Abu Dhabi Finance Week inaugurates Crypto Abu Dhabi

Abu Dhabi Finance Week inaugurates Crypto Abu Dhabi

For the first time ever Abu Dhabi Finance week organized by ADGM in association with Abu Dhabi Department of Economic Development (ADDED) will be holding Crypto Abu Dhabi on November 16th 2022.

Abu Dhabi Finance Week (ADFW)’, is set to run between 14th November 2022 and 18th November 2022.

As per the event synopsis, Crypto Abu Dhabi in partnership with Roland Berger, will explore the next era of Digital Assets as the technologies experience the growing pains involved with shaping true innovation. The agenda of the conference will focus on the underlying blockchain and cryptography technologies that drive the innovation, and why financial products are served by their application.

The event will also focus on how major global financial institutions are now developing digital asset strategies, and how the tokenization of private market assets will open up a new multi-trillion dollar democratized opportunity for investors globally, and why regulation is on the horizon.

Some renowned speakers include, Changpeng Zhao, Founder & CEO, Binance, Henri Arslanian, Co-founder and Managing Partner, Nine Blocks Capital Management, Brett Tejpaul, Head of Institutional, Coinbase, Jaime Leverton CEO, Hut 8 (Bitcoin Mining), Herve Francois, partner Private Equity, Blockchain and Digital Assets, at Investcorp among other well renowned names.

Dr. David Chaum, CEO and Co-Founder of Elixrr will also be speaking on the theory behind digital currency and why it is an essential evolution for the financial sector and where it goes from here, in Digital Money 2.0.

There will also include a special announcement by globally renowned Economist, Dr. Nouriel Roubini, Chairman of Roubini Macro Associates

Another interesting discussion will be on how key Abu Dhabi Financial institutions view digital assets which will be held by a panel led by crypto exchange Coinbase.

Commenting on the launch of ADFW, H.E. Ahmed Jasim Al Zaabi, Chairman, ADGM stated, “As I look back on the past successes of Fintech Abu Dhabi’s Editions, and head to what comes next, I see us amid an exciting transformational era. We are on the cusp of a new, digital future, and making progress on a continuum of highly significant and progressive economic challenges. Harnessing these exciting opportunities regionally and internationally is of prime importance to ADGM. This pioneering edition of the ADFW looks to achieve that and couldn’t have been timed better.”

Venom Blockchain gets ADGM license and becomes the first to build NFT marketplace and Fiat backed stablecoin

Venom Blockchain gets ADGM license and becomes the first to build NFT marketplace and Fiat backed stablecoin

UAE ADGM ( Abu Dhabi Global Market) announced on LinkedIn that Venom Blockchain has become the first ADGM licensed crypto foundation to build a scalable blockchain platform. ADGM also stated, “Venom is on its way to developing an NFT marketplace, derivative exchange and fiat-backed stablecoin”

The statement adds that Venom Foundation is set to become one of the most anticipated blockchain phenomena, enriching the ADGM community and the nation as a whole!

As per the news Venom Foundation perpetually works on providing an abundant bundle of scalable blockchain-powered products and services for the wider financial community. Through robust security measures and a rich database, Venom Foundation has produced an array of self-sufficient tools, including ewallets, decentralised exchanges and more.

The statement then adds, “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.”

ADGM’s UAE virtual asset regulator in Abu Dhabi,  FSRA (Financial Services Regulatory Authority) of ADGM ( Abu Dhabi Global Market) had recently announced enhancements on its capital markets framework, allowing for the trading of NFTs  (Non Fungible tokens) on virtual asset regulated platforms, This means that MTFs/Custodians (Multilateral trading Facilities) operating within ADGM are now able to seek approval from the FSRA to engage in Non-Fungible Token (NFT) activities.

It would seem that Venom is the first fruit of this new framework.

