UAE based Wisdomise reaps $3.8 million in revenue

UAE based Wisdomise reaps $3.8 million in revenue

Wisdomise is a Swiss AI company with offices in UAE and Estonia, offering software solutions for wealth management to crypto retail and institutional clients with their CeDeFi Wealth Management Platform has reaped $3.8 million in revenues since its launch.

With a vision to democratize wealth creation using AI, Blockchain and other technologies, backed by global and MENA based investors such as Venture Souk, the company has already racked in $3.8M in revenue, and $30 million in trading volume in 2 months.


In 2024 the company raised $9.5 million with contributions from Chainlink Labs, SingularityDAO, VentureSouq, Pontinova Invest, Cetacean Capital, and ODE Capital. The funds are being used to enhance Wisdomise’s deep tech foundation, focusing on AI/ML, Blockchain, and Quant Finance, and supporting the development of a Financial Intelligence SuperApp.

The capital injection built on Wisdomise’s investment history, including $6.5 million raised in Seed and Pre-Series A rounds in the past two years. The Pre-Series A round in September 2023 valued the company at $75 million post-money.

According to the company, Wisdomise is crypto’s smartest all-in-1 AI trading platform out there, redefining the trading experience of users by saving time, cutting risk & boosting yield for them. Real-time AI Insight Agents analyze millions of market & social media data to identify patterns & catch trends early on, while AI Trading Agents automate & optimize trade execution on CEXs & DEXs. Soon, Wisdomise’s AI Agent Builder will let users create custom, fully autonomous agents for intelligent, automated wealth management.

“The recent funding round is a significant stride in our mission to empower everyone on earth to participate in the exciting world of digital assets. At Wisdomise, we are dedicated to harnessing the power of AI and innovative financial instruments to build a platform that removes barriers to entry and fosters informed decision-making for active traders and passive investors,” Dr. Fardad Zand, CEO and co-founder of Wisdomise. “This additional capital will fuel our efforts to further enhance our deep tech foundation (across three key dimensions: AI/ML, Blockchain, and Quant Finance) and reach new heights, ultimately democratizing access to the immense potential of digital assets and contributing to financial inclusion and independence globally.”

UAE MGX enters crypto ecosystem with an investment of $2 billion into Binance

UAE MGX enters crypto ecosystem with an investment of $2 billion into Binance

UAE based MGX, an AI and advanced tech investor has invested $2 billion into Binance, the world’s largest cryptocurrency exchange licensed in the UAE.

As per the blog post, the transaction, is the first institutional investment in Binance to date. They note that it marks a significant step in advancing digital asset adoption and reinforcing blockchain’s role in global finance. It is also the single largest investment into a crypto company and the largest investment ever paid in crypto more precisely a stablecoin.

This investment represents MGX’s first entry into the cryptocurrency and blockchain sectors, securing a minority stake in Binance as part of a broader strategy to support blockchain’s transformative impact on society. By partnering with the leading industry player, MGX aims to enable innovation at the intersection of AI, blockchain technology and finance.

Binance is larger than the next several cryptocurrency exchanges combined by trading volume, boasting over 260 million registered users and surpassing $100 trillion in cumulative trading volume.

Ahmed Yahia, Managing Director & CEO, MGX, noted that MGX’s investment in Binance reflects their commitment to advancing blockchain’s transformative potential for digital finance. He stated, “As institutional adoption accelerates, the need for secure, compliant, and scalable blockchain infrastructure and solutions has never been greater. Binance has long been a driving force in cryptocurrency innovation, from exchange technology and tokenization to staking and payments. Together, we are committed to building a more inclusive and robust digital finance ecosystem.”

Binance CEO, Richard Teng, added, “This investment by MGX is a significant milestone for the crypto industry and for Binance. Together, we are shaping the future of digital finance. Our ongoing investments in security and compliance reinforce our mission to foster a secure and trusted digital financial ecosystem.”

UAE based Brevan Howard Digital deploys $20 million of assets on Kinto DeFi L2 platform

UAE based Brevan Howard Digital deploys $20 million of assets on Kinto DeFi L2 platform

The UAE branch of Brevan Howard Digital has deployed $20M in assets on Kinto, a Blockchain DeFi financial portal which rewards active participants such as traditional financial entities who deposit assets on-chain with token emissions.

