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.

First Solana and now BridgeTower set up Blockchain digital asset platforms in UAE

First Solana and now BridgeTower set up Blockchain digital asset platforms in UAE

Deus X Capital, a $1 billion family-office backed investment and operating company and Bridgetower Capital, a leading provider of digital asset and blockchain infrastructure with $800 million, have partnered to launch BridgeTower Middle East in ADGM (Abu Dhabi Global Market) in the UAE.

Tim Grant, CEO of Deus X Capital, and Cory Pugh, CEO of Bridgetower Capital, will lead the newly formed entity that is the first of many expected partnerships between the two companies.

The company which will also have a presence in Dubai is set to launch and operate an institutional grade digital asset infrastructure platform to facilitate the rapid growth of digital assets business in the UAE and Middle East/GCC Region.

The company is self-funded and brings more than $250 million of delegated assets for turnkey staking, alongside years of digital asset and capital deployment experience and resources available through Bridgetower and Deus X.

BridgeTower ME will offer turnkey institutional staking, a secure service that will see Bridgetower ME validate transactions across some of the world’s largest blockchains that it is bringing to the region.

It will also offer advanced data center capabilities including AI GPU services over blockchain networks. Bridgetower ME will produce and distribute AI GPU compute power generated from its proprietary bare metal server infrastructure and data center capabilities.

In addition the platform will also offer private equity/venture building facilitation, to support and grow the blockchain digital asset ecosystem in the UAE region, and its customizable Web3 commerce platform, to service prominent brands who are evolving products and services into digital asset opportunities.

This includes participation by large global consumer brands, global art markets, and partnerships with global sports clubs, associations and athletes amongst others.

It is anticipated the Board of Directors will utilize long-term capitalization options aligning with its commitment to the country, including liquidity events such as a public listing on the Abu Dhabi stock exchange, ADX.

“Staying true to our road map of global expansion and partnering with top companies, it’s a rare privilege to see Deus X and Bridgetower partner to create Bridgetower ME as one jointly owned, Abu Dhabi entity,” said Bridgetower Chairman and CEO Cory Pugh. “We will bring substantial assets forward to the newly formed Bridgetower ME. We have tremendous respect for the UAE business culture and regulatory approach to digital asset infrastructure and look forward to investing resources to both incubate and bring new opportunities to the UAE.”

“We are delighted to have the opportunity to work with Abu Dhabi to incorporate a company that is solely focused on making the country the global leader in digital assets and fintech,” said Deus X Capital CEO Tim Grant. “Our mission is to help bring about a new financial ecosystem that is cheaper, fairer and more accessible for everyone, and this is an enormous opportunity to help achieve that goal in the region.”

Arvind Ramamurthy, Chief of Market Development at ADGM said “Bridgetower ME is making exciting moves as they look to strategically contribute to the development of the digital asset infrastructure in the UAE and throughout the MENA region, by establishing their presence in Abu Dhabi. ADGM’s comprehensive regulatory framework for digital assets provides a solid ground for leading players in this sector and creates a business-friendly environment for their development and operations expansion. We look forward to Bridgetower ME participation in ADGM’s vision of technological innovation and excellence, and its contribution to positioning Abu Dhabi as a global hub for digital assets.”

This announcement comes after Solana also set up its presence in ADGM announcing a partnership to enhance distributed ledger technology and blockchain innovation.

The Solana Foundation is a non-profit organization dedicated to decentralization, adoption, and security on Solana network.

As per the press release, the collaboration between ADGM and the Solana Foundation will further expand ADGM’s existing offerings by exploring opportunities for joint initiatives and projects related to the development of the blockchain company ecosystem in Abu Dhabi.

Hamad Al Mazrouei, CEO of ADGM Registration Authority, stated, “Our strategic alliance with the Solana Foundation marks a key milestone in cementing ADGM’s leadership in the blockchain sector, and represents a direct reflection of the effectiveness of our DLT Foundations Framework and our commitment to the growth and the development of the blockchain sector. We are excited to partner with Solana to pioneer the future of technology, and further enhance the level of knowledge in the space of blockchain by emphasizing the value of regulation and compliance in ensuring robust and sustainable development. We are confident that this significant collaboration will lead to bolstering the blockchain ecosystem and driving further innovative initiatives in Abu Dhabi and the UAE.”

