Tokenized Gold now in UAE with Fasset and Own Foundation

Tokenized Gold now in UAE with Fasset and Own Foundation

Fasset, a UAE regulated digital asset platform focused on enhancing financial inclusion in high-growth markets, has introduced ORO, the first application built on its Ethereum Layer 2 network, Own, in partnership with The Own Foundation. Through tokenization, ORO users will be able to invest in smaller, more affordable increments of gold ($GOLD), leveraging blockchain’s transparency, security, and yield-generation features, all with minimal fees and no storage costs. The offering will be launched in early 2025.

Gold, long regarded as a reliable store of value, has gained renewed significance as a hedge against inflation and economic uncertainty. Since 2008, high-growth markets such as India have doubled their central bank gold reserves, underscoring the asset’s appeal. However, traditional gold ownership remains costly and inaccessible for many, often involving high entry thresholds and complex storage requirements. ORO addresses these challenges by leveraging blockchain to offer secure, fractionalized ownership with minimal fees and no physical storage needs.

“ORO is a showcase of how Own’s infrastructure can deliver meaningful financial solutions, particularly for markets underserved by traditional systems,” said Mohammad Raafi Hossain, Co-Founder of Fasset and Own. “By combining blockchain’s transparency with gold’s enduring value and an innovative yield product, ORO redefines what’s possible for a trusted asset.”

Each ORO token represents one ounce of 99.99% fine gold securely stored with blue-chip custodians and fully insured. Tokens can be redeemed for physical gold starting at $85 increments or exchanged for USDC for added liquidity. Moreover, ORO offers a highly competitive financial opportunity by combining gold’s historical appreciation—averaging around 8% annually—with a 3-4% APY earned through staking $GOLD on the platform. This potential total yield of approximately 12% significantly outpaces traditional savings accounts, which typically offer returns of just 3-4%, and provides a better alternative to conventional gold investments.

Joining the waitlist ensures early access to product updates, beta testing opportunities, and potential rewards ahead of ORO’s full 2025 launch.

ORO was founded by Usman Saleem, a member of the ARY family, renowned for their century-long expertise and leadership in the gold industry in the UAE and beyond. Building on this heritage, Saleem launched ORO to expand access to gold investments, combining trusted industry knowledge with blockchain-powered financial solutions.

“Own’s commitment to creating meaningful financial opportunities in regions like Asia and the Middle East makes it the perfect platform for ORO,” said Saleem. “Together with Own, ORO is unlocking the full potential of gold by introducing innovative use cases for an asset trusted for millennia. By bringing gold on-chain, we make it inflation-resistant, DeFi-compatible, and staking-ready.“

Own is managed through The Own Foundation, which is powering Fasset’s mission to expand access to decentralized finance globally, lower costs, and enhance scalability while ensuring compliance in key markets. Founders Mohammad Raafi Hossain and Daniel Ahmed created Own to address challenges like inflation, remittance costs, and limited financial access.

Founder of IOTA Foundation creates tokenized ETF Fund with Neovision in UAE

Founder of IOTA Foundation creates tokenized ETF Fund with Neovision in UAE

Two Abu Dhabi firms, Realize, a financial assets tokenization platform, and Neovision Wealth Management have launched an blockchain enabled investment vehicle that will buy units of exchange traded funds (ETFs) focused on U.S. Treasury bills and convert these assets into digital tokens that can be held, traded and transferred.

The fund is called Realize T-BILLS Fund and it will buy BlackRock’s iShares and State Street’s SPDR, tokenize units from these ETFs, and incorporate them within the fund, Dominik Schiener, Chaiman and co-founder of technology company Realize as well as IOTA Foundation, told Reuters in an interview. It hopes to grow to a $200-million fund.

Realize will tokenize the units of the T-BILLS Fund, while Neovision will manage it.

Tokenized Treasuries are a growing segment of the crypto market, with a market capitalization of $2.4 billion on public blockchains, primarily Ethereum, according to data platform rwa.xyz. They are effectively digital tokens created on a blockchain and backed by U.S. government debt, and issued both by blockchain-native firms and traditional institutions, notably BlackRock and Franklin Templeton.

In March, BlackRock launched its first tokenized fund called BUIDL on the Ethereum blockchain, investing 100% of its assets in cash, U.S. Treasury bills and repurchase agreements or repos. The BlackRock fund has a current market cap of $530 million.

The Realize fund, the first tokenized fund to be domiciled out of the Abu Dhabi Global Market, will issue the $RBILL token and will serve as the digital representation of the units of the fund. They will initially launch on both the IOTA and Ethereum blockchain networks.

