Genesis Technologies joins QFC digital assets Lab for Blockchain use cases

Genesis Technologies joins QFC digital assets Lab for Blockchain use cases

Henk Jan Hoogendoorn has confirmed that Qatar Genesis Technologies, a Qatar University tech spinoff is working with Qatar Financial Center Authority on possible use cases in their digital assets labs.

Lebanese-Canadian national Mazen El Masri, Co-Founder and CEO of Genesis Technologies, the tech company which developed Maxya, is working with QFC digital assets labs on several blockchain use cases.

As per the post the possible use case could include tokenization, security tokes and fractional ownership.

On Sunday October 29th, Qatar announced one of the biggest digital assets initiatives in the country and the GCC region, the Qatar Innovation Dome for digital assets. As per the live event keynotes, the digital assets lab will develop tokenization platforms and ecosystems for everything that has value whether tangible assets or intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT ( distributed ledger technologies), blockchain, and smart contracts.

Qatar Financial Centre Authority (QFCA) signed MOUs with Blockchain solution provider R3 and Blockchain SettleMint platform. The agreement with Settlemint will also as with R3 work on Blockchain and digital asset initiatives in the financial sector in the digital assets lab.

Metaverse platform The Sandbox and its KSA partner Sandsoft collaborate with Saudi NFT platform Nuqtah for decentralized gaming in MENA

Metaverse platform The Sandbox and its KSA partner Sandsoft collaborate with Saudi NFT platform Nuqtah for decentralized gaming in MENA

Metaverse gaming platform Sandbox and its Saudi partner SandSoft, has partnered with KSA’s first regulated NFT platform Nuqtah to grow decentralized gaming in KSA and MENA.

As per the press release, the partnership will support the emergence of a world-class Web3 gaming ecosystem in Saudi Arabia. The partnership with Nuqtah will focus on creating exciting experiences that align with the unique tastes and preferences of Saudi Arabian gamers.

To kickstart this initiative, Nuqtah will launch a Design Contest using VoxEdit, the 3D editor of The Sandbox, for local creators in the region in early 2024. Winning creations will be featured on Nuqtah’s NFT marketplace. The Sandbox, Sandsoft and Nuqtah will also work jointly to enable creators to build experiences in The Sandbox metaverse that are specifically tailored to the Saudi Arabian region, while Nuqtah will list land and avatars from The Sandbox on its NFT marketplace.

Sebastien Borget, the COO and Co-founder of The Sandbox, commented, “We’re pursuing our journey of innovation and growth in the Saudi region following our recent partnership announcement with Sandsoft. Together with pioneers such as Nuqtah, we’ll collaborate to attract more local creators from Saudi Arabia into our user-generated content platform and enable them to monetize their digital assets creations on Nuqtah’s platform.”

Salwa Radwi, the CEO of Nuqtah, added, “The partnership between The Sandbox, Sandsoft and Nuqtah is an exciting development for the decentralized gaming community. By collaboratively building local experiences, focusing on education, and attracting regional audiences, our aim is to create a vibrant and inclusive ecosystem that empowers creators and gamers. Launching a Design Contest with VoxEdit is a joint effort to empower the Saudi creators community in the metaverse.”

David Fernandez, the CEO of Sandsoft, explained “At Sandsoft, our commitment has always been to uplift local talent, drive education, and responsibly promote emerging technologies. This partnership will spotlight emerging regional talent and create immersive local content for The Sandbox metaverse that inspires a new generation of creators. It’s a significant milestone in building a boundary-breaking metaverse community in the MENA region.”

The Sandbox, Sandsoft, and Nuqtah have committed to empowering creators, fostering inclusivity in the blockchain ecosystem, and driving educational initiatives for a passionate metaverse community. This marks the beginning of a strategic partnership paving the way for a joint venture to expand The Sandbox ecosystem across KSA, GCC, and MENA, shaping the future of decentralized gaming in Saudi Arabia.

DP World fintech platform partners with Blockchain UAE Trade Connect

DP World fintech platform partners with Blockchain UAE Trade Connect

DP World, Fintech owned platform, DP World Trade Finance has partnered with Blockchain enabled UAE Trade Connect to transform trade finance and combat fraud across the UAE.

