Which homegrown MENA crypto exchanges will do proof of reserve and who was exposed to FTX

Which homegrown MENA crypto exchanges will do proof of reserve and who was exposed to FTX

It all started with the FTX downfall and then Binance’s Co-Founder and CEO call for crypto exchanges to carry out proof of reserves. Since then crypto exchanges such as Binance and crypto.com have provided wallets addresses tied to company wallets while Nansen blockchain analytics firm is creating a display of crypto exchange proof of reserves dashboard that currently includes Binance, crypto.com, OkX, Kucoin, Deribit, Bitfinex, Github, and others.

But what are locally homegrown crypto exchanges in MENA doing. Will they carry out proof of reserves, do they see it as the solution to bring trust back to crypto exchanges, and who has exposure to FTX?  

MENA Crypto Exchanges and Proof of Reserves

Bahrain based CoinMENA Talal Tabbaa and Dina Sama’an when asked by LaraontheBlock about if they will be doing proof of reserves stated, “This FTX news is a major setback for our industry and highlights the importance of regulation. This is why CoinMENA was established under the Central Bank of Bahrain, with a robust regulatory framework and compliance requirements. We go through regular audits and have to submit periodic reports to the regulators. More importantly, we keep our user funds in segregated accounts and we don’t offer leverage or margin which severely increases the risk profile of an exchange. We see crypto as a long-term investment and will continue to manage our risk prudently to build a sustainable and profitable business.”

Tabbaa adds, “CoinMENA is also reaching out to Nansen who is heading this effort globally to see the best way for it to be done.”

UAE regulated BitOasis CEO Ola Doudin states, “We believe that locally regulated platforms that follow industry best practices with proper oversight and supervision by their local regulators is the best way to ensure consumer protection and proper risk management practices.”

Vasja Zupan, President of UAE based Matrix Exchange in a reply to the question of whether they will do proof of reserves states, “We simply hold 1:1 client assets in our custody that is literally reconciled daily and regularly reported and checked by regulator and external auditors.”

Basil Askari Co-Founder of UAE MidChains has a similar reply, “In terms of proof of reserves we are already doing this on a daily basis with our regulator by providing daily client account reconciliations.”

Ola Doudin in her reply to this question stated, “BitOasis holds client assets in segregated client money accounts and custody environments. We’re an audited company that maintains the highest level of security and industry practices in storing and maintaining client assets one to one backed. We do not engage in any fractional reserve practices, proprietary trading, lending, and borrowing and we do not have an exchange token.”

Christopher Flinos, Chief Executive Officer of Hayvn crypto exchange in UAE “We already do proof of reserves. Our client’s crypto stays in segregated client wallets and our clients have always had access to their reserves. The firm in addition keeps shareholder funds in USD We hold no treasury in any coins not even stablecoins.”

Will Proof of reserves bring trust back to crypto exchanges?

Zupan believes that proof of reserves is totally useless without “proof of liabilities”. As he explains, “Proof of reserves alone should not bring trust back without 3rd party reviews and regulatory oversight over centralized services. I believe that CeFi needs a strong regulatory overview in combination with strong transparency and DeFi needs total transparency with independent reviews (not everyone can evaluate complex software and framework).”

Basil Askari co-founder of MidChains believes it is not enough to publish numbers. He explains, “Regulation and strict supervision by regulators on how client funds are used, is and has always been critical, as in TradeFi.”

Talal Tabbaa believes that the way crypto exchanges are carrying out proof of reserves at the moment is missing an important element. He explains, “In accounting when you provide information on your assets, you also provide information on your liabilities. Crypto exchanges need to do both proof of reserves and proof of liabilities preferably on a blockchain in real-time.”

Flinos agrees that with the current behavior of crypto exchange leadership trust is continuing to be damaged and what is need is strong regulation, control and corporate governance.

Exposure to FTX

In the past both CoinMENA and BitOasis had in their investment rounds received investment from FTX Ventures through Alameda Research. As such CoinMENA in a joint statement from both Talal Tabbaa and Dina Sam’an, Co-Founders, to LaraontheBlock clarified the following:  “FTX’s Investment arm Alameda Research invested $1 million in CoinMENA’s $9.5m seed funding round in 2021. All the funds were received prior to the close of the seed round. Their stake is less than 3% and has no voting rights. In light of the recent news, we have offered to buy back their minority stake.”

