Alex Tapscott hails blockchain startup PermianChain as a digital asset revolution for natural resources

Alex Tapscott hails blockchain startup PermianChain as a digital asset revolution for natural resources

Alex Tapscott, author of Digital Asset Revolution and co-founder of the Blockchain Research Institute, hails Web3 and blockchain start-up, PermianChain for bringing the digital asset revolution to the natural resource sectors.

Chapter 7 is dedicated to how blockchain creates value through natural asset tokens (NATs), mainly in oil and natural gas. Mohamed El-Masri, Founder and CEO of PermianChain and CEO of Brox Equity, explains the mechanics behind energy tokenization within a blockchain-enabled ecosystem. 

El-Masri discusses how utilization of blockchain is changing the way exploration and production companies raise capital as well as how investors and consumers participate in a digital energy market with surplus or shortage. 

PermianChain’s solution is a digital platform combining a blockchain, decentralized cloud storage and Web3 compatible features that supports two forms of digital economics, one being a security token and the other being a utility token. Chapter 7 of Digital Asset Revolution also delves into how PermianChain introduces a digital midstream solution to powering bitcoin mining rigs through oil and gas operators. 

Tapscott states, “This is the kind of fresh thinking that this industry needs!”

Back in April 2020, reduced consumer demand caused oil futures to fall into negative territory, oil firms had to pay entities to take oil off their hands as temporary storage was exhausted. Additionally, increased political pressure and lack of commercial viability in some areas has caused natural gas assets and resources to be stranded or wasted (i.e., flared or vented), in both situations taking away economic benefit from communities while the latter is causing harm to the environment. On the flip side, current global energy demand is outstripping supply, causing marginal oil and gas fields to become commercially viable. Unfortunately, the lack of incentive for oil and gas firms to invest in stranded [or distressed] energy assets did not allow regional and global energy markets to make better use of such wasted resources, until now.    

“These challenges, while daunting, are the exact type that we can mitigate by using blockchain technology and proof of work infrastructure. We provide the gateway for the oil and gas sector to enter the world of DeFi, bitcoin and crypto markets by making contingent sources commercially recoverable. Making PermianChain the meta-grid for a digital energy economy, says El-Masri. 

PermianChain’s native token, the digital energy currency (DEC) and the first compliant natural asset security token (NAST), the BROX Token issued by Brox Equity, are live within the PermianChain ecosystem. 

For the first time ever, PermianChain will be showcasing an exclusive demo of its digital energy market and natural resources tokenization platform on the 9th of November 2022 at the Web3 & Blockchain World (W3B) in Toronto, Canada, co-hosted by the Blockchain Research Institute (BRI), a global independent blockchain think-tank, and MCI Group, the world’s largest engagement agency.

The UAE Crypto and Blockchain ecosystem employs 7000 people and DeFi is the next growth segment!

The UAE Crypto and Blockchain ecosystem employs 7000 people and DeFi is the next growth segment!

UAE Crypto Oasis ecosystem published its first annual report entitled the “Crypto Ecosystem in the UAE” with the collaboration of Roland Berger. The report highlighted the growth that the UAE has witnessed in its blockchain crypto ecosystem which has resulted in the employment of 7000 people across 1400 blockchain crypto entities currently operating in the country.

As per the report the number of blockchain crypto organizations is more than 1400 in total where 66 percent are native organizations and 34 percent are non-native. Saqr Ereiqat, Co-Founder and Managing Partner of Crypto Oasis Sentio, the investment arm of Crypto Oasis, told LaraontheBlock, “Based on the information we have the blockchain crypto ecosystem in UAE has employed approximately 7000 people.”

These 1,400 plus ventures are leveraging distributed ledger technologies and related technologies to build and provide new value propositions with Blockchain innovation. Interestingly the report confirms that the UAE is now home to 21 crypto exchanges including big names such as Binance and FTX who are now fully regulated under VARA (Dubai’s Virtual asset Regulatory Authority).

