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.”

UAE HAYVN investors Deus X Capital buy out shareholders and appoint new CEO

UAE HAYVN investors Deus X Capital buy out shareholders and appoint new CEO

UAE HAYVN investors, Deus X Capital, a $1 billion family office has agreed to buy out HAYVN digital assets infrastructure provider and appoints Richard Crook as new CEO. Deus X Capital will purchase the business brand, technology, clients and staff from other HAYVN shareholders.

The parties have agreed to the asset purchase, subject to completion.

As per the press release, the deal provides the opportunity to recapitalize and reinvigorate the business as it seeks to consolidate its presence in the Middle East, while allowing for growth globally.

In addition, Richard Crook has been appointed interim CEO of HAYVN with a focus on growing the business and realizing the global opportunities ahead of it. Ahmed Ismail, Board Member & Co-Founder of HAYVN had told LaraontheBlock that they would be appointing a new CEO in December 2023.

Crook joins HAYVN following more than 25 years in the digital assets and investment banking industries, including roles such as COO of BCB Group, the digital assets payments business, and Head of Emerging Technology at investment bank RBS after serving in senior management roles at UBS.

Tim Grant, CEO, Deus X Capital, speaking on the asset purchase stated, “HAYVN is an innovative business at the forefront of the movement to a democratized financial system. We are committed to providing institutional clients with the critical services they need to capitalize on the existing and growing opportunity in digital assets, while continuing to build and develop new capabilities. HAYVN is core to our strategy and represents another pillar of our commitment to the Middle East region.”

Richard Crook, interim CEO, HAYVN, said: “I am delighted to join a business that has already established itself as a leader in financial technology and a fundamental pillar of the digital assets ecosystem. The digital assets industry is growing at a rapid pace as it continues to converge with traditional financial services, and I look forward to ensuring that HAYVN is central to that growth as we build on our success.”

This comes after the ousting of their previous CEO under difficult circumstances.

From UAE to Turkey Crypto exchange OKX expands in MENA

From UAE to Turkey Crypto exchange OKX expands in MENA

After OKX received its crypto exchange VASP license from Dubai UAE through VARA ( Virtual Asset Regulatory Authority), the crypto exchange now receives a license in Turkey. OKX TR, will provide Turkish users with a trusted, compliant and transparent gateway to crypto trading and decentralized finance. The OKX Web3 Wallet is currently available in Türkiye through OKX’s global platform.

With the launch of OKX TR, users have access to enhanced localized features, including Turkish Lira direct deposits and withdrawals from banking partners such as: Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank and Türkiye Finans. The OKX TR team also offers 24/7 local customer support in Turkish and English, ensuring users receive timely assistance and comprehensive guidance when needed.

Also available is OKX Wallet, a non-custodial Web3 wallet that provides access to a user-friendly self-custody portal to trade NFTs, use dApps, and more. It’s the first wallet to feature both Multi-Party Computation (MPC) technology and Account Abstraction (AA) features, which paves the way for wider adoption among less technical users.

OKX President Hong Fang said: “The official launch of OKX TR is a significant milestone in our global expansion strategy. With a crypto adoption rate close to 50%, Türkiye represents a very dynamic and promising market for the industry as it continues to develop. The population’s high level of engagement and understanding of digital assets makes it an ideal environment for OKX, and we’re strongly committed to helping continue to grow this already vibrant ecosystem.”

OKX TR Board Chairman Mehmet Çamır said: “The launch of OKX TR is a testament to our belief in the country’s huge potential for growth and our commitment to the market. Already a global leader in crypto trading, Türkiye is also in a prime position to grow in the decentralized finance space. We’re excited to support this development, and firmly believe that our presence here will play a pivotal role in nurturing Türkiye’s emergence as a Web3 innovation hub.”

New crypto broker license on the way for DKK partners with initial approval from Dubai VARA

New crypto broker license on the way for DKK partners with initial approval from Dubai VARA

DKK Partners FZE, subsidiary of DKK Partners a fintech company, has announced that it has been granted an initial approval by the Dubai Virtual Assets Regulatory Authority (VARA) for crypto brokerage dealer services.

DKK Partners FZE will continue to work towards acquiring a full Virtual Asset Service Provider crypto broker license from VARA.

The VARA initial approval allows DKK FZE to move forward in the licensing process as they look to offer corporate and institutional customers in Dubai and the UAE access to stablecoin blockchain technology, utilizing USDT and USDC.

Khalid Talukder, Co-Founder and CEO of DKK Partners, stated, “It is an incredibly exciting time for DKK in the Middle East and securing the VARA Initial approval will enable us to continue making a splash in the region. Our expansion to Dubai last year was a huge success and we’re looking to extend our influence in the market by strengthening our compliance and innovation in the Virtual Asset space. This license is a game-changer for DKK and the digital asset landscape in Dubai empowering businesses to confidently engage in blockchain technology, benefiting from the stability of stablecoins and the regulatory framework.”

