The UAE Crypto and Blockchain ecosystem employs 7000 people and DeFi is the next growth segment!

The UAE Crypto and Blockchain ecosystem employs 7000 people and DeFi is the next growth segment!

UAE Crypto Oasis ecosystem published its first annual report entitled the “Crypto Ecosystem in the UAE” with the collaboration of Roland Berger. The report highlighted the growth that the UAE has witnessed in its blockchain crypto ecosystem which has resulted in the employment of 7000 people across 1400 blockchain crypto entities currently operating in the country.

As per the report the number of blockchain crypto organizations is more than 1400 in total where 66 percent are native organizations and 34 percent are non-native. Saqr Ereiqat, Co-Founder and Managing Partner of Crypto Oasis Sentio, the investment arm of Crypto Oasis, told LaraontheBlock, “Based on the information we have the blockchain crypto ecosystem in UAE has employed approximately 7000 people.”

These 1,400 plus ventures are leveraging distributed ledger technologies and related technologies to build and provide new value propositions with Blockchain innovation. Interestingly the report confirms that the UAE is now home to 21 crypto exchanges including big names such as Binance and FTX who are now fully regulated under VARA (Dubai’s Virtual asset Regulatory Authority).

Another interesting finding in the report is the registered location of these blockchain and crypto entities. The majority 489 are based out of DMCC (Dubai Multi Commodities Centre) which was one of the first free zones to develop a crypto center. Interestingly IFZA (International Free zone Authority) houses 150 crypto and blockchain entities, while the Dubai World trade Centre, the home of VARA houses 48.

DeFi one of the biggest sectors in the blockchain crypto space is also mentioned in the report. As per the report DMCC has noted that the total value locked into DeFi protocols was $20 billion at the start of 2021 and increased exponentially to $260 billion by the end of the year.

It is also expected that the global DeFi market will hit $507.92 billion by 2028. The report notes that DeFi projects in the UAE include decentralized platforms that allow you to store, exchange or use assets. While the report mentions news where some platforms will allow POS terminals that will allows DeFi to reach the masses in the UAE.

The ADGM (Abu Dhabi Global Market) recently opened its fifth regulatory laboratory sandbox program inviting fintech organization to pitch their ideas on decentralized applications. This is further stance than DFSA; the regulatory arm of DIFC has taken. DFSA recently came out with its crypto feedback statement where it notes that it will not be undertaking anything in DeFi so far.

Finally according to Roland Berger global survey it found that creating a crypto economy strategy is of high priority for 60 percent of executives. While the top three leading sectors in crypto are telco and tech, automotive, transport and logistics, and Construction & Real Estate.

Lebanese media figure embraces crypto, blockchain and the metaverse

Lebanese media figure embraces crypto, blockchain and the metaverse

Well know Lebanese media figure Wissam Breidy embraces crypto and partners with UAE’s Crypto Oasis ecosystem to help educate the region on Blockchain and Web3 which will increase adoption and engagement.

Breidy will use his credibility as a popular and accomplished celebrity to help publicize the inherent potential of these disruptive products. As an Arab cultural icon, Breidy is the new ambassador for blockchain and Web3 for Crypto Oasis, the fastest-growing blockchain ecosystem in the world. As one of the most entertaining Arab TV show hosts in the recent era, Wissam Breidy will bring relevance and relatability as Crypto Oasis looks to scale blockchain and Web3 adoption in the region.

Wissam is very passionate about decentralized technology and is committed to creating awareness within the Arab World. “The Future of the Internet has arrived. Web3, NFTs, and Metaverse are our tools for Universal State Layers with Open Gates. Embrace it –don’t be late!,” Breidy says.

“We are delighted to welcome Wissam Breidy on board as our new strategic partner,” commented Ralf Glabischnig, founder of Crypto Oasis. “With Wissam’s strong industry knowledge and outreach, we expect this partnership to help educate the wider Arab Community on Web3 and blockchain technology and tap into something that hasn’t been explored before. We are also looking forward to working with him as an initiator for arte, and to build meaningful connections, educate and inform the market about the ever-growing and evolving ecosystem.”

