Token2049 launches inaugural crypto event in Dubai UAE

Token2049 launches inaugural crypto event in Dubai UAE

Token2049, global Web3 conference launches inaugural crypto event Dubai UAE on April 18-19 2024. The first round of the event’s speaker lineup has been made public. Speaker names include Paolo Ardoino, CEO of Tether; Sandeep Nailwal, Co-Founder of Polygon; Arthur Hayes, Co-Founder of BitMEX; Roger Ver, angel investor and founder of Bitcoin.com; Sergey Nazarov, Co-Founder of Chainlink; and Daniel Alegre, CEO of Yuga Labs, amongst 50 other industry leaders.

Alex Fiskum, Co-Founder of TOKEN2049 said, “Following the success of our latest iteration of TOKEN2049 in Singapore, we’re immensely proud and excited to bring the world’s premier crypto event to an entirely new region. Traction for the event so far has been phenomenal with thousands of registrations already, setting the stage for what will no doubt be a completely sold-out event. Today is the first of many exciting announcements to come in the lead-up to the event in April 2024.”

Set to be held at Madinat Jumeirah, TOKEN2049 crypto event in Dubai will see entrepreneurs, investors, developers, industry leaders, and global media gather to discuss the most prevalent topics across crypto and Web3. Throughout TOKEN2049 Week, taking place 15-21 April 2024, attendees will participate in a wide range of side events, workshops, and exclusive networking opportunities.

TOKEN2049 Dubai has also revealed the names of a handful of the title sponsors confirmed thus far. The list includes a number of industry-leading cryptocurrency exchanges and marketplaces such as BingX, CoinW, Zeebu, the Web3 powered neobank, tailormade for telecom settlements; M2, an Abu Dhabi based crypto investment platform, TRON, decentralizing the web and and DWF Labs – a global digital asset market maker and multi-stage Web3 investment firm.

TOKEN2049 Dubai will welcome exhibitors from around the world to showcase their projects at the conference. Building on the success of TOKEN2049 Singapore, which took place in September 2023 and brought together over 300 exhibitors and more than 10,000 attendees, with 80 percent coming from overseas, TOKEN2049 is set to break records in the MENA region and further cement its position as the leading global Web3 event series.

R3 latest council member of Emirates NBD digital asset Lab

R3 latest council member of Emirates NBD digital asset Lab

UAE Emirates NBD bank chooses R3, the blockchain and DLT infrastructure provider as latest council member of its digital asset Lab. R3 will join PwC, a professional services firm, and Fireblocks, a digital asset transfer and direct custody technology platform, as the founding council members of the Lab.

R3’s Corda offers distributed application and tokenization platforms powering regulated digital finance. Only Corda offers a permissioned ledger, asset modelling capabilities and a multi-party workflow engine in one interoperable and scalable distributed platform.

By adding R3, Emirates NBD is strengthening the new collaborative ecosystem by leveraging R3’s regulated markets expertise to drive transformative advancements in digital assets, currencies and banking services. The new membership marks a pivotal step in Emirates NBD’s journey towards redefining the future of banking, using R3’s technology to enhance security, efficiency and customer-centricity.

Abdulla Qassem, Group Chief Operating Officer at Emirates NBD, commented: “We are pleased to welcome R3, a technology pioneer, to the Digital Asset Lab. The platform is significant to Emirates NBD’s innovation strategy as it serves as a testing ground for new financial technologies and digital assets. As a digital banking leader, the Lab demonstrates Emirates NBD’s commitment to stay at the forefront of innovation in a rapidly evolving financial landscape.”

David Rutter, Chief Executive Officer at R3, noted, “R3 is delighted to be partnering with Emirates NBD by participating in its new Digital Asset Lab. The region continues to go from strength to strength in global financial innovation, and the creation of the Lab marks another significant milestone in the growth of its burgeoning FinTech sector.”

The Digital Asset Lab launched in May 2023 at the Dubai FinTech Summit, with the goal of enabling and accelerating digital asset and financial services innovation in the UAE.

