DMCC and Bybit announce 5 blockchain startup winners for Web3 hackathon

DMCC and Bybit announce 5 blockchain startup winners for Web3 hackathon

DMCC, the Dubai Multi Commodities Center and the global crypto exchange Bybit, concluded their second edition of the Middle East’s largest Web3 hackathon focused on pioneering the latest innovations in Web3 with five winning blockchain startups.

With an increased prize pool of USD 160,000, the event saw 15 of the world’s most innovative Web3 startups compete to develop creative technical solutions to a range of challenges at the cutting edge of the sector including tokenisation, AI, Web3 infrastructure, zero-knowledge protocols, digital identity and DePIN (decentralised physical infrastructure networks).

The 15 projects were carefully curated to promote real-world industry solutions, encouraging tangible, practical applications that create meaningful impact. Judges evaluated each project based on creativity, technical implementation, practicality, business potential and impact, focusing on how effectively each project addressed genuine challenges.

The five startup winners included, KelpMe, Trepa, Mavryk Network, Hive and Poppin.

  1. KelpMe – KELP (Key-Loss Protection) is a blockchain-based solution designed to address the loss of private keys and misdirected transactions, which can lead to permanent asset loss. It offers a fully reactive recovery mechanism, allowing users to reclaim assets even after key loss, without needing preemptive backup measures. (USA, UAE, Greece)
  2. Trepa – Trepa is a Telegram-based app that lets users predict majority opinions on any topic through easy prediction pools. Stake tokens, align with the consensus, and earn rewards. Powered by TON blockchain for secure, transparent, and low-cost participation. (South Korea, Singapore)
  3. Mavryk Network – Mavryk Network is the Layer 1 blockchain designed to revolutionize asset ownership and nurture the RWA community building the tokenization of assets for tomorrow. By leveraging RWA tokenization, DeFi applications, and robust infrastructure, Mavryk aims to transform how individuals interact with and leverage tokenized assets. (Dubai, Gibraltar, Singapore, Paris, Kiev, Tel Aviv)
  4. Hive – Hive is building a solution that is leading the compute sharing economy with every home’s GPU. By empowering individuals to share their computing resources, Hive can democratize access to technology. This shift challenges the dominance of big tech and puts the power back into the hands of everyday people. (Abu Dhabi, Belgium)
  5. Poppin – Poppin is a browser extension that turns any webpage into a social hub, allowing users to connect and interact with others on the same webpage through comments, real-time chats, and voice streams. (Turkey)

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, stated, ““By pioneering new solutions in tokenization, AI, and zero-knowledge protocols, the DMCC-Bybit hackathon continues to show why Dubai remains at the forefront of Web3 innovation. With an expanded competition of 15 global start-ups and an increased prize pool of USD 160,000, we are attracting the world’s best talent to Dubai to encourage practical applications and create meaningful impact. This is another great example of the innovation being carried out from within DMCC Crypto Centre, with the support of Bybit and our other dedicated ecosystem partners, as we showcase Dubai’s vast Web3 potential for the benefit of the entire industry.”

Ben Zhou, Co-founder and CEO of Bybit added, “It is safe to say there is such an abundance of Web3 talent here in Dubai. The fierce competition displayed a clear ethos of innovation, so we are proud to work with DMCC to advance Web3 globally. We look forward to seeing all of today’s competitors make their mark on the world of Web3.”

In addition to co-organiser Bybit, the hackathon was held in partnership with DWF Labs, Meezan Ventures, Injective, 1inch, CVVC, Blockchain for Good Alliance and Hacken, each providing key contributions to the programme. Cointelegraph sponsored the event as the media partner, with Superteam UAE, Web3 TV, College DAO, Hackquest, BeWater, Bloc Soc IITD and KEY Difference joining as community partners. 

In November 2023, three Web3 startups were chosen including Pravica, Evai and TimesSwap.