Prior to the announcement Venom Foundation released their press release, where they stated that, “Venom Foundation has been registered as the first crypto foundation in the ADGM, with a license to operate a blockchain and issue utility tokens. ADGM is well known as a fintech oasis for investors and financial services firms in the region and from around the globe. The next essential step of Venom Blockchain – its launch – will be announced soon.”

Venom blockchain is an asynchronous blockchain technology of dynamical sharding, that has made a leap in blockchain technology development globally, bringing to the market boundless scalability, and higher security guarantees with decentralization.

Venom Foundation has  three core directions, such as Essential Infrastructure, Support of Inbound Projects, Developer-friendly Platform, each to offer novel solutions for solving earlier existing issues in the crypto market.

As per Venom news,  the most valuable feature for the MENA region market is the technology that enables major corporations and companies to conduct an easy and secure transition into Web3 globalization, managing the gross data transaction flows without faltering by increasing fees and transaction times.

Venom Foundation’s main priority is to develop and support a self-sufficient blockchain ecosystem and it has already yielded significant results: non-custodial Wallet (VenomWallet mobile application and Desktop Browser Extension) with a Multisig accounts option and Ledger support, VenomScan (to keep everything transparent with access to transactions history), VenomBridge (allowing the interchain transactions to be made fast, while low price), VenomPools (to stake on Validator nodes), VenomGet (an easy gateway to Venom tokens), Web3.World (native decentralized exchange) has been built.

Venom also mentioned that individual developers, companies, and government authorities will be able to engage Venom Foundation to establish new products such as NFT marketplace, Derivative Exchange, fiat-backed stablecoin, and many others to come with the potential to become a bridge toward wide adoption of CBDC in the UAE, other MENA countries and globally.

Abu Dhabi investment firm ADQ launches $200 million fund for Digital assets Fintech, and supplychain

Abu Dhabi investment firm ADQ launches $200 million fund for Digital assets Fintech, and supplychain

Abu Dhabi’s ADQ and Further Ventures, an investment firm back by ADQ have launched a $200 million fund focused on Fintech, digital assets and supplychain.

As per the news, entrepreneurs and experienced executives who choose to launch their next venture with Further will have access to product and engineering resources for concept development; seed capital required to take the business to Series A; and reserved capital for following on through multiple rounds of funding beyond capital investment.

Further ventures also has a dedicated team that provides legal and regulatory support, talent sourcing and recruitment, operations, and business development expertise with access to some of the largest organizations in the Middle East and North Africa (MENA) region as well as venture builders globally, as part of Further’s extensive network.

Further is focused on building, digital asset payments products, blockchain asset custody, security solutions, marketplaces, wallets and other infrastructure for institutions. In addition to Fintech, such as wealth management, SME finance, financial inclusion, remittance, and payroll .

Finally they will focus on supply chain examples of which include digital freight and warehouse management companies and other supply chain-related business.

In addition to launching its own ventures with founders, the firm will also establish the Further Network by actively investing in and co-creating start-ups with leading global venture builders.

EazyPay and Binance to offer crypto payments in Bahrain

EazyPay and Binance to offer crypto payments in Bahrain

Bahrain EazyPay, a payments solution provider,  has partnered with Binance’s Binance Pay to launch a regulated and approved crypto payments service offering in the Kingdom.

Nayef Tawfiq Al Alawi, Founder, MD & CEO of Eazy in Bahrain stated on LinkedIn,  “Now you can pay in stores with any preferred Cryptocurrency using Binance App.  A special thanks goes to Central Bank of Bahrain, Binance and Eazy Financial Services B.S.C (Closed) teams.” 

‎‏Eazy Financial Services “EazyPay”, a  Bahraini financial institute specialized in Point-of-Sale (POS) & Online Payment Gateway Acquiring services licensed & regulated by the Central Bank of Bahrain, has partnered with Binance, to offer crypto  payments using “Binance Pay” over “EazyPay”  across 5000+ Point-of- Sale (POS) Terminals & Online Payment gateways in the Kingdom of Bahrain.

