Saudi SpaceBelt awards SpaceChain for low earth orbit satellite encryption

Saudi SpaceBelt awards SpaceChain for low earth orbit satellite encryption

Saudi Arabian Space Belt Telecom Services, a privately owned entity in KSA, has awarded SpaceChain, a pioneering leader in space-as-a-service technologies, a transformative contract to spearhead the development, construction, and mission management of SpaceBelt Telecom Services’ patented technology platform, enabling the world’s first Low Earth Orbit (LEO) satellite capable of generating in-orbit encryption keys and distributing them via existing LEO constellations to ground-based equipment.

This mission is slated to be the first of a larger constellation to progress SpaceBelt’s investment in data storage and earth observation imagery. This collaboration marks a significant advancement in the Kingdom of Saudi Arabia’s in-orbit distributed transactional capabilities and showcases the nation’s commitment to driving innovation within the global space economy.

Leveraging its proven expertise in satellite technology and infrastructure development, SpaceChain will lead the end-to-end satellite construction and mission management, setting a new standard for space-based secure communication and data services.

Cliff Beek, CEO of SpaceChain, stated, “We are honored to partner with SpaceBelt Telecom Services in this transformative venture. This mission not only highlights the Kingdom’s growing role in the space sector but also demonstrates the potential of space technologies to deliver secure, scalable solutions for enterprises and governments worldwide.”

A spokesperson for SpaceBelt Telecom Services Co. KSA stated, “Partnering with SpaceChain allows us to contribute to the Kingdom’s 2030 vision. We are thrilled to bring this capability to the Kingdom, aiming to advance space-based data services and secure communications and positioning SpaceBelt Telecom Services as a leader in the evolving global space economy”

The satellite project will revolutionize secure communications, enable space-data storage, and support advanced satellite services. This contract strengthens SpaceChain’s leadership in satellite technology and mission management, reaffirming its commitment to space innovation.

This mission is the first in a planned constellation, and aims to launch in June 2025. More importantly, the mission advances Saudi Arabia’s space innovation and aligns with the Kingdom’s 2030 vision.

Leveraging its expertise, SpaceChain will lead the software design and end-to-end mission management, setting a new benchmark for space-based technologies.
In 2025, SpaceChain aims to pursue our niche market position by developing secure payment platforms within uncharted territories and transforming challenges into opportunities. The company intends to accelerate Space Commercialization: Expand payment applications across satellite networks and services to drive the adoption of decentralized fintech solutions.

In addition it will develop AI-powered applications for space data analysis, ensuring our clients stay ahead in decision-making, as well as launch education and outreach programs to inspire the next generation of innovators in blockchain and space exploration.

Manbat and Sharjah Commerce and Tourism to build blockchain platform for carbon credits

Manbat and Sharjah Commerce and Tourism to build blockchain platform for carbon credits

Founded in 2021, Manbat, a partnership between Arada and the Ministry of Climate Change and Environment that aims to celebrate and promote the very best of the UAE’s healthy, home-grown produce will be using blockchain to develop UAE’s first carbon credit system in the agriculture sector.

Manbat launched the farmers’ markets in Aljada which takes place every weekend. Today it has partnered with Sharjah Tourism, paving the way for a stronger connection between local Emirati farmers and the wider community.

As per the announcement, this collaboration focuses on championing sustainability by addressing food waste recovery and reducing carbon emissions within the tourism sector.

As per their post on LinkedIn, “We are proud to be part of a game-changing initiative alongside Sharjah Commerce and Tourism Development Authority, Sea Going Green, and American University of Sharjah. Together, we are taking sustainability to new heights with a focus on food waste recovery, compost production, and empowering UAE farmers to embrace ecofriendly practices. This project uses cutting-edge blockchain technology to develop the UAE’s first carbon credit system, creating a sustainable future for generations to come.”

The first phase of the project will be carried out a Sara Farm, which utilizes decomposition and recycling methods.

