Adaverse invests in Saudi sports tech company Grintafy

Adaverse invests in Saudi sports tech company Grintafy

Adaverse, Saudi based ecosystem accelerator and seed fund, has made a strategic investment in Grintafy, the Middle East’s premier football sports tech company to support its transition from a Web2 company to Web3 using blockchain technology.

Grintafy, established in 2019, has rapidly grown to become the go-to platform for amateur footballers, boasting over 2 million users across its ecosystem. The company’s approach to creating digital CVs for players has garnered partnerships with federations, ministries, and both local and international clubs.

Vincent Li, Managing Founder of Adaverse, expressed enthusiasm about the investment: “Grintafy’s vision aligns perfectly with our mission to support transformative Web3 projects. Their established presence in the sports tech industry, combined with their forward-thinking approach to blockchain integration, presents an exciting opportunity for growth and innovation in the Web3 space.”

The investment is set to accelerate Grintafy’s Web3 transition. Adaverse will provide crucial support in product development, particularly in integrating Web3 native features and enhancing user experience. Additionally, the partnership will facilitate connections with global resources, including football clubs and media networks, and assist in future fundraising efforts.

Majdi K. Allulu, founder of Grintafy, commented on the partnership: “Adaverse’s investment and expertise in the Web3 ecosystem will be instrumental in our evolution. We’re excited to explore how blockchain technology can enhance our platform, providing even more value to our users and partners in the football industry.”

This investment follows Grintafy’s previous backing from Chiliz, a major blockchain sports entertainment company, further solidifying its position at the intersection of sports and technology. The company plans to leverage these partnerships to expand its global footprint and introduce innovative features that will redefine talent discovery in football.

This investment follows Grintafy’s previous support from Chiliz in March 2024. Grintafy raised $2.1 million in a bridge round in 2022 from Aramco’s venture capital arm, Wa’ed, along with other investors.

Saudi Web3 blockchain fund invests in Tharawat Green Exchange

Saudi Web3 blockchain fund invests in Tharawat Green Exchange

Adaverse, Cardano Web3 and blockchain fund in Saudi Arabia, has invested in KSA based Blockchain enabled TGE (Tharawat Green Exchange), a startup leveraging Web3 technology to support environmental sustainability initiatives in line with Saudi Vision 2030.

TGE is working on carbon offsetting in Saudi Arabia, connecting carbon offsetters with local nurseries and land projects via a blockchain-enabled platform. This innovative model supports Saudi Arabia’s goal of planting 10 billion trees by 2040, while also promoting economic growth and environmental health.

Unlike global providers that invest in projects abroad, TGE is fully localized, focusing solely on Saudi-based projects to build the local environmental ecosystem. The business model involves three key stakeholders: projects requiring trees, nurseries supplying them, and offsetters funding the planting to meet their carbon goals.

The investment, totaling 1.69 million SAR, ( $450,000) will be used primarily for infrastructure and blockchain development, sales and marketing efforts, and obtaining Vera certification for TGE’s carbon credits. This certification will ensure that TGE’s carbon crypto is recognized and valued in the global market.

Vincent Li, Founding Partner of Adaverse, commented, “Our investment in TGE aligns perfectly with our mission to foster innovative Web3 solutions that address real-world challenges. TGE’s approach to combining blockchain technology with environmental sustainability has the potential to transform how we approach carbon offsetting and tree planting initiatives in the region.”

Yakeen Al Zaki, CEO and Co-founder of TGE, stated, “With Adaverse’s support, we are poised to make a significant impact on Saudi Arabia’s sustainability goals. Our platform simplifies the process of contributing to environmental initiatives, making it accessible for anyone to participate in building a greener future.”

Tharawat Green Exchange is targeting a $500+ billion market, with plans to expand globally, eyeing a $1 trillion annual market expected to grow by 6% year over year. Looking ahead, TGE aims to raise an additional 1.5 million SAR to further product development, technology infrastructure and market penetration.

This is not the first investment Adaverse has made in startups in Saudi Arabia. Recently it invested half a million dollars ($500,000) as a pre-seed investment in Saudi loyalty platform, Mithu, a platform aggregator for restaurants and cafes in Saudi Arabia. Mithu aims to solve a critical problem in the loyalty program market, where customers struggle to manage multiple loyalty programs and billions of dollars worth of points expire annually.