As per the press release, Kinto enables financial institutions to deploy capital on-chain while meeting their strict legal and compliance requirements. Kinto is the only L2 that has native KYC and AML at the blockchain level, default wallet insurance and extensive security features.

Kinto’s mining program rewards active participants who deposit assets on-chain with token emissions. The mining program will be active for 10 years, with rewards decreasing over time. Brevan Howard Digital, through its Abu Dhabi branch, became one of the first major traditional financial firms to leverage its digital assets to participate in Kinto’s mining program.

Kinto’s CEO and co-founder, Ramon Recuero, believes that digital asset management platforms like Brevan Howard Digital are ahead of the curve and that participation in on-chain in programs like Kinto’s mining program will steadily increase. He expects similar institutions to become more prominent within the ecosystem over the coming months: “Institutions have been waiting for two things: regulatory clarity and compliance features. Now, through Kinto, financial institutions don’t need to wait any longer.”

UAE Sigma Capital venture firm launches $100 million Web3 fund

UAE Sigma Capital venture firm launches $100 million Web3 fund

UAE based Sigma Capital, a Web3 early-stage venture firm, has launched a $100 million fund dedicated to accelerating the next wave of Web3 innovation in the Middle East and globally. As per the press release, the fund launch spotlights the UAE’s growing role as a global hub for the Web3 & Blockchain sector.


The fund will focus on early-stage venture investments in transformative areas such as DeFi, blockchain infrastructure, real-world asset tokenization, gaming and the metaverse.

Sigma Capital will actively manage a portfolio of liquid tokens, seizing market opportunities to generate consistent returns. The fund will also leverage high-yield DeFi strategies to optimize portfolio performance and invest in high growth crypto venture funds that broaden exposure to emerging innovations.


Vineet Budki,an expert in the Web3 space, and the former CEO and Managing Partner of Cypher Capital, also a Web3 VC based out of UAE, will lead the fund.

Vineet spearheaded over 300+ investments in high-profile projects, including Mysten Labs, Sei Network, Casper Labs, Web3Auth, Casper labs, Manta network, Mocaverse, Peak network and MyPetHooligan.


The Sigma Capital Team has years of experience in the Blockchain investing space and have been invested or partnered with multiple reputed players in the Blockchain space which include Polygon Technology, Morningstar Ventures, Blockchain Founders Fund, Woodstock Fund and many others.


Vineet Budki, CEO and Managing Partner of Sigma Capital, said, “We envision a digital economy that is more open, inclusive, and innovative. The UAE’s dynamic economy and forward-thinking regulatory environment provide the perfect backdrop for Web3 innovation. This fund empowers startups with capital, equips them with access to our extensive network and expertise, and enables them to thrive in a rapidly evolving landscape.”


Sandeep Naliwal, Founder Polygon Technology one of the leading players in the Blockchain space noted, “ Vineet’s track record as a visionary leader in Web3 speaks for itself. His deep understanding of market dynamics and foresight in nurturing high-impact projects have been pivotal in advancing the ecosystem. The launch of Sigma Capital’s $100 million fund is a testament to his expertise and the UAE’s emergence as a global hub for blockchain innovation. I have no doubt this fund will catalyze the next wave of groundbreaking startups and solidify the region’s role in the decentralized economy.”


Sigma Capital plans to deploy investments across 100 early-stage projects, 25 liquid tokens, and 10 fund-of-fund allocations over the next three years. The firm’s strategic edge lies in its proven expertise and global reach, leveraging its network to provide access to key exchanges, market makers, exchanges, launchpads and opinion leaders.

Danilo S. Carlucci, Founder & CEO at Morningstar Ventures, and a key partner in the fund sdded, “Since our establishment in Dubai in 2020, Morningstar Ventures has been committed to supporting transformative projects and bold founders that push the boundaries of blockchain innovation. Sigma Capital’s $100 million fund is a testament to the region’s growing influence in blockchain and financial technology. It will support the growth of Web3 startups and further solidify the region’s position as a leader in financial innovation.”


Sigma Capital collaborates with Web3 hubs across 10 global cities, providing portfolio companies with deep market insights and comprehensive support to enable success in a competitive market. By combining a diversified approach with deep market access, Sigma Capital aims to drive sustainable growth in both the Global and GCC Web3 ecosystem.


