UAE’s DMCC signs two major partnerships in Blockchain, Metaverse and DeFi

UAE’s DMCC signs two major partnerships in Blockchain, Metaverse and DeFi

In less than a week apart Dubai’s DMCC has signed two major partnership agreements, the first with South Korean entities KBIPA and Seongnam City who are in the blockchain and metaverse industries, and secondly with nya Labs. Founded by a team of Stanford faculty and alumni, Enya Labs is a leading developer of decentralised infrastructure solutions, and is a core contributor to Boba Network.

With regards to the first partnerships DMCC signed MoUs with the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City during DMCC’s Made for Trade Live roadshows in South Korea. Both MoUs seek to advance the development and application of Web3 technologies globally, including through affording growth opportunities to South Korean Web3 companies by supporting them in setting up at the DMCC Crypto Centre, and its new Gaming Centre.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “DMCC is committed to supporting high-growth sectors such as the Web3 space, and we believe that South Korean businesses will benefit greatly from setting up and scaling their operations in Dubai. The signing of these MoUs with KBIPA and Seongnam City comes at a perfect time, as we continue to accelerate our strategy of supporting businesses in these sectors. We are proud to contribute to the strong and resilient economic relations between the UAE and South Korea, which reflect the warm and friendly ties that our countries have always shared.”

Hyeong-Joo Kim, Chairman, KBIPA, said: “The United Arab Emirates represents one of the strongest economies in the MENA region, and Dubai in particular has risen as a global hub for Web3 technologies. Therefore, our partnership with DMCC comes at a strategic time to discuss business opportunities for the South Korean companies operating in the blockchain space. DMCC would certainly provide these companies with an enabling ecosystem that allows them to thrive.”

A spokesperson for Seongnam City said: “Partnering with DMCC will offer a fantastic opportunity to the many South Korean businesses operating in the area of metaverse technologies. By fostering a tighter partnership between our two countries, we are sure to enhance the global Web3 landscape for the mutual benefit of Seongnam City and Dubai.”

As for the second partnership, Boba Network is a global platform that allows blockchain and web3 businesses to build next-generation decentralized apps (dApps) with reduced transaction and computation fees and increased throughput. The platform provides an expanded set of capabilities for smart contracts on a range of blockchain networks including Ethereum, Moonbeam and Avalanche. Boba Network also offers Hybrid Compute technology, which allows developers to build dApps that can utilise ‘off-chain’ data from any web2-based system.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “The ability of the DMCC Crypto Centre to attract such high-profile and impactful players in the web3 space is a true testament to the thriving ecosystem that we have created. By bringing Boba Network into the fold, in partnership with Enya Labs, we are providing a new suite of resources for members to scale up their web3 businesses in Dubai and beyond.”

Saudi Nuqtah NFT marketplace raises millions of dollars from Blockchain Polygon and Animoca brands

Saudi Nuqtah NFT marketplace raises millions of dollars from Blockchain Polygon and Animoca brands

Saudi’s first NFT marketplace platform, Nuqtah has raised a seed round of millions of dollars from Blockchain platform Polygon and Animoca Brands. As per the release the new funding will scale Nuqtah’s business over the next 12 months.

In 2022, Nuqtah had announced it was planning to raise $5 million in upcoming seed rounds.

Licensed by the Saudi Ministry of Communication and Information technology and the Ministry of Investment, Nuqtah aims to to empower its creators, businesses, and users to unlock the new opportunities that the Web3 space offers to the region. Nuqtah allows individuals and businesses to easily build, deploy and monetize NFT collections without having to navigate complicated blockchain infrastructure.

Yat Siu, the executive chairman and co-founder of Animoca Brands, commented: “Our investment into Nuqtah is another meaningful step in our commitment to build up the Web3 industry in MENA as well as develop our own capabilities in the region. Nuqtah is an important pioneer and we anticipate that it will greatly help to boost Web3 and NFT adoption in the Middle East. We will continue to expand our operational presence and collaborate with local strategic partners looking to adopt Web3.”