BitOasis also made a public blog post where it stated the following: “BitOasis confirms that it has no commercial relationship or exposure with Alameda Research (Alameda) or any other FTX entity. Accordingly, recent events at FTX and Alameda do not have any bearing on our business, or our ability to provide our customers with a safe and secure trading experience. In 2021, Alameda participated in BitOasis’ Series B financing round. As a result of its investment Alameda holds a 2.2% shareholding in BitOasis through Alameda Ventures Limited. Alameda is not represented (nor has it ever been) on BitOasis’ board of directors or on any governance forum or committee in any capacity. The shareholding is small and hence creates no exposure to our business.”

Matrix, Hayvn and MidChains founders confirm that they have zero exposure to FTX. Zupan stated, “We don’t have any exposure to FTX or any related party or similar protocols.” Al Askari as well confirmed, “Both our client funds and corporate assets are not exposed. We keep our (and our clients) funds in a safe boring 1:1 holding.” Flinos confirmed that they do not deal with unregulated counterparts.

Two crypto exchanges, RAIN in Bahrain and Veromex in UAE have not yet replied to the queries posed, if and when they do reply, their responses will be added.

Take Away

While up until now international exchanges have always looked more attractive because of their liquidity and the amount of crypto they list as well as their geographic coverage, it seems that those regulated in the region whether in UAE or Bahrain are looking more attractive because of their adherence to strong regulatory bodies.

A lot of news is coming out that international exchanges undertaking so called proof of reserves are not being transparent. For example Crypto.com’s cold storage revealed a suspicious transfer of 320,000 Ether worth $404 million, to Gate.io.  Kris Marszalek, CEO of Crypto.com assured traders that the transfer was accidental; funds were to be moved to a new cold storage address. Experts allege that the transfer helped Gate.io show its proof of reserves of user funds shortly after the transfer. Even more so it seems that 20 percent of crypto.com reserves are in Meme Token SHBB.

This also happened with Huobi. It was noted that after Huobi released the asset snapshot of the asset reserve, 10,000 ETH was transferred from Huobi to Binance and OkX deposit wallets. (Etherscan.io)

Binance CEO CZ also made an interesting tweet today November 13th 2022 where he says Binance is not just a CEX (Centralized Exchange). This comes as the crypto mood globally moves towards DEX (Decentralized Exchanges). In his tweet he gives advice on how to store crypto in your own wallet, and refers to trustwallet while saying that Binance is not just a CEX but provides other options.

In the end, the future is in decentralized exchanges, smart contracts, and blockchain databases for proof of reserves such as Etherscan.io and others. Crypto was never the culprit, it was molding crypto into a traditional financial sector that was.

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.

Abu Dhabi’s virtual assets regulator First MENA regulator to allow NFT trading

Abu Dhabi’s virtual assets regulator First MENA regulator to allow NFT trading

UAE virtual asset regulator in Abu Dhabi,  FSRA (Financial Services Regulatory Authority) of ADGM ( Abu Dhabi Global Market) has enhanced its capital markets framework, allowing for the trading of NFTs  (Non Fungible tokens) on virtual asset regulated platforms, This means that MTFs/Custodians (Multilateral trading Facilities) operating within ADGM are now able to seek approval from the FSRA to engage in Non-Fungible Token (NFT) activities.

As per the news, these are considered significant enhancements to its capital markets framework, across spot commodities, securities, derivatives, benchmarks, environmental instruments and virtual assets that will further improve on its innovative and progressive regime and leadership in financial markets.

Alongside its innovative approach to virtual assets, the ADGM has now implemented its regulatory framework for spot commodity and environmental instrument activities, making it the first international financial centre in the MENA region to do so

Ahmed Jasim Al Zaabi, Chairman of the ADGM, said, “The ADGM wishes to thank all those who responded to the consultation paper released earlier this year. The degree of interest shown in the consultation, as well as the keen interest by participants looking to undertake activities in these significant new areas, is hugely positive. Collectively, the ADGM and its market participants continue to provide regulatory and industry leadership, positioning the ADGM and Abu Dhabi as the jurisdiction of choice. These enhancements to our capital markets framework will unlock the next stage of investment and growth opportunities, across commodities, environmental instruments, virtual assets activities and wider financial markets.”