DP World Trade Finance can leverage Blockchain enabled UAE Trade Connect platform to detect fraudulent and suspicious invoices as a risk mitigant for its lending capability.

DP World Trade Finance is the first non-bank financial institution participant with direct lending capabilities and embedded fintech value proposition to join the UTC consortium. Created in 2021, UTC is a blockchain-enabled consortium-led trade finance solution co-created by e& enterprise and the UAE banking industry.

Sinan Ozcan, Senior Executive Officer of DP World Trade Finance, said, “If we are to address the trade finance gap truly, we need organizations to work together to build transparency and security into financial processes.”

Zul Javaid, CEO of UTC, said, “DP World Trade Finance’s addition to the UTC consortium is a step in recognising that the country’s lending ecosystem is diversifying, with emerging fintech companies and alternate lenders entering the space.”

DP World Trade Finance connects businesses with financial institutions, directly offering trade finance facilities. Ozcan said the DP World subsidiary hopes to work with UTC members to transform trade finance by building transparency into the lending process.

In October 2023, UAE Trade Connect added its 13th bank member, Invest Bank.

UAE based Loyyal Blockchain loyalty platform partners with Prepay Nation B2B marketplace

UAE based Loyyal Blockchain loyalty platform partners with Prepay Nation B2B marketplace

Prepay Nation, a leading global B2B prepaid products marketplace renowned for pioneering cross-border transfers has partnered with UAE based Loyyal, a blockchain technology platform for loyalty and incentive programs. The partnership between Loyyal Blockchain solution will allow access to over 10,000 prepaid products on Prepay marketplace to benefit loyalty and incentive programs.

The Middle East and Africa loyalty market is expected to increase 12.2% reaching USD 9,297.7 million by 2027. This collaboration reinforces Prepay Nation’s commitment to global expansion and enables Loyyal to meet the demanding needs of the loyalty industry by enhancing its solutions for clients, providing added value, while also granting access to over 10,000+ prepaid products available through Prepay Nation’s extensive marketplace.

Loyyal is renowned for its innovative Blockchain-as-a-Service platform, designed to empower the loyalty industry with rapid growth and scalability at the lowest possible cost. This partnership opens new avenues for Loyyal to provide a more comprehensive and diverse range of services to its clients.

Prepay Nation boasts a widespread presence across 150+ countries and an extensive network of 600+ partnerships. Paolo Montessori, CEO, Prepay Nation said, “We are excited to join forces with Loyyal to provide an even more robust range of prepaid products and services to their clients. Loyyal’s innovative approach to loyalty solutions aligns perfectly with our mission to make prepaid products easily accessible. Together, we can revolutionize how consumers engage with loyalty programs and offer a seamless experience for all.”

Gunjan Kumar, Chief Revenue Officer, Loyyal, added, “Partnering with Prepay Nation is a strategic move that aligns with our commitment to enhance client offerings and expanding our reach. We can now provide clients with an extensive catalog of prepaid products, enabling them to offer more compelling rewards and loyalty incentives -creating a win-win for both Loyyal and Prepay Nation, as we work together to shape the future of loyalty solutions.”

IOTA to launch its regulated DLT Foundation in Abu Dhabi UAE

IOTA to launch its regulated DLT Foundation in Abu Dhabi UAE

IOTA an open-source distributed ledger and cryptocurrency designed for the Internet of things announced that it will be establishing its IOTA regulated foundation for digital infrastructure in Abu Dhabi UAE. This is as per their blog is a move that underlines their commitment to the UAE and their growth plans globally. Prior to this IOTA had announced in September it would launch its headquarters in UAE.

As per the blog post, the purpose of this entity is to become one of the primary organizations to foster the growth, adoption, and global expansion of IOTA. The post states, “As we open up a new chapter with IOTA, we need to match technology with the right support to establish IOTA as a global ecosystem. We can only do this by operating out of the right environment. We are convinced that the UAE will offer IOTA the best environment to realize its global ambitions.”

