Crypto.com and Bahrain BENEFIT explore digital asset payment integration

Crypto.com and Bahrain BENEFIT explore digital asset payment integration

Crypto.com and Bahrain based BENEFIT, a FinTech and electronic financial transactions services have signed an MOU ( Memorandum of Understanding) which aims at discussing combining their expertise and help expand the digital assets and fintech ecosystem in Bahrain including areas such as payment integration and prepaid card capabilities.

The companies signed an MOU at the Fintech Forward event in Bahrain on October 3, 2024.

“BENEFIT’s innovative work to develop the electronic payments space in Bahrain is impressive and we’re excited at the prospect of partnering with a company that is forward-thinking and eager to support the growth of the digital assets industry,” said Eric Anziani, President and COO of Crypto.com. “Bahrain has created an innovation friendly environment and we’re looking forward to expanding our services here.”

“We are pleased to explore this collaboration with Crypto.com as it aligns with our mission to continuously drive innovation in Bahrain’s financial services sector,” said Abdulwahed AlJanahi, Chief Executive of BENEFIT. “By leveraging our expertise in electronic financial transactions and Crypto.com’s cutting-edge capabilities in the realm of cryptocurrency, we are confident this partnership can bring added value to Bahrain’s evolving fintech landscape and support the growth of digital assets in the Kingdom.”

This comes after Crypto.com Crypto.com, the 13th largest global crypto exchange according to CoinMarketCap, received a crypto payment service provider license from the Central Bank of Bahrain allowing it to offer e-money and fiat based payment services regionally, including prepaid cards.

The National Bank of Bahrain launches first Bitcoin Linked structured investment in GCC

The National Bank of Bahrain launches first Bitcoin Linked structured investment in GCC

The National Bank of Bahrain (NBB) has launched the GCC’s first Bitcoin-linked Structured Investment, in partnership with ARP Digital which provides crypto investment products and services such as Wealth management, coverage & OTC. The unveiling took place during a special ceremony at Fintech Forward 2024.

The investment product is designed exclusively for accredited investors to provide them the opportunity to gain exposure to Bitcoin’s (BTC) long-term growth while ensuring capital preservation. Through this structured product, accredited investors can benefit from Bitcoin’s upward performance, capped at a predefined threshold, while enjoying 100% capital protection on the downside. This offers a powerful hedge against the volatility traditionally associated with digital currencies.

Hisham AlKurdi, Group Chief Executive – Markets & Client Solutions at National Bank of Bahrain said, “We are proud to introduce this bespoke structured investment, which blends the appeal of digital asset exposure with the security of capital protection. This product underscores our focus on offering our wealth management clients innovative and secure avenues to diversify their portfolios in an evolving investment landscape. It is a testament to NBB’s continued leadership in financial innovation within the region.”

The launch of the Bitcoin-linked Structured Investment is aligned with the Bank’s strategy to enhance its product suite, particularly for wealth management clients, by providing tailored solutions that balance growth potential with risk mitigation. The product meets the demand for risk-averse investors seeking exposure to Bitcoin, while fully insulating their principal investment from market fluctuations.

Abdulla Kanoo, Co-Founder and Co-Chief Executive Officer at ARP Digital added, “Our collaboration with NBB is poised to be a game-changer in the regional market. By leveraging our expertise in digital assets and NBB’s extensive reach in the financial sector, we have created a product that introduces Bitcoin exposure within a highly secure framework. This structured investment opens new doors for investors seeking a calculated approach to digital assets.”

Dalal Buhejji, Executive Director of Business Development for Financial Services at Bahrain Economic Development Board stated, “The launch of this Bitcoin-linked Structured Investment is a prime example of the true potential of Bahrain’s robust financial services ecosystem, which provides an attractive and streamlined environment that gives rise to innovative solutions, which is key to maintaining Bahrain’s position as a leading regional fintech hub and trusted investment destination for local and global investors alike. This initiative embodies a seamless fusion of traditional financial practices and inventive blockchain-based solutions, and we are proud to witness local institutions like NBB driving cutting edge advancements and diversification to the sector.”

ARP Digital received its license from Bahrain earlier this year.