Merchants such as ‎‏ Lulu Hypermarket, Sharaf DG and Al Zain Jewellery as well as local favorites such as Jasmi’s will now be able to accept 70+ cryptocurrencies from “Binance Pay” customers in a very fast & extremely secure way.

Customers can pay at Merchants Stores in “Real-Time” with cryptocurrency by simply scanning the generated QR from Eazy’s POS using their Binance App and pay with preferred cryptocurrency.

Binance MENA to offer crypto cards with MasterCard as part of 90 million stores initiative

Binance MENA to offer crypto cards with MasterCard as part of 90 million stores initiative

On August 23rd 2022,  Michael Miebach the CEO of MasterCard posted on LinkedIn, “We can unlock the full potential of blockchain technology when we make it easier to access and easier to use. One way we do that is by bringing crypto to everyday purchases. To make that a reality, we’re working with Binance to let people use their crypto to make purchases at 90 million stores that accept MasterCard. We are launching this work in Argentina with plans to expand from there.” 

It seems that the expansion will be in the MENA region and come very soon.

So as mentioned, MasterCard and Binance will start offering customers the opportunity to pay for items with their Bitcoin and BNB, using a Binance Card. A prepaid card, that bridges crypto and fiat currencies, in Argentina. The plan is to then roll out this offer to include 90 million stores worldwide.

The Binance Card can be used by anyone with a valid national ID to pay bills and make purchases with the card, using their Bitcoin and BNB holdings.

The first stop was Argentina launched earlier in August 2022, with speculations that the USA, and Venezuela or other countries that are big on crypto would be next.

But it seems that expansions could actually start in the MENA region. Richard Teng, Binance regional Head of MENA also posted on LinkedIn two days after Michael and stated, “Excited to announce our partnership with MasterCard on crypto cards and payment. Introducing this soon in MENA. Watch this space….”

This clearly indicates that the next stop for the Binance MasterCard partnership will be in MENA and most probably in the UAE. The UAE has one of the most forward looking crypto regulations globally as well as being the third biggest crypto user base in MENA.

In January 2022 a report published by TripleA cryptocurrency Payments Company, showed that Morocco topped the Arab countries in terms of crypto owners or users followed by Egypt, UAE, and then KSA. The report stated that in 2021 global crypto ownership was estimated at an average of 3.9 percent, 300 million crypto users and 18,000 businesses already accepting crypto payments.

Security token regulations to be issued in Saudi Arabia by end of 2022

Security token regulations to be issued in Saudi Arabia by end of 2022

In an interview with CNBC Al Arabia, Yazeed Saleh Aldemaigi Deputy, Strategy & International Affairs, at Saudi Capital Market Authority (CMA) announced that regulations for Security Token offerings (STO) will be out before the end of 2022 in Saudi Arabia.

As per the interview, application for STO offerings will be available on the CMA digital platform by end of 2022. He added that the Fintech Lab at CMA has been working on finding the most appropriate environments for FinTech startups.

The STO regulations that will come out at the end of 2022 will help to attract foreign investment firms interested in the FinTech domain in KSA as well as support local companies.

The Fintech Lab from CMA was launched in 2017.  It aimed to provide a regulatory framework that is conducive for the innovation of Financial Technology (FinTech) in the capital market within the Kingdom.

One of the business models under the Fintech Lab was related to use of Distributed Ledger Technology (DLT) to arrange the Offering of Securities and Custody Services. It is a platform that uses Distributed Ledger Technology (DLT) to arrange the offering of securities (Sukuk as a preliminary stage) to investors, in coordination with the Issuer and the Authorized Person (AP) assigned by the Issuer as an Offering Advisor.

Oman New Securities Law provisions for regulation of virtual assets

Oman New Securities Law provisions for regulation of virtual assets

Oman Capital Market Authority recently issued its new Securities Law (46/2022) which  stipulates that the authority can “Agree to application of technologies, virtual digital investments or any products or services in the areas related to the provisions of this law, as set out in the Regulation.”