Prior to this announcement, ADGM’s FSRA had also announced that stablecoins could now be traded on virtual asset platforms. As they stated, ADGM will only permit those tokens where price stability is maintained by the issuer holding the same fiat currency it purports to be tokenizing on a fully backed 1:1 basis. This therefore currently prevents the use within ADGM of other types of stablecoins, such as algorithmic stablecoins.

While VARA (Virtual Assets Regulatory Authority) based out of Dubai continues to license virtual asset exchanges such as Binance with full licenses, it has yet to set its framework for the regulation of NFTs or stablecoins.

Despite this the UAE remains one of the most advanced virtual asset regulated hubs globally.

Matcha Capital takes on Pakistan with investment in BitBlaze crypto exchange

Matcha Capital takes on Pakistan with investment in BitBlaze crypto exchange

Matcha Capital, a Blockchain crypto investment fund based out of Europe, soon to be opening its offices in Dubai  UAE within DMCC ( Dubai Multi Commodities Centre) has made a significant investment in BitBlaze crypto exchange start-up, which will be launching its presence in Pakistan.

Omar Rahim, Managing Partner of Matcha Capital stated on LinkedIN, “It has been a long time in the making but I am delighted to make public our investment into BitBlaze which will be launching a cryptocurrency exchange in Pakistan, the 5th most populous nation on earth!”

As per Rahim’s post BitBlaze will be powered by Binance Cloud.

Rahim who was previously the Regional Director for Binance in MENA is one of the first to invest in BitBlaze’s pre seed round, founded by Abdul Alim and Imran Rahim. Rahim will also take over the role as chairman of BitBlaze noting his prior experience in Binance. Matcha Capital when launched in  early 2022 had stated that the fund would be capped at around 60 million USD.

Dr. Marwan Al Zarouni, a leading UAE blockchain entrepreneur and expert and Founder of Dubai Blockchain Centre was also among the pre seed investors in BitBlaze.  

Rahim added on LinkedIn, “We were delighted to support Abdul Alim & Imran Rahim at the pre-seed stage. They’ve been working tirelessly in the background for months and I wish them all the best with their upcoming seed round”

Omar Rahim spoke to LaraontheBlock about this investment given the current bearish market. He noted, “ This is our biggest investment to date, even though the markets are reeling right now and many crypto companies are scaling back. Yet, we feel carefully planned investments can drive real value in these markets. These investments are great for the investor but more importantly great for the Startups because they are focused on building and not on token prices.”

As for why Pakistan, Rahim explains, “Pakistan continues to be a sleeping giant. As the 5th most populous nation on earth, the market is huge and in terms of crypto adoption is holds the top three position worldwide. People are just waking up to the potential that this exciting market offers and we want to lead the way in building crypto infrastructure in Pakistan.”

UAE Crypto exchange partners with RAK Bank to offer localized AED trading

UAE Crypto exchange partners with RAK Bank to offer localized AED trading

UAE RAK Bank has partnered with Kraken crypto asset exchange to offer virtual assets trading in AED using their local bank account.

As regulated by the Central Bank of UAE, RAKBANK will enable Kraken, which is licensed by Abu Dhabi Global Market (ADGM), to have their UAE-based clients fund their crypto account through local fund transfers from any bank in the UAE.  Kraken was the first global exchange to have received a full license to operate a regulated virtual asset exchange platform in the Abu Dhabi Global Market (ADGM).

Currently, UAE residents who trade virtual assets must use banks or foreign correspondents outside the UAE to fund their trading. As a result, they incur high foreign exchange costs and fees, experience long lead times (more than 24 hours) and are subject to overseas-jurisdiction asset governance. Through this innovative solution, UAE residents will be able to fund their account faster and at lesser costs, all while remaining within the UAE’s jurisdiction.

