Abu Dhabi investment firm ADQ launches $200 million fund for Digital assets Fintech, and supplychain

Abu Dhabi investment firm ADQ launches $200 million fund for Digital assets Fintech, and supplychain

Abu Dhabi’s ADQ and Further Ventures, an investment firm back by ADQ have launched a $200 million fund focused on Fintech, digital assets and supplychain.

As per the news, entrepreneurs and experienced executives who choose to launch their next venture with Further will have access to product and engineering resources for concept development; seed capital required to take the business to Series A; and reserved capital for following on through multiple rounds of funding beyond capital investment.

Further ventures also has a dedicated team that provides legal and regulatory support, talent sourcing and recruitment, operations, and business development expertise with access to some of the largest organizations in the Middle East and North Africa (MENA) region as well as venture builders globally, as part of Further’s extensive network.

Further is focused on building, digital asset payments products, blockchain asset custody, security solutions, marketplaces, wallets and other infrastructure for institutions. In addition to Fintech, such as wealth management, SME finance, financial inclusion, remittance, and payroll .

Finally they will focus on supply chain examples of which include digital freight and warehouse management companies and other supply chain-related business.

In addition to launching its own ventures with founders, the firm will also establish the Further Network by actively investing in and co-creating start-ups with leading global venture builders.

Nasdaq launches Digital Assets Business for institutional investors

Nasdaq launches Digital Assets Business for institutional investors

Nasdaq has launched its Digital Assets business unit that as they note will power the digital asset ecosystem. Nasdaq aims to provide trusted and institutional-grade solutions, focused on enhanced custody, liquidity and integrity.

Adena Friedman, President and Chief Executive Officer, Nasdaq stated, “Nasdaq Digital Assets builds upon the successful solutions we have introduced in recent years to serve the digital assets ecosystem, including marketplace technology for digital asset exchanges, crypto-native anti-financial crime offerings, and crypto-related index solutions for tradable products. The technology that underpins the digital asset ecosystem has the potential to transform markets over the long-term. To deliver on that opportunity, our focus will be to provide institutional-grade solutions that bring greater liquidity, integrity, and transparency to support the evolution.”

Nasdaq Digital Assets will initially develop an advanced custody solution that will incorporate liquidity and execution services to address industry challenges around connectivity, availability, and efficiency. Nasdaq’s custody solution will bring together the best attributes of hot and cold crypto wallets through an innovative technology offering, which will provide a high degree of accessibility and scalability without compromising security. Nasdaq’s offering is subject to regulatory approval in applicable jurisdictions.

“Demand among institutional investors for engaging in digital assets has increased in recent years, and Nasdaq is well-positioned to accelerate broader adoption and drive sustainable growth,” said Tal Cohen, Executive Vice President and Head of North American Markets, Nasdaq. “Nasdaq is uniquely placed to address industry pain points by improving liquidity, scalability, and resiliency, with the goal to engender greater trust and confidence in the digital assets ecosystem.”

Nasdaq Digital Assets will be led by Ira Auerbach, Senior Vice President, Head of Digital Assets.

KSA’s Saudi National day to be held in Decentraland metaverse

KSA’s Saudi National day to be held in Decentraland metaverse

KSA Bold Group, a creative advertising agency, has partnered with King Abdulaziz Foundation for Research and Archives ( Darah) to bring Saudi National day to the Decentraland metaverse.

For Saudi Arabia’s 92nd Saudi National Day Celebration, participants will experience Saudi Culture in a new digital realm, the metaverse. The virtual Saudi National Day celebration will begin on the 22nd of September until the 24th of September 2022.

For this pioneering initiative, The Bold Group collaborated with King Abdulaziz Foundation for Research and Archives (Darah) to make the user experience come to life. This strategic partnership will enable an authentic immersive experience as both Darah strive to make Saudi Arabia’s history and culture accessible to the world, and to educate future generations on the full breadth of the Kingdom’s great heritage.

