The Abu Dhabi Department of Health, the healthcare regulator, has signed an MOU (Memorandum of Understanding) with Abu Dhabi Health Data Services (ADHDS), the operator of Abu Dhabi’s Health Information Exchange (HIE) platform “Malaffi”, and MSD GCC, a leading biopharmaceutical company, to experiment with blockchain technology for pharmaceutical industry.

The MoU was signed by H.E. Dr. Noura Al Ghaithi, Undersecretary of the Department of Health – Abu Dhabi (DoH), Ashraf Mallak, Managing Director from MSD GCC, and Kareem Shahin, Acting CEO from ADHDS on the sidelines of Arab Health 2024.

As per the press release, the agreement will see the three entities come together and collaborate to assess blockchain potential, while utilizing the neutral platform of the PharmaLedger Association (PLA), a non-profit global organization, to assess the technology and framework potential to support Abu Dhabi in achieving its ambitious vision of fortifying its healthcare ecosystem.

MSD GCC will play a pivotal role in this collaboration by providing its thought leadership and leveraging its extensive experience with blockchain technology across various application areas and markets.

H.E. Dr. Noura Al Ghaithi, Undersecretary of the Department of Health – Abu Dhabi (DoH), said: “The Department of Health – Abu Dhabi’s (DoH) partnership with Abu Dhabi Health Data Services (ADHDS) and MSD GCC serves as a testament to our commitment of working alongside strategic partners within the healthcare sector, to shape a future driven by healthcare technology. This collaboration further solidifies the Department’s ongoing efforts in leveraging cutting-edge technology to enhance the population’s health and well-being, ultimately paving the way for improved healthcare outcomes, and advancing patient-centric care within the Emirate. These efforts further cement Abu Dhabi’s position as a leading destination for healthcare and a hub for life sciences.”

Kareem Shahin, Acting CEO of Abu Dhabi Health Data Services (ADHDS), stated: “One of the areas of interest for the application of this technology for Abu Dhabi is enhancing data security and goods traceability among others. We are thrilled to embark on this groundbreaking collaboration with the Department of Health – Abu Dhabi (DoH), and MSD GCC. ADHDS will be the driving force behind the technical aspects of this partnership, which includes spearheading the assessment of the potential of blockchain technology in the Emirate.”

Shahin added: “At ADHDS, we understand the critical importance of safeguarding patient information while enabling seamless data sharing for improved healthcare outcomes. With our expertise and experience in health data management, following the successful implementation of Malaffi as the first and foremost HIE in the MENA region, we are uniquely positioned to take the lead in delivering a robust and secure blockchain infrastructure that protects the privacy and integrity of health data in Abu Dhabi. We are excited about the possibilities this partnership holds for transforming the healthcare landscape in the Emirate and ensuring the highest standards of data security and interoperability.”

Ashraf Mallak, Managing Director, MSD GCC  noted, “On its part, MSD will be bringing to the table its strategic expertise and extensive experience in the application of blockchain technology within the healthcare sector across various areas and markets. At MSD GCC, we recognise the immense potential of blockchain in revolutionizing healthcare delivery and data security as we are committed to providing our strategic insights, knowledge, and advice to drive the advancement of blockchain usage in the healthcare sector in the Emirates.”

According to WAM news agency, as part of UAE’s Central Bank 50th anniversary, His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of the Board of the Central Bank of the UAE (CBUAE), made the first ever CBDC, digital currency cross border payment transaction to China utilizing the Mbridge Blockchain platform.

This amounts to a $13.6 million transaction sent directly to China through the ‘BIS M Bridge’ platform DLT.

Prior to this, The Central Bank of the UAE (CBUAE) and the People’s Bank of China signed an MOU (Memorandum of Understanding) to enhance technical and technological cooperation in the development of central bank digital currencies (CBDC), going beyond initial collaboration on mBridge CBDC project.

In September 2023, during a speech given by Hong Kong Monetary Authority (HKMA) CEO Eddie Yue, he discussed the whole sale CBDC ( Central Bank Digital Currency) project Mbridge stating that the launch of a minimal viable product ( MVP) would be soon, with participation of UAE Central Bank, Bank of China, BIS, Bank of Thailand and some new entrants.

The UAE Central Bank officials had called for a comprehensive regulatory framework for central digital currencies that would facilitate, accelerate and reduce the cost of cross border monetary operations.

