SwissBorg crypto wealth management app launches in UAE

SwissBorg crypto wealth management app launches in UAE

SwissBorg, a cryptocurrency wealth management app, has launched in the UAE, to offer a secure way to invest and earn interest on assets through Web 3.0. The award-winning app’s formula for mass adoption is two-fold, simplicity and automation, to help anyone regardless of age or skills, become a community member. 

As per the press release, SwissBorg brings more than six years of expertise to the UAE, introducing a digital asset management app that takes the guesswork out of crypto investments. 

In the first year of its operation, the organization raised $54 million via a successful Initial Coin Offering across 146 countries from 25,000 individual contributors across the globe. The platform has 700,000 active users across multiple countries, having established strong relationships with various banks with fiat gateways for 16 currencies and credit cards.

 According to Gemini’s 2022 report ‘Global State of Crypto’, 35% of the UAE population have adopted some form of crypto tokens, compared to 17% uptake in developed nations. And of the part of the population that has not yet invested, 32% are likely to purchase crypto in 2023. A third of the crypto owners use it to make in-person purchases at brick-and-mortar retailers, compared to just 19% of owners globally.

Anthony Lesoismier, Co-Founder & Chief Strategy Officer at SwissBorg, commented on the launch, said: “We are pioneering a new era in asset management and private banking supported by blockchain technology and cryptocurrencies assets. We see cryptocurrencies as a serious investment, and our goal is to provide a variety of long-lasting crypto financial products that everyone can use to participate in the largest wealth transition in human history. The UAE serves as our perfect Middle Eastern launch pad because it is the region’s commercial, technological and cultural hub. Our extensive experience will enable UAE investors to make more confident cryptocurrency investments.”

Alexander Fazel, Chief Partnerships Officer added: “The UAE is on a trajectory to becoming the crypto capital of the world by gathering industry leaders from all corners of the globe. At SwissBorg, our goal is to be the bridge between traditional finance and decentralized finance and contribute to a world where one community will reshape centuries of broken finance. We’re at the crossroads of a new era and are forever grateful to be a part of this vibrant community. We are bringing in people from all walks of life and there is nothing more rewarding than having teenagers to senior citizens with the same purpose. SwissBorg will redesign the Bank of the Future layer by layer by educating new crypto investors in the UAE to be a part of this paradigm shift.”

SwissBorg has entered partnerships with local leaders Crypto Oasis in the UAE and is also currently raising funds in the region for a strategic round focusing on short to long-term value creation.  

SwissBorg is also one of first companies to give complete transparency on Proof of Assets and Proof of Liabilities trackable at any time in real-time using blockchain technology, creating new norms to restore trust among centralized exchanges in the wake of the recent FTX incident. 

SwissBorg seperates between custodial service and exchange, as such it does not hold custody of users’ funds and instead uses FireBlocks a trusted custodian with MPC technology.  

Binance, Kraken, LMAX, Bitfinex, and SwissBorg, are connected to the order management system (OMS), which actively searches for the best pricing for its users resulting in the platform becoming their main trading account.

 Users can start investing in three simple steps — upload their personal information and proof of identity, which is completely automated, make a deposit with their credit card or cryptos and they can then start investing.

UAE HayVN wants to buy FTX Pay because of its strong relationships, are they serious?

UAE HayVN wants to buy FTX Pay because of its strong relationships, are they serious?

It is all over the news that UAE HayVN, regulated virtual asset trading platform is considering to bid for FTX Pay, FTX crypto exchange’s payment business. The reason the CEO of HayVN gives is that FTX Pay is valuable because of its relationships with establish companies such as MasterCard. Well is that a valid reason, given that most of these established companies have severed their relationships with FTX Pay, while it is actually Visa that was a partner and not MasterCard.

UAE National newspaper came out with a story that UAE HayVN regulated by ADGM is interested in purchasing FTX Pay  to integrate it with HayVN Pay infrastructure according to statements made by Christopher Flinos, co-founder and chief executive of Hayvn.