 Abeer Alessa, Co-Founder and Chief Executive Officer of The Bold Group said, “We are activating the metaverse in an impactful way by paying tribute to Saudi National Day. Fusing our past with our future, we are honouring the storied history of the Kingdom, preserving our heritage and displaying it with pride for people to engage with in the new digital realm.” Our focus has always been to bring value to our partners and community, and this unique experience paves the way for others to discover exciting new opportunities in the market. In line with the Kingdom’s transformative outlook for the Vision 2030, The Bold Group embraces the change and strives to be the pioneer of new and emerging technologies in the digital sphere.”

The Bold Group’s multi-faceted Saudi National Day experience in the metaverse will be held on the ‘Decentraland metaverse. It will feature multiple layers of Saudi culture in an open-air museum, with each level displaying various representations of the beauty of Saudi Arabia. The experience will also feature exclusively tailored Saudi national attire, created and inspired by the different regions of the Kingdom. These iconic pieces will be made available as wearable NFTs for event visitors. The Bold Group will also be providing the POAP (Proof of Attendance Protocol) as a limited edition collectible NFT for users to showcase with pride their participation in the world’s first Saudi National Day metaverse celebration.

Ziad AbuRjaily, Creative Technology Director in the Bold Experience Unit said, ” The idea to usher the Saudi National Day, a historically traditional celebration, into the new era of technology was inspired by the challenge of convening people across the Kingdom’s 13 different regions to celebrate Saudi Arabia in one virtual space.”

University of Sharjah to preserve UAE culture with Blockchain Metaverse system

University of Sharjah to preserve UAE culture with Blockchain Metaverse system

UAE University of Sharjah has launched a research project aimed to develop a blockchain metaverse system to preserve the UAE culture and heritage. Working with BSV Blockchain Association, the University of Sharjah plans to retain ownership of UAE culture in the form of digital assets, and then develop an NFT and physical marketplace where users can exchange physical originals as well as NFTs all in a metaverse environment.

Prof. Maamar Bettayeb, Vice Chancellor for Research and Graduate Studies at The University of Sharjah noted that this was a very pragmatic use case utilizing technologies such as Blockchain, metaverse and NFTs. He states, “The University is serving the community and UAE’s national economy by implementing the vision of the Emirate of Sharjah as well as the UAE in documenting and preserving our history and heritage in both tangible and intangible formats.”

 Mr. Jimmy Nguyen, Bitcoin Association for BSV Founding President, added “We are very excited and pleased with the partnership with a premier institution in the UAE such as the University of Sharjah to develop an innovative solution that utilizes the latest technologies to preserve the nation’s values and history in UAE and the region. Launching a new start-up will help in creating many jobs for the new technology graduates and create new economy for trading antiques, historic and modern artworks in a digital format and in virtual marketplace as NFTs”.

Dr. Mohamed Al Hemairy, the leading researcher at the University of Sharjah explained, “UAE has a very wealthy culture and human heritage, characterised by numerous physical inheritances. Yet new generations and expatriates don’t know much about it, that is why we researched how we could deploy Blockchain to preserve the intellectual property and ownership of the Emirati’s Families inherited treasures and to design a virtual art gallery for the Arabic and Islamic culture, heritage, antiques, historic and modern artworks in a state-of-the-art digital format. These would be digitized in the form that would retain its intellectual property through Non-Fungible Tokens [NFT].”

The heritage and culture of the UAE will be in a virtual art gallery in the Metaverse built on BSV Blockchain.  

Mr. Muhammad Anjum, the Head of the BSV Hub for MESA, commented “Developing relationships and supporting the academic institutions is a key goal of our regional BSV Hub and an impactful way that the blockchain technology can grow in the Middle East. The University of Sharjah has brought a very strong use case to utilize the powerful features of the BSV blockchain. The Dubai Metaverse Strategy is an innovative initiative and a key step towards making UAE the first country in the world in the field of adoption and use of the metaverse. We are confident that we will see numerous engagements between BSV Ecosystem, and the University of Sharjah soon.”

