The first regulated crypto exchange in the Middle East has lost $14.8 million

The first regulated crypto exchange in the Middle East has lost $14.8 million

According to ZachXBT, an internet sleuth with over 500 hundred thousand followers on Twitter, Bahrain and UAE regulated crypto broker, RAIN, has been likely exploited for $14.8 million. The exploit happened on April 29th and according to ZacHxbt no statement was made by RAIN on the incident.

On the contrary on May 6th RAIN Bahrain tweeted “It was our pleasure to have our General Manager of Bahrain Mohamed Ateeq speak at the Sixth Innovation and Entrepreneurship Forum, organized by the University of Bahrain as part of the Manama week events by the Southern Municipality. It is always a pleasure for us to share Rain’s journey that lay the foundations for the crypto sector in the MENA region.”

According to ZachXBT on TME, “It appears the crypto exchange Rain was likely exploited for $14.8M on April 29, 2024 after their BTC, ETH, SOL, and XRP wallets saw suspicious outflows. Funds were quickly transferred to instant exchanges and swapped for BTC and ETH.”

He added, “As of now Rain has yet to make any statement about the incident.”

He noted that the stolen funds currently sit on these addresses

137.9 BTC

bc1q53aawrkpt5lvk2e30z36unvmhqqdru7q4rprp2 (https://mempool.space/address/bc1q53aawrkpt5lvk2e30z36unvmhqqdru7q4rprp2)

1881 ETH

0x197bc094f990261fd6841342901c451858756c28 (https://etherscan.io/address/0x197bc094f990261fd6841342901c451858756c28)

RAIN crypto exchange had received a license both from the Central Bank of Bahrain as well as ADGM in Abu Dhabi. In Bahrain Rain Management W.L.L. is licensed by the Central Bank of Bahrain as a Category 3 Crypto-Asset Services Provider. It received its license back in 2019.

In 2022, RAIN Crypto exchange raised $110 in a Series B funding round. The round was co-led by Paradigm and Kleiner Perkins with participation from multiple parties including Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, and CMT Digital.

As per RAIN’s website it is backed by MEVP (Middle East Venture Partners), Dubai International Financial Centre, Coinbase, Paradigm, and KleinerPerkins.

In July 2023 RAIN received a fully regulated crypto broker license in UAE through ADGM.

Lara on the Block tried to get in touch with executives from RAIN but without avail. UAE ADGM also has no official statement to make at this time. The Central Bank of Bahrain could not be reached at this time.

Touting itself as “The most trusted cryptocurrency platform” if this turns out to be true it will have negative effects on crypto sentiments in the region. Crypto investors lost $2 billion to hacks and exploits last year and $333 million in Q1 of 2024. 

Liminal now a fully regulated crypto custodian in UAE

Liminal now a fully regulated crypto custodian in UAE

Liminal Custody Solutions, a provider of digital assets and crypto custody as well as crypto wallet infrastructure solutions, has officially acquired the Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) allowing it to operate as a regulated crypto custodian within the Middle East.

As per the press release, obtaining the FSP positions Liminal as a trusted crypto custodian partner for institutions seeking secure and compliant solutions for safeguarding their valuable digital assets. This expansion broadens Liminal’s reach and allows it to serve a wider range of clientele seeking best-in-class digital asset custody solutions.

Mahin Gupta, Founder of Liminal Custody Solutions, expressed his satisfaction with the achievement, stating, “We are honored to receive the ADGM FSP license. This accomplishment represents the culmination of significant effort on behalf of our entire team, all dedicated to upholding the highest regulatory standards. Building trust within the digital asset industry, which is undergoing rapid evolution, is a core tenet of our mission. The ADGM FSP license serves as a powerful validation of our commitment to compliance. We are confident that this achievement will further empower us to deliver best-in-class custody solutions to our clients, ensuring the continued security and integrity of their digital asset holdings.”

By adhering to stringent regulations, Liminal crypto custodian ensures the safety and security of client assets, while its unwavering commitment to innovation allows it to develop cutting-edge solutions that address the evolving needs of the digital asset landscape. This two-pronged approach – prioritizing both regulatory compliance and technological advancement – positions Liminal as a leader in the digital asset custody space.

