20 percent of Ripple customers from MENA region

20 percent of Ripple customers from MENA region

In a recent blog post Sologenic, a Ripple partner pointed out the Ripple now boasta of 4.8 million wallets with 20 percent of its customers coming from MENA region. The information was provided by Ripple CEO Brad Garlinghouse during the Dubai Fintech Summit.

These comments were made as Sologenic and Ripple expand their presence in the UAE and MENA region. The SOLO Wallet has successfully onboarded over 200,000 users onto the XRP Ledger. Moreover, strategic partnerships with payment ramps like Uphold and BANXA to provide global accessibility to the ledger, and recent listings on prominent exchanges in specific regions such as Bitpanda (Northern Europe), CoinDCX (India), and CoinsPh (The Philipines) underscore the platform’s unwavering commitment to delivering accessible and cutting-edge tokenization solutions. These efforts directly address the surging demand among institutional investors eager to access digital assets.

As Ripple charts its course into the heart of Dubai’s financial sector, Sologenic stands as the one-stop-shop for all things XRP within the ecosystem. Sologenic’s platform connects global financial markets with the world of cryptocurrencies, redefining digital asset trading by allowing fractional share ownership.

Sologenic’s regulated arm is deploying a platform with a hybrid model for the on-demand tokenization of assets. This platform facilitates trading between crypto and off-chain traditional assets such as stocks & ETFs. This institutional-grade offering is designed for RIA’s, brokerage houses, family offices, banks and other financial institutions looking to tokenize real-world assets for their clients.

In Ripple’s latest report in July 2023,entitled “ 2023 New Value report, Crypto Trends in Business and Beyond” which covered topics such as cryptocurrencies, tokenization, DeFi, and crypto custody, financial decision makers from MENA ( Middle East and North Africa) are more bullish than their counterparts in other regions when it comes to cryptocurrencies, digital assets, and Blockchain.

As per the report findings, 72% of finance leaders surveyed expressed increased confidence in the crypto industry over the last 6 months, the number is even higher for those in the MENA region, reaching 87%.

90% of global finance leaders anticipate big impacts on business from blockchain and digital assets in the next three years. In terms of tokenization, they see the most massive impact in public stock trading and private share trading. This was especially expressed by finance decision makers with cryptocurrency experience in MENA.

UAE Blockchain enabled Silal food traceability platform acquires major food distributor

UAE Blockchain enabled Silal food traceability platform acquires major food distributor

Blockchain enabled Silal traceability agriculture and food safety platform, backed by Abu Dhabi’s ADQ has acquired a majority stake in SAFCO Group, a leading food and beverage distributor in the UAE.

Prior to this, UAE’s ADQ, Silal, announced the launch its blockchain powered platform to trace the lifecycle of food from farm to fork. As per the news using the new traceability service is as simple as scanning the QR code of a Silal Fresh product through the Silal App.

Today, the acquisition of SAFCO integrates with Silal’s strategic growth ambitions and significantly strengthens its presence in the hospitality, restaurant and catering segment, leveraging SAFCO’s 30-year track record in importing, distributing and exporting a wide array of premium food and non-food products across the UAE, Middle East and Africa. The acquisition integrates with Silal’s strategic objectives and growth ambitions.

SAFCO’s acquisition is a pivotal step in enhancing Silal’s capacity to meet the market’s demand for a wide range of high-quality products and will accelerate the company’s efforts to enhance its food distribution.

UAE FAB bank completes Blockchain payments pilot with J.P. Morgan

UAE FAB bank completes Blockchain payments pilot with J.P. Morgan

UAE FAB bank, (First Abu Dhabi Bank), has announced the successful completion of its J.P Morgan’s Coin blockchain based cross border payments.

Coin systems support digital solutions on proprietary blockchain network to enable instant transfer and settlement of value on a permissioned distributed ledger.  The pilot phase, executed seamlessly and within satisfactory response times, have demonstrated the capabilities and potential of blockchain technology in enhancing cross-border payment solutions.

FAB’s achievement through collaboration with Onyx by J.P. Morgan, is a demonstration of the bank’s commitment to leveraging cutting-edge technologies to provide innovative solutions to its clients around payments space and particularly cross border payments domain.  Looking ahead, FAB’s Global Transaction Banking business plans to explore further opportunities using J.P. Morgan’s Coin Systems.