R3 has been expanding aggressively in the MENA region in the past months.

non-banking entity joins Blockchain UAE Trade Connect platform

non-banking entity joins Blockchain UAE Trade Connect platform

Beehive, a peer to peer lending platform, has become the second non-banking entity to join Blockchain enabled UAE Trade Connect platform. DP World Finance platform partnered with UAE trade Connect in November.

Beehive is regulated by the Dubai Financial Services Authority (DFSA). It has rapidly grown into a leading disruptor in the fintech industry, providing an alternative finance solution for small- and medium-sized enterprises (SMEs) in the ever-growing lending ecosystem.

Beehive recently signed off with UAE Trade Connect (UTC) as its newest member and second non-bank entity to join its consortium. This strategic alliance is set to enhance trade finance operations and fortify the fight against fraud in the UAE. Beehive will leverage UTC’s platform to detect fraudulent and suspicious invoices and mitigate duplicate financing risks against bank invoices, leading to more flow of working capital finance for its customers.

Craig Moore, CEO and Founder of Beehive, said: “By joining the UTC platform, Beehive underscores its dedication to transparency and security in financial processes. We aim to revolutionize peer-to-peer lending alongside other UTC members by infusing greater transparency into the lending ecosystem.”

Zul Javaid, CEO of UTC, commented: “FinTech’s have emerged as a welcome addition in the GCC region enriching the financial landscape by providing innovative alternatives to traditional lending processes. With Beehive in our consortium this means that their working capital lending will be presented to our system daily, in real time, and will serve to de-risk their invoices as well as those of our member banks.”

UAE Trade Connect (UTC), Launched in 2021, was co-created by e& enterprise and the UAE banking industry and offers a technology solution to detect suspicious transactions and prevent fraud and duplication in real time.

This highly scalable advanced platform is completely cloud-native and incorporates cutting-edge technologies such as Distributed Ledger Technology (DLT), and Artificial Intelligence (AI). The consortium currently houses 14 members which includes banks and NBFI’s while additional financial intuitions are piloting the platform.

Invest Bank became the 13th bank to join UAE Trade Connect which is paving the way for a secure, efficient and technologically advanced trade finance landscape in October.

Mubadala backed Andalusia Labs raises $48 million and sets up headquarters in UAE

Mubadala backed Andalusia Labs raises $48 million and sets up headquarters in UAE

Mubadala backed Andalusia Labs, formerly known as RiskHarbor, has raised $48 million in a series A funding round and sets up its global headquarters in UAE Abu Dhabi in ADGM ( Abu Dhabi Global Market).

Andalusia Labs aims to create the industry’s security standards, instill confidence and resilience across the blockchain and Web3 industry, and help integrate this transformative technology into global financial services worldwide. Andalusia Labs intends to utilize the funds to accelerate product development, enhance institutional partnerships, and continue global expansion. The team is rapidly expanding, and hiring across finance, business development, AI, cryptography, distributed systems, and security engineering, among many other roles.

Andalusia, valued at $1 billion, is a risk management infrastructure for digital assets. It has received investment from  Lightspeed Venture Partners led the round with participation from UAE Mubadala Capital and existing investors Pantera Capital, Framework Ventures, Bain Capital Ventures, and Digital Currency Group. Other existing investors include industry giant Coinbase, Proof Group, Nima Capital, Naval Ravikant, and founders, general partners, and executives from leading global organizations.

In conjunction with the round, Andalusia Labs announced the establishment of its global headquarters in Abu Dhabi’s Financial Center, Abu Dhabi Global Markets. As per the press release this strategic move underscores the company’s commitment to expanding its global footprint and highlights Abu Dhabi as a leading financial hub for digital assets that nurtures growth and fosters innovation through its progressive regulatory structure, unique connectivity to eastern and western markets, and being home to some of the world’s largest sovereign wealth funds providing strong access to institutional capital.

“Andalusia Labs is addressing one of the most significant challenges in the blockchain industry today,” said Ravi Mhatre, Partner at Lightspeed Venture Partners. “Financial institutions and blockchain companies grapple with the absence of robust risk management technologies to safeguard their assets. Raouf, Drew, and their team are the first to fill this gap by delivering mission-critical risk management infrastructure that not only paves the way for wider institutional adoption by an order of magnitude, but also empowers developers to create novel applications that are inherently safe and secure from day one.

