Oman grows its crypto mining business with new installations

Oman grows its crypto mining business with new installations

Oman continues to grow its crypto mining business amidst a crypto bull market and possible Bitcoin ETF approvals in early January across the United States. Oman based Green Data City and Italy based Alps Blockchain, through its subsidiary Alps MiddleEast SPC, have agreed to develop a blockchain data center in Oman. The crypto mining farm will be installed in the Green Data City’s hub with a first phase of 6.5MW.

Alps Blockchain will start to deploy the containerized units in January 2024, and use the latest S21 machines released by Bitmain. Alps Blockchain has long been in partnership with Bitmain, the largest manufacturer of mining equipment in the global market.

The new S21 mining ASIC reaches an efficiency rating of 16 to 17 joules per terahash (J/TH), an unprecedented performance in the market. This performance reduces the energy needed to mine and to secure the Bitcoin network.

The location of the Blockchain Bitcoin mining datacenter is energy efficient given it is located in Southern Oman where the summer temperature stays below 29 degrees celsius, naturally decreasing the cooling requirements compared to the rest of the region. In addition, the presence of cold deep ocean water will bring natural cooling in the next phases of the development and further reduce the energy needed to operate the facility to a minimum.

In addition to the geographical advantages of the location, the partners have chosen Oman because of the long-term security provided by the Green Data City mining license, the stability of the Oman Government energy policies, and the large renewable energy development plans in the Country.

This announcement follows a previous agreement in October 2023 between China’s Bitcoin crypto mining and Blockchain hardware manufacturer, Canaan and Oman’s Green Data city to pilot phase of a new crypto mining operation in Oman. The new site would also be installed in the facility of Green Data City, and under the agreement, Canaan has the option to expand the total capacity to up to 100MW.

As part of the Oman’s strategy to build  crypto mining datacentres in Oman, the first phase of Asyad Group crypto mining center was launched in August 2023 in the Free zone in Salalah.

Built and managed by Exahertz, a subsidiary of Afaq Advance Technologies firm, the first phase was inaugurated during a ceremony attended by top Omani governmental officials. The ceremony was held under the auspices of Eng. Said Hamoud Al Ma’awali, Minister of Transport, Communications and Information Technology. It was attended by HH Sayyid Marwan Turki Al Said, Governor of Dhofar.

In the same month, Oman’s Green Data City and Abu Dhabi’s Phoenix Group signed an agreement to develop a 150MW crypto-mining farm in Oman. The new farm will be set up in Green Data City was noted that it will be operational by Q2 2024, becoming one of the largest crypto-mining data centers in the region.

The first Bitcoin was mined in Oman back in December 2022.

SBI Holdings launches its blockchain JV with UAE Tradefinex

SBI Holdings launches its blockchain JV with UAE Tradefinex

Japanese SBI Holdings continues to forge stronger partnerships in the MENA region with the announcement of the launch of its joint venture SBI XDC Network APAC with UAE based TradeFinex.

TradeFinex is the promoter of XDC Network, an enterprise-focused blockchain for the purpose of enhancing efficiency in trade finance. Prior to this in September 2023, the two entities had announced that they would be creating the joint venture.

The purpose of the joint venture is to develop the XDC Network which is a community-driven platform established in 2017 specifically designed for trade finance and payments. It provides a smart contract system that facilitates global trade operations through the tokenization of real-world assets (RWAs) like bonds, tokenization of trade assets, and digitization of trade documents, on high-speed, highly secure, and low-cost blockchain.

Up to now, the SBI Group has been providing various services related to the XDC Network, including becoming the Japan’s first exchange to start handling XDC tokens, through a partnership agreement with SBI VC Trade Co. Ltd. (Head office: Minato-ku, Tokyo; President: Tomohiko Kondo), a company providing crypto asset exchange services within the SBI Group.

Moving forward, the SBI Group will not only focus on services related to the XDC token, but also strive to expand the use cases of the XDC Network’s blockchain technology in global economic activities,  particularly in the fields of trade finance and cross-border payments.

