The Hashgraph Group invests in AgNext to offer food traceability in MENA using blockchain

The Hashgraph Group invests in AgNext to offer food traceability in MENA using blockchain

The Hashgraph Group (THG), a Swiss-based global business, venture capital, and technology firm dedicated to the Hedera ecosystem, has strategically invested in AgNext Technologies, a leading agritech company driving innovation in food quality and transparency. With operations spanning India, Europe, the Middle East, and the USA. AgNext leverages AI-driven quality assessment and blockchain-enabled traceability to enhance food safety and efficiency across the supply chain.

With this investment, THG joins AgNext’s recent financing round led by Novo Holdings, a holding and investment company headquartered in Denmark, with over US$150 billion in assets under management. Novo Holdings manages the wealth and assets of the Novo Nordisk Foundation.

Following its Series A funding in 2021, of $21 million led by Alpha Wave Incubation (AWI), AgNext opened its first international office in Abu Dhabi, UAE. AWI is backed by DisruptAD, which is managed by Falcon Edge and serves as the venture capital arm of Abu Dhabi’s sovereign wealth fund, ADQ. The funding at the time supported the view that AgNext is uniquely positioned to drive the digitization of quality-based food trade in the MENA region with its pioneering technologies.

Approximately a third of all food produced for human consumption is lost or wasted annually, leading to severe environmental, economic, and social consequences. This not only exacerbates food insecurity but also contributes to greenhouse gas emissions, waste of resources, and economic losses. Boston Consulting Group estimates global food wastage at $230 billion annually.

Traditional quality checks are slow, error prone, and costly which leads to recalls and loss of trust. AgNext solves this with its patented AI powered solutions, replacing subjective assessments and lab delays with instant on the spot analysis. The solution brings digitized trust to global food supply chains.

Following this strategic investment by THG, AgNext will integrate Hedera’s cutting-edge distributed ledger technology (DLT) into its assurance and traceability platforms and devices – ensuring 100% traceability, transparency, immutability, and efficiency through self-executing smart contracts, eliminating the need for multiple intermediaries that currently populate the supply chains and drive-up end prices. Hedera being the most scalable, cost-efficient, and energy-efficient among blockchain protocols is especially well-suited for food supply chains.

Taranjeet Bhamra, Founder and CEO of AgNext, commented on the investment, saying: “We are excited to welcome The Hashgraph Group as a valued partner in our mission to revolutionize food supply chains. With THG’s expertise and technology, we are poised to enhance our quality assurance frameworks and create robust transaction assurance systems that will foster transparency and trust in the global agriculture and food sectors. This partnership marks a pivotal step in delivering innovative, cutting-edge solutions to our clients.”

AgNext and THG will also collaborate on joint go-to-market initiatives, including co-branded, Hedera-powered embedded devices, which will be offered to clients globally through a new Web3-centric joint venture established in Switzerland.

Stefan Deiss, Co-Founder & CEO of The Hashgraph Group, said: “THG brings deep expertise in designing, developing, and deploying enterprise-grade solutions on the Hedera network, delivered by our team of highly skilled, Hedera-certified engineers. With this strategic co-investment alongside Novo Holdings, we look forward to embarking on the tech-enablement journey with AgNext to drive the convergence of AI and Blockchain/DLT, while jointly bringing to market Hedera-powered AgriTech solutions that will enhance AgNext’s competitive edge in the Web3 era.”

Hedera leverages its unique Hashgraph consensus algorithm to achieve unmatched speed, security, and scalability. With low, predictable fees and a carbon-negative footprint, Hedera is governed by over 30 Council Members from the world’s leading organizations such as Abrdn, Dell, EDF, Hitachi, Google, IBM, Mondelēz, Standard Bank, and TATA, Hedera provides a trusted, quantum-resistant infrastructure for businesses and institutions worldwide.

Anindya Roychowdhury, Head of Global Partnerships at The Hashgraph Group, stated: “I’ve been closely following AgNext’s remarkable growth since its inception, and I’m thrilled that THG is now partnering with them to leverage Hedera as the foundation for their assurance and traceability platforms. With Taranjeet’s visionary leadership and the capabilities of Hedera, we are confident in creating world-leading, Web3-enabled solutions for the AgriTech industry.”

