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.”

Former ambassador to UAE chairs Binance Board of Directors at ADGM

Former ambassador to UAE chairs Binance Board of Directors at ADGM

Registered in UAE’s Abu Dhabi Global Markets, the new board of Directors of Binance is headed by the former Barbados ambassador to UAE Mr. Gabriel Abed.

Binance MENA Holdings, registered in ADGM has appointed Gabriel Abed, who served as ambassador of Barbados to the United Arab Emirates, as chairman. According to ADGM website Abed was appointed on March 8th 2024. Could this mean that Abu Dhabi is the headquarter of Binance?

Binance listed the Board of Directors on its website.

Gabriel Abed as Chairman of the Board (Independent Board Member), a globally recognized technology entrepreneur, seasoned board member and former diplomat specializing in the intersection of regulatory innovation and financial technologies. He has over 13 years of experience within the blockchain industry and has navigated complex financial landscapes within regulated environments across several industries and countries

In 2013, Mr. Abed was the founding CEO of Bitt, the trailblazing company that introduced one of the world’s earliest Central Bank Digital Currencies (CBDCs). In 2016, he co-founded Digital Asset Capital Management (DACM), a hedge fund that quickly became best-performing in its category. Today, he continues to be a leading authority on digital economy affairs, regulation and blockchain technologies.

In April 2018, Mr. Abed was appointed as the Special Technology Advisor to the Honourable David Burt of Bermuda. In 2020 he had a leadership role in the World Economic Forum’s Global Future Council on Cryptocurrencies’ Regulatory Framework Group. He was also a board member of the Barbados Stock Exchange and of ANSA Bank (Trinidad). Mr. Abed serves as an honorary member for the Barbados Financial Services Commission’s subcommittee for FinTech.

Mr. Abed graduated with honors from the Ontario Technology University, with a Bachelor’s Degree in Information Technology, majoring in Network Security. Due to his contributions to blockchain and regulation technology, Mr. Abed was also conferred an Honorary Doctorate in Law by the University of the West Indies.

As per Binance website, “As Chairman of Binance’s Board of Directors, Mr. Abed remains dedicated to forging multilateral relationships across governments, governance, technology and regulation.”

Xin Wang appointed as Independent Board Member. Xin Wang is a qualified lawyer in the State of California and a Solicitor of England and Wales with extensive experience in leveraged, acquisition and project financings as well as mergers and acquisitions (M&A). Ms. Wang serves as an independent board member of Binance’s Board of Directors.

Ms. Wang is the CEO of Bayview Acquisition Corp, a special purpose acquisition company listed on NASDAQ. She also serves as consulting partner at BHR Partners, a firm that focuses on strategic private equity investments in cross-border M&A deals with specific focus on high-end manufacturing and natural resource sectors. Prior to BHR, she served as Counsel with the international law firm of White & Case. Ms. Wang received her Bachelor of Commerce from McGill University and Juris Doctorate from Boston University School of Law.

Arnaud Ventura appointed as Independent Board Member. Arnaud Ventura is Managing Partner of Gojo & Company, a Tokyo Based investment holding company. He is a serial entrepreneur focusing on businesses that generate strong social impact. Mr. Ventura founded and led two of the leading financial inclusion groups worldwide, PlaNet Finance and Baobab (formally known as MicroCred Group), a microfinance holding company which he led as its founder and CEO till 2019. Mr. Ventura was also the Founder of mBank Holding, a mobile banking-based group and of the Positive Economy Forum, a series of events focusing on developing a positive economy. Mr. Ventura is Co-Founder and President of the France-China Young Leader Programme and the France Asia Foundation. Mr. Ventura is a French-American Young Leader Fellow and a WEF Young Global Leader. He is a graduate of one of the top French engineering schools.

Mr. Ventura is also an Independent Board member with: NSIA Group and MANZI Holding; Ard Financial Services, where he is also chairman of the Audit & Risk committee; and, Humo Bank, where he also chairs the Risk committee. Mr. Ventura is also the Chairman of the Board of Binance France, a registered VASP in France.

