UK based Khalij Group, a well-established financial solutions provider and Islamic Finance solutions has joined the Qatar digital asset lab based out of the Qatar Financial Centre (QFC).

Khalij Group is a conglomerate focused on servicing the needs and requirements of the Islamic financial services industry and Islamic capital markets, including creating innovative and be-spoke structured solutions, fund raising and distribution of both debt and equity instruments.

In a LinkedIn post, Henk Jan Hoogendoorn, Chief Financial Officer at QFC stated, “ Khalij Group will join Qatar Financial Centre (QFC) Authority digital asset Lab and will bring a wealth of experience in fintech as well Islamic investments , structuring and sharia advisory from the UK to Qatar and GCC.”

Headquartered in the United Kingdom, Khalij Group boasts a robust presence across key international financial hubs including the United Arab Emirates, Pakistan, Qatar and the United States of America.

In October 2023, Qatar announced one of the biggest digital assets initiatives in the country and the GCC region, the Qatar Innovation Dome for digital assets. As per the live event keynotes, the digital assets lab will develop tokenization platforms and ecosystems for everything that has value whether tangible assets or intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT (distributed ledger technologies), blockchain, and smart contracts.

The Qatar Central Bank(QCB) also announced that it would be working to attract Big Tech and Fintech entities in the fields of Blockchain, AI, Tokenization, Digital assets and crypto to the country. As per its third financial sector strategy launched by HE Prime Minister Sheikh Mohamed Bin Abdulrahman Bin Jassim Al Thani, the Qatar Central Bank recommended enhancing financial inclusion, measures to facilitate building a world-class shared market infrastructure and establishing a financial technology talent center of excellence.

In addition, the Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC signed an MOU with the Asian Institute of Digital Finance (AIDF), a research institute of the National University of Singapore (NUS), to embark on projects encompassing ESG, Fintech, digital assets, Web3 and other emerging technologies.

All these efforts seek to place Qatar as a leading country for tokenization and digital asset implementations.

A manufacturer of Global crypto mining servers, Bitmain is holding its yearly event, the World Digital Mining Summit (WDMS) in Oman on March 29th 2024 at the W hotel. The theme of WDMS in Oman will be “Hydromining wins the desert”.

As per the press release, the conference will provide new financing opportunities and revitalize the market. Leading mining, finance, investment, custody and energy companies from around the world will participate in the event to help the digital currency and crypto ecosystem flourish. WDMS will provide an international platform to discuss financing mining, mine establishment, renewable energy, mining resources, PoW development and many other hot topics.

The summit will focus on hydro-mining, a cutting-edge technique promising to revolutionize the cryptocurrency mining industry. Hydro mining is an innovative approach to mining that utilizes water to cool mining equipment, a critical innovation in the heat-intensive climates of desert regions. As the industry grapples with environmental concerns, hydro-mining presents a sustainable and efficient solution for digital currency extraction.

Attendees can expect to delve into discussions on sustainability, efficiency, and the future of crypto mining technologies in the digital age. Bitmain’s initiative to hold the summit in Oman underscores the country’s emerging role as a hub for technological innovation in the Middle East.

Oman has been investing heavily in datacenters, and has attracted crypto mining entities such as Pheonix Technologies and Exahertz among others.

 UAE Web3 gamified digital assets startup Eesee, that allows users to place tiny bids on high-value assets such as cryptocurrencies, NFTs and real-world assets, has received an investment from Animoca Brands. As part of the partnership, Animoca Brands will provide its industry expertise and connections to Eeseee, bolstering Eesee’s goal to enhance the efficiency and experience of digital asset trading within the Web3 environment.

Eesee already has over 1.6 million wallets already on its testnet, Eesee has more than tripled its user base and volume since the start of 2024, and 31% of Eesee users engage in more than 10 transactions per day.