Dominik Schiener, Realize’s IOTA Foundation Founder and Realize Founder, told AGBI magazine in UAE, that his target was for the fund to have $100 million in assets under management in 12 months’ time. Of this, he expects 20 to 30 percent will come from investors in the Gulf and the remainder from Europe and Southeast Asia.

“Southeast Asia is going to be the largest demographic for us. We also want to do a lot in the Middle East because it has a high penetration of crypto users and wealthy individuals,” Schiener said.

Arvind Ramamurthy, Abu Dhabi Global Market’s chief market development officer, said in a statement announcing the fund’s launch: “As a tokenized investment fund adhering to stringent regulatory standards, it positions the international financial Centre of Abu Dhabi as a global leader in real-world asset tokenization.”

Dr. Ryan Lemand, co-founder and chief executive officer of Neovision, said it makes sense to buy T-Bill ETFs and tokenize them, instead of outright purchasing Treasury bills in the market. He noted buying cash Treasuries in the market would involve continuous transaction costs because they will have to be bought again and again.

UAE QCP capital: investors sideline ETH and Bitcoin makes incredible recovery

UAE QCP capital: investors sideline ETH and Bitcoin makes incredible recovery

UAEbased QCP Capital recently analyzed the price of Bitcoin stating that it has witnessed an unbelievable and swift recovery, comparing it with the increasing sideline of ETH ( Ethereum).

QCP, an institutional digital assets company received In-Principle Approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to conduct regulated activities in May 2024. According to QCP, the decision to make a move into this strategic market for the company’s footprint was in anticipation that the Middle East is going to become a dominant global hub for capital flowing into traditional and digital assets.

According to their market insights report published on August 10th , BTC ( Bitcoin) price is almost exactly where we started a week ago, hovering above 60k. It noted, “Truly an unbelievable and swift recovery, after getting hammered to 49k lows on Monday which was the worst single-day drawdown we’ve seen in years.”

The added that there were two major observations, the first is that there has been a fundamental shift in the liquidity profile of ETH relative to BTC. As per their analysis, while BTC is becoming increasingly integrated into the mainstream macro capital markets, ETH is becoming increasingly sidelined. This development likely stems from the distinct lack of interest in the ETH spot ETFs relative to the BTC spot ETF.

They believe that BTC as digital gold is a compelling narrative to investors while ETH is lacking one. This liquidity shift was made painfully obvious on Monday when ETH plummeted 22% compared to BTC’s 16%.

Yet they state that this is not necessarily negative for ETH price, because while Bitcoin has a propensity for exponential price gains, it also has a potential for larger drawdowns. They note in the report, “Before the ETH spot ETF, the difference in implied volatility between BTC and ETH was closer to 5%. Right now, it has expanded towards 20% and could be even higher. Perhaps the strategy here is to sell BTC volatility and buy ETH volatility.”

In terms of the second observation, they believe the Bitcoin is bullish. They attribute this analysis to the fact that despite what they call the crazy volatility, there was consistent demand for BTC calls expiring in 2025 with strikes close to 100K.

According to their analysis, the crypto market, is back on track towards a bullish year end.

UAE Cypher Capital leads $15 million investment in ZAP protocol

UAE Cypher Capital leads $15 million investment in ZAP protocol

UAE based Cypher Capital leads $15 million investment in ZAP, a powered token distribution protocol built on the Ethereum Layer 2 network, Blast, allowing it to reach a token valuation of $100 million.

As per a post by Vineet Budki, Managing Partner and CEO of Cypher Capital, “ ZAP features a questing and airdrops protocol, a no-code token launcher, and curated launches via ZAP Labs. The token launchpad and no-code token offer users access to venture-backed projects, giving them more options to fully utilize their on-chain activity. ZAP’s developments aim to advance the vision of democratizing access to early-stage investments and creating a fairer crypto space where participants can engage on a level playing field.”

He adds, that Cypher Capital is proud to invest in these innovations, which will address key issues in the airdrop and launchpad space.

As per the ZAP X post, “ZAP is thrilled to announce a successful $15M funding round, led by  Rarestone Capital, Cypher Capital and Sharding Capital with support from Presto Labs, Auros Global, and industry angels including LawMaster, Chelsea Jiang of ForesightVen, LucaNetz  and many more, including LayerZero Labs.”

According to ZAP, they are committed to building a comprehensive suite of products to make them even more feature rich offering the user experiences found only on the smoothest web2 platforms.

