After ADGM Hacken partners with Klumi Ventures for blockchain security

After ADGM Hacken partners with Klumi Ventures for blockchain security

Hacken, a blockchain security auditing firm, has forged a strategic alliance with Klumi Ventures, recently regulated Web3 venture capital firm based in Abu Dhabi Global Market (ADGM). As per the press release the partnership is poised to establish new benchmarks in blockchain security and compliance, capitalizing on the formidable security expertise of Hacken and the financial licensing of Klumi Ventures in UAE.

Prior to this Hacken signed an MOU with ADGM to set benchmarks for security and compliance.

Klumi Ventures recently announced the launch of a $15 million investment fund aimed at fostering the Web3 ecosystem in ADGM. This initiative focuses on providing pre-seed and seed investments for emerging Web3 startups. It is the sole web3 VC and Fund Manager regulated by ADGM. It stands at the forefront of the region’s burgeoning blockchain ecosystem, offering comprehensive support to early-stage startups

Hacken and Klumi Ventures aim to cultivate a secure and regulated framework for capital deployment, with the overarching goal of positioning ADGM as a global hub for blockchain innovation, renowned for its stringent security and compliance protocols.

“Klumi Ventures collaboration with Hacken signifies a paradigm shift in blockchain security and compliance. By blending regulatory prowess with cutting-edge cybersecurity expertise, we’re charting new territory in establishing global benchmarks for safety and trust in the blockchain industry as a fund manager. This alliance underscores our shared commitment to pioneering innovative solutions that elevate transparency, security, and regulatory excellence in the digital assets landscape” stated Kristiina Lumeste, Senior Executive officer of Klumi Ventures.

The scope of the partnership includes creating a Security-First Blockchain Environment in ADGM. The partnership harnesses Hacken’s extensive cybersecurity expertise to establish new global standards in blockchain safety. Through this collaboration, all blockchain initiatives driven by Klumi Ventures within the ADGM will meet the highest security standards, creating a secure and stable environment for innovation.

In addition will be the continuous monitoring for Klumi Ventures Portfolio. Hacken’s advanced on-chain monitoring technologies will be deployed across the new and existing Klumi Ventures’ portfolio companies, providing real-time security assessments and ensuring continuous compliance with ADGM’s standards.

Finally the partnership will significantly enhance the blockchain community’s expertise within ADGM. By organizing a variety of educational initiatives such as workshops, seminars, and webinars, the collaboration will empower local and regional blockchain professionals. These events are designed to impart best security practices and introduce the latest innovations in blockchain technology, cultivating a knowledgeable and skilled workforce.

Dyma Budorin, Hacken Co-Founder & CEO stated, “Hacken is impressed by Abu Dhabi’s steadfast commitment to prioritizing security in developing its local blockchain ecosystem. We are honored to stand as a partner in this endeavor. Our collaboration with Klumi Ventures marks another significant stride toward forging a secure and dependable Web3 landscape within the region. Drawing from our extensive 7-year experience in collaborating with the world`s top crypto brands, we are dedicated to leveraging our best practices to ensure the safety and integrity of every project within the Klumi Ventures portfolio.”

Together, Hacken and Klumi Ventures are setting a new standard for blockchain ventures in the region, emphasizing security, compliance, and community engagement as pillars of their strategic partnership. This collaboration not only enhances the value of the Web3 ecosystem within ADGM but also ensures it is a safe, innovative, and thriving environment for all stakeholders.

Vault Hill launches blockchain digital ecosystem at Abu Dhabi AIM Congress

Vault Hill launches blockchain digital ecosystem at Abu Dhabi AIM Congress

Vault Hill blockchain with its offices in Ras El Khaimah UAE, has launched its digital ecosystem Vault Hill 3.0 at the AIM Congress in Abu Dhabi. The system is set to redefine the integration of gaming, artificial intelligence (AI), and immersive social experiences. This upgrade goes beyond a simple refresh, introducing a re-engineered platform that is poised to become a central hub for digital innovation, mainly focusing on enriching the technological terrain of Africa.