Another interesting finding in the report is the registered location of these blockchain and crypto entities. The majority 489 are based out of DMCC (Dubai Multi Commodities Centre) which was one of the first free zones to develop a crypto center. Interestingly IFZA (International Free zone Authority) houses 150 crypto and blockchain entities, while the Dubai World trade Centre, the home of VARA houses 48.

DeFi one of the biggest sectors in the blockchain crypto space is also mentioned in the report. As per the report DMCC has noted that the total value locked into DeFi protocols was $20 billion at the start of 2021 and increased exponentially to $260 billion by the end of the year.

It is also expected that the global DeFi market will hit $507.92 billion by 2028. The report notes that DeFi projects in the UAE include decentralized platforms that allow you to store, exchange or use assets. While the report mentions news where some platforms will allow POS terminals that will allows DeFi to reach the masses in the UAE.

The ADGM (Abu Dhabi Global Market) recently opened its fifth regulatory laboratory sandbox program inviting fintech organization to pitch their ideas on decentralized applications. This is further stance than DFSA; the regulatory arm of DIFC has taken. DFSA recently came out with its crypto feedback statement where it notes that it will not be undertaking anything in DeFi so far.

Finally according to Roland Berger global survey it found that creating a crypto economy strategy is of high priority for 60 percent of executives. While the top three leading sectors in crypto are telco and tech, automotive, transport and logistics, and Construction & Real Estate.

UAE Blockchain DeFi entity sponsors Future Blockchain Summit

UAE Blockchain DeFi entity sponsors Future Blockchain Summit

Dubai based Ultron Foundation, a Blockchain DeFi entity is sponsoring the Future Blockchain Summit being organized by DWTC in partnership with VARA (Virtual assets Regulatory Authority) from October 10-13th 2022

Ultron CEO, Shukhrat Shadibekov, stated, “We highly respect the people behind the Future Blockchain Summit. It is a brilliant idea to gather Blockchain companies and give them a venue where they can explore and share innovations (to fellow experts and enthusiasts) in the ever-evolving tech industry. We are happy to be included here, as the fastest growing layer-1 blockchain company is an honor for Ultron Foundation.”

Ultron will discuss at Gitex the latest developments in NFT and metaverse as well as the utility of Ultron’s Blockchain network.

The Ultron Football Metaverse project with Devla will be launched in the coming months. It will allow the players to play, strategize, and earn passive rewards. The features and the structure of the game give much anticipation from ULX users and metaverse enthusiasts.

Aside from the gameFi project, Ultron is also set to launch a one-of-a-kind NFT collection with world-famous tattoo artist Ivana Belakova aka Ivana Tattoo Art, in Dubai. The tattoo artist has worked with celebrities like Chris Brown, Rita Ora, Lil Wayne, etc..

Ivana Tattoo Art NFT collection is not just an NFT asset. Ultron and Cosmic Wire curated a lifestyle-based experience that comes with each NFT piece. It is a digital key to wonders that will make you wander and celebrate life with Ivana Tattoo Art around the world. NFT holders will also engage in a community of NFT enthusiasts and join a luxurious annual yacht party with Ivana Tattoo Art and the rest of the NFT VIPs.

To promote the NFT Collection, Ultron Foundation will bring Ivana Tattoo Art to the US, Europe, and the Middle East. There will be a series of events where NFT pass holders will receive one-of-a-kind merchandise and a chance to win a tttoo session with Ivana.

The project will be pre-launched on October 14, 2022, at Ultron’s Grand Closing Celebration in a private and invite-only yacht party attended by distinguished guests from the media and NFT space, executives, celebrities, and the one and only, Ivana Tattoo Art, in Dubai.

Dubai Virtual Assets regulator licenses digital asset fund of 1 billion USD

Dubai Virtual Assets regulator licenses digital asset fund of 1 billion USD

VARA has made public all the entities that are currently licensed under its authority. The entities fall under various categories including crypto exchanges, DeFi custodians, DeFi asset managers, DeFi service providers, and DLT platforms.