According to the press release, “As the first project after the establishment of the joint venture, we have started a proof-of concept (PoC) experiment that connects XDC Network and the Corda platform provided by SBI R3 Japan Co., Ltd and Corda Bridge provided by US based IMPEL GLOBAL. In this experiment, FIAT payments generated by business-to-business transactions will be conducted in XDC via Corda and Corda Bridge. By utilizing a hybrid blockchain with both private and public characteristics, it is possible to provide a one-stop service that settles both private, such as information of transactions, and public, such as the transfer of value, at once. As a result, this offers an efficient and smooth payment method for cross-border transactions including international trade, compared to conventional fiat currency transactions.”

SBI Holdings over the past months has been forging a variety of partnerships across the region. It signed an MOU with Saudi based Aramco, for digital assets research. SBI Holdings also announced a partnership with Standard Chartered to launch a $100 million Fund in the UAE to also establish a digital asset joint venture.

UAE IHC holding spurs its growth in Blockchain, AI, and IoT with new joint venture

UAE IHC holding spurs its growth in Blockchain, AI, and IoT with new joint venture

UAE IHC Holding, which bought 10 percent of UAE Phoenix Group, a leading Bitcoin mining entity continues to spur its growth in Blockchain, AI and IoT in a joint venture with Indian Adani Group.

The joint venture, Sirius Digitech will be based out of Abu Dhabi UAE. Indian based Adani Global Ltd. and UAE IHC’s Sirius International Holding Ltd. will own 49% and 51% respectively in the Sirius Digitech International Ltd. Both partners will have an equal representation on the board of new entity which will also explore Internet of Things and blockchain besides AI.

The venture aims to explore sectors ranging from Fintech and Healthtech to Greentech, leveraging Adani’s proven track record of incubating successful businesses within its extensive portfolio.

The partners emphasized their dedication to collaborative decision-making through equal representation on the board, highlighting the alignment of Adani’s innovation and IHC’s strategic vision. In addition, they aim to go beyond AI, exploring the transformative possibilities of IoT and blockchain technologies to bring about significant advancements across industries.

Prior to this IHC  purchased 10 percent of Pheonix Group which holds investments in Bitcoin mining, as well as investments in the recently launched M2 regulated crypto exchange out of Abu Dhabi. This positions IHC not only in the realm of digital assets but now more so in Blockchain, AI, and other technologies.

UAE decentralized Ecommerce platform to incorporate AI and Web3 Technology

UAE decentralized Ecommerce platform to incorporate AI and Web3 Technology

UAE decentralized ecommerce platform, Ayshei ( Aya Shee in Arabic), backed by Medad Holding will be launching in early 2024 as the first fully enabled Web3 AI marketplace.

Ayshei will incorporate cutting-edge features such as online auctions, virtual stores, delivery services, and AI technology, among other distinctive solutions as part of its decentralized ecommerce platform.

CEO of Ayshei, Mohammed Shaiba Al Mazrouei, emphasized that Ayshei.com represents more than just a marketplace—it signifies the dawn of a new era for online commerce in the UAE. Al Mazrouei stated that the platform empowers businesses, fosters innovation, and creates a thriving community. As the first platform to provide full transparency on fee structures and onboarding processes, Ayshei invites users to become early adopters and join the Ayshei Community, a space where limitless opportunities await.

Ayshei is positioning itself as a market enabler for SMEs, startups, and home businesses. The platform will offer an all-in-one virtual store, providing essential services such as a trade license, bank account, payment gateway, logistics (including end-to-end self-storage), and delivery. This approach aims to empower businesses to establish and flourish in the digital realm.

Being a decentralized platform leveraging web3 technology, Ayshei prioritizes user security and transparency. The platform implements multiple security measures, including profile verification through Emirates ID, UAE Pass integration, high-value product authentications, advanced transaction monitoring, property and car inspections.

The platform will offer intelligent solutions in real estate, auctions, and other domains.

UAE InvoiceMate tokenizes real world asset on XDC blockchain

UAE InvoiceMate tokenizes real world asset on XDC blockchain

UAE based InvoiceMate, a blockchain enabled invoice financing platform, has tokenized a real world asset, an invoice, using the XDC blockchain in its recent pilot. The project used TradeFinex’S open source smart contract standards.

InvoiceMate showcased the potential of obtaining liquidity by tokenizing a Real World Asset (RWA). Acting as the loan originator, InvoiceMate secured funds for client H & H International LLC through the tokenization of essential documentation including the invoice. This streamlined process resulted in a cash flow of $FXD 100,000 (FXD) for a 60-day period. $FXD is a fully decentralized stablecoin soft pegged to US Dollars and over collateralized with the $XDC token using the Fathom Protocol and primarily focused on for RWA DeFi use cases. The success underscores blockchain-powered financing’s efficiency and innovation in traditional finance.