Lawrence Summers, previous US Secretary of Treasury showcases his views on Crypto and Blockchain at UAE AIM summit 2022

Lawrence Summers, previous US Secretary of Treasury showcases his views on Crypto and Blockchain at UAE AIM summit 2022

Lawrence H. Summers, the renowned American economist who served as the 71st United States Secretary of Treasury from 1999-2001 under Bill Clinton, as well as the Director of the National Economic Council from 2009 to 2010 under Barack Obama, will be offering his insights into the global economy and financial markets as well as his views on crypto and Blockchain during the 13th edition of AIM Summit being held on the 21st and 22nd of November 2022 in Dubai UAE.

AIM Summit is the region’s leading forum for providing insights on investment developments and global market conditions. This year, special emphasis is placed on the current global economy, inflation, stagflation and recession. Summers will provide his views on why the U.S. will likely be headed into a recession within the next two years. Summers will discuss how globalization, trade, and technology will play a pivotal role in the future of the global economy.

In 2021, Summers repeatedly called out the potential for inflation in U.S. while the U.S. Federal Reserve and many economists viewed rising prices as transitory.

Commenting on his participation at AIM Summit, Summers states, “Investors in alternative assets must navigate a challenging macroeconomic environment today and anticipate how it will impact their portfolios tomorrow. At the AIM Summit in Dubai, I will address some of the most pressing questions investors should be asking – will the Fed’s newfound hawkishness lead to a painful recession, or will they engineer a soft landing? Will we return to the post-2009 era of secular stagnation, or a new paradigm? Will prognostications of China’s economy overtaking America’s prove similar to those of Russia and Japan, which look ridiculous today?”

Raha Moradi, Chief Executive Officer of AIM Summit stated, “We are honoured as organizers of AIM Summit to be welcoming a well renowned economist and top U.S. ranking official such as Lawrence H. Summers. His views on U.S. and global inflation, recession, and world policies will offer our audience valuable information that will benefit their policies and strategies moving forward. Investors and policy makers alike across the GCC ad MENA region are invited to join us as we hear Summers’ predictive insights.”

The AIM summit gathers and connects investors within hedge funds, private equity, venture capital, digital assets, FinTech with global industry leaders. This year the Summit will cover topics pertaining to portfolio construction, emerging markets, frontier markets, private credit, hedge funds, the future of digital assets, NFTs, metaverse, crypto mining, ESG, impact investing and Web 3.

Audiences will also hear Summers’ views on crypto and Blockchain. Lawrence Summers, is currently an advisor for Digital Currency Group and a board member of Block.Inc, He is also well versed on the topics of cryptocurrencies, stablecoins and CBDCs. In previous events and interviews, he has espoused his belief that cryptocurrencies will do better when regulated in a sound way. He has touted crypto as being one of the most important innovations of this period akin to Digital Gold, and praises stablecoins yet believes global digital currencies are still at a nascent stage. 

UAE ADGM grants Klickl a digital asset dealer and custodian preliminary license

UAE ADGM grants Klickl a digital asset dealer and custodian preliminary license

UAE ADGM (Abu Dhabi Global Market) has granted Klickl, a virtual asset service provider with offices in Hong Kong and Abu Dhabi, an in principle Approval license to operate as a digital asset broker and custodian.

Michael Zhao, Co-Founder and CEO at Klickl said “The regulated route is the only route for any crypto company’s growth if it wants to be a serious player for the long run.  Long gone are the days where digital asset players enjoy early-mover advantage benefiting from fast growing bull market. Recent crypto market turbulence and big selloff caused by greed-led FOMO driven sentiment is just another example to show why the market needs proper risk control and compliance.”

Formerly known as IDCM, the digital asset exchange group recently rebranded to Klickl representing the sound coins make when clicking in harmony and prosperity.

Klickl aims to deliver that All-in One crypto super app which serves all crypto needs in the ever-evolving digital era.

ADGM has approved license for more than seven virtual asset exchanges to operate in the UAE. The names include Binance, Kraken, as international players, and BitOasis, Midchains, Matrix and others as local ones.