Adaverse invests half a million dollars in Saudi Web3 loyalty platform

Adaverse invests half a million dollars in Saudi Web3 loyalty platform

Adaverse, a Web3 venture builder, has invested half a million dollars ($500,000) as a pre-seed investment in Saudi loyalty platform, Mithu, a platform aggregator for restaurants and cafes in Saudi Arabia. 

Mithu aims to solve a critical problem in the loyalty program market, where customers struggle to manage multiple loyalty programs and billions of dollars worth of points expire annually. 

In Saudi Arabia, only 2.5% of restaurants currently offer loyalty programs, leaving a vast untapped market, while globally, about $100 billion worth of loyalty points expire annually. Customers hold an average of 17 loyalty programs, with 68% churning within the first year.

By aggregating loyalty programs into a single, gamified app, Mithu seeks to increase customer engagement and help businesses, particularly SMEs in the food and beverage industry, retain customers more effectively. Founded earlier this year, Mithu has already signed agreements with approximately 200 restaurants in Riyadh. 

“We’re thrilled to have Adaverse on board,” said Mohsin Qureshi, Founder of Mithu. “Their expertise in Web3 and gamification is invaluable as we develop a tokenised version of our app. This investment accelerates our time to market, allowing us to better serve our clients and users.” 

Vincent Li, Founding Partner of Adaverse, said, “We are thrilled to invest in Mithu, whose founding team brings decades of deep experience in the restaurant and retail sectors. The opportunity to disrupt this vertical in Saudi Arabia is enormous, and we’re excited to be part of it. As Adaverse, we bring global expertise in technology, coupled with Web3 knowledge, to support Mithu in developing their cutting-edge solutions. This unique combination of industry insight, technological prowess, and market opportunity positions Mithu for significant success and growth. We look forward to witnessing their impact on the Saudi Arabian market and beyond.” 

Mithu’s founding team offers a depth of expertise that positions the company at the forefront of Web3, AI, and customer loyalty innovation. CEO Mohsin Qureshi boasts over 15 years in foodtech, q-commerce, and technology startups, having held key leadership positions at Foodics, Cheetay, and Delivery Hero. CTO Asif Ali brings experience from leadership roles at Careem, Swvl, and foodpanda, and is currently pursuing a Ph.D. in AI. 

Saudi Arabia Web3 sector grows amidst challenges

Saudi Arabia Web3 sector grows amidst challenges

Cardano Blockchain accelerator, Adaverse published its first Web3 ecosystem report for the Kingdom of Saudi Arabia showcasing growth, opportunities, as well as challenges. Since its inception, Adaverse has funded 54+ startups across Asia, the Middle East and Africa.

Web3 Growth

According to the Adaverse report, Saudi Arabia is well positioned to witness growth in the Web3 ecosystem. One of the main reasons is that is it the largest market in GCC with a youthful and tech savvy population. Already 63% of its 36 million residents are under 30, and 99% of Saudi residents are connected to the internet.

In addition, the ambitious Vision 2030 initiative further strengthens this by fostering a robust tech and innovation ecosystem. Saudi Arabia has also seen growth in funding for startups and Web3 ventures.

In 2024, according to Digital Digest, MENA based startups secured $429 million across 163 deals, with Saudi startups receiving 515 of the funding across 36.2% of the deals.

The Web3 startup ecosystems has four layers, the use case layer, the tooling and developer layer, the infrastructure layer, and the protocol layer.

According to the Adaverse report, the notable concentration in the user-facing application layer, indicates growing Saudi consumer interest in DeFi, GameFi, and SocialFi. Meanwhile, the scarcity of foundational infrastructure and protocol startups, presents a unique opportunity for entrepreneurs and investors to fill crucial ecosystem gaps.

Web3 startups in KSA includes names such as Umrah Cash, Verofax, TakaDAO, Ticket Souq, Dropp, TGE, MRHB, IR4LAB, Mithu, Nuqta, and others.

For example, Oumla, is a blockchain infrastructure provider that offers secure custody solutions and comprehensive infrastructure services for governments and businesses alike. With a suite of SDKs, Oumla enables developers to seamlessly build on various blockchains without the need to master blockchain.

Mohammed Aljasser, Founder and CEO of Oumla noted in the report, “Oumla’s journey began in 2022, when we laid the foundation for an exceptional blockchain infrastructure. In 2023, we officially launched our product, receiving overwhelmingly positive feedback from our customers. Building on this momentum, we are now preparing to introduce additional blockchain networks, along with a range of new features and products designed specifically for the MENA region.