 As per VARA website in terms of native crypto exchanges, 13 crypto asset exchanges hold licenses. They include both international and regional players such as Binance, BitOasis, ByBit, CoinMENA, CoinMetro, Crypto.com, FTX (fully regulated with MVP license), GCEX Huobi, Midchains, Rain and OKx.

In terms of DeFi custodians, VARA has registered Hex Trust, Komainu, Monstera and ZampFi Labs . Hex Trust as one example is a fully-licensed and insured provider of bank-grade custody for digital assets. Through their proprietary platform Hex Safe™, they deliver custody, DeFi, brokerage, and financing solutions for financial institutions, digital asset organizations, corporate and private clients.

While ZampFi, is founded by: Amit Jain who was previously the Managing Director at Sequoia Capital. ZampFi is a digital banking entity.

VARA is also offering regulated licenses for DeFi asset managers. Names on the roster include Brevan Howard, Fintonia, Galaxy Digital, Nine Blocks and Noia Capital.

Bravan Howard asset management firm on Dubai VARA’s list has recently pulled off the largest crypto hedge fund launch as per the Block media. The firm’s flagship digital assets focused vehicle raised more than $1 billion from institutional investors, according to four sources with knowledge of the matter.

Brevan Howard Digital Asset Multi-Strategy Fund lost a scant 4% to 5% from inception through the end of June 2022, according to the source, even as the one-two punch of the implosion of Terra stablecoin UST and the insolvency of crypto lenders, such as Celsius and Voyager, locked price action and liquidity into respective death spirals.  “Their returns, relative to the market, are unbelievable,” another source adds.

Their strategies, including quantitative trades and relative-value plays, are implemented by teams of portfolio managers structured in so-called “pods” that feature supporting analysts and engineers. The division, additionally, now has more than 20 external blockchain engineers working under full-time retainers.

The global-macro-focused Brevan runs about $23 billion overall across a wide range of asset classes.

Brevan Howard Digital Asset Multi-Strategy Fund remains open to external capital, pursuant to a minimum check of $5 million. Its limited partners include a number of the world’s largest and most sophisticated hedge fund investors, including entities that have historically exclusively backed traditional financiers.

As for Fintonia, its Group founder Adrian Chng stated, “Dubai is making significant strides towards establishing itself as a virtual assets hub and creating a conducive environment for the industry’s growth. The virtual asset licence marks an important milestone in our aspiration to have a presence in every region where there are inn

As for Fintonia, its Group founder Adrian Chng stated, “Dubai is making significant strides towards establishing itself as a virtual assets hub and creating a conducive environment for the industry’s growth. The virtual asset licence marks an important milestone in our aspiration to have a presence in every region where there are innovative Web3 and crypto companies, enabling us to connect and collaborate with members of the crypto native ecosystem and the traditional financial services industry.”

Recently added is Nine Blocks Capital Management which was launched by PwC’s former global crypto head Henri Arslanian. Nine Capital has launched a $75m crypto hedge fund focused on institutional investors with the aim of becoming the world’s leading institutional grade crypto asset management firm as per a statement from the fund on launch.

The new fund is backed by $75m from Hong Kong-based hedge fund Nine Masts Capital Management, with additional investments from other partners.

Noia Capital has also joined the roster and is a Luxembourg based actively managed alternative asset manager pursuing excellence in digital assets and blockchain technology investments. As per the website the company is registered with CSSF and FSMA.

In terms of DeFi service providers the list includes Amber Group, Equiti, ScallopX, and TPS Capital.

VARA has also offered licenses to DLT platforms that include names such as Calvin Cheng Web3.0 Holdings, Mcontent, Polygon, and Woonkly Labs.

Finally in terms of DeFi services VARA has the following registered entities, BRE Holdings, Eros Investments, Hike, and Prypto.

VARA has yet to license NFT marketplace entities, crypto mining entities, and security token platforms.