ever blockchain transaction in the steel industry.

As the press release stated, “ He has contributed tangibly to the detailed mapping of several countries including Saudi Arabia, resulting in the current order book being highly skewed to the Kingdom with some key wins including the Makkah Haram expansion and some of the largest malls, hotels, airports and parks in KSA. He also played a crucial role in executing the first ever Blockchain transaction in the steel industry, a testament to his forward-thinking mindset and approach.”

In his new role he will oversee the Middle East and North Africa business with responsibilities as varied as People’s Health & Safety (EHS), P&L growth, and plant operations. Current Tata Steel projects include a few upcoming museums in the UAE, various airport expansion projects across the GCC and unique projects like Sindalah Island at NEOM in Saudi Arabia.   

These two announcements show how important blockchain and having implemented blockchain projects are in the track to C-level positions.

Decentralized Autonomous Organizations will soon have a home in UAE ADGM

Decentralized Autonomous Organizations will soon have a home in UAE ADGM

UAE Abu Dhabi Global Market’s registration authority is seeking to develop regulations for DLT ( Distributed Ledger Technology) decentralized autonomous organizations and has started with the issuance of a consultation paper seeking replies before May 12th 2023.

For the proposed Distributed Ledger Technology Foundations Regulations 2023, ADGM is seeking public feedback and comments on the proposed new legislative framework for foundations that facilitate Distributed Ledger Technology (DLT) and token issuance (DLT Foundations).

As per the announcement, the Consultation Paper is of interest to any persons operating or planning DLT projects, persons engaging in digital asset related activities and their legal advisors, as well as DLT industry participants, associations, and stakeholders.

The RA’s key proposals for the Distributed Ledger Technology Foundations Regulations cover: the structure of the DLT Foundations; governance and control; tokens; reporting, disclosures and publication; beneficial ownership; supervision; insolvency and liquidation / voluntary strike off.

This new legislative framework showcases ADGM RA’s recognition of the overall suitability of foundation structures for DLT projects, and the RA’s alignment with ADGM’s strategy to facilitate and support crypto initiatives.

ADGM had received interest concerning the use of ADGM foundations for DLT purposes and the issuance of non-regulated utility tokens. However, whilst foundations are inherently well suited to DLT projects, there are certain features and requirements within ADGM’s current foundations regimes that impose constraints that are not desirable for DLT projects.

The ADGM registration authority, recognizing the overall suitability of foundation structures for DLT projects, seeks to facilitate and support crypto initiatives, as such decided to prepare a new legislative framework to cater for DLT projects and token issuance.

Decentralization is a core principle of many DLT projects, which prizes the transfer of authority and control away from centralized entities or groups to a distributed network of project participants. The perceived advantages of decentralization are rooted in this idea of decentralized governance, which its advocates believe promises a number of benefits, including more equitable ownership and value distribution among stakeholders, insulation from the vested interests of particular individuals or groups, reduced risk of censorship, and greater diversity.

So for these kinds of DLT projects, the concept of the “decentralized autonomous organization” (DAO) has emerged as the ideal-type governance structure.

Sygnum Digital asset bank receives license from UAE ADGM and opens its hub in Abu Dhabi

Sygnum Digital asset bank receives license from UAE ADGM and opens its hub in Abu Dhabi

Sygnum, a global digital asset bank, has opened its Middle East hub in the Abu Dhabi Global Market international financial center to provide a portfolio of Swiss-regulated crypto banking services after receiving its license from UAE ADGM. 

Sygnum Bank Middle East has received a Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA), following its in-principle approval in October 2022. Seasoned Middle East Executive, Giulia Finkbeiner-Bertoni, leads Sygnum’s operations across the region and opens the office in the ADGM International Financial Centre.

Sygnum Bank Middle East will offer personal, concierge-style client service, enabling convenient local client access to a portfolio of Swiss-regulated digital asset banking, asset management, tokenization and B2B banking services. With regional demand for regulated crypto services on the rise, clients will be drawn from a diverse range of sectors, ranging from existing local crypto foundations and projects to “traditional” institutional investors and qualified HNWI looking for trusted crypto asset exposure through a regulated partner.

Sygnum Bank Middle East’s Senior Executive Officer, Giulia Finkbeiner-Bertoni, said, “The UAE has a proactive investment program, a progressive crypto regulatory framework and a dynamic, tech-driven economy. We look forward to leveraging this momentum by bringing Sygnum’s trusted digital asset services to Abu Dhabi and the region.”