Commenting on Liminal achievement, Arvind Ramamurthy, Chief of Market Development at ADGM said, ” We congratulate Liminal on completing its licensing process and receiving the required  Financial Services Permission (FSP) from the FSRA of ADGM. Liminal’s focus on regulatory compliance and innovative solutions in the space of digital assets aligns with ADGM’s vision for fostering a dynamic and trusted financial ecosystem that prioritizes upholding the highest standards of security and innovation. We look forward to witness Liminal’s contribution to the growth of the digital asset industry in Abu Dhabi and beyond.”

Amir Tabch, CEO of Liminal Custody Solutions Middle East and Senior Executive Officer of the Category 3C ADGM-regulated entity First Answer Middle East Limited, remarked, “Earning the ADGM FSP license is a clear indicator of Liminal’s ironclad dedication to compliance and innovation. This achievement not only positions us at the forefront of digital asset custody but also signals our pivotal role in its future evolution. By equally valuing regulatory compliance and technological progress, we aim to equip institutions with the confidence to explore the digital asset realm, tapping into its vast, transformative potential. This milestone is a springboard for Liminal’s continued growth and a significant contribution towards the digital asset industry’s maturity.”

Liminal had received in principle approval from ADGM back in November 2023, and recently received in principle approval from Dubai’s regulatory authority.

A new Blockchain infrastructure company sets up in Abu Dhabi UAE

A new Blockchain infrastructure company sets up in Abu Dhabi UAE

Blockdaemon, an institutional-grade blockchain infrastructure company, has expanded its presence in the UAE, setting up an office and establishing an entity in Abu Dhabi under Registration Authority of Abu Dhabi Global Market (ADGM). Prior to that Blockdaemon became of corporate member of the crypto Oasis ecosystem in Dubai.

Blockdaemon is known for their independent blockchain node infrastructure that delivers institutional-grade security and monitoring. They drive the blockchain economy forward by making it easier to deploy nodes and creating scalable enterprise blockchain solutions via APIs, high availability clusters, auto-decentralization and auto-healing of nodes.

The expansion to operate and provide Web3 infrastructure solutions in the UAE will include making available its node and validator infrastructure solutions locally, as well as their self-hosted MPC wallet technology.

“This marks a significant stride for Blockdaemon in bolstering its presence in the UAE and deepening our partnership with local regulators and clients,” said Amor Sexton, COO of Blockdaemon. “With Blockdaemon receiving approval from the Registration Authority of ADGM, we are not only solidifying our foothold in the region as the leading Web3 infrastructure provider but also affirming our commitment to supporting institutions with blockchain infrastructure. This approval underscores our dedication to operating with integrity and trustworthiness.”

Konstantin Richter, CEO and Founder of Blockdaemon commented, “As we continue to expand our operations and deepen our partnerships across the globe, this milestone paves the way for greater collaboration and innovation in the UAE’s vibrant blockchain ecosystem. We are excited about the opportunities ahead and remain steadfast in our mission to empower businesses and organizations with secure and scalable blockchain infrastructure solutions.”

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We congratulate Blockdaemon on receiving their licensing from ADGM to establish their presence in Abu Dhabi. The decision of a prominent institutional-grade blockchain infrastructure company to expand in this region with ADGM underscores the progressive regulatory environment offered by our international financial centre, as well as the significant potential and demand within the blockchain and Web3 sub-cluster and associated services. ADGM has been a pioneer in creating an ecosystem conducive to the growth and success of companies like Blockdaemon, and we eagerly anticipate the opportunities they can unlock within this region.”

Blockdaemon expanded into the Asia-Pacific region in February 2022 and shortly thereafter in March 2022, expanded to the EMEA region.

More and more blockchain infrastructure providers are setting up in the UAE specifically in Abu Dhabi. They include names such as IoTa which recently set up its headquarters in ADGM.

Hacken signs MOU with UAE ADGM to set new benchmarks for blockchain security

Hacken signs MOU with UAE ADGM to set new benchmarks for blockchain security

Hacken, a blockchain security auditing entity, has signed a Memorandum of Agreement with UAE’s Abu Dhabi Global Market (ADGM), to set new benchmarks for blockchain security and compliance.

As per the press release, this strategic partnership reflects a unique synergy between a regulatory body and a security auditor aimed at establishing a world-leading security assessment standard in the blockchain industry.