In February of this year Nuqtah signed an MOU with Saudi telecom group to tokenize photographs fro STC’s Sarha project. 

Nuqtah is helmed by Salwa Radwi, an award-winning photographer, artist, and Web3 and blockchain advocate. In 2021 she founded Nuqtah to serve as the first-of-its-kind blockchain technology provider and developer in the MENA region, making her one of the first female founders and CEOs in Saudi Arabia’s NFT landscape. Salwa is joined by co-founders who previously worked at major companies including Careem and Oracle, and whose extensive industry experience has enabled Nuqtah to become a prominent and respected advocate of Web3 in the Kingdom.

Salwa Radwi, founder and CEO of Nuqtah, noted in the release, “Watching Animoca Brands pioneer and enable the Web3 scene since day one has been so inspirational, and so we take great pride in the trust placed in Nuqtah through this investment. We look forward to working together to unlock the massive potential and opportunities in the Middle East.”

Speaking to LaraontheBlock, Salwa Radwi confirmed that the latest seed investment raises millions of dollars. She states, “ This new round of investment will open new lines of opportunities, not only financially but also through animoca and polygons extravagant network.”

Nuqtah had raised close to a million dollars in its pre-seed round from Shorooq Partners, according to Radwi.  At that time Nuqtah planned to build on the thriving NFTs space, and utilize the underlying blockchain technology to spearhead innovation in other verticals such as media and entertainment.

Animoca Brands, the creator of sandbox metaverse and other Web3 projects has been very interested in the MENA region. It announced it would be entering Dubai through its metaverse Dubaiverse, and it also signed an MOU with Saudi government at beginning of 2023. 

Digital Dubai embraces soulbound tokens the advanced version of NFTs

Digital Dubai embraces soulbound tokens the advanced version of NFTs

Digital Dubai, announced recently that it has adopted soulbound token technology, considered the advanced version of NFTs (Non Fungible tokens). Digital Dubai has used soulbound tokens to issue the world’s first digital certificates.

Utilizing soulbound tokens, certificates can be permanently linked to the person’s account in their digital wallet. Ownership of the certificate cannot be transferred to any other person, sold, or disposed of; however, it can be verified by any party if needed. This means the certificate is highly secure, and therefore does not need to be attested by any third party, making it intrinsically trusted. .

The Dubai Cyber Innovation Park (DCIPark) ,an affiliate of the Dubai Electronic Security Center) at Digital Dubai , granted the first Secure Digital Certificate to the first cohort of graduates from the CISO Executive program with the participation of  17  Government and Semi-Governmental entities. This certificate marks the first-ever use case of Soulbound Technology, which was adopted by Digital Dubai.

His Excellency Hamad Obaid Al Mansoori, Director General of Digital Dubai, said, “The accelerated pace of technological advancements has made the future closer than ever before, and here in Dubai, we are proud to have an agile government that do wastes no time in embracing developments and putting them into practice to drive digital transformation and shape the future today. With that in mind, issuing the first Self-Secured Digital Certificate marks a new stage for e-certificates, where individuals and institutions are able to showcase their certificates and achievements in a sovereign and trusted way without relying on third parties.”

H.E. Al Mansoori stressed that: “Dubai remains a pioneer in introducing breakthrough initiatives that assert its global leadership in digital transformation, and help improve quality of life and ensure the wellbeing of the Dubai community. To digitize all aspects of life in the Emirate of Dubai, and provide integrated, comprehensive digital services, we need an impenetrable electronic security system that is capable of mitigating any potential risks. This is a prime objective for us at Digital Dubai, one that we work to implement in close cooperation with our strategic partners. We invite these partners to explore this game-changing technology and its potential uses in their operations to serve the objectives of the Dubai Government.”

This comes at a time in UAE where the first international NFT awards took place sponsored by FtNFT. ftNFT unveiled its first ftNFT Phygital Space franchise in Yas Mall in Abu Dhabi. The ftNFT Phygital Space is the second shop opened by ftNFT, following the grand success of their first-ever phygital shop at the Mall of the Emirates.

