Saudi’s Central Bank joins CBDC project, Mbridge

Saudi’s Central Bank joins CBDC project, Mbridge

As the BIS (Bank for International Settlements) announced that it had reached a minimum viable product stage, Saleh Algrayan, AI Advisor at Bank for International Settlements and an employee of Saudi Central Bank, announced that Saudi Central Bank had now joined mBridge. Saudi Arabia’s Central Bank becomes the second Arab central bank to join after the UAE Central Bank.

Saleh Algrayan noted on LinkedIn, “I am immensely proud to announce that the Saudi Central Bank – SAMA has joined Project mBridge as a full participant, coinciding with the project reaching its minimum viable product (MVP) stage! As a dedicated SAMA employee and Advisor at the Bank for International Settlements – BIS Innovation Hub (BISIH) – Hong Kong Centre, I am honoured to be part of this revolutionary journey.”

He adds, “Project mBridge, leveraging advanced distributed ledger technology (DLT), aims to transform cross-border payments by addressing high costs, slow speeds, and operational complexities. This collaborative effort, starting in 2021 with partners like the Bank of Thailand, UAE Central Bank, Digital Currency Institute of the People’s Bank of China, and the Hong Kong Monetary Authority, now includes over 26 observers.”

He added, that SAMA’s participation marks a significant step forward, demonstrating the kingdom’s leadership in global financial innovation. He concluded, “We are paving the way for efficient, cost-effective, and instant cross-border transactions, addressing financial inclusion and making payments universally accessible.”

The Saudi Central Bank had previously participated in a CBDC project with the UAE under the name of ABER.

The announcement followed BIS press release where it invited private sector participants to propose value-added solutions that can be connected to the mBridge MVP platform.

The press release noted, “Project mBridge is the result of extensive collaboration starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China and the Hong Kong Monetary Authority. The Saudi Central Bank is joining mBridge as a full participant. There are also now more than 26 observing members. More central banks and commercial banks can join the platform through the mBridge MVP legal framework and perform real transactions on it. Project expands international cooperation with a new full member and observers.”

The project aims to explore a multi-central bank digital currency (CBDC) platform shared among participating central banks and commercial banks, built on distributed ledger technology (DLT) to enable instant cross-border payments and settlement.

Project mBridge was the result of extensive collaboration starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China and the Hong Kong Monetary Authority. The Saudi Central Bank is joining mBridge as a full participant. There are also now more than 26 observing members.

The project aims to tackle some of the key inefficiencies in cross-border payments, including high costs, low speed and operational complexities. It also addresses financial inclusion concerns, particularly in jurisdictions where correspondent banking (which connects countries to the global financial system) has been in retreat, causing additional costs and delays. Multi-CBDC arrangements that connect different jurisdictions in a single common technical infrastructure offer significant potential to improve the current system and allow cross-border payments to be immediate, cheap and universally accessible with final settlement.

A platform based on a new blockchain – the mBridge Ledger – was built to support real-time, peer-to-peer, cross-border payments and foreign exchange transactions. In 2022, a pilot with real-value transactions was conducted. Since then, the mBridge project team has been exploring whether the prototype platform could evolve to become an MVP – a stage now reached.

Four-founding participant central banks and monetary authorities have each deployed a validating node, while commercial banks have conducted more real-value transactions in preparation for the MVP release. In tandem, the project steering committee has created a bespoke governance and legal framework, including a rulebook, tailored to match the platform’s unique decentralized nature.

The MVP platform is enabled to undertake real-value transactions (subject to jurisdictional preparedness) and is also compatible with the Ethereum Virtual Machine. This allows it to be a testbed for add-on technology solutions, new use cases and interoperability with other platforms.

It is noteworthy that Qatar Central Bank recently launched its CBDC project for settling large payments with local and international banks.