Labs, ZAP’s offerings will be deeper and smoother with more options and better experiences.

ZAP noted on X that with the funding, they will continue to develop innovations and solve key issues in airdrop and launchpad space, as well as grow to new locations and broaden their reach to different blockchain ecosystems.

In addition ZAP noted, “These new developments, and our ongoing ones, all serve to further our vision of democratizing access to early-stage investments, creating a fairer crypto space, and ensuring that all participants can engage on a level playing field.”

pseudonymous founder and CEO Francis told The Block, “ The funding was raised in three recent rounds $900,000 seed last December, $2.1 million private round last month and $12.1 million in an ongoing “vault sale” The seed and private rounds were structured as simple agreements for future tokens (SAFTs).”

“The vault sale will end when we conduct our token generation event in the next few months, Francis said. “If all vaults sell out, we will end up raising a total of $50 million.”

ZAP was valued at $15 million at the time of its seed round, then its valuation increased to $30 million during the private token round and is now valued at around $100 million, Francis said. “Our ongoing vault sale puts our implied fully diluted token valuation at around $100 million,” Francis said.

ZAP recently launched the “Blast Gigadrops” campaign, rewarding users for both their social and on-chain interactions with over 20 Blast ecosystem projects. The campaign boasts a prize pool of around $1 million and has partnerships with projects including Thruster, Particle and MetaStreet.

While ZAP’s token distribution protocol is currently built on Blast, it looks to expand to more blockchains, starting with Base. ZAP is also building a “no-code” token launcher and a token launchpad to offer users access to venture-capital-backed projects.

Francis told the Block that already  12 people are currently working for ZAP in London and the United Arab Emirates, and he is looking to hire a couple more for the engineering function.

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.

UAE based AMINA Bank if ETH is a security there are significant risks to entire crypto community

UAE based AMINA Bank if ETH is a security there are significant risks to entire crypto community

UAE based AMINA Bank, previously know as SEBA crypto bank, regulated in Abu Dhabi ADGM, has published an interesting article on Ethereum, and ETH being designated as a security. According to AMINA Bank, the question on the minds of Ethereum investors is whether or not Ether is a security given the pending US decision on spot Ether ETFs ( Exchange Traded Funds).

As per the article on one hand, the US Commodity Futures Trading Commission (CFTC) has defined ETH, along with several other cryptocurrencies, as commodities. Conversely, US Securities and Exchange Commission Chair Gary Gensler has refrained from providing a clear stance. This was further amplified during his Congressional hearing in April 2023, he repeatedly avoided giving a definite answer. Even recently, he did the same in an interview – refused to give a clear answer to the question. This lack of clarity has left the crypto community uncertain about the possibility of a shift for the cryptocurrency from its current legal ambiguity.

Concerns escalated when the Ethereum Foundation recently disclosed being subpoenaed by an unnamed “state authority,” suspected by many to be the SEC, although Fortune claimed it was the US SEC, unconfirmed by the SEC itself. Although there were bigger factors in play, this regulatory uncertainty has partly contributed to the abysmal performance of ETH relative to BTC since the start of 2023.

To confront the SEC and address ETH’s legal standing, Ethereum software development firm Consensys has filed a lawsuit recently. The lawsuit says that the SEC lacks jurisdiction to regulate global, peer-to-peer computer networks and this includes Ethereum.

Consensys argues that the SEC’s extensive reach into commodities, software, and emerging technology platforms is illegal. According to the lawsuit, if the SEC’s influence prevails, it could nullify efforts by Congress, the Federal Reserve, and the Treasury on stablecoins, undermining established US policy priorities and granting technological superiority to nations beyond the US.

AMINA Bank believes that it currently seems unlikely that ETH will be declared a security. However, for investors, it is important to understand the implications if it were to go the other way, so let’s dive in. To state the obvious, if ETH were indeed designated as a security, it would pose significant risks to the entire crypto and decentralized finance (DeFi) ecosystem. ETH currently is the backbone of DeFi, being extensively integrated within it. It functions as the native gas token for the Ethereum blockchain and its scaling solutions.

It serves as widely accepted collateral in DeFi and boasts of the largest developer community in the crypto space. Once a security, all infrastructure that lets users use ETH could be seen as unregistered securities brokers. Exchanges seeking to list Ether would need to register as securities broker-dealers with the SEC. Most teams in crypto may exit the space if subjected to such operational complexity.