The UAE has become a blockchain and crypto hub and one of the leading regulated environments across the globe. This has attracted crypto entities that were previously headquartered in Hong Kong and Singapore among others.

WadzPay teams up with DIFC Fintech Hive to offer blockchain payment features in the Metaverse

WadzPay teams up with DIFC Fintech Hive to offer blockchain payment features in the Metaverse

WadzPay, blockchain payments provider operating in the UAE, has teamed up with DIFC (Dubai International Financial Centre) Fintech Hive and Emirates NBD accelerator program, to offer payment features in the metaverse. This is a huge undertaking given that the metaverse economy is predicated to hit $13 trillion by 2030.  

Moreover this is especially significant in the UAE given that Dubai announced its metaverse strategy in July 2022. As per the strategy Dubai wants to attract 5000 blockchain and metaverse companies to the city by 2027. DIFC has been working through its regulatory arm DFSA to ensure the proper regulatory environment for crypto tokens, security tokens, and is considered by VARA as one of the entities that can house regulated companies in this sphere.

Raja Al Mazrouei, Executive VP of DIFC Fintech Hive was quoted saying, “The 10-week global accelerator programme for metaverse start-ups reaffirms our commitment to support Dubai’s ambition to be among the top 10 metaverse economies in the world.”

We all know that for the metaverse to be successful, payment services in the metaverse will not only have to be seamless but extremely secure as well as compliant. Each metaverse will have to have a robust payment method or it won’t be a fully functional experience.

Noteworthy as well is that Emirates NBD has stated that it intends to build up its 3D capabilities, creating virtual worlds to augment the customer experience and enabling a decentralised payment infrastructure for customers to create, monetise, buy and sell digital assets and services.

Now let’s put it all together, Dubai wants to be a metaverse hub; the UAE has already piloted a CBDC project not only with Saudi Arabia but also other central banks with the wholesale CBDC project Mbridge which is in partnership with BIS and Hong Kong Monetary Authority, Thailand and Central Bank of China. The Mbridge pilot has already commenced with commercial banks in 2022.

So far 105 countries across the globe are exploring CBDCs, with only 9 percent of countries having actually launched a CBDC.

For those not familiar with WadzPay, it is an interoperable and agnostic blockchain payments ecosystem that was founded in Singapore in 2018 but is currently operating across Asia and the Middle East with offices in UAE. As per their website, the company has been working with large payment companies, banks, on CBDC rollouts and digital assets transactions and settlements.

So when Anish Jain Founder & Group Chief Executive Officer of WadzPay announced on LinkedIn, that the company is working with DIFC Fintech hub and Emirates NBD accelerator program to enable financial services in the metaverse, it was newsworthy.  

LaraontheBlock, asked Jain what this meant and how they were working with DIFC, his reply, “WadzPay established its presence in UAE in 2020 with its DIFC entity. The DIFC FinTech hive provided tools to grow our business. It is also the breeding ground for innovation. WadzPay Chain is purpose built for payments and is metaverse ready. Together with the WadzPay payments ecosystem it will provide users with optionality, agility and access into the metaverse while making traditional payments efficient.”

In conclusion, maybe we will be witnessing the first complete financial service and payment offering in a metaverse experience within the UAE sooner than we think. A digital wallet that would or could hold CBDC, stablecoins, crypto that users in the metaverse could utilize for the purchase of digital assets or representations of physical assets as NFTs securely and compliantly.

We will know which start-ups have been chosen to implement these projects with Emirates NBD as they will be announced during Gitex2022.

 In the end it is only when you can garner valued economic activity in the metaverse will the metaverse actually have any sort of true utility.

On the side-lines, it was also interesting to see that WadzPay had signed a strategic partnership with FIGA an enterprise in the Republic of Congo to tokenize the rights of reserves of potash, phosphate and iron which will be extracted over the next 25 years. WadzPay is expected to tokenize $4 billion worth of assets for foreign direct investment.

WadzPay also partnered with Algorand Blockchain where it will utilize Algorand platform in multiple proof of concept-stage projects including Asia and Africa-based CBDC launches.