Bahrain’s Ministry of Justice to utilize AI and Blockchain for digital transformation project

Bahrain’s Ministry of Justice to utilize AI and Blockchain for digital transformation project

During, the 74th Information and Communication Technology Governance Committee (ICTGC) meeting, chaired by Mohammed Ali Al Qaed, the Information & eGovernment Authority (iGA) Chief Executive, the Ministry of Justice, Islamic Affairs, and Waqf’s digital transformation project which involves notary services, streamlining processes, for citizens and residents employing Blockchain and AI technology.

The Ministry of Justice, Islamic Affairs, and Waqf’ss digital transformation project was discussed. It involves virtual notary and virtual court hearing. This initiative aims to create a secure platform to enable virtual court hearings digitally as well as virtual notary services, streamlining processes for citizens and residents. It will employ advanced technologies such as artificial intelligence and blockchain for enhanced identity verification and document confidentiality as well as integrating with the eKey system and government notification system to maximize the use of shared services offered by the Information & eGovernment Authority (iGA).

The committee also evaluated the Ministry of Electricity and Water Affairs’s mobile app project for electric vehicle (EV) chargers, designed to facilitate payment processes at EV charging stations. This project aligns with the ministry’s efforts to develop the infrastructure needed for electric chargers across Bahrain.

The committee examined the electronic animal registration system project by the Ministry of Municipalities Affairs and Agriculture, which aims to create a system for registering animals and documenting their health records while automating related procedures. This initiative is part of the Ministry’s digital transformation efforts. This project will be implemented using modern development technologies such as Low-Code platforms.

Bahrain has also been a progressive country in the crypto domain, with Crypto.com being the most recent global crypto exchange to receive a license after Binance.

Rain and Bahrain launched pad backed by Sovereign Wealth fund to support MENA startups

Rain and Bahrain launched pad backed by Sovereign Wealth fund to support MENA startups

Bahrain and UAE based Rain crypto trading platform has partnered with Spring Studio’s launchpad, backed by the Sovereign wealth fund of Bahrain, Al Waha Fund of Funds, ad global venture capital firm Salica investments.

As per Rain LinkedIn post, ” We are happy to announce Rain’s partnership with Spring Studios’ Launchpad. As the first licensed crypto provider in the Middle East, Rain is committed to supporting innovative founders across the region. Founders will have direct access to our internal teams, unlocking unique opportunities in one of the fastest-growing fintech ecosystems in MENA.”

Spring Studios which caters to MENA founders, is helping to create the next wave of exceptional startups.

Spring Studios equips founders with capital, expert in-house capability, and verification from MENA’s leading investors to build startups with a greater probability of success.

This comes as Bahrain grants its fourth crypto license in the country with Crypto.com now able to offer crypto payments through its license from the Central Bank of Bahrain.

Rain was the first crypto broker to be licensed in Bahrain. It then was granted a license in the UAE from Abu Dhabi.

CoinMENA crypto trading platform makes it easier to trade crypto assets with Mesh

CoinMENA crypto trading platform makes it easier to trade crypto assets with Mesh

CoinMENA, the crypto asset trading platform in MENA, has now made it easier to trade crypto assets, without the hassle of entering long crypto addresses, QR codes or seed phrases, with its recent partnership with Mesh, the connectivity layer for crypto.

As per the press release, the collaboration aims to enhance digital asset transfer services by allowing CoinMENA’s trusted platform to be embedded into Mesh’s product suite, setting new standards for secure and user-friendly crypto services in the region.

With this new partnership, Mesh’s API-based solutions will enhance the overall experience for CoinMENA users using other platforms, with crypto transactions being not only seamless but also more secure. 

With the crypto trade platform joining Mesh’s extensive network of integrations, managing crypto across platforms becomes significantly easier for its users. The integration enables CoinMENA users to access their accounts directly from other platforms without the hassle of long crypto addresses, QR codes, and seed phrases.

“As the leading crypto trading platform in the region, we are thrilled to team up with CoinMENA to help transform the user experience for crypto users in the Middle East,” said Bam Azizi, CEO and Co-Founder of Mesh. “Partnerships like this are essential to our goal of onboarding the next billion users into crypto and we are grateful to partner with companies like CoinMENA who share our vision of creating a more connected and secure financial ecosystem.”

