Digital assets infrastructure provider one of 15 startups accepted into Abu Dhabi Hub71 2023 cohort

Digital assets infrastructure provider one of 15 startups accepted into Abu Dhabi Hub71 2023 cohort

Digital assets infrastructure provider for financial institutions, Fuze Finance has been chosen as one of 15 startups to participate in Abu Dhabi’s Hub 71 2023 cohort.

As per the website of Fuze Finance, the company was purpose built for the Middle East because the company believes the Middle East will be the epicentre of digital asset innovation.

The MENA market, is seeing rapid growth in digital assets. Digital asset transactions of over $566 billion from June 2021 to June 20 22, 48% more than the year prior.

Fuze was among 15 startups chosen because it is aligned to Abu Dhabi’s strategic ambitions, including  healthtech, fintech and edtech firms. The addition of the latest cohort has increased the size of Hub71’s ecosystem to more than 240 startups.

In the latest cohort, 67 per cent of the selected startups are headquartered outside the UAE, reinforcing the increasing the status of Abu Dhabi as a global innovation and business hub.

The 15 startups originate from the UAE, US, New Zealand, Egypt, the Netherlands, and the UK.

The full list of startups joining Hub71 include: 

Cypherleak is a cost-effective risk monitoring solution that allows companies to gain visibility on their leaked data and provides attack surface management, vulnerability scanning, and risk scoring solutions.

Elmawkaa is a marketplace for building materials. An automated process provides contractors and engineers access to competitive and accurate quotations for their materials from vetted suppliers in a few minutes.

Exsurgo uses neuroscience and data analytics to develop treatments for neurological conditions without using pharmaceutical drugs.

Fuze is a full-stack digital assets infrastructure platform, enabling MENA businesses to integrate embedded experiences for their customers in a regulatory and compliant way.

Inovat is a digital VAT refund solution that allows travellers to save more than 20 per cent in tax refunds on shopping without the need to complete any paperwork or stand in airport queues.

LivLyt is democratising access to the latest tech devices through subscriptions, which provides a more affordable, flexible, and convenient solution than alternative options.

Mashvisor is a platform that combines all services needed for real estate investing, cutting three months’ worth of research down to only 15 minutes.

MediJobs is a platform that enables highly skilled healthcare professionals to connect with an exclusive network of top-tier practices hiring in their area.

Ovasave is a tech platform that leverages innovative solutions to provide women access to seamless, integrated, digitally enabled fertility and egg-freezing services across a vetted network.

Rabbit Mart is a grocery service with tech-enabled, hyper-local fulfillment centres.

SubsBase is a subscription management platform that empowers businesses with recurring payments to manage customers’ lifecycles seamlessly and efficiently.

Synapse Analytics is a data science, machine learning, and artificial intelligence company that offers services and products to help organisations better use and monetise their data.

The Editing is a compact gene editing system that uses endogenous proteins to cure life-threatening genetic disorders.

Qureos is a platform that makes mentorship, portfolio building, and matching jobs simple for graduates transitioning to the workplace.

Zest Equity is a platform for all venture investors that democratises access to venture transactions across emerging markets.

Substantial rise in applications from startups

Hub71 received a 70 per cent increase in applications to join the startup community compared to the previous cohort, including a significant increase in high-quality early-stage startups looking at setting up in Abu Dhabi.

Ahmad Ali Alwan, deputy CEO of Hub71, said,“Each startup has undergone a rigorous selection process, having been selected based on their unique capabilities and potential to grow as a global tech company out of Abu Dhabi. Our first cohort of 2023 is comprised of companies that have showcased a competitive edge in building differentiated tech platforms and products. By attracting and scaling startups with solutions that make a difference in people’s lives, we aim to make an impact on Abu Dhabi’s economy and society and continue bolstering its position as a leading global innovation hub.”