In 2023 Blockchain tokenization platform ACX (AirCarbon Exchange) went live with key trades executed and settled on the platform with First Abu Dhabi Bank (FAB) and Helix Climate conduct first trade on the exchange and South Pole executes first over-the-counter transaction on Carbon Market Board

AI decentralized network Allora and stc Bahrain to advance AI

AI decentralized network Allora and stc Bahrain to advance AI

Allora Network, an AI decentralized network has collaborated with stc Bahrain, a world-class digital enabler, through its Web3 Launchpad Program under the Pearling Path initiative.

As per the blog, the collaboration highlights Allora’s commitment to partnering with leading innovators like stc Bahrain to advance decentralized AI, fostering innovation and growth across the GCC region and beyond.

As part of this collaboration, stc Bahrain will join the Allora Network as a validator node, contributing to the network’s security, reliability, and consensus. By joining the Allora Network as a validator node, stc Bahrain takes on a critical role in bolstering network security and maintaining consensus. This collaboration reflects stc Bahrain’s commitment to harnessing the transformative capabilities of decentralized AI, powered by Allora’s advancements in crowdsourced intelligence, reinforcement learning, and regret minimization.

Allora powers innovative, secure, and decentralized applications, driving cutting-edge protocols and unlocking new use cases for advanced solutions.

Mr. Saad Odeh, Chief Wholesale Officer at stc Bahrain, commented, “At stc Bahrain, we are dedicated to embracing emerging technologies that redefine industries and contribute to Bahrain’s Vision 2030 goals. Allora Network’s cutting-edge AI capabilities are a valuable addition to our Web3 Launchpad Program, further cementing Bahrain’s position as a hub for innovation and digital transformation.”

Nick Emmons, Co-Founder and CEO of Allora Labs, added, “We are thrilled to partner with stc Bahrain under the Web3 Launchpad Program. Their role as a validator node directly strengthens the security, consensus, and reliability of the Allora Network, which is essential for fostering trust and driving growth in decentralized infrastructure. Together, we strive to advance blockchain technology and explore AI innovations within and beyond telecommunications.”

Allora blog notes, “As the Web3 and AI ecosystems continue to expand, our collaboration with stc Bahrain strengthens the foundation for a robust, innovative, and decentralized digital economy. By working together to foster a collaborative environment for emerging technologies, we are proud to contribute to Bahrain’s Vision 2030 program, advancing progress toward a more innovative and sustainable future.”

Morocco’s Central Bank forms the Morocco Fintech Center

Morocco’s Central Bank forms the Morocco Fintech Center

The Central Bank of Morocco, better known as Bank Al Maghrib has formed the Morocco Fintech Center (MFC). It includes governmental entities, private sector entities as founding members. The Center was founded during a general meeting on January 15th 2025 at the headquarters of Bank Al Maghrib.

The founding members of the Morocco Fintech Center (MFC), include Ministry of Economy and Finance, represented by Mrs. Nadia Fettah Alaoui; Ministry of Digital Transformation and Administration Reform, represented by Mrs. Amal El Fallah Seghrouchni; Bank Al-Maghrib, represented by Mr. Abdellatif Jouahri; Moroccan Capital Market Authority, represented by Ms. Nezha Hayat; Insurance and Social Security Control Authority, represented by Mr.Abderrahim Chaffai; Mohammed VI Fund for Investment, represented by Mr. Badr Belkadi; TAMWILCOM, represented by Mr. Hicham Zanati Serghini; Digital Development Agency, represented by Mr. Sidi Mohammed Drissi Melyani; Al Akhawayn University, represented by Mr. Amine Bensaid; Mohammed VI Polytechnic University, represented by Mr. Khalid Baddou; Attijariwafa Bank, represented by Mr. Mohamed El Kettani; Banque Centrale Populaire, represented by Mrs. Naziha Belkeziz; Bank of Africa, represented by Mr. Mounir Kabbaj; CDG Invest, represented by Mr. Yassine Haddaoui; and HPS, represented by Mr. Mohamed Horani.

The general assembly approved that other organizations could join the association.