R3 was chosen by UAE Central Bank as its technology partner to design and build a CBDC for the first phase of the central bank’s CBDC project because it is a permissioned based DLT (Distributed Ledger Technology) that decentralize assets privately and works well in regulated industries, but more importantly is its interoperability and asset fluidity.

Sheikh Mansour also witnessed the graduation of the first batch of 1,056 citizens from the ‘Ethraa’ program, who completed a high-level training and qualification program at the Emirates Institute of Finance.

The ceremony showcased the progress and development journey that the CBUAE has witnessed over 50 years, during which the apex bank has contributed to strengthening financial and monetary stability and driving the wheel of economic growth in the UAE. This is in addition to launching a package of innovative projects implemented by the Central Bank’s subsidiaries within the Financial Infrastructure Transformation Program (FIT program) to accelerate the digital transformation in the financial services sector as part of a wider strategy aimed at enabling the CBUAE to be among the top central banks globally.

Crysp Farms, a UAE based innovator and operator of decentralized blockchain enabled vertical farms, has secured a $2.25 million ‘Pre-Series A’ round structured and led by Gate Capital with participation from regional investors, including those from the UAE and Saudi Arabia.

The homegrown ‘Farming as a Service’ provider builds and operates bespoke onsite hydroponic farms catering to hospitality groups, healthcare facilities, restaurants, and hypermarkets. Notably, its high-quality produce is served in venues recognized by the leading awards and guides, such as Gault & Millau and Michelin.

The funding round will focus on scaling the company’s expansion strategy across the region and delivering committed contracts internationally.

Crysp Farms,is  the only Blockchain enabled hyperlocal farming provider in the region. Each farm provides continuous access to onsite fresh produce and reduces greenhouse gas emissions, supporting the outcomes of COP28. According to the Food and Agriculture Organization of the United Nations (FAO), between 30 and 40% of total food production is lost before it even reaches the consumer. Through Crysp Farms, there is close to zero spoilage.

With the current funding round, Crysp Farms will continue its strategic expansion, introducing new farms in prestigious hotels and resorts managed by global leaders like Hilton Worldwide, Jumeirah Group, and Marriott International, among others.

 In the last month, Blockchain enabled Crysp Farms partnered with five new properties, bringing its sustainable farms to more than 20 locations across the UAE, with many more in the pipeline across regional and international destinations, including the Seychelles and Maldives.

As per the press release, the business will target expansion into the Kingdom of Saudi Arabia, enabling and enhancing local food production through innovative technology, in line with Saudi Vision 2030. The business aims to support the hospitality and healthcare sectors across major cities and new development projects in the Kingdom.

Speaking about the investment round, Maan Said, CEO and founder of Crysp Farms, said, “This financial and strategic investment opens up opportunities and enables the business to scale exponentially across our target markets. Through our partner relationships, we are eager to create a more sustainable world through hyperlocal farming. We are proud to receive the support of Gate Capital and other leading investors in this round, as we look forward to sustainably scaling our operations.”

Munther Hilal, Chief Executive and Founder of Gate Capital, said, “Crysp Farms has grown from an innovative idea to disrupt agriculture into a tangible green investment opportunity, with sturdy unit economics and a strong foundation paving the way for scalable growth. Gate Capital’s continuous commitment to ESG-led businesses is a testament to identifying impact investment opportunities.”

In a very interesting tweet on the X platform, RAK DAO ( Ras Al Khaimah’s Digital Asset Oasis) free zone welcomed the founder and creator of the Ethereum Blockchain, Vitalik Buterin.

In the tweet, RAK DAO states,” At RAK DAO, our fundamental belief in the transformative power of community has played a pivotal role in shaping our ecosystem. Our commitment to fostering innovation through collaboration recently materialized in a significant event, graced by the presence of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, alongside Vitalik Buterin, the Co-Founder of Ethereum, here in Ras Al Khaimah. This gathering reaffirmed our ongoing dedication to providing a platform where innovative ideas flourish, collaborations thrive, and the spirit of progress prevails. “

In February 2023, the Government of Ras Al Khaimah (RAK) announced that it would be launching the RAK Digital Assets Oasis free zone dedicated to digital and virtual asset companies for non-regulated entities.

This meant that the UAE would now have two crypto Blockchain Oases, one in DMCC for regulated blockchain and crypto entities and one in RAK for soft regulated entities. As per the announcement RAK DAO was supposed to launch in Q2 of 2023, but its official launch happened in October 2023.