Richard Teng :is the CEO of Binance; previously serving as CEO of Binance Singapore and held roles looking after the MENA region, the European region, and ultimately all regions outside of the U.S. as the Head of Regional Markets at Binance.In this role, he led regional teams to secure strategic partnerships, foster an ecosystem of innovation, and expand the cryptocurrency ecosystem within the respective regions. Prior to joining Binance, Mr. Teng was a former regulator. He was the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), where he showcased his capabilities as one of the world’s foremost innovative regulators. Mr. Teng’s vast experience also includes previous roles as the Chief Regulatory Officer of the Singapore Exchange (SGX) and Director of Corporate Finance at the Monetary Authority of Singapore (MAS). Mr. Teng received his Masters in Applied Finance (Distinction) from the University of Western Australia and a Bachelor of Accountancy (1st Class) from Nanyang Technological University.

Roger Wang: is the top product expert in Binance and a founding member of the organization. He developed the cutting-edge technology that drives Web3 innovation through the Binance platform. He is responsible for the design and implementation of the exchange platform and wallet system, ensuring its security, stability, and scalability. He has been working in the financial industry for over 10 years. Prior to joining Binance, Mr. Wang played a leading role in the development of the credit booking, analytics and marking systems in Nomura and the equity system in Morgan Stanley.

Heina Chen: is a Senior Executive and Co-Founder of Binance. With deep Web3 experience, Ms. Chen manages the clearing, settlement and treasury at Binance and is also responsible for the strategy implementation, company policies enhancement and business operation management. Ms. Chen has over 14 years of operations management and entrepreneurial experience. The breadth of her experience includes overseeing the whole back office covering Finance, HR, Admin, Clearing, and Treasury functions for the world’s largest cryptocurrency exchange. Prior to Binance, Ms. Chen was Chief Operating Officer and Co-Founder of Bijie Tech, a software development company providing exchange-as-a-service platforms to other exchanges. Ms. Chen has a Master EMBA from the National University of Singapore and Bachelor’s Degree in Finance and Accounting from Shanghai University of Finance and Economics.

Rock He: dedicated himself to the digital currency field in 2014 and joined Binance in 2017 as one of the founding team members, where he has led a number of business units including one of the most critical, Fiat, for the on-ramps and off-ramps. Mr. He has over a decade of experience in team management and more than four years of experience in Internet and media companies leading operations, branding and business.

Mr. He has more than 10 years of experience in the blockchain industry, including as an independent researcher, with strong institutional knowledge with respect to Binance’s product offerings and product development strategy. Mr. He oversees daily business operations, including the setting of key performance indicators, and ensuring teams achieve their performance targets. Mr. He focuses on plans to increase efficiency and reduce operational costs; coordination with the regional and global management team to ensure alignment; and, ensures operational processes stay compliant with local laws and regulations. Mr. He has a Master EMBA from the National University of Singapore.

The Global Advisory Board comprises of the following members:

Max Baucus, USA, Former U.S. Ambassador to the People’s Republic of China; Former U.S. Senator Montana; Former Chairman of Senate Committee on Finance

HyungRin Bang, Korea, Advisor of the Korea Presidential Committee; PR/Communications Advisor of Yoon Seuk-Yul’s 2022 Presidential Campaign; Former CEO, SoftForum Inc.; Former Executive Director, Hyundai; Former Executive Director, Samsung;

Henrique de Campos Meirelles, Brazil, Former Minister of the Economy, Former President of the Central Bank of Brazil, Former Chair of J&F’s board of directors, Former Member of the Board of Directors of Azul Brazilian Airlines, Former President, BankBoston; Former President of Global Banking, FleetBoston Financial; Former Board member, Raytheon Corporation, Bestfoods and Champion International. Former Member of the Council of Lloyd’s of London; Former Chairman of Lazard Americas.

Adalberto Palma, Mexico, Honorary Board Member of The Aspen Institute Mexico; Former Senior Advisor at the Chief of Staff Office to the President of Mexico; Director of Business Development at BEworksMX Consulting; Former President of the CNBV; Founding Chairman of The Center for Excellency in Corporate Governance; Independent Director of the Institute for Savings Protection; President of Bankers Trust Mêxico, Colombia and Venezuela; Managing Director of Citibank Mexico.