Morocco Fintech Center to assist Fintech startups

The Morocco Fintech Center aims to constitute a common window for Fintech startups and companies, supporting their development through support, incubation, acceleration and training. The MFC hopes to facilitate their understanding of the regulatory environment as well as access to financing. It will promote a collaborative fintech ecosystem fostering partnerships and networking opportunities while encouraging research and development in financial innovation.
The MFC held its first Board of Directors meeting under the presidency of Mr. Abdellatif Jouahri, Wali of Bank Al-Maghrib. The Board appointed Mr. Mustapha Lahlali as Executive Director.

As per the press release, Council members are committed to working together to accelerate the national fintech ecosystem.

Morocco to announce crypto regulations

On December 20th 2024, the Central Bank of Morocco represented by its governor Abdellatif Jouahri announced in Rabat Morocco that the draft crypto bill to regulate the use of cryptocurrencies was ready. Jouahri stressed that the full draft is ready to put in place a proper regulatory framework.

Jouahri stated, “Discussions are to be held with all stakeholders, including the Moroccan Capital Markets Authority (AMMC) and the Insurance and Social Security Supervisory Authority (ACAPS). We proceeded to a specific definition of the cryptocurrency and prepared a general public survey that details the specifics and use of this virtual currency in Morocco.”

Chainalysis’s 2024 Geography of Cryptocurrency report covering the MENA region and noting that MENA is the seventh largest crypto market globally in 2024 with the biggest two crypto countries being Turkey and Morocco.

Morocco Digital 2030 strategy includes DLT, and AI

On September 25 2024, Morocco unveiled its Digital 2030 strategy which aims to transform Morocco into a digital leader and boost its digital economy using AI, DLT (Distributed Ledger Technology), cloud services, and an ecosystem that supports innovative startups.

As per the strategy, the country seeks to create 240,000 jobs in the digital sector by 2030, which it expects will contribute 100 billion dirhams ($10.36 billion dollars) to the country’s gross domestic product while increasing digital export revenues to 40 billion dirhams ($4.15 billion). The strategy also aims to improve Morocco’s ranking in the United Nations Online Services Index, moving from 100th to 50th place worldwide in addition to creating 3,000 startups and improving 5G coverage to 70% of the North African kingdom’s territory.

The Hashgraph Association, a Swiss non-profit, drives global adoption of Hedera-powered solutions by funding innovation, training, and venture programs. It promotes economic inclusion and a digital future with a positive ESG impact, will be working with Agency of Digital Development to strengthen citizen services using the Hedera DLT network and Web3 technologies. It will also be working with Moroccan UM6P Ventures, an early-stage venture capital firm and the investment arm of UM6P (Mohammed VI Polytechnique University), will help to develop entrepreneurship and accelerate science innovation and co-investment opportunities in Morocco and the wider Africa region.

Oman gets secure digital storage with Gulfdox and Blockchain Serenity

Oman gets secure digital storage with Gulfdox and Blockchain Serenity

Oman based Gulfdox, a provider of physical storage, data digitization, and storage software solutions, has collaborated with Serenity, a blockchain-based secured digital storage and biometric access solution provider.

As per the press release, the partnership marks a historic milestone as the first collaboration of its kind in Oman, positioning the nation at the forefront of advanced technological innovation in line with Oman Vision 2040. Gulfdox will integrate Serenity’s cutting-edge blockchain technology into its service portfolio, offering clients a robust, secure, and future-ready digital storage solution.

Leveraging Serenity’s expertise, Gulfdox will provide on-chain storage with biometric access, ensuring unparalleled security and efficiency for its esteemed clients, which include Government entities and leading corporates in different sectors across the GCC.

This partnership reflects Oman’s commitment to embracing emerging technologies that align with Vision 2040’s goals of economic diversification and digital transformation. Gulfdox is introducing blockchain-powered solutions for secure data management.

Faris Al Balushi, Executive Director of GulfDox, stated, “We are proud to lead the way in Oman by bringing blockchain technology into the realm of data storage. This collaboration with Serenity enables us to offer solutions that are not only secure and efficient but also aligned with the future needs of our clients. Together, we are setting a new benchmark for innovation in the region.”