Andalusia offers blockchain solutions for risk management. The first product is Karak is a Layer 2 blockchain introducing a novel risk management infrastructure for blockchain, Web3, and global financial services, prioritizing financial security while upholding the highest standards of security, scalability, and affordability. Karak represents a new approach to securing a wide array of financial products and services for blockchain, Web3, and global financial services.

Subsea natively built on the Karak blockchain, is the world’s leading risk management marketplace for digital assets that pioneered a completely automated, transparent, and impartial invariant detection mechanism to secure users against digital asset risks, hacks, and attacks. Subsea has secured over $1 billion in digital assets and built 100+ integrations with different blockchains and financial applications.

The second product is Watchtower is an institutional security platform for digital assets. Unlike current market models that lack realism, Watchtower is creating realistic market simulations in real time with real data for the first time. Currently, Watchtower is in private beta. The combination of Subsea and Watchtower built on the Karak blockchain will provide the foundational risk management and security required to build a safe environment for the industry.

“Blockchain is still in the very early innings, and we’re thrilled to have partners like Lightspeed and Mubadala who share our commitment and vision for building the premier risk management infrastructure for the world,” said Raouf Ben-Har and Drew Patel, founders of Andalusia Labs. “This funding will enable us to continue developing the best-in-class products for our users that will unlock the potential of digital assets and drive innovation in global financial services around the globe.”

“We’re honored to build our partnership with Raouf, Drew and the Andalusia Labs team. The opening of their global headquarters in Abu Dhabi will catalyze their global scaling efforts and strategically position the company for unparalleled growth. We look forward to supporting them on the next chapter of their journey in shaping the future of blockchain and Web3 parametric risk management,” said Shaun Lee, partner at Mubadala Capital.

Recently Swiss based Copper, an institutional digital asset infrastructure provider focusing on custody and collateral management, acquired  Abu Dhabi based Securrency Capital Limited, a full-service, regulated blockchain-enabled brokerage firm offering digital securities trading based in the Abu Dhabi Global Market (ADGM), making its entry into the UAE market.

UAE e&enterprise to develop largest Blockchain sustainable exchange

UAE e&enterprise to develop largest Blockchain sustainable exchange

UAE e& enterprise partners with Blockchain and AI enabled platform World Wide Generation to develop the world’s largest global sustainability exchange platform.

The platform powered by WWG’s G17Eco platform, e& enterprise’s ‘Sustainability as a Service’ is set to transform the way in which organizations access, interpret, and act on sustainability data, offering insights, solutions, and support across various sectors.

The cloud-based G17Eco platform, powered by innovative technologies such as data bots, blockchain and AI, integrates over 3,000 ESG metrics and 50 frameworks into a unified digital taxonomy. This integration significantly reduces the time, cost, and risk associated with disclosure, enabling real-time data sharing with stakeholders.

Sustainability as a Service involves a diverse selection of offerings, such as sustainability advisory services for ESG assessment and target setting, monitoring and tracking platforms, and solutions to enhance efficiency and decrease carbon emissions.

The service benefits  various stakeholders comprising large and small enterprises SMEs, government bodies, financial institutions, and regulators. Its aim is to facilitate the end-to-end mapping, tracking, measurement, and marketing of sustainability performance.

The partnership intends to develop a marketplace that motivates and rewards companies with robust sustainability credentials through sustainable financing alternatives.

Salvador Anglada, the CEO of e& enterprise, noted,“We are excited to collaborate with World Wide Generation and utilise their G17Eco platform, which perfectly aligns with our sustainability strategy. Our partnership will allow us to work together on AI ethics, climate action, and sustainable cities, and demonstrate our collaborative dedication towards advancing the SDGs. WWG’s implementation of Fourth Industrial Revolution (4IR) technologies, such as data bots, blockchain, and artificial intelligence (AI), is in line with our goal to advance community and individual progression. The organisation’s inspiring women leadership has elevated the inventive utilisation of these technologies, reflecting a commitment to objectivity and precision.”

