XBTO for digital assets investments sets up in ADGM UAE

XBTO for digital assets investments sets up in ADGM UAE

XBTO a platform for digital assets and tailored crypto investment solutions, has been selected to join Abu Dhabi’s Hub71 Digital assets, Web3 ecosystem as it seeks regulatory license from ADGM ( Abu Dhabi Global Market) FSRA authority XBTO has also appointed former Mubadala executive, Karl Naïm as General Manager of XBTO.

Karl, is a seasoned serial technology startup entrepreneur and former positions at Mubadala, UBS, and Goldman Sachs, will lead XBTO’s strategic expansion in the Middle East. 

XBTO has established a new office in ADGM which will provide a suite of digital assets products, solutions, and investment management strategies to institutional and qualified clients within the region.

Prior to joining XBTO, Karl co-founded Hub71 startup, Purpl, a digital wallet and remittance aggregator for Lebanon, and served as its CEO until November 2023. He was recognized by MEA Markets as the “Most Transformational Financial Inclusion CEO 2023” in the Middle East.

Commenting on the Hub71 selection and Abu Dhabi expansion, Philippe Bekhazi, Founder & CEO of XBTO, said, “We are excited to be selected by Hub71, Abu Dhabi’s global tech ecosystem, and to welcome Karl Naïm to our team. His expertise positions us strongly for our expansion in the Middle East. Our new Abu Dhabi office will enable us to bridge traditional finance and digital assets, reflecting XBTO’s commitment to innovation in this space.”

Peter Abou Hachem, Head of Growth and Strategy, Hub71, added, “The addition of XBTO to Hub71+ Digital Assets is a reflection of the founding team’s strong leadership, robust business model and its commitment to transforming the digital asset landscape from Abu Dhabi. As we continue attracting the most promising startups to our specialist ecosystems, we remain focused on our mission to transform the UAE capital into a world leading tech hub for Web3 and digital assets. XBTO is poised to unlock the immense potential of being part of an ecosystem, propelling Abu Dhabi to the forefront of innovation not only in the UAE but globally.”

Karl noted, “I am excited to introduce XBTO’s unparalleled expertise in digital assets to institutions and family offices in the region. My focus will be on building a high-performing team and collaborating closely with the Financial Services Regulatory Authority, positioning XBTO as the provider of choice for all digital asset-related services in the region.”

UAE nuclear and blockchain expert appointed as advisor to Sustainable Bitcoin protocol

UAE nuclear and blockchain expert appointed as advisor to Sustainable Bitcoin protocol

U.S. based Sustainable Bitcoin Protocol (SBP), which aims to unlock Bitcoin’s potential to become the most transparent and sustainable asset has appointed UAE national, an entrepreneur and pioneer in nuclear energy technology, space industry and digital assets Ali AlNuaimi.

Ali Alnuaimi, will hold the position of advisor at Sustainable Bitcoin Protocol. As per the Xpost of SBP, “Ali brings a wealth of experience to Sustainable Bitcoin Protocol. His visionary leadership in launching the UAE’s 1st nuclear reactor & integrating blockchain technology into the energy & financial sectors is a testament to his expertise in sustainable #energy & technological innovation.”

The post adds, “Ali’s pioneering work in leveraging blockchain for energy sustainability aligns perfectly with the company’s objectives, promising to accelerate the adoption of #cleanenergy solutions in bitcoin mining.”

AlNuaimi holds other advisory roles in well renowned entities in the digital asset, AI and Blockchain fields. He is an advisor at Buildr.ai, Marathon Digital, Gigaenergy, and Mysten Labs, the creators of Sui Blockchain.

He is also the Founder and Managing Director of AI firm Shafra.

SBP enables investors to hold verifiably sustainable BTC through the introduction of a new environmental commodity derived from clean energy bitcoin mining, called the Sustainable Bitcoin Certificate (SBC). SBC are paired with BTC 1 for 1 by investors. SBC financially incentivizes Bitcoin miners to use verified clean energy sources.

Finally, SBP’s certificate allows Bitcoin to become fully sustainable with transparent clean energy use without disrupting the fungibility of BTC.

Sustainable Bitcoin Protocol is turning environmental sustainability into an appreciating commodity, in turn supporting clean energy bitcoin miners and helping investors reach their ESG goals.

SBC are a new environmental commodity specifically designed to align Bitcoin mining with climate action. SBC incentivize verified clean energy use and waste methane mitigation, as well as mobilize capital from investors toward the energy transition.