Ras Al Khaimah Digital Assets Oasis (RAK DAO), marked the inception of a new era in digital evolution and Web3 collaboration within Ras Al Khaimah. Businesses dealing with digital assets, including cryptocurrencies, could operate under fewer regulatory restrictions.RAK Digital Assets Oasis, is the first common law and specialized free zone exclusively dedicated to companies involved in digital and virtual assets.

Since then, RAK DAO has been setting up partnerships as it entices blockchain, Web3, metaverse, and crypto companies to set up base in the Oasis. It partnered with The HBAR Foundation having signed a Memorandum of Understanding (MOU) with them. According to the MOU, The HBAR Foundation would support RAK DAO ecosystem members to leverage the power of blockchain and build economies and applications on Hedera, the most used enterprise-grade public network.

In an interview with Bloomberg News, Trust Wallet, self-custody crypto wallet, majority owned by the former CEO of Binance announced its operations in the UAE both in RAKDAO (Digital assets Oasis) free zone in Ras Al Khaimah and in ADGM in Abu Dhabi.

Vitalik’s visit comes after he released Ethereum’s roadmap for 2024 which will focus on scalability, security and sustainability improvements.

Ethereum co-founder Vitalik Buterin announced the plan on social media on Dec. 31, outlining several key initiatives for the platform’s development. ‘The Surge,’ a crucial component of Ethereum’s roadmap, aims to increase network scalability through data sharding. By dividing the blockchain into smaller parts, Ethereum intends to boost its transaction processing capabilities and reduce costs, addressing one of the most pressing issues faced by blockchain technologies today.

This development is expected to bring Ethereum closer to achieving its goal of processing over 100,000 transactions per second, as noted by Buterin in recent statements

Could this visit be another partnership in the making? Is the Ethereum founder finally interested in the UAE and Middle East?

UAE  Zayed University researchers have published a new research report under the title, “Investigating the Failure of the Blockchain Technology and Suggested Recommendations”, recommending the consensus algorithm underlying the Hedera network, hashgraph, as the best Distributed Ledger Technology (DLT) to utilize.

Ala’ Al Hilal a Professor at UAE Al Zayed University, and his colleagues undertook a comprehensive investigation of the strengths and shortcomings of blockchain technology, while showcasing DLT as an alternative that can offer more viable solutions than blockchain to both public and private.

As per the research, one of those promising alternative DLT platforms is hashgraph. Unlike traditional blockchain platforms, which use a chain of blocks to record transactions and rely on miners to validate those transactions, hashgraph uses a Directed Acyclic Graph (DAG) to record transactions and relies on a consensus algorithm to validate them. A thorough comparative analysis was conducted between these two technologies to determine which would emerge as the dominant technology in the market. The research found that the primary distinction between Hashgraph’s DLT and traditional blockchain technology is in their approach and structure. While blockchains store data in blocks linearly, hashgraph uses a directed acyclic graph to store and process information. Both DLTs are decentralized, with each node having a copy of the ledger and sharing any changes.

The research report compares speed, efficiency, fairness, and awareness between traditional blockchain platforms and DLT solutions. In terms of speed, it was found that hashgraph can process approximately 500,000 transactions per second by utilizing the Gossip method. On the other hand, some blockchain networks can only achieve a maximum speed of around 10,000 transactions per second. As such, hashgraph is faster than blockchain as it requires less information to be disseminated across the network as more events occur.

When it comes to efficiency on blockchain networks, users may encounter difficulties when working on a block, particularly when two blocks are submitted simultaneously. In such cases, one of the blocks must be discarded, which can lead to a less efficient network. In contrast, hashgraph does not require block creation and instead relies solely on events, making it a more efficient option.

Regarding fairness, researchers found that on a blockchain, users can select which orders they want to process or halt. This can lead to a lack of fairness for those who are using the network or who are connected to it in any way. Conversely, hashgraph approaches fairness differently. It randomly allocates nodes and uses consensus time stamping to prevent interference and enhance the effectiveness of transaction ordering.

Ala’ Abu Hilal stated, “The primary motivation behind my research was to explore decentralized technologies and their potential applications for enhancing the security and scalability of decentralized applications. Thus, I chose Hashgraph specifically for its unique consensus mechanism, high throughput capabilities, and notable features.” He adds, “As for future research, I do indeed plan to delve deeper into the applications and implications of hashgraph technology, aiming to provide a more comprehensive understanding of its capabilities and potential impact.”