Venket Naga, CEO of Serenity, added, “Our mission has always been to provide secure, scalable, and accessible blockchain solutions for Data storage. Partnering with Gulfdox allows us to bring this vision to Oman and the GCC which are extremely important markets for Serenity, using this Partnership we are enabling institutions to safeguard their data with the most advanced technologies available today. And reinforces Serenity’s position in the B2B enterprise segment. This Partnership, by combining GulfDox’s trusted expertise and local presence with Serenity’s state-of-the-art blockchain capabilities, will redefine secure data management for years to come. and will help Serenity to continue our journey towards creating innovative technologies for mass adoption.”

Sreekumar. P, Country Manager, GulfDox Stated that GulfDox is Oman’s a leading and dynamic provider of physical and digital storage solutions, it mainly serves B2G and B2B segment, with client’s portfolio of Government, Semi-Government and Corporates in Oman and across the GCC. With a focus on innovation and reliability, GulfDox is a trusted partner in secure data management.

Tokenization will play critical role in UAE digital assets ecosystem

Tokenization will play critical role in UAE digital assets ecosystem

Tokinvest, a marketplace for real-world asset investing, recently received a full market license from the Dubai Virtual Assets Regulatory Authority (VARA) showcasing the growing role tokenization is playing in the UAE and globally. Founder Scott Thiel noted that tokenization will play a critical role in shaping the UAE’s digital assets and blockchain ecosystem, while VARA’s CEO believes this is the year of tokenization.

The company founded by Scott Thiel and Matt Blom aims to break down barriers to exclusive investments. The aim is to offer fractionalized investments in premium assets accessible to everyone – in a safe, secure and regulated platform leveraging blockchain technology.

Speaking to Lara on the Block, Thiel noted, “We believe tokenization will play a critical role in shaping the UAE’s digital assets and blockchain ecosystem. Dubai, through VARA, has positioned itself as a global leader with its innovative and forward-thinking regulatory framework. Tokenization of RWAs represents the next evolution in web3 and delivers on blockchain’s promise to make investments more accessible, transparent and liquid.”

Thiel adds that their thesis is to bring the best and most desirable investment products to the market making them accessible and cost effective.

The main industries that Tokinvest will be entering are funds, real estate and commodities. He explains, ” These sectors contain some of the most prestigious and traditionally exclusive assets. Their high value and limited accessibility make them ideal for fractionalization, unlocking opportunities for a much wider pool of investors.”

Thiel confirms as well that in the next months the focus will be on the UAE market, while not ruling out future expansions into other markets. He explains, ” Our current priority is delivering on our commitment to building a robust and secure ecosystem under VARA’s regulatory framework. Receiving the VARA license validates our innovative approach to fractional investing and positions us as a trusted partner in the evolving financial landscape. We believe that offering fractional investments of the most prestigious assets will democratize access and make it easier for individuals and institutions alike to unlock the value and create liquidity for real-world assets.”

Tokinvest has secured a pipeline of elite assets from leading real estate developers, fund managers and commodities trading venues and will be bringing these tokenised assets to market in the coming weeks and months. The company is dedicated to fostering a robust ecosystem, facilitating broader access to the best products in the world while prioritising investor protection.

The full market license allows Tokinvest to operate as a Virtual Asset Broker-Dealer; and to serve retail, qualified, and institutional investors in and from Dubai, further enhancing the accessibility and appeal of fractionalised investments.

Belal Jassoma, Director of Ecosystems, DMCC said: “Tokinvest’s achievement reflects the leading ecosystem we have established for Web3 businesses and supports our vision to grow web3 adoption and RWA. This milestone demonstrates Dubai’s standing as a pioneering market in the crypto space, with a clear and progressive regulatory framework that enables companies to innovate and operate securely. We are proud to support Tokinvest and all of our members scale up and tap into global markets across DMCC’s international business district.”

DAMAC $1 billion tokenization deal

It would seem that Thiel is not the only one who believes that tokenization will play a critical role in UAE. The Tokinvest license comes days after DAMAC and Mantra, an RWA focused Layer 1 blockchain announced a deal to tokenize $1 billion worth of assets.