The SBP aims to bring in new revenue and energy transparency by mining Bitcoin with clean energy.

UAE has become a hub for Bitcoin mining, whether with Marathon Digital in Abu Dhabi, or Phoenix Technology, could this be the starting point for digital assets mining, using nuclear energy available in Abu Dhabi?

Valour offers access to digital asset ETPs in UAE

Valour offers access to digital asset ETPs in UAE

Valour, issuer of exchange trade products (ETP) simplifying the access to digital assets, and a subsidiary of DeFi Technologies Inc, a financial technology company that bridges the gap between traditional capital markets, Web3 and decentralized finance, has opened a trading desk in the UAE.

Valour issues exchange traded products (“ETPs”) that enable retail and institutional investors to access digital assets like Bitcoin in a simple and secure way via their traditional bank account

According to the press release, this initiative marks a significant stride in the Company’s mission to enhance global accessibility to regulated digital assets and underscores its commitment to global growth through Valour and Valour Digital Securities Limited’s exchange-traded products (“ETPs”).

This expansion into the Middle East is a key element of Valour’s strategy to increase its product offerings and global footprint. The UAE was specifically chosen for its progressive regulatory environment, high cryptocurrency adoption rate—where an estimated 27% of the population engages in crypto ownership — and its embrace of blockchain technology across multiple sectors. These factors make it an ideal location for fostering growth and extending Valour’s reach into new markets.

As part of this strategic initiative, Valour aims to expand its assets under management (“AUM”) by launching 15 new ETP products in 2024, in addition to the 17 already listed in Europe, followed by another 30 in 2025. This ambitious expansion plan capitalizes on the growth potential of the digital asset ecosystem, demonstrating Valour’s commitment to innovation and its leading role in the digital asset market.

Olivier Roussy Newton, CEO of DeFi Technologies, commented, “The launch of our trading desk in the UAE signifies a pivotal moment for both Valour and DeFi Technologies as we expand our global outreach. This is more than just entering a new market; it’s about integrating into a dynamic and evolving financial landscape that the Middle East represents. We are excited to embark on this journey, leveraging the UAE as a gateway to broader horizons and setting the stage for growth and opportunity.”

The establishment of a trading desk in the UAE represents the first phase of Valour’s plans for geographical expansion.  Valour is ideally positioned to leverage the increasing global demand for regulated and trusted access to digital assets and the rapidly expanding Web 3 ecosystem.

With a dedicated focus on industry-leading Web3 technologies, DeFi Technologies aims to provide widespread investor access to the future of finance.

ADGM hosts Blockchain funds Forum on digital finance and DeFi

ADGM hosts Blockchain funds Forum on digital finance and DeFi

UAE Financial centre, ADGM (Abu Dhabi Global Markets) has announced that it will be holding the Abu Dhabi Blockchain Funds Forum on April 16th at ADGM.

The Forum will gather investors to discuss and explore opportunities in the digital finance and Blockchain landscape.

Speakers will also discuss the potential of Web3 with expert panels on investment opportunities in blockchain technology.

As per the agenda, speakers will include Alex Lipton from ADIA, John D’Agostino from Coinbase, Valerie Hawley from True Global ventures, as well as speakers from SuperScrypt, BH Digital, First Abu Dhabi Bank, Galaxy Digital, Further Ventures, CoinFund and more.

Also on the table is a discussion about the future of DeFi (Decentralized Finance).

ADGM has been at the forefront of virtual asset and DLT regulation. It has also welcomed players such as IoTa, Solana, and others to its financial centre. In addition, the first national crypto exchange M2 was launched recently from ADGM.

The UAE has become a magnet for crypto, digital assets and blockchain startups and companies given its work to advance virtual asset and blockchain regulations.

Qatar’s digital asset lab adds UK Islamic Finance group

Qatar’s digital asset lab adds UK Islamic Finance group

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.

Hydro Crypto mining the star of Bitmain summit in Oman

Hydro Crypto mining the star of Bitmain summit in Oman

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.

Animoca Brands invests in UAE Web3 startup Eesee

Animoca Brands invests in UAE Web3 startup Eesee

 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.

UAE’s first home grown crypto custodian officially launched

UAE’s first home grown crypto custodian officially launched

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.

UAE RAK DAO signs MOU with Tencent Cloud for innovation

UAE RAK DAO signs MOU with Tencent Cloud for innovation

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.

Peregrine and Tsangs offer blockchain tokenization to institutional investors

Peregrine and Tsangs offer blockchain tokenization to institutional investors

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.