Vault Hill has crafted interactive spaces where users worldwide, and especially in Africa, can engage, create, and explore within a richly immersive environment. “With Vault Hill 3.0, our focus sharpens on empowering the African community, harnessing advanced technologies to propel regional development and connect the continent to global digital trends”, says Jimi Daodu, CEO of Vault Hill.

Step into the future of gaming with VH Games, where blockchain technology meets immersive gameplay. “VH Games introduces a tokenized economy, utilizing tokens to blend play with real value creation, providing gamers not just entertainment but also economic opportunities within our expansive digital realms,” says Tayo Kalejaiye, Head of Gaming at Vault Hill.

Also introduced is Hilda an AI partner that serves as a dynamic companion for businesses and government agencies, facilitating sophisticated digital strategies and enhancing customer interactions with predictive analytics and personalized service.

Qatari backed QAN blockchain rolls out testnet

Qatari backed QAN blockchain rolls out testnet

QANplatform backed by Qatar’s MBK Holding has rolled out the world’s first quantum-resistant and Ethereum-compatible blockchain testnet, where developers can code smart contracts in any programming language.

As per the blog post, the introduction of this testnet follows the successful implementation of QANplatform’s quantum-resistant technology by a European Union member state. Building on the success of the QAN Private Blockchain or QAN Enterprise Blockchain launched in September 2023, the new QAN TestNet is a precursor to the QAN MainNet Beta and signifies a leap in the Web3 ecosystem’s evolution.

The blog notes, that Qan is the world’s first platform that combines three outstanding features: quantum-resistant security, compatibility with Ethereum’s EVM, and the ability to code smart contracts in any programming language.

Enabled by the QAN Virtual Machine (QVM), the platform welcomes smart contract creation in a diverse array of programming languages compatible with the Linux Kernel. This approach aims to democratize access to Web3 technology, potentially drawing in more than 28 million new developers by moving beyond the traditional blockchain platforms that support only a few programming languages. QAN lowers the entry barriers for non-developers with its no-code smart contract studio, allowing users to generate smart contracts interactively within minutes.

In alignment with the US National Institute of Standards and Technology (NIST)’s primary recommendations, QANplatform incorporates CRYSTALS-Dilithium algorithm into QAN XLINK. The QAN XLINK cross-signer ensures post-quantum transaction security while maintaining Ethereum EVM compatibility, safeguarding QANplatform and its users against the looming threat of quantum computing.

Johann Polecsak, Co-Founder and CTO of QANplatform, expressed, “Crafting a blockchain that addresses both future challenges, such as quantum attacks, and current market issues, like high entry barriers for developers and enterprises, presented a significant and complex undertaking. Our aim to achieve Ethereum compatibility to facilitate seamless integration of pre-existing solutions added to the complexity. The dedication of our team to navigate these challenges affirms a critical advancement.”

Digital assets on the table in MOU between Qatar Financial Authority and Hong Kong FSDC

Digital assets on the table in MOU between Qatar Financial Authority and Hong Kong FSDC

On behalf of the Hong Kong SAR Government, the Financial Services Development Council (FSDC) signed an MoU with the Qatar Financial Centre (QFC) with the goal of deepening the collaboration across multiple financial services areas between Qatar and Hong Kong including digital assets.

The Hong Kong and Mainland China delegates to Qatar have had numerous group meetings and networking opportunities with the local Qatar stakeholders – QFC, QIA, QDB ( Qatar Development Bank), Invest Qatar, Qatar Foundation, QSTP, regulators, investors, family offices, channel partners in digital assets, fintech, wealth management, to deepen the collaboration and uncover concrete business opportunities.

This MoU signing is a follow-up from an earlier visit to Qatar by the Secretary for Financial Services and the Treasury, Christopher Hui, in 2023. Since then, Qatar leaders also visited Hong Kong during the Asian Financial Forum in early 2024.

King Leung, Global Head of Financial Services and Fintech, InvestHK told Qatar Pennisula media, that “Qatar can leverage Hong Kong’s strengths to its advantage. In Hong Kong, we have been experimenting lots of innovation such as tokenization and digital assets and would like to work more closely with Qatar.”