David Plouffe, USA, Business, Non-Profit and Political strategist; Author, Member of Various Boards of Directors; Former Campaign Manager Senior Advisor to President Obama in the White House

Christin Schäfer, Germany, Founder and Managing Director of acs plus; Former Group Risk Operating Officer, Erste Group Bank; Former Global Head of Quantitative Solutions, Deutsche Bank, Member of the Data Ethics Commission, German Federal Government

Lord Vaizey, UK, Member of the House of Lords; Former Minister and Member of Parliament

David Wright Europem Chair, EUROFI; Former Secretary General, IOSCO, Former European Commission; Deputy Director General Financial Markets, European Commission

Prior to this Binance offloaded its venture arm Binance Labs.

ADGM hosts Blockchain funds Forum on digital finance and DeFi

ADGM hosts Blockchain funds Forum on digital finance and DeFi

UAE Financial centre, ADGM (Abu Dhabi Global Markets) has announced that it will be holding the Abu Dhabi Blockchain Funds Forum on April 16th at ADGM.

The Forum will gather investors to discuss and explore opportunities in the digital finance and Blockchain landscape.

Speakers will also discuss the potential of Web3 with expert panels on investment opportunities in blockchain technology.

As per the agenda, speakers will include Alex Lipton from ADIA, John D’Agostino from Coinbase, Valerie Hawley from True Global ventures, as well as speakers from SuperScrypt, BH Digital, First Abu Dhabi Bank, Galaxy Digital, Further Ventures, CoinFund and more.

Also on the table is a discussion about the future of DeFi (Decentralized Finance).

ADGM has been at the forefront of virtual asset and DLT regulation. It has also welcomed players such as IoTa, Solana, and others to its financial centre. In addition, the first national crypto exchange M2 was launched recently from ADGM.

The UAE has become a magnet for crypto, digital assets and blockchain startups and companies given its work to advance virtual asset and blockchain regulations.

Blockchain AI real estate DAO sets up in UAE

Blockchain AI real estate DAO sets up in UAE

BrickLayer DAO a tokenized RWA platform built on Blockchain, and AI, for real estate has set up in the UAE and is seeking a license from FSRA in ADGM (Abu Dhabi Global Market) as well as a license in VARA (Dubai’s virtual asset regulatory Authority).

According to their website, Bricklayer platform is fueled by AI and virtual assets, providing a decentralized Blockchain access to institutional grade real estate. It also offers over-leverage crypto holders with access to institutional real estate without sacrificing the speculative gains, providing consistent change to real yield dividends in ‘$MORTAR’.

As per their website and linkedIn post, Bricklayer DAO is in the process of being regulating under FRSA, VARA and UAE common law, giving a legal layer of protection to investors.

Nick Prescott one of the founders who was a former executive at Amazon and now the co-founder of BrickLayer explored blockchain but faced uncertainty in picking genuine projects. Nick’s frustration with corporate hierarchies fueleda quest for a blended solution—a platform combining blockchain’s speculative nature with REIT’s stability, all while giving investors a voice.

Nick delved into DAOs, decentralized environments where everyone’s voice matters. After completing a cryptocurrency course at MIT, he left Amazon and founded Bricklayer. This real estate fund, powered by Ethereum blockchain, adopted a decentralized strategy influenced by $BRICKS token holders. It offered a unique blend of speculation, hedged with one of the safest of asset classes.

Bricklayer is now incorporated the UAE. Bricklayer aspires to become the Robinhood of real estate, reshaping the traditional landlord-occupier dynamic. As stated, “We’re committed to increasing leasehold flexibility and reducing occupational costs, forging partnerships with occupiers to create a more equitable and flexible real estate ecosystem. Bricklayer is dedicated to advancing blockchain adoption within the real estate industry. We’re on a mission to persuade vendors to embrace virtual assets as a valid form of exchange in real estate transactions, ushering in a new era of efficiency and transparency.”

Tokenization of real estate in UAE is picking up with recent Desert Pearl project.

UAE ADGM registers its second DLT Foundation

UAE ADGM registers its second DLT Foundation

UAE financial freezone center, based out of Abu Dhabi, ADGM ( Abu Dhabi Global Market) has registered its second DLT Foundation.The Finschia DLT Foundation, chaired by Youngsu Ko, has been registered as a Distributed Ledger Technology (DLT) Foundation with the ADGM.

IOTA DLT Foundation announced its registration as the first foundation under the DLT Foundations Regulations at ADGM in November 2023.

