UAE Fuze and Bit2Me partner to improve digital asset connectivity

UAE Fuze and Bit2Me partner to improve digital asset connectivity

Abu Dhabi’s Hub71 startups, Fuze, MENA provider digital assets infrastructure, and Bit2Me, a Spanish digital assets company, have partnered to improve digital assets infrastructure connectivity between Latin America, Europe, and the Middle East.

As per the press release, this agreement unites two of the world’s leading digital assets platforms to maximize the prospect of platform trading using the United Arab Emirates Dirham (AED). Fuze and Bit2Me’s collaboration will enable companies to collaborate on digital assets, products, and services. This includes enabling liquidity provision, collaborating on cross-border trading between Latin America, Europe, and the Middle East, and facilitating connections, trades, and transactions in target market currencies. Both organizations will benefit from enhanced stability, decreased operational costs, and increased market efficiency.

Mohammed Ali Yusuf, Co-Founder and CEO of Fuze, said, “Bit2Me has a strong focus on regulation, security, and compliance across digital assets, marking them as an ideal partner for our strategic expansion. Together, we will be able to innovate and tap into the wealth of possibilities for regulated digital assets globally. We are proud to sign this agreement in Abu Dhabi, where we started our journey, a place that will be pivotal in developing cryptocurrency and the future of finance.”

Koh Martinez, Co-CEO of Bit2Me added, “There is a significant demand for digital assets services across the Middle East. We are delighted to enhance our global offering in tandem with Fuze.  Our teams will be able to share unique experiences and case studies across three continents to provide solutions for the ever-evolving cryptocurrency market.”

Peter Abou Hachem, Head of Growth and Strategy at Hub71 commented, “Within just one year of accepting our first cohort in Hub71+ Digital Assets, we have seen international startups like Bit2Me and Fuze join our vibrant community and collaborate to accelerate development in the digital assets space. This partnership is a testament to our community-focused programs and the supportive regulatory environment of Abu Dhabi Global Market (ADGM). By connecting and nurturing startups within our ecosystem, we are meeting our objective of driving innovation and creating valuable partnerships from our ecosystem to advance Abu Dhabi’s position as a leader in technology globally.”

In August of this year, Klumi Ventures a blockchain-native Venture Capital Firm and Fund Manager based in Abu Dhabi, partnered with Fuze, to harness Klumi Ventures’ investment acumen and Web3 expertise alongside Fuze’s robust digital assets infrastructure to accelerate the adoption of Web3 technologies throughout the region. 

Even Tether, the global stablecoin and Fuze, signed a Memorandum of Understanding (MoU) to establish the terms of a collaboration on educational initiatives within the digital asset realm, with a particular focus on Turkey and the Middle East.

UAE Fuze to bring digital assets to AL Fardan Exchange

UAE Fuze to bring digital assets to AL Fardan Exchange

UAE Fuze, digital assets infrastructure provider, which recently received a license from Dubai’s regulator, has signed an MOU with UAE Fardan Exchange to allow the exchange to offer digital asset products such as buying, selling and transfer

The MOU was signed by both Hassan Al Fardan, CEO of Al Fardan Exchange and Ali Mo Yusuf, the Founder and CEO of Fuze Finance.

The decision to delve into the digital assets domain comes as more clients request digital finance solutions allowing them to buy, sell and transfer digital assets in an easy, safe and use friendly way.

According to Hassan Al Fardan, CEO of Al Fardan Exchange, “ We are committed to innovation as digital transformation becomes more embedded and through this cooperation with Fuze Finance we look forward to offering innovative fintech solutions continuing to offer financial services that are secure, easy, and in line with the future.”

Mo Ali Yusuf, Co-Founder and CEO of Fuze added, “Exchange services are central to the financial sector in the UAE, and Fardan has longstanding history in this field, surpassing 50 years. Al Fardan offers its services to millions of citizens and residents in the UAE and we are proud to be able to develop digital asset solutions for the clients of AL Fardan.”

Prior to this, Fuze partnered with Abu Dhabi headquartered Wio Bank to empower its customers with virtual assets trading services.

Blockchain and Web3 companies listed among UAE Ministry of Economy Future 100 enterprises

Blockchain and Web3 companies listed among UAE Ministry of Economy Future 100 enterprises

The UAE Ministry of Economy and the Government Development and the Future Office recently chose the top 100 Future enterprises based out of the UAE, of those were promising Blockchain and Web3 companies that are making promising contributions to the UAE’s future economic sectors.