Another possible implication is that protocols may start prefering Proof-of-Work (PoW) consensus. In a Proof-of-Stake (PoS) system, entities with larger token holdings have a greater chance of validating the next Ethereum block and receiving block rewards for the same in ETH.

Gensler has suggested that such PoS chains, rewarding users for locking up their coins, resemble investment contracts and could be deemed securities, without specifically mentioning ETH. Given that most major blockchains, apart from PoW Bitcoin, work on PoS like Ethereum, regulators might extend similar classifications to them.

Additionally, non-ETH tokens hosted on the Ethereum blockchain could also face repercussions due to being so closely integrated with a supposed security (ETH). This is why new blockchains may want to then go back to the PoW consensus mechanism to avoid regulatory scrutiny.

It’s fair to say that this would not only put a hold on but potentially even reverse years of progress across the cryptocurrency market. This is a doomsday scenario for cryptocurrency investors which currently is unlikely to happen.

The argument against ETH being classified as a security revolves around the nature of ETH tokens themselves. Unlike stocks or bonds, ETH tokens do not represent legal ownership of any business entity. They are essentially code stored in a decentralized database. When considering whether ETH qualifies as a security, the crucial question is whether the offer and sale of ETH tokens constitute an investment contract under the Howey test.

The Howey Test is used in the US to determine whether certain transactions qualify as investment contracts. Under the Howey Test, a transaction is an investment contract if:

It is an investment of money.

The investment of money is in a common enterprise.

There is an expectation of profits from the investment.

Profits come from the efforts of some particular others.

At the time of Ethereum’s ICO in 2014, when the community was smaller, ETH may have met the criteria of the Howey test. This is because participants likely invested money expecting profits based on the efforts of a few select others like founder Vitalik Buterin and some core developers.

There was also an expectation of profit for ICO investors. It could have also been considered a “common enterprise” due to the founding team being the only members of the Ethereum community at the time of ICO. However, the SEC did not act then.

Today, several factors suggest that ETH does not meet the Howey test criteria the way it is right now. Firstly, with the rise of DeFi, ETH serves as more than just an investment – it also has utility in paying gas fees for transactions onchain.

Additionally, Ethereum has become increasingly decentralized with a diverse developer community (over 7000 monthly active developers throughout 2023) and network success no longer dependent solely on the efforts of specific individuals like the Ethereum Foundation. From a security standpoint, there is no single gatekeeper. The total number of active validators for Ethereum has exceeded the 1 million mark, according to data from Glassnode.


Many were concerned as liquid staking provider Lido Finance neared the 33% threshold mark in percentage of ETH staked. However, this is now down to 28% at the time of writing. Also, Lido is not a single entity and currently has over 30 node operators.

But does Proof-of-Stake make ETH a security as Gensler believes? In PoS, running a validator node on the Ethereum network is considered a service, not an investment scheme. This is because rewards are contingent on honest behavior during validation.

Dishonest actors may face slashing of their stake. However, staking services provided by centralized platforms like Coinbase or Kraken may blur the line, potentially exposing providers to legal action. Nonetheless, this does not affect ETH’s classification.

As obvious as it may sound, another reason why ETH may not be classified as a security is because it currently is not so. CFTC has allowed ETH futures trading and has explicitly stated ETH as a commodity. This reinforces the argument against ETH being classified as a security. The SEC’s approval of ETH futures ETFs for trading on regulated security exchanges also underscores ETH’s non-security status and falls outside the SEC’s jurisdiction.

AMINA Bank article concludes that it seems that the US SEC is refusing to take a clear stance on this matter in order to confine ETH within a grey area, thereby allowing it to delay the decision on the applications of the US spot Ether ETFs filed by financial behemoths like BlackRock, Fidelity, Greyscale and others.

A complete list of Ether ETFs can be found here. Regardless of the SEC’s eventual decision on ETH’s security status, we hope it positively contributes to the future of crypto and finance.

Founder of Ethereum, Vitalik Buterin in UAE

Founder of Ethereum, Vitalik Buterin in UAE

In a very interesting tweet on the X platform, RAK DAO ( Ras Al Khaimah’s Digital Asset Oasis) free zone welcomed the founder and creator of the Ethereum Blockchain, Vitalik Buterin.

