Bitget Wallet in MENA region witnesses a 23% increase in daily active users after token launch

Bitget Wallet in MENA region witnesses a 23% increase in daily active users after token launch

Bitget Crypto Exchange a global cryptocurrency exchange and Web3 company and Bitget MENA, crypto exchange, successfully launched the Bitget Wallet Token (BWB) on its Launchpad with the MENA region witnessing a 23% increase in BWB daily active users after the launch. Bitget Wallet is a Web3 multi-chain wallets that includes wallet, Swap, NFT Market, DApp Browser, and Launchpad features.

The sale of the BWB token took place between June 1st and June 6th and was listed on Bitget spot market on the 6th as well. Offered was a total supply of 1 billion BWB tokens and a launchpad pool specifically set aside for BGB and USDT holders.

The BWB launchpad achieved remarkable success, with the token price surging from $0.15 to $0.6. (Source https://coinmarketcap.com/currencies/bitget-wallet-token/)

As a leading token launch platform, Bitget Launchpad enables users to participate in fundraising for promising and emerging projects, offering tokens in return.

Bitget wallet launched the Bitget Onchain layer, a blueprint for its future endeavors into Web3 positioning itself as both the on-chain extension and decentralized future of the Bitget ecosystem.

Bitget Wallet token BWB not only serves as the official native token of the Bitget Wallet, but it also plays a role in Bitget Onchain Layer. Powering the Bitget Onchain Layer is a $10 million BWB Ecosystem Fund that seeks to incubate and grow partnered projects building on the Bitget Onchain Layer.

The BWB token also empowers users allowing token holders to participate in decision-making processes. Users can also stake BWB tokens to earn rewards, further enhancing their overall yield.

In the future the token will be used for paying gas fees across multiple chains with the release of the Account Abstraction (AA) wallet.

Holders of BWB token will also gain access to Bitget Wallet’s Launchpad, Launchpool and Airdrop events. In addition, holding BWB will also qualify users for airdrops from projects building on the Bitget Onchain Layer, providing continuous value and benefits for holders of the token.

In early May 2024, Bitget Wallet reported on its 30-day growth which witnessed a 300 % growth in the MENA region. Countries in the MENA region such as Egypt and Saudi Arabia are among the top 15 countries for Bitget wallet downloads globally.

Sam Spiers, Regional Director Bitget MENA, “We are pleased with the success of the launch of BWB token on the Bitget exchange launchpad. The enthusiasm for the token is not surprising. Bitget crypto exchange token BGB is one of the top 5 CEX tokens in terms of market capitalization. The scope of BWB is vast as it will run the Bitget Wallet ecosystem which encompasses 25M users and counting.”

Alvin Kan, CCO of Bitget Wallet adds, “As our ecosystem continues to develop, the BWB token will play increasingly significant roles in empowerment and application within the Budget On Chain Layer, thus broadening its value discovery and recognition as ecosystem construction progresses.”

In March 2023, Bitget invested an additional $30 million into Bitget Wallet (previously known as BitKeep), thereby securing a controlling stake and catalyzing a comprehensive brand upgrade.

Bitget, has adopted a dual token system consisting of CEX token (BGB) and its Bitget Wallet token (BWB) allowing Bitget to extend its foundational ecosystem on-chain and off-chain to develop a solid Web3 future whose complementary roles within the Bitget ecosystem offer unique advantages for all stakeholders.

This improved dual token system also diversifies risk and offers flexibility. Each token can address risks specific to its platform. For instance, BGB can manage exchange-related risks, while BWB can focus on wallet-specific security and functionality. This creates a resilient system where any of the two platforms can always support the ecosystem by acting as a buffer against systemic risks.

As the next bull run approaches, Bitget Wallet (BWB) is being eyed as a potential 100X gem, with market analysts predicting the listing price could range between $0.50 and $1.00.

Customers of M2 crypto exchange can win big with token loyalty campaign

Customers of M2 crypto exchange can win big with token loyalty campaign

M2, the UAE regulated crypto exchange has launched a token loyalty reward program. By simply holding MMX tokens, users win a guaranteed share of up to 300,000 USDT. The campaign aims to reward al MMX token holder on M2 exchange.

The campaign, which runs March 8th to April 19th, offers participants the chance to win their share of a 300,000 USDT simply by holding MMX tokens in their M2 wallet.

