UAE top 100 tech investors invested only 4.6% of capital on Blockchain startups

UAE top 100 tech investors invested only 4.6% of capital on Blockchain startups

Deep Knowledge Group, pioneers of big data analytics system and dashboard solutions have published a report on the top 100 tech investors in the UAE of which 4.6% of their investments are in blockchain technology while 2.9% are in Artificial Intelligence and machine learning.

The report makes several findings which include that 50% of the top 100 tech investors are venture capital entities with some of the well known blockchain investors including Crypto Oasis, Shurooq Partners, Seed Group, DisruptAD, Ghad Capital Parners, Mubadala and Ceras Ventures.

More than 50% of the top Tech investors are based out of Dubai UAE with 29% of their investments going to the Middle East startups, 17% going to GCC based entities and 18% in Africa.

74% of the top 100 tech investors have invested less than $10 million per deal, while only 11% have invested over $50 million.

In the last 12 months, Kube VC was the most active in terms of investments which totaled 48, followed closely by Maven Capital with 47 investments, and UAE Ghaf Capital making 20 investments.

The data from the report was gathered from all types of funding rounds, non-equity assistance, investors performance and characteristics were collected and analyzed according to various parameters set forth in Deep Knowledge Group evaluation criteria methodology.

The top 100 Tech investors in UAE have been selected based primarily upon the following criteria, ● number of investments made in DeepTech Companies;  potential for equity and non-equity financing (lead investors in seed/venture rounds); Investors overall background, intangible assets and philosophy;  investor investment activity;  % of successful investments; and  Investment impact on the company.

Within the framework of the given research, data related to over 3,000 investment deals, concluded by top 100 UAE tech investors, were collected. The share of deals concluded in 2022 constituted circa 20% of the total number of investment deals.

Data related to 2,600 portfolio companies, 77% of which are among active portfolio companies, has been gather and evaluated according to the ranking framework as well.

Prior to this report, LaraontheBlock issued a survey in early January 2023 entitled “MENA Investor Survey 2022-2023 for crypto Blockchain sector” found that 50% of those surveyed stated they will be allocating more funds to blockchain and crypto projects and entities in 2023. 19% of those surveyed stated in 2022 they had invested more than 50% of allocated capital and funds into crypto and Blockchain projects.

In June 2023 GCC (Gulf Cooperation Council) and MENA based Investcorp, a global alternative investment firm has led a $15 million investment round for BitMe a Spanish crypto exchange. Included in the list of investors was Telefonica Ventures, Stratminds VC, Cardano, and YGG Fund.While just this week, UAE based Global Millennial Capital Ltd (“Global”), an emerging technology and digital assets investment manager, and venture capital firm launched its Global Millennial Web3 Investment Program, out of UAE which aims to accelerate emerging companies to their full potential in the realm of Web3, DeFi, and Blockchain.

Arab Brazilian Chamber of Commerce and Morocco customs align next steps to using Ellos Blockchain trade platform

Arab Brazilian Chamber of Commerce and Morocco customs align next steps to using Ellos Blockchain trade platform

Arab Brazilian Chamber of Commerce ( ABCC) in a recent visit presented Morocco’s customs entity with the features and benefits of Ellos Blockchain and aligned the next steps to use the platform.

ABCC developed Ellos Platform as a distributed digital ledger to enhance its supply chain documentation, effectively tracking all information regarding any product being sold across the Brazilian and Arab markets, including all commercial, banking, trade, and export transactions from end to end. Buyers will be able to access relevant product information upon scanning a QR code on its packaging, ensuring customer satisfaction and quality of goods. Within the blockchain, stakeholders will be able to review the involvement of manufacturers, transporters, point of sale (POS), and others through immutable data.

Using the highest technology, the Arab Brazilian Chamber of Commerce developed Easy Trade, the Ellos Blockchain system responsible for sending the documents required by the Arab customs authority to clear the cargo in its country.

ABCC that was established back in 1952  aims to bring closer together Arabs and Brazilians through trade and business cooperation, keeps fulfilling its mission in new and innovative ways.

As a major supporter and driver of this relation, the ABCC has adapted and reinvented itself for these new times that call for more agility in trade, lower costs, unending partnerships, and more advanced, safer goods that are manufactured under principles of ethics and sustainability. A such according to its President, Osmar Chohfi , “We’ve established an important platform, Ellos, that uses blockchain technology for digitizing the trade process, thus reducing times and costs. Exports to Jordan have already seen the elimination of paper, and the same will soon happen in trade with Egypt and other Arab countries.”