DMCC Future of trade report calls for incorporating Blockchain and AI in Gold trade

DMCC Future of trade report calls for incorporating Blockchain and AI in Gold trade

UAE based DMCC,an international business district that drives the flow of global trade through Dubai, in its special edition of its Future of Trade thought leadership report called for the incorporation of AI and Blockchain in the trade of precious metals.

The report predicts the rise of an “Asian Century” for gold, with a particular focus on the development of a new gold economic corridor among BRICS nations, including the UAE, that can provide an alternative to traditional gold trade centers.

DMCC’s findings forecast the UAE becoming one of the most important hubs for the gold trade in coming years. This position was significantly bolstered by the UAE leapfrogging the United Kingdom in 2023 to become the second-largest gold trade hub worldwide, with over USD 129 billion in total trade – a rise of 36 per cent on the past year.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “In recent years, we have witnessed historic shifts in the precious metals market, driven by Western sanctions that have forced record buying of gold by central banks and a rethink by many countries when it comes to their reliance on the US dollar. We are seeing a new gold corridor form across Asia, with Dubai at its centre – exemplified by the UAE’s rise to become the world’s second-largest gold trading hub last year. Our latest Future of Trade report underscores Dubai’s pivotal role in this transformation, as we strengthen its position as the world’s leading precious metals hub, attract key industry players and support our members to unlock new growth opportunities.”

Feryal Ahmadi, Chief Operating Officer, DMCC, said: “Our latest Future of Trade report on precious metals is a vital resource for all stakeholders involved in the industry and sets the scene perfectly for the 12th edition of our Dubai Precious Metals Conference. As the report highlights, this is a time of opportunity and challenge, and as the gold industry navigates its place in a rapidly evolving landscape, we look forward to working with our members and partners as we continue to build the world’s premier ecosystem for the global precious metals trade from Dubai.”

The report, titled “Trade, Technology and Markets in Transition,” provides key insights into the current state of the global gold and silver markets. The report highlights that geopolitical challenges including sanctions against Russia have shaken the global financial economy, prompting countries worldwide to reconsider their reliance on the US dollar and the safety of their gold holdings. As a result, central banks worldwide have ramped up their gold purchasing activities and repatriated US-stored bullion to diversify away from the dollar, with some even using gold in lieu of the US dollar in trade transactions. This shift is driving gold prices to unprecedented levels, creating a ripple effect across the global economy.

The report explores the growing importance of technological innovation within the precious metals market. From AI-driven exploration and autonomous mining techniques to blockchain-based tracking systems and digital gold investment products, technology is playing a crucial role in reshaping how gold is sourced, traded and invested in.

The Future of Trade report outlines a number of important recommendations for governments and businesses to help drive the evolution of the industry and shape the next phase of its growth:

The report calls for investing in AI and technology. Miners should invest in AI and advanced technologies to reduce costs, improve production and enhance ESG standards. Leveraging technology can also help artisanal miners eliminate mercury use.

The report also adds that players should boost digital Innovation and Access for Emerging Markets. Investment companies and fintechs should develop digital products that enable small-scale and young investors in emerging markets to access gold trading, expanding market participation.

Finally the report called for establishing Global Standards for Digital and Blockchain Solutions. It noted that industry participants should collaborate to create global standards for digital gold products and blockchain systems to improve transparency, eliminate pricing inconsistencies and reduce reliance on derivative products.

To access the full special edition report by DMCC, please visit: https://www.futureoftrade.com/

DMCC in Dubai and CV VC in Switzerland join hands to spur Web3 ecosystem

DMCC in Dubai and CV VC in Switzerland join hands to spur Web3 ecosystem

DMCC free zone and Government of Dubai Authority on commodities trade and enterprise – and CV VC, one of Switzerland’s leading early-stage blockchain venture capital firms, have entered into a new strategic collaboration to connect and mutually support the Web3 ecosystems in Dubai and Switzerland. The agreement was signed during the annual CV Summit 2024, Switzerland’s premier blockchain and Web3 event, which gathered thousands of industry leaders and entrepreneurs in Zug, Switzerland this week.