How does it work? It is simple, hold a minimum of 200 MMX tokens in a M2 wallet to qualify for entry into the draws. The more MMX tokens held, the greater your chances of winning. Existing MMX holders are automatically eligible for the draw from the campaign’s launch date. New customers can join the campaign by purchasing 200 MMX tokens during the campaign period.

Weekly Draws Schedule:

• 15th March: 20,000 USDT draw – top prize 2,000 USDT

• 22nd March: 30,000 USDT draw – top prize 3,000 USDT

• 29th March: 40,000 USDT draw – top prize 4,000 USDT

• 5th April: 50,000 USDT draw – top prize 5,000 USDT

• 12th April: 60,000 USDT draw – top prize 6,000 USDT

• 19th April: 100,000 USDT draw – top prize 10,000 USDT

The campaign will conclude with a final draw on April 19th at the Token2049 event in Dubai, featuring a top prize of 10,000 USDT from a guaranteed prize pool of 100,000 USDT.

“Our MMX token promotion campaign underscores our commitment to rewarding our loyal community members and driving engagement within the MMX ecosystem,” said Stefan Kimmel, CEO of M2. “We’re excited to offer this exclusive opportunity to our valued MMX holders and look forward to seeing the positive impact it has on our community.”

To qualify for the MMX Loyalty Rewards, participants are required to hold their MMX tokens within an M2 wallet. All M2, MMX holders, whether existing or new, are eligible to participate in the campaign from the day of its launch subject to the exclusions specified in the Terms and Conditions. This inclusive approach ensures that all members of the MMX community have the opportunity to take part and potentially win big.

To participate in the campaign, MMX holders simply need to ensure they hold a minimum of 200 MMX tokens in their M2 wallet. Existing holders are automatically entered into the draw, while new customers can join by purchasing 200 MMX tokens during the campaign period.

This offer is from M2 Global Wealth Limited, a registered Digital Asset Business regulated and authorized by the Securities Commission of The Bahamas. It is not a product offered by M2 Limited; M2 Custody Limited, which is regulated and licensed by the Financial Services Regulatory Authority of Abu Dhabi Global Market.

BackPack raises $17 million to grow its crypto ecosystem

BackPack raises $17 million to grow its crypto ecosystem

The BackPack group continues to move from one success to another. After receiving its crypto exchange license in UAE, and expanding to 11 states in the USA, BackPack has now raised $17 million in a series A round led by PlaceHolder VC.

Other select strategic investors includedHashed, Robot Ventures, Amber Group, Wintermute, Selini Capital, Delphi Digital, and founders of leading web3 ecosystems such as Solana, Tensor, Jito, Zeta, Marginfi, Drift, Monad, Galxe, and other influential supporters worldwide.

Armani Ferrante, CEO of Backpack commented on the news states, “The history of finance is littered with scandals, but Backpack is doing things differently. Over the past year, we’ve set the foundation to build a crypto-native financial institution, and with the conclusion of this round, with trust minimization and compliance as foundational principles, we begin a new chapter for ourselves and, hopefully, for the rest of the industry.”

The Backpack ecosystem comprises several products and services, including the popular Backpack noncustodial wallet, Backpack Exchange, a fully regulated global cryptocurrency exchange with industry-leading speed, security and functionalities, and Mad Lads, currently the top NFT community in the Solana ecosystem. Backpack is also the creator and developer of Anchor, the Solana smart contract framework, the executable NFT (xNFT) token standard, and others.

Backpack’s strategic fundraising was led by Placeholder VC. “We’ve been impressed with Backpack’s ability to not only deliver high-quality applications, but also build a strong community around their ecosystem,” said Joel Monegro, General Partner at Placeholder VC. “After building a relationship with the team over the past year, we’re convinced they have the skill, ambition and drive to create one of the most trustworthy global exchanges in the industry with a strong focus on performance, compliance, and auditability.”

The round also attracted strong interest from other leading web3 ecosystem players. “The Backpack team is a great example of what happens when crypto natives are also strong builders. They understand that crypto is not just the underlying technology, it is also the culture that forms around it,” said Evgeny Gaevoy, founder of Wintermute, one of the largest liquidity providers in digital assets, “For me, Backpack is having the success I would expect, when a team figures out the intersection of tech and culture. I’m excited to see them continue to grow.”

Metamask crypto wallet partners with Egyptian Vodafone Cash

Metamask crypto wallet partners with Egyptian Vodafone Cash

MetaMask self-custody crypto wallet announced on twitter that it has partnered with several entities across the globe including Egyptian payment provider Vodafone Cash to offer new ways to onboard crypto around the world.