In an article in Oman Observer, Sheikh Abdullah Bin Salim Al Salmi, Executive President of the  Oman Capital Market Authority states, “ The law will contribute to the growth of FinTech based services as the law authorizes the authority to regulate innovative financing, approval of FinTech based apps and virtual investments. The law also allows expanding the financing options by regulating new products and services.”

In March of 2022, Oman Capital Markets Authority (CMA), invited companies interested in helping it set up a regulatory framework for virtual assets to participate in a tender process. According to sources, the regulatory framework should be finalized by Q3 of 2022.

The new Securities Law is only further proof of the commitment Oman government and Capital Market has for developing its virtual assets framework and allowing the trade and investment in virtual assets in the future. This could pave the way for security token issuances in the Oman stock market a bold step into the future of investments and stock trading. 

MENA Investors invest 5 million USD in TGV4 Plus 146 million Follow on Fund

MENA Investors invest 5 million USD in TGV4 Plus 146 million Follow on Fund

 True Global Ventures 4 Plus (TGV4 Plus) Fund has closed its US$146m Follow on Fund. The Follow on Fund will double down on the TGV4 base fund investments, the likes of Animoca, Sandbox, Forge, Chromaway, CoinHouse, GCEX, and others. Interestingly 40 percent of the Follow on Fund was raised from partners in Middle East, India and Asia. Investment from Middle East partners was 3.4 percent of the 40 percent making their total participation 5 million USD. While portfolio companies such as GCEX, Enjinstarter and IoMob have established operations in Dubai UAE. TGV4 Plus has been partnering with MENA based investors including Cypher Capital and Crypto Oasis among others. 

Valerie Hawley, Affiliate Founding Partner, Middle East True Global Ventures 4 Plus , told LaraOntheBlock, “More than 40% of the Follow on Fund has been raised from partners based in the Middle East, India and Asia, of those 3.4 percent were from Middle East Partners in particular. This just goes to show the increasing importance this region has to play in the Venture Capital space.  Numerous portfolio companies from our base fund, GCEX, Enjinstarter and IoMob, have established operations in Dubai, and we expect many more to do so given the crypto friendly environment the UAE has established with the creation of VARA (Virtual Asset Regulatory Authority).”

The TGV4 plus Follow on Fund  whose 15 General Partners (GP), lead the fund and its Investment Committee, put in more than US$62m of their money into the fund. This is a total GP commitment of over 40% of the total fund size and over US$4m per GP on average. The first capital call of the fund has been fully paid in.

The TGV 4 Plus base fund invested in serial entrepreneurs leading globally ambitious Blockchain start-ups. It covers 20 cities in North America, Europe and Asia. The fund is dedicated to Web3 companies, primarily in late-stage Series A, B and C across 3 verticals: Entertainment & gaming, financial services, infrastructure & data analytics / Artificial Intelligence (AI).

It has invested in some of the leading Web3 companies such as Animoca Brands, The Sandbox, Forge, Chromaway, Coinhouse, GCEX, Chronicled and others. 

The new Follow on Fund will focus on investing a majority of its capital into selected TGV 4 Plus base fund companies. It might also invest in other late stage Web3 deals opportunistically.

“The base fund has been a fantastic success, but we are still only in the starting blocks of Web3. We believe that our early winners will grow even stronger and with the Follow on Fund, we give our partners an opportunity to invest more into these companies” says Fredrik Adolfsson, General Partner.

“After some years of growth, our best portfolio companies are looking to expand even further. We want to help and assist them with the Follow On Fund, as we are ready on the starting blocks, when many growth funds focus on regaining investors’ trust during this period”, says Konrad Wawruch, General Partner.

General Partner Dušan Stojanović adds, “We raised the money in record time in 4 months and we believe this is the best time to invest during market corrections. I would say that it is much easier to see more clearly who the winners are now. This has created a high level of confidence amongst our investors who have seen a large GP Commit and the first call being executed very quickly”.