It adds,” We want IOTA to be a public goods infrastructure that will power our digital society and economy. With the new foundation in Abu Dhabi, we are confident that we will achieve this vision of the future.”

This announcement comes just after ADGM (Abu Dhabi Global Market) regulatory authority (FSRA) announced its new DLT Foundation regulatory framework. So IOTA could be the first entity to launch under this new regulatory framework.

According to Dominik Schiener, Chairman of the IOTA Foundation: ”From the very beginning, we have experienced a very warm welcome and unwavering support from leaders, regulators, and businesses in Abu Dhabi. I am simply amazed at how the country operates and how it is being led by visionary and open-minded leaders. This “can-do” mentality is the perfect environment for us to take IOTA to the next level. We are excited to play a role in helping to establish the UAE as a hub for technology innovations.”

The newly established foundation will operate under the guidance of a dedicated board of directors. One of its primary objectives will be to provide essential funding and support to the rapidly growing IOTA ecosystem. This commitment aligns with our mission to foster innovation and development within the broader DLT space.

IOTA aims to work closely with leading institutions out of the UAE, and building a thriving DLT ecosystem in the UAE and beyond.  

This announcement comes as the IOTA Foundation was chosen as a key participant in the UAE’s official startup delegation at CEATEC in Japan.

“We are thrilled to announce that the IOTA Foundation has been chosen as a key participant in the UAE’s official startup delegation at the upcoming CEATEC conference, scheduled from October 17th to 20th and held at the Makuhari Messe in Chiba, Japan. This recognition is an immense honor and a testament to IOTA’s pivotal role in pioneering Web3 and Web2 innovations.”

In May 2023, UAE Minister of State for Foreign Trade Thani AlZeyoudi and the Founder of Iota, Dominik Schiener, met announcing that the IoTa Blockchain platform has now been ushered into the UAE’s digital ecosystem.

Is R3 Corda DLT platform coming to Kuwait soon?

Is R3 Corda DLT platform coming to Kuwait soon?

As many know the R3 team developed Corda the first native private, permissioned DLT platform that is not only secure and regulatory-compliant by design, but has facilitated hundreds of networks across financial services.

As per R3 applications developed on their tokenization platform Corda, harness the power of R3’s distributed ledger technology (DLT), connected networks and regulated markets expertise all aimed at driving transformation in digital finance.

R3 has been a strong proponent in the Middle East and GCC region working with governments and enterprise on several projects, most prominently the CBDC projects in Saudi Arabia and UAE.

In addition the Qatar Financial Centre Authority and R3 signed an MOU to develop and grow Qatar’s fintech industry using technologies such as DLT (Distributed Ledger Technology) back in April 2023.

So it was not surprising to read on LinkedIn that Bryan D’Souza, Strategic Alliances & Partner Ecosystem Lead for EMEA at R3 stated, “I am thrilled to have experienced my first trip to Kuwait over the last couple of days as part of a mini GCC tour. I am grateful for the warm welcome from our great partners and potential clients. The hospitality of the Kuwaiti people left a lasting impression; warm, friendly, and eager to collaborate.”

He added, “Exciting opportunities ahead and looking forward to returning back to Kuwait soon!”

It sounds like the beginning of a project or several in Kuwait, which has been slow when it comes to blockchain adoption and implementation.

It seems Kuwait’s stance on Blockchain is changing as recently Salman Salah Bader Ali Naqi, who began his PhD study in the Department of Economics in January 2023, has been awarded the 2022 Kuwaiti Economic Student Award for his research titled “Digitalizing the Trade Finance Industry in Kuwait: A Transaction Cost Perspective of Blockchain-based Letters of Credit”.

The Central Bank of Kuwait (CBK) held a ceremony to honor the top three winners of the Kuwaiti Economic Student Award on November 9th 2023. The CBK Governor and Chairman of the Institute of Banking Studies (IBS), Basel Ahmed Al-Haroon, attended alongside a number of key figures from the banking and finance sector.

The winners were presented with certificates of merit and commemorative gifts, and Salman’s paper, as first-prize winning research paper, will be printed, published and distributed “to serve as a reference for those wishing to benefit from sound research”.