Manjula Lee, World Wide Generation’s CEO and Founder  added “After six years of development and the launch of G17Eco a year ago, we are pleased to announce a partnership with e& enterprise. e& enterprise provides an optimal collaboration for advancing G17Eco’s mission, beginning with initiatives in the United Arab Emirates, Saudi Arabia and Egypt to drive tangible progress in sustainability.”

Recently many sustainability initiatives launched in the UAE. UAE Aya licensed under Web3 Innovations FZE, an entity of Enjinstarter, a Web3 Launchpad and advisory that it has been granted a virtual asset services provider license pending fulfillment of pre-operating conditions and qualifying for operational approval.

KSA Bank to patent Blockchain system for CBDCs

KSA Bank to patent Blockchain system for CBDCs

The Saudi Islamic Development Bank Institute (IsDBI) is working to patent a Blockchain system for smart stabilization for CBDCs and digital assets after receiving a positive evaluation for its Blockchain smart stabilization system patent. The World Intellectual Property Organization (WIPO) is looking into the patentability of the system.

WIPO has acknowledged the Stabilization System as a novel, inventive, and industrially applicable solution. WIPO also noted its significant potential for international patent recognition.

The Blockchain smart stabilization system will work to enhance the stability of organized asset markets without compromising efficiency. The system will effectively manage the gap between supply and demand to mitigate price volatility while upholding the market-equilibrating role of this gap.

As such Dr. Sami Al-Suwailem, Acting Director General of IsDBI, expressed his appreciation towards the team’s dedication and hard work, stating, “This recognition from WIPO not only validates our commitment to innovation but also positions IsDBI at the forefront of bolstering the financial stability of the digital and crypto-based economy.”

The Blockchain system for smart stabalization will be utilized in financial assets, digital currencies ad CBDCs using Blockchain technology.

The Blockchain system is self-financed, with no need for substantial capital to achieve its objectives. A prototype is under way after IsDBI signed an agreement with Settlemint. Saudi IsDBI bank started working on this project with Blockchain solution provider Settlemint in May 2023.

SBI Japan moves across GCC with digital asset ventures reaching Saudi Arabia with Aramco

SBI Japan moves across GCC with digital asset ventures reaching Saudi Arabia with Aramco

The big news in the region is the recent announcement by SBI Holdings that it has entered into a Memorandum of Understanding with Saudi Arabian Aramco, one of the leading energy and Chemicals Company, after SBI Holding established a digital asset venture in UAE with Standard Chartered.

The signing was between SBI Holding, Chairman, President and CEO, Yoshitaka Kitao; and Aramco’s President and Chief Executive Officer: Amin H. Nasser.

As per the press release, based on the MOU, SBI Holdings and Aramco will consider a business alliance in the areas of collaboration in the field of digital assets and co-investments leveraging both parties’ investment portfolios related to digital assets, as well as identifying Japanese startups in the digital asset field which have interests in expanding their business in Saudi Arabia and supporting their entry and growth.

It also includes launching various specific projects related to investments in the semiconductor field, including establishment of factories in both Japan and Saudi Arabia.

The scope of the alliance may be expanded upon agreement between the Company and Aramco.

SBI Holdings has been promoting the establishment of investment funds with local partners in the Middle East, as well as the construction of semiconductor factories in Japan, through a partnership with Powerchip Semiconductor Manufacturing Corporation. SBI Holdings recently announced a partnership with Standard Chartered to launch a $100 million Fund in the UAE to also establish a digital asset joint venture.

Through this partnership with Aramco, the parties will, together, leverage their mutual knowledge and resources to discuss further business opportunities in advanced technology fields, such as semiconductors, digital assets, etc. and contribute to economic cooperation between Japan and Saudi Arabia.

Furthermore, the SBI Group plans to establish “SBI Middle East” in Riyadh as a base of operations for conducting business in the Middle East, and is working towards further expanding its businesses in the region.

Saudi Aramco has made prior investments into Blockchain startups, including Data Gumbo, IR4Labs, VAKT, and others.

While Sanabil, the $3 billion fund owned by the government’s Public Investment Fund, is an indirect crypto investor. It mainly invests in other funds, with half its assets in venture capital (VC). They include commitments to crypto-focused Haun and Blockchain Capital as well as several other VCs with major crypto portfolios such as Andreessen Horowitz, Coatue and Tiger Global.