Even Zand Bank PJSC, the digital bank licensed by the Central Bank of the UAE, and MANTRA, signed a Memorandum of Understanding (MOU) to streamline the process of real-world asset tokenization, including the identification, listing and distribution of RWAs.

VARA CEO Mathew White notes 2025 year of tokenization

Meanwhile, Mathew White, CEO of Dubai’s Virtual Asset Regulatory Authority (VARA) this week also noted in a LinkedIn post that he believes 2025 is the year of tokenization of real-world assets. He stated, ” Tokenized RWAs are on-chain representations of ownership in, or rights and obligations related to, assets like real estate, debt, equity, and other traditionally more illiquid financial assets. Tokenization can make them globally accessible and tradable, while also opening investment opportunities to individuals previously excluded from these asset markets.”

Given that over $50 billion RWAs have already been tokenized, and predictions that this number may reach $500 billion in 2025, White believes that it is clear that tokenization is no longer a buzzword. He states, “It is reshaping industries and redefining how assets are owned, valued, and exchanged.”

Investor preferences are evolving, leading to further adoption and capital inflows into tokenized assets, including over $30 billion in real estate ownership, according to the piece. He also notes that the $500 billion RWA tokenization figure does not include stablecoins.

In his concluding remarks he believes that the vision is also reflected in Virtual Assets Regulatory Authority [VARA]’s objectives, as well as the UAE’s strategy to promote sustainable growth and development within the finance sector. He states, “Consider the scale of the opportunity in Islamic finance alone: the market is valued at around $4 trillion globally and is expected to soar to some $6 trillion by 2026. The potential for the tokenization of Shariah-compliant RWAs is significant.”

BNB Chain and KernelDAO commit to DeFi and restaking tech

BNB Chain and KernelDAO commit to DeFi and restaking tech

BNB Chain, the community-driven blockchain ecosystem that includes the world’s largest smart contract blockchain by daily transactions, launched its BNB Executive TVL Incentive Program #5, offering up to 5% of incremental staked BNB as delegation support to the top five protocols, with a total of up to 50,000 BNB.

Combined with the $40M Ecosystem Fund from KernelDAO, a top restaking protocol with $2 billion in assets, this represents a commitment to advancing decentralized finance and restaking technology on BNB Chain.


BNB Chain’s TVL Incentive Program #5 opens for registration on January 15, 2025, and will run from January 21, 2025, to February 21, 2025. The campaign is designed to incentivize projects integrating BNB staking, liquid staking, and restaking. The campaign commits delegation staking support equivalent to up to 5% of incremental Total Value Locked (TVL) growth in staked BNB achieved during the campaign. Each protocol can receive up to 20,000 BNB with a total pool of 50,000 BNB allocated. Rewards will be distributed to the top five performing protocols that drive innovation and adoption within the ecosystem.


“Through the TVL Incentive campaign, we aim to empower projects to achieve their full potential, while rewarding those who stake and help secure the expanding ecosystem. By locking in TVL and supporting their growth, we are not only advancing our mission of onboarding the next billion Web3 users but also positioning BNB Chain as a network of networks,” said Marwan Kawadri, Head of EMEA at BNB Chain.


Simultaneously, KernelDAO has unveiled its $40 million Ecosystem Fund to accelerate development across restaking and shared security to support projects building on its network within the BNB Chain ecosystem.

Supported by leading investors like Laser Digital, SCB Limited, Hypersphere Ventures, Cypher Capital, ArkStream, and Levitate Labs, this fund aims to empower developers to build middleware and applications on BNB Chain. Additionally, KernelDAO will allocate 5% of its token supply as ecosystem development grants for developers and partners building and working with the KernelDAO ecosystem. With the support of over 20 prominent middleware and applications including top AI players like Mira, and Zero-Knowledge proof networks like Electron, Kernel is set to expand its ecosystem by adding over 45 strategic partners through the Ecosystem Fund.