According to the press release, the partnership with Animoca Brands will advance Eesee’s mission to become a one-stop liquidity solution for sellers. With a growing community and over 2,000 tickets bought per day on the Eesee platform, the partnership with Animoca Brands will allow Eesee to reach a wider audience and strengthen its connections within the Web3 ecosystem through Animoca Brands’ portfolio of over 400 Web3 companies and projects.

Eesee previously raised over US$3 million in funding rounds from SevenX Ventures, Maven Capital, and Momentum 6, as well as through high-profile crypto influencers such as Ivan on Tech, Pentoshi Gmoney, and others.

Yat Siu, the co-founder and executive chairman of Animoca Brands, commented, “We’re excited about investing into Eesee and entering into a partnership that aligns strongly with the vision shared by both of our companies to bridge real-world assets into the Web3 landscape. We look forward to the progress and success of Eesee as the platform continues to grow and evolve.”

Vova Sadkov, founder and CEO of Eesee, added, “If it wasn’t amazing enough to see the Eesee journey so far, having Animoca Brands – one of the most important companies in the industry – not only as an investor but also a partner is the cherry on top. We’re thrilled to work closely with the team at Animoca Brands. It will bring tremendous value to our ecosystem.”

Eesee aims to provide the main features of the models of major auction platforms (e.g. eBay) and NFT marketplaces (e.g. Blur) with a twist, allowing users to place small bids on high-value real-life items as well as Bitcoin and other cryptocurrencies. The rest of the bids are converted into funds that are staked on the Eesee platform, and can offer a potential return for all bidders.

Eesee plans to launch later in 2024 on Blast, a layer 2 mainnet with native yield built on top of Ethereum, and which recently made headlines when its launch unlocked $2.3 billion of staked crypto for the first time.

This is not the first gaming startup in the UAE to receive investment from Animoca Brands. Animoca brands recently invested in UAE based Param Labs, a blockchain enabled gaming infrastructure provider.

Tungsten headquartered in UAE has officially launched the first home grown and regulated crypto custodian after receiving a license from UAE’s Financial Services Regulatory Authority (FSRA) to operate at the Abu Dhabi Global Market (ADGM). The platform is designed to store digital assets securely for institutional investors.

Over 12 months to July 2023, the value of digital assets received by the UAE was over US$34.9 billion (Chainalysis). Approximately 67%, or around US$23 billion in transactions, was carried out by institutional investors, demonstrating a significant opportunity for specialist digital assets custody.

As a regulated custodian, Tungsten aims to provide peace of mind for institutions investing in digital assets, including cryptocurrency. 

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We congratulate and welcome Tungsten to Abu Dhabi’s international financial centre, ADGM. As much as the ever-evolving digital asset space needs regulatory controls to protect investors, it also needs risk management services that enable them to understand and invest securely. The concept of Tungsten revolves around this and allows it to harness the opportunities within this industry. As custodian of virtual assets, Tungsten’s offerings, coupled with ADGM’s vibrant ecosystem and progressive regulations for digital assets, will empower investors and maintain market integrity with robust solutions.”

Chris Desjardins, Tungsten Founder and Senior Executive Officer said: Digital assets present unprecedented opportunities across generations, yet the cornerstone of realising their potential lies in establishing a trusted investment environment. The UAE is at the forefront of this transformation, crafting a robust framework for digital assets that not only sets a global benchmark but also positions it as a pioneering force in the finance sector of tomorrow. Our immense pride stems from being developed and regulated within the UAE, a testament to our commitment to excellence and innovation in this dynamic landscape.”

Tungsten provides secure, regulated crypto custody so clients can confidently invest in digital assets. It is led by Chris Desjardins, an industry veteran with deep knowledge and experience in building and growing digital assets and cryptocurrency solutions. Previously, he co-founded Big Index, a Canadian institutional crypto wallet technology provider successfully acquired by Brane Inc., where he became Head of Product. Through his leadership, Tungsten sets an unparalleled benchmark for digital asset custody.

Tungsten is independent and segregated from other digital asset services, such as the trading of crypto assets, focusing purely on safeguarding clients’ digital assets. The business ensures secure online and offline procedures, including bank-grade physical vaults, enterprise-grade wallet management and world-class network hardware. Additionally, clients benefit from strong governance and high insurance coverage, providing utmost reassurance to institutional investors.