Some of the many nominees for the awards included Al Jalila Foundation, Jetex, Huawei and Dubai Police.

In addition a recent Kaspersky research found that 72% of people in the UAE confident of NFTs increased use in the future while only 42% think it’s a technology hype. 77% of respondents in the UAE think NFTs can offer a new progressive way of trading digital assets. On the same note, 72% believe that it can ensure uniqueness of digital assets and contribute to intellectual property ownership.

Bahrain Crypto trading platform partners with Open Banking platform for fiat crypto payments

Bahrain Crypto trading platform partners with Open Banking platform for fiat crypto payments

MENA Tarabut Gateway, an open banking platform has partnered with Bahrain’s crypto trading platform RAIN to bring faster, cost effective fiat to crypto transactions to Bahrain users, allowing crypto payments directly from user bank accounts all on RAIN platform.

The new feature will utilize Tarabut Gateway’s open banking payment solutions to facilitate on and off-ramp (fiat-crypto-fiat) transfers for users, dramatically increasing speed and reducing errors associated with traditional bank wire transfers. The introduction of this new feature is in line with Rain’s strategy to provide the most premium and seamless crypto wallet experience for its MENA users. 

Abdulla Almoayed, Founder and CEO of Tarabut Gateway, said, “We’re delighted to unveil a solution that aims to make fiat-to-crypto transfers quicker, more secure, and cost-effective – as well as enable such funding methods directly from bank accounts. Our partnership with Rain is a perfect cross-sector synergy, made possible by Bahrain’s advanced open banking ecosystem. Crypto trading, wallets, and other blockchain use cases are natural allies in opening up traditional banking and finance. We are proud to partner with Rain to provide a user-focused approach to crypto services by bringing the advantages of open banking digital solutions.”

Joseph Dallago, Chief Executive Officer of Rain, added, “Our partnership with Tarabut Gateway unlocks a new era for crypto assets adoption in the region. Through quick and efficient deposit mechanisms, crypto traders on Rain’s platform will now be able to seamlessly fund their accounts and capitalize on market movements. The integration with Tarabut Gateway cements Rain’s premium product offering in the region.”

Bahrain has been at the forefront of crypto payments in the region with examples of EazyPay and BinancePay partnership in Bahrain. 

Exclusive Interview with CEO of Dubai’s Virtual asset regulator on the leading role VARA will play in global regulations

Exclusive Interview with CEO of Dubai’s Virtual asset regulator on the leading role VARA will play in global regulations

In March 2022 Dubai announced the launch of the world’s first virtual asset regulatory authority. The authority would be set up to grant blockchain and crypto licenses in Dubai UAE. VARA then announced the first presence of a virtual asset regulatory authority in the metaverse with its headquarters in the Sandbox. Soon afterwards VARA hired the first CEO to head a virtual asset regulator, Mr Henson Orser.

As per the recently published rulebooks the goal of VARA is to promote the Emirate and ultimately the UAE as a safe and progressive jurisdiction worthy of attracting meaningful Virtual Asset growth and innovation, in complement with all related UAE Government programs, and  position VARA and the UAE as globally trusted and respected in the realm of international law.

Henson Orser in an interview with LaraontheBlock clarifies how the first global comprehensive rule book for VASPs and issuance of virtual assets issued by VARA in February 2023 is achieving its aim of becoming a global leading regulatory authority and jurisdiction.

The importance of VARA for UAE’s D33 strategy

Orser believes that VARA not only aims to help develop the virtual asset regulations globally given the enormous demand for regulatory clarity worldwide but is also a part of the broader initiative under D33 (Dubai 33). He explains, “Dubai’s D33 Economic Plan has outlined our mission to establish the Emirate as the capital of the Future Economy. VARA was launched as the world’s only independent and specialist regulator for Virtual Assets to serve as the accelerator for a truly borderless Digital Economy. Our regulatory framework, which is first of its kind, has been structured to accelerate Dubai’s economic agenda and sustainable market growth.