“The launch of the Ecosystem Fund is a significant step towards increasing our efforts to build the restaking and DeFi landscape on the BNB Chain. By empowering developers to build projects on Kernel, we aim to boost innovation across middleware, applications leveraging restaking,” said Amitej Gajjala, Chief Executive Officer and Co-Founder of KernelDAO.

Abu Dhabi regulated digital asset bank, Sygnum now valued at $1 billion

Abu Dhabi regulated digital asset bank, Sygnum now valued at $1 billion

Abu Dhabi licensed, global digital asset banking group Sygnum has raised a total of $58 million in its oversubscribed Strategic Growth Round, giving it a post-money valuation of more than 1 billion.

Fulgur Ventures, cornerstone investor in the final close of Sygnum’s Strategic Growth Round, is a venture capital firm focusing on Bitcoin technologies, infrastructure and applications that drive Bitcoin adoption. Fulgur is joined by new and existing strategic and financial investors, as well as Sygnum team members again participating on equal terms. The Co-Founders, board and team members continue to hold Sygnum majority ownership.

Funds will support expansion

Proceeds from the completed Strategic Growth Round will be put to work to drive Sygnum’s 2025 expanded EU/EEA market entry and to launch its regulated presence in Hong Kong. Sygnum also intends to use the funds to broaden its institutional infrastructure, expand its product portfolio with a focus on Bitcoin-technology, and enable opportunities for strategic acquisitions as the market develops.

A key driver of the oversubscribed Strategic Growth Round was the bank’s multi-year core business growth. 2024 revenues for all trading products, including crypto spot, derivatives, FX and traditional securities, surpassed the previous year’s total in Q3 for the second year running. Total annual trades in 2024 increased by more than 1,000% YoY, propelled by PostFinance and the 20+ banks on its B2B platform providing regulated crypto services to more than a third of the Swiss population.

Mathias Imbach, Sygnum Co-Founder and Group CEO, noted, “Sygnum reaching Unicorn status is a strong validation by the market of our business model, strategy and team. While it is an achievement we are very proud of, it won’t alter the values of integrity and humility, and the importance of displaying confidence without attitude at all times, which have acted as our true-north since day one. As Switzerland is currently losing ground to other jurisdictions as a preferred digital asset hub, it is also our obligation to highlight the need for Switzerland to not ignore the importance of continuous innovation in the financial sector and to continue to attract talent and capital to remain relevant in the long-term. In that way, our mission is only at the very beginning.”

Gerald Goh, Co-Founder and CEO APAC, said, “The successful completion of our Strategic Growth Round is proof of Sygnum’s strong and unique position as a leading regulated financial institution in the global digital asset industry. Offering trusted institutional infrastructure and regulated services for digital assets will continue to be the foundation for Sygnum’s future growth strategy.”

Oleg Mikhalsky, Partner of Fulgur Ventures, added, “Fulgur is a venture capital firm that continues to drive investment into the accelerating convergence of Bitcoin and institutional financial markets. Sygnum’s market-tested infrastructure, digital asset-native team and global ecosystem makes them the ideal partner to co-develop innovative Bitcoin-related financial products and technologies – as well as for future collaborations with other Fulgur portfolio companies. We are proud to be the cornerstone investor for the final close of Sygnum’s Strategic Growth Round, which coincides with a potential inflection point for Bitcoin’s institutional adoption and regulatory clarity.”

In FY 2024, Sygnum achieved operational profitability and continued to grow its 2,000-strong institutional client base domiciled in over 70 countries, serviced through its regulated operations in Switzerland, Singapore and Abu Dhabi. The group is also regulated in the established global financial hubs of Luxembourg and was recently registered Liechtenstein.

UAE Sigma Capital venture firm launches $100 million Web3 fund

UAE Sigma Capital venture firm launches $100 million Web3 fund

UAE based Sigma Capital, a Web3 early-stage venture firm, has launched a $100 million fund dedicated to accelerating the next wave of Web3 innovation in the Middle East and globally. As per the press release, the fund launch spotlights the UAE’s growing role as a global hub for the Web3 & Blockchain sector.