Under the MoU, ADGM’s Registration Authority (RA) will collaborate with Hacken on developing security standards and on-chain monitoring solutions in relation to ADGM’s DLT Foundations framework, positioning both organisations at the forefront of fostering a secure blockchain ecosystem. This collaboration not only highlights ADGM’s role in innovating regulatory frameworks but also Hacken’s commitment to advancing blockchain security globally.

Highlights of the MoU include collaboration in the following areas:

  • Security and Compliance Standards Development.
  • Advanced DLT Foundation Monitoring Arrangements
  • Development of AI-Enhanced Monitoring Solutions

“At ADGM, we are committed to setting unprecedented global standards in regulatory compliance and security by harnessing the transformative power of blockchain and AI. Our partnership with Hacken exemplifies our innovative drive and dedication to excellence. By integrating AI-driven technologies, we are pioneering a model of regulatory excellence that enhances transparency, security, and trust across the digital landscape. This represents the next frontier in SupTech, and take pride in spearheading this evolution,” said Hamad Sayah Al Mazrouei, CEO of ADGM RA.

Dyma Budorin, Co-Founder and CEO of Hacken emphasized the significance of the collaboration stating, “We are incredibly grateful for the opportunity to support ADGM in this pioneering venture. Our experience in working with public sectors, such as our audits for the European Blockchain Services Infrastructure and our cooperation with government entities, provides a solid foundation for this partnership. Together, we are setting a new global standard for blockchain security and compliance.”

Crypto Venture Capital fund receives in principle approval from ADGM in UAE

Crypto Venture Capital fund receives in principle approval from ADGM in UAE

 Token Bay Capital limited(“Token Bay”) is expanding its venture capital footprint in the capital of the UAE and has been granted an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) to carry out regulated activities that include managing both token and equity investments in early stage crypto start ups in the ADGM.

Subject to final regulatory approval for the grant of the Financial Services Permission (FSP), Token Bay brings niche capabilities to manage both token and equity investments in early-stage crypto start-ups under the FSRA’s Venture Capital Fund Manager (VCFM) framework.

Founded in 2021, Token Bay is a Crypto Venture Capital Fund that has adopted a regulatory-first approach from day one. Token Bay invests in start-ups building next-generation blockchain infrastructure and decentralized applications for Web3. Building on the success of its first fund, Token Bay is now launching its second fund and will continue to back outstanding entrepreneurs building infrastructure solutions for the new token economy.

In addition to Abu Dhabi, Token Bay also has offices in Hong Kong, and is strategically positioned across digital assets hubs in both the Middle East and Asia.

Founder and Managing Partner of Token Bay, Lucy Gazmararian stated, “This marks the first phase of global expansion for Token Bay, and we’re excited to have been granted the IPA in ADGM for venture capital investment in tokens as well as in equity. Blockchain technology has the potential to drive innovation through tokenization, and as blockchain networks continue to evolve, it is important that as venture capitalists we are fully equipped to support talented founders building in Web3 by directly participating in these networks and taking an ownership stake through tokens. We extend our sincerest thanks to the regulator for their forward-thinking approach and open dialogue so that we were able to reach this important milestone and establish Token Bay in one of the world’s leading international financial centers and digital assets hub.”

ADGM’s progressive regulatory framework, English common law legal framework, status as a leading centre for financial innovation and vibrant blockchain and digital assets ecosystem have attracted Token Bay to set up offices in the capital of the UAE.

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We extend a warm welcome to Token Bay Capital as they join ADGM’s international financial centre and commence their establishment in Abu Dhabi, marking the beginning of their global expansion journey. ADGM is dedicated to cultivating innovation and excellence in the financial sector, particularly within the virtual asset space. With progressive regulatory frameworks that facilitate companies like Token Bay Capital, ADGM’s vibrant ecosystem stands as the optimal platform for initiating their global growth trajectory.”

Token Bay’s Venture Funds offer institutions, multi-national companies, private banks, family offices and high-net-worth individuals the opportunity to invest in an emerging asset class right at the start of a multi-decade cycle. 