“CoinMENA was established to meet the demand for a trustworthy platform where investors can seamlessly transition between fiat and crypto,” said CoinMENA Co-Founders Talal Tabbaa and Dina Sam’an. “The partnership aligns perfectly with our user’s needs, offering an additional method to fund their crypto wallets and reinforcing our commitment to being the most efficient gateway for MENA investors to access the crypto market.”

This announcement follows a previous one where CoinMENA expanded the range of crypto assets available on its platform through its partnership with Bitpanda Technology Solutions, the leading digital assets infrastructure provider as a liquidity provider. The collaboration will enhance trade efficiency on the platform as well.

Binance Bahrain to provide South Africans with derivative products

Binance Bahrain to provide South Africans with derivative products

Binance Bahrain has announced that it will become South African provider for derivatives products as a Juristic Representatives of FiveWest OTC Desk (Pty). As per the announcement, Binance ensures that it continues to comply with its regulatory obligations and can continue to provide services for derivatives products to South African users.

South African derivatives users will need to register a new account with Binance Bahrain and accept the applicable Terms of Use. Users will need to resubmit all required Know-your-Customer (KYC) documentation in order to comply with Bahrain regulatory requirements.

Binance will be able to continue serving South African users in compliance with local regulatory requirements. Binance Bahrain is able to provide crypto exchange and custodian services in line with its License by the Central Bank of Bahrain as a Category 4 Crypto-Asset Service Provider to operate a crypto-asset exchange.

In April 2024, after two years of foundational efforts, the financial sector conduct authority in South Africa approved 75 crypto asset service providers (CASPs) from a pool of 374 applicants. The list included prominent global exchanges such as Luno VALR but Binance and Yellow Card were missing. The FSCA noted that these applications are still under review and has committed to providing ongoing updates as the evaluation and approval process continues.

Soon afterwards in May 2024, Binance Holding became enthralled in a court battle with Dimplex, a minority shareholder of Binance Digital, a subsidiary of Binance international which does business mainly in UK and South Africa. Dimplex alleged that the holding company had misled authorities and customers about its operations.

UAE and Bahrain CoinMENA expands its crypto offering with Bitpanda

UAE and Bahrain CoinMENA expands its crypto offering with Bitpanda

CoinMENA B.S.C., a crypto asset platform licensed by the Central Bank of Bahrain and sister company CoinMENA FZE, licensed by the Dubai Virtual Asset Regulatory Authority (VARA), have expanded the range of crypto assets available on its platform through its partnership with Bitpanda Technology Solutions, the leading digital assets infrastructure provider as a liquidity provider. The collaboration will enhance trade efficiency on the platform as well.

CoinMENA Co-Founders Dina Sam’an and Talal Tabbaa said, “We are excited to partner with Bitpanda Technology Solutions, an industry leader that shares our commitment to providing top-tier crypto asset trading services. This collaboration will not only enhance trading efficiency but also fulfil one of the most requested features from our users, enabling us to add new crypto assets more rapidly to meet market demands.”

When fully implemented, CoinMENA will have the ability to integrate the most complete range of crypto assets available on the market to meet the demands of its users safely and securely. By integrating Bitpanda Technology Solutions as a liquidity provider, CoinMENA will enhance trading efficiency, and ensure users receive the best possible prices. These improvements will deliver a smoother and more reliable trading experience, reinforcing CoinMENA’s position as a leading crypto asset service provider in the region.

Nadeem Ladki, Global Head, Bitpanda Technology Solutions, added: “The MENA region is one of the most ambitious and innovative regions in the world when it comes to crypto assets. Bitpanda Technology Solutions provides institutions in the region access to one of the broadest ranges of crypto assets available, in a fully modular way, all with a highly regulated and trusted partner.” 

Both Bitpanda and CoinMENA will collaborate closely with respective regulators to ensure full compliance in all future endeavors. In August 2024 CoinMENA announced that they have achieved a new milestone with crypto, fiat trading volumes surpassing $2 billion.

Bahrain Blockchain entity partners with Saudi Industrial tech entity for Intelligent transformation in KSA

Bahrain Blockchain entity partners with Saudi Industrial tech entity for Intelligent transformation in KSA

Bahrain headquartered iBLOCKCHAIN, a Web3 digital solutions provider, has partnered with Saudi Arabian Nesma United Industries, a prominent technology provider for the industrial sector in Saudi Arabia to advance “Intelligent Transformation” within Saudi Arabia’s industrial sector.