Qatar tests CBDC for settlement of large payments

Qatar tests CBDC for settlement of large payments

 The Qatar Central Bank (QCB) has announced the completion of the development of the infrastructure for the Central Bank Digital Currency Project (CBDC) and the commencement of testing of CBDC for settlement of large payments with local banks. According to the press release, this initiative will serve as a proactive step to keep pace with the rapid global developments in this field.

Qatar Central Bank confirms that, after successfully completing the comprehensive study conducted in this field, it will proceed with testing and developing selected applications for the CBDC to settle large payments with a group of local and international banks in a trial environment designed according to the latest advanced technologies.

The project will focus on the applications of the CBDC to increase access to capital markets for operating banks in the country, enhance domestic settlement, and improve the efficiency of securities transactions.

This project, which will enter its first experimental phase extending to October 2024, aims to achieve a set of primary objectives, including leveraging artificial intelligence technologies, distributed ledger technology (DLT), and emerging technologies and establish a strong foundation to enhance liquidity by expanding participation in financial market facilities, considering the aspects related to information security during project implementation.

In line with the Third Financial Sector Strategy, the Fintech Strategy, and Qatar National Vision 2030, and based on Qatar Central Bank’s ongoing efforts to regulate and develop the financial sector in the country, Qatar Central Bank announced the completion of the development of the infrastructure for the Central Bank Digital Currency Project (CBDC), QCB said in a press release.

This project reflects Qatar Central Bank’s full commitment to contributing to digital transformation within the financial sector, noting in this context that the start of the CBDC project represents an important milestone and a strategic step towards building a digital economy in the country.

It was also noted that the results of this experiment will be the cornerstone towards identifying the different use cases that the Qatar Central Bank will adopt in the future, which will contribute to enhancing the efficiency of the current systems and instant settlement.

In April 2023 Qatar Financial Centre Authority and Blockchain solution provider R3 signed an MOU to develop and grow Qatar’s fintech industry using technologies such as DLT (Distributed Ledger Technology). Soon after, QFC announced one of the biggest digital assets initiatives in the country and the GCC region, the Qatar Innovation Dome for digital assets. 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.

In May 2024 The Hashgraph Association (THA), the Swiss-based organization at the forefront of global digital enablement, signed a strategic partnership with the Qatar Financial Centre to launch a Digital Assets Venture Studio, a platform to support local Qatari and international portfolio companies in the development of regulatory-compliant decentralized finance (DeFi) solutions and digital assets built on the Hedera Distributed Ledger Technology (DLT) network.


The $50 million digital assets venture studio will focus on investments in Hedera-powered Web3 startups and enterprises building bankable DeFi solutions. The program will span over the next five years (2024-2028) with The Hashgraph Association investing $10million (20%).

First Saudi Arabian Blockchain Layer 0 infrastructure launches for gaming

First Saudi Arabian Blockchain Layer 0 infrastructure launches for gaming

Throughput™ , the first Saudi Arabian engineered Layer 0 Blockchain/DLT infrastructure has been launched with the aim of reshaping the Web3 and gaming industry with state-of-the-art technological solutions to developers worldwide.

Throughput™ is led by Yasser Alobaidan, with co-founders Assad Dar of MoonGaming Studio and Alvin Reyes, former Chief Architect at Protocol Labs(Filecoin).

Throughput introduced “Ledger as a Service” , a game-changing approach in blockchain technology. A single process manages multiple ledgers across blockchains offering secure and efficient management.

As per the medium post, designed ground up, Throughput™ addresses game developers’ and players’ unique needs and challenges, setting the stage for creating the world’s most engaging and sophisticated games.

Throughput™, aims to offer a robust, scalable, and secure infrastructure that caters specifically to the dynamic requirements of modern gaming. Throughput offers gamers and developers blockchain technology that easily allows them to set up their networks. It also supports the management of multiple ledgers into a single system.

In addition it allows for the sharing of a portion of transaction fees with originating wallet service providers and applications, while incorporating quantum resistant cryptography to safeguard against future threats.

