First Solana and now BridgeTower set up Blockchain digital asset platforms in UAE

First Solana and now BridgeTower set up Blockchain digital asset platforms in UAE

Deus X Capital, a $1 billion family-office backed investment and operating company and Bridgetower Capital, a leading provider of digital asset and blockchain infrastructure with $800 million, have partnered to launch BridgeTower Middle East in ADGM (Abu Dhabi Global Market) in the UAE.

Tim Grant, CEO of Deus X Capital, and Cory Pugh, CEO of Bridgetower Capital, will lead the newly formed entity that is the first of many expected partnerships between the two companies.

The company which will also have a presence in Dubai is set to launch and operate an institutional grade digital asset infrastructure platform to facilitate the rapid growth of digital assets business in the UAE and Middle East/GCC Region.

The company is self-funded and brings more than $250 million of delegated assets for turnkey staking, alongside years of digital asset and capital deployment experience and resources available through Bridgetower and Deus X.

BridgeTower ME will offer turnkey institutional staking, a secure service that will see Bridgetower ME validate transactions across some of the world’s largest blockchains that it is bringing to the region.

It will also offer advanced data center capabilities including AI GPU services over blockchain networks. Bridgetower ME will produce and distribute AI GPU compute power generated from its proprietary bare metal server infrastructure and data center capabilities.

In addition the platform will also offer private equity/venture building facilitation, to support and grow the blockchain digital asset ecosystem in the UAE region, and its customizable Web3 commerce platform, to service prominent brands who are evolving products and services into digital asset opportunities.

This includes participation by large global consumer brands, global art markets, and partnerships with global sports clubs, associations and athletes amongst others.

It is anticipated the Board of Directors will utilize long-term capitalization options aligning with its commitment to the country, including liquidity events such as a public listing on the Abu Dhabi stock exchange, ADX.

“Staying true to our road map of global expansion and partnering with top companies, it’s a rare privilege to see Deus X and Bridgetower partner to create Bridgetower ME as one jointly owned, Abu Dhabi entity,” said Bridgetower Chairman and CEO Cory Pugh. “We will bring substantial assets forward to the newly formed Bridgetower ME. We have tremendous respect for the UAE business culture and regulatory approach to digital asset infrastructure and look forward to investing resources to both incubate and bring new opportunities to the UAE.”

“We are delighted to have the opportunity to work with Abu Dhabi to incorporate a company that is solely focused on making the country the global leader in digital assets and fintech,” said Deus X Capital CEO Tim Grant. “Our mission is to help bring about a new financial ecosystem that is cheaper, fairer and more accessible for everyone, and this is an enormous opportunity to help achieve that goal in the region.”

Arvind Ramamurthy, Chief of Market Development at ADGM said “Bridgetower ME is making exciting moves as they look to strategically contribute to the development of the digital asset infrastructure in the UAE and throughout the MENA region, by establishing their presence in Abu Dhabi. ADGM’s comprehensive regulatory framework for digital assets provides a solid ground for leading players in this sector and creates a business-friendly environment for their development and operations expansion. We look forward to Bridgetower ME participation in ADGM’s vision of technological innovation and excellence, and its contribution to positioning Abu Dhabi as a global hub for digital assets.”

This announcement comes after Solana also set up its presence in ADGM announcing a partnership to enhance distributed ledger technology and blockchain innovation.

The Solana Foundation is a non-profit organization dedicated to decentralization, adoption, and security on Solana network.

As per the press release, the collaboration between ADGM and the Solana Foundation will further expand ADGM’s existing offerings by exploring opportunities for joint initiatives and projects related to the development of the blockchain company ecosystem in Abu Dhabi.

Hamad Al Mazrouei, CEO of ADGM Registration Authority, stated, “Our strategic alliance with the Solana Foundation marks a key milestone in cementing ADGM’s leadership in the blockchain sector, and represents a direct reflection of the effectiveness of our DLT Foundations Framework and our commitment to the growth and the development of the blockchain sector. We are excited to partner with Solana to pioneer the future of technology, and further enhance the level of knowledge in the space of blockchain by emphasizing the value of regulation and compliance in ensuring robust and sustainable development. We are confident that this significant collaboration will lead to bolstering the blockchain ecosystem and driving further innovative initiatives in Abu Dhabi and the UAE.”

The UAE has emerged as a global hub for innovation and adoption of blockchain technology, said Lily Liu, President of the Solana Foundation. “Working closely with ADGM is a significant step forward in the continued growth of blockchain adoption in the region as a whole, and advances the Solana Foundation’s goal of fostering innovation, security, and widespread adoption on the Solana network in the Middle East.”

In November 2023, IOTA DLT Foundation announced that it had been registered as the first foundation under the DLT Foundations Regulations at ADGM ( Abu Dhabi Global Markets.

Phoenix group’s IPO to be the first crypto blockchain IPO in UAE

Phoenix group’s IPO to be the first crypto blockchain IPO in UAE

UAE Crypto mining entity Phoenix Group announced on Linkedin, their eminent preparation for a landmark IPO (Initial public offering) on the Abu Dhabi Securities Exchange.

As noted on LinkedIn, “We’re thrilled to announce that we are gearing up for a landmark Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange. As a pioneering technology conglomerate specializing in cutting-edge blockchain and crypto solutions, this marks a significant milestone for us and the UAE. We’re the first crypto and blockchain entity to be listed in the #UAE.”

Founded in 2017 by Bijan Alizadeh and Munaf Ali, Phoenix is set to be the first privately owned crypto and blockchain entity to be listed on a Middle East stock market.