He adds, “Notably, Saudi Arabia is making significant strides in embracing blockchain, evidenced by the burgeoning emergence of applications and experimental initiatives. It’s clear that blockchain is more than just a passing trend; it represents a seismic shift in digital infrastructure.”

According to him dealing with regulations has been one of the biggest hurdles in the blockchain world. But despite these challenges, he is convinced that blockchain is here to stay.

Another startup, Tharawat Green Exchange (TGE) is a blockchain-powered marketplace connecting carbon off setters with tree planting projects to achieve sustainability goals. TGE transparently tracks tree planting and maintenance, aiming to plant 10 million trees by 2030. This enhances Saudi Arabia’s Trade for a Greener Tomorrow green economy and supports local nurseries, ensuring transparency and security.

Opportunities

As per the report, key opportunities in Saudi’s Web3 space include fintech, where DeFi solutions promise enhanced financial transparency and efficiency. Blockchain integration in supply chain management, real estate, and digital identities offers transformative potential.

In addition to fintech, the entertainment and gaming sectors are also ripe for growth, with blockchain-based platforms opening new avenues for engagement and monetization.

Saudi Arabia is the largest gaming market in MENA with the gaming sector value proposed to reach $6 billion by 2027. MENA region contributes already 15% of the global gaming population.

In KSA, it is estimated that there are 21 million active gamers, constituting a remarkable 58% of the country’s population [22]. This substantial player base provides a strong foundation for the industry’s expansion.

Recognizing the potential of the gaming industry, Saudi Arabia established a comprehensive National Gaming and Esports Strategy (NGES). Aligned with broader economic objectives, the NGES aims to create 39,000 job opportunities and contribute $12 billion to the economy by 2030 [23].

However, despite this dominance, the adoption of Web3 gaming progresses at a measured pace. As per the Adaverse report, this gap presents a prime opportunity for young Saudi founders to lead the development of blockchain-based games and integrate advanced technologies such as NFTs, AI, and play-to-earn mechanisms into the existing Web2 gaming market.

The same goes for the Saudi Fintech sector which has attracted substantial funding, totalling $552 between 2020 and 2021.

The report also notes that the country’s tech landscape is uniquely characterized by its focus on recreational

and entertainment-based Web3 projects, particularly in gaming, NFTs, and GameFi, positioning Saudi Arabia as a regional hub for these emerging sectors.

The Challenges

According to the Adaverse report, regulatory uncertainty, the need for greater awareness and education around Web3 technologies and concerns about technological infrastructure  and cybersecurity are key hurdles.

Future of Web3 in KSA

In conclusion the report recommends that for Saudi Arabia to fully realize its potential, it must address challenges, such as establishing regulatory clarity to create a stable business environment in the Web3 space.

Also, Saudi Arabia needs to overcome technical hurdles, such as improving user interfaces, which will be essential for enhancing adoption and user experience.

In conclusion, the report believes that by leveraging its favorable market conditions, government support, and growing investor interest, while addressing regulatory and technical challenges, the country can establish itself as a regional powerhouse in Web3 technologies. Nurturing local talent and fostering collaboration between stakeholders will be key to shaping the future of innovation and investment in Saudi Arabia’s Web3 sector.

Cardano accelerator invests in Saudi Arabia’s Nuqtah NFT platform

Cardano accelerator invests in Saudi Arabia’s Nuqtah NFT platform

Adaverse a Cardano ecosystem accelerator and venture capital fund focusing on Web3 solutions, has strategically invested in Nuqtah, Saudi Arabia’s blockchain infrastructure builder and NFT management solution.

As per the blog post, this investment marks a significant milestone in both companies’ journeys, aligning with Saudi Arabia’s Vision 2030 to foster a digital economy and an innovation-driven future.

In March 2024, Adaverse, signed an MOU with Saudi based ASFA Ventures to drive Web3 innovation in KSA and beyond. ASFA ventures is a ventures capital builder that focuses on technology ventures, Web3 technologies. It has already invested in Saudi projects such as AqarToken, and Tokenha. In the meantime, Adaverse has funded 40+ startups across Africa, Asia and beyond.

Adaverse has welcomed Nuqtah to join distinctive initiatives among its diverse portfolio of over 54 startups.

Launched in 2021, Nuqtah has swiftly become a leader in Saudi Arabia’s blockchain and digital asset sector, earning the distinction as the Kingdom’s first licensed platform for creating, trading, and managing NFTs. Nuqtah aims to transform the digital landscape by equipping creators, businesses, and government entities with blockchain technology, thus accelerating Web3 adoption throughout the Middle East.