The firm’s dual presence in Dubai and Singapore, coupled with regulatory oversight from the Cayman Islands, ensures access to global opportunities while maintaining a strong compliance framework.

In December 2024, The Hashgraph Group (THG), the Swiss-based international business, technology, and investment firm that operates exclusively within the Hedera ecosystem, secured a fund management license through its subsidiary Hashgraph Ventures Manager Ltd in ADGM planned to launch a $100 million global venture fund (Hashgraph Venture Fund-I). The strategic Web3 venture fund would focus on generating attractive long-term returns by investing in proven early-stage and well-established companies utilizing deep technologies to build and commercialize enterprise-grade solutions and products for the Web3 economy.

Web3 Blockchain market to reach $104 billion by 2032

Web3 Blockchain market to reach $104 billion by 2032

The SNS Insider report has indicated that the Web 3.0 blockchain market size which was valued at USD 3.59 billion in 2023 is expected to grow to USD 104.04 billion by 2032, growing at a CAGR of 45.47% over the forecast period of 2024-2032.

According to the Web3 report by 2023, there were over 3,000 active dApps, with decentralized finance applications contributing a substantial portion of the market’s value.

The total value locked in DeFi reached an estimated USD 60 billion in 2023, reflecting the rising demand for decentralized financial services.

Additionally, the non-fungible token industry, which has transformed industries like art and gaming, saw sales surpassing in 2023, a notable increase compared to previous years.

Smart contracts have also been pivotal in accelerating Web 3.0 adoption. By 2023, Ethereum, the leading blockchain for smart contracts, processed over 1.5 million smart contract executions daily, demonstrating the widespread use of blockchain-based automation across sectors such as supply chain management, insurance, and healthcare.

Finally, in 2023, venture capital investments in blockchain startups reached USD 30 billion, highlighting the growing interest in Web 3.0 technologies. These investments are expected to drive further innovation and the development of more advanced blockchain solutions in the coming years.

ChainLink Labs sets up office in ADGM to serve DeFi in MENA

ChainLink Labs sets up office in ADGM to serve DeFi in MENA

Chainlink Labs, one of the primary contributing developers of Chainlink, the standard for DeFi and onchain finance, has expanded its presence in the Middle East and North Africa (MENA) region, and set up an office and an entity in Abu Dhabi under the Registration Authority of ADGM.

Global finance is moving onchain. Chainlink Labs is at the center of this massive shift, working with everyone from financial market infrastructures to asset managers to top DeFi protocols. As per their website they offer a world-class team of over 600 developers, researchers, and capital markets experts with deep experience in cryptography and decentralized systems and a singular vision to build Chainlink into the global standard for onchain finance.

Chainlink Labs plans to utilize its local presence in ADGM to expand its network of strategic partnerships with financial market infrastructures and financial institutions, better serve its global ecosystem, and continue to build key relationships in the region as demand for tokenized assets surges.

Angie Walker, Global Head of Banking and Capital Markets at Chainlink Labs. Senior Executive Officer at Chainlink Labs Abu Dhabi said, “The MENA region has become a global destination for innovators from around the world and a hub for the adoption of onchain finance. We are excited to expand the global footprint of the Chainlink standard by establishing a presence in Abu Dhabi and working closely with key financial market infrastructures and financial institutions in the region to bring tokenized assets to production.”

Hamad Sayah Al Mazrouei, Registration Authority CEO at ADGM noted, “We welcome Chainlink Labs, one of the primary contributing developers of Chainlink—the standard for onchain finance—on its recent expansion with a dedicated presence within ADGM. Chainlink Labs’ increased presence in the region underscores the growing demand for blockchain-based onchain finance solutions and tokenized assets, with Abu Dhabi, the ‘Capital of Capital’, providing the ideal environment for further expanding the global footprint of the Chainlink standard. We look forward to the innovative solutions that the Chainlink standard will enable in Abu Dhabi and beyond.”

Saudi Arabian entrepeneur patents DeFi protocol, Quintes

Saudi Arabian entrepeneur patents DeFi protocol, Quintes

A Saudi woman entrepreneur Ran Al Kharashi, has patented the Quintes Protocol a decentralized finance (DeFi) protocol with its innovative no-depreciation cryptocurrency model.