The Kuwaiti Economic Student Award is part of the Kafa’a initiative, set up to encourage scientific research in the economic and banking fields through motivating young people to enhance their research competence in the banking and finance areas.

Indian crypto custodian Liminal receives in principle approval from Abu Dhabi regulator at ADGM

Indian crypto custodian Liminal receives in principle approval from Abu Dhabi regulator at ADGM

In a press release, Indian based digital asset custodian and wallet, Liminal has been granted an In Principle Approval by Abu Dhabi’s Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a custody provider for Virtual Assets.

Liminal is working diligently to fulfill all the IPA conditions and meet FSRA’s stringent requirements to receive the Financial Services Permission (FSP).

As per Liminal, receiving the FSP from the FSRA will empower Liminal in extending its services as a trusted and reliable custodian for Virtual Assets within the ADGM jurisdiction and serve the broader MENA region. Liminal also recently launched its compliance solutions suite, with Notabene’s Travel Rule solution.

Earlier this year, in May, Liminal achieved another milestone by obtaining the TCSP License from the Hong Kong Companies Registry, enabling regulated digital asset custodial services in Hong Kong.

When Liminal secures the FSP from the FSRA, it will play a vital role in the Web3 ecosystem in the UAE, expanding its product and service offerings for the MENA region. Liminal will offer institutions a comprehensive suite of services designed to safeguard their virtual assets effectively.

Manan Vora, Senior VP of Strategy & Business Operations at Liminal, expressed enthusiasm about the IPA, stating, “ADGM has established itself as a thriving hub for innovation, growth, and maturation of the Web3 ecosystem. Their dedication to formulating clear and comprehensive regulations has created a trusted and secure environment for investors and Web3 enterprises. Recognizing the escalating demand for secure custody services in the MENA region, we took this strategic step to cater to the industry’s evolving needs. The IPA marks a significant leap forward in our mission to provide institutional-grade custody services for the digital asset industry. We are genuinely thrilled to contribute to the growth of this emerging market. After setting up an entity in Abu Dhabi, our next step is to obtain the FSP, and work closely with the ADGM team to provide regulated custody operations.”

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We extend our congratulations to Liminal on being granted the IPA from the FSRA of ADGM, which paves the way for them to become fully operational in ADGM as a premier custody provider for virtual assets. As an international financial center of the UAE’s capital, ADGM’s vision for fostering a dynamic and trusted financial ecosystem prioritizes upholding the highest standards of security, innovation, and regulatory compliance. Liminal’s capabilities and dedication align seamlessly with ADGM’s goals and reinforce our commitment to driving the growth of the digital asset space in Abu Dhabi and beyond. We anticipate witnessing Liminal’s positive impact on the market and its contribution to the advancement of virtual asset services.”

Jehanzeb Awan, Founder & CEO, J. Awan & Partners, praised Liminal’s commitment and said, “It’s truly impressive to witness Liminal’s dedication to regulatory compliance and their unwavering service to the digital asset industry. Our joint efforts in undergoing stringent screening procedures and audits have culminated in a significant milestone with the issuance of the IPA. I am confident that Liminal will continue to set new standards in the virtual asset custody space, while fostering innovation in ADGM’s rapidly emerging market.”

In its commitment to delivering regulated and compliant custody solutions in the Middle East, Liminal is pleased to welcome Dr. Bhaskar Dasgupta, Veteran Business Strategist, to Its Board in Abu Dhabi. Dr. Dasgupta is highly regarded for his contributions to ADGM, and has been instrumental in revolutionizing cryptocurrency regulation on a global scale. In the past, he has also held distinguished positions as the Chief Operating Officer of UK Export Finance and held leadership positions at esteemed financial institutions, including HSBC, ABN AMRO, Citigroup, and PwC.