MetaMask stated, “We’ve unlocked new ways to onboard to crypto around the world! -Vietnam: VietQR, Mobile Money, Philippines: GCash, Indonesia: QRIS, Thailand: Thai QR, Egypt: Vodafone Cash and Chile: Webpay

MetaMask has introduced a new ‘sell’ feature on its mobile app, enabling users across the world to exchange crypto for cash easily. In Africa, the feature is available for Nigerian and Egyptian users.

Metamask also announced that it is offering local transfers in  in Vietnam, Malaysia, Japan, and South Korea.????

The partnership between MetaMask and Egyptian based Vodafone Cash is interesting given that Egypt has not legalized or regulated crypto trading and transfers.

The MetaMask wallet was downloaded the most in India and the United States, although 2023 data suggests growing popularity in other countries, most notably Brazil, Indonesia, Russia, India, and Nigeria.

In the Arab World, Metamask has been downloaded in Algeria, and Egypt.

MetaMask in December 2023 had 30 million users globally.

Although MetaMask is user-friendly, the wallet only comes pre-installed with the Ethereum network. Those wishing to add additional networks – such as Binance Smart Chain or Polygon, need to do this manually.  It doe not support Bitcoin.

MetaMask supports all cryptocurrency tokens on the Arbitrum, Optimism, Binance Smart Chain, Polygon, and Avalanche networks.

This comes as Egypt develops its CBDC ( Central Bank Digital Currency). In December 2023 Abdel Monem Al-Sayed, Director of the Cairo Center for Economic and Strategic Studies, noted that the state is prioritizing digital transformation. The aim is to decrease reliance on cash and printed currency.  

Egypt started on its CBDC project in December 2022. Egyptian Central bank announced that it was currently studying the implementation of CBDC (Central Bank Digital Currency) which should offer a safer and more secure replacement to current cryptocurrencies and the risks associated with them while making use of digital economy.

Trust Wallet a self custodial crypto wallet sets up base in UAE

Trust Wallet a self custodial crypto wallet sets up base in UAE

In an interview with Bloomberg News, Trust Wallet, self-custody crypto wallet, majority owned by the former CEO of Binance has announced its operations in the UAE both in RAKDAO (Digital assets Oasis) free zone in Ras Al Khaimah and in ADGM in Abu Dhabi.

According to Eowyn Chen, CEO of TrustWallet, “Trust Wallet operates from the free trade zone of Ras Al Khaimah, where it has a business license. The zone is also known as RAK DAO, for “Digital Asset Oasis,” and caters primarily to blockchain companies. RAK has “more flexible and better corporate treatment” for web3 companies.”

Chen moved to Dubai from Virginia in October, while the company will be based in Ras Al Khaimah, the sixth-largest city in the UAE. The company has about 80 employees worldwide with about 15 per cent to 20 per cent in the UAE according to Chen.

A separate company, DApps Platform, holds the intellectual property rights for the wallet service and is based in Abu Dhabi Global Market in Abu Dhabi.

According to Chen, Trust Wallet has seen growth in India, Pakistan, and business opportunities in the UAE.

Trust Wallet is a software-based crypto wallet service designed to let users self-custody the kinds of digital assets popular in decentralized finance applications.

Globally, the app-based service has 56 million downloads on iOS and Android, making it the most popular crypto wallet for handheld devices, according to Data.ai.

In her interview Chen described regulators in the UAE as having a “friendlier outlook toward crypto in general”. That gives Trust Wallet confidence about the likelihood of “reasonable regulation on decentralized finance.”

ADGM in Abu Dhabi announced recently that it will be amending its virtual asset regulations and introducing DeFi regulations in 2024.

Indian crypto custodian Liminal receives in principle approval from Abu Dhabi regulator at ADGM

Indian crypto custodian Liminal receives in principle approval from Abu Dhabi regulator at ADGM

In a press release, Indian based digital asset custodian and wallet, Liminal has been granted an In Principle Approval by Abu Dhabi’s Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a custody provider for Virtual Assets.

Liminal is working diligently to fulfill all the IPA conditions and meet FSRA’s stringent requirements to receive the Financial Services Permission (FSP).

As per Liminal, receiving the FSP from the FSRA will empower Liminal in extending its services as a trusted and reliable custodian for Virtual Assets within the ADGM jurisdiction and serve the broader MENA region. Liminal also recently launched its compliance solutions suite, with Notabene’s Travel Rule solution.