UAE Cypher capital leading investor in multi chain DeFi protocol Concordia

UAE Cypher capital leading investor in multi chain DeFi protocol Concordia

UAE Cypher Capital is one of the investors in Concordia, a multi-chain risk and collateral management protocol for digital assets. Concordia closed a successful $4 million seed round in June, attracting significant investments from Tribe Capital, Kraken Ventures and UAE based Cypher Capital among other investors including Saison Capital. 

Concordia’s vision is to create an interconnected, permissionless, and optimized DeFi ecosystem that promotes accessibility, affordability, and developer-friendly environments, ultimately unlocking the true transformative potential of DeFi.

Concordia’s ground-breaking solution attracted the attention of leading Dubai VC Cypher Capital, who are building their portfolio into one of the leading web3 centric portfolios globally.

Bill Qian, Chairman of Cypher Capital said “Concordia represents a significant milestone in the evolution of decentralized finance. As Chairman of Cypher Capital, I am thrilled to be part of this ground-breaking initiative that is bridging the gap between traditional finance and the fast-emerging digital asset ecosystem. Concordia’s innovative collateral management protocol and commitment to interoperability are poised to unlock new opportunities and drive greater efficiency in the global financial landscape. We firmly believe in Concordia’s vision and are excited to support their journey towards creating an interconnected and optimized DeFi ecosystem.”

Concordia addresses this critical pain point within the Web3 ecosystem by leveraging its collateral management capabilities to enable seamless value transfer across previously segregated pools of liquidity, ultimately fostering interoperability across chains. Concordia users gain access to a unified account that allows efficient management of all their assets, opening doors to new opportunities in the rapidly evolving digital economy. By seamlessly integrating multiple blockchains, Concordia pioneers the concept of a cross-chain, cross-protocol margin account in the cryptocurrency space.

The integration of Concordia’s multichain account platform by several prominent Web3 companies enables their users to seamlessly execute margin-related actions.

Concordia is designed as a modular Infrastructure-as-a-Service solution for collateral management, offering a range of products addressing risk, pricing, brokering, rebalancing, non-custodial wallets, and cross-chain synchronization. This architectural flexibility allows Concordia to continuously adapt to the rapidly evolving digital asset landscape.

Tribe Capital’s Managing Partner, Boris Revsin, stated, “I’ve known the team behind Concordia for quite some time, and I am confident they have the grit, technical skills, and go-to-market understanding to make Concordia a market leader in DeFi.”

Laurens De Poorter, Partner at Kraken Ventures, said, “The fragmentation of liquidity across an increasing number of blockchains is a known core issue for those that believe in a multi-chain future. Solving it requires not only superior technology but also best-in-class business development and a deep experience in risk management & compliance. We believe Concordia’s founding team is one of those rare teams that makes all stars align to have a real lasting impact on the overall crypto industry. We could not be more excited to partner up with them!”

Uri Ferruccio, CEO of Concordia, highlights the company’s mission, stating, “Concordia is solving the value convertibility problem for digital assets. There are many different digital assets and distributed ledgers. This has pros and cons. You can create a micro-economy tailored for the fans of a specific company, for example, but value also gets trapped in a multitude of different pockets. Concordia’s unique combination of interoperability technology and institutional-grade risk and collateral management creates a better and safer solution for cross-chain value transfer.”

Blockchain Security auditor Hacken partners with Dubai Blockchain Center

Blockchain Security auditor Hacken partners with Dubai Blockchain Center

Ukraine headquartered Hacken, a blockchain security auditor that aims to make Web3 a safer place, has partnered with Dubai Blockchain Center.

As per a Hacken team tweet, “ This is a pivotal step towards accelerating blockchain adoption in Dubai and ensuring enhanced security in the tech scene.”

Igor Hacken, Business Development Manager at Hacken tweeted, “Very proud moment for hackenclub expanding into the UAE joining the efforts of keeping the blockchain secure with Dubai Blockchain Center and  Dr. Marwan Alzarouni. Stay tuned to learn more about all of our contributions in to the rapidly growing region.”