ABCC has also established an innovation lab the ABCC Lab, taking Brazilian startups to the Midde East and North Africa. ABCC has also opened offices in the United Arab Emirates and Egypt, and will soon launch one in Saudi Arabia.

Chohfi adds, “We’re carrying out together with the Brazilian Trade and Investment Promotion Agency (ApexBrasil), the Halal Brazil project that aims to make Brazilian food companies to supply to Muslim countries, bringing more profits and opportunities for our country, and providing the Islamic nations with the products they demand. Halal manufacturing means manufacturing with sustainability and quality standards.”

Blockchain and crypto are themes at UAE’s AI Camp

Blockchain and crypto are themes at UAE’s AI Camp

The UAE AI camp a five day camp organized by both the  National Programme for Artificial Intelligence, in collaboration with the National Programme for Coders which targets school and university students, includes six cutting edge including web development and robotics, digital entrepreneurship and career planning, generative artificial intelligence, online safety and cybersecurity, blockchain and cryptocurrency, and virtual and augmented reality through interactive workshops, webinars, and deep dialogues in the field of artificial intelligence.

Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications and Director-General of the Prime Minister’s Office, stated that the UAE government, led by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, is keen to on fostering a generation empowered with cutting-edge technology and artificial intelligence, enabling them to actively contribute to creating a sustainable digital economy while bolstering the nation’s leadership and readiness for the future.

According to Al Olama, this collaborative effort aims to equip the UAE AI camp participants with digital tools and technologies, enabling them to enhance the framework of future prospects and leverage artificial intelligence solutions in innovative ways.

This year, the camp offers specialised programmes and interactive workshops with the participation of a group of government entities, private sector and international companies such as Cyber Security Council, Abu Dhabi Global Market (ADGM), DP World, Dubai Chambers, Road and Transport Authority (RTA), Dubai Cyber Innovation Park, Dubai International Financial Centre (DIFC), coding ambassadors, one of the Coders HQ initiatives, Sharjah Entrepreneurship Centre, Technology Innovation Institute, Ajman X, Fujairah Police GHQ, Microsoft, AWS, Huawei, Careem, Dell Technologies, Stripe, Accenture, Le Wagon, Jeel code, VR Academi, Bnb, Mathworks, University of Birmingham Dubai, Cybernet , 42, Women in AI, Intel, QUAE, Marses robotic systems and others with the aim of providing participants in the camp with future skills.

The UAE AI Camp will continue until the beginning of August 2023. It aims to explore the field of artificial intelligence and digital technologies, shaping the future of technology and digital life through awareness workshops. These workshops will focus on developing participants’ skills in programming, designing artificial intelligence applications and smart applications. Additionally, in-depth workshops will cover various areas such as generative artificial intelligence, deep learning, and machine learning.

The camp also includes meetings for those interested in computing aimed at sharing the experiences of leading companies in the field of artificial intelligence. Workshops will be conducted to discuss the power of artificial intelligence, image and language generation and understanding, as well as how to utilise artificial intelligence tools in our daily lives. Participants will also have the opportunity to learn how to create 3D designs using reality technology.

Additionally, workshops will discuss the challenges in the world of cryptocurrencies and blockchain technologies.

Those interested can register for various workshops through https://ai.gov.ae/aicamp5/.

Blockchain startup Shardeum, whose seed investor includes UAE Ghaf Capital closes new round of $5.4 million

Blockchain startup Shardeum, whose seed investor includes UAE Ghaf Capital closes new round of $5.4 million

A Blockchain EVM layer 1 startup, Shardeum, whose very first investors in its $18.2 million seed round included UAE Ghaf Capital, has closed a new roud of $5.4 million from investors that include Amber Group, Galxe, J17 Capital, Jsquare, and TRGC, as well as Bware Labs, Tané Labs, Hyperithm Group, Luganodes, Blockchain Ventures Hub, CryptoViet Ventures, Blue7, and more. 

Shardeum aims to leverage the additional funding to further support the growth of the ecosystem in the lead-up to the mainnet launch later this year.

