UAE regulated crypto custodian Komainu chosen by Nasdaq

UAE regulated crypto custodian Komainu chosen by Nasdaq

UAE regulated Komainu, diigtal asset custodian is now a Core Custodian for Nasdaq’s suite of Crypto Indices. Nasdaq’s Core Custodian requirements are designed to ensure the security and integrity of digital assets.

Key criteria include, bankruptcy remoteness which entails legal protection and segregation of client assets in the event of custodian insolvency,   regulatory compliance which entails licensing by reputable regulatory bodies. Komainu is regulated by Dubai’s Virtual Asset regulatory Authority. Also included in the criteria that allowed Komainu to be chosen is the advanced security practices for private key generation and segregated storage, cold storage, risk management that offers a comprehensive frameworks for operational and custody risk mitigation.

In addition criteria also include asset recovery, auditing, and insurance protection.

“We are pleased to be selected as a Core Custodian by Nasdaq, a testament to our commitment to institutional-grade security and operational excellence. This partnership validates our approach to digital asset custody and aligns perfectly with our mission to become the preferred gateway to digital assets for institutional investors. At Komainu, we’ve built our foundation on the very principles Nasdaq demands, ensuring that institutional investors can engage with digital assets confidently and securely.”

Komainu, was the first VASP in UAE to be granted a full virtual assets service provider license by Dubai’s virtual asset regulatory authority in UAE. The license was issued on August 18th 2023.

The announcement comes as the first Ethereum spot exchange-traded product (ETP) goes live on Nasdaq. The product is called the iShares Ethereum Trust ETF. It can be identified by its ticker symbol ETHA. Nasdaq and BlackRock collaborated extensively, crossing both regulatory and operational hurdles, to successfully launch ETHA.

SurferMonkey partners with NYALA to bring privacy to tokenized assets

SurferMonkey partners with NYALA to bring privacy to tokenized assets

UAE registered SurferMonkey, has partnered with NYALA to revolutionize financial privacy and compliance within blockchain technology.

As per the announcement, the traditional financial systems often grapple with inefficiencies that drive up costs and cause delays. Blockchain protocol promises to streamline processes across primary and secondary markets, yet its inherent transparency poses challenges such as privacy concerns and confidential data exposure to competitors.

NYALA, tokenization platform is converting real world assets into digital twins. NYALA ensures seamless, compliant asset management, setting new benchmarks in efficiency, while SurferMonkey aims to complement NYALA’s platform by introducing regulatory privacy to the ecosystem.

SurferMonkey’s solution safeguards transactional privacy while adhering to regulatory standards including the Travel Rule. Their pioneering ZKP Mixing technology shields sensitive transaction data from competitors, ensuring robust data protection and compliance with regulatory frameworks such as MiCa or the German Electronic Securities Act (eWpG).

This strategic collaboration explores diverse use cases, including Asset Minting, DvP (Delivery versus Payment) for bonds using stablecoin EURe (Monerium), and more. Institutions can confidently tokenize and manage assets with the assurance that their data remains secure, private, and regulatorily compliant.

“We are huge believers in public chain infrastructure, says NYALA Co-CEO Johannes Schmitt. “However, this infrastructure needs to be complemented with applications and tools that allow for selective confidentiality. This is why we are excited about partnering with SurferMonkey ”.

Miguel Diaz Montiel, CEO of SurgerMonkey, “We believe in the potential of blockchain asset tokenization; however we know that many user cases cannot be exposed to anyone outside theinstitution sending them and regulators. Critical data cannot be exposed to prying eyes. Our collaboration with NYALA highlights how tokenized assets can be privatized on public blockchains.”

Speaking to Lara on the Block, Al Amin Al Bakry, Co-Founder and Chief Strategy Officer at Surfermonkey noted, “We are registered in the ADGM UAE and in the FCA in the United Kingdom. We continuously work with ADGM discussing our technology and how it can be applied to other companies within the ADGM that need to privatize certain transactional flows on the blockchain.”

SurferMonkey employs Zero-Knowledge Proof technology to ensure secure, confidential, and compliant blockchain interactions.

Currently these solutions are being tested in the sandbox in ADGM.