Sharing his perspectives on the intersection between fintech and AI, Global Head of Financial Services and Fintech Leung stated, “We are seeing the intersection of AI, big data, blockchain, and cloud. A lot of the financial institutions are now using fintech, which with that AI capability can help streamline a lot of the internal processes. We have seen a lot of AI innovation in the fintech space that are empowering the financial institutions to transform their operation, to raise their ability to service their clients.”

There have been regular follow-ups by both organizations, as well as InvestHK. We are committed to deepen our collaboration in key financial services areas – asset and wealth management, fintech, digital assets, and family offices.

The Undersecretary for Financial Services and the Treasury, Joseph Chan, the Financial Services Development Council (FSDC), InvestHK, and Cyberport led a delegation of over 30 Hong Kong and Mainland China business leaders to Doha on May 5-6.

Highlighting some of the key sectors of interest for investors from Hong Kong, Leung added, “The senior officials have been making our stance very clear in terms of our positioning as a major green finance and green tech hub. We would love to work with investors around the world to promote these movements. It could be new energy, new materials, or any of the technology layers that can promote a better tracking of the green behaviour. We see quite a lot of green fintechs using different technologies and access to different data.”

PWC MENA report features Fils carbon credit tokenization use cases

PWC MENA report features Fils carbon credit tokenization use cases

 UAE based Fils, an enterprise-grade digital infrastructure provider enabling companies to embed sustainability and climate action into their business models, has featured in a new PWC Middle East report on Carbon credit tokenization: Pioneering a sustainable future. 

It has been estimated that the carbon credits market will expand to US$100 billion by 2030, by Morgan Stanley, a global leader in financial services. The PwC Middle East report examines the tokenization of carbon credits and how financial institutions can become game-changing players in leveraging this process to combat climate change.  

The report emphasizes the practical deployment of carbon credit tokenization- as demonstrated by Fils – showcasing how the fintech’s technology is being used by several of its banking clientele.

Since its launch ahead of COP28 last year, Fils has embedded digital tools to businesses across various sectors, enabling them to integrate climate initiatives into their workflows.

A case study featuring in the report reveals that their innovative software has enabled major fintechs, such as Magnati in the UAE and Geidea in the KSA, and banks such as Mashreq, to process payments that automatically offset carbon emissions, simplifying eco-friendly transactions and ensuring business transparency. Fils also uses advanced analytics for carbon emission calculations in corporate spending, offering a clear view of environmental impact. This approach exemplifies Fils’ efficient method to incorporate climate action into business models, contributing to a sustainable future in finance and positioning Fils as a foundational force in building a global community of sustainability-minded businesses.

“We are incredibly proud that Fils’ efforts and achievements in integrating climate action into business models have been recognized and used as a case study in this report.” said Nameer Khan, CEO of Fils. “Since our inception, we have been instrumental in assisting financial institutions to effectively incorporate climate action into their operations. This report not only showcases our technology through our real world case studies but also amplifies our reach, giving us a larger platform to inform others about what we do and expand into new regions. It’s a testament to our continued commitment to sustainability and the growing impact of our solutions on a global scale,” he added.

PwC Middle East’s report talks about the emergence of tokenization, its role in enhancing financial services, how tokenized carbon credits are creating game changing opportunities by building a more transparent, efficient and accessible market for carbon credits, in turn driving growth and therefore supporting the goals of the Paris Agreement to drop emissions by 45% by 2030.

Commenting on the report, Serena Sebastiani, Virtual Assets Consulting Leader at PwC Middle East said, “This report underscores the critical role of informed partnerships in advancing climate action.”

She added, “By merging insights from Fils’ application of technology with our strategic overview, the report aims to educate financial institutions about the benefits of tokenisation applied to carbon credits, driving a shift towards how the world of finance can play a big role in saving our planet, one token at a time. “

Fils has established strategic partnerships with significant financial institutions in the region, including Magnati in the UAE, Geidea in KSA, and Mashreq Bank, enabling millions of merchants worldwide to reduce their environmental impact. 

crypto companies to have streamlined regulatory process in UAE

crypto companies to have streamlined regulatory process in UAE

Nucleus AI (https://besocial.ai), offering advanced artificial intelligence solutions, has partnered with the Dubai Blockchain Center (https://blockchaincenter.ae) to revolutionize how blockchain and crypto companies establish operations in Dubai by streamlining the regulatory processes.