As a strategic advisor to Crypto Oasis, Wissam will promote the adoption of blockchain and ease out the complexities of the metaverse to make people more familiar with these seemingly tangled digital landscapes for the Arabic speaking population.

For arte, the Web3 Meta-Community by Crypto Oasis, Wissam will help bring together Web3 communities and individuals worldwide to create an environment that enables individuals in the art, NFT and Metaverse area to engage and interact continuously and effortlessly. arte is a global platform focused on creativity, community-building and entrepreneurship in the Web3 space. It aims to bring changemakers in art and technology to discuss the future of digital assets and the metaverse. arte intends to work on educating the wider public on blockchain technologies and Wissam will be a major contributor in the success of the initiative.

UAE DMCC is home to 36 percent of UAE’s crypto and Blockchain businesses

UAE DMCC is home to 36 percent of UAE’s crypto and Blockchain businesses

Since June 2021, exactly one year ago, the UAE DMCC (Dubai Multi Commodities Center) has been able to attract 373 crypto and blockchain companies into its ecosystem of 21,000 companies. Looking deeper this means the crypto and Blockchain companies already make up 1.6 percent of the total number of registered companies at DMCC. These crypto entities reside in DMCC’s crypto center. (figures provided to laraonetheblock by DMCC)

This information came to light when DMCC recently announced its half year 2022 results, which witnessed 1,469 new companies registering at DMCC of which 205 were in the crypto and Blockchain space. As such 14 percent of new companies registering at DMCC in 2022 so far have been from the crypto ecosystem.

While the total percentage of Blockchain and crypto companies registered in DMCC might look insignificant, it is a powerful testament to DMCC and the UAE. The UAE has become a home to major global crypto and Blockchain players especially after the activation of the Virtual Assets Regulatory Authority in Dubai as well as the work being done by ADGM (Abu Dhabi Global Markets) in Abu Dhabi.

Notably UAE now is home to 1000 blockchain and crypto entities as per the stats provided by Crypto Oasis ecosystem. In response, UAE based Crypto Oasis recently updated its target for 2022 to 1500 crypto and Blockchain companies from its previous target of 1000. Given that UAE is home to 1000 blockchain and crypto companies, and DMCC houses a total of 373, this means DMCC is currently home to 37 percent of all the blockchain and crypto entities present in the UAE.

In DMCC press release they noted that part of the growth in the number of companies was due to the continued interest in the DMCC Crypto CENTER. The Crypto Centre offers a home to all types and sizes of crypto businesses, from companies developing blockchain-enabled platforms, NFTs and Metaverse environments, through to firms trading crypto assets.

In addition the UAE has attracted top crypto and blockchain companies, such as Binance, Crypto.com, FTX and others. For example Forbes recently published its top 50 Blockchain companies for 2022, noticeably companies such as FTX crypto exchange on this year’s list now has a presence in the UAE as a regulated entity.

It wouldn’t be surprising to see a larger number of crypto and Blockchain entities enter the UAE by the end of 2022.

MENA Investors invest 5 million USD in TGV4 Plus 146 million Follow on Fund

MENA Investors invest 5 million USD in TGV4 Plus 146 million Follow on Fund

 True Global Ventures 4 Plus (TGV4 Plus) Fund has closed its US$146m Follow on Fund. The Follow on Fund will double down on the TGV4 base fund investments, the likes of Animoca, Sandbox, Forge, Chromaway, CoinHouse, GCEX, and others. Interestingly 40 percent of the Follow on Fund was raised from partners in Middle East, India and Asia. Investment from Middle East partners was 3.4 percent of the 40 percent making their total participation 5 million USD. While portfolio companies such as GCEX, Enjinstarter and IoMob have established operations in Dubai UAE. TGV4 Plus has been partnering with MENA based investors including Cypher Capital and Crypto Oasis among others. 

Valerie Hawley, Affiliate Founding Partner, Middle East True Global Ventures 4 Plus , told LaraOntheBlock, “More than 40% of the Follow on Fund has been raised from partners based in the Middle East, India and Asia, of those 3.4 percent were from Middle East Partners in particular. This just goes to show the increasing importance this region has to play in the Venture Capital space.  Numerous portfolio companies from our base fund, GCEX, Enjinstarter and IoMob, have established operations in Dubai, and we expect many more to do so given the crypto friendly environment the UAE has established with the creation of VARA (Virtual Asset Regulatory Authority).”