The collaboration agreement between DMCC Crypto Centre and CV VC, one of the founder’s of the Swiss Crypto Valley and which operates the international blockchain ecosystem builder CV Labs, marks a significant step in bolstering ties between two of the world’s most significant Web3 ecosystems. Together both sides aim to accelerate Web3 entrepreneurship between Dubai and Switzerland to create the next vibrant innovation corridor.

As a strategic regional alliance, DMCC’s and CV VC’s ecosystems will be scaled up through mutual and cross-border collaboration, including educational initiatives such as workshops and seminars, the exchange of resources and workspaces, and joint events including the Web3 Hub during the World Economic Forum in Davos, Switzerland, in January 2025. CV VC will also partner in the upcoming DMCC-Bybit Hackathon, underscoring a shared commitment to foster and drive blockchain technology innovation in the region.

Feryal Ahmadi, Chief Operating Officer, DMCC, said: “We are delighted to announce this latest strategic alliance between CV VC and DMCC Crypto Centre, which will not only provide our members with a range of unique benefits but scale up Web3 innovation between Dubai and Switzerland. We recognise the immense value that greater collaboration, knowledge exchange, and resource-sharing can bring to unlocking the potential of Web3. By connecting our ecosystems, we can drive the next phase of global Web3 adoption and pave the way for a more interconnected and innovative future for businesses worldwide.”

Mathias Ruch, Founder & CEO, CV VC, said: “This alliance is an opportunity to exchange knowledge and resources, supporting the growth of the blockchain space in both the Middle East and Switzerland.”

Olaf Hannemann, Co-Founder & CIO of CV VC, added: “From an investment perspective, we feel the Middle Eastern Ecosystem has significantly matured over the last few years, driven by a long-term vision and a deeply rooted motivation to invest in future technologies”.

With over 600 members, the DMCC Crypto Centre is a comprehensive ecosystem for companies that develop Web3 and blockchain technologies and associated value-added services. Providing everything that crypto businesses and entrepreneurs need to set up and scale their operations, it has become the largest concentration of crypto and Web3 firms in the region.

CV VC is an early-stage venture capital firm based in Switzerland, focusing primarily on global start-ups that offer solutions using blockchain technologies. As a founder of the Swiss Crypto Valley, CV VC has the essential resources and network to identify, incubate and accelerate the journey of blockchain start-ups.

Tokenization platform Ctrl Alt sets up office in UAE after partnering with Emirates NBD

Tokenization platform Ctrl Alt sets up office in UAE after partnering with Emirates NBD

Ctrl Alt, a leading financial engineering and tokenization platform that utilizes blockchain technology, with offices in the UK and Ireland, has set up its office in Dubai UAE in DMCC ( Dubai Multi Commodities Center), after partnering with Emirates NBD. It intends to serve Dubai initially as it plans expansion into MENA region. ‍

Launched in 2022 by Matt Ong (formerly of Morgan Stanley and Credit Suisse) to improve access to different assets through the power of tokenization, Ctrl Alt has since become one of the leaders in the tokenization space.

The company will initially focus on Dubai already partnering with Emirates NBD.

‍As per the press release, this expansion is driven by Dubai’s momentum and focus to accelerate the integration of tokenized assets across a variety of use cases and clients. Having already achieved significant success in the UK and Europe with $150m of assets under management, Ctrl Alt aims to replicate and expand upon this in the UAE.‍

The region will be led by Robert Farquhar, previously Senior Executive Officer at Prypco, a leading real estate and fractional real estate provider. Ctrl Alt has already tokenized a residential house in the UK and will look to further innovation of the real estate industry and other asset classes in Dubai and beyond. ‍