Marathon Digital mines 18 Bitcoins from UAE with expected 7 exahashes online by end of 2023

Marathon Digital mines 18 Bitcoins from UAE with expected 7 exahashes online by end of 2023

Marathon Digital Holding, a crypto mining entity has mined 18 Bitcoin out of the 1,202 Bitcoin produced in October 2023 from its UAE joint venture with 2.3 exahashes online in Abu Dhabi with 7 exahashes to be online by end of 2023. The figures were published in its unaudited Bitcoin BTC production and miner installation updates for October 2023.

Fried Thiel, Marathon Digital’s Chairman and CEO  stated in their press release, “  “In October, we increased our energized hash rate 1% to 19.2 exahashes as the facility in Garden City, Texas, where we have 4.1 exahashes of miners installed, began to come online. Once this facility is fully operational later this month, we will have surpassed our 23 exahash target and solidified Marathon as the largest publicly traded Bitcoin miner in North America.”

In terms of the operation in UAE, Thiel added, “By increasing our hash rate and continuing to improve our operations at the facility in McCamey, Texas and elsewhere, we earned 4.0% of the total Bitcoin network’s available miner rewards and produced 1,202 bitcoin in October. This total includes 18 bitcoin from our 20% share of the JV in Abu Dhabi. We now have 2.3 exahashes online in Abu Dhabi as our second, larger facility in Masdar City has begun powering up. We continue to expect the full 7.0 exahashes in the UAE to be online by year-end.

“We have also been exploring new methods of mining that we believe may allow us to further diversify our operations, reduce our energy costs, and increase our sustainable energy mix. We recently announced a pilot project in Utah that is exclusively powered by landfill methane gas. Naturally produced methane is often stranded, and Bitcoin miners like Marathon are uniquely positioned to help capture and convert this environmentally harmful gas into clean, renewable energy. We look forward to sharing more of the many innovative mining projects that we are exploring in the months ahead.”

Furthermore in November 8th Marathon Digital Holdings reported results for the third quarter 2023 including its operational results for the quarter ended September 30th 2023, Thiel made a statement showcasing how their international expansion in UAE has opened up new international opportunities such as Paraguay. He noted, “We made significant progress on our 2023 strategic  priorities in the  third quarter. First, we grew our energized hash rate 8% quarter-over-quarter to  19.1 exahashes. In addition, our new facility in Garden City started energizing last week and is  expected to be fully operational later this month. Second, we experienced significantly higher uptime  as  optimization  efforts  helped  increase  our  U.S. average operational hash  rate 18%  from last  quarter to  14.2 exahashes.  Third, we energized our first joint venture and our first international location in  the UAE. This initial success has helped open new opportunities, and we  recently entered into a new joint venture in Paraguay powered by hydroelectricity.

The Company recorded net income of $64.1 million, or $0.35 per diluted share, during the three months ended  September 30, 2023, compared  to a net loss  of $72.5 million, or $0.62 loss per share, in the same period last year.

Marathon Digital officially inaugurated it 200 MW Bitcoin mining facility at Masdar City in Abu Dhabi UAE, under the joint venture Two Zero. In January 27th 2022, Marathon digital Holdings, announced that it had entered into a shareholder’s agreement with FSI (FS Innovation), the BTC mining subsidiary of UAE ADQ a sovereign fund, to form an Abu Dhabi, (Abu Dhabi Global Markets) based company.

Taurus opens UAE based Middle East office as more financial and non-financial entities sign up for digital asset and custodial services

Taurus opens UAE based Middle East office as more financial and non-financial entities sign up for digital asset and custodial services

Taurus SA, a FINMA-regulated Swiss institutional-grade digital asset infrastructure provider, has expanded its operations into the Middle East to serve its growing client base in the region. Taurus will service the GCC and MENA region, including KSA, Qatar and even Turkey through its Dubai UAE office.

Founded in 2018Taurus SA, a Swiss company provides enterprise-grade digital asset infrastructure to issue, custody and trade any digital assets: cryptocurrencies, tokenized assets, NFTs and digital currencies.

Managing Director, Bashir Kazour, leads Taurus’ new UAE office based in the DIFC in Dubai. M. Kazour brings more than 20 years of retail, capital markets and technology experience gained at Royal Bank of Canada, Standard Chartered and FIS, a leading banking and payment technology provider. Over the last decade, he collaborated closely with a diverse client base ranging from sovereign wealth funds and central banks to brokers and family offices.