“We are at the cusp of a transformative era where blockchain and artificial intelligence converge to create unprecedented opportunities,” said Dr. Marwan Alzarouni, CEO of Dubai Blockchain Center. “This collaboration marks a significant milestone in harnessing the synergies of these revolutionary technologies to foster an ecosystem that empowers businesses and drives innovation within Area 2071, Dubai, the UAE and beyond.”

At the core of this initiative lies Nucleus AI’s advanced AI platform, which enables enterprises, SMEs, and government entities to transform their existing knowledge bases into intelligent systems capable of understanding and acting upon complex data relationships.

“Our platform allows enterprises to deploy sophisticated AI-driven processes that operate across multiple tiers, drastically improving efficiency and effectiveness,” stated Raakin Iqbal, CEO and Co-founder of Nucleus AI. “We’re fundamentally enhancing how organizations manage and utilize their knowledge assets.”

“Our Pre-AGI technology doesn’t just automate – it innovates, making each regulatory interaction smarter and more effective,” Iqbal explained. “We’re pushing the boundaries of what AI can achieve in streamlining operational landscapes.”

The partnership will enable an AI-driven proof-of-concept that guides blockchain and crypto companies through the entire regulatory journey – from initial inquiry to final licensing – with unprecedented efficiency. Key capabilities include:

– Intelligent Reasoning: Applying complex logic to understand nuanced regulations and processes.

– Dynamic Knowledge Bases: Continuously updated to ensure adherence to the latest policies.

– Autonomous Action Models: Leveraging datasets and reasoning to autonomously navigate processes while ensuring compliance.

– Multilingual Support: Facilitating global adoption with AI-powered support across 25+ languages.

At the core of this initiative is an AI-powered interface that combines conversational AI with action-driven modeling to shepherd companies through every step, from initial inquiry to final licensing. “Nucleus AI’s platform ingests complex knowledge bases and autonomously executes actions based on logical inferencing – making it ideal for streamlining this intricate regulatory journey,” stated Kiran Ali, Co-founder.

“Our partnership with the Dubai Blockchain Center showcases how advanced AI can revolutionize regulatory frameworks through reasoning and autonomous execution,” Iqbal said. “We’re developing systems that deeply understand operational nuances to radically simplify business establishment.”

The Dubai Blockchain Center’s visionary leadership echoes this innovative spirit: “In our pursuit to position Dubai as a beacon for the blockchain sector, we aim to create an environment conducive to growth,” Dr. Alzarouni stated. “Our initiatives make it seamless for blockchain and crypto companies to operate here, fostering an ecosystem where innovation thrives.”

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.

Qatar Fintech Hub prepares for Digital asset hackathon

Qatar Fintech Hub prepares for Digital asset hackathon

In a linkedin post, Henk Jan Hoogendoorn, Chief of Financial Services Sector at Qatar Financial Centre Authority, noted that discussions were heating up with regards to the upcoming digital assets, takaful and Insurtech hackathon. He also mentioned discussions on the launch of a new wave of accelerator and incubator programs as well as a Fintech survey 2024.

He noted, “Qatar FinTech Hub on a roll. We discussed upcoming #hackathon with the focus on Digital Assets and takafel insurtech. As well as the launch of new wave of accelerator #incubator programs and Fintech survey 2024.”

Those present in the discussions included Qatar Development Bank and Qatar Financial Centre (QFC) Authority Qatar Central Bank.

This is part and parcel of the efforts Qatar is making on both the Blockchain and digital assets front, especially after launching the digital assets lab earlier this year.

Among the themes being focused on in Qatar is tokenization of real estate, securities and other financial instruments.

Recently Bahrain Central Bank graduated the first fractional tokenization platform for Islamic Sukuk, called INABLR.