In the tweet, RAK DAO states,” At RAK DAO, our fundamental belief in the transformative power of community has played a pivotal role in shaping our ecosystem. Our commitment to fostering innovation through collaboration recently materialized in a significant event, graced by the presence of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, alongside Vitalik Buterin, the Co-Founder of Ethereum, here in Ras Al Khaimah. This gathering reaffirmed our ongoing dedication to providing a platform where innovative ideas flourish, collaborations thrive, and the spirit of progress prevails. “

In February 2023, the Government of Ras Al Khaimah (RAK) announced that it would be launching the RAK Digital Assets Oasis free zone dedicated to digital and virtual asset companies for non-regulated entities.

This meant that the UAE would now have two crypto Blockchain Oases, one in DMCC for regulated blockchain and crypto entities and one in RAK for soft regulated entities. As per the announcement RAK DAO was supposed to launch in Q2 of 2023, but its official launch happened in October 2023.

Ras Al Khaimah Digital Assets Oasis (RAK DAO), marked the inception of a new era in digital evolution and Web3 collaboration within Ras Al Khaimah. Businesses dealing with digital assets, including cryptocurrencies, could operate under fewer regulatory restrictions.RAK Digital Assets Oasis, is the first common law and specialized free zone exclusively dedicated to companies involved in digital and virtual assets.

Since then, RAK DAO has been setting up partnerships as it entices blockchain, Web3, metaverse, and crypto companies to set up base in the Oasis. It partnered with The HBAR Foundation having signed a Memorandum of Understanding (MOU) with them. According to the MOU, The HBAR Foundation would support RAK DAO ecosystem members to leverage the power of blockchain and build economies and applications on Hedera, the most used enterprise-grade public network.

In an interview with Bloomberg News, Trust Wallet, self-custody crypto wallet, majority owned by the former CEO of Binance announced its operations in the UAE both in RAKDAO (Digital assets Oasis) free zone in Ras Al Khaimah and in ADGM in Abu Dhabi.

Vitalik’s visit comes after he released Ethereum’s roadmap for 2024 which will focus on scalability, security and sustainability improvements.

Ethereum co-founder Vitalik Buterin announced the plan on social media on Dec. 31, outlining several key initiatives for the platform’s development. ‘The Surge,’ a crucial component of Ethereum’s roadmap, aims to increase network scalability through data sharding. By dividing the blockchain into smaller parts, Ethereum intends to boost its transaction processing capabilities and reduce costs, addressing one of the most pressing issues faced by blockchain technologies today.

This development is expected to bring Ethereum closer to achieving its goal of processing over 100,000 transactions per second, as noted by Buterin in recent statements

Could this visit be another partnership in the making? Is the Ethereum founder finally interested in the UAE and Middle East?

Japan’s Monex acquires digital asset management firm 3IQ

Japan’s Monex acquires digital asset management firm 3IQ

Japanese Monex Group, which runs a crypto exchange and asset management has purchased a majority stake in Canadian 3IQ digital asset Fund manager, which was the first to list a Bitcoin Fund in the MENA region out of Nasdaq Dubai. 3iQ had received regulatory approval from DIFC in UAE to list the fund in April 2021 with UAE Based Dalma Capital is the syndicate manager for the fund expansion in the MENA region.

3IQ was also the first to launched regulated exchange listed funds for Bitcoin and Ethereum in North America. Fred Pye in an interview back in 2022 has stated that there would be new funds launched in MENA through Dubai.

Monex Group will acquire majority stake for $39.8 million according to Reuters.

In January 2021 3iQ digital asset fund, had marked the milestone achievement of 1 billion USD in the fund since it was launched in March 2020, which was a 900 percent growth from its previous record of 100 million USD worth of crypto in the fund.

3iQ recently unveiled the industry’s first-ever comprehensive suite of crypto hedge fund managed accounts through their innovative 3iQ Managed Account Platform (QMAP). This pioneering platform is not just a first but a revolution, seamlessly connecting institutions with cutting-edge digital asset alpha strategies. QMAP stands as a beacon of security, transparency, and efficiency, meticulously designed to meet the complex demands of institutional investors worldwide.

“Our long term strategy is to strengthen our asset management business, and by welcoming 3iQ to our group, we aim to achieve high growth by capturing the crypto asset management needs of institutional investors and crypto asset exchanges around the world, which are expected to grow in the future, ” said Yuko Seimei, CEO of Monex Group.