The  collaboration will also include providing  mentoring, education on blockchain security and contributing to the development of regulatory requirements for project licensing.

Hacken offers various solutions including smart contract audit, proof of reserves, and others. In February 2023, Hacken researchers identified a bug in the Binance zkSNARK-based Proof of Reserves system which was then resolved with Binance team.

Since their inception in 2017, they have carried out 1200 audits.

This is not the first collaboration in the region. Prior to this Hacken launched a virtual Hackathon in May 2023 with UAE based Venom Foundation with a pool prize of $225,000.

Most recently Hacken’s CEO and Co Founder, Dyma Budorin published a research conducted by CER one of their partners which revealed that 70% of crypto wallets have security gaps, exposing digital assets to vulnerabilities.

The presence of Hacken in the UAE, looks to benefit the blockchain ecosystem as a it creates more awareness on digital assets auditing and security.

Saudi Venture Capital invests in Web3 digital asset fund by UAE Shorooq Partners

Saudi Venture Capital invests in Web3 digital asset fund by UAE Shorooq Partners

The Saudi Venture Capital (SVC) has invested $30 million in the $150 million Bedaya Fund II, managed by UAE Shorooq Partners to back early-stage startups with a focus on fintech, digital assets, Web3, Metaverse, DeFi, and other areas.

At the launch of Bedaya Fund II, in a press release Shane Shin founding partner at Shorooq Partners stated,  “We have always been early movers, be that robo-advisory, crowdfunding, SME lending, open banking, card issuer processing, and so forth. We believe Web 3.0 models like DeFi, NFT, Metaverse are going to be the key players in the next iteration of online business.”

Bedaya Fund II is an early stage venture capital fund managed by Shorooq Partners. The fund is located in Abu Dhabi, United Arab Emirates and invests in Northern Africa, Jordan, Saudi Arabia, Turkey, United Arab Emirates, Pakistan. The fund targets investments in the fintech and software sectors.

On Pitchbook they benchmark the Bedaya II fund against EchoVC Chain Blockchain Fund,  an early-stage venture capital fund managed by EchoVC Partners, located in Lagos, Nigeria which invests in Africa. The fund targets cryptocurrency/blockchain sectors.

The subscription agreement between Saudi Venture Capital and Shorooq Partners was signed by Dr. Nabeel Koshak, CEO and Board Member at SVC, and Mahmoud Adi, Founding Partner at Shorooq Partners.

Dr. Koshak commented: “The investment in Bedaya Fund II by Shorooq Partners is part of SVC’s Investment in Funds Program to support the growth of the VC ecosystem in Saudi Arabia for all stages and to fill financing gaps for early stages. SVC’s expansion in investing in early-stage funds comes as a result of the recent support from the SME Bank to increase the investment capital of SVC, leading to a total investment capital of $1.6 billion.”

Mahmoud Adi added: “We are privileged to have SVC as a strategic investor to Bedaya Fund II, again after our partnership in the prior fund (Bedaya Fund I). This commitment highlights the increasing confidence in Saudi Arabia’s thriving startup ecosystem. With our persistent focus in Saudi Arabia and leadership position across the Middle East, Bedaya Fund II is well-positioned to support the growth and innovation of early-stage startups.

SVC is a government investment company established in 2018 and is a subsidiary of the SME Bank, one the development banks affiliated to the National Development Fund. SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO by investing $1.6 billion through investment in funds and co-investment in startups. SVC invested in 38 funds that have invested in 674 companies through 1,257 deals.

Whampoa Group Web3 investment firm and digital bank to invest $50 million in Bahrain with Golden license

Whampoa Group Web3 investment firm and digital bank to invest $50 million in Bahrain with Golden license

In a recent press release, Bahrain has granted its first five Golden licenses and Whampoa Group, a multi-family office with investments in global tech firms, and its digital bank has received one of these licenses. The holders of Golden licenses are eligible if they will create more than 500 local jobs, or make an investment of over $50 million in their first years in the Kingdom while contributing to strengthening the Kingdom’s overall development.