“We are proud to be the first UAE bank to enable Kraken, so that it can offer this solution to its UAE-resident crypto investors. This is another step towards our goal of making banking simpler and easier through innovation,” said Raheel Ahmed, Chief Executive Officer of RAKBANK. “The UAE is emerging as a global hub for the crypto and virtual assets industry. With this breakthrough solution, Kraken’s UAE-based investors will be able to transact in virtual assets transparently and efficiently through an ADGM-regulated crypto exchange that has the ability to convert between AED and crypto through UAE Central Bank-regulated banking channels. We are pleased to support the UAE’s vision of becoming a global hub for virtual assets. We believe this offering will enable a simpler, faster and cheaper solution for UAE residents.

“Kraken is one of the largest and most trusted virtual asset exchanges in the world,” said Benjamin Ampen, Managing Director for Kraken MENA. “Investors in the UAE will soon be able to directly participate and invest in the crypto market. Our solution is safer, more secure, more efficient and reduces costs. Alongside our partners at RAKBANK and under the pioneering regulatory oversight of the ADGM, we are about to make our vision of AED-denominated crypto trading in the UAE a reality.”

H.E Ahmed Jassim Al Zaabi, Chairman of Abu Dhabi Global Market (ADGM) said, “We congratulate RAKBANK and Kraken on this successful partnership that showcases the thriving virtual asset ecosystem of Abu Dhabi and the trust that financial institutions have in the ADGM’s regulatory framework. Today, as an International Financial Centre, we are the leading jurisdiction in the region for the regulation of virtual asset activities and we strongly believe that this partnership is a step forward that confirms Abu Dhabi’s role as a catalyst for virtual-asset innovation”.

End of 2022 31 percent of Saudi adult population will own cryptocurrencies

End of 2022 31 percent of Saudi adult population will own cryptocurrencies

Kucoin cryptocurrency exchange has revealed in a report “ Crypto Verse Report on adoption of digital currencies in Saudi Arabia” that 3 million Saudi Arabians are crypto investors who currently own cryptocurrencies or have traded in past six months. This means 3 million out of an adult population of 21 million  or 14 percent currently own cryptocurrencies.

The survey also found that another 17 percent of adult population surveyed, was crypto curious and are likely to invest in crypto in the next six months. This would be mean that by the end of 2022, 31 percent of Saudi adult population or 6.6 million will be trading or owners of cryptocurrencies. 

The report’s findings highlight sustainable interest among potential crypto investors in the Arab country. In the first quarter of 2022, 49% of crypto investors intended to increase investment in cryptocurrencies over the coming six months. The onset of the bearish market in the second quarter of 2022 saw a reversal of investor sentiment toward more conservative strategies related to the holding of cryptocurrencies. 

In the second quarter of 2022, 31% of crypto owners in Saudi Arabia said that they would keep their crypto balance as is rather than increase their investment. Investors with lower income tended to sell off a part of their portfolios during the same period.

The high proportion of new market entrants is unique to Saudi Arabia, as 76% of crypto investors have less than one year of experience in crypto investment, including 49% of those who first started trading cryptocurrencies in the past six months, suggesting strong demand for crypto education in the market. 51% of crypto investors invest because they believe it is the future of finance, while 44% believe that cryptocurrencies can bring them higher returns in the long run compared to other types of financial investment.

On the demographic side, 63% of crypto investors are men. The gender ratio has remained stable over the past months. In terms of age distribution, young crypto investors below 30 account for at least a third of the total and have increased to 37% in the second quarter of 2022. A slight difference is observed in the mindsets of men versus women, as 44% of male crypto investors say they do not want to miss the trend. On the other hand, women tend to hold a more practical mindset, focusing on realistic benefits. 48% of female crypto investors are motivated by its profitability in the long run, and 42% of females invest in crypto to gain passive income.

42% of Saudi crypto investors say they plan to use the profits to improve their families’ living conditions. Other goals include buying a new house, saving for retirement or emergency fund, and spending on other enjoyments such as traveling and shopping. In addition, 15% of crypto investors hope to live on the income from a crypto investment to be spared from work. Many are using the gains from crypto investment to grow their portfolio and reinvest, especially male crypto investors. 29% of crypto investors plan to start their businesses with gains, and 28% intend to reinvest the money into the financial market.