The fund will focus on early-stage venture investments in transformative areas such as DeFi, blockchain infrastructure, real-world asset tokenization, gaming and the metaverse.

Sigma Capital will actively manage a portfolio of liquid tokens, seizing market opportunities to generate consistent returns. The fund will also leverage high-yield DeFi strategies to optimize portfolio performance and invest in high growth crypto venture funds that broaden exposure to emerging innovations.


Vineet Budki,an expert in the Web3 space, and the former CEO and Managing Partner of Cypher Capital, also a Web3 VC based out of UAE, will lead the fund.

Vineet spearheaded over 300+ investments in high-profile projects, including Mysten Labs, Sei Network, Casper Labs, Web3Auth, Casper labs, Manta network, Mocaverse, Peak network and MyPetHooligan.


The Sigma Capital Team has years of experience in the Blockchain investing space and have been invested or partnered with multiple reputed players in the Blockchain space which include Polygon Technology, Morningstar Ventures, Blockchain Founders Fund, Woodstock Fund and many others.


Vineet Budki, CEO and Managing Partner of Sigma Capital, said, “We envision a digital economy that is more open, inclusive, and innovative. The UAE’s dynamic economy and forward-thinking regulatory environment provide the perfect backdrop for Web3 innovation. This fund empowers startups with capital, equips them with access to our extensive network and expertise, and enables them to thrive in a rapidly evolving landscape.”


Sandeep Naliwal, Founder Polygon Technology one of the leading players in the Blockchain space noted, “ Vineet’s track record as a visionary leader in Web3 speaks for itself. His deep understanding of market dynamics and foresight in nurturing high-impact projects have been pivotal in advancing the ecosystem. The launch of Sigma Capital’s $100 million fund is a testament to his expertise and the UAE’s emergence as a global hub for blockchain innovation. I have no doubt this fund will catalyze the next wave of groundbreaking startups and solidify the region’s role in the decentralized economy.”


Sigma Capital plans to deploy investments across 100 early-stage projects, 25 liquid tokens, and 10 fund-of-fund allocations over the next three years. The firm’s strategic edge lies in its proven expertise and global reach, leveraging its network to provide access to key exchanges, market makers, exchanges, launchpads and opinion leaders.

Danilo S. Carlucci, Founder & CEO at Morningstar Ventures, and a key partner in the fund sdded, “Since our establishment in Dubai in 2020, Morningstar Ventures has been committed to supporting transformative projects and bold founders that push the boundaries of blockchain innovation. Sigma Capital’s $100 million fund is a testament to the region’s growing influence in blockchain and financial technology. It will support the growth of Web3 startups and further solidify the region’s position as a leader in financial innovation.”


Sigma Capital collaborates with Web3 hubs across 10 global cities, providing portfolio companies with deep market insights and comprehensive support to enable success in a competitive market. By combining a diversified approach with deep market access, Sigma Capital aims to drive sustainable growth in both the Global and GCC Web3 ecosystem.


The firm’s dual presence in Dubai and Singapore, coupled with regulatory oversight from the Cayman Islands, ensures access to global opportunities while maintaining a strong compliance framework.

In December 2024, The Hashgraph Group (THG), the Swiss-based international business, technology, and investment firm that operates exclusively within the Hedera ecosystem, secured a fund management license through its subsidiary Hashgraph Ventures Manager Ltd in ADGM planned to launch a $100 million global venture fund (Hashgraph Venture Fund-I). The strategic Web3 venture fund would focus on generating attractive long-term returns by investing in proven early-stage and well-established companies utilizing deep technologies to build and commercialize enterprise-grade solutions and products for the Web3 economy.

The Hashgraph Association supports KSA’s Deep tech report

The Hashgraph Association supports KSA’s Deep tech report

The Hashgraph Association, a Swiss non-profit, driving the global adoption of Hedera-powered solutions by funding innovation, training, and venture programs, was one of the first blockchain technology groups to participate in Saudi Arabia’s deep tech strategy, a strategy which seems to be paying off based on a recent report by the Saudi Ministry of Communications and Information technology, King Abdullah University of Science and Technology and Hello Tomorrow Consultancy.