The research paper assesses that “Hashgraph has the potential to supplant traditional blockchain platforms as the leading technology. We anticipate that hashgraph will achieve widespread success and popularity without necessarily replacing existing technologies due to its patented algorithm, superior scalability, and faster consensus mechanism; hashgraph has the potential to overcome many of the shortcomings of blockchain.”

Kamal Al Youssefi, commenting on the Zayed University research report, stated, “This research report backs up what we know to be true about the advantages of Hedera’s DLT. The Hashgraph Association’s work in the MENA region to support startups, government, and enterprise projects both in terms of funding as well as technology and business advisory services will help increase adoption of hashgraph. As concluded by the researchers, we are firm in our belief of the power of hashgraph technology to offer an impactful substitute to blockchain.” 

UAE based Klipit a blockchain digital transaction solutions provider has launched a blockchain paperless receipt application to be utilized by the retail and service sector.

As per the press release, the solution aims to redefine commerce with its efficient, eco-friendly approach to transaction management especially since 76% of GCC consumers prefer digital receipts.

Klipit is set to transform retail commerce by introducing a digital receipts system that promises enhanced efficiency and a reduced carbon footprint. Today more than 95% of paper receipts are discarded within days. Kilpit’s digital platform intends to streamline the customer experience and transaction management.

“klipit is more than a response to the market’s call for digital transformation; we’re delivering a comprehensive solution to lead it,” says Mr. Venkat Reddy, CEO of klipit. “In the UAE’s Year of Sustainability, we’re proud to align with the nation’s vision by crafting a platform that combines efficiency with a commitment to sustainability. klipit doesn’t simply change how transactions are recorded; we’re elevating them into opportunities for enhanced customer engagement, growth, and eco-friendly leadership.”

Businesses and consumers can explore its digital receipts vault, a versatile solution aimed at bridging the gap towards achieving comprehensive, eco-friendly goals for a sustainable future.

Designed as a retail application to revolutionize the retail experience through a suite of comprehensive features, the app provides Secure Digital Receipt Management, effectively streamlining the storage and access of receipts, thereby enhancing organizational efficiency. A critical aspect of klipit is its robust Data Security, utilizing blockchain technology to ensure unparalleled protection of transactional data. This is complemented by Business Analytics functionality, which offers valuable insights to help businesses optimize their operations and make data-driven decisions.

Additionally, the app boasts a User-friendly Interface, meticulously crafted to simplify transaction processes for both customers and businesses.

VAP Group,  a leader in Web3 & Crypto Innovation, announced it will be hosting the biggest blockchain event in the heart of Dubai at Grand Hyatt Dubai from 16-17 April 2024, the Global Blockchain Show.

The Global Blockchain show will welcome more than 7000 attendees, 300 speakers, 120 sponsors, and 3000 firms who will unite from different regions of the world to network, learn, experience leadership sessions, and showcase their projects and products with a common goal of promoting blockchain and web3 industry.

Among the attendees and speakers, the Global Blockchain Show Dubai will have C-level executives, managers, consultants, corporates, investors, and even governments who will stand to gain valuable insights from this blockchain event and participate in networking opportunities to build collaborations and partnerships.

VAP Group has been leading the AI and Blockchain consulting domain for more than a decade now and is committed to promoting blockchain innovation among young entrepreneurs and crypto enthusiasts. The organization has strategically chosen Dubai for the GlobalBlockchainShow2024 as the city boasts a futuristic and innovative atmosphere with government support for the decentralized economy and a global blockchain hub that provides access to professionals and experts in this field.

Attendees will have the opportunity to hear from an esteemed lineup of industry leaders. Lennix Lai, the Chief Commercial Officer of OKX, brings over 15 years of crypto and financial expertise, leading OKX’s evolution into a DeFi and NFT powerhouse. Additionally, speakers like Alex Fazel of SwissBorg, David Palmer from Vodafone, will offer their insights on the transformative potential of blockchain across various sectors.

Vishal Parmar, the CEO of VAP Group, said, “At the Global Blockchain Show in Dubai, we’re shaping the future of Blockchain and Web3. Beyond gathering diverse insights, we’re uniting to drive industry transformation and shape tomorrow’s possibilities.”

There will be engaging networking opportunities and panel discussions on Blockchain advancements and production cases.