Varys Capital sets up Master fund for blockchain DeFi and Gamefi investment

Varys Capital sets up Master fund for blockchain DeFi and Gamefi investment

Varys Capital (“Varys”) has partnered with FundRock Investment Management Services (ME) Ltd (“FundRock”), a fund management company, licensed by the FSRA, to manage a feeder fund, that will invest its assets into a Master Fund with a mandate centered around blockchain, Web3 and infrastructure. The entity is named the Varys Capital Ventures (CEIC) Limited in the Abu Dhabi Global Market (ADGM).

The feeder fund will invest its assets into a Master Fund (“Fund”), which was initially established as an early-stage, equity-focused venture fund with a mandate centered around blockchain innovation, Web3, and infrastructure. The Fund has identified commitments across DeFi, GameFi/Web3, Infrastructure, and Emerging Technologies, all centered around blockchain.

Varys will invest in multiple domestic companies and has entered the UAE because of the local government’s supportive directives, the country’s high level of innovation, robust local infrastructure, and forward-thinking minds. Since securing initial investment from prominent family offices, institutions, and high-net-worth investors, Varys has actively closed the gap on its $75m round.

The feeder fund’s appointed investment manager, legal counsel, fund administrator, and auditor are FundRock, Al Tamimi, Apex Fund Services (AD) Limited, and Crowe Mak LLP, respectively.

Darius Askaripour, Director of Varys Capital, said, “Due to the government’s leadership and vision, ADGM has created limitless opportunities and attracted the most brilliant and talented minds in the digital asset space. As a unique venture fund with the capacity to quantitatively execute deals, we are honoured to be a significant contributing entity in the region. We have immediate plans for deployment, adding to our high-performing portfolio and reinforcing the global appeal of the United Arab Emirates as the nation continues to expand the wide use cases of blockchain technology.”

Matthew Pykstra from FundRock, said “We are thrilled to have partnered with Varys Capital on this feeder fund and are enthusiastic about the diverse offering that the fund brings to the region”

Arvind Ramamurthy, Chief of Market Development at ADGM, added “We congratulate Varys and FundRock on joining hands to manage a feeder fund, here in the ‘Capital of Capital’ – Abu Dhabi. This initiative aligns with ADGM’s growth strategies for the digital assets space, focusing on progressive regulations and initiatives encompassing DeFi, Blockchain, and other related sub-clusters.

ADGM’s vibrant community includes a range of domestic companies in the new-age finance sector, and we look forward to this fund strategically bridging the investment gap for these companies that will foster significant growth within the sector and enhance overall industry development.”

QCP Capital crypto trading firm opens office in UAE and partners with Further Ventures

QCP Capital crypto trading firm opens office in UAE and partners with Further Ventures

on the eve of Token2049 Dubai, QCP, a global digital asset trading firm and market maker with close to $60b in annual trading volumes
in 2023, and Further Ventures, a leading venture building and investment firm backed by Lunate and Mastercard, jointly announced a strategic partnership aimed at expanding digital asset innovation.

Tapping into the immense growth potential in Abu Dhabi, QCP and Further Ventures are partnering to launch new financial and Derivatives product offerings combining QCP’s considerable experience in digital asset trading and Further Ventures’ licensed broker-dealer and custodial platforms. On the back of this partnership, QCP is expanding to Abu Dhabi with plans to establish a presence in Abu Dhabi Global Markets as its jurisdiction of choice.

As per the press release, more details will be announced at a later stage.


Melvin Deng, CEO, QCP shared that, “Increased institutional adoption in digital assets combined with exponential growth of traditional AUM present a compelling and untapped opportunity for QCP to expand in Abu Dhabi, supported by our partnership with Further Ventures. We greatly value Further Ventures’ deep expertise and passion to develop the ecosystem as we grow our industry leadership in institutional digital assets.”

This collaboration brings together QCP’s market-leading and deep institutional capabilities in digital asset trading with Further Ventures’ investment expertise and extensive portfolio such as Tungsten and Fuze.

This article was updated on April 18th at 12:05 +3GMT

Web3 Klickl receives full VASP license from ADGM UAE

Web3 Klickl receives full VASP license from ADGM UAE

UAE based Klickl International, a regulated open banking and virtual asset platform has announced that it has secured a full license from the Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market. This achievement highlights Klickl’s dedication to tackling challenges across the Web3.0 and virtual asset landscape by developing an integrated financial platform that harmoniously blends traditional finance (TradFi) with the expanding realm of cryptocurrency.