Founder and CEO, Matt Ong stated, “‍ “The momentum in Dubai has been remarkable, making it a natural choice for our third office. Dubai is going to be at the forefront of tokenization and I’m thrilled for Ctrl Alt to be part of that journey. With Robert’s experience and his proven track record in the region, we look forward to deepening our presence and working more closely with our clients here.”
‍

Robert Farquhar added, ‍ “Joining and launching Ctrl Alt in Dubai is an incredible opportunity. Ctrl Alt has already paved the way for tokenizing real-world assets in the UK and Europe. Their expertise in financial engineering, combined with cutting-edge technology, is exactly what Dubai needs to further its ambitions as a leader in this space.”
‍

This comes at the heels of an announcement by Xalts, a UAE based Fintech firm specializing in tokenization, collaboration with Avalanche to bring more enterprise-grade real world asset tokenization solutions for institutions.

‍‍

‍

Crypto businesses in DMCC increase by 11% since start of 2024

Crypto businesses in DMCC increase by 11% since start of 2024

As the UAE commodities free zone, DMCC announced its H1 2024 performance, it was obvious that the biggest growth sectors came from crypto and technology entities, with their crypto Centre onboarding 64 new companies including 7 virtual asset service providers (VASPs).

As per the press release, the growth in crypto company registrations reflected an 11% growth of crypto entities from the beginning of the year.

In March DMCC announced the number of new companies that enrolled in 2023, with 123 new crypto and blockchain entities registering at the crypto center, culminating in 600 companies in total. Since then the number has increased by 11% which means there are now more than 660 crypto entities in the freezone. such as Bybit exchange and Solana Foundation were some of the new entrants to DMCC.

In 2022, DMCC had announced that it had registered 500 crypto blockchain entities.

Crypto and virtual assets were not the only reason that H1 performance witnessed the registration of 1,023 new members, AI (Artificial Intelligence) and gaming. DMCC registered 14 gaming and nine AI companies.

DMCC is also preparing for the launch of its new AI centre. It has partnered with the Dubai-based artificial intelligence firm Qx Lab AI for the AI center. The AI Centre is anticipated to be the next leading innovation platform for advancing AI adoption and developing real life use cases.

Feryal Ahmadi, Chief Operating Officer, DMCC, added: “At the start of the year we set out to consolidate our position across multiple high-growth sectors. This strategy is now bearing fruit with considerable gains recorded in H1 both in the physical commodities space as well as in technology and services industries.”

DMCC registered companies now total 25,000 companies. the freezone now accounts for 15% of all foreign direct investment (FDI) in Dubai, up from 11% last year, as well as 7% of the emirate’s GDP.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Now accounting for 15% of Dubai’s FDI, our performance in the first half of 2024 demonstrates both the consistently strong investment growth across our district as well as the continued appeal of Dubai as a major global trade hub.”

Blockchain network Boba launches accelerator with support from UAE investors and freezone

Blockchain network Boba launches accelerator with support from UAE investors and freezone

Boba Network, an optimistic-based multichain layer-2 scaling blockchain solution, has launched the Boba Liftoff Accelerator partnering with venture capitalists, free zone areas in the UAE and others from North America and Southeast Asia. The Boba Liftoff accelerator will assist global Web3 startups to benefit from over US$1 million in funding from Boba Network through the virtual accelerator.

Boba Liftoff Accelerator was launched in partnership with UAE based Brinc venture accelerator firm to support founders in migrating their projects to the Boba Network, an efficient layer-2 solution that offers affordable building costs, lower transaction fees, and enhanced computational power through hybrid computing. 

Establishing partnerships with industry heavyweights, including Animoca Brands, Bixin Ventures, Ceras, Cointelegraph, DMCC ( Dubai Multi Commodities Center), Enjinstarter, Enya Labs, Gate.io, Genesis Capital, Ghaf Capital Partners, Gotbit, Mulana Capital and The Crypto Times, the Boba Liftoff Accelerator boasts a strong network of 100 Web3 mentors and includes top investors from MENA, North America, and Southeast Asia. For example EnjinStarter was already a launchpad partner for Boba.