The Kingdom of Bahrain has granted the first five Golden Licenses to projects presented by Citi, Eagle Hills Diyar W.L.L, Infracorp, Saudi Telecommunication Company (stc), and Whampoa Group. With a collective investment of upwards of USD 1.4 billion into Bahrain, the greenfield projects and expansions are expected to create more than 1,400 job opportunities within the next three years in support of the Kingdom’s Economic Recovery Plan goals.

The licenses were presented at the headquarters of each company to Michel Sawaya, Bahrain CEO for Citi; Dr. Maher Al Shaer, Managing Director of Eagle Hills Diyar W.L.L.; Majed AlKhan, CEO of Infracorp; Nezar Banabeela, Chief Executive Officer (CEO) of stc Bahrain; and Shawn Chan, Group CEO of Whampoa Group. and a virtual signing event was organised for Singapore-based Whampoa Group.

The Bahrain Economic Development Board had welcomed Singapore based digital asset bank part of Whampoa Group to Bahrain earlier this year. The digital bank, which offers integrated financial solutions to serve institutions, innovators, and sophisticated investors globally, including digital banking services and the trading, custody, and asset management of digital assets, will open its operations in Bahrain by the end of year.

In 2022, Singapore’s Whampoa Group deployed about $100 million through a venture capital fund in start-ups in the burgeoning digital assets segment in Web3, digital assets, stablecoins and NFT. 

Whampoa Digital, the group’s digital assets investment arm, will invest in and incubate early stage startups in Web3 – a utopian vision of the internet where users, rather than shareholders, own websites and other online services.

In recognition of the Golden licenses’ launch, HE Abdulla Adel Fakhro, Minister of Industry and Commerce, said, “The Golden License is a pivotal step towards successfully achieving the objectives of Bahrain’s Economic Recovery Plan, which aims to attract $2.5 billion in foreign investment by the end of 2023.”

HE Khalid Humaidan, Chief Executive at the (Bahrain EDB), said, “The Golden License is a successful public-private partnership that has created bespoke solutions for investors and start-up companies. It has provided them with fast-tracked approvals and several features and facilities that have enabled them to secure a global footprint from Bahrain.”

Blockchain Research Institute partners with Saudi IR4LAB to spur Blockchain adoption in KSA

Blockchain Research Institute partners with Saudi IR4LAB to spur Blockchain adoption in KSA

The Blockchain Research Institute – Middle East (BRI-ME), the exclusive partner of The Blockchain Research Institute, an independent, global think tank, dedicated to exploring and sharing knowledge about the strategic implications of blockchain on business, government, and society co-founded by Dr Don and Alex Tapscott, has signed a partnership agreement with KSA based IR4LAB, a Saudi-based company specialized in disruptive technologies such as Blockchain and Artificial Intelligence, to develop and spread the blockchain adoption in Saudi Arabia and the MENA region.

The signing ceremony was held under the auspices of the Saudi Arabia’s Ministry of Communication and IT (MCIT) in Center of Digital Entrepreneurship (CODE) Riyadh headquarters. In attendance live from Canada was Dr Don Tapscott, well renowned global blockchain author and expert, and founder of BRI.

Key representatives from several Saudi governmental and private entities were present including MCIT, Communications space & Technology Commission, Saudi Aramco Entrepreneurship, Plug and Play as well as the Canadian embassy.

Both BRI-ME and IR4LAB will work together to collaborate in the area of blockchain technology research, consulting and development of solutions, use cases, as well as cooperate to organize blockchain events, training programs and workshops in the Kingdom and the MENA Region.

Majd AL AFIFI Co-Founder and CEO of IR4LAB, stated,”We are very proud of this partnership; it will bring much needed collaboration and cement Saudi Arabia’s position in Blockchain technology.”