“I am excited to lead Taurus’ efforts and build a winning franchise in the Middle East, a region known for its rapid adoption of blockchain technology and digital assets,” said Kazour. “Taurus is well-known for its unique custody and tokenization capabilities serving banking clients and large enterprises, which aligns perfectly with the needs of the region. We’ve already started interacting closely with regulators, central banks and clients and I’m looking forward to delivering cutting-edge and compliant solutions to the market.”

Speaking to LaraontheBlock on whether Taurus requires regulation by VARA, Bashir Kazour, Managing Director at Taurus SA explained, “Taurus does not need a regularity license in the UAE as we solely focus on providing the digital asset infrastructure to our clients in the region. To make it simple, Taurus is a technology provider, equipping banks and corporates, with a platform to manage any digital asset. The financial services activity is regulated by the Swiss FINMA and is not promoted outside of Switzerland.”

Taurus opened an office in DIFC Dubai because the company has already signed up some large financial institutions according to Kazour. He adds, “We are also in late stage discussions with several other financial and non-financial institutions in the Middle East region. The region is known for its rapid adoption of blockchain technology and digital assets driven by the regulatory clarity already provided through VARA, ADGM, RAK DAO initiatives, fostering innovation.”

As such Kazour reaffirms that the opening of the office in the UAE is to support this growing demand in the region for both custodial and tokenization solutions.

The office according to Kazour will serve the full Middle East region, including Qatar, KSA but also Turkey. He adds, “ We also have plans to expand to other countries as well.”

Taurus has already consolidated its European leadership position as the preferred digital asset infrastructure provider for banks and corporates, building on its Swiss market leadership with more than 60% market share. Among others, Taurus has recently announced a partnership with Deutsche Bank as well as CACEIS, one of the largest global custodians. Taurus also closed its $65 million Series B funding round last February with strategic investors including Arab Bank Switzerland, Credit Suisse, and Pictet.

Hex Trust digital asset custodian receives VARA full license

Hex Trust digital asset custodian receives VARA full license

Hex Trust, a digital asset custodian has announced that it has received a full Virtual Asset Service Provider (VASP) license from the Virtual Asset Regulatory Authority (VARA) in Dubai.

This follows the issuance of its MVP operational license in February 2023, which marks the final step in VARA’s licensing process, allowing Hex Trust to offer Virtual Assets Custodial Services to institutional clients and sophisticated investors in Dubai.

Hex Trust’s Dubai office was established in June 2022, and is led by Regional MENA Director, Filippo Buzzi.  “It is exciting for us to become one of the first virtual asset companies to receive this operating license in Dubai,” said Filippo Buzzi, Hex Trust’s Regional Director MENA. “Hex Trust is fully committed to expanding into the Middle East and sees enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem in the region.”

“Hex Trust’s commitment to compliance and regulation has always been a priority. This focus has allowed us to be granted a full operating license in Dubai – one of the few companies to obtain this,” said Alessio Quaglini, Co-Founder and CEO of Hex Trust. “There is so much potential in the Emirate of Dubai. We’re excited to continue to scale our business in the region and make a positive contribution to the virtual asset ecosystem.”

The completion of VARA’s licensing process demonstrates Hex Trust’s commitment to provide a comprehensive, secure and compliant trading environment for digital asset investors in Dubai, and its dedication to help build the virtual asset ecosystem in the MENA region, which is fast becoming one of the world’s leading virtual asset hubs.

In July, Hex Trust received regulatory approval in France to provide digital asset custody services, introduced innovative AI-driven investment tools, and actively participated in global industry events. Hex Trust’s dedication to delivering 24/7 regulated digital asset support to its 200+ global institutional clients remains unwavering as the industry recovers from the bear market. Its resilient approach is a positive signal of confidence and underscores its commitment to building secure blockchain infrastructure and expanding its global reach as a fully-licensed digital asset custodian.

Komainu was the first to receive a digital assets custodial license by VARA.