Victoria Albergini, Head of Partnerships for DKK Partners FZE in Dubai added, “Since our launch last year, DKK Dubai has gone from strength to strength and is now in a prime position in the rapidly evolving digital asset landscape. The VARA initial approval enhances our ability to serve the unique needs of corporate and institutional customers.”

Digital asset investment firm launches Shari’ah compliant crypto Fund

Digital asset investment firm launches Shari’ah compliant crypto Fund

Netherlands-based investment firm, The Growth Capital, has partnered with Shari’ah Review Bureau (SRB) as its Sharia advisor to oversee its investment activities in digital assets, particularly cryptocurrencies, through the TGC Trading Fund.

The Growth Capital views digital assets as catalysts for revolutionary changes in global finances. Omid Rahimi, CEO, emphasized the company’s commitment to leveraging its full licensing in the Netherlands to bring about positive transformations in the financial investment community. Obtaining Sharia compliance certification is a significant milestone for The Growth Capital, enabling the company to offer the Muslim community exposure to digital assets with regulatory adherence and Sharia assurance.

The Growth Capital has proactively established a fund dedicated to investing solely in Sharia-compliant cryptocurrencies, employing a long-term appreciation strategy. Omid Rahimi highlighted the collaboration with SRB, citing their extensive experience working with asset managers, blockchain, and fintech companies as a strategic move to focus on private Islamic investors and provide them exposure to Sharia-compliant digital assets.

SRB, renowned for its end-to-end Sharia advisory solutions, offers centralized services for Sharia supervision, functionality, and swift product certification.

This approach not only streamlines the process for global Islamic financial establishments and fintech startups but also reduces overheads associated with Sharia scholarly tasks.

Yasser S. Dahlawi, Founder and CEO of SRB, acknowledged the growing trend in the investment community towards alternative investments in the digitized asset class, emphasizing how SRB’s Sharia assessment of the assets, controls and audit services align with the unique nature of non-traditional products. Dahlawi concluded by expressing how their collaboration with The Growth Capital supports the firm in maintaining focus on critical investment functions while ensuring ongoing Sharia compliance.

Prior to this MRHB Network partnered with Shari’ah Review Bureau (“SRB”), a Bahrain-based Shari’ah advisory firm, to independently assess and review its new product EMPLIFAI (Earnings Amplified with Algorithms & AI) which aims to provide Sharia-compliant passive income.  

UAE Phoenix Group crypto self-mining business witnesses 480% YOY growth  

UAE Phoenix Group crypto self-mining business witnesses 480% YOY growth  

Phoenix Group UAE a multi-billion-dollar tech powerhouse headquartered in the UAE focusing on blockchain, crypto, and tech revolution and boasting a 725MW mining operation, announced exceptional financial performance for 2023. Fueled by a robust vision for the future, the Group saw remarkable achievements across core business verticals, making significant strides in 2023 capped off with a landmark IPO on the Abu Dhabi Stock Exchange.

As per a press release, the company’s core hosting and crypto self-mining businesses witnessed substantial growth year on year growth of 119% and 480%, respectively. This success stemmed from strategic partnerships with high-net-worth individuals (HNWIs), power supply companies, and mining equipment manufacturers, solidifying a foundation for continued growth in the coming years.

In addtion the company witnessed 50% growth in net income year on year reflecting the overall financial strength of Phoenix. Impressive revenue growth in hosting and crypto self-mining, coupled with strong performance from digital asset investments and associate investee companies, fueled this remarkable result.

“Our success has been impressive, but 2024 promises to be truly transformative. With ambitious plans and an unwavering commitment to excellence, the group is poised to redefine success, not just in the UAE, but on a global scale”, said Seyed Mohammad Alizadehfard (Bijan), Co Founder and Group CEO.

Phoenix recently announced the acquisition valued at more than half a million dollars ($577,074) in one of its related parties, Phoenix Technology Solutions B.V. based out of the Netherlands.

UAE Phoenix Group  grows exposure in Europe with $577,074 acquisition

UAE Phoenix Group  grows exposure in Europe with $577,074 acquisition

UAE Phoenix Group, a Web3 holding group, which has major investments in crypto mining, blockchain projects, and a UAE crypto exchange M2 has confirmed its acquisition valued at more than half a million dollars ($577,074) in one of its related parties, Phoenix Technology Solutions B.V. based out of the Netherlands.

As per Board decision documents, the Phoenix Group board believes that the acquisition will increase the company’s and group’s visibility in the European market and serve as a direct marketing medium in European market.

The acquired private company Phoenix Technology Solutions B.V. is located in Amsterdam and is active in the wholesale industry in computers, peripherals and software.

Phoenix Group has been investing heavily in several sectors over the past year. This is not the first half a billion investment, earlier this year UAE Phoenix Blockchain, crypto mining group purchased a total of $567 million of Bitcoin mining Hardware.

Phoenix Group PLC, also strategically invested in Lyvely, a UAE-based platform poised to reshape how creators and consumers interact and monetize online.

In November 2023 Phoenix Group, carried out the first crypto mining entity IPO in listing on the Abu Dhabi Stock Exchange.