Sygnum’s local presence in Abu Dhabi enables it to directly access a large and increasingly crypto-active wealth management market. According to new research[i], the Emirate of Abu Dhabi is a true “falcon economy” possessing the highest economic growth in the MENA region. Abu Dhabi has the potential to become a future regional and international hub for Web3, metaverse and blockchain-based projects.

Welcoming the FSP announcement, Arvind Ramamurthy, Chief of Markets at ADGM said, “ADGM congratulates Sygnum Bank ME for obtaining their Financial Services Permission from ADGM’s FSRA and welcome them to our rapidly growing business ecosystem. We believe that Sygnum’s regulated finance offering in Abu Dhabi is a significant addition to our community and will contribute to the growth of the region. As the largest regulated jurisdiction for digital assets in the MENA region, ADGM acts as a catalyst with the right tools that enable the growth of such companies within the UAE’s financial sector. With Sygnum’s presence in the region, we are committed to upholding market transparency and integrity that bolsters the economic growth of Abu Dhabi, attracts global companies and aids in making it a digital-first international financial hub for seamless business transactions.”

UAE Al Nawwar Investments to purchase Sequoia Capital for $45 million from Alameda Research

UAE Al Nawwar Investments to purchase Sequoia Capital for $45 million from Alameda Research

Al Nawwar Investments RSC a Private Limited Company established in 2018 in Abu Dhabi, UAE, will be purchasing the remaining interest of Alameda research in Sequoia Capital venture capital firm, totaling $45 million.

Al Nawwar is an Abu Dhabi sovereign wealth fund according to a court document has entered into an agreement to execute a sale transaction within a short period of time. Al Nawwar according to the court document is already invested as well in Sequoia.

The deal, worth $45 million, has the potential to be closed by March 31. However, it is subject to approval by the Delaware bankruptcy judge John Dorsey. The attempt to sell off its remaining interest in Sequoia Capital is a part of FTX’s attempts to liquidate its investments to pay off its debt to creditors.

This is not the first time a sovereign Fund in Abu Dhabi purchases crypto related entities. Prior to this ADQ entered into an agreement to build a crypto mining entities in UAE. In an SEC Filing dated January 27th 2022, USA based Marathon digital Holdings, a digital asset mining entity, announced 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.

UK Nexo crypto lender to hire a150 workforce in UAE as it expands its MENA presence

UK Nexo crypto lender to hire a150 workforce in UAE as it expands its MENA presence

In a recent article published by Arabian Gulf Business Insight, Nexo Co-Founder and MD Antoni Trenchev announced that the UK entity would be opening its offices in the UAE as it expands into the MENA region.

The MENA region will grow to account for 30 percent of its total global operations. NEXO as per the article which currently has 5 million users across 200 jurisdictions will set up under Dubai’s VARA regulations as well as DIFC.

As per comments made by Trenchev 150 people will be recruited. In the article he states, “We are seeking two lines of regulation,” Trenchev said. “One is for the crypto-related activities which will be at VARA, while DIFC will be for more traditional offerings associated with wealth management.

“There appears to be a political will to create a blockchain fintech financial hub in the region but more specifically Dubai and Abu Dhabi, which is always welcoming,” he said.

“In the Middle East the rules are being developed as we go, but there is the clear desire to have the business here, whereas in the US, when you deal with the various agencies and you assess their moves, you’re not really sure whether they want to have any crypto there apart from maybe Bitcoin,” he adds.

UAE Hub71 launches $2 billion blockchain digital asset initiative to fund startups

UAE Hub71 launches $2 billion blockchain digital asset initiative to fund startups

Abu Dhabi’ Hub71, the technology ecosystem in UAE has launched the Hub71+ Digital Assets. This ecosystem is dedicated to advancing Web3, a decentralized online space built on innovations like blockchain technology and metaverse applications. 

The ecosystem has over US$2 billion of capital committed to fund Web3 startups and blockchain technologies in Abu Dhabi. Hub71+ Digital Assets will offer Web3 startups access to an extensive range of programs, initiatives, and corporate, government, and investment partners in the UAE and global markets.

The initiative will be based at Hub71 in Abu Dhabi Global Market (ADGM), providing Web3 startups with a progressive regulatory environment and world-class blockchain and virtual asset infrastructure. 