The Boba Liftoff Accelerator aims to identify and mentor leading Web3 startups focused on scaling real-world assets (RWA), AI, DeFi and gaming projects. All successful applicants receive milestone-based grants, comprehensive technical support and strategic business development resources. Participants will also gain lifetime access to the network, ongoing support, and extensive promotion across Boba and Brinc’s global communities and social media platforms.

The Boba Liftoff Accelerator program lasts 10 weeks and is designed to support projects in expanding onto the Boba Network and scaling rapidly. The program leverages Brinc’s and Boba’s robust networks, mentors, and social platforms to promote projects. It is entirely remote, featuring two workshops per week, engineering support from Boba Network, weekly mentorship sessions, investor and partnership connections as needed, and weekly office hours. 

“We envision a world where blockchain developers can build applications that use the power of decentralization to solve real-world problems. The Boba Liftoff Accelerator enables developers to do just that, with support from industry experts, to accelerate their progress. We can’t wait to see what they build and support them on their journeys.” Alan Chiu, CEO, Enya Labs, a core contributor to Boba Network.

“This program represents a major investment in the future of Web3,” said Yasin Aboudaoud, Managing Partner – MENA and Chief Development Officer, Brinc. “With Boba Network allocating over US$1 million to support startups in DeFi, RWAs, Gaming, and AI, we are not only advancing these key sectors but also reinforcing Dubai’s position as a global hub for technological innovation.”

For more information on the application process and eligibility criteria, please visit the accelerator page. 

Genetic Blockchain AI identity company now licensed in DMCC UAE

Genetic Blockchain AI identity company now licensed in DMCC UAE

GenomeFi, a specialized Web3 Blockchain and AI platform providing Decentralized Identity (DID) services based on individual genetic characteristics using NFTs, has acquired a business license and a free zone license within the Dubai Multi Commodities Center (DMCC) in Dubai, UAE.

Using AI technology, GenomeFi facilitates genetic information-based NFTs to provide identity verification services reflecting individual genetic characteristics. It aims to expand the ecosystem where DID services and genomic information are available across the spectrum, from genomics to biotechnology. GenomeFi also seeks to establish an incentive system using blockchain technology and encourage mass adoption of genomic content.

The GenomeFi Foundation, along with its core partner CLINOMICS, provides genomic medical solution services through the world’s best Genome-based diagnostic kits, monitors early diagnosis of cancer/disease through liquid biopsy and multi-omics technology, and provides personalized prescriptions, and personalized treatment services. Starting with Clinomics, a key partner, the expansion and popularization of medical services through cooperation with various medical institutions and medical companies can be used in real life by lowering accessibility through distributed ledger technology and Web 3.0, and participants in the GenomeFi ecosystem can receive services.

GenomeFi plans to intensify its business expansion in Dubai, based on networking and cooperative relationships with DMCC member companies.

In addition to collaborating with Web3 companies in Dubai, GenomeFi will focus on realizing a proof-of-concept business model that bridges the blockchain and medical industries through collaboration with genome-based medical centers.

Jimmy Choi, CEO of GenomeFi, stated, “Acquiring the DMCC license will strengthen our position in the Middle Eastern market based on Dubai and lay the groundwork for expanding our partners. We are preparing to conduct collaborative projects in various parts including investment, marketing, medical, on-chain, and community.”

Dubai’s DMCC now home to 600 crypto blockchain companies

Dubai’s DMCC now home to 600 crypto blockchain companies

DMCC announced the number of new companies that enrolled in 2023, with 123 new crypto and blockchain entities registering at the DMCC crypto center, culminating in 600 companies in total. By the end of 2022 DMCC had announced that it had 500 crypto blockchain entities registered in its freezone.

In total Dubai Multi Commodities Centre (DMCC) has enrolled 2,692 new companies in 2023, taking the total number of companies in DMCC to over 24,000.