Over 2024, Tungsten, the UAE homegrown crypto custodian will scale customer acquisition, catering to a growing demand from regional institutional investors, family offices, asset managers, and high-net-worth individuals (HNWIs).

Tungsten had previously started hiring for key positions and as per their press release will continue to.

In a spree of MOUs and partnerships, the RAK Digital Assets Oasis, digital asset free common law free zone has signed another Memorandum of Understanding (MOU) with a global tech player, Tencent Cloud, the cloud business of tech company Tencent.

As per the Linkedin post of CEO of RAK DAO Dr. Sameer AlAnsari, “I’m delighted to share that RAK DAO has officially signed a memorandum of understanding with Tencent Cloud, a renowned global pioneer in internet and technology. This significant collaboration marks a milestone in our journey toward innovation and advancement. Tencent is the 7th largest company in the world by market capitalization.”

He adds, “Moreover, we are incredibly honored that the signing ceremony was graced by the presence of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah. His esteemed presence underscores the importance and impact of this partnership for our region and beyond.”

The collaboration is geared towards nurturing entrepreneurship, enhancing skill development, and fostering ecosystem growth. This marks a crucial milestone in shaping the trajectory of the digital economy for the future.

This announcement comes at the same time that Saudi Arabian Etihad Etisalat (Mobily), a leading digital enabler in the technology, media, and Tencent Cloud, launch the ‘Go Saudi’ program, aimed at revolutionizing the digital landscape of the Kingdom as it grows into a global business and entertainment hub.

In September 2023, Tencent Cloud, launched its first Web3-native product, Tencent Cloud Blockchain RPC. Jointly developed with Ankr, the offering delivers Web3 infrastructure, along with developer services to Web3 builders. By introducing Blockchain RPC, Tencent Cloud is striving to provide a blockchain node infrastructure solution that is fast and robust, enabling developers to stay ahead in the rapidly evolving Web3 environment.

RAK DAO (Ras Al Khaimah Digital Assets Oasis) has also been developing partnerships with Blockchain and Web3 entities such as BlockLogica, Conflux, as well as meeting with Ethereum Founder.

Abu Dhabi based Peregrine, a digital asset tokenization provider and a licensed fund management platform, has partnered with Tsangs Group, innovation focused family office to offer high quality institutional investor marketplace in UAE.

“Tsangs Group is the first Far East family office to set up in the Dubai International Financial Centre since 2021; we are pleased to shape our profile with this promising partnership, as Peregrine is banking on the Gulf state’s world class banking infrastructure and connectivity to financial centers like Hong Kong or London,” said Patrick Tsang, Chairman of Tsangs Group.

Peregrine is renowned for its industry leading blockchain based asset tokenisation platform, which has been reviewed by the ADGM’s local regulatory body Financial Services Regulatory Authority (FSRA), and its strategic partnerships with major blockchains.

“Peregrine views Tsangs Group as a key global strategic partner featuring a world class team with high quality institutional assets and is compelled by the mission to bridge opportunities from East to West,” said Simon Goodman, CEO & Co-Founder of Peregrine.

Together, Peregrine and Tsangs Group are perfectly positioned to bring high quality institutional products to the ADGM using advanced blockchain technology.

“Abu Dhabi is quickly emerging as a key strategic hub in the global digital assets industry, and the Peregrine platform sees itself at the forefront of its evolution. Building relationships in Abu Dhabi and beyond is instrumental to the development of Peregrine in the ADGM and surrounding region,” said Paul Salama-Caro, CIO and Co-Founder of Peregrine.

UAE based MIRAI Capital Global, has made a non-binding commitment of $7 million to invest in DigiMaaya, a digital assets exchange and bank.

As per MIRAI website, MIRAI Capital Globbal aims to revolutionize global investing, in collaboration with Royal Office of H.H. Sheikh Ahmed Bin Faisal Al-Qassimi. The firm is based in Ras El Khaimah UAE.