“We’re absolutely thrilled about this incredible opportunity to join forces with Monex Group,” said Frederick T. Pye, Chairman and CEO of 3iQ, “This partnership is not just about growth; it’s a thrilling leap towards realizing our dream. We’ve always been passionate about bringing regulated, innovative digital asset products to investors worldwide, and now, with Monex Group, we can turbocharge this mission. We’re eagerly looking forward to being a part of the Monex family, especially collaborating with Coincheck – Japan’s crypto exchange powerhouse with a staggering 1.8 million customer accounts. Imagine the synergy. With 3iQ’s expertise in crafting exceptional crypto-asset products, we’re poised to bolster Coincheck’s offerings, especially for institutional investors. This is beyond a win-win – it’s a joyous, groundbreaking collaboration that promises to reshape our industry!”

Metamask crypto wallet partners with Egyptian Vodafone Cash

Metamask crypto wallet partners with Egyptian Vodafone Cash

MetaMask self-custody crypto wallet announced on twitter that it has partnered with several entities across the globe including Egyptian payment provider Vodafone Cash to offer new ways to onboard crypto around the world.

MetaMask stated, “We’ve unlocked new ways to onboard to crypto around the world! -Vietnam: VietQR, Mobile Money, Philippines: GCash, Indonesia: QRIS, Thailand: Thai QR, Egypt: Vodafone Cash and Chile: Webpay

MetaMask has introduced a new ‘sell’ feature on its mobile app, enabling users across the world to exchange crypto for cash easily. In Africa, the feature is available for Nigerian and Egyptian users.

Metamask also announced that it is offering local transfers in  in Vietnam, Malaysia, Japan, and South Korea.????

The partnership between MetaMask and Egyptian based Vodafone Cash is interesting given that Egypt has not legalized or regulated crypto trading and transfers.

The MetaMask wallet was downloaded the most in India and the United States, although 2023 data suggests growing popularity in other countries, most notably Brazil, Indonesia, Russia, India, and Nigeria.

In the Arab World, Metamask has been downloaded in Algeria, and Egypt.

MetaMask in December 2023 had 30 million users globally.

Although MetaMask is user-friendly, the wallet only comes pre-installed with the Ethereum network. Those wishing to add additional networks – such as Binance Smart Chain or Polygon, need to do this manually.  It doe not support Bitcoin.

MetaMask supports all cryptocurrency tokens on the Arbitrum, Optimism, Binance Smart Chain, Polygon, and Avalanche networks.

This comes as Egypt develops its CBDC ( Central Bank Digital Currency). In December 2023 Abdel Monem Al-Sayed, Director of the Cairo Center for Economic and Strategic Studies, noted that the state is prioritizing digital transformation. The aim is to decrease reliance on cash and printed currency.  

Egypt started on its CBDC project in December 2022. Egyptian Central bank announced that it was currently studying the implementation of CBDC (Central Bank Digital Currency) which should offer a safer and more secure replacement to current cryptocurrencies and the risks associated with them while making use of digital economy.

Wio bank customers can trade crypto, Bitcoin, and Ethereum using UAE Fuze digital assets infrastructure

Wio bank customers can trade crypto, Bitcoin, and Ethereum using UAE Fuze digital assets infrastructure

UAE digital assets infrastructure provider Fuze has partnered with Abu Dhabi headquartered Wio Bank to empower its customers with virtual assets trading services.

Customers will be able to buy and sell popular cryptocurrencies such as Bitcoin and Ethereum, directly through Wio Bank’s recently launched application, Wio Personal.

Wio Personal is an intelligent everyday banking application redefining the way individuals see, manage, and grow their money. The personal banking application allows all customers to start investing simply and effortlessly. Wio Personal users can access thousands of global stocks, ETFs, fractional shares and even UAE IPOs seamlessly in a single, integrated app.

Speaking about the significance of the partnership, Jayesh Patel, CEO of Wio Bank PJSC, said, “The region is emerging as an important hub for cryptocurrency and there is a demand from customers for convenient, seamless access to crypto trading services integrated within their daily banking apps. As a business that was created to catalyze the digital banking ecosystem, we are excited at the opportunities this collaboration with Fuze provides, to better serve our customers and support the UAE’s forward-thinking transformation of the financial services sector. Fuze mirrors our own robust governance, compliance, and risk capabilities, so our customers can be confident in having secure access to Virtual Assets.”

Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze, added, “As a regulated provider, we are proud to partner with Wio Bank, which has already made tremendous strides in redefining banking for the modern era across the region. There is a clear synergy with our mission to build the future of finance and we look forward to supporting Wio Bank in delivering regulated, trusted crypto services to its flourishing customer base.”

In a recent UAE poll suggested 48% of crypto users lacked trust in crypto exchanges. Through such partnerships, neobanks can provide regulated options for their customers and help to increase trust in the crypto ecosystem.