Founded in 2022, Shardeum is a highly-scalable EVM-based layer-1 blockchain deploying dynamic state sharding to keep gas fees low and transactions per second high as participation grows. As of today (July 7, 2023), more than 7.4 million transactions have taken place on the testnet, with 820K+ accounts and over 230K contracts deployed.

Kelsey McGuire, chief growth officer at Shardeum states,“The completion of this strategic raise from key participants puts Shardeum in position to expand on our mission to cultivate a global and diverse community. Given Shardeum’s consensus design and use of dynamic state sharding, validator participation is highly accessible regardless of user access to computing resources. This raise allows us to continue to prioritise decentralisation by growing our community of participants worldwide through education and other key initiatives.”

The $5.4 million raise follows Shardeum’s successful $18.2 million seed round in October 2022 from backers such as Jane Street, Big Brain Holdings, Struck Crypto, The Spartan Group, Ghaf Capital, DFG, CoinGecko Ventures, Foresight Ventures. With this Shardeum has raised $23.6 million in total. 

South Korean DeFi blockchain company establishes headquarters in UAE

South Korean DeFi blockchain company establishes headquarters in UAE

South Korean blockchain companies are establishing their headquarters in the UAE, Neoply a blockchain DeFi solutions provider announced that it will be opening its global headquarters, under the name H Lab in Abu Dhabi UAE with the support of Abu Dhabi Investment Office.

NEOPLY is joining ADIO’s Innovation Programme, which supports the growth of tech-focused industries in the UAE capital. NEOPLY provides a decentralised finance (De-Fi) platform and various services based on blockchain technology. Its global headquarters in Abu Dhabi Global Market (ADGM) will be called H-Lab and benefit from the international financial centre’s advanced regulatory framework and thought leadership in the virtual assets space.

The opening of H-Lab follows discussions between ADIO and Neowiz Holdings, the parent company of NEOPLY, about establishing its blockchain activities wholly from Abu Dhabi and benefiting from ADGM’s robust regulatory framework that enables effective blockchain and digital assets innovation.

Abdulla Abdul Aziz AlShamsi, Director-General of ADIO, stated, “Abu Dhabi’s enabling environment, coupled with the availability of world-class infrastructure and skilled talent, has positioned the UAE capital as a leading destination for investment in the Middle East. NEOPLY joins a wave of other innovative South Korean companies choosing Abu Dhabi as the catalyst for their next growth phase. They are joining a thriving innovation ecosystem and bringing new ideas and solutions to life in the UAE capital.”

Founded in 2018, NEOPLY is the blockchain arm of Neowiz Holdings, a prominent South Korean gaming venture which recently also opened its headquarters in UAE. The company will create specialised jobs in blockchain technology and further add to the sector’s development in the UAE capital and beyond. H-Lab will also work with Abu Dhabi universities to develop programmes and scholarships related to blockchain, Web 3.0, and De-Fi.

Jinho Park, Chief Operating Officer of NEOPLY, stated, “With ADIO’s support, we are establishing our global headquarter in the heart of Abu Dhabi, which fills us with great anticipation for our financial innovation in the Middle East.”

He emphasised, “With the active support of ADIO, the collaboration with ADGM, and the infrastructure of Abu Dhabi, we are committed to setting new standards in the global blockchain industry.”

NEOPLY’s H-Lab will work with ADGM to support its development of a sound and progressive regulatory framework for DeFi, to become one of the first regulated DeFi providers in the world.

The Korean blockchain company is looking to participate in the ADGM’s Digital Lab and collaborate closely with ADGM’s Financial Services Regulatory Authority (FSRA) to build a framework for the DeFi industry that both mitigates risks to consumers and the financial industry and lets new business models develop that can improve consumers’ experiences and outcomes.

USA based Meer Energy aims to bring Carbon Credit NFTs, Bitcoin mining and Blockchain AI datacenters to KSA

USA based Meer Energy aims to bring Carbon Credit NFTs, Bitcoin mining and Blockchain AI datacenters to KSA

USA based Meer Energy, Co-Founder Abdullah Han, was one of the speakers in June 2023’s 10th Arab China Business Conference, in Riyadh KSA, under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, where he met with positive feedback for his concept of developing a Blockchain AI Bitcoin and carbon credit mining datacenter in the country.

In an interview with LaraontheBlock, Han explains why he participated at the Arab China Business Conference and how his business model was received.

