UAE now home to first crypto basket investing app

UAE now home to first crypto basket investing app

Singaporean start-up, KoinBasket, which recently received a 2 million USD pre-seed funding, is launching the UAE’s first crypto basket application. The company wants to make investing in crypto as easy as online shopping.

As per the press release, the crypto basket application will also provide the with superlative fundamental analysis from KoinBasket. The company is backed by marquee investors that include Angellist quant fund, Stonks fund, Kube VC cryptopreneurs like Polygon founder Sandeep Nailwal and Global CXOs from Ripple, Binance Citibank, Google, Accenture, Nomura, Fiserv and many more.

Elaborating on how KoinBasket’s collaboration with global crypto exchanges will transform the way the world invests in crypto assets, Co-Founder and CEO Khaleelulla Baig states, “The UAE is an emerging market for us and we are excited to launch a variety of basket options in the Emirates, which is rapidly growing to become a global crypto hub with proactive and encouraging regulations by the government under a visionary leadership. Investing in crypto assets can be both fascinating and terrifying considering the mind-blowing returns on investment and the inherent volatility displayed by most crypto assets. At KoinBasket, we believe that investing in well-researched and curated baskets can be more rewarding in the long term and offers a hassle-free option for millions of investors who are still contemplating investing in this booming asset class.”

Created with the aim of solving the challenge faced by crypto investors in studying and investing in crypto assets like crypto tokens and non-fungible tokens (NFTs), KoinBasket is simplifying the entire process by offering thematic and sector-based crypto baskets such as its Moon basket, G.O.A.T basket, NFT & Gaming basket, Internet sensation basket and many more that are in the pipeline.

The application has 0% transaction fees and initial investments starting from as low as AED 500 AED. Users can trade in multiple crypto tokens simultaneously with KoinBasket’s basket order facility while its unique health check engine scours crypto data for both red flags and lucrative investing opportunities, to provide them with alerts to take prompt action and rebalance their portfolios accordingly.

Mr. Baig said: “KoinBasket will be catering to more than 300 million crypto users across the top crypto exchanges in the world and bowling them over with our secure, convenient and user-friendly investment interface that can help them build a diversified crypto portfolio offering a broader market exposure beyond the top cryptocurrencies. With more baskets in the offing, including those that focus on decentralized finance (DeFi), KoinBasket will soon be synonymous with mutual fund/ETF investing, but for crypto assets.”

UAE Sectors left right and center accepting crypto payments

UAE Sectors left right and center accepting crypto payments

This week several entities each one in a different sector announced that they have become the first in their fields to accept crypto payments. Writing this piece I get a feeling that this will soon become common practice. For the past few months all one reads is more and more entities in UAE accepting crypto payments, whether they are schools, restaurants, property developers, Emirates airlines, retail shopping centers such as Majid Al Futtaim and many more. This time it is the turn for art galleries and charities. The majority of crypto enthusiasts and those passionate about Blockchain and crypto have been waiting for this for a long time; it signals the entrance of crypto into mainstream economy and once that happens there is no turning back. Bearish or bullish markets are of little significance because everyone is into crypto.

So Yesterday UAE based Galloire, art gallery announced that it is now accepting crypto payments such a Bitcoin, Ethereum and USDC for artwork sales globally. It is doing so through UAE based digital asset exchange, Midchains. Prior to this DAMAC properties announced it was accepting crypto payments through UAE based digital asset exchange Hayvn

Founder of Galloire Edward Gallagher said; “We have an absolute belief in the use of technology to bring art to as wide an audience as possible, so by using photorealistic VR and AR you’ve already seen us bring exhibitions from world-famous artists to tens of thousands more people than could have ever seen it in the gallery. We want more people to connect with contemporary art and also believe in an egalitarian approach to how people want to pay for that art: Why should we force a crypto-native person to pay in traditional (fiat) currency to acquire a beautiful painting, and vice-versa, why should a traditional collector looking to venture into NFTs have to pay in crypto-currency just to access some digital art they fall in love with?”

MidChains CEO Basil Al Askari said; “We are a company which prides itself on innovation and being able to provide safe and regulated ways to transact and invest with cryptocurrency, so working with Galloire to enable collectors to invest in art using their preferred cryptocurrency made perfect sense to us. Enabling people to pay securely for a physical asset with a digital asset, especially something as impactful as art, is a huge step forward in the UAE and we have been able to power that today, not in months or years’ time.”

Prior to this, UAE government backed nonprofit healthcare organization also became the first healthcare charity to accept cryptocurrency donations.  Al Jalila Foundation announced that it had been granted approval to receive charitable donations in cryptocurrencies. Again Al Jalila did this through a partnership with a leading cryptocurrency platform without naming it.  