“We are thrilled about Adaverse’s strategic investment in Nuqtah, a testament to our shared vision of pioneering the Web3 revolution in the MENA region. This collaboration not only underscores Nuqtah’s commitment to spearheading the adoption of blockchain technology but also serves as a catalyst, attracting local and international attention to our burgeoning digital ecosystem. Each of our investors and partners, including Adaverse, stands as a resounding endorsement of the vast potential that Web3 and blockchain hold for the MENA region. Nuqtah takes immense pride in the confidence Adaverse has placed in us, as we continue to build and innovate in the region.” — Nuqtah founder and CEO Salwa Radwi

Nuqtah: From NFT to Consumer Workflow Solutions

Nuqtah has rapidly expanded its suite of offerings from NFT marketplace to comprehensive consumer workflow enhancements. Nuqtah’s platform offers a Workflow Solutions Platform designed to streamline both creative processes and engagement strategies from the planning stage to execution. Its standout feature, the Digital Collectibles Solution, facilitates the creation of NFTs to boost customer loyalty, complemented by a Consumer Engagement and Loyalty Platform that incentivizes interactions with digital collectibles.

Additionally, Nuqtah offers a Customizable Offering Tool, allowing businesses to personalize products and services for their target audience, and Brand Loyalty Enhancement Solutions that use blockchain to increase customer satisfaction. Serving a broad spectrum of industries, including the creative and retail sectors, Nuqtah’s solutions are tailored for businesses eager to incorporate blockchain into their operations, improve customer engagement, or innovate their digital assets and loyalty programs.

How Nuqtah NFT-ed Its Way from Idea to Industry Leader

Nuqtah emerged as a dynamic marketplace with the mission to energize the creator economy, quickly evolving to embrace the potential for greater impact through enabling businesses with blockchain technology. Founded by Salwa Radwi in Jeddah, Saudi Arabia, Nuqtah has rapidly transformed into a leader in blockchain technology for businesses enabling SMEs to provide innovative solutions to boost consumer engagement. Driven by Radwi’s passion for NFTs and the fusion of art and technology, Nuqtah filled a crucial gap in the local market, becoming the MENA region’s first blockchain provider. It’s more than a marketplace; it’s a community at the intersection of art, heritage, and innovation, designed to empower Saudi youth and creatives. Since 2021, Nuqtah has led the Saudi NFT scene, achieving milestones that underscore its role as a pioneer and aligning with the transformative vision of Saudi Arabia’s Vision 2030.

NFTS FOR CONTENT CREATION

Beyond the art and collectibles market, NFTs are revolutionizing content creation, entertainment, real estate, and even identity verification, proving their value in ensuring authenticity and ownership in the digital realm. The global NFT market, continuing its exponential growth trajectory, is expected to expand further as these tokens find new applications in digital rights management, gaming, and decentralized finance (DeFi), among others.

Vincent Li, founding partner at Adaverse, remarked, “Our investment in Nuqtah, as we broaden our presence in the MENA region, marks a pivotal moment for innovation in digital solutions. Nuqtah’s launch couldn’t be more timely, setting the stage for future advancements in the blockchain and NFT user landscape. Their vision mirrors our commitment to pioneering the digital economy, highlighting the transformative power of blockchain to open new opportunities. Together, we’re crafting the path forward in the digital world.”

In May 2024 Adaverse strategically invested in Sorbet, a Saudi Arabian startup geared towards helping freelancers to manage and transact with clients. Sorbet uses Circle Payment services, better known as stablecoin USDC to help clients and freelancers carry out instant payments.

Cardano accelerator invests in KSA startup using USDC stablecoin for payments

Cardano accelerator invests in KSA startup using USDC stablecoin for payments

Singaporean Blockchain venture fund and Cardano accelerator, Adaverse, with offices in KSA, UAE, has strategically invested in Sorbet, a Saudi Arabian startup geared towards helping freelancers to manage and transact with clients. Sorbet uses Circle Payment services, better known as stablecoin USDC to help clients and freelancers carry out instant payments.

The investment, part of a $10 million initiative to foster venture-building in the region, aligns with the economic upswing projected for the region’s digital economy.

The MENA digital freelance market is currently values at $4 billion and while expected to grow it faces inefficient payments systems which according to the press release affects 40 million self employed workers.

Sorbet’s vision is to onboard all creatives onto web3 by removing the technical barriers traditionally associated with dApps. The tool leverages blockchain technology to provide a seamless payment solution using stablecoins.