According to Han, Meer Energy a US based company for Bitcoin mining which utilizes flared gas to power its datacenters is working to expand its business model which includes Blockchain, AI datacenter as well as Carbon Credit tokenization to the Middle East, African and Asian region.

Han believes that the future of industrialization will be driven by blockchain and AI (Artificial Intelligence) and this requires energy and hashpower, more specifically sustainable hashpower that can support AI and Blockchain development of use cases.  He states, “We are trying to use waste energy from oil and gas, flared energy and renewable energy to create cheap energy that powers AI and Blockchain, Bitcoin mining, and carbon credit tokens. We already have a joint venture with Asian investors to deliver datacenters in the USA.”

Meer Energy’s value proposition is to utilize the flare gas sites in the MENA region, such like those in Iraq, KSA and others to power big datacenters. As he explains, countries such as Iraq have a huge headache in dealing with their flared gas as they are unable to connect it to the electricity grid given their remote location, and the inability to connect pipelines to dry processed gas. So by combining energy from flared gas with AI and Blockchain a lot of projects become viable and economically  attractive.”

For Han, Meer Energy will use 95% of the hashpower of its datacenters to mine Bitcoin, and use the remaining 5% to power high performance blockchain, and AI projects. He gives the example of carbon credits NFTs which will be mined directly from the datacenter. The datacenter will use smart contacts to monetize carbon credits into NFTs creating revenues of $1 million per month.  He explains, “Each Megawatt produced by a datacenter can produce 5000 carbon credits, nearly 1 million dollars in revenue alone , I call it your mining.”

Another example that HAN gives for utilizing datacenters is in the mining of CBDCs. As Han explains, “While countries in developing nations start to issue CBDCs they will face two issues either using private blockchains such as for example Hyperledger or public blockchains such as Ethereum, they will face issues of not holding hashpower of these blockchains, not having a stake in them. By utilizing datacenters on the sovereign ground of a country, central banks can utilize flared gas to power their own CBDC.”

So Han believes that while governments may not want to discuss Bitcoin mining they are interested in discussing how integrated datacenters can support blockchain use cases in combination with AI while affording a sustainable climate program using carbon credits.

According to Han, he is approaching MENA governments and investors with a new concept. While in the USA, Bitcoin is connected to Wall Street, in developing countries the government is behind it. 

As per Han today we are seeing a move towards de-dollarization in KSA, Russia, Iran, and UAE. He explains, “All governments will realize that strong money will drive weak money out of the system. In the 1970s crude oil and dollar were anchored together, but today we can have what I call gas Bitcoin or energy Bitcoin, which could replace the petro dollar.  The new possible global monetary system could be Bitcoin, utilized as a new global reserve system and settlement system. Those leaders with a vision and forward looking approach understand this. They by mining Bitcoin can have a share of a global decentralized banking system. This is one way to understand Bitcoin from a geo-political perspective. So when I speak to MENA policy leaders I don’t invite them to mine Bitcoin, I invite them to subscribe in shares to a decentralized global bank.”

Han believes this could be tested in for example NEOM city which is powered by Blockchain and AI, because in the city of the future there is also need for the governance of the future and this includes circulation of money. This according to Han could be tested in a controlled environment to see what happens.

Meer Energy is seeking to raise $5-6 million at a valuation of $40-50 million. During Han’s trip to KSA there was very positive feedback not only from investors but policy makers. Han states, “The concept was well received.” 

As for the future Han believes that his proposal allows Bitcoin mining datacenters to survive the halving of Bitcoin. He states, “By combining bitcoin mining with carbon credits regardless of what happens to the price of Bitcoin after halving whether it remains the same or goes up to $50,000 we will still be able to make revenues from carbon credits and will survive while other companies go bankrupt.”

He also believes that these datacenters can create smart contracts for Islamic economy whether related to Hajj, Sukuk and others.

According to the data provided by the Hashrate Index, bitcoin miners in the UAE should produce approximately 13 EH/s, which is equivalent to 3.7% of the total Bitcoin hash rate at an assumed average energy efficiency of 30 J/TH. This comes as the UAE becomes an attractive hub for crypto mining. 