The launch of new industry ecosystems, the expanded service offerings and the physical growth of the Uptown Dubai district with the launch of Uptown Tower have driven DMCC’s 2023 growth story.

DMCC accounted for 11% of Dubai’s total FDI inflows. As per the 2023 annual report, DMCC became a hub for trading of commodities such as diamonds, and precious stones, gold, as well as a hub for high value services such as crypto, gaming and Web3.

 Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “For DMCC, 2023 showcased its ability to sustain its record performance whilst undertaking crucial infrastructure expansions. Attracting 2,692 new companies is testament to our efforts to continuously enhance our value proposition year after year, reinforcing the role we and our members play in driving trade and investment, contributing up to 11% of all FDI inflows to Dubai. With the opening of Uptown Tower and the wider development of Uptown Dubai, our business district is stronger now than it has ever been, and we have set ourselves up for accelerated growth, a crucial factor as we accommodate new waves of investment to Dubai.”

 The DMCC Crypto Centre welcomed industry leaders such as Bybit, Solana and TDeFi into the fold alongside an additional 129 companies. The Centre is now home to 600 firms, further reinforcing its position as the largest concentration of crypto, blockchain and Web3 companies in the region.

Two core growth sectors for DMCC show promising opportunities in 2024 are the Gaming Centre and the impending launch of a new AI Centre. Over the past year, DMCC’s Gaming Centre doubled in size to reach almost 100 members at the year end.

UAE Gold tokenization pioneers applaud HSBC gold tokenization initiative furthering growth

UAE Gold tokenization pioneers applaud HSBC gold tokenization initiative furthering growth

Recently HSBC announced that it would be tokenizing physical gold using Blockchain technology. The tokenized gold stored in HSBC London Bank vaults, will offer tokens that represent 0.001 troy ounce traded on HSBC Evolve platform to institutional investors, with UAE Gold tokenization pioneers applauding this effort and believe this will grow the precious metal tokenization sector further.

Mark Williamson, global head of FX and commodities partnerships and propositions, confirmed the launch of the platform in a Bloomberg interview.

Gold has become a safe haven for many investors and this has also been pushed by the demand for real world tokenization solutions.

The advanced platform creates a ‘digital twin’ representing loco London gold, which facilitates trade through the HSBC Evolve platform or an API. This innovation generates a permissioned digital representation of clients’ physical gold holdings, which is integrated into HSBC’s operational infrastructure. The system enables efficient tracking of allocated and unallocated gold positions corresponding with physical holdings.

Richard Bibbey, HSBC’s Global Head of FX, EM rates and Commodities, said: “As one of the earliest adopters of DLT, we are pleased to reinforce our leadership position in the gold market by tokenizing physical gold. We continue to pave the way for improving the post-trade market infrastructure of capital markets.”

Apart from facilitating potential fractionalization of loco London gold bars and direct retail investor participation, the platform also allows clients to view their tokenized gold trades.

John O’Neill, Global Head of Digital Assets Strategy, Markets and Securities Services, HSBC, said: “Tokenising physical gold represents a further advance in HSBC’s overall digital assets strategy. In addition to demand for native digital assets, we are seeing appetite for tokenisation solutions that can maintain a link to specific real-world use cases, such as gold. Our approach to gold tokenisation complements HSBC Orion, and is part of our commitment to creating a world-leading set of digital asset capabilities to best serve the needs of our clients.”

While the tokenized gold market is primarily dominated by Tether Gold (AUT) and PAX Gold (PAXG), both having market capitalizations around $490 million and $480 million, respectively, there are several companies based out of UAE who are also offering gold tokenization solutions.

LaraontheBlock spoke with tokenized gold experts in UAE to view how this will help tokenization of precious metals and their thoughts on this.

Navin Dsouza Co-Founder & CEO at UAE based Comtech Gold told LaraontheBlock, “This is really good news for the Gold Tokenization industry. With Global Banks like HSBC offering Tokenized Gold it reemphasizes the importance of blockchain and digitalization in Gold along with the need for De-Dollarization in the current era of high inflation.”