The agreement was signed by both chief executive officer Dr. Marwan Gholmieh of Nesma United Industries and iBLOCKCHAIN CEO Eng. Wassim Jarkas.

As per the press release, the initiative aligns with the ambitious objectives of Saudi Vision 2030 and underscores the critical intersection between industrial and technological sectors in the region.

Mr Jarkas emphasised the significance of this partnership, stating, “This unique transformation agreement ushers in a new era of ‘Intelligent Transformation’ rather than just digital transformation. Our collaboration with Nesma United Industries is a testament to their forward-looking vision and commitment to pioneering disruptive changes in the industry. We at iBLOCKCHAIN are proud to lead in this revolutionary approach, setting the stage for unprecedented advancements in both technological innovation and industrial excellence.”

This collaboration will integrate cutting-edge technologies including Web 3.0, big data management, artificial intelligence, advanced data analytics, and Blockchain solutions. The press release adds, “These innovations will not only protect critical data but also ensure transparency and traceability within supply chains, setting a new standard for industrial operations in the region.”

A roadmap has been established, featuring four distinct phases: Discovery, Analysis, Processing, and Execution. This structured approach will guide the successful implementation of the project, ensuring that the partnership delivers on its promise of transformative impact.

Dr Gholmieh expressed his enthusiasm for the collaboration, stating, “This partnership opens up vast opportunities for comprehensive digital transformation. It will significantly enhance our technological and operational capabilities, preparing us to lead in the digital future.”

Echoing this sentiment, Chief Strategy Officer at iBLOCKCHAIN Engineer Sary Qasim remarked, “This agreement represents a big leap forward for both the technological and industrial sectors.”

BitOasis becomes 5th crypto service provider to operate in Bahrain

BitOasis becomes 5th crypto service provider to operate in Bahrain

BitOasis, crypto broker has received its first license in the GCC and MENA region from Bahrain. The Category 2 license allows BitOasis to offer crypto asset services from the Central Bank of Bahrain. Prior to BitOasis receiving its license in Bahrain, CoinMENA, RAIN, ARP Digital and Binance had already received licenses.

ARP Digital, CoinMENA and Rain all hold a category 3 license, while only Binance holds a category 4 license. As such BitOasis will be the only category 2 license in Bahrain so far.

As per Bahrain licenses, a Category 1 license is issued to market participants providing investment advisory services, Category 2 licenses for trading in accepted crypto assets as an agent, portfolio management & Crypto-asset custody service as well as offering investment advice. Category 3 licenses are obtained, for trading in accepted crypto assets as an agent, trading in accepted crypto assets as a principal, portfolio management, keeping custody of crypto-asset as well as providing investment advice, while crypto exchanges receive a Category 4 license.

In the meantime, BitOasis current regulatory status in the UAE under VARA is active awaiting full license approval.

As per the press release, the regulatory approval in Bahrain will enable BitOasis to launch its new broker-dealer platform through its local company in the Kingdom, BitOasis Bahrain.

Located in Bahrain Fintech Bay, BitOasis Bahrain will be home to a small team of core employees at its inception, with the company gradually growing its presence in the Kingdom as it works to launch its new platform, expected to go live in the second half of 2024.

BitOasis Bahrain will serve retail, corporate, and institutional clients in Bahrain and the broader MENA region, with an initial focus on its broker-dealer product.

Ola Doudin, Co-Founder and Chief Executive Officer of BitOasis, stated, “With regulation at the forefront of a maturing regional crypto market, we are delighted to have secured this new license from the Central Bank of Bahrain. The Central Bank’s commitment and leadership in regulating our industry allows businesses like BitOasis to launch cutting-edge products in an industry characterized by rapidly and dynamically evolving technology. We are excited to welcome our new team in Bahrain to the business and to start serving new customers very soon.”

Launched in 2016, BitOasis offers over 60 tokens with fiat currencies such as AED, SAR, and USD. Since its inception, the company has processed over USD 6 billion in trading volume and raised more than USD 40 million in funding from leading regional and global investors.

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.