In an interview Bijan Alizadeh, Phoenix Group CEO and Munaf Ali, the Phoenix Group’s managing director stated, “Our journey, originating from the heart of Abu Dhabi, has always been visionary, looking beyond borders and horizons. Today, as we stand at the cusp of this significant milestone, we are not just announcing an intention to IPO – we are sharing our commitment to a future where technology knows no boundaries.”

The company aims to be able to help create a more resilient, inclusive, and diversified global blockchain economy, and listing is just the first step towards achieving that goal.

Alizadeh adds,“Our aim has always been to champion innovation and contribute to Abu Dhabi’s positioning in the global tech landscape. This landmark announcement offers local, regional and global investors the opportunity to participate in making this iconic vision, a reality.”

Phoenix Group  has a total installed capacity of 725 MW across the UAE, Oman, US, Canada and Commonwealth of Independent States (CIS) countries, Phoenix specialises in a range of services, from high-performance computing to crypto and cloud mining, data centre hosting, crypto trading, and crypto mining products and equipment.

Earlier this month Phoenix group announced that it had sold 10% of its company shares to Abu Dhabi conglomerate International Holding Company’s subsidiary.

This announcement came at the heels of an agreement between Muscat-based Green Data City and Phoenix Group to develop a $300 million crypto-mining farm in Oman. The 150-megawatt farm, which will be one of the largest crypto-mining data centers in the region, will be installed in Green Data City, the entities said in a joint statement.

China’s Bitcoin and Blockchain manufacturer Canaan to install 100 MW crypto mining site in Oman

China’s Bitcoin and Blockchain manufacturer Canaan to install 100 MW crypto mining site in Oman

China’s Bitcoin crypto mining and Blockchain hardware manufacturer, Canaan, has signed a crypto mining agreement with Oman’s Green Data city to pilot phase of a new crypto mining operation in Oman.

The new site will be installed in the facility of Green Data City, and under the agreement, Canaan has the option to expand the total capacity to up to 100MW.

The crypto mining operations in Oman will start in Q4 of 2023.

In August 2023 Oman’s Green Data City and Abu Dhabi’s Phoenix Group signed an agreement to develop a 150MW crypto-mining farm in Oman. The new farm will be set up in Green Data City was noted that it will be operational by Q2 2024, becoming one of the largest crypto-mining data centers in the region.

Phoenix Group is experienced in the development, operation, and management of crypto data centers. It is also the exclusive distributor of industry-leading mining equipment, MicroBT.

Oman was chosen as a location due to the long-term security provided by the Green Data City mining license, the entities’ common vision to develop cryptocurrencies mining and AI applications with the Ministry of Transport, Communication and IT (MTCIT), and the cooler weather in Oman, in particular in the region of Dhofar, which reduces the cooling energy consumption to a minimum, making the sultanate a sustainable destination for mining in the region.

The deployment will start with the new Avalon Box mining container featuring immersion cooling. The project also has the potential to deploy Canaan’s other advanced products, including the latest series A14 Avalon miners with a record efficiency of 20J/T, later in
2024.

Green Data City LLC is the company that operates the first license for sustainable crypto-mining in Oman since 2022. International mining companies can register and operate in Green Data City with long term agreements. The first phase of development consists of 200MW of mining capacity, the second phase will reach 400MW hyperscale data center capacity with natural cooling, renewable energies and downstream applications.

BITMAIN enters MENA through collaboration with Oman’s Exahertz and MoonWalk Systems

BITMAIN enters MENA through collaboration with Oman’s Exahertz and MoonWalk Systems

BITMAIN, crypto mining leading ASIC manufacturer enters MENA through a collaboration with Oman’s Blockchain Data center and technology park Exahertz and MoonWalk. This collaboration marks a significant leap forward as Exahertz takes on the role of hosting upwards of 10,000 state-of-the-art BITMAIN machines in the pioneering Exahertz Technology Park, nestled in Salalah, Oman. According to the press release, “This isn’t just any partnership, it’s BITMAIN‘s first-ever hosting venture in the Middle East and a groundbreaking initiative for hydro computers worldwide.

The Exahertz Technology Park, standing tall as the Middle East’s largest private Blockchain Data center, underscores Exahertz’ unwavering commitment to innovation and progress.” Exahertz International, recently kicked off a pilot phase of Exahertz Technology Park in Salalah. In collaboration with their strategic partners Moonwalk Systems, they rigorously testing and optimizing the hydro systems to ensure peak performance in local conditions and challenges. An impressive highlight by Exahertz Team involves using treated grey water to efficiently cool down the data center computers.

This innovative approach maximizes efficiency while staying environmentally responsible. The treated grey water, after being thoroughly cleaned, is returned to the earth responsibly, reflecting the commitment to eco-friendly practices. Jad Fredrick Kharma, CEO of Exahertz, articulate his vision, affirming, “Our mission transcends the introduction and adoption of cutting-edge technology; we are unwavering in our commitment to elevate Oman’s proficiency and prominence within the domains of modular IT infrastructure, the innovative design of hyper-scale data centers, and the cutting-edge landscape of high-performance blockchain technology.

In Sam Ferdows’ words, the CEO of Moonwalk Systems, “We’re excited about this partnership with BITMAIN and look forward to being a key partner for them in the region. Our goal is for Exahertz Technology Park to be the benchmark for all blockchain data centers in the region and the world for hydro solutions.” BITMAIN‘s Director is equally enthusiastic about this strategic partnership. He emphasizes, “This collaboration allows BITMAIN to have a stronger presence in the region, utilizing our advanced technology.”