Throughput also adds that it enables gamers to secure loans with digital assets while maintaining ownership and facilitates in game economies with a focus on asset ownership and exchange.

Yasser Alobaidan, Co Founder of Throughput comments, “Throughput™ is more than just technology; it’s our commitment to transforming the gaming experience. By blending cutting-edge blockchain solutions with Saudi Arabia’s vibrant talent, we’re not just creating games. We’re setting the stage for the future of gaming globally. We’re excited to lead this journey and invite everyone to join us in this revolution,”

Plans are in place to establish a dedicated hub in Saudi Arabia to nurture game development, attracting the world’s top talent to collaborate and innovate, pushing Riyadh to the forefront of Web3 advancements.

ADGM’s DLT Guide now made easier with MHQ and ACX Compliance

ADGM’s DLT Guide now made easier with MHQ and ACX Compliance

UAE private wealth optimization platform and ACX compliance, a crypto and Web3 compliance advisory firm, have published a guidebook ” Navigating ADGM’s DLT Foundations”. This initiative is designed to equip businesses with the knowledge and strategies necessary to navigate the intricacies of the Abu Dhabi Global Market’s (ADGM) Distributed Ledger Technology (DLT) ecosystem.

In November 2023, the Abu Dhabi Global Market (ADGM) introduced the Distributed Ledger Technology (DLT) Foundations Regulations 2023, marking the world’s first legal framework for blockchain within its jurisdiction. They have been actively broadening its regulatory framework relating to digital assets and DLT, with the objective of establishing a comprehensive legal and regulatory structure for such businesses.

The ADGM DLT foundations regime offers a supportive ecosystem for blockchain-based businesses, prioritizing investor protection and market integrity. Specifically tailored guidelines provide clarity and certainty for businesses in the blockchain and DLT sector, emphasizing transparency, accountability, and investor confidence. Key benefits include regulated token issuance, programmable governance, and legal protection for decentralized protocols, bridging the gap between on-chain and off-chain realms.

Entities interested in registering a DLT foundation with the ADGM Registration Authority (ADGM RA) must meet stringent application criteria outlined in the Regulations. Eligible applicants include a diverse array of entities such as blockchain foundations, web3 entities, decentralized autonomous organizations (DAOs), and traditional foundations seeking to harness the potential of DLT for enhanced operations.

According to the guidebook, DLT foundations are bound by numerous ongoing and annual compliance obligations to ensure their operations align with legal standards. These ongoing obligations necessitate DLT foundations to maintain a registered office within the ADGM, serving as a central point for all communications and notices.
Additionally, foundations are required to appoint a Company Service Provider1 responsible for several critical functions. This provider must keep all corporate records as mandated by applicable laws, ensure the foundation has a registered office within the ADGM, act as the foundation’s representative in all interactions with the ADGM RA, including the service of documents, and manage all required notifications and filings with the ADGM RA in accordance with relevant laws.

Hermione Harrison, Director, and Head of Corporate Governance M/HQ commented: “The introduction of the ADGM DLT Foundations Regulations in 2023 signifies a significant breakthrough for the UAE’s cryptocurrency industry, positioning DLT foundations as leaders in innovation and progress within both the ADGM and beyond. These Regulations establish an unprecedented level of regulatory clarity, opening doors to a future marked by heightened transparency and efficiency across the blockchain and Web3 sectors.”

So far two DLT Foundations have been registered in ADGM, IoTa and Finischia.

UAE ADGM registers its second DLT Foundation

UAE ADGM registers its second DLT Foundation

UAE financial freezone center, based out of Abu Dhabi, ADGM ( Abu Dhabi Global Market) has registered its second DLT Foundation.The Finschia DLT Foundation, chaired by Youngsu Ko, has been registered as a Distributed Ledger Technology (DLT) Foundation with the ADGM.

IOTA DLT Foundation announced its registration as the first foundation under the DLT Foundations Regulations at ADGM in November 2023.