Dr Abdulkareem Sultan Al Olama, CEO of Al Jalila Foundation, said: “As a philanthropic organization we rely on charitable donations and we are always seeking innovative ways to expand our donation channels for ease of convenience for donors from all around the world to support our programs. Therefore, as an emerging source of fundraising, providing the opportunity to the growing number of crypto users around the world to donate to Al Jalila Foundation to causes that interest them is a win-win for us as a foundation and the donor community. We are proud to be the first healthcare charity in the UAE to accept donations in cryptocurrencies bridging the gap between physical and digital currency.”

One thing remains to be seen, is when the UAE government announces that it accept crypto payments, then I will just call it a day and name UAE the crypto nation of 2022. 

Bahrain RAIN Crypto exchange sheds its employees like a snake sheds its skin

Bahrain RAIN Crypto exchange sheds its employees like a snake sheds its skin

So while crypto exchanges flock and grow in the MENA region specifically in Bahrain and the UAE, RAIN crypto exchange has laid off more than 120 employees. Speculations loom as to the reasons, yet one thing is certain; the first regulated crypto exchange to launch in the MENA region is facing the heat and is shedding its employees like a snake sheds its skin. 

So while Binance and CoinMENA, both competitors of RAIN crypto exchange in Bahrain, were receiving upgrades on their licenses to category 4 and category 3 respectively, and while Crypto.com one of the biggest crypto exchanges globally received provisional approval for its virtual assets license from the Dubai Virtual Assets Regulatory Authority (VARA), RAIN was making no such announcements. On the contrary the only announcement it was making was that of layoffs.

On May 1st 2022, CoinMENA announced it had received an upgrade to its license from a category 2 to a category 3. As the company on LinkedIn stated, “We are proud to announce that CoinMENA’s license for Crypto-Asset Services has been upgraded from Category 2 to Category 3 by The Governor of the Central Bank of Bahrain, His Excellency Mr. Rasheed Al-Maraj. Thank you for your trust and support. We look forward to continuing to offer new services to our users.”

A week prior, Binance announced on its blog that it had received a Category 4 license, as a crypto asset service provider (CASP) from the Central Bank of Bahrain. With the license upgrade Binance Bahrain could now offer a wider range of crypto exchange services. The Category 4 license will allow Binance Bahrain to offer crypto-asset exchange services to customers under the supervision of the Bahrain regulators.

Despite its recent foray into Bahrain, Binance became the first exchange to be granted a category 4 license by the Central Bank of Bahrain. Richard Teng, Head of MENA Binance stated, “The upgrade to a Category 4 license in the Kingdom of Bahrain is a landmark achievement for Binance and further signifies our commitment to being a compliance-first exchange.”

The only one not to receive an upgrade was RAIN which already holds a category three license. On the contrary just days after CoinMENA announced its upgrade, RAIN announced layoffs. In a statement to Bloomberg Joseph Dallago, RAIN CEO stated, “We have had to make tough decisions to be able to navigate through this period of uncertainty and we can confirm we have downsized our Rain workforce.” However RAIN has been through turbulent crypto times before with crypto bear markets in both in 2021 and prior, so what is different today?

It is also interesting to note, that when looking at RAIN’s linkedIn page, RAIN had been on a hiring spree over the past 6 months since early 2022. The crypto market has been facing turbulent times since late December 2021, yet RAIN was continuing to hire. As per the linkedIn page RAIN saw an increase of 45 percent headcount growth in past 6 months.

So what else could it be? In January  2022 Bahrain based RAIN raised USD 110 million in its Series B funding. The round was co-led by Paradigm and Kleiner Perkins with participation from numerous parties including Coinbase Ventures, Global Founders Capital, MEVP (Middle East Venture Partners), Cadenza Ventures, JIMCOand CMT Digital.

Prior to that RAIN in January 2021,  had raised 6 million USD in a Series A funding also with the participation of MENA based MEVP as well as CoinBase ventures. At the time the founders of RAIN Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy, had stated that RAIN would continue to grow its team across the region hoping to double in size by 2022 while it expanded across the region.

So could RAIN’s decision to lay off employees be related to what is happening with one of its major investors, CoinBase?  CoinBase announced it was freezing new hires as well as cutting back on its work force.  In a blog post written by Chief People Officer L.J. Brock, Coinbase, he said, “We will extend our hiring pause for both new and backfill roles for the foreseeable future and rescind a number of accepted offers. The cutbacks come in response to the current market conditions and ongoing business prioritization efforts,”   This comes after Gemini exchange announced it was laying off 10% of its staff, or roughly 100 people.