The UAE has emerged as a global hub for innovation and adoption of blockchain technology, said Lily Liu, President of the Solana Foundation. “Working closely with ADGM is a significant step forward in the continued growth of blockchain adoption in the region as a whole, and advances the Solana Foundation’s goal of fostering innovation, security, and widespread adoption on the Solana network in the Middle East.”

In November 2023, IOTA DLT Foundation announced that it had been registered as the first foundation under the DLT Foundations Regulations at ADGM ( Abu Dhabi Global Markets.

Zayed University research points to Hashgraph DLT replacing blockchain

Zayed University research points to Hashgraph DLT replacing blockchain

UAE  Zayed University researchers have published a new research report under the title, “Investigating the Failure of the Blockchain Technology and Suggested Recommendations”, recommending the consensus algorithm underlying the Hedera network, hashgraph, as the best Distributed Ledger Technology (DLT) to utilize.

Ala’ Al Hilal a Professor at UAE Al Zayed University, and his colleagues undertook a comprehensive investigation of the strengths and shortcomings of blockchain technology, while showcasing DLT as an alternative that can offer more viable solutions than blockchain to both public and private.

As per the research, one of those promising alternative DLT platforms is hashgraph. Unlike traditional blockchain platforms, which use a chain of blocks to record transactions and rely on miners to validate those transactions, hashgraph uses a Directed Acyclic Graph (DAG) to record transactions and relies on a consensus algorithm to validate them. A thorough comparative analysis was conducted between these two technologies to determine which would emerge as the dominant technology in the market. The research found that the primary distinction between Hashgraph’s DLT and traditional blockchain technology is in their approach and structure. While blockchains store data in blocks linearly, hashgraph uses a directed acyclic graph to store and process information. Both DLTs are decentralized, with each node having a copy of the ledger and sharing any changes.

The research report compares speed, efficiency, fairness, and awareness between traditional blockchain platforms and DLT solutions. In terms of speed, it was found that hashgraph can process approximately 500,000 transactions per second by utilizing the Gossip method. On the other hand, some blockchain networks can only achieve a maximum speed of around 10,000 transactions per second. As such, hashgraph is faster than blockchain as it requires less information to be disseminated across the network as more events occur.

When it comes to efficiency on blockchain networks, users may encounter difficulties when working on a block, particularly when two blocks are submitted simultaneously. In such cases, one of the blocks must be discarded, which can lead to a less efficient network. In contrast, hashgraph does not require block creation and instead relies solely on events, making it a more efficient option.

Regarding fairness, researchers found that on a blockchain, users can select which orders they want to process or halt. This can lead to a lack of fairness for those who are using the network or who are connected to it in any way. Conversely, hashgraph approaches fairness differently. It randomly allocates nodes and uses consensus time stamping to prevent interference and enhance the effectiveness of transaction ordering.

Ala’ Abu Hilal stated, “The primary motivation behind my research was to explore decentralized technologies and their potential applications for enhancing the security and scalability of decentralized applications. Thus, I chose Hashgraph specifically for its unique consensus mechanism, high throughput capabilities, and notable features.” He adds, “As for future research, I do indeed plan to delve deeper into the applications and implications of hashgraph technology, aiming to provide a more comprehensive understanding of its capabilities and potential impact.”

The research paper assesses that “Hashgraph has the potential to supplant traditional blockchain platforms as the leading technology. We anticipate that hashgraph will achieve widespread success and popularity without necessarily replacing existing technologies due to its patented algorithm, superior scalability, and faster consensus mechanism; hashgraph has the potential to overcome many of the shortcomings of blockchain.”

Kamal Al Youssefi, commenting on the Zayed University research report, stated, “This research report backs up what we know to be true about the advantages of Hedera’s DLT. The Hashgraph Association’s work in the MENA region to support startups, government, and enterprise projects both in terms of funding as well as technology and business advisory services will help increase adoption of hashgraph. As concluded by the researchers, we are firm in our belief of the power of hashgraph technology to offer an impactful substitute to blockchain.” 

Hedera and Dar Blockchain launch Web3 hackathon in Tunisia

Hedera and Dar Blockchain launch Web3 hackathon in Tunisia

Tunisia is set to witness the first Hedera Hackathon taking place from January 26th to 28th, 2024. The event is a collaborative effort between Dar Blockchain, The Hashgraph Association, ESPRIT University, and SUP’COM University. The aim of the Hackathon, backed by the Hedera Network, is to boost the adoption and understanding of Distributed Ledger Technology (DLT) in the country.