This pilot transaction is an important milestone in the partnership between TradeFinex and InvoiceMate.

Said Muhammad Salman Anjum, CEO of InvoiceMate, “This successful transaction represents the first step in our collaboration with TradeFinex using XDC Network. We are actively exploring the XDC Network as the blockchain protocol for future pilots within our invoice financing platform.”

“Deploying smart contracts powered by the XDC protocol allows us to address the MSMEs funding gap in trade finance. We look forward to scaling up Private Credit deal flow with like-minded partners and establishing standards within the RWA space using Powerful Smart contract Standards created by Tradefinex.” commented Chen Shanlong, Marketing and Partnerships Lead of XDC Network and TradeFinex.

Mahesh Kumar, CEO of Eclipton added, “Eclipton’s core value is to bring more use cases to the blockchain and crypto industry, offering access to a wide range of financial instruments, including stocks, crypto, bank accounts, and cards, all in one place. The collaboration with XDC and InvoiceMate further strengthens Eclipton’s commitment to expanding blockchain applications and fostering financial inclusion through innovative solutions.”

In November 2023, Muhammad Bin Rashid Innovation Fund (MBRIF) selected Blockchain powered working capital financing solutions startup, InvoiceMate to be part of its accelerator program. 

WeMade brings on Whampoa digital for its $100 million UAE Web3 Fund

WeMade brings on Whampoa digital for its $100 million UAE Web3 Fund

South Korean, Wemade brings onboard Whampoa Digital as an ecosystem partner for its $100 million Web3 Fund in UAE. Wemade will also partner with Whampoa Digital for its WEMIX Play center in Dubai International Financial Center Innovation Hub ( DIFC Innovation Hub).

Both parties will engage in mutual deal and project referrals, particularly in the Web3 industry, and potentially co-invest in promising projects. In addition, Whampoa Digital and Wemade will also leverage each other’s technical and operational know-how to develop blockchain infrastructure and solutions for the gaming and Web3 industries. The solutions developed will be applied and integrated with financial institutions supporting these industries to promote seamless adoption of digital assets globally.

Wemade operates WEMIX PLAY, an established global Web3 gaming platform with over 250,000 concurrent players. It has developed a suite of blockchain solutions and has an established track record in investing in gaming studios, notably in Lionheart Studio, Shift Up and MADNGINE, the developer behind the massively successful NIGHT CROWS mobile and PC game.

Wemade is also developing the WEMIX PLAY Center, a global Web3 gaming hub at the DIFC Innovation Hub. The US$100 million Wemade Web3 Fund is targeted at promising gaming studios and blockchain projects that intend to set up an office in the WEMIX PLAY Center.

Whampoa Digital is the technology investment arm of Whampoa Group, a privately-held investment company owned by several established families in Asia. It is an early investor in digital assets and Web3 ventures, working with Web2 and Web3 visionaries to propel innovation and drive mass adoption of blockchain technologies.

Whampoa Digital was also approved in Bahrain to set up a digital Bank and has committed to investing $50 million in the country.

Whampoa Group Senior Partner Aureole Foong said,“We are excited to be joining forces with Wemade, a powerhouse in the gaming space. This partnership will allow us to pioneer new horizons in the digital asset industry beyond our already established sectors, as well as foster innovation in the Middle East, one of the world’s fastest-growing regions in the Web3 space.”

“Through our partnership with Whampoa Digital, a leading investment firm in Singapore, we strive to share valuable insights related to blockchain technology, each party bringing their unique expertise to the partnership,” said Wemade CEO, Henry Chang. “We are committed to consistently expanding collaborations with outstanding global partners.”

UAE Triterras and Mamun partner to bolster trade finance in Oman

UAE Triterras and Mamun partner to bolster trade finance in Oman

UAE and Singapore based Triterras, a fintech company focused on digital trade and supply chain finance, using Blockchain enabled trade finance platform Kratos, has partnered with Oman based Mamun, fintech infrastructure provider to bolster trade finance in Oman.