The TGV4 plus Follow on Fund  whose 15 General Partners (GP), lead the fund and its Investment Committee, put in more than US$62m of their money into the fund. This is a total GP commitment of over 40% of the total fund size and over US$4m per GP on average. The first capital call of the fund has been fully paid in.

The TGV 4 Plus base fund invested in serial entrepreneurs leading globally ambitious Blockchain start-ups. It covers 20 cities in North America, Europe and Asia. The fund is dedicated to Web3 companies, primarily in late-stage Series A, B and C across 3 verticals: Entertainment & gaming, financial services, infrastructure & data analytics / Artificial Intelligence (AI).

It has invested in some of the leading Web3 companies such as Animoca Brands, The Sandbox, Forge, Chromaway, Coinhouse, GCEX, Chronicled and others. 

The new Follow on Fund will focus on investing a majority of its capital into selected TGV 4 Plus base fund companies. It might also invest in other late stage Web3 deals opportunistically.

“The base fund has been a fantastic success, but we are still only in the starting blocks of Web3. We believe that our early winners will grow even stronger and with the Follow on Fund, we give our partners an opportunity to invest more into these companies” says Fredrik Adolfsson, General Partner.

“After some years of growth, our best portfolio companies are looking to expand even further. We want to help and assist them with the Follow On Fund, as we are ready on the starting blocks, when many growth funds focus on regaining investors’ trust during this period”, says Konrad Wawruch, General Partner.

General Partner Dušan Stojanović adds, “We raised the money in record time in 4 months and we believe this is the best time to invest during market corrections. I would say that it is much easier to see more clearly who the winners are now. This has created a high level of confidence amongst our investors who have seen a large GP Commit and the first call being executed very quickly”.

Roland Berger Crypto Oasis partnership to propel the biggest Blockchain and crypto projects in MENA

Roland Berger Crypto Oasis partnership to propel the biggest Blockchain and crypto projects in MENA

It is big news when a leading global strategy and management consultancy firm like Roland Berger partners with UAE Crypto Oasis, a Middle East focused Blockchain Ecosystem supported by initiators of Crypto Valley Switzerland.

As per the announcement, Roland Berger will bring forward its talents and resources to propel the Blockchain ecosystem to new heights in the MENA region and globally. Roland Berger was one of the first to herald in a crypto economy advisory practice out of the UAE.

The partnership comes at a time when UAE Crypto Oasis is now targeting 1500 Blockchain crypto entities to enter the UAE after UAE reached the target of 1000 blockchain and crypto entities before the end of 2022.

Roland Berger has been working with several clients in the region. They are strategic advisors to the biggest blockchain crypto projects in the region including the largest Bitcoin mining facility in MENA as well as the set-up of a tokenized green asset exchange.

The combination of both Crypto Oasis disruptive ecosystem and Roland Berger’s strong association with governments and corporates and commercial and technical knowhow is explosive.

Pierre Samaties, one of the partners in charge of leading the global Crypto Economy team for Roland Berger, stated: “Crypto Oasis has a strong ecosystem network of organizations that are breakthrough innovators and are leapfrogging ahead. We have witnessed their explosive growth in the past few months. As we assist companies in their journey towards the crypto economy, it is vital to have access to the latest innovation and talent in this fast moving space”. “We believe that with Crypto Oasis’ core values of infrastructure, talent, and capital, we can integrate alliances in their unique Ecosystem and transform the crypto economy landscape” added Feroz Sanaulla, Partner and global Co-head of the Crypto Economy team.

“We are delighted to welcome Roland Berger as our newest global strategic partner”, commented Ralf Glabischnig, Founder of Crypto Oasis. “Our Ecosystem members will have access to their world-class management consultancy that will support them as they embrace the opportunities to transform their business and utilize Blockchain solutions. With Roland Berger’s strong presence among governments and corporations, we expect this partnership to help us develop meaningful connections with them. As they step further into the Blockchain economy we will be working together to release thought leadership reports to further educate and inform the market of this ever growing and evolving ecosystem”.