Earlier this year, in May, Liminal achieved another milestone by obtaining the TCSP License from the Hong Kong Companies Registry, enabling regulated digital asset custodial services in Hong Kong.

When Liminal secures the FSP from the FSRA, it will play a vital role in the Web3 ecosystem in the UAE, expanding its product and service offerings for the MENA region. Liminal will offer institutions a comprehensive suite of services designed to safeguard their virtual assets effectively.

Manan Vora, Senior VP of Strategy & Business Operations at Liminal, expressed enthusiasm about the IPA, stating, “ADGM has established itself as a thriving hub for innovation, growth, and maturation of the Web3 ecosystem. Their dedication to formulating clear and comprehensive regulations has created a trusted and secure environment for investors and Web3 enterprises. Recognizing the escalating demand for secure custody services in the MENA region, we took this strategic step to cater to the industry’s evolving needs. The IPA marks a significant leap forward in our mission to provide institutional-grade custody services for the digital asset industry. We are genuinely thrilled to contribute to the growth of this emerging market. After setting up an entity in Abu Dhabi, our next step is to obtain the FSP, and work closely with the ADGM team to provide regulated custody operations.”

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We extend our congratulations to Liminal on being granted the IPA from the FSRA of ADGM, which paves the way for them to become fully operational in ADGM as a premier custody provider for virtual assets. As an international financial center of the UAE’s capital, ADGM’s vision for fostering a dynamic and trusted financial ecosystem prioritizes upholding the highest standards of security, innovation, and regulatory compliance. Liminal’s capabilities and dedication align seamlessly with ADGM’s goals and reinforce our commitment to driving the growth of the digital asset space in Abu Dhabi and beyond. We anticipate witnessing Liminal’s positive impact on the market and its contribution to the advancement of virtual asset services.”

Jehanzeb Awan, Founder & CEO, J. Awan & Partners, praised Liminal’s commitment and said, “It’s truly impressive to witness Liminal’s dedication to regulatory compliance and their unwavering service to the digital asset industry. Our joint efforts in undergoing stringent screening procedures and audits have culminated in a significant milestone with the issuance of the IPA. I am confident that Liminal will continue to set new standards in the virtual asset custody space, while fostering innovation in ADGM’s rapidly emerging market.”

In its commitment to delivering regulated and compliant custody solutions in the Middle East, Liminal is pleased to welcome Dr. Bhaskar Dasgupta, Veteran Business Strategist, to Its Board in Abu Dhabi. Dr. Dasgupta is highly regarded for his contributions to ADGM, and has been instrumental in revolutionizing cryptocurrency regulation on a global scale. In the past, he has also held distinguished positions as the Chief Operating Officer of UK Export Finance and held leadership positions at esteemed financial institutions, including HSBC, ABN AMRO, Citigroup, and PwC.

BackPack XNFT wallet receives regulated crypto exchange license in UAE

BackPack XNFT wallet receives regulated crypto exchange license in UAE

BackPack Web3 non custodial XNFT wallet has received a full license by Dubai Virtual asset regulatory authority allowing it to run a regulated crypto exchange in UAE. BackPack,which was considered one of top 30 best crypto wallets in 2023 was developed by Coral. It offers XNFTs built on Solana Blockchain.

Backpack Exchange is set to launch in private beta for its community members in November before going live to the public in Q1 2024. UAE based Trek Labs Ltd FZE, will launch under the name Backpack Exchange. This license only covers Backpack Exchange and not any of the other virtual asset products and services offered by Backpack.

xNFTs are a different type of non-fungible token, that combine use cases of NFTs and applications in one asset. xNFT stands for executable non-fungible token, meaning it is a unique digital item that can run code inside it.

The XNFT is new, programmable non-fungible token (NFT) standard that act as Web3 applications, built on Solana by the developers at Coral which is part of The WAO Company. xNFTs allowing users to interact with their NFTs and use them for more than just collectibles on the blockchain. Their unique feature is to enable applications to run natively inside the NFT. For example, an xNFT lets users play a game, listen to music, or access a DeFi protocol, all within one open, programmable system built for Web3. You can also have a xNFT that updates itself based on external data or events.