It includes the following members, Dunston Pereira (Group CEO of the Private Office of H.H. Sheikh Ahmed Bin Faisal Al-Qassimi), Pranav Jyoti (Chief Investment Officer for the Private Office of H. H. Sheikh Ahmed Bin Faisal Al-Qassimi and MD, MIRAI Capital Global) along with Vinoth Beemjee (Senior Partner and Regional Head, APAC, MIRAI Capital Global).

MIRAI Capital global has identified the massive opportunity that DigiMaaya digital assets exchange will offer. It directly addresses democratizing financial purchasing through fractional asset offerings via a comprehensive marketplace and other product mixes.

Mr. Pranav Jyoti mentioned that DigiMaaya’s innovative tech solutions use the latest technology stack, building the pillars to forward Industry 4.0 thesis via emerging tech like Blockchain, AI, Encryption and Cryptography, VR, etc.

APAC Lead and Senior Partner, MIRAI Capital, Vinoth Beemjee, additionally said, “Since DigiMaaya will allow users to benefit from its suite of services like Trading, Loans, Insurance, Tax calculator, Financial Health Card. This investment by MIRAI Capital Global is a strong bet on smart services being built by a seasoned Team.”

Utsav Dar, Founder & CEO, DigiMaaya shared his vision regarding the company and the benefit of this investment through MIRAI Capital Global, “At DigiMaaya’s core, we believe in taking care of all our stakeholders, i.e. our investors, users, employees and vendor partners. Our internal processes are aligned with our company culture and our team’s common passion fuels our drive to create a user centric, global, regulated and compliant Financial SuperApp.”

DigiMaaya digital assets exchange and bank, comprises a team of Industry leaders & Specialists with varied expertise who have aligned themselves to the vision of building DigiMaaya as a Fintech super app. This global team includes Heero Punjabi (Co-founder and CTO), Punnoose Joseph (Co-founder and Chief Technology Architect), Preet Gill (Co-founder, Investor Relations and Corporate Communications), and Dr. Chiraag Jain (Chief of Staff and Chief Operating Officer).

Utsav Dar emphasizes on DigiMaaya’s USPs: A 100% licensed and regulated App with robust and transparent audit mechanisms for trust building, 3-level Appellate solution across 9 languages for seamless customer support, Steady liquidity addressing a major problem in the current illiquid market, and a Transition to Web3 through informative educational series and incentivized user benefits.

UAE HAYVN investors, Deus X Capital, a $1 billion family office has agreed to buy out HAYVN digital assets infrastructure provider and appoints Richard Crook as new CEO. Deus X Capital will purchase the business brand, technology, clients and staff from other HAYVN shareholders.

The parties have agreed to the asset purchase, subject to completion.

As per the press release, the deal provides the opportunity to recapitalize and reinvigorate the business as it seeks to consolidate its presence in the Middle East, while allowing for growth globally.

In addition, Richard Crook has been appointed interim CEO of HAYVN with a focus on growing the business and realizing the global opportunities ahead of it. Ahmed Ismail, Board Member & Co-Founder of HAYVN had told LaraontheBlock that they would be appointing a new CEO in December 2023.

Crook joins HAYVN following more than 25 years in the digital assets and investment banking industries, including roles such as COO of BCB Group, the digital assets payments business, and Head of Emerging Technology at investment bank RBS after serving in senior management roles at UBS.

Tim Grant, CEO, Deus X Capital, speaking on the asset purchase stated, “HAYVN is an innovative business at the forefront of the movement to a democratized financial system. We are committed to providing institutional clients with the critical services they need to capitalize on the existing and growing opportunity in digital assets, while continuing to build and develop new capabilities. HAYVN is core to our strategy and represents another pillar of our commitment to the Middle East region.”