UAE digital asset Blockchain platform partners with AIREV for AI to spur adoption in MENA

UAE digital asset Blockchain platform partners with AIREV for AI to spur adoption in MENA

Abu Dhabi-based BT Commerce a Bridgetower SPV entity that offers institutional grade digital asset platforms to facilitate the growth of AI and Blockchain in the Middle East, has partnered with AIREV, an Abu Dhabi-based pioneer in AI solutions, to converge the transformative technologies of Artificial Intelligence and Blockchain to drive global adoption across public and private markets.

BT Commerce and AIREV will collaborate on a comprehensive range of AI services leveraging blockchain and Web3 technologies. Their focus is to tackle fundamental challenges facing AI thereby ensuring data verification, establishing AI proof-of authenticity, and facilitating global distribution over secure private networks. This includes AI modeling, Large Language Models (LLM), AI GPU compute, and the distribution of sensitive data customized to fulfill the unique requirements of their clientele.

BT Commerce, headquartered in Abu Dhabi Global Market (ADGM), brings over $250 million of delegated assets for turnkey staking, as well as extensive expertise operating blockchain node validation for the world’s largest blockchains.

As per the medium post, BT Commerce will utilize its proprietary Web3 Commerce Platform to provide customers with customized marketplaces that are fortified by more than 25 years of digital asset, capital deployment, and business operations experience. The company also brings vast resources made available through its local Abu Dhabi and global partnerships.

“I am thrilled about our partnership with Bridgetower and BT Commerce,” said Muhammed Khalid Founder of AIREV. “This collaboration marks a significant milestone, setting a global benchmark in blockchain and AI integration. Together, we’re poised to drive innovation and growth not only in the GCC but worldwide, propelling us towards a future of transformative digital success.”

“We are excited to enter into partnership with AIREV — a fellow Abu Dhabi company — and contribute to the rapidly growing digital asset, blockchain, and AI explosion that has occurred in the UAE over the past two years,” said BT Commerce CEO Cory Pugh. “This region is leading the way globally and we believe Blockchain/AI solutions from AIREV powered by BT Commerce and the broader Bridgetower family will have a broad and lasting impact.”

In addition to augmenting AIREV’s existing 3 million School Hack users, the companies will work together on AIREV’s ONDEMAND platform that revolutionizes generative AI product development with its easy-to-use interface, a plethora of plugin offerings and AI agents for swift customization and integration. The ONDEMAND platform enables businesses to rapidly deploy sophisticated AI solutions, slashing development time and complexity to deliver innovative GEN AI products.

UAE based Blockchain entity accepted into ThirdWeb Superchain accelerator

UAE based Blockchain entity accepted into ThirdWeb Superchain accelerator

With a presence in RAK DAO in Rask Al Khaimah UAE, Vault Hill, a tech entity that leverages blockchain and AI has announced its acceptance into the ThirdWeb SuperChain accelerator. ThirdWeb SuperChain accelerator is co founded by serial entrepreneur Steven Bartlett.

As per the press release, this milestone marks a significant leap forward in Vault Hill’s commitment to advancing blockchain technology and expanding its innovative ecosystem.

As part of its participation in the Superchain accelerator program, Vault Hill will gain access to an array of advanced blockchain and gaming development kits, alongside expert guidance from some of the leading minds in the tech industry. This initiative is set to enhance Vault Hill’s developmental capabilities, enabling quicker deployment of new features and improvements across its platforms.

The gaming development toolkit provided by ThirdWeb is particularly crucial for Vault Hill’s strategic expansion into blockchain-based gaming. These tools are designed to streamline the creation and integration of gaming applications, making them a key component in Vault Hill’s 2024 strategic direction.

Tayo Kalejaiye, Head of Gaming at Vault Hill, comments on the toolkit’s significance: “The integration of ThirdWeb’s gaming development toolkit is instrumental to our 2024 roadmap. It not only enhances our capability to develop cutting-edge gaming solutions but also aligns perfectly with our strategic direction, pushing us towards becoming a leader in blockchain gaming innovation.”

“This acceptance into the ThirdWeb Superchain is not just a recognition of Vault Hill’s potential but also a crucial opportunity to leverage cutting-edge resources that will propel our technological advancement,” said Jimi Daodu, CEO of Vault Hill. “We are poised to set new standards in blockchain applications, benefiting both our community of users and our investors.”