Swedish and UAE based Gayo aviation, a luxury travel company that offers aircraft management, consulting services, aircraft purchase and sales and flight deck services is now offering crypto payments utilizing UAE HAYVN Pay.

HAYVN Pay is a part of HAYVN, a digital asset-focused financial institution regulated in Australia (AUSTRAC), Lithuania (FNTT), Abu Dhabi (ADGM), the Cayman Islands (CIMA) and the British Virgin Islands (BVI). HAYVN Pay aims to drive cryptocurrency payment adoption by providing accessible, trusted crypto payment solutions.

Christopher Flinos, Chief Executive Officer at HAYVN said: “The interest in paying in cryptocurrency extends across all major asset industries including gold, jewellery, watches, exotic cars, boats, real estate, and handbags. HAYVN Pay aims to bring cryptocurrency payment solutions to 75% of the world’s merchants by 2024. Cryptocurrency accounts for 20% of total luxury sales in 2023. I welcome Gayo Aviation to the HAYVN Pay ecosystem and look forward to providing its customers with a safe, seamless cryptocurrency payment option.”

Ravi Dueland, Business Development Director at Gayo Aviation said: “We are proud to enable our customers with another payment method through HAYVN Pay and have already performed our first flight using HAYVN Pay. In today’s evolving new economy it’s important to provide your customers with multiple options to enable payments. We have noticed an increase in the demand for payments using digital assets and are delighted to be able to offer this to our clients through this partnership. We look forward to continuing enhancing our customers’ experiences through innovation.”

After a meeting between UAE’s UAE Minister of State for Foreign Trade Thani AlZeyoudi and the Founder of Iota, Dominik Schiener, the IoTa Blockchain platform has now been ushered into the UAE’s digital ecosystem. In a tweet on May 25th 2023, Minister Al Zeyoudi states, “Great to meet Dominic Schiener, Co-Founder and Chairman of IOTA and explore ways to introduce their open source blockchain solution to the UAE’s digital ecosystem. With its ability to power a wide range of sectors, it could play a vital role in our advanced technology ambitions.”

This was followed by a tweet by Schiener who replied, “Thank you so much for meeting us Your Excellency Dr. Thani. It’s really inspiring for us to speak with such welcoming and sophisticated leaders like you in the UAE. We are committed to play a key role in the UAE’s continued digital transformation and economic growth.”

IOTA is an open-source distributed ledger and cryptocurrency designed for the Internet of things (IoT). It uses a directed acyclic graph to store transactions on its ledger, motivated by a potentially higher scalability over blockchain based distributed ledgers

On May 18th 2023 in another tweet, Blockchain IOTA Founder Dominik Schiener stated, “It was a pleasure to meet H.E. Abdulla Al Saleh and the team at the Ministry of Economy in UAE today. It’s impressive how they’re leading their digital transformation.”

He added, “We are looking forward to bring IOTA here and create value for the region and the world.”

In the comments it was noted, “Fingers crossed for an ongoing collaboration that propels IOTA to new heights!”

It seems the collaboration is now in full force, welcome Iota to the UAE.

UAE and USA based C1 Secondary’s Fund managed by C1 Investment Advisors LLC, a team of international entrepreneurs and investors, have announced a $500 million investment fund targeting secondary’s in blockchain, crypto, Web3, and Fintech entities.

Secondary funds, commonly referred to as secondaries or continuation transactions, purchase existing interests or assets from primary private equity fund investors. For example, a primary private equity fund may purchase a stake in a private company, and then sell that interest to a secondary buyer.

The C1 Secondary’s Fund is a regulated private investment fund formed for the purpose of investing in secondary’s asset acquisition – the purchase of shares in existing private growth companies. 

 The C1 Fund portfolio focuses on digital assets, blockchain technology and applications, cryptocurrency services (not direct investment in cryptocurrencies), Web3 financial applications, and advanced FinTech.  Sample target company applications include digital assets and cryptocurrency exchanges, payment systems and/or related financial services companies, including wallets, custodian-services, lending, and decentralized finance.

The Fund will invest across multiple geographies but with a focus on secondary’s investments in international markets, especially those with strong and/or growing regulatory regimes.