Rami Djebari, co-founder of Sorbet, expressed enthusiasm about the partnership: “Receiving support from an experienced partner like Adaverse will accelerate our development and enhance our market strategy. This collaboration is a milestone in breaking down financial barriers and enabling limitless growth opportunities for professionals in the region.”

Sorbet Beta will further refine the freelancing experience by integrating project management tools and streamlined payment processes. As per Sorbet website, it charges 2.5% when clients send money to freelancers.

Vincent Li, founding partner at Adaverse, commented on the investment stating, “Sorbet exemplifies the potential of blockchain to enrich and enhance economic systems. We are excited about the potential Sorbet holds for economic upliftment in line with Saudi Vision 2030.”

The Sorbet Beta, launching this May, will introduce essential features to improve the freelancing experience. This suite of work tools will focus on streamlining project management, simplifying payment processes, and facilitating better client interactions, all designed to help freelancers transition smoothly into a more connected and efficient digital workspace.

In March 2024, Adaverse, signed an MOU with Saudi based ASFA Ventures to drive Web3 innovation in KSA and beyond. Adaverse has also invested in Saudi Arabian Blockchain Insurtech startup TAKADAO, in addition to Nuqtah NFT marketplace.

Cardano accelerator and Saudi ventures ASFA to drive Web3 adoption in KSA

Cardano accelerator and Saudi ventures ASFA to drive Web3 adoption in KSA

Adaverse, a Cardano focused accelerator that supports Web3 and blockchain solutions with funding, mentorship and tech infrastructure, has signed an MOU with Saudi based ASFA Ventures to drive Web3 innovation in KSA and beyond.

ASFA ventures is a ventures capital builder that focuses on technology ventures, Web3 technologies. It has already invested in Saudi projects such as AqarToken, and Tokenha. In the meantime, Adaverse has funded 40+ startups across Africa, Asia and beyond.

As per the statement on X, “We’re excited to announce Adaverse has signed an MOU with ASFA Ventures to drive Web3 innovation in Saudi Arabia and beyond. This partnership will empower startups, together we advance tech landscape across MENA.”

The MOU between Adaverse and ASFA plans to boost start up growth, drive Web3 innovation and empower technology advancement.

Adaverse adds, “This marks a pivotal step towards propelling Web3 innovation in Saudi Arabia. Together with ASFA Ventures, we’re on a mission to empower entrepreneurs and set new benchmarks in the digital landscape across MENA.”

Earlier this year, Adaverse invested in Saudi based Blockchain Fintech startup Takadao. This came at the heels of Adaverse’s expansion into Saudi Arabia with the opening of an office in Riyadh. Adaverse became the first venture capital fund in the KSA to specialize in Web3 and blockchain early-stage investing. In 2024, the company plans on investing $10 million in local Saudi Web3 startups.

Cardano Blockchain accelerator invests in Saudi startup Takadao

Cardano Blockchain accelerator invests in Saudi startup Takadao

Saudi based Blockchain Fintech startup Takadao has received strategic investment from Cardano accelerator Adaverse. Adaverse focuses on scaling Web3 solutions. This comes at the heels of Adaverse’s expansion into Saudi Arabia with the opening of an office in Riyadh. Adaverse is now the first venture capital fund in the KSA to specialize in Web3 and blockchain early-stage investing. In 2024, the company plans on investing $10 million in local Saudi Web3 startups.

Takadao, a revolutionary force in the financial industry, introduces community-owned financial services, challenging traditional financial paradigms with its innovative approach.

Adaverse is a leading early-stage investor and builder in the Web3 sphere, boasting 60 investments across 13 nations from around the world. An initiative by EMURGO, the renowned global blockchain technology firm and a founding member of the Cardano blockchain platform, Adaverse is on a mission to build a global community of entrepreneurs solving the world’s challenges with blockchain technology.

Vincent Li, Adaverse founding partner, is optimistic about the prospects for both Adaverse and Takadao, stating, “Adaverse’s entry into Saudi Arabia with Takadao is more than an investment; it’s our commitment to elevate solutions that solve everyday challenges and empower communities. Takadao, with its groundbreaking and community-centered approach, adeptly meets essential everyday needs, and we’re enthusiastic about backing this fusion of tangible innovation and market opportunity, a project at the heart of highly committed and visionary co-founders Morrad and Sharene. This venture marks a significant milestone for our commitment to development in the Middle East, and we eagerly anticipate Takadao’s growth and continual innovation.”