Dar Blockchain, a pioneer in the blockchain technology space, dedicated to redefining the digital landscape toward decentralization, and The Hashgraph Association, a non-profit organization that supports training and education programs across multiple industry verticals through broad adoption of Hedera-powered, enterprise-grade solutions, have partnered with two leading universities in Tunisia to establish a platform that explores the latest in Web3 technologies. 

ESPRIT University, a distinguished institution specializing in engineering and technology, and SUP’COM, the Higher School of Communication of Tunis or Engineering School of Communication of Tunis, will utilize the Hedera Hackathon to emphasize the innovative possibilities offered by the Hedera Network.

Participants will have the opportunity to learn, collaborate, and contribute to the transformation of industries through engaging activities and access to a specialized Web 3.0 Decentralized Academy.

Mohamed Mnif and Jaafar Saied, the Co-founders of Dar Blockchain, said: “ We are proud to be launching the first Hedera Hackathon at two reputable universities as part of our aim to set up chapters in local universities and offer training as we lay the foundation for a real understanding of DLT and blockchain. Tunisian youth and university students will be equipped with the skills and knowledge needed to foster Web3 adoption, not only in MENA but globally.”

The Hedera Hackathon will offer tracks that include DeFi (Decentralized Finance), revolutionizing finance with accessible and secure financial services for the Tunisian and African community, DAOs (Decentralized Autonomous Organizations), reimagining organizational structures for innovative university organization management and collaboration across the country, as well as tracks on the metaverse and NFTs (Non-Fungible Tokens). 

Teams of three to five members are eligible to participate and must send in their applications no later than January 20th , 2024. At least one member of the team needs to be certified on the Hedera ecosystem.

Participants will be required to build solutions that leverage Hedera’s DLT, addressing real and current needs within the African community and showcasing practical applicability and positive impact.

At the end of the Hackathon, teams will need to submit a live and functioning project which includes a URL, a PowerPoint presentation outlining the business case and functionalities, and a three to five minute demo video demonstrating the project’s key features.

Selection criteria for the best projects will be based on relevance to the Hedera Hackathon’s themes, effective usage of the Hedera DLT Network, technical functionality, clear business case, scalability, team composition and collaboration, and effective presentation capabilities.

Kamal Youssefi, President of The Hashgraph Association, added, “Our support of the proliferation of innovative DLT solutions in the African continent is one of our key objectives. We believe that it is through the utilization of the Hedera Network and distributed ledger technology that we can empower future generations to build enhanced economies, technologies, and societies. Working with DAR Blockchain and future-driven universities such as ESPRIT, and SUP-COM is a privilege and an honor.”

In 2023 Dar Blockchain and The Hashgraph Association signed a partnership agreement to develop blockchain in Tunisia and the African continent.

Qatar to attract Blockchain and digital asset entities

Qatar to attract Blockchain and digital asset entities

The Qatar Central Bank( QCB)  sets 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.

The third financial sector strategy is to make Qatar a leading ecosystem embracing emerging technologies to accelerate digital transformation supported by adaptable and consistent regulatory frameworks and trusted market infrastructure. The regulatory framework is one of the key initiatives and aims to develop framework for DLT ( Distributed Ledger Technology), Blockchain, Crypto and digital assets as well as Decentralized Finance (DeFi). The regulations will ensure a trusted, legal and economic environment for AML, IP rights, and KYC KYT.

Growth areas include payments ecosystem specifically retails, as well as introduction of solutions such as robo advisory, Blockchain, artificial intelligence, digital assets and tokenization.  It also includes digitization in Islamic Finance and ESG (Environmental Social Governance).

The strategy contains 48 actionable items with 20 high priority ones as per the strategy.

The Qatar Financial Centre Regulatory Authority and QFC Authority have jointly developed a QFC digital assets framework, as well as launched their digital assets lab which will work as a sandbox for incubating startups.

QCB governor Sheikh Bandar bin Mohamed bin Saoud al-Thani. Stated,”We believe in the importance of digital finance ecosystem in supporting the development process. As a result, we have adopted this ecosystem as a third pillar within our strategy to lead the digital financial transformation for the sector to be pioneer in the adoption of modern technologies.”