UAE Verofax to utilize blockchain to validate reforestation projects

UAE Verofax to utilize blockchain to validate reforestation projects

UAE and Saudi based Blockchain enabled Verofax, offering traceability and AI technologies, has signed an MOU ( Memorandum of Understanding) to partner with climate tech startup NetGreen to activate retail channels to lead the change in re-greening our planet with trust and transparency.

NetGreen’s platform meets an urgent market need where individuals can purchase a plant-a-tree service from validated reforestation projects to combat climate change. NetGreen enables participants to directly engage in reforestation through everyday transactions, such as converting loyalty points into tree plantings. This model not only supports carbon sequestration but also enhances biodiversity and fosters a deeper connection between communities and their natural environments.

With Verofax validating, reforestation projects becomes seamless using Verofax’ Tree Chain technology for identifying, tracking and measuring the carbon capture from trees using computer vision, AI drone feeds, geolocation, and an immutable ledger.

These technologies will automate operations to prevent double counting and ensure their alignment with the latest international standards, including Verra and UNFCCC CDM.

Nisreen Shadad, CEO and Co-Founder of NetGreen, stated, “Partnering with Verofax propels us towards our vision of a greener planet by enhancing the reach and effectiveness of our reforestation projects. Their advanced technology solutions will allow us to provide undeniable proof of impact to our participants, increasing trust and participation rates. This is a game-changer for environmental engagement.”

Wassim Merheby, CEO of Verofax, said, “This partnership is an excellent opportunity to showcase how innovative technology can be harnessed to address some of the most pressing environmental challenges. By supporting NetGreen, we are not only contributing to scaling reforestation but also demonstrating the potential for technology to create significant positive change.”

This is not the first time that Verofax partners with entities to support sustainability and environmental efforts. This year UAE based BANTgo and Verofax collaborated to enhance e-waste collection.  The partnership seeks to galvanize the masses into responsible recycling by rewarding their endeavors with tokenized incentives.

Abu Dhabi aims to become blockchain and Web3 center

Abu Dhabi aims to become blockchain and Web3 center

As Abu Dhabi works to become the center not only for AI development, digital assets but also Blockchain. This week the city inaugurated its first Blockchain center to foster innovation and growth in digital transformation, and establish Abu Dhabi as a leader in blockchain technology.

As per the website, the Abu Dhabi Blockchain Center, located in Abu Dhabi, is a global hub for education, events, venture creation and consultancy services in blockchain and Web3 technologies.

The center encompasses five vital areas of technology focus: Incubation and Acceleration Hub, Venture Capital, and Education and Research and Development (R&D), Consultancy, and Events.

The Incubation and Acceleration Hub will play the role of empowering startups with comprehensive resources, expert mentorship, and strategic funding. Meanwhile, the Venture Capital arm will focus on supporting and investing in Web3 startups and businesses to speed the development and deployment of new blockchain solutions and applications.

The Education and R&D will focus on offering cutting-edge educational programs, certifications, and pioneering research initiatives to advance blockchain knowledge, skills, and technological innovation. The hands-on human resources training center will provide education and R&D to ensure a continuous pipeline of talent and groundbreaking solutions.

The center’s other services include providing expert advisory and consulting services for projects. It focuses on helping both local and international businesses integrate, optimize, and leverage blockchain technology. Additionally, this includes assisting companies in navigating the regulatory landscape for a smooth transition into Abu Dhabi’s dynamic market.

Abdulla Al Dhaheri, CEO of the Blockchain Center, noted, “We are thrilled to launch the Blockchain Center in Abu Dhabi. Our vision is to create a global hub for blockchain innovation, education, and collaboration right here in Abu Dhabi.”

Abu Dhabi ADGM was the first to launch a DLT Foundation regulations, and registered two entities so far. In March ADGM registered its second DLT Foundation,The Finschia DLT Foundation, chaired by Youngsu Ko, as a Distributed Ledger Technology (DLT) Foundation. IOTA was the first to get registered in 2023.

The Saudi headquartered Digital Cooperation organization magazine covers topics on digital assets and tokenization

The Saudi headquartered Digital Cooperation organization magazine covers topics on digital assets and tokenization

The Saudi headquartered Digital Cooperation Organization (DCO), a global multilateral organization committed to enabling digital prosperity for all by accelerating the sustainable and inclusive growth of the digital economy, in its second edition of EconomiX magazine will cover the topics of digital assets, tokenization, and the digital economy. This publication serves as a key platform for knowledge sharing and insightful discussions on the ever-evolving digital landscape.