Bahrain’s ABC Bank was the first bank to actually go live with Coin System built on Onyx by J.P Morgan, after two years of piloting.

UAE Enjinstarter launches AYA Web3 Launchpad to tackle climate challenges

UAE Enjinstarter launches AYA Web3 Launchpad to tackle climate challenges

UAE Enjinstarter launched in 2021 as a Launchpad, incubator, crowd funding, and advisory platform for Web3 metaverse, gaming, entertainment and impact and sustainable projects has announced the launch of AYA, ( means miracle in Arabic) dedicated to empowering innovators to tackle climate challenges.

“MENA is at the forefront of climate change, with temperatures expected to rise by 2.5 degrees by 2050. The UAE is emerging as a global leader in sustainability and Web3, attracting builders, investors, and climate warriors,” says Prakash Somosundram, our CEO.

With a focus on areas like reforestation, mangrove conservation, and sustainable agriculture, AYA aims to bridge the climate financing gap, offering a platform for high-impact startups to access innovative technologies, raise funds, and leverage tokenized carbon credits.

At the beginning of 2023, Enjinstarter appointed Vasseh Ahmed as the new Managing Director to lead the Web3 efforts in the MENA region. Vasseh spoke with LaraontheBlock discussing Enjinstarter’s plans to help companies reach their Web3 ambitions while positioning Enjinstarter as the go to provider for impact and sustainability projects.

In the interview Ahmed states, “Web3 has a major role to play in addressing the climate crisis. Carbon credits, in particular, can benefit from Web3’s underlying technology to increase transparency and accessibility. We want to support projects that are looking for ways to shift incentives away from exploitation and toward preservation and regeneration.”

In May 2023 EnjinStarter MENA, a web3 Launchpad and incubator, became the first Launchpad globally to receive initial approval by Dubai’s virtual asset regulatory authority.

UAE based Solarix Ventures is seeking to invest in Web3 technology entities and will be participatiog at the Abu Dhabi Family office Summit on the 23rd of November 2023.

Blockchain enabled Hyperspace raises millions of dollars from KSA backed Riyadh Seasons

Blockchain enabled Hyperspace raises millions of dollars from KSA backed Riyadh Seasons

UAE based Blockchain, VR, NFT enabled physical theme park builder has received millions of dollars in investment from KSA’s sovereign fund backed Riyadh Seasons. The majority of the $55million raised came from Riyadh Seasons. U.S. based Galaxy Interactive, venture capital firm focused on gaming, led the latest funding round, which includes other international investors.

Founded by Alexander Heller in 2020, Hyperspace is building physical theme park attractions that are blockchain-enabled and extended reality-native, with it making use of cutting-edge emerging technologies, spatial compute layers, real life virtual effects, and non-fungible token (NFT) projects

Heller sees them as physical front ends to the metaverse, with visitors to these venues making use of the developed technologies to access everything from surreal-istic playgrounds and immersive neighborhoods, to virtual production stages containing holographic super cars and high-end digital fashion.

HyperSpace had raised $11 million in equity in 2021 allowing it to scale its operations. At the time Heller noted, “In a world where blockchain, spatial computing, digital identity, and growth in the gaming and social media sector took meteoric steps in 2021, HyperSpace has rooted itself in building towards a future where these trends find place in the amusement attractions industry.”

In Q3 of 2023 Hyperscale will launch in Dubai Mall the House of Hype after it successful launched its first Immersive AYA space in Wafi Mall where nearly half a million enthusiasts paying $34 to enter its 40,000-square-foot park.

According to the Financial Times article KSA Riyadh Season, a government-backed entertainment initiative under the auspices of the sovereign wealth fund, has invested the majority of the $55mn of debt and equity raised by HyperSpace.  Riyadh Season is led by Turki al-Sheikh, who chairs the General Entertainment Authority.

HyperSpace is launching House of Hype in Riyadh in November.  The Riyadh-based company plans to expand in Saudi Arabia and beyond to the US. “There’s a big focus on expanding the business” to the rest of the world, Heller says in the interview with FT.

He adds, “Riyadh was a uniquely attractive partner, Heller said, given the importance of shopping centers to Saudis, who are also highly engaged in social media. HyperSpace is keen to be behind the push to attract consumers back to shopping malls, which have been hit by a rise in online shopping. Our parks adapt the best ingredients of video games, social media, and Web3 culture; translating them into future forward entertainment attractions.”