First established in March 2023 by LINE Tech Plus, a blockchain subsidiary of LINE, the Finschia DLT Foundation is a foundation dedicated to developing sustainable token models in collaboration with global Web3 users. The Finschia Foundation aims to accelerate expansion into global Web3 business initiatives.

The Finschia Foundation has registered as the first Asian blockchain project under the Distributed Ledger Technology (DLT) Foundations Regulations of ADGM. Additionally, the Finschia Foundation is set to develop accessible Web3 services for global users in collaboration with various enterprises in Abu Dhabi, based on its public blockchain ‘Finschia’.

Youngsu Ko, Chairman of the Finschia Foundation Council, stated, “ADGM is advancing as one of the most blockchain-friendly and leading digital asset regulatory environments globally. We anticipate significant progress through our collaboration with ADGM.”

The Finschia Foundation is also focused on creating an open blockchain platform, designed for easy accessibility by partners and users from various sectors. In addition, they are actively working to expand the availability of their digital asset, ‘FINSCHIA (FNSA),’ across more exchanges, aiming to continually enhance its liquidity and usability.

Inheriting the philosophy of LINE Blockchain, “Blockchain for All”, the Finschia Foundation operates its third-generation public blockchain mainnet “Finschia” and crypto asset FINSCHIA (FNSA), and aims to achieve a sustainable token model with Web3 users around the world.

In January 2024 Finschia announced the merger with Klaytn Foundation, to form a new blockchain mainnet. The two foundations have submitted their proposals to their respective governance members for open discussion, with voting scheduled from 26 January till 2 February. The governance proposal submitted by Klaytn Foundation can be viewed on the Klaytn Governance Forum.

Blockchain and DLT to grow by 17 percent in ADGM

Blockchain and DLT to grow by 17 percent in ADGM

A recent UAE ADGM (Abu Dhabi Global Market) survey has indicated a strong trajectory growth in several sectors including the field of Fintech and digital assets, Blockchain and Distributed Ledger Technology poised to grow by 17.08% and 16.83% respectively. In the lead is asset management growth at 18.56%.

According to ADGM press release, these sectors are reinforced by the growing interest in Sustainable Finance and Private Banking and Wealth Management, which are also projected to experience substantial growth. Furthermore, Professional Services are forecast to continue their upward trend, rounding out the sectors set for expansion within the dynamic financial landscape of the IFC

Nearly 97% of business leaders show strong support for recommending ADGM. A total of 70.81% of companies anticipate expanding their workforce in ADGM during 2024.

The robust regulatory environment acknowledged as the cornerstone of ADGM’s competitive edge. ADGM had announced earlier this year that it would be amending and updating its virtual assets framework. It then introduced its Blockchain/ DLT ( distributed ledger technology) framework.

Accordingly a research report by Wamda and Digital Digest, noted that Web3 startups in the MENA region raised $39 million in February this year. Startups in the Middle East and North Africa (Mena) region raised $88.7 million across 37 deals, a modest growth of just two per cent month-on-month in terms of deal value. Compared to the same period last year, the amount invested in February this year has fallen by 88 per cent.

The UAE remained at the top of the Mena ecosystem in terms of investment, with its startups raising $65.6 million across 22 deals, half of which went to the Flare Network.

Venom Blockchain Foundation exits UAE to The Cayman Islands

Venom Blockchain Foundation exits UAE to The Cayman Islands

One year ago to date, the Abu Dhabi Global Market, (ADGM) an international financial center, based out of Abu Dhabi UAE, had announced on LinkedIn that Venom Foundation was the first licensed crypto foundation which would be building a scalable blockchain, today Venom Foundation is no longer in ADGM, but has established a new foundation in the Cayman Islands.

A year ago, ADGM was very hopeful. ADGM statement read, “Venom Foundation is set to become one of the most anticipated blockchain phenomena, enriching the ADGM community and the nation as a whole! Subject to the relevant regulatory approvals, Venom Foundation will work with ecosystem participants to ensure that such products are offered in a compliant manner within the trusted and well-regulated environment of ADGM.”