EconomiX magazine brings together thought leaders from governments, businesses, academia, and international organizations to explore critical topics influencing the global digital economy.

The Digital Cooperation Organization (DCO), an international multilateral organization that aims to promote digital prosperity for all by accelerating inclusive and sustainable growth of the global digital economy, announced in February 2024 that Jordan will hold the organization’s presidency in 2024. Jordanian Minister of Digital Economy and Entrepreneurship Ahmad Hanandeh will be the new chairman of the DCO Council for Digital Collaboration. The announcement was made during the DCO’s third annual General Assembly meeting, which took place in Bahrain attended by heads of delegations, ministers, and representatives from the 16 DCO member countries. The next DCO General Assembly is scheduled for February 2025 in Jordan.

The second issue of EconomiX delves into a range of thought-provoking themes, including empowering women via gender parity and technology, digitalizing women-led MSMEs and facilitating their access to user-friendly e-commerce platforms, equipping entrepreneurs with skills and tools to grow and thrive in the digital economy, digital FDI and the digital investment map, bringing global trade systems under one digital roof, combatting online misinformation, digital assets and tokenization, and deep diving into digital economies of several DCO Member States looking at the key projects, initiatives, and prospects, as well as the challenges they are facing and the opportunities they are leveraging.

“The DCO is committed to bridging the knowledge gap and fostering meaningful dialogue on crucial aspects of the digital economy. EconomiX magazine serves as a catalyst for innovation and collaboration, empowering our readers to navigate the complexities of the digital age and unlock its immense potential. Building on the success of the inaugural issue of EconomiX, this edition dives deeper into critical digital economy trends, offering insightful analysis and expert commentary to empower informed decision-making,” said Manel Bondi, the DCO Chief of Digital Markets Growth and Chief Editor of EconomiX.

This edition features exclusive interviews with prominent figures shaping the digital world, along with insightful articles and case studies that provide actionable guidance for navigating the digital revolution. Readers will gain valuable perspectives on leveraging digital transformation to drive economic and social prosperity.

The launch of EconomiX by DCO comes at a time in Saudi Arabia and GCC region where Web3, blockchain, AI, and digital asset projects are kicking off.

Blockchain Global Trade Project sets up headquarters in Oman

Blockchain Global Trade Project sets up headquarters in Oman

Advanced Horizon Markets s.r.o. developing its Blockchain and AI enabled GlobalTrade project, has set up its headquarters in Oman after an investment firm acquired 80% of its shares during its seed phase, valuing the project at 1.1 million Euros.

As per the press release, the investment marks a pivotal moment for GlobalTrade, propelling it into a new era of growth and expansion. As part of this development, the headquarters of the GlobalTrade project will be relocated to Muscat, Oman.

GlobalTrade aims to redefine international trade operations through digital innovation, transparency, compliance, and sustainability. With this investment, efforts to create a comprehensive digital marketplace that serves the global business community will be accelerated. The platform is designed to offer robust business verification, smart contracts, integrated quality control, comprehensive shipping solutions, and real-time tracking, all powered by advanced technologies such as blockchain and AI.

Advanced Horizon Markets will retain 15% of the shares, with a three-year cliff, while an additional 5% will be distributed among dedicated technical team members. Advanced Horizon Markets specializes in creating technology-driven solutions that push the boundaries of what’s possible. The company is committed to enhancing global trade through cutting-edge digital platforms and services that promote innovation, sustainability, transparency, compliance, and simplified global trade.

Partnerships with international organizations, financial institutions, insurance companies, tech startups, and logistics providers underscore the commitment to making GlobalTrade a one-stop solution for all global trade needs. These collaborations enhance the platform’s offerings, making it a comprehensive and seamless experience for businesses worldwide.

Amin Mirfakhraie, Co-Founder of GlobalTrade, expressed his excitement about this new chapter: “We are thrilled about this investment and the opportunities it brings for GlobalTrade. Relocating to Muscat and collaborating with our Omani partners will enable us to leverage their expertise and resources, accelerating our platform’s development and introducing innovative solutions to the global trade market.”