Blockchain payments platform Due launches in UAE

Blockchain payments platform Due launches in UAE

Established in 2022, Due a UK based fintech startup using blockchain and stablecoin technology to reshape international payments has established a presence in the UAE. The company which provides borderless multi-currency accounts, global transfers / remittances and merchant acquiring for individuals and businesses announced on X that they were now live in the UAE. The post stated, ” We’re Live in the UAE! We’re launching Due in the UAE, making it easier than ever to send and receive AED all powered by stablecoins and local payment rails.”

As per the post Due will be offering easy deposits with effortless top-ups through local AED transfers, fast & affordable Payouts AED payments with low fees and instant settlement, and unique Local Virtual Accounts with dedicated AED account details to get paid locally.

The company built its platform on top of public blockchains, leveraging stablecoin liquidity markets across Europe, US, LatAm and Africa to enable accessible, fast, and cheap international money movements for clients around the world. Due’s platform is non-custodial.

It was founded by Robert Sargsian and Alex Popov. Robert previously worked at Revolut (largest neobank in Europe) where he was part of the Chief Revenue Officer team, leading new bets / special projects in Retail/Credit and Crypto and helping shape the company’s global Crypto strategy.

UAE regulated stablecoin environment

The UAE is the first country in MENA region to regulate stablecoins through its Central Bank. It allows AED stablecoins to be used as a legal tender, while other virtual stablecoins once regulated can be used for the purchase of virtual assets.

So far one AED stablecoin has been regulated, the AE Coin.

UAE Tokinvest and InvestaX have partnered to deliver tokenized asset offerings

UAE Tokinvest and InvestaX have partnered to deliver tokenized asset offerings

Tokinvest, a market-leading real-world asset investment platform based in Dubai, and InvestaX, a leading tokenization platform based in Singapore, have partnered to enhance global accessibility to asset-backed and rights-linked virtual assets. The two entities will deliver an end-to-end solution for token offerings and secondary market trading across two markets that are global leaders in supporting the adoption of real-world asset tokenization.

The collaboration between Tokinvest and InvestaX will provide a seamless dual-market solution for real-world tokenized assets.  This includes structuring and creating virtual assets, issuing tokens in the primary market, raising capital, and facilitating liquidity and secondary market trading. The partnership leverages both companies’ complementary regulatory licenses and market reach: Tokinvest as a leader in the Middle East and InvestaX as a pioneering platform in Asia.

“Through this partnership, we are uniting two strong forces in the virtual assets world to bring greater access, efficiency, and liquidity to investors and asset owners,” said Scott Thiel, CEO of Tokinvest. “Our shared vision is to enhance the global ecosystem of tokenized assets and provide robust solutions for those looking to invest in the digital future.”

Julian Kwan, Co-Founder & CEO of InvestaX, added: “We’re excited to collaborate and bring Singapore and the UAE closer together through this partnership. We already have several projects in the pipeline, and we’re eager to launch them and contribute to the growth of this industry.”

Tokinvest has been increasing its partners over the past few months

Just last week, Tokinvest, and German based StegX, a platform for tokenized real assets based in Germany, have partnered to bridge tokenization between UAE and Germany. StegX has been collaborating with entities to bridge tokenization solutions with Singapore, and Latin America.

Additionally Tokinvest expanded its collaboration with Universal Digital Payments Network (UDPN) to launch a Tokenized Deposit and Stablecoin Management System.

Hashkey Group crypto exchange to be licensed UAE

Hashkey Group crypto exchange to be licensed UAE

HashKey Group (“HashKey”), a leading end-to-end digital asset financial services group in Asia, has announced that HashKey MENA FZE , a member of the HashKey Group, has received an In-Principle Approval (IPA) from the Dubai Virtual Assets Regulatory Authority (VARA) for its Virtual Asset Service Provider (VASP) license application to offer crypto exchange services.

As per the press release, this regulatory approval reinforces HashKey Group’s position as a trusted leader in the virtual asset industry, enabling HashKey to deliver secure and transparent services globally.

HashKey Group is adigital asset financial services group in Asia with global operations in regions such as Hong Kong, Singapore, Japan, Ireland and Bermuda. Since 2018, HashKey Group has built al Web3 ecosystem within a high-compliance regulatory framework, including HashKey Exchange, a licensed virtual asset exchange regulated by the Hong Kong SFC; HashKey Global, the global flagship digital asset exchange; HashKey Capital, a global asset manager investing exclusively in blockchain technology and digital assets; HashKey OTC, the compliant over-the-counter (OTC) trading arm of HashKey Group, HashKey Cloud, a leading provider of global Web3 infrastructure; and HashKey Tokenization, a tokenization services provider.