Richard Crook, interim CEO, HAYVN, said: “I am delighted to join a business that has already established itself as a leader in financial technology and a fundamental pillar of the digital assets ecosystem. The digital assets industry is growing at a rapid pace as it continues to converge with traditional financial services, and I look forward to ensuring that HAYVN is central to that growth as we build on our success.”

This comes after the ousting of their previous CEO under difficult circumstances.

UAE organically incubated, digital assets custodian, Tungsten, regulated under the FSRA (Financial Services Regulatory Authority) in ADGM is on a hiring spree.

Tungsten, according to Further Ventures, UAE Venture Capital firm, and its incubator, is a 100% UAE sovereign digital asset custodian that offers secure and regulated custody service.  It is also backed by an Abu Dhabi Sovereign Wealth fund.

As per Tungsten, “ We are on a mission to create the most advanced digital assets custody and treasury services for our clients, helping them to become self-sovereign organizations with strong mechanisms for access control, multi-tier and multi-factor authentication, no single points of failure, and advanced transactional risk management.”

Tungsten goes on to note, “Our offering will be insured by global underwriters, regulated exclusively by ADGM (Abu Dhabi Global Markets), and host its core services in a Tier IV data center with 24/7 physical security.”

Tungsten is custodian of virtual assets that protects client funds from geo-political, regulatory, and cloud risk by operating a fully private physical and application infrastructure out of the most secure facilities in the world.

The website states that Tungsten goes beyond custody, their integrations span exchanges, liquidity providers, analytics, tokenization, and more, providing a holistic solution.

The company is founded by Christian Desjardins, Co-Founder and CEO , as well as Jose J. Perez Aguinaga as the Co-Founder and CTO.

Tungsten is currently hiring an assistant Manager-Deputy MLRO.

In the advert for the position it states that Tungsten, backed by an Abu Dhabi Sovereign Wealth Fund has expansion plans across the Middle East and Eastern Europe.

The job advert notes, “We aim to redefine the landscape of secure, user-friendly virtual asset custody solutions. Our commitment is to unparalleled security, reliability, and ease of use, positioning Tungsten as the preferred choice for institutions managing their virtual assets.”

Tungsten is looking for Assistant Manager – Deputy MLRO, to support the Money Laundering Reporting Officer (MLRO) in implementing and managing their anti-money laundering (AML) and counter-terrorist financing (CTF) framework.

This comes as more and more Blockchain and digital asset entities launch from ADGM in UAE.

This article was updated on Feb 27th 2024. Update concerned founding members.

RAK DAO (Ras Al Khaimah Digital Assets Oasis) the world’s first and only common law free zone exclusively dedicated to digital and virtual asset companies, has partnered with BlockLogica, a Web3 digital assets strategy hub to usher in Web3 Blockchain innovation.

“We are thrilled to welcome Blocklogica Labs into the RAK DAO ecosystem. This partnership signifies our commitment to fostering innovation and providing unparalleled support to visionary enterprises within the blockchain space. Together, we will drive forward our mission of shaping a new era of digital transformation and empowerment in the Web3 landscape,” said Dr. Sameer Al Ansari, CEO of RAK DAO.

Asal Alizade, Co-Founder of BlockLogica Labs added, “Looking at the great potential for the Web3 industry in the UAE, we are excited to stand next to RAK DAO and create a supportive and regulated environment for cutting-edge projects in the Web3 and Blockchain area to grow properly. It’s impressive to see how RAK DAO is so innovative in changing the Digital Assets regulatory space and creating a healthy ecosystem, where all ideas and projects have an opportunity to grow perfectly and be seen, and we are happy to take part in building this ecosystem.”

Together, RAK DAO and Blocklogica Labs aim to advance joint efforts in shaping a new, open, decentralized, and trustless digital era. By amplifying opportunities for businesses and startups in the ever-evolving blockchain space, this partnership sets the stage for groundbreaking developments in the Web3 landscape.

Just last week, Conflux Blockchain, a Layer 1 Blockchain,entered the UAE and partnered with UAE’s RAK Digital Assets Oasis (RAKDAO) to develop the Blockchain and digital asset sector.