As he told the UAE National, “We are pleased to learn that some of the FTX businesses have solvent balance sheets, responsible management and valuable franchises. We are open to a discussion with their bankers, Perella Weinberg, as soon as they have the court’s approval to proceed.”

FTX Pay is an application that allows merchants to accept both cryptocurrency and fiat payments for a flat 1 per cent transaction fee with no minimum or upfront costs, according to its website.

In the interview Flinos did not disclose the amount Hayvn was willing to pay for FTX’s payments business, but said its plan to bid for the company had been approved by the Hayvn board and “back-channel discussions” had begun to indicate their interest. “It will be a public process but we want to be more ahead of the others for when that drops.”

Flinos believes FTX Pay is valuable because of its relationships with established companies such as Mastercard. He states, “From the advisers’ perspective, they want to know that the bidders have got money; tick, we have got money. They want to know that the bidders have got a good business; tick, we have got a good business, we are regulated, we have a game plan, we can value it [and] we know what it is worth to us. Because Sam Bankman-Fried had such a strong presence as an individual and was the darling of the industry, then companies like MasterCard had arrangements with FTX Pay.”

He adds “I am basically not buying it for its tech, as we have got better tech. I am buying it for the relationships that it has and the presence that it has with these people, so it is less risky.”

Hayvn Pay is a regulated financial network for blockchain-based currencies and works with UAE companies such as DAMAC Properties, developer Nakheel and the Dubai government, allowing people to buy property using cryptocurrency.  Earlier Hayvn had partnered with WooCommerce, an open source, e-commerce platform.

The CEO notes, “Acquiring FTX Pay will help solidify our position as the global leader in cryptocurrency payment solutions.”

But does HayVN know that VISA severed this relationship in the aftermath of FTX debacle and fall?

Yes, VISA had teamed up global crypto exchange FTX to offer debit cards in 40 countries with a focus on Latin America, Asia and Europe. But Visa terminated this partnership and their global agreements with FTX as well as their U.S. debit card program which is being wound down by their issuer.

Other companies have sought to distance themselves from FTX, such as BitPay.  Even Stripe removed the press release on its website that talks about its partnership with FTX for seamless payment, as has Nuvei a company that provides on and off ramp payment services to FTX users.

As for Reddit it also had a partnership with FTX to integrate Reddit’s Community Points in the US, EU, Australia, and other global markets. The partnership featured the integration of FTX Pay as a white-label payment and exchange solution to support users onboarding Community Points, but is surely now also a thing of the past.

So where are the partnerships that were forged with FTX Pay and if you purchase FTX Pay does that mean that the former partnerships come to life again? If the purchase is not for the technology, but for the relationships, severed ones, will it be so easy to revive them?

I really don’t know why HayVN whose technology is as they say better than FTX’s, and which is regulated by UAE ADGM would want to get into the position of purchasing an unregulated, bankrupt and partner less  sub entity of FTX. Beats me

Another crypto custodian gets licensed by Dubai’s VARA regulator

Another crypto custodian gets licensed by Dubai’s VARA regulator

Dubai’s regulator is currently pushing forth its crypto custodial licenses. Last week VARA ( Dubai Virtual Asset Regulatory Authority) provided Komainu DeFi, digital asset custodian with a provisionary license and today it has provided Hex Trust, fully licensed and insured provider of bank-grade custody and associated services for digital assets a Minimum Viable Product (MVP) license. 

The MVP license will allow Hex Trust to provide a wide range of virtual asset services to institutional clients and sophisticated investors] in Dubai within its framework for virtual asset service providers (VASPs). The range of services Hex Trust can now provide includes Virtual Assets custodial services, Broker-Dealer Services and Staking Services. 

 Hex Trust opened its Dubai office in June 2022, which is run by Filippo Buzzi, and serves as its headquarters for the MENA region.

Filippo Buzzi, Regional Director MENA of Hex Trust, commented, “Becoming one of the first virtual asset companies and custodian to receive the license is a big step for Hex Trust as we establish ourselves in the MENA region. We recognize the enormous potential this region has to build one of the leading virtual asset hubs in the world. Hex Trust looks forward to expanding our client base in Dubai following the license approval and making a positive contribution to the VA ecosystem in the region. 