Since then it has invested in M2 the first locally launched licensed crypto exchange out of Abu Dhabi UAE.

Phoenix Group has expanded its market presence with a crypto mining facility in Oman, and now seems to be expanding its presence and exposure in Europe.

Onramp Money and Metamask offer crypto purchases in UAE currency

Onramp Money and Metamask offer crypto purchases in UAE currency

In a recent X statement, Onramp Money a provider of fiat-to-crypto onramp solutions, offering a seamless and secure way for users to trade cryptocurrencies using their fiat currencies, and self-custodial crypto wallet Metamask announced that users in the UAE can buy 300 + digital assets using the AED currency directly through Metamask.

As stated, “Breakthrough in the UAE, Now users I the UAE can buy 300+ digital assets with AED directly within metamask using OnRamp Money.”

his integration allows MetaMask users in the UAE to buy over 300 digital assets with Emirati Dirham (AED) directly through the MetaMask mobile app and Portfolio Dapp, facilitated by instant bank transfers.

As per a blog post, Onramp Money’s integration provides a seamless, fast, and secure method to access web3 and acquire tokens conveniently, without the need to navigate the complexities of centralised crypto exchanges.

The Blog post adds, “The integration with Onramp Money in MetaMask to support Emirati Dirham (AED) is a pivotal development for the cryptocurrency industry in the UAE, especially in Dubai. It signifies a major leap in making digital asset transactions more accessible, efficient, and integrated into everyday financial activities.”

This is not the first announcement that Metamask makes in an Arab country. In December 2023, MetaMask self-custody crypto wallet announced that it had partnered with several entities across the globe including Egyptian payment provider Vodafone Cash to offer new ways to onboard crypto around the world.

Metamask has currently 30 million users.

Nakamoto enters Saudi Arabia to drive Web3 Blockchain gaming

Nakamoto enters Saudi Arabia to drive Web3 Blockchain gaming

Thailand based, Nakamoto Games is entering the Saudi Arabian market through four key partnerships that will include the launching of tournaments, hackathons, educational content in a drive to increase adoption o Web3 Blockchain gaming. Nakamoto will be collaborating with Arabian Gaming Guild.

According to the press release, this initiative marks an important step for the play-to-earn arcade gaming platform as it enters the Middle East’s largest market.

Nakamoto and Arabian Gaming Guild will bring a series of GameFi tournaments to Saudi Arabia, anticipated to be some of the most substantial play-to-earn events in the region. This effort is expected to drive further adoption of Web3 gaming among local players.

Education plays a critical role in Nakamoto Games’ strategy, with a partnership with Yalgamers designed to inform the local population about blockchain gaming benefits. This includes campaigns on crypto, GameFi, and play-to-earn mechanisms, with support from the Arabian Gaming Guild for streaming and onboarding.

Local offline gaming events are also on the agenda, facilitated by Nakamoto Games’ partnership with GamifierSA. These tournaments, hosted in top gaming stadiums across the region, aim to draw large audiences and feature well-known Saudi players on the blockchain gaming platform.

In addition, there are plans for a series of hackathons focused on blockchain game development is planned in collaboration with HackathonX. These events, expected to be the largest in the region, will be supported by notable Saudi media and the government, with the goal of introducing new games to the Nakamoto Games platform through these Web3-centric hackathons.

Aquanow receives crypto broker license from VARA in Dubai

Aquanow receives crypto broker license from VARA in Dubai

Canadian based Aquanow ME FZE local UAE entity, a digital assets liquidity infrastructure provider, has received a full virtual asset service provider license from Dubai Virtual asset regulatory Authority (VARA).

The license which is currently pending, will allow Aquanow to offer crypto broker dealer services as well as investment services. Aquanow will also be able to offer crypto lending and borrowing services.

Aquanow has been operating crypto infrastructure at scale since 2018.

In January 2023, Aquanow and Gate.io, a global cryptocurrency exchange with over $6B in daily volume, entered into a partnership to build global liquidity for the next wave of blockchain projects.

In June 2023 Aquanow, announced that it had received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA), while it undertakes the in-depth process of applying for a license in accordance with VARA requirements.

Aquanow is a global leader in digital assets infrastructure and is a facilitator for cryptocurrency trading in over 50 countries. Aquanow ranked amongst the fastest growing companies with a four-year revenue growth rate of 1,842%, according to the Deloitte Technology Fast 500 list.

“Dubai’s D33 vision of emerging as a top global financial center and major hub of innovation, testing, and commercialization of new technologies was a key factor in making the Emirate the centerpiece in our international growth efforts,” said Phil Sham, Aquanow Co-Founder and CEO. “We look forward to enabling a range of crypto use cases, and contributing to the region’s efforts that are leading the virtual assets industry in balancing consumer protections with world-changing technology.”

With this VARA has awarded OKx, CoinMENA and several other crypto exchanges and brokers in the UAE licenses to start their operations in a regulated manner.

Article updated with quote at 7:50 UAE time.