Crypto ETP issuer sets up MENA base in UAE

Crypto ETP issuer sets up MENA base in UAE

21Shares, one of the largest issuers of cryptocurrency exchange traded products (ETPs), has expanded to the Middle East and hired Sherif El-Haddad, to Head the Middle East office from Dubai UAE.

As per the announcement, Sherif El-Haddad Crypto ETP issuer sets up MENA base in UAE joins 21Shares  in Dubai, where he will lead 21Shares’ market expansion in the region. 

El-Haddad previously served as Head of Asset Management at Al Mal Capital. Before that, he was the Managing Partner of Pearl Capital Management and led the asset management division of EFG Hermes for over 13 years. El-Haddad has extensive experience in the financial services sector across the Middle East and a broad set of capabilities and networks. El-Haddad holds an accounting degree from The American University in Cairo.

“In addition to Switzerland, where 21Shares is based, Dubai is one of the most exciting and favorable locations for crypto and blockchain businesses. As 21Shares embarks on its Middle East expansion, I am proud to be part of this growth journey. ” Sherif El-Haddad commented.

Commenting on the company’s new hires and market expansion, Isabell Moessler, Head of Distribution EMEA at 21Shares said: “We’re so glad to welcome Marina, Oliver and Sherif to our fast-growing team. Their experience will help us gain even more traction in our European core markets and begin our entrance into the Middle East.”

21Shares recently launched its Crypto Winter Suite, a set of products designed to help investors weather the bear market and provide various ways to enter the asset class. Recent product launches in the Crypto Winter Suite include the world’s cheapest Bitcoin ETP (CBTC) as well as two risk-controlled products, the 21Shares S&P Risk Controlled Bitcoin Index ETP (SPBTC) and 21Shares S&P Risk Controlled Ethereum Index ETP (SPETH).

Blockchain entity Belfrics sets up operations in UAE and seeks to trade digital assets

Blockchain provider Belfrics, part of Life Clips Group has set up its operation in the UAE after being admitted to DIFC (Dubai International Financial Centre) under Innovation business category. It is seeking a license for digital assets trading

As per the news, this is part of Belfrics expansion plans into the MENA region especially given that the UAE is at the forefront of blockchain and crypto adoption in the region.

Belfric’s will implement its proprietary blockchain Belrium identity and document management solution. Belfrics will be focusing on deploying decentralized applications for the government and non-government sectors in the health, education and human resource sectors.

Belfrics office is located in the Central Park Towers, one of the most prestigious business towers in the UAE. Belfrics will further proceed to apply for the newly launched ITL (innovation testing license) for digital assets trading by DIFC.

Through this new expansion, Belfrics Technologies Limited will be able to harness opportunities in the Middle East, Africa, and South Asia (MEASA), which comprise 72 countries with an approximate population of 3 billion and a nominal GDP of US$7.7 trillion.

Life Clips CEO, Robert Grinberg, said, “Belfrics’ objective is to support creators and innovators in the crypto and blockchain space, which is in line with Dubai’s recently announced blockchain strategy. The global financial services industry and wider business community’s confidence in the DIFC consistently enable it to facilitate substantial foreign direct investment into Dubai. This has supported Dubai’s top ranking globally in attracting FDI projects in the financial services sector in 2021, and DIFC ranking as the best performing free zone for the last five years. Designating the DIFC as regional hub for Belfrics’ Middle East Operations is a tremendous opportunity for our company.”

Belfrics CEO and Founder, Praveen Kumar, said, “Extending Belfrics Technologies Limited’s operations in the DIFC provides Belfrics an opportunity to set a new standard in the region. Our digital-first, forward-thinking approach has enabled us to implement the dynamic blockchain solutions Belfrics has been developing rapidly over the past decade. Since DIFC is the region’s leading global financial centre, it was a natural choice for us. As the opportunities in the region grow, with DIFC’s support, we look forward to growing with them, while catering to the technological needs of both local and international entities.”

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.