UAE ZelaaPayAE to introduce crypto payment credential with VisaNet

UAE ZelaaPayAE to introduce crypto payment credential with VisaNet

UAE based ZelaaPayAE, with headquarters in Sharjah Tech Park and offices in Dubai, which works to integrate fiat and crypto payments utilizing Polygon Blockchain infrastructure, has now joined Visa’s Fintech Fast Track program for a period of five years, to speed up the process of integrating with visa while introducing crypto backed payment credential in the UAE and wider CEMEA region.

As per ZelaaPayAE twitter post, “In this 5-year long partnership with Visa, we are focused on growing across United Arab Emirates and KSA region. ZelaaPayAE shall continue to identify and develop payment products such as collateralized spending and more throughout the span of this collaboration.”

They add, “This accolade now enables us as a fintech provider to enable crypto-transactions using physical debit cards easier and accessible with over 70 million merchants that comprise Visa’s vast ecosystem. It will also allow us to innovate further and surf beyond just debit cards.”

“I have dreamt of making ZelaaPayAE a pioneering fintech startup in the UAE and one of the first movers towards providing alternative financial solutions to the end consumer in this region. By joining Visa’s Fast Track program, this will now be possible and our demographic reach will be limitless as we strive to push for adoption and further utility of payments through cryptocurrencies,” said Sahil Arora, CEO & Founder of ZelaaPayAE.

Alex McCrea, VP, Head of Strategic Partnerships and Ventures for Central and Eastern Europe, Middle East and Africa, Visa, said: ““We’re delighted to welcome ZelaaPayAE to Visa’s Fintech Fast Track program and excited to work with them on the enablement of secure and seamless crypto payments in the UAE. We have no doubt the team at ZelaaPayAE will leverage access to the experts, technology and resources that the program allows to scale with efficiency and expand access to crypto payments.”

Recently ZelaaPay announced that that Cagau store in Dubai are now accepting cryptocurrencies at their store using Bitcoin, USDT, BNB, TRX through ZelaaPay’s XPOS powered by PundixLabs.  

ZelaaPay partnered with Lead Ventures in the UAE.

UAE Midchains has also partnered recently with Visa Fast track to offer the same services as ZelaayPay’s partnership with Visa. 

UAE Private Fintech firm invests in UAE Decentralized Digital asset exchange

UAE Private Fintech firm invests in UAE Decentralized Digital asset exchange

UAE Blockchain enabled LedgerFi, valuated at 6.3 million USD has just completed its seed round investment from a UAE private Fintech firm. As per their website LedgerFi which utilizes XDC blockchain network, wants to become the world’s first Decentralized Digital Asset Exchange ( DDAX) where users can transfer all types of digital assets.

LedgerFi IT Solutions is disrupting the traditional ways of exchanging digital assets, digital energy & digital property by enabling the users of Web 3.0 to adopt & adapt a peer-to-peer, censorship resistant and decentralized ecosystem. It is also extending the use case of transfer of digital assets beyond crypto currencies and enabling users with a seamless platform for exchange of emails, messages, data, files, information, digital currencies and even NFTs.

LedgerFi recently launched its flagship product called as LedgerMail which is the world’s first blockchain email service operating on a hybrid blockchain platform of XDC network. So far LedgerMail has onboarded more than 750,000 users and also partnered with big tech enterprises for secure, private & encrypted email communication.

Founder and CEO at LedgerFi, Mr. Vinay Krishna quoted, “We are thrilled to complete our Pre-Seed Investment round. Now we are working on benchmarking the Web 3.0 communication ecosystem and build a futuristic, simplistic and transformative ecosystem for the individuals and businesses.”

As per the pressrelease, LedgerFi will utilize this investment for catalyzing the technological development of new solutions which will complement the existing products, and LedgerFi will also operationalize its entity with business expansion in the UAE.