VARA according to Orser assists in achieving the objectives of Dubai 33, a strategy that targets to double the size of Dubai’s economy to $8.7 trillion by 2033 making it top three global cities, because it encourages innovation and technology which will attract individuals and companies to the city.

He adds, “VARA follows Dubai’s footsteps in global innovation, fostering collaboration between public, private and government entities to enable economic independence and create long term value. Dubai’s virtual asset regulations set out a comprehensive framework built on principles of economic sustainability and cross-border financial security. Ultimately, by defining an equitable framework, we help mitigate risk and create space for newcomers and seasoned players alike to innovate responsibly.

Dubai VARA and its relation to UAE Securities and Commodities Authority

On January 14th 2023, the UAE Security and Commodity Authority released its federal regulations on crypto assets. It shed light on the interaction between the jurisdictions of VARA and SCA, by stating that no person may engage in Virtual Asset Activities in the UAE without obtaining a license from “the [SCA] or the Local Licensing Authorities such as VARA.

Questions have arisen as to the roles of both SCA and VARA. Is an SCA licensing enough to operate in Dubai and do entities regulated by VARA are overseen by SCA?

Orser when asked about the relationship with VARA noted that as we are dealing with a globally integrated, and borderless virtual economy. VARA is extremely fortunate to have such strong internal alignment and synchronization of local and federal efforts. He states, “These are absolute must-haves. Reflective of the UAE’s commitment to the new economy and confidence in the Metaverse and Web 3.0 ecosystems, VARA serves as the central authority for this specialized global industry mandated to provide VA oversight across the Emirate of Dubai [except DIFC], fully supported by relevant UAE Regulators and Legal Authorities to create a Global Operating Benchmark.”

He adds, “To this end, Cabinet Resolutions No. (111) and (112) of 2022 have been very effective in providing clarity on how the VA industry standards setting, rules enforcement and market protection responsibilities and authority assigned to VARA for the Emirate of Dubai, will be supported by SCA’s assurance of an agreed acceptable operating baseline across the wider UAE. Similarly, the UAE CB and SCA being the custodians responsible for National FATF compliance – will provide the guidance on Anti-Money Laundering [AML], Combating the Financing of Terrorism [CFT] and such other rules that warrant uncompromised consistency in execution.” 

The importance of compliance to FATF

In June 2019, the Financial Action Task Force (FATF) adopted an Interpretive Note to Recommendation 15 to further clarify how the FATF requirements should apply in relation to Virtual Assets and Virtual Asset Service Providers.

VARA has exhaustively taken the FATF AML/CFT guidelines to heart in its extensive 7 Rulebooks.

Orser explains, “Compliance to FATF and its AML/CFT guidelines are an absolute top tier global principle that we adhere to and aim to set the global standard for. There is no compromising on these guidelines within VARA and so people entering the VARA regime can expect a zero-tolerance for failure environment, here in Dubai..”

VARA Positive stance on crypto staking

Globally, 2023 has seen a lot of news related to cryptocurrency staking service and severe penalties and fines being imposed by regulators where such programs were being undertaken without relevant supervision. In the VARA Rulebooks, staking is a fully regulated activity as VARA feels strongly for the need for full investor disclosure, including marketing and solicitation activities being tailored for specifically qualified audiences.

Further elaborating on VARA’s perspective in permitting VA staking, Henson explained “We strongly believe that so far as a VASP exhibits the right level of responsibility and demonstrates robust transparency, investors must be able to effectively benefit from the offering that is built on permissioned DeFi protocols with proper regulatory guardrails and mandatory disclosures. When it comes to proof of stake versus proof of work tokens, we are also studying many of the interesting developments in protocols, with a strong focus on environmental sustainability.

VARA DeFi Regulatory Sandbox

While the term DeFi is not specifically referenced in the 7 Rulebooks from VARA, DeFi lies very much at the core of Dubai’s Future Economy considerations. 

 Orser explained that VARA’s Rulebooks have focused on facilitating borderless ‘value-exchange’ both in the traditional and new economy contexts, by leveraging a full spectrum of cross-cutting ‘activities’, which should not in any way be construed as TradFi specific. 