Marathon Digital Holdings confirmed earlier in 2023 that the company along with Abu Dhabi based Zero Two (Registered name FS Innovation), an emerging blockchain and digital assets infrastructure development company, will be launching the two digital asset mining sites with a combined capacity of 250 Megawatts in the sustainability hub of Abu Dhabi Masdar City and the port zone of Mina Zayed by the end of 2023.

UAE based Global Millennial Capital launches investment program for Web3, DeFi, Blockchain startups

UAE based Global Millennial Capital launches investment program for Web3, DeFi, Blockchain startups

UAE based Global Millennial Capital Ltd (“Global”), an emerging technology and digital assets investment manager, and  venture capital firm has launched its Global Millennial Web3 Investment Program, out of UAE which aims to accelerate emerging companies to their full potential in the realm of Web3, DeFi, and Blockchain. 

Andreea Danila,  Founder, and General Partner at Global Millennial Capital Ltd., stated, “We are thrilled to announce the launch of our investment program aimed at investing and accelerating visionary technology companies operating in the Web3, Defi, and blockchain verticals, with a specific emphasis on financial services applications, among others. In addition to the typical acceleration program benefits, which include mentorship, hackathons, regulatory sandbox conversations, and strategic ecosystem connections, Global will deploy its resources to enable Series A companies to access various markets across the Middle East and Africa, from the United Arab Emirates.”

Global Millennial Capital Web3 Acceleration Program is designed to accelerate technology companies in defining and reshaping business models and economics and creating a network of global ecosystem relationships in the United Arab Emirates. The program will provide one-on-one mentorship, organize hackathons, explore testing and security, and connect with regulators, ecosystem participants, and investors. Global will invest up to $250,000 per company; ten companies are expected to be selected during the program.

Global is looking to partner with early-stage technology companies operating in data ownership, Web3 privacy tools, NFTs, cryptocurrency platforms, blockchain technology, digital entertainment, and DeFi, among other opportunistic verticals.

Global Millennial Capital Ltd is the first venture capital investor to introduce the concept of data science in the traditional investment process to create thematic investment themes and artificial intelligence-led investment recommendations. As an active investor in the global fintech sector, which comprises companies operating in the fintech, web3, blockchain, and AI verticals referred to as the “new economy technologies,” Global Millennial Capital Ltd is investing from Fund I ($25 million) in early and growth stages, using a diversified investment strategy targeting risk-adjusted returns while seeking alpha returns with downside protections. As a long-term partner of the entrepreneurs, we deploy value-creation strategies across cycles for our portfolio companies to enhance critical drivers of scalability and profitability, such as access to capital and global markets. Our mission is to generate venture capital returns along with social capital.

UAE RAK Digital Assets Oasis partners with HBAR Foundation to fund and grow Blockchain Web3 members

UAE RAK Digital Assets Oasis partners with HBAR Foundation to fund and grow Blockchain Web3 members

UAE’s RAK Digital Assets Oasis (Ras Al Khaimah DAO), the world’s first and only free zone dedicated to global digital and virtual assets companies, and The HBAR Foundation have signed of a Memorandum of Understanding (MOU). The HBAR Foundation will 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.

This marks RAK DAO’s first operational relationship, bringing together the expertise and resources of both companies to provide direct and streamlined access to benefits within the Hedera ecosystem. These include a comprehensive grant program, financial backing processes, specialized expert support across technology, marketing and business development, and support to scale adoption and innovation of new ideas in the Web3 space.

“By creating and enabling the world’s first licensed Web3 ecosystem, we are facilitating the seamless exchange of information, connecting businesses across sectors, and paving the way for synergistic relationships to flourish. Together, we are unlocking a world of new possibilities, empowering entrepreneurs, and propelling innovation forward,” says His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK DAO. “This collaboration is a testament to our shared commitment to driving sustainable growth and shaping a future where Ras Al Khaimah emerges as a global leader in the digital economy.”

Together, RAK DAO and The HBAR Foundation will spearhead various initiatives in the Digital Assets Oasis ecosystem, including regular startup and scale-up pitching sessions, opportunities to connect with partners and investors, and explore avenues to launch joint projects such as venture studios or accelerators.

The HBAR Foundation grantees will also benefit from discounted set-up and licensing packages to establish themselves in RAK DAO, as well as access to effective banking solutions available to all members of the ecosystem. Both companies will work together dynamically to foster collaboration, fuel innovation, overcome barriers, and empower entrepreneurs in their journey to build the future of Web3 and blockchain technology.