FABRIC, is the the research and innovation center of First Abu Dhabi Bank (FAB), will be the anchor partner of Hub71+ Digital Assets, while digital asset exchanges and service providers are part of the initiative to facilitate the discovery, trading and custody of digital assets.

Hub71 has also onboarded a diverse range of partners and Web3 players that form part of Hub71+ Digital Assets including Binance and MidChains, Amazon Web Services (AWS) and Mastercard as well as Venture studio Founders DAO.

It has also onboarded Venture capital funds who will provide access to capital and investment opportunities including names such as Binance Labs’ $500 million Investment Fund to invest in ‘Web3’, Venom Foundation through its $1 billion venture fund, Venom Venture Funds (VVF) in partnership with ICEBERG Capital and Ton Foundations’ $250 million TONcoin.Fund. 

Additionally, existing venture capital partners from Hub71 are set to invest in Web3 companies

The combination of these elements aims to support participating startups to launch tokens and promote tokenization, as part of the fundraising journey.

Ahmad Ali Alwan, Deputy Chief Executive Officer of Hub71, said: “Hub71+ Digital Assets signifies that Abu Dhabi is open to disruptive businesses driving forward change and transformation on a global level. Decentralization is the future of a blockchain-based internet, and Web3 startups will play an immense role in accelerating this transition. Teaming up with ADGM, FAB and its research and innovation center, FABRIC, alongside the world’s leading Web3 companies and enablers under one roof will provide founders with an opportunity to fundraise, develop and commercialize innovations safely while operating within the largest regulated jurisdiction of virtual assets in the Mena region.”

Dhaher bin Dhaher Al Mheiri, CEO of ADGM, said: “We are pleased to strengthen our association with Hub71 on the launch of Hub71+ Digital Assets. In today’s rapidly evolving digital landscape, we have seen the rise of new technologies, and ecosystems such as Web3 that have the potential to transform the world. At ADGM, we are dedicated to providing a holistic environment that facilitates a seamless and secure adoption of digital assets to foster the growth of this new digital landscape. This alliance will help start-ups and digital assets to benefit from ADGM’s diverse ecosystem and progressive regulatory environment by accessing world-class and innovative infrastructure.

Suhail Bin Tarraf, Group Chief Operating Officer at First Abu Dhabi Bank (FAB), commented: “FAB is trusted as a financial partner to our customers in the real world, and those same customers are now increasingly active in the Web3 space as well. Staying ahead of the curve when it comes to innovations such as blockchain, NFTs and the metaverse, is yet another way we fulfil our Customer First promise as we leverage new opportunities at the intersection of digital identity, ownership, and value. Through this partnership, it is our intent to meet our customers in this emerging digital space and keep them ahead with their financial needs.”

UAE Music Festival to incorporate NFT tickets by BNB Chain and Fellaz

UAE Music Festival to incorporate NFT tickets by BNB Chain and Fellaz

The Ultra-Abu Dhabi, the premier EDM music festival taking place on March 4th and 5th 2023 will be powered by NFT (Non fungible token) tickets developed by BNB Chain, smart contract blockchain and  Fellaz, a Web3 entertainment ecosystem.

The cutting edge ticketing solution powered by BNB Chain will verify the authenticity of tickets, ensuring legitimacy. The collaboration will allow for a more seamless and secure ticketing experience for Ultra Abu Dhabi fans using NFT ticketing while providing a new blueprint for Web3 fan engagement specializing in the music industry.

BNB Chain was originally initiated by Binance but has since grown to become a community-driven, permissionless, and decentralized blockchain ecosystem. Binance is now  one of the many contributors operating within the BNB Chain ecosystem rather than some kind of dominant force wielding unilateral power over it. 

Alvin Kan, Director of Growth and Ops at BNB Chain said, “The new NFT ticketing solution will allow the use of NFTs to provide a secure and tamper-proof way to verify the authenticity of tickets and offer a convenient and seamless experience for the fans. We believe that this collaboration represents a major step forward in the use of mainstream blockchain technology in the entertainment industry, and we are confident that it will set a new standard for Web3 fan engagement and entertainment applications in both IRL and Metaverse environments.”

Bobby Bhatia, CEO of Fellaz, said, “We are excited to partner with BNB Chain to bring our NFT ticketing to this global EDM music festival. Fellaz NFT Tickets powered by BNB Chain will provide a more secure and engaging ticketing experience for fans. We are thrilled to be at the forefront of this technology in the entertainment industry with global brands like Ultra.”