Being founded in Abu Dhabi, Klickl strategically harnesses the emirate’s progressive regulatory environment and dynamic economic backdrop. This strategic positioning enables Klickl to streamline processes, bridging the gap between traditional financial markets and the digital economy. Such an approach not only ensures smoother transitions and improved accessibility but also lays the groundwork for integrating the next one billion users into the Web3.0 ecosystem.

Klickl’s platform is uniquely designed to be destination-agnostic, operating under a decentralized global licensing scheme that empowers users across various jurisdictions. This innovative framework not only advances inclusivity in financial services but also makes a notable impact on the global virtual assets community, facilitating seamless exchanges across diverse financial domains.

Michael Zhao, CEO of Klickl, shared his vision: “Obtaining the FSP license from FSRA marks more than a regulatory milestone; it validates our vision to merge traditional finance and cryptocurrency seamlessly. Our deep-rooted presence in Abu Dhabi, a region renowned for its pioneering strides in financial innovation, has equipped us to pioneer solutions that anticipate and fulfill the diverse needs of today’s global investors.”

Zhao added, “We are grateful for the unwavering support of the Abu Dhabi Global Market and the FSRA. Their forward-thinking regulatory policies are indispensable in our quest to redefine financial infrastructure. As we move forward, Klickl is excited to continue breaking new ground, ensuring the digital economy is accessible, secure, and efficient for everyone.”

With this new licensing, Klickl is set to expand its operations, offering robust, secure, and compliant financial services that are designed to meet the needs of today’s dynamic financial landscape and tomorrow’s digital horizons.

Kikl had receive preliminary approval back in September 2022.

Digital assets hedge fund with capital of $30 million sets up global headquarters in UAE

Digital assets hedge fund with capital of $30 million sets up global headquarters in UAE


backed by $30 million in capital. Triton Liquid a digital assets hedge fund, with its global headquarters in Abu Dhabi and has received an In-Principal Approval for an FSP, from the Financial Services Regulators (FSRA) of Abu Dhabi Global Market (ADGM).

As per ADGM press release, the launch will provide a best-in-class, tailored platform for Middle Eastern investors seeking to capitalize on the growth of blockchain technology and cryptocurrency adoption.

Seeded with $30M from Tier 1 VC, FJ Labs, Triton Liquid is backed by New York-based FJ Labs which has previously invested in Alibaba, Stripe, Revolut, Klarna and financial wellness company ABHI.

As the UAE emerges as a globally recognized centre for digital assets innovation and demand for tokens grows, Triton Liquid is poised to provide investors with access to token liquidity, rigorous data-driven digital assets analysis, and robust portfolio diversification.

Founded by MIT and Princeton alumni, Triton Liquid’s methodology combines fundamental venture capital (VC) principles with deep proprietary data analysis to invest in liquid tokens across the entire digital asset landscape. The result is a portfolio that generates venture-like returns with public markets’ liquidity.

Their investment edge is that they have built proprietary dashboards over the past two years that track relevant metrics across 24 digital asset verticals and combine it with ⁠VC-style due diligence with 20+ page deal memos for each project. Unlike traditional venture and equity investment models, where performance projects are based on retrospective quarterly or half-yearly earnings, Triton Liquid tracks live, open-source data, generating real-time insights and forecasts, equipping investors with far greater oversight and transparency.

This strategy was developed by their digital assets-native team that has built crypto products, decentralized exchanges, and digital asset hedge funds prior, where the fund partner has invested across three crypto investment cycles.

As of March 2024, Triton realized a 108% return since inception, after increasing their market exposure from 20% to 100% since November 2023.

Fabrice Grinda, Founder Partner at FJ Labs, comments; “Digital assets is the ultimate network effect business and a perfect complement to our core efforts. We believe that Triton’s proprietary evaluation process will offer venture-style returns in this emerging asset class, and we are delighted to be part of the Triton story in ADGM’s burgeoning digital assets ecosystem.”

Chris Keshian, Founder and CIO of Triton Liquid – and formerly FJ Labs’ Head of Liquid Digital Assets – is the architect of the fund and its liquid token strategy. Based in Abu Dhabi, Chris will be responsible for building and scaling operations in the region and driving the overall growth of the business.