 Social media is the most popular source of crypto-related information, which 84% of crypto investors turn to when doing their research, particularly YouTube and Twitter. Online communities are also important influences for investors. 35% of crypto investors rely on the communities or Telegram for crypto-related information. 32% of investors prefer to consult their families and friends, while others research on their own, seeking information from various sources.

Almost half of crypto investors buy digital currencies using fiat and engage in spot trading every month, which involves trading, buying, and selling on the current market value as the only form of crypto trading that is considered halal by some scholars in the Arab world. Types of investment that involve interests and gambling, such as staking, futures trading, and margin trading, are less popular in the country. As the market goes bearish in the second quarter of 2022, 42% of crypto investors have adopted auto-trading solutions such as trading bots, 7% up from the previous quarter.

Investors search for excellent security and customer service when deciding which crypto exchange to use. The ability to be supported by secure and stable technology is a must-have for 40% of crypto investors, and 36% prefer the promise of repayment in the event of a security breach. In addition, the platforms’ efficient customer service is considered critical by 37% of respondents.

In 2021 Kucoin announced that users were able to buy USDT using United Arab Emirates Dirham through P2P fiat trading with the same for KSA as well. 

Crypto FX trading volume in MENA reaches 400 million USD

Crypto FX trading volume in MENA reaches 400 million USD

According to Saxo Bank press release utilizing data driven from its crypto FX platform, 400 million USD of crypto FX trading was recorded in the MENA region compared to global trading volumes surpassing 3.40 billion USD. These findings were recorded since the initiation of Crypto FX in May 2022.

Saxo Bank noted that Bitcoin and Ethereum were the most popular currencies being traded in the MENA region with 57 percent for Bitcoin and 40 percent for Ethereum. This is in line with global trading which puts Bitcoin-USD at 45 percent of crypto forex trading volumes and  Ethereum-USD at 44 percent volumes. 

Stanislav Kostyukhin, Commercial Owner, Trader, Saxo Bank, said: “These figures show the high interest in this nascent asset class within the region while also highlighting the confidence that investors have in our framework as the market continues to evolve.  Our crypto offering ensures clients have a fully compliant product, with best execution and best practice, an important framework in a space that is otherwise extremely volatile and unregulated.”

Damian Hitchen, CEO of Saxo Bank MENA, highlighted some of the major developments regionally which are helping to increase demand.  He said: “There is no doubt that the UAE is a leading global player in this space. We are seeing high levels of interest and trading from our own clients in this nascent asset class, and we understand the need to balance this increased demand for access with the regulatory and investor protections that are commonplace in more mature asset classes.

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.

UAE Based Sarwa now offers crypto trading service

UAE Based Sarwa now offers crypto trading service

UAE Sarwa, hybrid automated investment platform regulated by DFSA (Dubai Financial Services Authority) has now added crypto to its trading platform. Sarwa Crypto, a product of Sarwa Digital Wealth Capital Limited regulated by ADGM FSRA,  will offer four major cryptocurrencies, Bitcoin, Bitcoin Cash, Ethereum and Litecoin.

The statement on LinkedIn says, “We are super proud to announce that Sarwa is launching Crypto in our trading platform for clients. This latest product release comes after months of hard work.  Sarwa Crypto will allow users to trade crypto coins such as Bitcoin, Bitcoin Cash, Ether, Litecoin, and more to come in the future. In addition there is no account minimum and no transfer fees for local AED accounts.”

Co-Founder, Nadine Mezher commented, “People might ask, in this volatile market? Yes, absolutely. Our product offering is not tied to booms and drops. It’s about understanding the needs of our community and how we can provide them with investing within a safe environment. So we are starting with 4 currencies – the ones that were amongst the first to emerge, as a point of entry.”

Prior to this Sarwa offered within it portfolio exposure of 5 percent to Bitcoin through GrayScale Bitcoin Trust. This was under the regulation of ADGM in Abu Dhabi.

This latest announcement, for Sarwa Crypto, comes just after a few months of launching Sarwa Trade. The World Economic Forum placed Sarwa as one of the Top 14 Fintech shaping the 4th industrial revolution. UAE Dubai International Financial Centre invested in Sarwa, as part of a 100 million USD fund, to help companies seeking access to Middle East, Africa and South Asia. Even Abu Dhabi Investment Office invested as well in Sarwa.