Bahrain based The Family Office launches Blockchain fintech hub

Bahrain based The Family Office launches Blockchain fintech hub

Bahrain based The Family Office, the leading wealth manager in the GCC, has launched its new Fintech Lab at its headquarters in Bahrain, covering cutting edge technologies including AI, Blockchain, Machine Learning and more.

It will unveil state-of-the-art digital products and services, solidifying its position as a trusted partner in wealth management.

The Fintech Lab is a dedicated space where experts, emerging talents, and visionaries collaborate to develop and implement groundbreaking solutions.

The lab will catalyze the creation of cutting-edge digital products that empower investors to make informed financial decisions with ease and convenience. It will serve as a hub for collaboration with industry-leading experts, harnessing the full potential of emerging technologies such as artificial intelligence, blockchain, and machine learning.

The lab was inaugurated in the presence of Rasheed Al Maraj, Governor of the Central Bank of Bahrain (CBB).

“We have consistently pushed the limits of excellence in wealth management. The new Fintech Lab is a significant milestone in our ongoing mission to provide investors with innovative solutions and advance their overall financial journey,” said Abdulmohsin Al Omran, Founder and CEO at The Family Office.

Global Blockchain Congress is back to Dubai in December 2023

Global Blockchain Congress is back to Dubai in December 2023

After a very successful first European Edition Global Blockchain Congress, Agora Group is coming back to Dubai for its 12th GBC on December 11 and 12, 2023!

The Global Blockchain Congress leverages the experience gained through the hosting of the first 11 editions of the event in Dubai and the international editions in Vietnam and the UK to ensure maximum return on investment for all our sponsors. The previous editions of the Global Blockchain Congress were a tremendous success and we were able to host 1,500+ investors and 300+ blockchain startups and were able to raise millions in funds for our participating projects

The theme of this edition is: “Will the Next Bull Market Be Different?”
Topics of the Congress:
• Land of Decentralized Milk and Honey? Why Crypto
• Companies Are Warming to the United Arab Emirates.
• Digital Assets Outlook 2024.
• Web3 Gaming and the Path to Open Metaverse.
• DeFI, CeFi and ReFi – What’s Next?
• Blockchain Marketing: Shaking Up the Game with Trending Strategies

The event is a closed-door, exclusive congress that can be attended by invitation only where the format of the event is focused on pre-arranged one-on-one meetings between projects and investors.
Agora will be hosting more than 150 Investors, 25 Projects, 60 A-list Speakers & 30 Media Partners from all over the world.

Learn more about the event: gbc-uae.com

Register here: bit.ly/12th-GBC

Deus X Capital launches with $1billion in assets and an office in UAE

Deus X Capital launches with $1billion in assets and an office in UAE

Deus X Capital with offices in the UAE has launched with $1 billion in assets according to an article published in CoinDesk. As per the article the family office backed investment firm launched on October 2nd with Tim Grant as CEO.

Tim Grant previously headed EMEA at Mike Novogratz’s Galaxy Digital. Before that he was CEO of SIX digital exchange

Deus X capital will deploy capital, in private equity, venture capital and fund allocation opportunities in the digital asset, blockchain, fintech and institutional capital markets sectors.

According to information on the website Stuart Connolly has been appointed chief investment officer.

In a statement to CoinDesk Tim Grant stated, “The existing financial system is expensive, unwieldy and works for the few, not the many. We are committed to investing in and building the most innovative digital asset, fintech and capital markets businesses.”

The firm’s existing investments include stakes in publicly listed companies such as crypto financial services firm Galaxy and asset manager Hilbert Group (HILB). It also has allocations to a number of hedge funds.

As per Deus X Capital website it invests globally and has a presence in Malta, London and the UAE.

Emirates airlines to track sustainable aviation fuel using Shell backed Blockchain platform

Emirates airlines to track sustainable aviation fuel using Shell backed Blockchain platform

UAE Emirates Airlines has signed an agreement with Shell Aviation to supply 300,000 gallons of blended sustainable aviation fuel and will track this using Blockchain enabled platform Avelia at its international hub in Dubai.

Avelia is a blockchain powered book-and-claim solution that provides users with fully traceable environmental attributes of SAF to help decarbonize their air travel.