Alessio Quaglini, cofounder and CEO of Hex Trust, commented, “From day one, Hex Trust was built to follow the strictest compliance policies and adhere to regulatory standards across the main jurisdictions. Being amongst the first companies to be granted the MVP is exciting, given the enormous potential of the sector in Dubai.”

UAE HAYVN Pay and WooCommerce offer plug in crypto payments

UAE HAYVN Pay and WooCommerce offer plug in crypto payments

UAE based HAYVN Pay, a regulated financial network for cryptocurrencies, has partnered with WooCommerce, the leading open source, ecommerce platform to offer a plug-in, allowing WooCommerce merchants to create an additional revenue stream by accepting cryptocurrency payments from customers globally. 

HAYVN Pay is a simple to install, trusted plugin which allows businesses to accept cryptocurrency payments, and then get paid in traditional currency. Verified for compliance and trusted by leading institutions globally, it represents an expansion of HAYVN’s offering as a regulated cryptocurrency focused financial institution.

Christopher Flinos, HAYVN’s Chief Executive Officer, stated. “Our goal is to ensure that within two years, 75% of the world’s e-commerce and point-of-sale transactions have a cryptocurrency payment option available for the customer. Partnering with WooCommerce, who capture 93% of the WordPress e-commerce market, is another important milestone in delivering on that vision”. 

WooCommerce is the leading open source, ecommerce platform, powering 25% of the top million online stores built with WordPress. WooCommerce empowers anyone, anywhere, to sell anything with truly unlimited extensibility, flexibility, and control over how they build and evolve their business.

 Keala Gaines, Payments General Manager, WooCommerce commented.” We are excited to work with HAVYN Pay to deliver an innovative, global crypto payment solution for WooCommerce merchants. HAVYN Pay allows our merchants to begin accepting crypto payments quickly, efficiently, and with the many of the benefits of crypto without touching it directly.”

UAE Midchain’s crypto exchange partners with UAE Bank to offer secure channel for crypto trading and investing

UAE Midchain’s crypto exchange partners with UAE Bank to offer secure channel for crypto trading and investing

UAE Midchain’s, crypto exchange for trading digital assets has partnered with UAE Al  Maryah Community Bank, the leading digital bank to provide a secure channel for investing and trading cryptocurrencies and digital assets through the bank’s establishment of escrow accounts in UAE dirhams to protect investors’ funds on cryptocurrency trading platforms and boost their trust.

Within the framework of this cooperation, Al Maryah Community Bank seeks to support cryptocurrency trading platforms by using artificial intelligence technologies to automate transfers of Escrow accounts while purchasing and trading transactions according to the highest standards of safety, reliability, and transparency, and to accommodate the needs of investors and enhance the trust in the cryptocurrency market. This will be monitored by the Central Bank of the United Arab Emirates and will be facilitated according to its regulations and laws to protect investors and to ensure the protection of investors’ accounts by separating them from the accounts of trading companies in order to avoid any potential risks.

This step contributes to achieving the strategy of the Al Maryah Community Bank to develop innovative and safe solutions for digital investment in line with the vision of the Abu Dhabi Global Market to strengthen the UAE’s economy and Abu Dhabi’s leading status as a global financial center, which was symbolized by the concept of the “Falcon Economy” that was announced during the activities of the “Abu Dhabi Financial Week”.

On this occasion, Mohammed Wassim Khayatah CEO of Al Maryah Bank stated, “We seek to protect users of local trading platforms from any potential risks, in accordance with the regulations of the Central Bank of the United Arab Emirates, and as part of such efforts, we are pleased to cooperate with “MidChains”, one of the first local trading platforms for cryptocurrencies and digital assets that is fully licensed by the Abu Dhabi Global Market, in order to provide safe Escrow accounts that protect investors’ funds and separate them from trading companies’ accounts, thus protecting transfers, transactions, and balances of funds in cryptocurrency trading.