In 2021 Saudi Arabia’s Capital Market Authority granted Sarwa FinTech ExPermit to experiment Robo-Advisory Service in the country.

Blockchain Expert Don Tapscott speaking at Blockchain Revolution Summit in Qatar

Blockchain Expert Don Tapscott speaking at Blockchain Revolution Summit in Qatar

Qatar will witness a blockchain revolution summit on the 26th of May 2022 at St. Regis Doha Qatar, with the participation of Dr. Don Tapscott, Executive Chairman of the Blockchain Research Institute, and well known as a leading Blockchain expert.

The summit is being organized by the Blockchain Research Institute Middle East, the first regional branch of Blockchain Research Institute based out of Qatar. The event is set to discuss opportunities to create industry solution frameworks and guidelines leveraging blockchain technologies to secure data, reduce costs and improve timelines.

The interesting highlights of this summit are the speakers and sponsors. Aside from Don Tapscott, speakers include Fadi Nasser, Chief Commercial Officer of Meeza Qatar. Meeza is also sponsoring the event. Nebil Ben Aissa, Chief Executive officer for Nexxo, a private equity investment network dedicated to FinTech is also participating.

In addition Khalid Al Ansari a Doctor of Law (JD) and a Ph.D. candidate in Islamic Finance and Economy at Hamad Bin Khalifa University in Doha, Qatar currently working on finalizing his Ph.D. dissertation in digital economy and blockchain, is also participating as a speaker.  

While both, Shahid A Syed, Head of Transaction Banking & Innovation Dukhan Bank and Mr. Gudni Stiholt Adalsteinsson Acting CEO Doha Bank & Chief Treasury & Investment Officer are also participating as speakers with Doha Bank sponsoring as well.

Dr. Ammar Darwish Al-Obaidani President of the Oman Blockchain Club (2017-2019) is also participating. Since 2019, he has been leading a government company that develops customized integrated digital solutions as a CEO (Frontier Technology LLC).

The significance lies in the level of participants which including the banking and academic sector as well as investors.

This summit comes at a significant time in Qatar. In April for example Qatar Airways announced  it has stepped into the metaverse with the launch of Qverse a Virtual reality experience for visitors on its website with MetaHuman cabin crew, called Sama giving virtual tours. Sama’s name originates from Arabic and translates to ‘sky’. She is a high fidelity digital human brought to life using Epic Games’ Unreal Engine, real-time 3D creation tool that’s used by leading game makers. Neutral Digital developed the VR experience for Qatar airways.

In addition Ooreedo Qatar, mobile telecom group, will be holding its EA Sports FIFA22 Champions Cup being entirely broadcasted in the metaverse and will offer exclusive NFT tokens. The tournament is taking place on May May 24, 25, and 28 at Aspire Ladies Sports Hall in Doha in front of e-Sports enthusiasts who will get the chance to see prominent gamers compete for the title.

Major FIFA and Qatari influencers will also attend the tournament, in addition to a plethora of entertainment and activities to ensure an unforgettable night. Ooredoo Nation – Gamers’ Land, the company’s own eSports brand, will also offer a selection of exclusive non-fungible tokens (NFTs).

“We are proud and excited to be venturing into the world of Web 3.0 technologies with this latest eSports development, which aligns perfectly with our strategic commitment to investment in innovation,” said Nasser bin Hamad bin Nasser Al Thani, Chief Commercial Officer at Ooredoo.

“We see eSports as one of the key areas of focus in this digital era, and an area in which we can explore the many opportunities to offer our customers an unrivalled experience.”

This comes after FIFA2022 announced that crypto.com will be sponsoring and AlGorand Blockchain will be a partner. It also comes after CoinMENA, crypto exchange announced it is serving clients in Qatar which prompted a reply from Qatar Central Bank noting that it has not licensed any crypto exchanges in Qatar and will take legal actions against any crypto exchange which claims to be operating with a license in Qatar. When questioned by LaraontheBlock Dina Semaan noted, “ People took this out of context, we never said we were licensed or regulated in Qatar, we said we now offer our services to Qatar, which could be from any location in the world and in this case from our licensed entity in Bahrain.” She added, “We can support all GCC countries and other MENA countries upon approval from Central Bank of Bahrain.”