Ripple and DIFC to accelerate blockchain in UAE

Ripple and DIFC to accelerate blockchain in UAE

Ripple, a provider of enterprise blockchain and crypto solutions, has partnered with the DIFC Innovation Hub to accelerate blockchain and digital assets innovation in the UAE.

As per the press release, the new partnership will connect the next generation of developers with the DIFC Hub, the largest innovation community in the region and home to more than 1,000 growth-stage tech firms, innovation companies, digital labs, venture capital firms, regulators and educational entities. The partnership between Ripple and the DIFC Innovation Hub will provide the means to drive blockchain and crypto adoption amongst early-stage companies and scale-ups as well as to introduce and position the technology with traditional large strategic institutions and their use cases.

“The UAE is one of the most advanced jurisdictions globally when it comes to offering regulatory clarity for licensed firms to offer virtual asset services and fostering an environment in which the next generation of financial innovation can flourish,” said Brad Garlinghouse, Ripple Chief Executive Officer. “Our partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region as the XRPL continues to be a leading blockchain for the region’s start-ups and scaleups building real use cases.”

Ripple has committed one billion XRP to accelerate development and new global use cases on the XRP Ledger (XRPL), the decentralised, layer 1 blockchain. Through the commitment, Ripple will provide financial, technical, and business support to developers. Since announcing the 1B XRP Fund in late 2021, Ripple has funded over 160 teams building on the XRPL, reaching 47 countries to date, across a wide range of use cases spanning decentralised finance (DeFi), to Real World Assets (RWA), and other groundbreaking new solutions.

Arif Amiri, DIFC Chief Executive Officer, added, “Today marks a significant milestone in Dubai’s ongoing journey to accelerate its position as a leading international centre of excellence for business and finance. Our partnership with Ripple underscores the strength of our developer community and DIFC’s commitment to fostering technological advancements. The collaboration further cements DIFC’s role as a leading global hub for talent, tech and innovation, as we continue to enhance our ecosystem, powered by a world-class regulatory jurisdiction, to drive the future of finance.”

“The UAE’s progressive approach to fintech, coupled with Ripple’s billion XRP developer fund, creates a fertile ground for innovation in the UAE,” said Reece Merrick, Ripple Managing Director, Middle East and Africa. “Our new collaboration with the DIFC will empower regional talent to build the next generation of financial solutions on the XRP Ledger, solidifying the UAE’s position as a leading fintech hub globally.”

XRP as a digital asset was recently accepted as a recognized crypto in DIFC.

Digital Bank Ibanera joins UAE’s RAK digital assets oasis

Digital Bank Ibanera joins UAE’s RAK digital assets oasis

Ibanera, digital banking entity, has joined RAK Digital Assets Oasis (RAK DAO), a UAE Free Zone dedicated to digital assets. Ibanera wants to tap into the Web3 and fintech landscape in the Middle East.

According to the press release, by aligning with RAK DAO, Ibanera gains access to an array of resources designed to propel growth and innovation. This includes a robust ecosystem of Web3 companies, funding avenues, and cutting-edge blockchain technology.

Dr. Sameer Al Ansari, CEO of RAK DAO, expressed enthusiasm about the partnership, “Our mission is to be the future-centric free zone for tomorrow’s leading companies. Ibanera’s presence aligns seamlessly with our vision of fostering groundbreaking innovation and next-gen banking solutions. This partnership not only elevates Ibanera’s role in this vibrant market but also enriches our ecosystem with advanced financial services.”

The partnership will enable Ibanera to integrate its advanced financial solutions, including its PORTL API and other services, within RAK DAO’s network. This integration aims to enhance the accessibility and functionality of Web3 solutions and digital asset management for businesses ranging from startups to large enterprises.

Michael Carbonara, CEO of Ibanera, emphasized the strategic fit of the collaboration, “Joining RAK DAO’s ecosystem is a thrilling opportunity for us. Ras Al Khaimah’s progressive regulatory environment and business-friendly policies provide an ideal foundation for our growth. We look forward to contributing to and benefiting from the innovative community RAK DAO supports.”