Today Venom’s announcement made on medium changes the narrative, as Venom Blockchain gears up towards its mainnet launch on March 18th 2024. The post reads, “Recently, Venom underwent a transformative phase by establishing a new foundation in the Cayman Islands. This strategic move signifies a leap forward, aligning Venom with the progressive regulatory framework of the Cayman Islands and the British Virgin Islands (BVI). By doing so, Venom reaffirms its commitment to providing secure, reliable, and innovative cryptocurrency services to its users worldwide.”

So it would seem that either ADGM dropped Venom Foundation after all the turmoil that the entity went through in the past year, or Venom Foundation dropped ADGM license, created a new foundation, and set it up in the Cayman Islands and BVI.  

Talking about turmoil, Venom Foundation was brawled in a legal battle. In July 2023, Alibek Garcia Isaev, one of the main investors in Venom Foundation, was pushed into the center of a very controversial legal entanglement which brought a lot of criticism not only to Issaev but inadvertently Venom Blockchain, and its Foundation. He was then found innocent in December 2023.

But before the final ruling, Venom had also lost one of its very early investors and executives. Mustafa Kheriba, the Executive Chairman of Venomex, a UAE regulated crypto exchange and one of the initial investors and supporters of UAE based Venom Blockchain Foundation resigned from his position at Venom Foundation. It is noteworthy that it seems the relationship between Venomex and Venom Foundation is no longer there. Venomex looks to be a standalone entity still regulated in ADGM, while on Venom Foundation website, there is no mention of Venomex anymore. What’s more Kheriba is still a registered director according to FSRA website.

In the about section of Venom Foundation on medium, the company notes that Venom is a multi-blockchain network being a basis for scalable Web3 applications in the DeFi and Global Payments markets. Venom Foundation main priority to develop and support a self-sufficient blockchain ecosystem has attracted developers to build various projects: VenomWallet (non-custodial wallet with a multisig option and ledger support), VenomScan (to access transactions history), VenomGet (an easy gateway to Venom tokens), VenomBridge (allowing the interchain transactions), VenomPools (to stake on validator nodes), Web3.World (native decentralized exchange). No Venomex exchange is listed.

So while Venom Foundation has moved on to greener pastures, so has ADGM. It launched its new DLT regulation that would allow DLT (Distributed Ledger Technology) Foundations, DAO (Decentralized Autonomous Organizations) to issue tokens. Soon afterwards, IoTa Foundation received the first DLT Foundation license.

If there is one takeaway from all this, it is that the virtual assets scene is ever changing and the regulations ever growing. So while the UAE says goodbye to Venom Foundation, as it did to Hayvn, it is welcoming many others onboard.

IOTA to invest $10 million in UAE and African tradetech startups

IOTA to invest $10 million in UAE and African tradetech startups

UAE based IOTA ecosystem, DLT Foundation, has committed $10 million investment fund to support early-stage startups and ventures in the UAE and Africa. The funding will focus on TradeTech, TradeFinance, and tokenization solutions.

It aims to bolster a digital tradetech ecosystem in the UAE, Africa, and around the globe by advancing the roll-out of digital trade and finance solutions. The initiative builds on a recent collaboration agreement for the establishment of the TLIP organization, announced at WTO MC13.

The first investments will be shared publicly over the coming weeks and will include newly founded tradetech ventures and dedicated startup accelerator programs for startups building on IOTA.

This announcement follows the official signing of the collaboration agreement for the Trade Logistics Information Pipeline (TLIP) at the WTO MC13 event. TLIP is a public global trade infrastructure initially developed by the IOTA Foundation and TradeMark Africa. The TLIP Consortium will be founded jointly by the World Economic Forum, the Tony Blair Institute for Global Change, Trademark Africa, the Institute of Export and International Trade, and the Global Alliance for Trade Facilitation. Together they will advance TLIP by developing a neutral governance framework and establishing TLIP as a global, public goods infrastructure for trade.