In return, Basil Al-Askari added, “If cryptocurrency is to become mainstream, it is clear that mainstream players will need to be involved. Our partnership with Al Maryah Community bank comes in line with similar partnerships being forged across the virtual asset industry. Traditional institutions are working alongside exchanges to expand access to this exciting and innovative new asset class. As one of the only fully licensed exchanges in the world we can offer banks a trusted platform partner with regulatory oversight to provide a feasible way into the virtual asset space for their existing customers and also help the bank attract a whole new type of crypto savvy consumer.”

UAE now has two crypto hubs and two blockchain crypto asset associations

UAE now has two crypto hubs and two blockchain crypto asset associations

The Abu Dhabi Finance Week witnessed a lot of announcements including Abu Dhabi Global Market (ADGM) crypto hub the second crypto hub in UAE after Dubai’s Digital Assets Business Group and the crypto center in Dubai Multi Commodities Centre DMCC in Dubai. 

As per the announcement, given the rapid emergence of new virtual assets such as cryptocurrencies and other related assets, ADGM is leading the way to introduce progressive frameworks and regulations around these technologies and developments.

The launch of “Abu Dhabi Crypto Hub” is therefore an important representation of the strategic initiatives taken by ADGM in support of economic diversification and the growing role of Abu Dhabi as a financial hub, addressing the current and future needs of the market through innovative technologies.

Crypto Abu Dhabi served as a vital platform to facilitate the assembly of the global crypto, blockchain and decentralized finance entities and elaborated on some of the most disruptive financial technology of our age, while also discussing and planning the long-term growth and development goals of an exciting, dynamic and forward-looking sector of the financial industry.

This also comes after Abu Dhabi launched its own Middle East, Africa & Asia Crypto & Blockchain Association (MEAACBA) backed as well by ADGM. As per the announcement it was seen as a pivotal step forward in the development of accessible, transparent, and compliant crypto-blockchain ecosystems.

The non-profit member-driven organization has cross-industry representation with a focus on education, coordination, and innovation for participants across the crypto and blockchain ecosystem.

  • Jehanzeb Awan (Chairman)
  • Richard Teng – Regional Head of MENA, Binance
  • Stuart Isted – GM, MEA, Crypto.com
  • Ola Doudin – CEO & Cofounder, BitOasis
  • Basil Al Askari – Co Founder and CEO, MidChains
  • Joseph Dallago – CEO and Co-Founder, Rain Financial
  • Dapo Ako – MD, J. Awan & Partners

Board Chairman, Jehanzeb Awan, stated “We are dedicated to educating the global community and helping all businesses succeed and thrive. This will be delivered by industry experts sharing knowledge through webinars, courses and events. The Association will also promote responsible innovation through its ‘Moon-shot’ lab to which all participants can contribute.”

Ahmed Jasim Al Zaabi, Chairman of ADGM, commented: “The decision by MEAACBA to incorporate in ADGM is a clear acknowledgment of the progressive regulations ADGM has built, to enable the development of technological innovation in crypto. We look forward to working closely with MEAACBA to support the development of crypto and blockchain ecosystems. We strongly believe that the Association will positively contribute towards bolstering Abu Dhabi and the UAE’s digital economy and adoption.”

MEAACBA membership is open to all companies and individuals across the Middle East, Asia, and Africa involved with the blockchain and crypto ecosystem, including exchanges, custodians, consulting firms, technology developers, digital asset traders, and NFT/ Metaverse firms.

Just two months prior, Dubai’s Digital Assets Business Group (D2A2) was launched by Dubai Chamber of Digital Economy. As per the announcement at the time, the group aimed to strengthen the digital asset industry’s role in the economic development of the UAE and the wider Middle East region, enhance digital business infrastructure and support the growth of digital companies in Dubai.

His Excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Chairman of Dubai Chamber of Digital Economy, emphasized the formation of D2A2 as a strategic move aligned with Dubai Chamber of Digital Economy’s strategy, which aims to fast track the growth of Dubai’s digital economy.