The Deep Tech report published on January 7th 2025, notes that in 2025, nearly 50% of homegrown deep tech startups in KSA are specializing in AI (Artificial Intelligence) and the Internet of Things (IoT). While the number of scale-ups has reached 43 companies contributing to driving innovation.

The Deep Technology Report presents a roadmap for making Saudi Arabia a global deep tech hub and highlights the different initiatives that support the Kingdom in realizing the objectives of Vision 2030.

As per the report, the deep tech startup ecosystem is still in its infancy and is relatively modest in size when compared to the overall startup landscape with room for expansion. Currently there are 43 deep tech startups in the overall 1,000 startups in the country.

Deep tech startups raised over US$100 million between 2020 and 2022. The Kingdom has also seen a rise in the number of incubators and accelerators that offer deep tech verticals.

$250 million investment in Deep Tech studio with Saudi Ministry of Investment

One of those deep tech incubators and accelerators is The Hashgraph Association’s which was launched in February 2024. The Switzerland based Hashgraph Association signed a strategic partnership with the Ministry of Investment of Saudi Arabia (MISA) to launch a Deep Tech Venture Studio in Riyadh, worth $250 million over the next five years.

The studio would focus on the convergence of Web3, AI and technologies such as distributed ledger technology (DLT), virtual reality, robotics, and quantum computing, helping to launch 500 new companies over the 2024-2028 period.

The Hashgraph Association and its DeepTech Venture Studio will enable local Saudi companies, as well as international portfolio companies seeking to establish operations in the Kingdom, to develop innovative solutions, leveraging deep tech such as AI, DLT, Robotics, IoT, VR, and Quantum Computing, all of which are key as per the Deep Tech report from MCIT.

KSA seeks to attract $7.9 billion in foreign investment and $12.5 billion in local for AI

KSA’s goal is to attract $7.9 billion in cumulative foreign direct investment (FDI) and $12.15 billion from local markets in data and AI by 2030. The Kingdom of Saudi Arabia also saw the addition of 104 active investors in 2024 with a 75% increase in the number of researchers since 2015. The report highlights that Saudi Arabia is expanding its research infrastructure to accommodate 140,000 researchers by 2030, a sevenfold increase from the current 20,000 researchers in the country.

Mohammed Robayan, Deputy Minister of Technology at MCIT, stressed that this report represents an important step in strengthening the Kingdom’s position as a global hub for advanced technologies, and that the Kingdom seeks by focusing on innovation and investing in competencies and infrastructure, to build an integrated system that supports digital transformation and sustainable development.

Robayan called on those interested in the public and private sectors, especially academia and investors, to avail of this information to draw a roadmap that promotes innovation and contributes to realizing the goals of Saudi Vision 2030.

Data Centers are Key to Deep Tech Strategy

In 2021 Saudi Arabia’s Ministry of Communications and Information Technology announced new plans to ramp up national data center investment to $18 billion, with a goal to surpass capacity of 1,300-megawatts by 2030. Since the launch, numerous investment groups, infrastructure developers and global hyperscalers have announced plans for new data center and cloud regions in the Kingdom committing billions of dollars in investment.

These datacenters will need energy and not any energy, sustainable efficient energy sources. This is why HODLER INVESTMENTS, a UAE based investment company, headquartered in Dubai, which includes in its portfolio energy, AI, and digital asset mining startups such as PermianChain, Brox Equity and others; and Abu Dhabi’s EHC Investment which leads multiple businesses with operations and investments across the energy, infrastructure, firefighting technology and system integration services signed a strategic partnership to launch NEXGEN.

NEXGEN will support the creation of a compliant digital energy market to supply critical energy infrastructure that will monetize wasted energy such as flared gas in the UAE, KSA, and Egypt with the aim of hosting global data center operators, reducing carbon emissions and contributing to the Digital Energy Infrastructure (DEI) Fund, a local decarbonization innovation fund.