With its investment of $10 million, IOTA supports a flourishing tradetech ecosystem that advances trade digitization, and, in doing so, makes trade finance more accessible for all. The funds are earmarked for early-stage startups, accelerator programs, and pilot programs that will drive the development of digital trade infrastructure.

Dominik Schiener, Co-Founder of IOTA and Chairman of the IOTA Foundation, emphasized the strategic importance of this initiative: “By investing in the future of TradeTech, we are not just facilitating smoother trade transactions; we are laying the groundwork for a more interconnected and efficient global trade ecosystem. Our collaboration with leading organizations through the TLIP is a testament to our commitment to innovation and excellence in this field.”

This initiative will be kickstarted with the launch of a public grants program over the coming weeks, followed by an accelerator program for startups in the UAE before summer and in Africa before the end of the year. These programs are designed to empower entrepreneurs and innovators who are building new trade solutions on the IOTA and TLIP infrastructure, offering them the resources and support needed to bring their visions to life.

$3.8 billion fund now tokenized on the blockchain with Sygnum Bank

$3.8 billion fund now tokenized on the blockchain with Sygnum Bank

Sygnum Bank which has a regulated digital asset bank in the UAE, alongside Hamilton Lane, and Apex Group announced a cross industry project that expands global private market access to significantly larger and more diverse groups of qualified investors using Blockchain.

Leveraging the power of the blockchain, the new DLT-registered share class automates and integrates traditionally separate fund management functions, increasing both accessibility and efficiency. The first fund to feature the new share class will be Hamilton Lane’s USD 3.8bn GPA Fund, which has an annual average performance growth of 14.6 percent and has outperformed the MSCI World Net Total Return Index (USD) by 4.44 percent since inception in 2019.

Leveraging Sygnum’s DLT solutions, the minimum investment has a significantly lower fund entry point than direct investments into traditional private markets’ evergreen funds. These DLT-registered shares will be available exclusively to Sygnum professional, institutional and corporate clients.

The unique investment opportunity is the result of a strategic, cross-industry project underway for more than a year. Hamilton Lane, a leading global private markets investment firm with over USD 900bn in assets under management and supervision, will serve as investment manager for the new offering. Apex Group, in its role as transfer agent and fund administrator (via Apex Fund Services regulated in Luxembourg), and FundRock-LRI, in its role as Alternative Investment Fund Manager (AIFM), is leveraging Sygnum’s DLT solution to manage the on-chain share registry.

Victor Jung, Head of Digital Assets at Hamilton Lane, says “We strongly believe that tokenisation has the potential to transform the way investors gain access to the historically strong returns and performance opportunities within the private markets, and are delighted to announce this digital-native, institutional-grade offering with Sygnum and Apex. This joint initiative with the Swiss Private Wealth team underscores the region as a leading digital asset hub that we believe will serve as a catalyst for broader adoption within the banking and wealth management industry. We would like to invite the community to join us in this movement.”

Fatmire Bekiri, Sygnum Head of Tokenisation, says “The new DLT-registered share class in Hamilton Lane’s GPA Fund marks the first entry in Apex’s on-chain share register. This is a significant breakthrough in making private markets more broadly accessible and investible via DLT solutions. We are proud to join forces with other industry leaders like Hamilton Lane and Apex, and we look forward to this strategic partnership delivering a series of new and unique opportunities for investors, as well as heralding positive, blockchain-powered change for the industry.”

Bruce Jackson, CFA, Apex Group Chief of Digital Asset Funds and Business says “Hamilton Lane will raise new investor capital, while expanding direct access to their GPA Fund offering. Clients of Sygnum Bank now have access to a sophisticated alternative asset class, designed to achieve significant alpha through uncorrelated investment returns. Apex continues to meet its goal of increasing access for its clients’ alternative strategies and will continue to perfect its Framework Operating Model for the distribution of alternative asset funds using blockchain as the subscription, onboarding, operating, administration, and transfer agency platform.”