This collaboration harnesses Triterras’ technological expertise and leverages Mamun’s experience in Oman’s financial services sector. The duo will initially target the Micro, Small and Medium-sized Enterprise (MSME) finance sector in Oman, with a specific emphasis on the food and beverage industry. The collaboration will also enable Triterras to offer the blockchain enabled KRATOSTM financing platform to banks in Oman on a white-label basis.

As part of the alliance, Triterras will introduce eDirect Debit, a direct debit payment technology developed by Mamun, in the UAE. eDirect Debit is designed to offer businesses a seamless and highly efficient payment solution, with the aim of enhancing the ease of handling transactions within the region.

“One of the key challenges for startups and micro businesses is a lack of capital and financing, which hinders growth and accessibility to markets. Our primary aim is to enable MSMEs with access to immediate and workable financial solutions to maintain business continuity and foster growth opportunities,” said Ashish Srivastava, Chief Commercial Officer at Triterras. “This collaboration strengthens our commitment to deliver cutting-edge finance solutions that meet the evolving needs of businesses in Oman, and the wider Middle East region. This 2-way agreement facilitates Triterras’ expansion in the MENA region.”

With Oman’s vibrant market in mind, this collaboration potentially makes a substantial impact on businesses looking for finance by simplifying access to financial resources. As with Triterras’ global mission, the collaboration will support MSMEs, enhancing financial inclusivity for businesses in Oman.

“We are excited to witness the expansion of our eDirect Debit technology into the UAE through our collaboration with Triterras,” said Mohammed Al Tamami, Co-Founder and Chief Commercial Officer, at Mamun.

Coinbase, Kraken, Ripple support US PAC for a president that supports crypto and blockchain

Coinbase, Kraken, Ripple support US PAC for a president that supports crypto and blockchain

In a recent twist of events, and while the United States gears towards its presidential elections, a new political action Committee (PAC) called Fairshake and its network which includes names such as CoinBase, Kraken and Ripple, have announced that they will be reporting $78 million raised and in the bank at the end of the 2023 to support leaders who support US crypto and Blockchain innovation and responsible regulation in 2024 elections.

Fairshake is dedicated to advancing leaders who are poised to champion innovation and navigate the complexities of responsible regulation in the digital age.

It has already garnered support from Andreessen Horowitz,  Ark, Brian Armstrong, Blockchain Capital, Wences Casares, Circle, CoinBase, Ron Conway, Cumberland, Framework Ventures, Hunter Horsley, Jump Crypto, Kraken, Lightspark, Messari, Multicoin Capital, Paradigm, Potter Ventures, Ripple, Fred Wilson, Cameron Winklevoss and Tyler Winklevoss.

Interestingly Binance and other prominent players are still not on this list.

In a reccent Coinbase blog post the company noted, “The US’s current crypto regulatory standards are sub-par, ultimately driving innovation and financial freedom offshore. Given the stakes, crypto’s superpower of grassroots support will now be amplified through significant spending. Fairshake Super PAC and its affiliates representing the nation’s crypto community, have raised over $78 million – and counting – from 20 companies and leading industry voices to support bipartisan, crypto-forward candidates in 2024. That’s over $78 million to support the 52 million Americans who own digital assets and want a fair shake at the American Dream.”

Fairshake and its affiliates remain steadfast in their mission to support leaders who champion the interests of progressive innovation, including blockchain technology and the crypto industry, through independent advertising efforts.

In the  press release, Fairshake stated,”  In order for the blockchain economy to realize its full potential, a clear regulatory and legal framework for success is needed. The crypto community continues to advance initiatives to promote stability, tech innovation, and growth of the blockchain economy in the U.S., positioning it as a hub for blockchain technology development and adoption.”

Fairshake is a federal independent expenditure-only committee (super PAC) registered with the FEC and supports candidates solely through its independent activities. Protect Progress and Defend American Jobs are also federal super PACs registered with the FEC and are affiliated with Fairshake.

So could we soon be seeing a US president that will foster the crypto blockchain ecosystem in the United States?

Egyptian ADCB bank appoints blockchain expert to lead digital transformation

Egyptian ADCB bank appoints blockchain expert to lead digital transformation

Egypt’s Abu Dhabi Commercial Bank Egypt (ADCB) appoints blockchain expert, Ahmed Adel Mansour as the Head of Digital Transformation and Banking Services Development. The appointment is  part of its new phase that coincides with the launch of its five-year strategy until 2028. The strategy aims to create a qualitative shift in digital development and banking services, with the vision of being the best bank for its customers.