He states, “We are well aware that in this sector new technologies and products will be continually emerging, and constructively challenging traditional financial systems. It is exactly for this reason that VARA has been constructed as a technology agnostic and product-neutral framework that allows us to remain progressive and future-focused.  This means that our regime will provide for R&D sandboxes to test, learn and evolve prototypes across DeFis and DAOs today, to wider innovations across Metaverse and Web3.0. As we have maintained, the VARA Regulations will strike a measured balance between remaining agile so we benefit from future waves of technological innovations, yet being definitive in their ability to provide the required market certainty, FATF assurances, and cross-border security which are non-compromisable to us.”

Privacy coins no go at VARA

The rules on privacy coins are pretty simple says Orser. “Rather than going through specific examples of coins that will or will not be prohibited, we think it is important to emphasize how this issue is handled in VARA’s regulations. Our definition of an anonymity-enhanced cryptocurrency states that the prohibition will apply when a VASP has no means of establishing traceability or identifying ownership in relation to that cryptocurrency. If a VASP or a particular token or coin has the right technology or mechanisms to establish traceability or identify ownership, then Virtual Asset activity on that cryptocurrency may be conducted.” 

VARA is therefore focused on preventing financial crime and ensuring that the highest standards are met by VASPs in the areas of anti-money laundering and combating the financing of terrorism.

He concludes, “We hope the above provides you with a better understanding of VARA’s approach to this issue”.

NFTs within VARA regime

While no direct reference was made to the term NFTs [Non-Fungible Tokens] within VARA’s Rulebooks, Orser says that this again refers to the product neutrality of VARA’s rule sets, and what VARA will govern is the activity of issuance which will include NFTs.

He explains, “To the extent that an entity or someone is issuing an NFT, VARA will determine whether the NFT issuance warrants regulation or is substantive enough to be registered under regulatory supervision within VARA. After that the consequent distribution, buying and selling of that NFT are covered in our Exchange, Brokerage and Payment and Remittance Rulebooks.”

Virtual asset mining under VARA

While VARA did not offer a rule book for virtual asset mining activity, in its Rulebook on VASPs it mentions virtual asset mining stating that all VASPs which have investments in Virtual Asset mining or staking businesses or conduct or facilitate Virtual Asset mining or staking activities [including by way of selling equipment] shall make publicly available in a prominent place on their website, up-to-date information related to, the use of renewable and/or waste energy [e.g. hydroelectric energy, flared gas] by the VASP or its Group in the course of conducting Virtual Asset mining or staking activities as well as initiatives relating to decarbonization [e.g. purchase of carbon offsets] and emission reduction of Virtual Asset mining or staking activities.

Orser clarified, “As we have maintained the principle of VARA’s framework is its ‘live’ nature which particularly applies to topics like ESG that are globally evolving, and rapidly maturing around us. We are constantly getting feedback, and suggestions from VASPs as well as other regulators that have subject matter expertise. As such we will on a quarterly basis look to include relevant advancements in some of these globally acceptable principles in order to make the end result truly borderless and interoperable.”

The End of FTX

The FTX debacle set the crypto ecosystem years behind according to experts in the industry. With the launch of VARA and the publication of its rulebooks, will disasters such as FTX happen again?

Orser believes that 2023 will see greater regulation in this industry with a focus on consolidation, international coordination, financial crime compliance and consumer protection in light of the ongoing hyper-volatility surrounding the VA industry.  He noted that, “Dubai has found strong acknowledgment from international peers for its unwavering stance. Most importantly it has been heartening to see that the industry itself is keen on having regulatory oversight, supervisory support and facilitation of responsible actors, and to this end VARA remains committed to working with the industry and peer regulators to ensure that market stability and investor protection remain sacrosanct.”