First established in March 2023 by LINE Tech Plus, a blockchain subsidiary of LINE, the Finschia DLT Foundation is a foundation dedicated to developing sustainable token models in collaboration with global Web3 users. The Finschia Foundation aims to accelerate expansion into global Web3 business initiatives.

The Finschia Foundation has registered as the first Asian blockchain project under the Distributed Ledger Technology (DLT) Foundations Regulations of ADGM. Additionally, the Finschia Foundation is set to develop accessible Web3 services for global users in collaboration with various enterprises in Abu Dhabi, based on its public blockchain ‘Finschia’.

Youngsu Ko, Chairman of the Finschia Foundation Council, stated, “ADGM is advancing as one of the most blockchain-friendly and leading digital asset regulatory environments globally. We anticipate significant progress through our collaboration with ADGM.”

The Finschia Foundation is also focused on creating an open blockchain platform, designed for easy accessibility by partners and users from various sectors. In addition, they are actively working to expand the availability of their digital asset, ‘FINSCHIA (FNSA),’ across more exchanges, aiming to continually enhance its liquidity and usability.

Inheriting the philosophy of LINE Blockchain, “Blockchain for All”, the Finschia Foundation operates its third-generation public blockchain mainnet “Finschia” and crypto asset FINSCHIA (FNSA), and aims to achieve a sustainable token model with Web3 users around the world.

In January 2024 Finschia announced the merger with Klaytn Foundation, to form a new blockchain mainnet. The two foundations have submitted their proposals to their respective governance members for open discussion, with voting scheduled from 26 January till 2 February. The governance proposal submitted by Klaytn Foundation can be viewed on the Klaytn Governance Forum.

Blockchain and DLT to grow by 17 percent in ADGM

Blockchain and DLT to grow by 17 percent in ADGM

A recent UAE ADGM (Abu Dhabi Global Market) survey has indicated a strong trajectory growth in several sectors including the field of Fintech and digital assets, Blockchain and Distributed Ledger Technology poised to grow by 17.08% and 16.83% respectively. In the lead is asset management growth at 18.56%.

According to ADGM press release, these sectors are reinforced by the growing interest in Sustainable Finance and Private Banking and Wealth Management, which are also projected to experience substantial growth. Furthermore, Professional Services are forecast to continue their upward trend, rounding out the sectors set for expansion within the dynamic financial landscape of the IFC

Nearly 97% of business leaders show strong support for recommending ADGM. A total of 70.81% of companies anticipate expanding their workforce in ADGM during 2024.

The robust regulatory environment acknowledged as the cornerstone of ADGM’s competitive edge. ADGM had announced earlier this year that it would be amending and updating its virtual assets framework. It then introduced its Blockchain/ DLT ( distributed ledger technology) framework.

Accordingly a research report by Wamda and Digital Digest, noted that Web3 startups in the MENA region raised $39 million in February this year. Startups in the Middle East and North Africa (Mena) region raised $88.7 million across 37 deals, a modest growth of just two per cent month-on-month in terms of deal value. Compared to the same period last year, the amount invested in February this year has fallen by 88 per cent.

The UAE remained at the top of the Mena ecosystem in terms of investment, with its startups raising $65.6 million across 22 deals, half of which went to the Flare Network.

Venom Blockchain Foundation exits UAE to The Cayman Islands

Venom Blockchain Foundation exits UAE to The Cayman Islands

One year ago to date, the Abu Dhabi Global Market, (ADGM) an international financial center, based out of Abu Dhabi UAE, had announced on LinkedIn that Venom Foundation was the first licensed crypto foundation which would be building a scalable blockchain, today Venom Foundation is no longer in ADGM, but has established a new foundation in the Cayman Islands.

A year ago, ADGM was very hopeful. ADGM statement read, “Venom Foundation is set to become one of the most anticipated blockchain phenomena, enriching the ADGM community and the nation as a whole! Subject to the relevant regulatory approvals, Venom Foundation will work with ecosystem participants to ensure that such products are offered in a compliant manner within the trusted and well-regulated environment of ADGM.”

Today Venom’s announcement made on medium changes the narrative, as Venom Blockchain gears up towards its mainnet launch on March 18th 2024. The post reads, “Recently, Venom underwent a transformative phase by establishing a new foundation in the Cayman Islands. This strategic move signifies a leap forward, aligning Venom with the progressive regulatory framework of the Cayman Islands and the British Virgin Islands (BVI). By doing so, Venom reaffirms its commitment to providing secure, reliable, and innovative cryptocurrency services to its users worldwide.”