Founded in May 2022, Takadao has been innovating in the decentralized finance space, even amid challenging market conditions. Its premier product, Takaturn, is a novel savings and yield generation platform enabling collective savings and liquidity access.

The flagship product, Takasure, is a cooperative life insurance DAO (Decentralized Autonomous Organization), a pioneering model where members pool funds for mutual insurance, redistributing profits among members.

 Takadao distinguishes itself from traditional financial services by leveraging blockchain technology to enhance transparency and reduce costs, offering more secure and efficient community-driven, halal insurance and financial solutions to a diverse global audience, including both Muslim and non-Muslim communities, attracting those interested in the ethical aspect of the platform.

Reflecting on this collaboration, Morrad Irsane, Co-Founder of Takadao, said, “Partnering with Adaverse propels us forward in our journey. Their expertise in the web3 space, coupled with their deep-rooted connections in key markets, accelerates our knowledge and community-building efforts.”

Shariah-compliant financial services are rapidly emerging as a significant force in the global financial landscape, far surpassing the confines of a niche market. Currently, these services, encompassing banking, capital markets, money markets, and Takaful (Islamic insurance), are estimated to be valued at around US$2 trillion.

So far, Takadao has built a community of over 17,000 members around their savings product Takaturn (launched in October 2024). With a patent pending on their actuarial and risk management algorithm, Takadao is set to revolutionize Shariah-compliant financial services with the launch of Takasure in June 2024. At this juncture, Adaverse joins Takadao, bringing expertise in the web3 space to support Takadao’s next growth phase towards the successful launch of Takasure and also amplify Takadao’s impact in key markets.

In October Takadao raised $1.6 million in pre seed round led by Draper Associates. Other investors include BIM, Core Vision ventures, Prince Sultan Bin Fahad bin Salman Al Saud.

Egyptian Blockchain Pravica messaging startup receives investment from Cardano’s Blockchain accelerator

Egyptian Blockchain Pravica messaging startup receives investment from Cardano’s Blockchain accelerator

Egyptian founded and UAE based Pravica, a blockchain company offering decentralized private messaging and community group solutions, has secured a funding investment from Adaverse Cardano Ecosystem Accelerator and venture capitalist. Adaverse aggregates entrepreneurs, strategists and mentors building its most robust foundation in Africa and Asia.

The investment will be used to support the company’s growth and development, including its efforts to expand its chain-agnostic web3 messaging platform that enables users from different blockchains to communicate in a truly end-to-end encrypted (E2EE), open source and decentralized environment.

“Pravica empowers users to take control of their own encryption keys and protect their privacy on the new user-owned Internet” said Mohamed Abdou, CEO of Pravica. “This investment from Adaverse will help us bring our unique approach to secure communication to a wider audience.”

In September 2022, Pravica launched the first DcFi ( Decentralized Communications and Finance platform) under the name Pravica Club. 

Adaverse, a leading investor in blockchain technology, sees the potential for Pravica’s chain-agnostic platform in the market. 

Adaverse is a collaborative initiative between EMURGO and Everest Ventures Group to support blockchain founders with funds, mentorship, and tech infrastructure to scale Web3 Solutions. 

Shogo Ishida, Co-CEO for the Middle East & Africa at EMURGO Africa, commented “Adaverse and EMURGO are excited to support Pravica’s vision of a decentralized, secure communications system built on the blockchain. Both in Africa and across the world, recent market events have highlighted the importance of security and confidentiality in the Web3 space. Pravica provides one of the first tangible solutions to this issue, and Adaverse is glad to be joining their journey with strategic mentorship and tools for growth on the Cardano blockchain.”

The funding from Adaverse will enable Pravica to continue to develop and expand its chain-agnostic messaging platform, enabling secure communication for users across different blockchains.

Prior to the investment from both EMURGO Africa and Adaverse Pravica had received investment from 500 Startups fund. 

In addition Pravica had made some impressive new hiring announcements. Bedie Moran has joined as the Chief Operating Officer of Pravica. Bedie brings a wealth of experience in Fintech working as a management consultant for KPMG Consulting and as head of the strategy team for E-trade Financial. More recently Bedie has focused his attention on supporting digital startups in Africa and the Middle East.

Pravica also announced the appointment of Alejandro Criado-Pérez as their new Chief Technology Officer. Alejandro Criado-Pérez brings a wealth of experience and expertise in the field of blockchain, having previously worked as Tech lead at Stacks Foundation.

One of the key projects that Alejandro will be working on is Pravica Club.