Avelia is powered by Shell Aviation and Accenture, with support from Energy Web together with American Express Global business travel. Through Avelia, Emirates will purchase the physical SAF and associated environmental attributes to help decarbonize its Scope 1 related emissions, while Scope 3 environmental attributes associated to the same physical SAF will be purchased by Shell Corporate Travel to help decarbonize its related business travel.

According to the news, the first SAF delivery under the agreement is expected to commence before the end of the year, making it the first time that SAF is supplied through the DXB airport fuelling system, the airline said in a statement.

SAF can be blended with conventional jet fuel at a ratio of up to 50%, creating an aviation fuel that is significantly lower in lifecycle carbon emissions. In its neat form, SAF can reduce lifecycle emissions by up to 80% compared to conventional jet fuel.

Emirates President Tim Clark said: “We are proud to work in partnership with Shell to make a SAF supply available for Emirates in Dubai for the first time, and to utilize the Blockchain Avelia platform that provides business travellers the flexibility to align their sustainability targets and reduce their environmental footprint when travelling.”

Chu Yong-Yi, Vice President of Shell Corporate Travel said: “Emirates and Shell have a long-standing commercial relationship, and it is fantastic to build on this to now work together on decarbonisation. This agreement marks a step forward for the aviation industry in the UAE. Enabling SAF to be supplied at DXB for the first time is an important milestone, and a perfect example of how the different parts of the aviation value chain have a role to play in unlocking progress on SAF. We hope that this can act as a springboard for more action on SAF across the aviation industry in the UAE and region, delivering another step forward for our net zero emissions journey.”

In May this year, Emirates airline announced a $200 million sustainability R&D fund aimed to reduce the impact of fossil fuels in aviation, with Clark saying “with the current pathways available to airlines in terms of emissions reduction, our industry won’t be able to hit net zero targets in the prescribed timeline”.

A stablecoin to be launched in Abu Dhabi UAE

A stablecoin to be launched in Abu Dhabi UAE

According to a recent Bloomberg article published October 2nd 2023, Abu Dhabi UAE will witness the launch of a stablecoin. Former Softbank vice president, Akshay Naheta has launched his company called Distributed Technologies Research (DTR) in Abu Dhabi which will focus on developing several products one of which is a stablecoin.

Naheta on LinkedIn posted,” I’m happy to announce my new company Distributed Technologies Research! We’ve been operating in stealth for the past 10 months. And, I’m looking forward to sharing our product releases over the near-term.”

According to Bloomberg, The 42-year-old financier has set up DTR and will partner on the project with Hong Kong-based DRAM Trust, which has ties to several high-net-worth individuals. They’re looking to capitalize on a stablecoin market that analysts at Bernstein estimate will grow more than 20-fold to $2.8 trillion in five years.

DRAM coins will be available on decentralized exchanges including Uniswap, Sushiswap and Pancakeswap, and the team plans to work with centralized exchanges in the near future, according to Naheta.

Akshay Naheta was a former trader at Deutsche Bank. He was central to some of SoftBank’s biggest deals during his tenure. He pitched founder Masayoshi Son on the sale of chip designer Arm to semiconductor designer Nvidia Corp. He also led a $4 billion investment in Nvidia in 2017, earning $3 billion in profit.

In a press release he states, “The launch of DTR’s business in the ADGM and the licensing of its first product to the DRAM Trust is an initial step towards our wider ambitions. Our technologies provide the efficacy, usability, governance, security, transparency and stability sought by the cryptocurrency markets, while leveraging cutting edge technology protocols. The DRAM Trust brings much-needed credibility to the global stablecoin sector.” 

Global law firm Decherts LLP acted as a legal advisor to DTR and the DRAM Trust for structural and regulatory matters. 
 
The DRAM Smart Contract has been audited by Consensys and PeckShield, with real-time reserve audits to be published by The Network Firm through their LedgerLens product.
As part of its product expansion plans, DTR expects to launch a decentralized wallet solution in early 2024, to enable the wide accessibility and utility for digital tokens.  

According to Bloomberg Intelligence crypto market analyst Jamie Coutts, stablecoins on several Layer-1 networks transacted $6.87 trillion in 2022, surpassing the transaction volumes of Mastercard and PayPal. However, stablecoins still lagged behind the Visa network, which processed nearly double the volume at $11.6 trillion.

This announcement comes less than a week after Dubai’s virtual asset regulatory authority introduced its stablecoin regulations.

Updated 5:20 pm Dubai UAE time