D2A2 was touted to be an important reference providing strategic and up-to-date market research data related to the digital asset sector to industry stakeholders, the private sector, policymakers and government entities.

Gaurang Desai, Chairman of D2A2, said: “We see an opportunity to turn Dubai and the UAE into a regional hub for digital assets. That is why it is very important to work towards creating a bridge for the digital asset industry to further integrate into the world economy by cooperating with counterpart organizations across the world. We wish to welcome all experts in the industry to come and join D2A2, to help us spread the principles of accountability, integrity and transparency, and promote the highest professional and ethical standards. D2A2 will reinforce the digital asset industry’s commitment to society by educating the public and developing tools to bolster the access to and advancement of technology for all. It will also support the digital asset industry’s efforts to improve quality, the environment, and energy management and investor protection.”

So where does the Crypto Oasis ecosystem come in to all of this? It was the first ecosystem to be launched in the UAE to help promote blockchain and crypto companies and regulations. Ralf Gabischnig told LaraontheBlock, “We have just started to accept memberships into the Crypto Oasis ecosystem and I believe every association or ecosystem has its own target. I believe in cooperation and doing all we can to grow a small markets together into a very big market.” He hopes to expand their scope to include the entire UAE and MENA region.

So while the world grapples with the events of FTX exchange and its aftermath, the UAE continues to build its crypto blockchain economy and we might see more associations pop up in other parts of the UAE.

UAE VARA regulator suspends FTX Crypto Exchange license in a region that was its third biggest revenue base globally

UAE VARA regulator suspends FTX Crypto Exchange license in a region that was its third biggest revenue base globally

As the FTX debacle unfolds and FTX files for bankruptcy, CEO steps down, UAE VARA ( Virtual Asset Regulatory Authority) in Dubai has suspended FTX’s license. FTX MENA users brought in high revenues for FTX as it was considered as the third biggest revenue region for FTX. 

While the crypto markets are in turmoil across the globe, it will also have an effect on the MENA region. FTX MENA CEO Balsam Danhach told Reuters in a previous interview,  “Our license expands to retail customers as well, however, it will be a gradual scale up to ensure that we approach the retail market within the guidelines set by the Virtual Assets Regulatory Authority.”

Danhach also told zawya in a recent interview that their operation in MENA region is the second to third region in terms of global revenue performance. At the time FTX had 6 million users with a trading volume of $12 billion per day.

He stated in his interview with Zawya, talking about MENA and the importance of their license in UAE, “We are not talking about a region contributing a small percentage to our revenues but a region which is among our top three in terms of revenues. Here there are higher volumes per user.”

While FTX officially launched in UAE on October 31st 2022, its CEO had commented that from July 2022 until October FTX was testing backend migration of their existing user base from MENA onto their FTX MENA platform. FTX was offering the same access to all the services offered globally through the local FTX page. He stated at the time, “We are working on trading in UAE dirhams and accessing local banks.”

FTX MENA replying to a post on LinkedIn stated that they had not actually commenced operations locally. ” FTX MENA would like to clarify that the announcement of receiving its MVP License indicates that we are only able to commence readiness measures. Rigorous pre-conditions set by VARA have to be met by FTX MENA before undertaking any active market operations in the UAE. FTX MENA confirms that we are still in the readiness preparation phase and have hence not onboarded any clients nor engaged in any active operations locally as we have not received VARA approval to do so.” 

FTX Exchange, was the first Virtual Asset Service Provider (#VASP) to receive the MVP license to operate its virtual asset (VA) exchange and clearing house services from Dubai’s Virtual Assets Regulatory Authority (VARA).

Given the comments made by FTX MENA CEO,  it seems that there will be an effect on a number of crypto traders in the region. What could be worrisome is how will this play into the crypto growth in the region, and UAE’s stance on crypto and crypto regulation.