Upon final approval, the VASP license will authorize HashKey MENA FZE to offer Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services to retail investors, qualified investors, and institutional investors.

HashKey Group holds licenses in Hong Kong, Singapore, Japan, and Bermuda, has a VASP registration in Ireland, and is actively pursuing a MiCA license in Europe to further strengthen its global regulatory footprint. The Group recently secured VASP registration approval from the Central Bank of Ireland.

So far UAE has been able to attract global crypto exchanges to the country including Crypto.com, Binance, OKX, and others. Hashkey will be one of the first from Asia to be seeking a license in the UAE.

The birth of a $1 billion blockchain from the merger of Klaytn and UAE Finschia

The birth of a $1 billion blockchain from the merger of Klaytn and UAE Finschia

Two blockchain platforms, Klaytn backed by Kakao, and UAE based Finschia backed by Naver an affiliate UAE based LINE Tech Plus have merged to create a new unified blockchain platform Kaia, which means “and” in Greek, with a market capitalization of $1 billion.

Both entities seek to have the biggest Web3 ecosystem in Asia through this merge.

Kaia, the unified blockchain ecosystem, will be launched by the end of June, according to the press release.

In January of 2024, the two blockchain’s announced their intent to merge and sought necessary approvals which were accepted.

“Several parallel tasks for the integration are proceeding smoothly,” Seo Sang-min, chairman of Klaytn Foundation, said at the press conference. “The mainnet will be launched at the end of June, introducing the integrated token and governance system.”

“We are committed to positioning ourselves as a leading blockchain mainnet in the Asian market by collaborating with partners, including LINE Next,” Seo said.

UAE based Finschia Foundation is an independent non-profit organization, based in Abu Dhabi. As per the press release, following the integration of their blockchain ecosystems, a unified foundation will be established in Abu Dhabi, UAE, in June 2024.

Next on the agenda is to communicate with crypto exchanges, where coins from both foundations are listed, to update their listings to Kaia. Integration of both platform’s communities and social channels will also take place.

If successfully integrated, this merger will lead to the creation of a domestic virtual asset project with a market capitalization valued at 1.4 trillion won or $1 billion.

“Our goal to establish a no.1 blockchain in Asia following this merger remains unchanged,” Kim Woo-seok, director of Finschia Foundation, said. “We aim to create technological synergy rather than merely integrating two networks into one.”

“Integrations between large-scale chains are rare, so our project attracts considerable international attention. Our teams are diligently working to make this a successful example,” Seo said.

In December 2023, UAE based Finschia Foundation, NEOPIN, DeFi multichain platform partnered to provide decentralized exchange services. Under the agreement Finschia and NEOPIN would collaborate to develop the Finschia Network Swap (hereinafter referred to as FNSwap). NEOPIN is currently developing FNSwap, which will be the first Automated Market Maker (AMM) Decentralized Exchange in the Finschia ecosystem.

C1 Fund and Spartan group to drive innovation in digital assets secondaries

C1 Fund and Spartan group to drive innovation in digital assets secondaries

Cayman Island C1 Fund, a fund dedicated to the digital assets place, with a presence in the UAE and USA, has partnered with Asian based Spartan Group, a Web3 advisory and asset management firm.

As per the press release, the partnership with Spartan Group signifies a key milestone for C1 Fund, as Spartan Group brings unparalleled expertise and a proven history of success in advising on multi-billion-dollar M&A transactions and fundraises within the digital assets sector.

We are thrilled to join forces with Spartan Group, said Dr. Najam Kidwai, CEO & Co-Founder of C1 Fund. “Spartan deep understanding of the crypto, Web3 and blockchain landscape, coupled with a track record of successful engagements with industry leaders, aligns seamlessly with our vision for C1 Fund. The synergy between C1 Fund and Spartan Group is a testament to our shared commitment to driving innovation and growth in the digital assets sector. This collaboration significantly enhances our ability to identify and seize emerging opportunities, expanding our influence within the dynamic realm of digital assets secondaries.”