“The United Arab Emirates has established itself as a dynamic hub for Web3 innovation, magnetizing global enterprises and top-tier talent. We eagerly anticipate joining forces to pioneer the future of the emerging technologies landscape,” says Shayne Higdon, CEO of the HBAR Foundation. “Through this exclusive relationship between The HBAR Foundation grantees and RAK DAO, we’re honored to provide grantees with greater access to the UAE whilst working together to establish RAK DAO as a major hub for the Web3 and digital assets sector.”

Ripple report finds 87 percent of MENA financial decision makers confident in crypto industry

Ripple report finds 87 percent of MENA financial decision makers confident in crypto industry

In Ripple’s latest report 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.

In addition, global finance decision makers predict CBDCs and stablecoins will have a massive impact across business, finance  and society. This sentiment is particularly strong among  those with cryptocurrency experience, and those based in the LATAM and MENA regions.

When the Ripple report compared these results to last year’s survey, they saw that no only do  more respondents expect significant or massive impact of digital currency on business, finance and society,but they expect this to happen within a shorter period of time.

In other words, impact from these digital currency technologies is and will continue to accelerate at a faster clip. Specifically, respondents appear particularly bullish on the overall impact of digital currencies on payments. Nearly half (46%) of all respondents think stablecoins will have the largest impact on cross-border payments, and anticipate the largest impact of CBDCs to be on consumer-to-business payments (39% of financial institutions) and cross-border payments (41% of enterprises).

Many are either somewhat or very likely to begin using cryptocurrencies, CBDCs or stablecoins in their business in the next three years, and are confident that the technologies can meet their business needs. Once again, Ripple saw that respondents in  LATAM and MENA ranked slightly higher than those in other regions, and particularly those decision makers at financial institutions who work in roles related to digital transformation, blockchain/cryptocurrency, and innovation.

Overall, Latin America (LATAM) is more bullish on enterprise and institutional use of crypto for business followed by the Middle East and North Africa (MENA), then North America (NA), Asia Pacific (APAC) and Europe, Middle East and Africa (EMEA).

The report also noted that more financial institutions are interested in instituational DeFi due to pain points around borrowing, raising capital which many see that DeFi can help solve. In addition high interest rates currently outweight other borrowing related pain points by a pretty significant margin everywhere except in MENA, where credit approval requirements were ranked as the primary pain point.

According to the report, these findings are reflective of the current state of the global economy, and that’s reinforced when one compares these results to last year’s data when interest rates were lower, and thus ranked lower on the list at that time.

Another significant technology being looked into by financial decision makers is Decentralized digital identity (DID). The vast majority (90%) think DiD will have a significant or massive impact on Banking, Financial Services and Insurance in the next three years, especially finance leaders in LATAM and MENA.

Even those in treasury, capital markets, payments, and institutional banking are bullish on the technology as it pertains to Banking and Financial Services, falling within the 90% response rate and above for significant or massive impact. Surprisingly, finance leaders in those more traditional roles ranked slightly higher than those in innovation, which is somewhat counterintuitive.

When it came to crypto custody the report found that while a greater proportion of respondents at financial institutions (compared to their enterprise counterparts) currently use crypto custody in their business, in general across all respondents it was found that a total of 35% are currently using a custody solution and 54% plan to within the next three years. Additionally, most companies currently or planning to use crypto custody will do so via a managed custody approach outsourced to a third party.

The vast majority of global finance decision makers (upwards of 88%) believe that crypto and blockchain will have either a significant or massive impact on business, finance, and society over the next three years.

Over half of global respondents cited that they already have a cryptocurrency solution in place at their company, or are in the process of implementing one. Upwards of three-quarters indicate an openness to using or exploring other crypto technologies over the next few years (e.g. CBDCs, stablecoins,NFTs, etc.)

Despite the general positivity, uncertainty and barriers to adoption like privacy concerns, lack of clear regulation, risk management and price volatility are still present.

Cross-border payments and consumer-to-business payments are the top two most highly ranked use cases for both CBDCs and stablecoins.

Enterprises are particularly bullish on the use of NFTs for business in the metaverse and events/ticketing. Over 80% of global finance leaders are somewhat or very likely to use cryptocurrencies, CBDCs and/or stablecoins in their business in the next three years.