“We are thrilled to partner with Fellaz on this groundbreaking initiative,” said Dudley Chou, Managing Partner of UC Global, the organizer behind many Ultra events in Asia, including Ultra Abu Dhabi. “The use of NFTs for event ticketing is a growing trend in the entertainment industry, and our partnership with Fellaz and BNB Chain is a major step forward in bringing this technology to the mainstream. With its seamless integration and unmatched security, Fellaz’s NFT ticketing solution will provide a new level of convenience and engagement for fans and event organizers alike.”

Integrating NFTs into the ticketing process offers several advantages over traditional ticketing systems. NFTs offer a reliable and secure means of verifying ticket authenticity, guaranteeing entry access exclusively to those with legitimate tickets. This helps to combat the issue of ticket fraud, which has long been a problem in the music industry.

Also, it allows for greater flexibility and convenience in the ticket-purchasing process. Ticket holders can easily transfer their tickets to friends or resell them on the secondary market without paying a fee to a reseller. This allows for a more seamless and hassle-free experience for music fans. Furthermore, the use of NFTs in the ticketing process enables the implementation of innovative features such as personalized and interactive festival experiences.

UAE Abu Dhabi University introduces Blockchain courses with 5ire blockchain

UAE Abu Dhabi University introduces Blockchain courses with 5ire blockchain

UAE Abu Dhabi University (ADU) signed a Memorandum of Understanding (MoU) with 5ire, a fifth generation blockchain ecosystem, to strengthen blockchain education, research and entrepreneurship. both parties will identify and support compelling projects on blockchain technology, with a specific focus on sustainability and accessibility.

As part of its commitment to expand the course offerings, ADU will work closely with 5ire to build a comprehensive framework that will provide educational opportunities for students, including courses and workshops focused on blockchain technology and its applications. In addition, 5ire will provide financial sponsorship for ADU’s UAE national students, who have met the criteria and are interested in obtaining professional certifications or pursuing degrees focused on blockchain courses. The criteria include but are not limited to academic performance, financial need and demonstrated interest in blockchain technology.

 

Furthermore, the partnership will focus on providing resources to support students and researchers that are interested in developing and commercializing projects based on blockchain technology. ADU and 5ire will work on a business plan to launch a blockchain academy with a profit-sharing model to offer professional certifications accepted within the UAE and throughout the region.

The parties will organize a hackathon hosted at ADU for both school and university students, as well as offering hands-on training and mentorship to the hackathon participants. A training program will also be arranged to ensure that they have the necessary skills and knowledge to advance and commercialize projects focused on 5ire’s blockchain technology.

 

5ire will offer ADU faculty and staff members comprehensive training and a “train-the-trainer” certificate program, to enable them to effectively support future training efforts and integrate 5ire technology into the curriculum for undergraduate and post-graduate programs. The University students and faculty will also be provided with access to both 5ire’s software and hardware technology and curriculum for teaching and research purposes.

 

Prof. Ghassan Aouad, Chancellor of Abu Dhabi University (ADU), said: “We are thrilled to be partnering with 5ire to further advance our programs and offer our students a well-rounded technological experience that builds on their skillset required for the career market. This collaboration aligns with our mission to continuously develop our programs and offerings to empower our students to grow, succeed and prepare them for their future careers and leadership roles in their respective fields. At ADU, we strive to be up to date with the latest advancements across all sectors, we believe that blockchain technology has the potential to transform a wide range of industries and we are delighted to be at the forefront of this transformation.”

 

Pratik Gauri, Co-Founder and CEO of 5ire, said: “We are delighted to be working with Abu Dhabi University (ADU) to advance blockchain education, research and entrepreneurship in the UAE. Our technology is designed to address the problem of low blockchain adoption due to sustainability and accessibility challenges. By partnering with ADU, we will be able to provide students and researchers with the necessary skills and knowledge to develop and commercialize projects that can have a positive impact on society and the environment.”

 

ADU and 5ire will work-hand-in-hand to explore the potential uses and benefits of 5ire’s blockchain technology. In addition to establishing collaborations with companies and organizations in the region that are working on related projects and could benefit from 5ire’s technology. The collaboration will also yield the development of case studies presenting the application of 5ire technology in areas such as sustainability, supply chain and logistics.