Spartan Group’s Co-Founder, Casper B. Johansen, expressed equal enthusiasm, stating, “Collaborating with C1 Fund opens up exciting avenues for both organizations. C1 Fund’s focus on digital assets secondaries complements our expertise, creating a synergy that will enhance our ability to drive value for our clients and the broader crypto community. We look forward to a mutually beneficial partnership that pioneers innovation and growth.”

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

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

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

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

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

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

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

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

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

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

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

Fluus founded by MENA entrepeneurs lists its token on MEXC and will soon cover India

Fluus founded by MENA entrepeneurs lists its token on MEXC and will soon cover India

FLUUS, which means money in Arabic, with founders from the MENA region, has been offering citizens in developing the countries the opportunity to receive financial freedom through the use of crypto and Blockchain, and has grown to now listing their token on MEXC global, a global cryptocurrency exchange while partnering with providers to cover India. 

According to a recent medium post by FLUUS, “The listing on MEXC Global marks a significant milestone for FLUUS, as it opens up new avenues for participants and enthusiasts to engage with their innovative ecosystem. FLUUS aims to provide seamless trading opportunities and ensure that $FLUUS is readily available to participants worldwide.”

FLUUS is a layer of consumer and developer-facing products, evolving the world’s access to web3. Developers can integrate FLUUS into their platform and give their users GLOBAL access to crypto using any payment method, including CASH and MOBILE MONEY.

In March 2023, FLUUS raised $600,000 ahead of its beta launch through Fundrs LaunchPad. FHS Capital, Base 64 and a number of angel investors participated in the raise.

Furthermore, FLUUS has integrated with top ramping providers such as Moonpay and Transak, and will soon cover more markets, including 100% coverage in India, while expanding its FLUUS Pay network to support cash-to-crypto ramping in more regions. Additionally, FLUUS’s AID3.0 product has supported over $1.2 million in aid money in Ukraine and will expand to more partners, increasing coverage and support.

FLUUS will also be launching its staking pools to create further benefits for holders in Q2 of 2023.

In the third quarter of 2023, FLUUS plans to also launch on a DEX, as well as initiate liquidity pools to enable users to earn passive income. FLUUS pay will aggregate DEX and swapping services, enabling users to trade their cryptocurrencies and tokens in a decentralized environment with the most suitable providers.

Moreover, FLUUS plans to launch its FLUUSAuth Alpha, a revolutionary product that will allow users to create their wallets using traditional SSO methods, facilitating web2 user onboarding. Additionally, FLUUS plans to increase its human capital and obtain provisional licenses to operate in more jurisdictions. T

In Q4 2023, FLUUS is focused on achieving significant milestones. This includes finalizing strategic partnerships with web3 solutions to provide global cryptocurrency access. The implementation of FLUUS DAO Governance structures will empower the community, enabling active participation in decision-making. FLUUS also aims to expand the geographical reach of the FLUUS Pay network, making it accessible to more regions, and strengthen its utility by supporting a wider range of cryptocurrencies.

Prior to this FLUUS had worked in several regions across MENA including Lebanon. Tey El Rjula, Founder of FLUUS, told LaraontheBlock,

Overall, there is a total of 49,563,636 $FLUUS tokens in circulation.

UAE Helion Ventures is going to Lebanon with Beirut Digital District

UAE Helion Ventures is going to Lebanon with Beirut Digital District

UAE Helion Ventures investment, is heading to Beirut Lebanon for a round table meeting on May 11th at Beirut Digital District. Helion launched its operations in Dubai’s DIFC in September 2022 focusing on four major sectors, banking 3.0, healthcare, tokenization of real world assets, green technology, gaming, and fintech in projects across the GCC and African region.

The founders, Oliver von Wolff and Bojan al Pinto Brkic, have long-term experience in venture capital and regulated products. Oliver von Wolff, Founder and CEO, at launch stated, “Our products and services perfectly complement the ecosystem for Dubai start-ups, we are a classic equity provider and venture builder with focus on institutional investors”, to which Bojan added “we intend to capitalize on our experience, bringing the investment management know-how to new industries, such are blockchain and fintech, and even gaming and crypto.”

It is not surprising to see Helion Ventures off to Beirut, given that they are one of the most active investment venture entities when it comes to partnerships and event participation. Just before Beirut, launched Helion has partnered with Crypto 306 event taking place on May 8th 2023 at the Ritz Carlton in Dubai UAE.

Partnerships are a key pillar for Helion. For example, They have partnered with Syndicate Capital Group incubator given Helion’ interest in investing in South East Asia. Earlier, they partnered with the African Chamber of Digital Commerce, and the Hong Kong Federation of e-commerce.