Mohamed EL KANDRI Co-Founder and CTO of IR4LAB added, “Partnering with the largest Blockchain Think tank in the world is a landmark development for Blockchain adoption in the region, and we are happy to lead the way alongside likeminded partners”

Aline Daoud, Managing Partner and Founder at the Blockchain Research ME, said, “We are proud to join forces with IR4LAB who have been revolutionizing the Blockchain adoption in the Kingdom and the region. Together we will be fostering, growing, and supporting the interest in the blockchain technology in the country as we offer our joint trainings, research, events and consultancies. “

BRI-ME and IR4Lab took the opportunity to announce about the first upcoming event in Riyadh which will take place on the 19th of October 2023, The Web3 Summit: Blockchain and Beyond, will be a private event covering Blockchain for Oil & Gas, Banking & Finance, Supply chain & logistics, Smart Cities and Women in Web3. Dr Don Tapscott will be flying in all the way from Canada to address the audience with a 45-min keynote speech for the first time in Saudi Arabia. (More on the event can be found: https://web3summit-ksa.com/)

This comes after IR4LAB announced its expansion into Africa. 

UAE ADGM imposes penalties on 10 Leaves blockchain and digital asset business consultant

UAE ADGM imposes penalties on 10 Leaves blockchain and digital asset business consultant

UAE’s Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has announced that it has taken enforcement actions against 10 Leaves Limited (10 Leaves), an ADGM-licensed company, and its three directors by imposing financial penalties amounting to USD 32,000 for a repeated failure to file annual accounts and reports by the statutory deadlines specified under the RA’s administered legislation.

10 Leaves was established in the ADGM, offering a breath of specialist consultancy services including blockchain, digital asset business setup in the UAE. They assist businesses to setup in the UAE.

The RA found that 10 Leaves and its directors, Bishr Shiblaq, Rohit Ghai and Satidanand Auchoybur failed to submit statutory accounts and reports for the financial years ending 31 December 2020 and 31 December 2021 by the specified timelines. 10 Leaves and its directors failed to deliver consecutive accounts and reports to the RA by the statutory timelines despite reminders sent by the RA.

The RA imposed financial penalties totaling USD 32,000.

Hamad Sayah Al Mazrouei, Chief Executive Officer of the Registration Authority said: “ADGM registered directors shall adhere to the highest standards of diligence and care in discharging their responsibilities and duties stipulated under RA administered regulations. The RA considers that the imposition of financial penalties against companies and directors who commit contraventions of accounts filing requirements supports promoting compliance with the regulations and filing obligations.”

Oman’s Green Data City to have full blockchain capacity in 2023

Oman’s Green Data City to have full blockchain capacity in 2023

Oman’s Green Data City, the first data center in Oman to obtain a crypto mining license will have full blockchain capacity in 2023. The datacenter which is nestled in Salalah region of Oman, harnesses its coastal location to utilize renewable energy sources.

As per a report in Oxford Business group, the project is set to receive more than $3.2 billion as part of Vision 2040 and is expected to reach full blockchain capacity in 2023.

The MTCIT announced in December 2022 that it secured OR150m ($390m) in investment from a consortium of local and foreign financiers to develop a large-scale data center at Green Data City. The investment is earmarked for the processing and hosting data; and the adoption of distributed ledger technologies, blockchain and financial technology.

In an interview with Said Abdullah Al Mandhari ,CEO of Oman ICT Group, he noted that advanced technologies and blockchain, in particular, have enormous potential to enhance Oman’s long-term economic development, especially considering the current business environment.

He added, “Artificial intelligence (AI), big-data analytics, blockchain and the internet of things (IoT) can boost efficiency and productivity in various sectors, such as finance, education, health care and logistics. It will be important for the energy sector in particular to adopt advanced technologies to increase productivity and align with long-term sustainability standards.”

For his part, Blockchain could be used to provide platforms that manage digital assets and conduct transactions while reducing fraud risks, increasing transparency and streamlining related operational processes. Blockchain would also be able to expand inclusion in the financial ecosystem, as it enables crowdfunding and peer-to-peer lending for small- and medium-sized enterprises.