However this news on SBI Holding agreement with Aramco and its relation to the semi conductor business is significant given that recently USA forced Saudi backed fund Prosperity7 from investing in Sam Altman’s AI startup Open AI.  Prosperity7 has already invested as well in Blockchain, with Red Date Tech.

Blockchain and Web3 companies listed among UAE Ministry of Economy Future 100 enterprises

Blockchain and Web3 companies listed among UAE Ministry of Economy Future 100 enterprises

The UAE Ministry of Economy and the Government Development and the Future Office recently chose the top 100 Future enterprises based out of the UAE, of those were promising Blockchain and Web3 companies that are making promising contributions to the UAE’s future economic sectors.

Companies such as ACX exchange, Aya, Pravica, Distichain, Pure Harvest, Seafood Souq, Fuze,  and Verofax among others.

For example ACX operates the world’s first recognized investment exchange for environmental instruments in Abu Dhabi. It caters to corporates, financial traders, carbon project developers, and other industry stakeholders. ACX provides participants with an efficient and transparent trading platform that is user-friendly, seamless and offers the lowest transaction fees in the market. Leveraging distributed ledger technology, while Aya,  is a climatetech launchpad and advisory platform unwaveringly dedicated to harnessing the full potential of technology to drive transformative climate solutions. As trailblazers in Web3, it embraces the power of decentralized networks and blockchain, thereby elevating its approach, and amplifying the impact of its initiatives.

There is also Distichain is an international trade-as-a-service enabling instant integration with verification, fintech, regulation, documentation, and supply chain. As a software-as-a-service B2B marketplace solution, Distichain serves as a B2B trade infrastructure platform that is blockchain-enabled, with application program interfaces offering flexible functionalities and an ecosystem of service providers to deliver seamless trade to companies, trade authorities, and B2B marketplaces.

In addition to Fuze, which is a first-of-its-kind platform, enabling banks, fintechs, and enterprises to embed regulated digital assets infrastructure, and rapidly launch products from their native apps. This technology-first regulated infrastructure supports cryptocurrencies, central bank digital currencies, and tokenized assets. This enables banks and financial institutions to launch regulated and secure digital assets solutions in a B2B2C fashion, thereby allowing retail customers to participate in the virtual assets economy in a secure manner.

As for Pravica, its mission is to empower individuals and organizations with secure and private communication tools for the decentralized web. The blockchain-powered platform’s vision is to therefore create a world where privacy is the default. Pravica envisions a decentralized web where individuals have control over their data, and where organizations can collaborate freely without compromising privacy. Pravica aims to conduct market research to understand the specific needs and challenges of the region, including any regulatory requirements or cultural considerations.

Mohamed Abdou Founder and CEO of Pravica told LaraontheBlock, “ It was an amazing ceremony and I would like to thank the UAE Ministry of Economy. We are proud to have been chosen as this is not only a testament to Pravica’s success but also a testament to UAE’s leadership, vision and their support for innovation including Web3, Blockchain, and AI companies.”

He adds, “This recognition will encourage us to grow and build Pravica and grow our presence and offering.”

Pure Harvest is a technology-enabled agribusiness, harnessing the wonders of science, the power of nature, and the passions of our people to provide the tastiest, most affordable, nutritious, and most sustainable fresh produce possible anytime anywhere. Its vision is to create a more sustainable future by reimagining farming, and changing how and where humanity produces its food. Pure Harvest delivers over 15 million kilograms of produce per year- with a fraction of the water footprint of traditional farming. It has decoupled the relationship of food production from its dependence on climate, and instead married it to energy and capital sources, making possible sustainable and economic fresh produce production anywhere.

Then there is , Seafood Souq is an impact-focused digital ecosystem catering to the global seafood market, providing digital products tailored to actors in the seafood supply chain. The company has established itself as a network orchestrator, focusing its activities around trade operations and tracing the entire journey of fish, from ocean to plate.