Among other Blockchain events, the Global Blockchain Show wins the race with its unique networking opportunities. While most events keep this session for the end of the show, the Global Blockchain Show will have networking sessions throughout the event starting from day one.

Global Blockchain Show Dubai is all set to be a powerhouse to craft engaging digital experiences and captivate global audiences where young entrepreneurs and investors can become trendsetters in their journey through the billion-dollar blockchain and crypto industry, which has recently become popular on exponential levels.

The event will also hold an exclusive after-party on the hottest beachfront of White Beach, Dubai, which features ultra-luxurious cabanas, restaurants, and infinity pools. Even during the after-party, attendees can build collaborations and partnerships with blockchain professionals and organizations to catapult development, drive growth, and create employment opportunities.

Secure your place today and become part of a global movement shaping the future of blockchain innovation. To book tickets: https://www.globalblockchainshow.com/tickets/

UAE based Cypher Capital, crypto investment firm has co-led a $2.4 million investment round in German blockchain data analytics firm BitsCrunch. BitsCrunch specializes in multi-chain insights and forensics for NFT and digital assets using blockchain and AI technology.

Backed by Coinbase Ventures, Animoca Brands, Chainlink, Cypher Capital, Crypto.com Capital, Morningstar Ventures, Shima Capital, and others, bitsCrunch is an AI-powered, decentralized NFT data platform that enables developers to build reliable NFT applications (dApps). The company is pioneering crypto data forensics to allow retail, institutional, and venture investors to make better decisions about crypto assets.

Cypher Capital Chairman Bill Qian states: “We are excited to partner with Vijay and his team at blockchain enabled bitsCrunch. They are solving the transparency problem in the NFT space through AI and data analytics, which will further enhance the user experience and trust.”

bitsCrunch recently set a record on CoinList by achieving the fastest sale in history, raising an additional $3.85 million in just 24 minutes (translating to $160,000 each minute). The community-driven event drew participants from 163 countries, marking the most diverse sale in CoinList’s history. The 5x oversubscribed funding underscores the widespread interest and confidence in bitsCrunch’s vision.

bitsCrunch CEO, Vijay Pravin, states: “Cypher Capital has been a great value add for bitsCrunch, especially connecting us to a lot of their Venture Partners and introductions to their portfolio companies. They have been one of the very few active VCs in the last bear cycle. This investment round strengthens our ability to scale across multiple chains in the coming years.”

Cypher Capital cotinues to invest in crypto and blockchain projects. UAE-based social networking and content monetization platform Lyvely,  was one of the most recent.

Dubai’s virtual asset regulator (VARA) has not only entered the social media scene but has announced its plans for 2024 which will include enhancements to its regulatory infrastructure with introduction of real world use cases for tokenized fractionalized market participation using Blockchain as well as TradeFi, DeFi regulations while it has phased out its MVP licensing program.

As per Mathew White, CEO of Dubai’s VARA, “The industry can expect to see enhancements to the regulatory infrastructure for trading, devising innovative market structures for seamless transactions, and activating real-world use cases for secure, tokenized and fractionalized market participation using trustless blockchain networks.”

Dubai’s virtual asset regulator also discussed its achievements in 2023. VARA, announced that in 2023 it awarded 19 regulated VASP licenses, of which 11 are already operational. In addition 72 initial approvals have been issued to new entrants and have commenced licensing process.

The regulator also stated that it had issued 133 application acknowledgement notices which is a reflection of its proactive and responsive approach.

A total of 116 Proprietary Trading NOCs have been issued, with an additional 37 assessed and ready to be issued while 94 non-VA activity confirmation notices were also issued.

Matthew White, CEO of VARA, commented: “As we open 2024, VARA is poised to accelerate its comprehensive focus on bolstering the infrastructure, broadening the spread and deepening the resilience of our VA ecosystem. Our commitment remains ensuring a secure and innovative environment for service providers and consumers alike. To this end, the industry can expect to see enhancements to the regulatory infrastructure for trading, devising innovative market structures for seamless transactions, and activating real-world use cases for secure, tokenized and fractionalized market participation using trustless blockchain networks.

He adds, “This endeavor involves close collaboration with market participants, particularly the mix of TradFi and native crypto with regulatory peers, underpinned by best practice protocols including those prescribed by FATF. Our goalpost remains unchanged; we started this journey 22 months ago and in this short space of time have built a strong foundation that we are in a position to accelerate from. 2024 will be the year to further Dubai’s position as the global leader in the new economy underpinned by a regulated VA ecosystem, contributing substantially to the GDP.”