So it would seem that either ADGM dropped Venom Foundation after all the turmoil that the entity went through in the past year, or Venom Foundation dropped ADGM license, created a new foundation, and set it up in the Cayman Islands and BVI.  

Talking about turmoil, Venom Foundation was brawled in a legal battle. In July 2023, Alibek Garcia Isaev, one of the main investors in Venom Foundation, 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. He was then found innocent in December 2023.

But before the final ruling, Venom had also lost one of its very early investors and executives. 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. It is noteworthy that it seems the relationship between Venomex and Venom Foundation is no longer there. Venomex looks to be a standalone entity still regulated in ADGM, while on Venom Foundation website, there is no mention of Venomex anymore. What’s more Kheriba is still a registered director according to FSRA website.

In the about section of Venom Foundation on medium, the company notes that Venom is a multi-blockchain network being a basis for scalable Web3 applications in the DeFi and Global Payments markets. Venom Foundation main priority to develop and support a self-sufficient blockchain ecosystem has attracted developers to build various projects: VenomWallet (non-custodial wallet with a multisig option and ledger support), VenomScan (to access transactions history), VenomGet (an easy gateway to Venom tokens), VenomBridge (allowing the interchain transactions), VenomPools (to stake on validator nodes), Web3.World (native decentralized exchange). No Venomex exchange is listed.

So while Venom Foundation has moved on to greener pastures, so has ADGM. It launched its new DLT regulation that would allow DLT (Distributed Ledger Technology) Foundations, DAO (Decentralized Autonomous Organizations) to issue tokens. Soon afterwards, IoTa Foundation received the first DLT Foundation license.

If there is one takeaway from all this, it is that the virtual assets scene is ever changing and the regulations ever growing. So while the UAE says goodbye to Venom Foundation, as it did to Hayvn, it is welcoming many others onboard.

UAE regulated digital assets custodian Tungsten now hiring

UAE regulated digital assets custodian Tungsten now hiring

UAE organically incubated, digital assets custodian, Tungsten, regulated under the FSRA (Financial Services Regulatory Authority) in ADGM is on a hiring spree.

Tungsten, according to Further Ventures, UAE Venture Capital firm, and its incubator, is a 100% UAE sovereign digital asset custodian that offers secure and regulated custody service.  It is also backed by an Abu Dhabi Sovereign Wealth fund.

As per Tungsten, “ We are on a mission to create the most advanced digital assets custody and treasury services for our clients, helping them to become self-sovereign organizations with strong mechanisms for access control, multi-tier and multi-factor authentication, no single points of failure, and advanced transactional risk management.”

Tungsten goes on to note, “Our offering will be insured by global underwriters, regulated exclusively by ADGM (Abu Dhabi Global Markets), and host its core services in a Tier IV data center with 24/7 physical security.”

Tungsten is custodian of virtual assets that protects client funds from geo-political, regulatory, and cloud risk by operating a fully private physical and application infrastructure out of the most secure facilities in the world.

The website states that Tungsten goes beyond custody, their integrations span exchanges, liquidity providers, analytics, tokenization, and more, providing a holistic solution.

The company is founded by Christian Desjardins, Co-Founder and CEO , as well as Jose J. Perez Aguinaga as the Co-Founder and CTO.

Tungsten is currently hiring an assistant Manager-Deputy MLRO.

In the advert for the position it states that Tungsten, backed by an Abu Dhabi Sovereign Wealth Fund has expansion plans across the Middle East and Eastern Europe.

The job advert notes, “We aim to redefine the landscape of secure, user-friendly virtual asset custody solutions. Our commitment is to unparalleled security, reliability, and ease of use, positioning Tungsten as the preferred choice for institutions managing their virtual assets.”

Tungsten is looking for Assistant Manager – Deputy MLRO, to support the Money Laundering Reporting Officer (MLRO) in implementing and managing their anti-money laundering (AML) and counter-terrorist financing (CTF) framework.

This comes as more and more Blockchain and digital asset entities launch from ADGM in UAE.

This article was updated on Feb 27th 2024. Update concerned founding members.