Mansour, who holds a PhD in financial technology and blockchain, has more than 23 years of banking experience, and a strong background in technology, transformation strategies, innovation, and business growth. He has held many positions of success, the most recent of which was the General Secretary and Assistant Chairman of the Board of Directors for Strategy at the Egyptian Post Authority. He also held several strategic positions in high-level bodies.

Abu Dhabi Commercial Bank Egypt (ADCB) has announced the appointment of Ahmed Adel Mansour as the Head of Digital Transformation and Banking Services Development, as part of its new phase that coincides with the launch of its five-year strategy until 2028. The strategy aims to create a qualitative shift in digital development and banking services, with the vision of being the best bank for its customers.

Mansour has more than 23 years of banking experience, and a strong background in technology, transformation strategies, innovation, and business growth. He has held many positions of success, the most recent of which was the General Secretary and Assistant Chairman of the Board of Directors for Strategy at the Egyptian Post Authority. He also held several strategic positions in high-level bodies. Dr. Mansour has extensive experience in financial management, technology infrastructure, and digital program implementation. He holds a doctorate in financial technology and blockchain.

Mansour will oversee the sectors of digital transformation, banking operations, technology, and information systems, in a new step to continue the significant growth that ADCB has achieved in a short period, thanks to the efforts of the existing team of experts and the introduction of a new integrated vision for developing and digitizing banking operations and services, to achieve customer satisfaction, enhance their banking experience, and provide innovative solutions that meet their needs and exceed their expectations.

ADCB was one of the first banks in the UAE to join Blockchain enabled UAE Trade Connect to deal with fraud in invoices.

Pave Bank, digital bank seeks regulatory license in UAE

Pave Bank, digital bank seeks regulatory license in UAE

Pave Bank, digital bank for businesses to transact in stablecoins, Central Bank Digital Currencies (CBDCs), and tokenized Real World Assets (RWAs) is seeking regulatory license in UAE as it expands its operations to MENA.

Pave Bank, an approved digital banking license from Georgia and a US$5.2M seed funding round led by 468 Capital with participation from Quona Capital, FT Partners, BR Capital, w3.fund, Daedalus and angel investors has launched.

Pave Bank is the world’s first fully regulated commercial bank where clients can not only get the best in class business banking products (such as multi-currency operating accounts, global payment connectivity, and treasury management solutions) but will also have access to multi-asset custody, virtual IBANs, safeguarding accounts and PaveNet, which is a multi-asset, always instant and always on network of Pave Bank customers.

Salim Dhanani, Co-Founder & CEO of Pave Bank commented: “We have set out to address limitations of today’s financial system that lacks transparency, remains restricted to certain time-windows (clearing and settlement, for example) and is riddled with intermediaries. All of this increases costs, management complexity and also limits the products and services which can be accessed by the majority of businesses and especially, for those operating globally. In parallel, we have seen a number of innovative products that have been created in the digital asset space, but sometimes with a lack of regulation and safety for users. We are championing a new path where Pave Bank customers will get access to the financial products that they are used to, but also a range of digital asset enabled products which will help them bank more efficiently within a regulated and secure environment.”

As programmability in financial services takes off, Pave Bank offers a fresh, secure and regulated platform for businesses to transact in stablecoins, Central Bank Digital Currencies (CBDCs), and tokenized Real World Assets (RWAs). Salim Dhanani added: “There are two major trends that led us to create Pave Bank. Firstly, blockchain is being integrated into the traditional financial system – with stablecoins, CBDCs included, and tokenized RWAs. We are seeing the financial system be built on new operating languages for the first time in over fifty years. Secondly, regulation is here, it’s here to stay, and for the better. We are seeing this narrative evolve around the world – in Singapore, Hong Kong, Georgia, UAE, UK, across the EU and the green shoots in the USA, amongst many others. As a fully regulated digital bank with a proprietary technology stack, we are right at the swell of the programmable financial system wave.”

Pave Bank has started the regulatory journey with a digital commercial banking license in Georgia and plans to continue to build its regulatory infrastructure globally. Georgia is strategically positioned between Europe, the Middle East and Asia, with close ties to the European Union. Its robust and transparent regulatory architecture has attracted a large number of businesses as it seeks to become a financial services hub in the region.