When it comes to decentralized Finance, White in the press release, states, “As the lines between traditional finance and decentralized finance blur, VARA recognizes the importance of progressive technology and the need to fast-track maturity in investor and consumer protection, along with managing cross-border risks. We continue to foster awareness, education, and a collective recognition of our evolving digital landscape, leveraging marketing as a vehicle to enhance the impact of our policy-making and regulatory efforts.”

In addition the virtual asset regulator also notes that its Minimum Viable Product [MVP] Licensing program is being phased out as it has served the purpose for which it was initiated in a period where the full market regulations had not been formally launched.

All this will be done in alignment with international regulatory standards, especially FATF. VARA will collaborate with traditional finance regulators, such as the Central Bank of UAE (CBUAE) and the Emirates Securities and Commodities Authority (SCA), syncing efforts for FATF-compliant security in cross-border asset flows.

Saudi based Blockchain Fintech startup Takadao has received strategic investment from Cardano accelerator Adaverse. Adaverse focuses on scaling Web3 solutions. This comes at the heels of Adaverse’s expansion into Saudi Arabia with the opening of an office in Riyadh. Adaverse is now the first venture capital fund in the KSA to specialize in Web3 and blockchain early-stage investing. In 2024, the company plans on investing $10 million in local Saudi Web3 startups.

Takadao, a revolutionary force in the financial industry, introduces community-owned financial services, challenging traditional financial paradigms with its innovative approach.

Adaverse is a leading early-stage investor and builder in the Web3 sphere, boasting 60 investments across 13 nations from around the world. An initiative by EMURGO, the renowned global blockchain technology firm and a founding member of the Cardano blockchain platform, Adaverse is on a mission to build a global community of entrepreneurs solving the world’s challenges with blockchain technology.

Vincent Li, Adaverse founding partner, is optimistic about the prospects for both Adaverse and Takadao, stating, “Adaverse’s entry into Saudi Arabia with Takadao is more than an investment; it’s our commitment to elevate solutions that solve everyday challenges and empower communities. Takadao, with its groundbreaking and community-centered approach, adeptly meets essential everyday needs, and we’re enthusiastic about backing this fusion of tangible innovation and market opportunity, a project at the heart of highly committed and visionary co-founders Morrad and Sharene. This venture marks a significant milestone for our commitment to development in the Middle East, and we eagerly anticipate Takadao’s growth and continual innovation.”

Founded in May 2022, Takadao has been innovating in the decentralized finance space, even amid challenging market conditions. Its premier product, Takaturn, is a novel savings and yield generation platform enabling collective savings and liquidity access.

The flagship product, Takasure, is a cooperative life insurance DAO (Decentralized Autonomous Organization), a pioneering model where members pool funds for mutual insurance, redistributing profits among members.

 Takadao distinguishes itself from traditional financial services by leveraging blockchain technology to enhance transparency and reduce costs, offering more secure and efficient community-driven, halal insurance and financial solutions to a diverse global audience, including both Muslim and non-Muslim communities, attracting those interested in the ethical aspect of the platform.

Reflecting on this collaboration, Morrad Irsane, Co-Founder of Takadao, said, “Partnering with Adaverse propels us forward in our journey. Their expertise in the web3 space, coupled with their deep-rooted connections in key markets, accelerates our knowledge and community-building efforts.”

Shariah-compliant financial services are rapidly emerging as a significant force in the global financial landscape, far surpassing the confines of a niche market. Currently, these services, encompassing banking, capital markets, money markets, and Takaful (Islamic insurance), are estimated to be valued at around US$2 trillion.

So far, Takadao has built a community of over 17,000 members around their savings product Takaturn (launched in October 2024). With a patent pending on their actuarial and risk management algorithm, Takadao is set to revolutionize Shariah-compliant financial services with the launch of Takasure in June 2024. At this juncture, Adaverse joins Takadao, bringing expertise in the web3 space to support Takadao’s next growth phase towards the successful launch of Takasure and also amplify Takadao’s impact in key markets.

In October Takadao raised $1.6 million in pre seed round led by Draper Associates. Other investors include BIM, Core Vision ventures, Prince Sultan Bin Fahad bin Salman Al Saud.