Note: This is a copyrighted interview any replication of this interview has to be as carried out with exact quotes from CEO of VARA and sourced to LaraontheBlock 

Qatar Innovation program chooses Blockchain Digital Port & Marine Platform project as winner

Qatar Innovation program chooses Blockchain Digital Port & Marine Platform project as winner

Qatar Research Development and Innovation Council’s innovation program has chosen among its seven winning innovation solution providers, a Blockchain Digital Port and Marine Services platform developed by Milaha in partnership with  Vendia, which offers Next-gen blockchain delivering a single source of truth for real-time data sharing across partners, geographies, clouds, and applications.

Milaha is one of the largest and most diversified maritime and logistics companies in the Middle East with a focus on providing integrated transport and supply chain solutions.

Qatar Open Innovation (QOI), announced a host of winning innovation partnership programs (seven in total) from KAHRAMAA, Ooredoo, Milaha, and Sidra Medicine.

Commenting on the awards, Haya Al-Ghanim, RDI Program Director at the QRDI Council, said: “As we announce the new round of winners of the Qatar Open Innovation program, we take pride in recognizing their well-put proposed solutions. These seven projects embody the spirit of innovation that is essential to achieving the goals of the Qatar National Vision 2030. By embracing forward-thinking ideas and creative solutions, we can strengthen Qatar’s economy, enhance its global competitiveness, and pave the way for a prosperous future.”

The new round of Qatar Open Innovation (QOI) Program’s Winners

Partner: Kahramaa

Challenge: “Grid Level Energy Storage Solutions for Harsh Environments”

 Awardee Name: John Cockerill

 Partner: Ooredoo

Challenge: “Smart Troubleshooting AR / VR Software for WiFi Applications.”

 Awardee Name: AutoVRse

 Partner: Ooredoo

Challenge: “Smart Tools for Audio Analytics in IoT Networks.”

 Awardee Name: Groundup.AI

 Partner: Milaha

Challenge: “Smart Personal Protective Equipment (PPE) for Workers’ Health, Safety and Security.”

 Awardee Name: Interactive Wear AG

 Partner: Milaha

Challenge: “Digital Port & Marine Services Platform Supported by Blockchain Technology.”

 Awardee Name: Vendia

Partner: Milaha

Challenge: “Seeking Innovation for a Reliable and Close to Real-time Carbon Accounting and Reporting.”

 Awardee Name: Solupia

Partner: Sidra Medicine

Challenge: “Comprehensive and fast asthma assessment device for pediatric patients.”

Awardee Name: Sonavi labs

Considered a first-of-its-kind initiative, the Qatar Open Innovation Program aims to support the nation’s innovation ecosystem by fostering innovation partnerships for government entities and Large Local Enterprises in Qatar. The program has continuously promoted innovation in the country and created a conducive environment for innovators and entrepreneurs to solve complex challenges through open innovation.

The program has been the primary platform for startups and innovators to showcase their products and solutions that address the nation’s most pressing challenges. It has provided a unique opportunity for innovators to collaborate with leading organizations, industry experts, and mentors to develop and scale their ideas.

Since its inception, the program has received over 350 submissions from innovators across Qatar and the globe. The challenges were focused on a wide range of areas, including health, energy, environment, transport, education, and smart cities. In its latest award announcement, the Qatar Open Innovation program received 116 proposals from more than 34 countries for the innovation calls for Hassad Food. Two of them were awarded the winning partnerships.

The program previously launched several challenge calls, including the “Future of Food,” “Energy Efficiency,” “Smart Transport,” and “Smart City Challenge.” Each call was designed to address a specific challenge and invited innovators to submit their solutions.

This announcement comes after two other blockchain announcements earlier this week. 

Qatar pilots blockchain digital signatures and announces future DLT regulations

Qatar pilots blockchain digital signatures and announces future DLT regulations

Two blockchain announcements have come out of Qatar demonstrating that the Gulf country is starting to utilize and grow DLT (Distributed Ledger Technologies) and Blockchain.  The first is the piloting of digital signatures and certificates to be validated on Qatar’s national blockchain network and the second is the inclusion of DLT in Qatar’s Central Bank Fintech strategy.