Their spirit of partnerships goes even further, as they have equally partnered with other venture builders such as UAE based Masary Capital, New Tribe Capital, and Uganda based CryptoSavannah.

When it comes to startups, their most well-known investments and partnerships include cryptobank, DeFi startup Yieldster, dOTC MarsBase, DeFi OTC desk as well as African Blockchain internet startup 3air.

The 3air ecosystem is built to make it easier for previously unconnected users to join the global blockchain community. Internet subscriptions are purchased which grant the user a Connectivity NFT that can be shared, transferred and used at any 3air-compatible location. Once connected, 3air’s blockchain platform offers users access to the world of blockchain and DeFi. Users can own a digital identity, create wallets, take micro-loans and participate in revenue-generating activities.

Helion has even partnered with UAE free zones such as IFZA International Free Zone Authority

LaraontheBlock spoke to Oliver earlier to understand why Helion Ventures chose to set up in UAE and focus on MENA and Africa. He stated, “Given my previous role at Swiss Based CV Labs and then at Dubai’s Crypto Oasis, I helped build UAE’s Web3 ecosystem. So when I ventured to launch Helion I thought of Dubai because it has three essential pillars, financial capital, infrastructure, and human capital as well as its entrepreneurial spirit.”

He adds, “Helion Venture stands in the middle on one side we have friends and family investors which is not regulated and on the other we offer family offices and high network individuals the opportunity to invest with us.”

Helion invests anywhere between $50,000 – $100,000 for early pre seed stage projects, and take equity stakes for anywhere between $250,000- $500,000. They invest both in tokens and equity.

According to Oliver, Helion has a steady good quality deal flow given his long term experience and his former work at CV Labs and as such there are always great projects being presented to Helion and not spam projects.

He explains, “ We carry out strong due diligence and make selected investments, but we are also venture builders which means we actively manage our investments by supporting them with marketing, networking, business cases and so forth. We are also always open to working with other VCs because we believe if one VC has a strong project it should be shared to support these projects even more.”

While Helion’s policy is not to lead investments they do like to be anchor investors. Oliver clarified, “Anchor investors give money and support while lead investors like to take a more strategic managerial influence which I believe is not the best choice. When we invest we have already done our due diligence and trust the technology but more importantly the team.”

Oliver is bullish for2023 and believes crypto markets will go up in mid-2023. He sees the biggest markets will come from NFTs that actually have customer uses cases, like ticketing, etc.. and also sees the metaverse growing with serious projects as well as early stage token market.

UAE Venom invests $5 million in Everscale to scale the blockchain

UAE Venom invests $5 million in Everscale to scale the blockchain

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

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

Everscale has been diligently working on expanding its reach and integrating its technology solutions in Asian countries over the past two years, while also building a strong community. Its dynamic sharding technology enables it to efficiently adapt to varying workloads, thus making it an easy and practical option for creating large-scale Web3 and other types of applications.

Venom Ventures Fund Chairman Peter Knez, ex-CIO of BlackRock, said, “For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop. In particular, we are talking about the Venom blockchain project and its ecosystem, which is planned to be launched soon and for which Everscale is a potential Layer 2 solution.”

Venom and Everscale teams will be working together on the further development of the core and the ecosystem bringing the adoption of blockchain closer to real business use cases. Current initiatives such as digital asset tokenization platforms, a full framework for CBDCs and stablecoins and payment solutions with crypto to fiat gateways are already making good headway.

Commenting on the investment, Everscale Foundation Board Member Moon Young Lee said, “This is a milestone for both the Everscale and Venom networks. The technological capabilities of Everscale are immense but they have been underappreciated by a wider audience. Now, Everscale will be able to operate as an experimental network where updates and complex technical solutions can be introduced before they are brought to Venom. This investment will allow Everscale to gain the recognition that it deserves.”

Designed as a network of blockchains, Venom has no limit to the number of other auxiliary networks at the Layer 2 level and no limit to the economy type or operation at the Layer 2. This particular architecture means that mass adoption is now achievable on the Venom blockchain.

Everscale is ideal for hosting high-scale web3 and other load-intensive projects. Over the past two years, Everscale has emerged as one of the leading blockchains in Asia, with a thriving community and robust ecosystem of DeFi platforms.