The combination of Backpack Exchange and Backpack Wallet (which is currently an unregulated product) is designed to provide the smoothest transition for users from fiat to on-chain applications. While Backpack Wallet users already have access to a variety of dApps and executable NFTs (xNFTs) unique to Backpack, they will now be able to conduct trades on the exchange directly in the app.

Coral is also the company behind Mad Lads which is the Number 1 NFT collection on Solana. Backpack’s CEO and founder, Armani Ferrante, managed to navigate the challenges posed by the collapse of FTX, after which Coral lost approximately $14.5 million of FTX’s investment in a $20 million funding round backed by FTX Ventures.

Over the past five months, Backpack Exchange has developed a next-generation exchange that incorporates a novel zero-knowledge proof of reserves (zk-proofs), Multi-Party Computation (MPC) for custody, and low latency order execution, while also securing licenses in several jurisdictions worldwide and establishing premium fiat on and off ramps for users.

A VARA Spokesperson noted, “Dubai’s VA sector is fully regulated and VARA’s founding principles have been anchored on the need to structure guardrails for market security while remaining progressive and responsive to innovation. To this end, the licensing process is rigorous in its evaluation of suitably qualified ‘responsible’ participants that can serve as the UAE’s bar for convergence across global jurisdictions. In keeping with Dubai’s repute as a preferred global hub for entrepreneurship, Backpack Exchange must be recognized for their commitment to prioritize investor protection and risk assurance, and VARA appreciates their readiness to fulfill necessary prerequisites that has made them among the first VA exchanges to secure a full market license within the VARA regime”.

Armani Ferrante, CEO and Founder of Backpack, stated: “It’s time to put an end to the days of opaque crypto exchanges representing everything our industry stands against. It shouldn’t be normal to use an exchange with a single point of failure, without proof of reserves, or without auditability. A verifiable, unforgeable ledger is the exact problem blockchains solve, and Backpack Exchange is taking full advantage of that. Using cryptographic techniques like zk-proofs, MPC, and state machine replication, Backpack Exchange hopes to raise the bar for transparency and compliance to demonstrate the best this technology has to offer. Don’t trust, verify.”

Backpack Exchange will launch in private beta for existing Backpack and MadLads community members this November. The beta will feature spot crypto trading functionality. The exchange is set to go live to the public in Q1 of 2024. The Backpack Exchange team will be working to add in various trading functionalities such as derivatives, margin, cross-collateral while its compliance team, with decades of experience from Barclays, State Street, HSBC, Coinbase, and other prominent financial institutions continues to secure additional licenses around the world.

Singapore based crypto asset custodian applies for license in ADGM

Singapore based crypto asset custodian applies for license in ADGM

According to a recent news piece in Khaleej Times, Liminal, a crypto custodial wallet platform has applied for a license at Abu Dhabi Global Market (ADGM) in an effort to offer regulated service in the region.

Liminal which claims to have processed crypto transactions worth $5.6 billion on its platform, with over $550 million worth of assets under protection, believes that people will use digital assets either as part of investment or a part of underlying fundamental technology.

Mahin Gupta, Founder, Liminal stated to Khaleej Times, “Regulation will become uniform across the globe. UAE has taken a first mover advantage in the field of digital asset regulation, with much clarity. They have a clear idea about how they want to look at Metaverse, how they want to look at trading, how they want to look at custody and how they want to look at blockchain as a service and blockchain as a platform for other applications.”

Liminal in the past month has advertised for the position of Finance Officer based out of Abu Dhabi ADGM.  Prior to that Liminal partnered with Dubai based payment gateway platform Magik Labs. Through this partnership, Liminal would empower Magik Labs to create a series of transit payment wallets to receive payments from their users. These payments will then be converted to desired tokens or NFTs via connectivity to other decentralized exchange (DEX) aggregators, over the counter (OTC) desks or trading platforms. Liminal’s MPC hot wallets will enable transit wallet addresses and provide automation of transaction flows.

At the time, Manan Vora, senior vice president, strategy and operations at Liminal had noted, “Our partnership with Magik Labs is a part of our continued efforts to strengthen Liminal’s position in the Mena region as the first choice of businesses for digital wallet infrastructure services.”

According to Gupta there are about 400 digital asset businesses in the UAE, and this number will cross 1000 by the end of 2023.

Liminal is focused on Asia-Pacific and Mena regions, and is running on an accelerated growth trajectory by growing aggressively in client acquisition, especially in markets like South Korea, Hong Kong, Japan, Africa (Nigeria), Indonesia, India and Dubai.