This comes after Qatar announced its Blockchain blueprint in 2022 led by the Communications Regulatory Authority.

Qatar’s Genesis Technologies launched the imdaat pilot, a decentralized signature and certificate issuance platform during AlFikra national entrepreneurship competition an initiative of Qatar Development Bank and Qatar University.

As per the LinkedIn post by Genesis Co-Founder Mazen El Masri, “Over 130 certificates were issued, signed, and registered on Genesis blockchain network. Our team at Genesis Technologies LLC is happy and proud to support such national initiatives. The pilot was successful and a start of a long journey to have all digital signatures and certificates registered and validated on a national blockchain network.”

Genesis is the brain child of two professors at Qatar university who came together to build a blockchain network from scratch that would not only be utilized as a ledger but also as a super computer. They named it Maxya blockchain which is built on consensus mechanism “Proof of Useful Work”. The consensus mechanism creates added value by solving optimization problems for business.

The project started with a $2.6 million fund for an applied research program from Qatar National Research Fund, from which the launched MaxYa test net based on was launched and is being tested in Qatar.

But that was not the only Blockchain news from Qatar. The Central Bank of Qatar announced its Fintech strategy which includes the implementation of DLT (Distributed Ledger Technology) as part of its corporate enablement tools.

As per the Fintech strategy, the Central Bank of Qatar will be the focal point for regulations that include emerging technologies such as cloud computing, AI, an DLT. They will also be launching an enhanced regulatory sandbox to test the innovative technologies. 

Binance invests more than $2 million to educate and mentor women on crypto and Web3

Binance invests more than $2 million to educate and mentor women on crypto and Web3

As part of Women’s Day, Binance cryptocurrency exchange, is investing more than $2 million in more than 10 countries globally to educate them and mentor them on crypto and Web3. Currently women comprise only 37% of crypto owners.

Binance Charity donated $2 million to fund over 36,000 dedicated Web3 scholarships for women in 2022, and will continue funding courses, programs and scholarships in 2023 with a focus on women and underrepresented communities.

The 2022 scholarships to study blockchain and crypto-related courses at universities, schools and nonprofits were awarded to women in Germany, Nigeria, Kenya, Brazil, France, South Africa, Australia, and Ukraine. 

For Women’s Day, Binance Charity will also make an additional donation of $100,000 to Georgia’s Innovation & Technology Agency (GITA) to support web3 education and training for women. Binance Academy will provide educational content for GITA web3 courses.

With the objective of supporting women’s participation in the blockchain and Web3 industry in the Middle East, Binance held a Woman in Crypto event in Dubai. The event aimed to empower women with the knowledge and skills necessary to thrive in the crypto space and featured a diverse line-up of female experts in key fields such as entrepreneurship, personal branding, and Web3 career advice. 

The event also covered crucial topics, including how to select the right company to work with and ways to create an empowering platform for women interested in entering the crypto industry.

Binance was co-founded in 2017 by Yi He, making the company one of the few female-founder crypto companies in the world. Less than 5% of crypto founders at top crypto companies are women2.  As of 2022, the number of female-founded cryptocurrency companies was approximately 292, out of more than 10,000 companies3.

In order to further address the gender gap, Binance has created its first formal internship and graduate programs, which offer more access to careers in crypto for diverse talent, including women. The company also offers guidance and career advice to women through female mentorship programs, talent workshops, educational courses and lectures to share industry experience and insights on how to break into a career in Web3.

“As one of the few female leaders in the industry, I believe that we have a mission, through Binance Charity and Binance Academy, to help more women understand web3 and blockchain technology — our education and internship programs aim to empower young women with knowledge and skills ready for industry disruption,” said Yi He, Binance co-founder and chief marketing officer. “We believe that anyone with ideas can change the world, regardless of gender. We hope these commitments will result in more women on the front line of innovation and bring change to our industry.”