The C1 Secondary’s Fund is led by Dr. Najamul Kidwai, Co-Founder and Managing Partner, Michael Lempres, Co-Founder and Managing Partner, Michael (Xu) Zhao, Co-Founder and Managing Partner, David Hytha, Co-Founder and Partner, and Cheriyl Lakshmy, Co-Founder, Director of Research and Operations.

The C1 team recently founded and led the successful initial public offering of Crypto 1 Acquisition Corp $230M raise.

C1 Secondary’s Fund Co-Founder and Managing Partner Dr. Najam Kidwai stated, “Despite the so-called Crypto reset, investment in Digital Assets and Crypto-related services continues to grow rapidly.  At its core this is the next digitization of finance”.

The C1 Secondary’s Fund will focus on companies operating under significant regulatory frameworks. Co-Founder and Managing Partner, Michael Zhao stated “the regulated route is the only route for any crypto company’s growth if it wants to be a serious player for the long run. Long gone are the days when digital asset players enjoyed an early-mover advantage and benefited from a fast-growing bull market. Recent crypto market turbulence is just another example that shows why the market needs proper risk control and compliance; we are focused on these companies.”

Alea Global Group will be holding their edition of Alea Sessions in Riyadh KSA. The one day gathering under the theme ‘The New Opportunities in Investment in the New Saudi Arabia’ will gather 100 of the GCC and MENA region’s top family offices. The event will include a session on Blockchain in Trade Finance.

Alea Global Group is a conglomerate single family business formed in 1998 in the State of Kuwait owned by a member of Al Duaij family. The one day event will discuss private debts and CLOs, trade finance, mezzanine debt, open banking, micro and macro banking environments, and Saudi Arabia’s unicorns.

The Alea Sessions is a series of irregular but responsive events held by Alea Group Group which are held when there is a need to address important topics that need to be addressed and which our followers would like to talk about. These events are usually shorter than their Family Office Summits, with a more focused programme. They may occur anywhere in the world, and also online.

Some of the highlighted speakers will include Essam Albakr Founder & CEO, Ejada Capital, Kingdom of Saudi Arabia, Mark Mobius, Founding Partner, Mobius Capital Partners, Mirna Sleiman Founder & CEO, Fintech Galaxy, UAE, Omar AlShabaan Co-Founder & CEO, The Space, Kingdom of Saudi Arabia, Talal AlBakr Entrepreneur, CEO of SCCC, co-founded Embark Ventures, Kingdom of Saudi Arabia, Abdulaziz M. Alfakhri Board Director, CFO, CIO, Investments & Finance Executive, Angel Investor, Advisor, Mentor & Public Speaker, Kingdom of Saudi Arabia, Ajay Sunkara President & Co-Founder, Nala Robotics, USA , Ashar Nazim CEO, Aion Digital, Kingdom of Bahrain as well as Rabih I. Khoury Managing Partner & Chief Exit Officer Middle East Venture Partners (MEVP), Kingdom of Saudi Arabia and many others.

One of the sessions at the event will discuss the topic of how blockchain will shape trade finance. It will discuss how to overcome obstacles and find a competitive advantage in trade finance. Panelists will include Zineb Tamtaoui, Senior Executive Officer, Head Of Middle East Region, Chez BMCE BANK International Plc, and UAE Kevin Ramsamy, CFO, Barak Fund Management, Mauritius.

This is an interesting topic to be discussed at a family office event but not surprising given the latest stance taken by Saudi Arabian Finance Minister, Mohamed Al Jadaan in a TV interview with Bloomberg during the WEF 2023.

As per the interview Saudi Arabia is open to discussions about trade in currencies other than the US dollar. He states, “There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal.”

“I don’t think we are waving away or ruling out any discussion that will help improve the trade around the world,” Al-Jadaan said.

Blockchain could just be one of the ways KSA is looking to improve trade around the world.

In November 2022, Saudi Arabian, Saudi British Bank (SABB) utilized the Contour Blockchain platform to enhance trade finance by improving letter of credit and guarantee procedures for enterprises and international businesses. SABB worked with local fintech entity Bwatech.

In addition Saudi Arabian Taajeer Group, the exclusive agent for MG cars in the KSA utilized the Blockchain enabled Contour platform in its importing of cars from China. HSBC, Chinese SAIC Motor, and KSA Taajeer group executed a successful blockchain enabled trade finance transaction on the Contour platform.

Could this be the culmination of Saudi government strategy, and some blockchain success stories. Jut follow the money and all will be revealed.