Could CoinBase business prioritization efforts be affecting RAIN as a crypto exchange?

Some comments on social media platforms centered around the fact that RAIN had fired a number of employees within its Money Laundering Reporting Office as well as junior employees, while retaining its senior staff.

In addition, Bahrain based Cryptos Consultancy which operates Crypto Talents Middle East is offering RAIN employees effected by the layoffs  help in finding other employment. 

Regardless of the RAIN debacle, and how it will play out in the long term, it is obvious that the crypto ecosystem is still growing in GCC and MENA with more local and international players setting up operations.

Binance enables Dubai Hotel with crypto payment gateway

Binance enables Dubai Hotel with crypto payment gateway

In a recent article Binance announced that it had enabled a Dubai Hotel to offer crypto payment facilities. The hotel in question is the Manor by JA resorts located in Al Furjan. As per the article the The Manor hotel is settling payments in BNB (Binance coin), Bitcoin and Ethereum through Binance crypto to crypto payment gateway.

As per Mohammed Hanif Al Qassim, Managing Partner of The Manor Hotel, “Virtual assets go in line with The Manor’s vision for sustainability and digital transformation, considering its position among top eco-friendly boutique hotels in Dubai.”

Richard Teng, Regional Head of MENA at the crypto-platform, “Binance has been actively engaging established local businesses and institutions to further increase the adoption of crypto for our users and the crypto community as a whole. Our partnerships with leading, innovative businesses, such as JA are in line with our vision to enhance crypto adoption across the region.”

Prior to this Property developers and Hotel managers such as DAMAC also announced they would be accepting crypto payments. UAE DAMAC Properties is accepting crypto payments either Bitcoin or Ethereum.

Even UAE Property firm Your place partnered with Utrust, a cryptocurrency payment solution designed to modernize the finance and payments industry offers clients the ability to pay for properties in Dubai UAE using cryptocurrencies.

Qatar opens its doors to CoinMENA Crypto exchange as a regulated exchange

Qatar opens its doors to CoinMENA Crypto exchange as a regulated exchange

CoinMENA Chief Operating Officer Dina Semaan announced today on twitter that CoinMENA crypto exchange is now serving clients in Qatar. This would be the first crypto exchange to officially announce that it is serving clients in Qatar. As per her tweet, “Starting from today, CoinMENA services are now being offered in Qatar, making us the first regulated crypto exchange to be offering services in Qatar.” She adds with this expansion we now offer CoinMENA services in six Arab countries, and we continue to achieve our goals of offering the simplest and easiest method for trading crypto.” This comes after Qatar’s FIFA 2022 took on sponsors such as Crypto.com, one of the international crypto exchanges globally. It also comes after FIFA signed up AlGorand Blockchain as a sponsor and partner for their digitization plans in the sports and entertainment sector. CoinMENA was first regulated in Bahrain, and then sought regulation in UAE, and offers its services in KSA, Kuwait, Oman, and now Qatar as a regulated entity. In the press release CoinMENA confirms that it has become the first regional digital assets exchange to offer its services in Qatar, meaning that users across the Gulf state can now easily and safely invest in cryptocurrencies for the first time. Qatari citizens and residents can open accounts with CoinMENA and have access to all the features the platform has to offer, including connecting their bank accounts to their CoinMENA wallets, enabling them to deposit and withdraw funds directly and safely within minutes. Commenting in a joint statement, CoinMENA Co-Founders Dina Sam’an and Talal Tabbaa said: “We are delighted to become the first crypto exchange to offer our services in Qatar. Investors have been asking about our plans to enter the country for some time now, so this news represents a major milestone on our long-term geographic market expansion plans.” The Bahrain-headquartered firm recently became the first onshore licensed crypto exchange to introduce limit trading, enabling the CoinMENA users to set the price at which they wish to buy and sell crypto. Users in Qatar will also be able to utilize the recently added features including withdrawing USDT via the TRON network for lower fees, and earning bonus rewards when they invite their friends through CoinMENA’s referral program. “CoinMENA’s entry into Qatar is a huge step on our journey to becoming the Middle East and North Africa (MENA) region’s preferred crypto financial services company,” said Sam’an. “Our team is constantly striving to onboard new countries and introduces new features to a wider audience.” “We are immensely proud of everything we have achieved during our first year of operations,” Tabbaa added. “However, we still have a lot to achieve, which is why we will continue to work tirelessly to deliver the best possible experience for our ever-expanding user base.”