Bahrain Crypto trading platform partners with Open Banking platform for fiat crypto payments

Bahrain Crypto trading platform partners with Open Banking platform for fiat crypto payments

MENA Tarabut Gateway, an open banking platform has partnered with Bahrain’s crypto trading platform RAIN to bring faster, cost effective fiat to crypto transactions to Bahrain users, allowing crypto payments directly from user bank accounts all on RAIN platform.

The new feature will utilize Tarabut Gateway’s open banking payment solutions to facilitate on and off-ramp (fiat-crypto-fiat) transfers for users, dramatically increasing speed and reducing errors associated with traditional bank wire transfers. The introduction of this new feature is in line with Rain’s strategy to provide the most premium and seamless crypto wallet experience for its MENA users. 

Abdulla Almoayed, Founder and CEO of Tarabut Gateway, said, “We’re delighted to unveil a solution that aims to make fiat-to-crypto transfers quicker, more secure, and cost-effective – as well as enable such funding methods directly from bank accounts. Our partnership with Rain is a perfect cross-sector synergy, made possible by Bahrain’s advanced open banking ecosystem. Crypto trading, wallets, and other blockchain use cases are natural allies in opening up traditional banking and finance. We are proud to partner with Rain to provide a user-focused approach to crypto services by bringing the advantages of open banking digital solutions.”

Joseph Dallago, Chief Executive Officer of Rain, added, “Our partnership with Tarabut Gateway unlocks a new era for crypto assets adoption in the region. Through quick and efficient deposit mechanisms, crypto traders on Rain’s platform will now be able to seamlessly fund their accounts and capitalize on market movements. The integration with Tarabut Gateway cements Rain’s premium product offering in the region.”

Bahrain has been at the forefront of crypto payments in the region with examples of EazyPay and BinancePay partnership in Bahrain. 

MENA based Arts DAO NFT community partners with Crypto wallet provider Ledger

MENA based Arts DAO NFT community partners with Crypto wallet provider Ledger

MENA based Arts DAO (Decentralized Autonomous Organization) and NFT and Web3 community with presence in UAE, has partnered with Ledger, a digital asset storage provider, to offer hardware crypto wallet solutions to its members. 

Arts DAO is currently investing in blue-chip NFTs, supporting major corporations with their Web3 strategy, and backing great founders building in Web3.

France-based Ledger, which employs more than 800 people has sold more than five million devices to customers in 200 different countries and is responsible for securing 20 percent of all crypto assets stored globally as of today.

‘100 Ledger NFTs,’ the first Ledger NFTs ever released, were part of a limited-edition collection created by Arts DAO to honor this groundbreaking partnership. Additionally, Arts DAO provided community members with branded ledgers, allowing NFT owners to claim a physical Ledger hard wallet.

“Ledgers are a so-called ‘cold storage’ solution,” explains Danosch Zahedi, Co-Founder of Arts DAO. “People are always looking for safer places to store their cryptocurrency, and thanks to decentralized finance, anyone with a cold storage wallet may basically act as their own bank. This is crucial in light of recent market volatility in the cryptocurrency space as well as future-defining events like the FTX collapse.”

According to Anas Bhurtun, Co-Founder of Arts DAO, “Dubai has constantly shown its dedication to the virtual economy, with historic regulatory developments providing a framework for companies dealing with digital assets like cryptocurrencies and NFTs.”

As explained by Ledger, what you actually own when you purchase a cryptocurrency is a “private key,” a vital piece of data required to approve outgoing transactions on the blockchain network. Anyone who is aware of this key may use the related funds. There is no bank or other organization to back you up or provide you with a replacement if your private keys are lost, stolen, or if you keep them on a device that malfunctions. As a result, you lose access to your cryptocurrency.

Arts DAO advises clients to use a hardware wallet solution, where your private keys are kept offline in a hardware wallet so only you have access to them. As a result, your wallet is no longer at risk of being compromised by hackers who can’t get to the device or the private keys inside. Even if a hacker manages to take over your computer, they won’t be able to access your crypto assets by stealing your private keys if you have a hardware wallet. The risk of hacking is reduced because your private key is stored offline.

Arts DAO is looking to expand into many more avenues with their clients, including blockchain gaming, blockchain streaming and music, and digital fashion. The two main pillars of Arts DAO are community and consulting. With hundreds of members as of today and rapidly growing, the community is bringing together the Middle East’s largest Web 3.0 community.