The report reiterates that the Oman regulator has announced the development of a regulatory framework for virtual assets and virtual asset service providers. This will help underpin the development of the digital asset and financial technology industry in the sultanate.

By regulating virtual assets, the Capital Market Authority aims to provide an alternative financing and investment platform for issuers and investors alike, while mitigating the risks associated with this asset class. The framework will cover activities such as crypto-assets, tokens, crypto-exchanges and initial coin offerings, among others.

UAE based Aquanow, digital assets infrastructure provider receives initial approval from Dubai’s VARA

UAE based Aquanow, digital assets infrastructure provider receives initial approval from Dubai’s VARA

Aquanow, a digital assets infrastructure provider has unilaterally announced that it has 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.

Full approval to operate will be issued by VARA as soon as Aquanow completes all mandated requirements, which the firm is expected to complete in the near-term.

“At Aquanow, we believe that the UAE is a forward-thinking jurisdiction for digital assets regulation and we view Dubai as a key hub for our international growth efforts,” said Aquanow’s Chief Executive Officer, Phil Sham. “We’re excited to receive the initial approval from VARA and to be moving closer to powering a range of digital asset use cases in the region.”

Aquanow, which is privately-backed, is one of the largest digital asset liquidity providers and is a global leader serving financial services clients in 40 countries around the world. Aquanow is rapidly expanding in the Middle East, and the UAE is an emerging hub of Web 3.0 innovation with more than 500 crypto companies based in the country.

Established in 2018, Aquanow currently has 90+ team members with offices in Canada, Dubai, and Singapore.

UAE based Sabre56 a crypto mining hosting provider signs deal with US GEM mining

UAE based Sabre56 a crypto mining hosting provider signs deal with US GEM mining

UAE based Sabre56 a hosting provider and digital asset mining consultancy, has signed a hosting deal with U.S. based GEM Mining, an institutional-grade Bitcoin (BTC) mining company.

As per the agreement, Sabre56 will initially host 4, 510 of GEM mining’s BTC miners in Sabre56’s new hosting facilities in Wyoming in USA.

As per the announcement, half of the miners will come online in May, and the remaining miners in June.

The deal follows Sabre56’s February announcement of its US$35 million funding agreements to build 150MW of Tier 0 data centers to support blockchain infrastructure.

The Company is rapidly transitioning from consulting on mining projects to constructing and hosting its own facilities, and today’s news is the first among the waitlist of miners ready to take hosting services in the new and future facilities that are currently under construction.

Phil Harvey, CEO of Sabre56, stated, “We are excited to welcome our new partner – GEM Mining. Our two companies are united in our vision for the mining industry, our core values of how to achieve it, and the pursuit of excellence taught in the military.

John S. Warren, CEO of GEM Mining, added, “GEM Mining is built for robust, long-term growth to drive the digital asset mining industry towards maturity. As the United States consolidates its status as the Bitcoin mining capital of the world we have – in Sabre56 – found a partner operating in the same ‘cut-to-the-chase’ way. We are delighted to place our machines with a hosting provider of such outstanding capabilities.”

In the MENA region, Sabre56 has delivered MWs of computing power.

Laraontheblock speaking to Phil Harvey asked if they had intentions to develop digital asset hosting facilities in UAE after the entrance of Marathon Digital. His response, “For almost a decade now, the UAE has been at the forefront of cryptocurrency innovation – welcoming the sector like few other places. The most recent example is the introduction of the UAE’s VARA regulation, which puts it comfortably ahead of Europe and the United States in terms of regulatory clarity.”

He added, “Marathon Digital’s move to expand mining operations to the UAE is an interesting entry, and we are closely watching the progress of their Masdar City immersion Bitcoin-mining facility. Compared to more temperate geographies, the GCC’s arid and hot climate poses a formidable obstacle to successful and efficient mining operations.”