The Quintes Protocol is protected by a newly-secured Patent Cooperation Treaty (PCT) PCT/IB2024/061188 from the World Intellectual Property Organization (WIPO). This groundbreaking protocol offers a unique approach to perpetual asset growth, ensuring long-term value stability and positioning itself as a global disruptive force in the evolving cryptocurrency market.

Rand Al Kharashi aims to redefine the world of DeFi. By securing a WIPO PCT for the proprietary technology behind Quintes Protocol, she has reaffirmed her mission to upend the cryptocurrency market with the world’s first perpetually appreciating asset, which is expected to increase in price at an annual rate of 18-30%.

“This is more than a milestone for Quintes Protocol – it’s an affirmation that exceptional and continued value can be created in the crypto field,” said Al Kharashi. “Quintes is the world’s first crypto asset that is engineered for continued high price growth. Backed intensive research, verifications, and the knowledge of renowned token engineers and researchers from leading blockchain companies, Quintes has just one destination: to pioneer the future of DeFi with unmatched growth, blazing the way for an exciting new world of cryptocurrency value.”

The Quintes Protocol is poised to disrupt the market with its unprecedented cryptonomics. This protocol aims to outperform established asset classes, including S&P 500 equities, gold, high-yield fixed income, and many cryptocurrencies, including Ethereum and Bitcoin, unlocking massive market opportunities and setting new benchmarks for financial performance and growth.

Quintes introduces QNT, the first token designed to achieve a secure price appreciation of 18-30% per year through utilizing its unique over-collateralization strategy, novel cryptonomics mechanisms and AI-driven high-frequency trading to deliver unparalleled scalability and sustainability.

According to Al Kharashi: “We’ve seen the potential for cryptocurrencies to achieve great returns for investors, but that growth is fickle. Growth bubbles occur, burst suddenly and unexpectedly, and the value is often lost. It may be possible for an asset to rebuild to match or even exceed its previous high, but there’s always an element of risk. The value of existing crypto, and even more traditional investment assets, is never guaranteed. That is what inspired the creation of Quintes and the concept of perpetual growth, based on predictable collateral value appreciation.”

The decision to file for a WIPO PCT patent underscores Al Kharashi’s commitment to protecting Quintes’ pioneering engineering on a global scale. This strategic move ensures that Quintes’ innovative protocol is safeguarded as it seeks patent protection in numerous countries, providing a robust foundation for its international expansion, future success and eventual preparation to become open source.

The development and engineering of Quintes Protocol is grounded in rigorous research conducted by Kitabq Research Lab, which was founded by Al Kharashi. Over two years, Kitabq’s cryptonomics research has been instrumental in shaping Quintes’ architecture and mechanisms.

Quintes’ technical team is a powerhouse of talent, featuring elite token engineers and data scientists from industry giants like ConsenSys, Binance, Algorand, and Morgan Stanley. Collectively, this team has raised over $600 million in capital and achieved successful exits in both Web3 and Web2 domains.

Scheduled for an official launch in January 2025, the Quintes Protocol represents an exciting opportunity for investors and stakeholders eager to be part of the new future of DeFi. A recent simulation test revealed Quintes’ positive performance even in bearish market conditions, highlighting its resilience and potential. As Quintes gears up for its groundbreaking debut, the team is actively seeking investment to drive its vision forward.

Dubai’s DEWA digital arm InfraX and Aurum Partners to deploy edge infrastructure

Dubai’s DEWA digital arm InfraX and Aurum Partners to deploy edge infrastructure

Dubai’s DEWA ( Dubai Electricity and Water Authority) digital arm, InfraX, a subsidiary of Digital DEWA, has signed a Memorandum of Understanding (MoU) with Aurum Equity Partners, a California-based Private Equity Firm specializing in Environmental, social, and governance, ESG – First, Digital Infrastructure Asset Class will deploy next-generation edge infrastructure in UAE and MENA to support applications such as AI , connected cars, smart cities, Blockchain based DeFi applications and more.

As per the press release, the partnership addresses the growing need for localized, high-performance AI ready, Edge data center infrastructure in the era of5G and AI, while ensuring environmental responsibility and social impact.