UAE nealthy NFT and crypto investment platform raises $1.3 million in pre seed round

UAE nealthy NFT and crypto investment platform raises $1.3 million in pre seed round

UAE based nealthy, a Web3 startup for investing in NFTs and cryptocurrency, has raised $1.3 million in pre-seed funding. Nealthy will use these funds to grow a core team, hire talent, and boost sales & development.

nealthy offers index tokens that enable investors to enter Web3 markets quickly and worry-free. Index tokens replicate the structure of classic exchange-traded funds (ETFs) by storing multiple virtual assets, diversifying the portfolio in case of unexpected market shifts. Moreover, index tokens like nealthy’s $NFTS retain real underlying value, with $NFTS being pegged 1:1 to blue-chip NFTs.

Co-founders Ludwig Schrödl (CEO), Zied Said (CTO), and Tim Pascual (CMO) established nealthy after observing a gap in the market for diversified index tokens. With backgrounds that unite finance, data science, and a deep knowledge of virtual assets, the co-founders’ expertise will keep investors at the forefront of a rapidly expanding market.

Although the founders’ origins lie in Germany and Tunisia, nealthy is incorporated in Dubai so that investors can benefit from a world-leading, tax-friendly regulatory environment. nealthy will also incorporate in the Metaverse Zone of Anguilla to emit the token in a regulated environment.

nealthy handles transactions via blockchain technology, the decentralized Web3 network behind most cryptocurrencies. The Ethereum Net blockchain enables nealthy to openly display proof of reserve, confirming the presence of blue-chip NFTs in nealthy’s digital vault.

“This is a space with enormous potential, and with any potential comes risk,” says Zied Said, CTO of nealthy. “To counteract those risks, we maintain security by storing all assets in cold wallets and smart contracts. Each cold wallet is public and maintains completely transparent holdings.”

As the market’s first dynamic blue-chip NFT token, nealthy’s $NFTS stores the market’s ten most valuable NFT collections. Currently these collections include the likes of CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Azuki, but because $NFTS is allocated by the market, any single NFT collection will be swapped should it drop from the top ten. No single collection will ever comprise over 25% of $NFTS’ value.

“As NFT trading markets evolve, potential investors are showing increased interest in diversification,” says Ludwig Schroedl, CEO of nealthy. “That’s even more true for first-time investors. A blue-chip index token, like $NFTS, provides superior investment opportunities at a reduced level of risk. And if we can do it with NFTs, we can do it with every asset on the blockchain.”

nealthy plans to release the $NFTS token in summer 2023.

UAE Telecom du utilizes blockchain for criminal records

UAE Telecom du utilizes blockchain for criminal records

UAE, du telecom which is participating at the World Police Summit, taking place from 7-9 March 2023 at Dubai World Trade Centre will be utilizing blockchain technology to enhance security for law enforcement.  du will showcase use cases such as decentralization of criminal records through blockchain technology which supports the UAE Blockchain Strategy 2021. Blockchain can replace criminal records with a network where documents are easily accessible and could not be tampered with, making them safe and secure.

At the event, du will present innovative digital solutions to enhance digital security for law enforcement with technology-driven tools and resources to aid in their day-to-day operations and enable them to carry out their tasks more efficiently and effectively.

Jasim Al Awadi, Chief ICT Officer (Acting) at du said: “From leveraging high-bandwidth low-latency 5G mobile networks to enhance security to utilizing blockchain technology to assist law enforcement, the World Police Summit presents a platform to explore new opportunities within the current security dynamics. du aims to drive the future of smart policing through innovative solutions and contribute to enhancing the quality of life for citizens to support the UAE’s success in being a leading global hub for smart economy initiatives.”

With years of experience, du has enhanced its in-house capabilities and developed a wide range of solutions for 5G, video analytics, mobile apps, blockchain, NFT and digital security. Visitors to the World Police Summit will have the opportunity to speak with du’s team of business experts and learn more about the following:

In addition du will showcase its solutions for digital certificates are critical for establishing digital trust and enabling users to take advantage of all that the digital world has to offer, including internet banking, websites, e-commerce, games, and social media. du’s approach to digital certificate management leverages modern digital certificate technology for increased security and efficiency.