EnjinStarter Launchpad for Blockchain games and metaverse in UAE soon

EnjinStarter Launchpad for Blockchain games and metaverse in UAE soon

EnjinStarter, next generation Launchpad for Blockchain games and the metaverse, which is based out of Singapore, could be setting up base soon in UAE.

Prakash Somosundram CEO and Co Founder at EnjinStarter recently visited Dubai.  Nigel Hawley board advisor and a investor in True Global Ventures (TGV), which also recently invested 3 million USD in a series A round as a lead investor into Enjinstarter hosted the visit. EnjinStarter has received a total of 8 million in funding since its inception.EnjinStarter, built on JumpNet is enabling creators and game developers to run capital raising campaigns and build communities using blockchain tech. Not only do they issue tokens but provide game developers with a way to explore other innovative ways of raising capital including utilizing NFTs. They even have an incubation program, supported by an accredited partner network.

Concurrently the MENA gaming sector is one of the fastest-growing gaming markets in the world, with revenue across the MENA-3 (Saudi Arabia, United Arab Emirates, and Egypt) reaching 1.76 billion in 2021.

Since late 2021 and early 2022, a lot of efforts and investments are moving towards a Blockchain enabled gaming sector. Abu Dhabi based, AD Gaming, an entity driving Abu Dhabi’s fast-growing gaming industry partnered with ATTARIUS Network, a UAE crypto and blockchain company, to bring blockchain solutions to the UAE game developers, with a focus on developing blockchain gaming, ATTARIUS Network to build an all-in-one NFT ecosystem for the gaming industry and digital artists.

Back to EnjinStarter, on the LinkedIN post Hawley stated, “What a great pleasure it was welcoming Enjinstarter, to Dubai. We had a fantastic week introducing Prakash Somosundram, CEO and Co-Founder and Shitij Gupta, CFO, to the Dubai ecosystem.  We started with some interesting metaverse and blockchain panel discussions at the Top CEO Conference and Awards.”

He adds in his post that insightful discussions were also held with UAE Crypto Oasis team represented by Saqr Ereiqat as well as the founders of MetaTerrace.

He notes in his post that the highlight of the discussions where the meeting with the Founder of UAE Based Cypher Capital, which launched in March its 100 million USD fund in Blockchain, crypto startups emphasizing those who have set up a base in UAE. As Hawley states, “Highlight was the fruitful discussions with Bijan AliZadeh, Founder and CEO of Cypher Capital.”

From the comments on the post, it seems likely that there is a good chance that EnjinStarter will be making Dubai as a base for its operations in the MENA region. Hawley adds at the end of the post, “We are looking forward to seeing EnjinStarter in Dubai on a more permanent basis going forward.”

Both Crypto Oasis and Cypher Capital have espoused their intentions to build the blockchain ecosystem in the MENA region. Crypto Oasis recently announced that there are 1000 blockchain crypto companies in the UAE. During Davos CryptoOasis which had targeted 1000 Blockchain and crypto entities by end of 2022, re assessed its aim given that already 1000 blockchain and crypto companies have set up base in the UAE. Crypto Oasis is now aiming to have 1500 Blockchain crypto companies set up in UAE by end of 2022, and it looks like EnjinStarter could be one of them.

In the crypto Oasis press release, Ralf Glabischnig, Founder of Crypto Oasis said, “This is an exciting time for us as we exceed expectations considerably month after month. Our target for the year has been achieved already and we’re anticipating exceptional growth in the future. The first months of 2022 have already shown that the key pillars of growing and building the Ecosystem are talent, capital and infrastructure. We believe we are still at an early stage but with the speed of development and growth that we see day by day across the community in this region, we look forward to further advancing the Blockchain economy in the Middle East.”

In the UAE today 53 percent of organizations active in the Blockchain space are native Blockchain entities, which mean their primary focus is blockchain technology, the rest are non-native blockchain organizations which means they offer services or product related to blockchain but not as their primary focus.