The initiative will support next-generation applications such as Connected Cars, Smart Cities, and Blockchain-based DeFi, which require a new approach to data center design, from far edge to near edge, with emphasis on end-to-end security and energy efficiency.

“By combining InfraX’s expertise in IoT and smart city solutions with Aurum’s proven capabilities in ESG-focused infrastructure development, we’re creating a foundation for sustainable urban digital transformation,” said Rashid Alahmedi, Chief Operating Officer of InfraX. “This partnership will deliver fast, secure, and intelligent services across various sectors, aligning with the region’s digital and sustainability goals.”

Venkat Bussa, CEO & Chairman of Aurum Equity Partners & Founder of Aurum Group, stated, “Our collaboration with InfraX will establish a robust, environmentally responsible edge computing ecosystem. We’re committed to enhancing the speed and reliability of critical services while minimizing environmental impact. This partnership reflects our shared vision for a sustainable, future-ready digital infrastructure in the UAE.”

The MoU outlines a framework for InfraX and Aurum Equity Partners to jointly explore opportunities in deploying green edge computing infrastructure. The focus will be on creating scalable, energy-efficient, and sustainable edge computing solutions that align with the UAE’s vision of becoming a global leader in both digital innovation and environmental stewardship.

UAE based Cypher Capital participates in $3.5 million round in Echelon decentralized lending protocol

UAE based Cypher Capital participates in $3.5 million round in Echelon decentralized lending protocol


UAE headquartered Cypher Capital, a crypto investment firm, has participated in the $3.5 million seed funding round for Echelon, an innovative decentralized lending protocol. The seed round attracted additional support from strategic partners including Amber Group, Laser Digital, Saison Capital, Selini Capital, Interop Ventures, and Re7. 

As per the press release, this investment demonstrates Cypher Capital’s commitment to supporting advanced solutions in decentralized finance (DeFi) and blockchain technology. Echelon aims to enhance DeFi lending by improving capital efficiency, integrating with other DeFi applications, and providing innovative yield strategies on Move-based blockchains such as Movement and Aptos.

“Echelon has demonstrated that their project is truly driving innovation in the DeFi space,” said Harsh Agarwal, Investment Lead at Cypher Capital “Echelon’s focus on capital efficiency, user-friendly design, and its potential to integrate real-world assets makes it a standout in the evolving DeFi landscape. We are excited to support their efforts in developing high-performance lending markets.”

Echelon’s protocol features advanced functionalities including increased borrowing power on correlated assets, isolated pools for niche asset markets, and direct in-wallet integration for streamlined yield strategies. The platform is designed to target institutional-grade markets while ensuring affordable borrowing rates and innovative yield opportunities.

“This funding will help us build additional lending and risk management products, expand to new networks, and provide global access to dollar denominated yields,” said Glen Rose, cofounder of Echelon. “We’re excited to build core primitives on high performance Move-based chains.” 

With the new funding, Echelon plans to enhance its offerings by developing strategies backed by treasury and real-world assets (RWAs), implementing cross-chain deposit vaults, and expanding its team of full-stack and smart contract engineers.

Saudi Arabia Web3 sector grows amidst challenges

Saudi Arabia Web3 sector grows amidst challenges

Cardano Blockchain accelerator, Adaverse published its first Web3 ecosystem report for the Kingdom of Saudi Arabia showcasing growth, opportunities, as well as challenges. Since its inception, Adaverse has funded 54+ startups across Asia, the Middle East and Africa.

Web3 Growth

According to the Adaverse report, Saudi Arabia is well positioned to witness growth in the Web3 ecosystem. One of the main reasons is that is it the largest market in GCC with a youthful and tech savvy population. Already 63% of its 36 million residents are under 30, and 99% of Saudi residents are connected to the internet.

In addition, the ambitious Vision 2030 initiative further strengthens this by fostering a robust tech and innovation ecosystem. Saudi Arabia has also seen growth in funding for startups and Web3 ventures.

In 2024, according to Digital Digest, MENA based startups secured $429 million across 163 deals, with Saudi startups receiving 515 of the funding across 36.2% of the deals.

The Web3 startup ecosystems has four layers, the use case layer, the tooling and developer layer, the infrastructure layer, and the protocol layer.