Ibanera’s platform, known for its secure and innovative financial services, will now offer RAK DAO’s Web3 businesses a seamless experience, from NFT tokenization to advanced digital banking. This partnership is set to drive significant advancements in the fintech and digital asset spaces, reflecting both companies’ commitment to innovation and excellence.

UAE based Al Maryah bank launches blockchain digital wallet

UAE based Al Maryah bank launches blockchain digital wallet

Al Maryah Community Bank, a digital bank in the UAE has announced the launch of what it calls the first UAE Blockchain enabled national digital wallet, called Mbank Wallet.

As per the X post, “Al Maryah bank Introducing Mbank Wallet: UAE’s first national digital wallet using decentralized blockchain technology, enhanced with QR technology, and linked to Jaywan.”

Jaywan is the UAE’s domestic card scheme. Users open an account with their Emirates ID and add a the Blockchain enabled digital wallet with an IBAN.

The post adds that the Mbank wallet will allow for better financial inclusion within the UAE.

The new digital wallet will allow seamless financial transactions; send, receive, request, and pay money effortlessly, as well as send funds globally.

The Mbank Wallet is already accepted in TAMM, Emarat, Select Market, and Air Arabia.

In May 2024 Al Maryah Community Bank (mBank) has entered into a Memorandum of Understanding with Dubai Multi Commodities Centre (DMCC). This collaboration aims to streamline the account opening process for businesses within DMCC through an Mbank integrated digital platform.

Utilizing Mbank’s Corporate Platform, companies seeking to establish themselves in DMCC can now digitally complete their business bank account opening in six steps, within 48 hours.

In November 2023 Al Maryah Community Bank chose to leverage the services of Ripple ODL partner LuLu to facilitate cross-border money transfers.

Stc Bahrain launches Web3 infrastructure with Avalanche Blockchain

Stc Bahrain launches Web3 infrastructure with Avalanche Blockchain

Stc Bahrain recently announced the launch of “Intersect the Network” on Avalanche Blockchain. As per the press release, the initiative aims to advance Web3 innovation, promote digital transformation for decentralized applications (dapps). In April 2024, stc Bahrain announced its partnership with Avalanche Blockchain to build Web3 in the MENA region.

Intersect aims to be the entry point for new users and organization to transition from the world into the Web3.

The infrastructure for this network has been provided through a joint collaboration between stc Bahrain and their Qal’at Path partner Avalanche.

To commemorate the launch of ‘Intersect the Network’, a 30-day virtual Web3 Makeathon + Hackathon will be held starting August 12. stc Bahrain, along with Avalanche, is proud to announce their title sponsorship for this event. Additionally, Nirvana labs, Chainlink, Lionscraft, OneKey, K3 Labs and Candide Labs will be event partners, sponsoring exciting prizes for the participants. The event aims to bridge the gap between the real world and the world of Web3, fostering creativity and innovation through both coding and non-coding tracks.

No-code tracks will invite artists to design unique artwork and profile pictures, while coding tracks will challenge developers to build solutions in Gaming, Music, Media, Interoperability, and Security on ‘Intersect the Network’. Registrations for the Intersect Makeathon + Hackathon are now open at intersect.to

“We are thrilled to unveil Intersect, a new blockchain network on Avalanche that opens up new possibilities for Web3 innovation. We hope this platform will serve as a catalyst for Web3 development, providing a space for groundbreaking applications and services globally. This initiative also underscores our dedication to empowering the people of Bahrain with innovative solutions and new technologies in line with Bahrain’s Vision 2030 goals. The upcoming Intersect Makeathon + Hackathon is an exciting opportunity for creative minds from all over the world to showcase their talent and bring innovative ideas to life. We can’t wait to see how participants will leverage this platform to intersect the real world and the world of Web3.”

“We are proud to announce a significant milestone in our partnership with stc Bahrain through the unveiling of the Intersect Avalanche L1. We hope this initiative will help enhance the Avalanche ecosystem both in the Middle East and worldwide, fostering a thriving environment for decentralized applications. In addition, we’re excited to support the upcoming Makeathon + Hackathon, a great opportunity for developers and artists alike. We look forward to seeing some amazing applications and innovations come to life.”

For more information and to participate in the Intersect Makeathon + Hackathon, visit the website at intersect.to