Another on the list is Verofax which holds the in-country value (ICV) certification, a program initiated by the Abu Dhabi National Oil Company to encourage and incentivize local companies to participate in the oil and gas industry by boosting their contributions to the UAE’s economy.

Promising for Blockchain and AI : UAE Minister for AI appointed as Director General of Dubai Crown Prince’s Office

Promising for Blockchain and AI : UAE Minister for AI appointed as Director General of Dubai Crown Prince’s Office

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, who also serves as a Board of Trustees member and Deputy Managing Director of the Dubai Future Foundation, Vice Chair of the World Government Summit, Chairman of the Dubai Chamber of Digital Economy, and Chairman of the Artificial Intelligence and Blockchain Council has been appointed as the Director General of the Dubai Crown Prince’s office.

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has appointed Omar Sultan Al Olama as the Director General of the Dubai Crown Prince’s Office.

Olama has been committed to strong governance, effective regulation, and the provision of essential data and infrastructure positions the UAE as a prime test-bed for AI innovations. He has overseen initiatives such as the personal data protection law, the National Program for Coders, and the UAE Council for Artificial Intelligence and Blockchain. As per the announcement, he aims to accelerate the growth and transformation of the digital economy, ultimately doubling its contribution to the UAE’s non-oil GDP within the next decade.

UAE based Seagrass and The Hashgraph Association Announce Launch of Co-Funded Carbon Credit Web3 Identity Wallet 

UAE based Seagrass and The Hashgraph Association Announce Launch of Co-Funded Carbon Credit Web3 Identity Wallet 

The Hashgraph Association, the non-profit organization accelerating the broad adoption of the DLT ( Distributed Ledger Technology) network Hedera globally, has today announced a co-funding initiative with UAE based Seagrass, a climate action company and subsidiary of E.ON, one of Europe’s largest operators of energy networks and energy infrastructure. 

This initiative facilitates the building of the Seagrass Wallet, a proof-of-concept Web3 identity wallet that provides users with a decentralized digital identity and wallet that relates to their carbon projects. 

Seagrass which is based in Abu Dhabi Global Market (ADGM) financial centre UAE holds a license to arrange trades in environmental instruments from ADGM’s Financial Services Regulatory Authority. Seagrass chose the UAE because of its position as the cross roads and stands where carbon credits are originated as well as demanded.

Seagrass aims to unlock the potential of the carbon markets and transform carbon finance, which can make an important contribution to the net-zero transition. This collaboration supports its goal of bringing together supply from certified projects with large-scale demand from buyers with ambitious climate strategies on a centralized marketplace driven by technology, transparency and integrity.

The Web3 identity wallet provides transparency on environmental, economical and project data to buyers and developers. Self-Sovereign Identity (SSI) architecture enabled by Hedera ensures users will have a decentralized digital identity and crypto wallet that is compliant with European standards. This leading-edge Web3 digital wallet creates, stores, and presents digital identities with verifiable credentials, alongside the storage and exchange of assets.

The digital identity would put users who had been onboarded by Seagrass in charge of their credentials, potentially allowing them to save time and reduce costs by interacting with other market participants without having to go through fresh due diligence or know-your-client checks.

The proof-of-concept has been designed to be compatible with Seagrass Carbon Map, a live application available to buyers and sellers on the Seagrass marketplace that provides users with sophisticated data on the impact of nature-based projects and enables deep, ongoing engagement between project developers and carbon credit buyers. Seagrass Wallet is currently in testing and will be made available to clients in 2024.

Thomas Birr, Chief Strategy and Innovation officer at E.ON and Managing Director of Seagrass’ shareholding company, said: “We’re proud to be partnering with The Hashgraph Association and Hedera on the use of Distributed Ledger Technology (DLT) to unlock opportunities in the carbon markets via Seagrass.  I look forward to seeing its implementation and use in 2024.”

Kamal Youssefi, President of the Board of The Hashgraph Association, said: “As we build a vibrant innovative ecosystem for startups, enterprises, and government institutions around the world, we simultaneously focus on the realization of a net zero carbon future. Combining the power of Hedera’s DLT with Seagrass’ commitment to scale the carbon markets via liquidity, integrity, and digital access for all, it also builds value on the wider engagement with E.ON.”