Chris a true digital asset native, has been an active investor and trader in the cryptocurrency space since 2013. In 2014, he co-founded the first fiat gateway onto Ethereum, showcasing his acute understanding of emerging blockchain technologies. Building on this success, Chris further established a long/short cryptocurrency-focused hedge fund in San Francisco in 2016. Today, he is bringing his extensive experience to Abu Dhabi’s thriving digital assets ecosystem

Chris Keshian, Founder and Chief Investment Officer at Triton Liquid says: “The liquid digital assets market has evolved rapidly over the last ten years, and now sits at the cross-section of venture investing and public equity investing. Most projects are early stages but have an actively traded token that represents ownership or value accrual for the company. As such, through applying a venture style research process with a public equity style data due diligence and rebalancing process, we have created a strategy which we believe provides the best exposure to the growth and liquidity of this asset class.”

“The UAE is undoubtedly becoming the global hub for digital assets and the broader DeFi industry,” Chris adds. “The fintech ecosystem in the UAE is more vibrant than ever, and we look forward to playing an active role in its continued evolution. The UAE’s visionary leadership, financial services pedigree and constant drive for fintech innovation make this market a perfect fit for us. Our launch today marks a major milestone for our company and a crucial inflection point in our growth journey, one which we are delighted to share with our partners at ADGM.”

In an interview with Zawya, Keshian stated, “We invest in projects on a category basis. I assess 12 projects that are all competing and trying to do the same thing, then I would decide which of these will win and invest accordingly.” Investments so far include Synthetix – a derivatives liquidity protocol for derivatives trading in decentralized finance – and blockchain platform Solana.

He concludes when asked why he chose UAE, “It will be one of the three jurisdictions along with Hong Kong and Singapore that capture the lion’s share of entrepreneurs and people and funds who want this to see this become a real asset class,” Keshian said.

XBTO for digital assets investments sets up in ADGM UAE

XBTO for digital assets investments sets up in ADGM UAE

XBTO a platform for digital assets and tailored crypto investment solutions, has been selected to join Abu Dhabi’s Hub71 Digital assets, Web3 ecosystem as it seeks regulatory license from ADGM ( Abu Dhabi Global Market) FSRA authority XBTO has also appointed former Mubadala executive, Karl Naïm as General Manager of XBTO.

Karl, is a seasoned serial technology startup entrepreneur and former positions at Mubadala, UBS, and Goldman Sachs, will lead XBTO’s strategic expansion in the Middle East. 

XBTO has established a new office in ADGM which will provide a suite of digital assets products, solutions, and investment management strategies to institutional and qualified clients within the region.

Prior to joining XBTO, Karl co-founded Hub71 startup, Purpl, a digital wallet and remittance aggregator for Lebanon, and served as its CEO until November 2023. He was recognized by MEA Markets as the “Most Transformational Financial Inclusion CEO 2023” in the Middle East.

Commenting on the Hub71 selection and Abu Dhabi expansion, Philippe Bekhazi, Founder & CEO of XBTO, said, “We are excited to be selected by Hub71, Abu Dhabi’s global tech ecosystem, and to welcome Karl Naïm to our team. His expertise positions us strongly for our expansion in the Middle East. Our new Abu Dhabi office will enable us to bridge traditional finance and digital assets, reflecting XBTO’s commitment to innovation in this space.”

Peter Abou Hachem, Head of Growth and Strategy, Hub71, added, “The addition of XBTO to Hub71+ Digital Assets is a reflection of the founding team’s strong leadership, robust business model and its commitment to transforming the digital asset landscape from Abu Dhabi. As we continue attracting the most promising startups to our specialist ecosystems, we remain focused on our mission to transform the UAE capital into a world leading tech hub for Web3 and digital assets. XBTO is poised to unlock the immense potential of being part of an ecosystem, propelling Abu Dhabi to the forefront of innovation not only in the UAE but globally.”

Karl noted, “I am excited to introduce XBTO’s unparalleled expertise in digital assets to institutions and family offices in the region. My focus will be on building a high-performing team and collaborating closely with the Financial Services Regulatory Authority, positioning XBTO as the provider of choice for all digital asset-related services in the region.”