This unique investment opportunity is made possible by Sygnum’s expertise in leveraging the blockchain’s capabilities in a fully-regulated environment. Novel project aspects include the “fractionalisation” of assets to enable smaller investment entry-points, streamlined compliance, the end-to-end automation of the on-chain share registry and transfer agent activities, as well as increased levels of transparency due to the open nature of DLT. This project is built on the Polygon blockchain.

According to McKinsey5, the +300% growth of global private markets fundraising between 2009 and 2022 was due to its consistent outperformance of public markets. However, the multi-million-dollar commitments that were typically required to participate in this high-growth market have, until now, limited private markets exposure for many in the broader investment community.

Sygnum closed a $40 million round, which valued the firm at $900 million earlier this year.

DLT experts in high demand in Saudi Arabia

DLT experts in high demand in Saudi Arabia

In a recent LinkedIn post, Anthony Butler, senior advisor to Saudi Central Bank ( SAMA) an expert in Blockchain and digital assets, called for DLT ( Distributed Ledger Experts) or Blockchain experts, as well as AI ( Artificial Intelligence), Machine Learning and software engineers to apply for positions in some world class projects in KSA.

According to Butler there are exciting opportunities in KSA. He states, “There are some world class projects that have an impact in KSA.”

In June 2023, Butler had made a similar call for talents for blockchain, AI and digital assets experts for jobs in KSA. At the time he mentioned roles for software engineers with experience working with DLT protocols and applications. According to Butler the role required experience implementing solutions using tech such as Ethereum, Hyperledger Besu, Hyperledger Fabric, and/or R3 Corda.”

KSA has been launching and investing in digital economy projects across the country.

They had launched a nationwide CBDC project in 2022 which is still underway.

In addition last week, KSA based Marhaba Blockchain Information Systems (MRHB) a blockchain web3 Infrastructure,  partnered with Saudi Arabia’s Digital Economy Centre (DEC)  an institution driving the digital transformation of Saudi Arabia’s economy in alignment with Vision 2030. The collaboration focuses on Blockchain, DLT and Artificial Intelligence (AI), initiatives.

Even Saudi Arabia’s Muqassa, a subsidiary of Saudi’s Tadawul Group, specialized in settlement of trades, signed an MOU (Memorandum of Understanding) with Swiss Blockchain enabled Instimatch, a cash management platform for institutions across industries and geographies to interconnect. The MOU will work to launch a repo trading platform to enhance the financial structure of the Saudi Capital Market.

Blockchain enabled entities such as Crysp Farms, a UAE based innovator and operator of decentralized blockchain enabled vertical farms, secured a $2.25 million ‘Pre-Series A’ round structured and led by Gate Capital with participation from regional investors, including those from the UAE and Saudi Arabia.

Additionally AI and Blockchain enabled Tribal Credit, founded by Egyptian entrepreneurs, will be expanding into Saudi Arabia, and using a renewed and increased debt facility of $150 million with Partners for Growth.

Swiss based The Hashgraph Association (THA), for Blockchain DLT digital enablement signed a strategic partnership with the Ministry of Investment of Saudi Arabia (MISA) to launch a “DeepTech Venture Studio” in Riyadh worth $250M USD over five years (2024-2028).

Blockchain has even infiltrated the LEAP 2024 Tech Exhibition and Conference, taking place between March 4th-7th 2024, in Riyadh KSA. Already many blockchain and DLT entities have announced their participation at the event, including names such as Antematter, who specialize in crafting cost-effective, innovative solutions in AI, Blockchain, and Cloud Development, iBLOCKCHAIN, who are fostering blockchain adoption across governments, enterprises, and the public sphere,  and companies such as BitWits, will be showcasing their web game, blockchain, and AI development.

So it would seem that KSA is definitely becoming a blockchain, DLT, and digital economy hub.