He adds,” Comtech has the complete infrastructure along with the Governance framework with DMCC (Dubai Multi Commodities Center) to offer Gold Tokenization product to any financial institutions who want to offer Tokenized Gold to its customers in a form of Comtech white labeled solution. We will see many players and banks joining the Tokenization race because of the strong use case benefit to the Industry.”

Ahmed Bin Sulayem Executive Chairman and Chief Executive Officer of DMCC explained, “As a long-standing advocate for gold tokenization, HSBC’s entry to blockchain will not only support much-needed transparency, but provide greater accessibility and security for investors. Having launched our own tokenization mechanism in November 2022 in partnership with Comtech Gold Bullion, backed by our internal DMCC Tradeflow platform, we’ve already tokenized 144kgs of gold for investors, while providing a value-added service that has the capacity to expand into other precious metals in the near term.”

Mark Gesterkamp, Business Development Director at Aurus Gold headquartered in UAE commented, “We applaud the step HSBC is taking by joining gold tokenization as gold has an important role in the transition to on-chain finance. It is no surprise they have done so, as it will surely open up the market through smaller traded denominations and improve liquidity and tradability.

He explained how already Aurus’ Tokenization-as-a-Service allows for any financial institution to use its technology by minting a digital representation of its bullion from gold, silver to platinum. This entails banks and family offices looking to join the digital space and finding new distribution channels.  He adds, “The decentralized nature of gold tokenization is key here, whilst being a supplying partner of the Aurus ecosystem it allows clients to benefit from trading transactions.”

UAE was one of the first countries globally to begin tokenization of gold and other precious metals. Startups from the region and globally are setting up in the country as gold-backed tokens witness a growth surpassing that of cryptocurrencies. The market cap of gold-backed tokens has exceeded $1 billion — a far cry from $100 million in 2020.

Most of the entities developing gold tokens have chosen the UAE because of its positive crypto stance, its regulations, its gold hub, and the region’s affinity to Shariah compliant commodities. With this new announcement by HSBC, the UAE is poised to become a more formidable hub for tokenization of precious metals.

Web3 business incubator KEY Difference receives license from UAE DMCC

Web3 business incubator KEY Difference receives license from UAE DMCC

Web3 KEY Difference has received from UAE Freezone DMCC its business incubator license, a move that signals the next chapter for the company as they launch KEY Difference Labs, their new accelerator.

Over the last decade, starting from 2013, the blockchain landscape witnessed the steadfast growth of KEY Difference Media, the precursor to KEY Difference DMCC. Founded by Mr. Karnika E. Yashwan To has a wide range of accomplishments ranging from marketing for several Fortune 100 companies to assisting in the monumental fundraising of over $550 million during the 2017 ICO phase, the firm’s trajectory is nothing short of remarkable.

KEY Difference Media’s emphasis on incubating promising enterprises, its hands-on involvement in establishing extensive blockchain ecosystems, and its advisory role for potential future unicorns showcase the company’s forward-thinking approach.

Yashwan To  explains, “The focus of the accelerator is to assist Web2 powerhouses in seamlessly transitioning to Web3 using the blockchain infrastructure. It’s disheartening to observe the crypto space riddled with scams and short-sighted strategies. My passion is about championing businesses that exemplify long-term, steady growth. This is achievable by harnessing the value ingrained in the Web2 sphere and appealing to its vast user base through simple, effective business use cases.”

The aim is to onboard the masses by introducing Web2 value-driven entrepreneurs to the transformative potential of Web3 technology. He adds, “We’re working towards building a brighter future.

He adds, “But what makes this business incubator license so great? Not every firm gets this nod. The DMCC reserves it for the best, those who’ve proven their mettle. This exclusive license isn’t just a feather in KEY Difference DMCC’s hat; it symbolizes their dedication and unmatched expertise in the field.”