Bahrain CoinMENA crypto exchange partners with real estate agency to offer crypto payments for properties

Bahrain CoinMENA crypto exchange partners with real estate agency to offer crypto payments for properties

Bahrain regulated CoinMENA, a crypto asset service provider – category 3 license holder has partnered with Carlton Real Estate, a Bahrain-based real estate agency, that allows investors in the Kingdom to purchase real estate property using crypto assets. Under the partnership, the leading Bahrain-based real estate broker will accept stablecoins like USDT and USDC.

CoinMENA is a leading crypto asset service provider – category 3 that is regulated and licensed by the Central Bank of Bahrain, serving the Middle East and North Africa (MENA) region. The trading platform allows retail and institutional investors access to digital assets investments and directly connects their bank accounts with their CoinMENA wallets to facilitate quick and frictionless money transfers.

 Carlton Real Estate, a Bahrain-based company established in 1996, is a certified broker with a RERA-Bahrain license and offers a wide range of real estate services to corporate and individual clients throughout the Kingdom of Bahrain.

“We are pleased to diversify the payment options for our customers, as we always strive to keep pace with the best modern technologies in terms of management, financing, and brokerage. We are proud to be the first real estate brokerage company in the Kingdom to accept crypto asset transactions for property purchases and other real estate services through our partnership with CoinMENA – the crypto asset service provider licensed by the Central Bank of Bahrain” said Ali Adnan Mahmood, Deputy Managing Director of Carlton Real Estate. 

CoinMENA Founders Talal Tabbaa and Dina Sam’an commented in a joint statement, “We are delighted to partner with one of the leading real estate brokerage companies in the Kingdom of Bahrain, Carlton Real Estate, to facilitate transactions via cryptocurrencies. As adoption continues to grow in the region, we see significant opportunities to use cryptocurrencies to purchase real-world assets. Crucially, this partnership also signals to the market that cryptocurrencies are maturing and gaining mainstream acceptance as a viable medium of exchange.

Capex.com receives in principle approval for crypto license in UAE

Capex.com receives in principle approval for crypto license in UAE

Capex.com, which already holds a brokerage license in Abu Dhabi’s ADGM FSRA has now been granted an in principle approval for a cryptocurrency license from Abu Dhabi Global Markets.

CAPAX.com’s Founder and CEO, Octavian Pătrașcu, revealed that the new license will strengthen the brokerage platform’s cryptocurrency offerings in the lucrative Middle East and the North Africa (MENA) region. He stated on LinkedIN, “We are happy that we can start this new vertical under Capex.com and become closer to our main goal of offering a powerhouse of trading for our users, under one roof.”

Crypto approval came in addition to the broker’s existing license from the ADGM Financial Services Regulatory Authority (FSRA), gained in 2020, with which it offers traditional trading instruments.

Capex platform’s offerings are primarily trading services with forex and contracts for differences (CFDs) instruments of other popular asset classes. The platform quickly added crypto products as well, with the rising popularity of the asset class. It even expanded its cryptocurrency portfolio over the years, adding more assets.

The brokerage brand also strengthened its presence in the MENA region with several prominent hirings. Earlier this year, it added Fadi Reyad as a Market Analyst specific for the MENA region and Abdelhadi Laabi as MENA Chief Marketing Officer.

ME Jets partners with UAE based digital assets payments provider Hayvn to offer crypto payment services

ME Jets partners with UAE based digital assets payments provider Hayvn to offer crypto payment services

All women luxury jet charter, ME Jets, partners with UAE digital asset service provider Hayvn to offer crypto payment services.

ME Jets Managing Partner Amy Spicer, stated,  “With the crypto world being relatively unknown to us at ME Jets we wanted a company that would offer a lot of support when getting started, and HAYVN did just that.  Our requirement was to partner with a global company with a local presence based here in the UAE,that supports local companies and builds a trusted business relationship. “

HAYVN CEO, Christopher Flinos, added, “Being an all-woman team who saw an opportunity, makes ME Jets pioneers in the aviation industry, much like HAYVN is in the digital asset space. Partnering with ME Jets ensures HAYVN continues our expansion of crypto payments into the aviation charter and brokerage industry, adding further credibility to our global presence and abilities”.

Hayvn’s customers in UAE include DAMAC properties.