Ease of use is far and away the most important requirement for organizations to enable customers to pay with crypto. Faster payments/settlement times and cost savings are the biggest value propositions for incorporating crypto into cross-border payments for enterprises and payments/treasury professionals at financial institutions—regardless of region and level of familiarity with crypto.

Top reasons to hold a cryptocurrency are for use as a currency for making payments, and for use as a hedge against inflation.  Interest rates and cost-related concerns are key blockers for borrowing, raising capital, and making cross-border payments.

According to a survey of global institutional clients commissioned by BNY Mellon and conducted by Celent, 97% agree that tokenization will revolutionize asset management and be good for the industry. They also found that 88% of investors are comfortable utilizing a digital representation of currency like stablecoins or tokens.

The majority (72%) of finance decision makers expect to explore tokenization as a way to drive innovation over the next three years, especially those at financial institutions who currently have or are in the process of implementing a cryptocurrency solution at their organization.

In terms of assets that would benefit the most from tokenization 63% of respondents said online security of data, 50% said stocks.

IslamicCoin issued on Haqq Blockchain raises additional $200 million making total raised $400 million

IslamicCoin issued on Haqq Blockchain raises additional $200 million making total raised $400 million

IslamicCoin, issued by HAQQ Blockchain ( Haqq means truth in Arabic), which is Shariah compliant has raised another $200 million from Alpha Blue Ocean’s ABO Digital. As such the total funding now stands at $400 million.

The founders of Haqq Network include two prominent UAE banking experts. The network aim to cater to the world’s 1.9 billion Muslims. IslamicCoin was presented at the UN’s Cop27 in Egypt and was recognized as the Most Promising ESG Crypto at the Abu Dhabi Blockchain Awards, the Executive Team has received unwavering international support from both private investors, funds as well as the financial world.

The latest partnership will entail introducing Islamic Coin to the ABO network of investors and helping the team structure innovative Shariah-compliant financial products that could be used in the digital asset space to raise alternative funding. The deal provides for access to a maximum of $200M as and when required and ensures Islamic Coin has a long and stable runway.

“ABO Digital is thrilled to collaborate with Islamic Coin as an alternative finance provider. This ambitious project, supported by a stellar team, is revolutionizing the Shariah-compliant market by introducing digitization. We are honored to have been selected as a partner,” commented ABO Digital CEO Amine Nedjai.

The alliance comes on the heels of another major win for the team, as it signed an MOU with London based DDCAP Group, paving the way for Haqq Network integration with over 300 global Islamic banks. That partnership will see the development of a number of solutions for Islamic Finance that include a Shariah-compliant Web3 alternative to SWIFT, a digital asset platform, CBDCs, tokenization and other ventures.

“We are building a game-changing financial platform that brings together ethics and the traditions of Islamic Finance, delivering a robust solution that benefits and works together with traditional systems to significantly improve the state of the world,” commented Islamic Coin co-founder Mohammed AlKaff AlHashmi.

The Advisory Board of IslamicCoin is represented by Abu Dhabi and Dubai Ruling Families, including the grandson of UAE founder Sheikh Dr. Hazza bin Sultan bin Zayed Al Nahyan, UAE Navy Chief Sheikh Saeed bin Hamdan bin Mohammed Al Nahyan (advising in private capacity), Sheikh Khalifa Bin Mohammed bin Khalid Al Nahyan, Sheikh Mohammad Bin Khalifa Bin Mohammad Bin Khalid Al Nahyan, His Highness Sheikh Juma bin Maktoum Al Maktoum and Her Highness Sheikha Mariam Suhail Obaid Suhail Al Maktoum. The team also boasts top names in traditional and Islamic finance. Islamic Coin’s Executive Board includes Emaar’s Hussein Al Meeza (who is also a co-founder), an award-winning banker with over 45 years of experience spanning the Islamic banking, finance, and insurance sectors, one of the key personalities involved in establishing Dubai Islamic Bank — the first fully-fledged Islamic Bank in the world. The Executive Board also includes Greg Gigliotti, CEO, Chief Investment Officer, and Founding Partner of Xtellus Advisors, a respected fund manager with experience at Goldman Sachs and other global institutions with a portfolio of over $16 Billion during his career.

Islamic Coin will be listed on exchanges soon.