According to the Adaverse report, the notable concentration in the user-facing application layer, indicates growing Saudi consumer interest in DeFi, GameFi, and SocialFi. Meanwhile, the scarcity of foundational infrastructure and protocol startups, presents a unique opportunity for entrepreneurs and investors to fill crucial ecosystem gaps.

Web3 startups in KSA includes names such as Umrah Cash, Verofax, TakaDAO, Ticket Souq, Dropp, TGE, MRHB, IR4LAB, Mithu, Nuqta, and others.

For example, Oumla, is a blockchain infrastructure provider that offers secure custody solutions and comprehensive infrastructure services for governments and businesses alike. With a suite of SDKs, Oumla enables developers to seamlessly build on various blockchains without the need to master blockchain.

Mohammed Aljasser, Founder and CEO of Oumla noted in the report, “Oumla’s journey began in 2022, when we laid the foundation for an exceptional blockchain infrastructure. In 2023, we officially launched our product, receiving overwhelmingly positive feedback from our customers. Building on this momentum, we are now preparing to introduce additional blockchain networks, along with a range of new features and products designed specifically for the MENA region.

He adds, “Notably, Saudi Arabia is making significant strides in embracing blockchain, evidenced by the burgeoning emergence of applications and experimental initiatives. It’s clear that blockchain is more than just a passing trend; it represents a seismic shift in digital infrastructure.”

According to him dealing with regulations has been one of the biggest hurdles in the blockchain world. But despite these challenges, he is convinced that blockchain is here to stay.

Another startup, Tharawat Green Exchange (TGE) is a blockchain-powered marketplace connecting carbon off setters with tree planting projects to achieve sustainability goals. TGE transparently tracks tree planting and maintenance, aiming to plant 10 million trees by 2030. This enhances Saudi Arabia’s Trade for a Greener Tomorrow green economy and supports local nurseries, ensuring transparency and security.

Opportunities

As per the report, key opportunities in Saudi’s Web3 space include fintech, where DeFi solutions promise enhanced financial transparency and efficiency. Blockchain integration in supply chain management, real estate, and digital identities offers transformative potential.

In addition to fintech, the entertainment and gaming sectors are also ripe for growth, with blockchain-based platforms opening new avenues for engagement and monetization.

Saudi Arabia is the largest gaming market in MENA with the gaming sector value proposed to reach $6 billion by 2027. MENA region contributes already 15% of the global gaming population.

In KSA, it is estimated that there are 21 million active gamers, constituting a remarkable 58% of the country’s population [22]. This substantial player base provides a strong foundation for the industry’s expansion.

Recognizing the potential of the gaming industry, Saudi Arabia established a comprehensive National Gaming and Esports Strategy (NGES). Aligned with broader economic objectives, the NGES aims to create 39,000 job opportunities and contribute $12 billion to the economy by 2030 [23].

However, despite this dominance, the adoption of Web3 gaming progresses at a measured pace. As per the Adaverse report, this gap presents a prime opportunity for young Saudi founders to lead the development of blockchain-based games and integrate advanced technologies such as NFTs, AI, and play-to-earn mechanisms into the existing Web2 gaming market.

The same goes for the Saudi Fintech sector which has attracted substantial funding, totalling $552 between 2020 and 2021.

The report also notes that the country’s tech landscape is uniquely characterized by its focus on recreational

and entertainment-based Web3 projects, particularly in gaming, NFTs, and GameFi, positioning Saudi Arabia as a regional hub for these emerging sectors.

The Challenges

According to the Adaverse report, regulatory uncertainty, the need for greater awareness and education around Web3 technologies and concerns about technological infrastructure  and cybersecurity are key hurdles.

Future of Web3 in KSA

In conclusion the report recommends that for Saudi Arabia to fully realize its potential, it must address challenges, such as establishing regulatory clarity to create a stable business environment in the Web3 space.

Also, Saudi Arabia needs to overcome technical hurdles, such as improving user interfaces, which will be essential for enhancing adoption and user experience.

In conclusion, the report believes that by leveraging its favorable market conditions, government support, and growing investor interest, while addressing regulatory and technical challenges, the country can establish itself as a regional powerhouse in Web3 technologies. Nurturing local talent and fostering collaboration between stakeholders will be key to shaping the future of innovation and investment in Saudi Arabia’s Web3 sector.