Companies such as ACX exchange, Aya, Pravica, Distichain, Pure Harvest, Seafood Souq, Fuze,  and Verofax among others.

For example ACX operates the world’s first recognized investment exchange for environmental instruments in Abu Dhabi. It caters to corporates, financial traders, carbon project developers, and other industry stakeholders. ACX provides participants with an efficient and transparent trading platform that is user-friendly, seamless and offers the lowest transaction fees in the market. Leveraging distributed ledger technology, while Aya,  is a climatetech launchpad and advisory platform unwaveringly dedicated to harnessing the full potential of technology to drive transformative climate solutions. As trailblazers in Web3, it embraces the power of decentralized networks and blockchain, thereby elevating its approach, and amplifying the impact of its initiatives.

There is also Distichain is an international trade-as-a-service enabling instant integration with verification, fintech, regulation, documentation, and supply chain. As a software-as-a-service B2B marketplace solution, Distichain serves as a B2B trade infrastructure platform that is blockchain-enabled, with application program interfaces offering flexible functionalities and an ecosystem of service providers to deliver seamless trade to companies, trade authorities, and B2B marketplaces.

In addition to Fuze, which is a first-of-its-kind platform, enabling banks, fintechs, and enterprises to embed regulated digital assets infrastructure, and rapidly launch products from their native apps. This technology-first regulated infrastructure supports cryptocurrencies, central bank digital currencies, and tokenized assets. This enables banks and financial institutions to launch regulated and secure digital assets solutions in a B2B2C fashion, thereby allowing retail customers to participate in the virtual assets economy in a secure manner.

As for Pravica, its mission is to empower individuals and organizations with secure and private communication tools for the decentralized web. The blockchain-powered platform’s vision is to therefore create a world where privacy is the default. Pravica envisions a decentralized web where individuals have control over their data, and where organizations can collaborate freely without compromising privacy. Pravica aims to conduct market research to understand the specific needs and challenges of the region, including any regulatory requirements or cultural considerations.

Mohamed Abdou Founder and CEO of Pravica told LaraontheBlock, “ It was an amazing ceremony and I would like to thank the UAE Ministry of Economy. We are proud to have been chosen as this is not only a testament to Pravica’s success but also a testament to UAE’s leadership, vision and their support for innovation including Web3, Blockchain, and AI companies.”

He adds, “This recognition will encourage us to grow and build Pravica and grow our presence and offering.”

Pure Harvest is a technology-enabled agribusiness, harnessing the wonders of science, the power of nature, and the passions of our people to provide the tastiest, most affordable, nutritious, and most sustainable fresh produce possible anytime anywhere. Its vision is to create a more sustainable future by reimagining farming, and changing how and where humanity produces its food. Pure Harvest delivers over 15 million kilograms of produce per year- with a fraction of the water footprint of traditional farming. It has decoupled the relationship of food production from its dependence on climate, and instead married it to energy and capital sources, making possible sustainable and economic fresh produce production anywhere.

Then there is , Seafood Souq is an impact-focused digital ecosystem catering to the global seafood market, providing digital products tailored to actors in the seafood supply chain. The company has established itself as a network orchestrator, focusing its activities around trade operations and tracing the entire journey of fish, from ocean to plate.

Another on the list is Verofax which holds the in-country value (ICV) certification, a program initiated by the Abu Dhabi National Oil Company to encourage and incentivize local companies to participate in the oil and gas industry by boosting their contributions to the UAE’s economy.

UAE digital assets infrastructure startup Fuze raises $14mn Seed round led by ADQ’s Further ventures

UAE digital assets infrastructure startup Fuze raises $14mn Seed round led by ADQ’s Further ventures

UAE headquartered Fuze, a digital assets infrastructure provider, has raised a seed round of $14mn, the largest Seed investment in a digital assets startup in the history of the Middle East and North Africa region (MENA). The investment was led by Abu Dhabi-based Further Ventures, along with participation by US-based Liberty City Ventures. 

Fuze will benefit from the strategic capital and network of these investors, acting as a catalyst for the business as it builds the digital asset infrastructure that will drive the future of finance. 

A first-of-its-kind infrastructure provider in MENA, Fuze enables any bank, fintech or traditional enterprise to easily offer regulated digital assets products to their customers through their native apps.

Fuze was founded by an expert team of fintech, traditional finance (TradFi) and decentralized finance (DeFi) leaders, with its co-founders holding extensive knowledge from experience in global hypergrowth businesses. 

CEO, Mohammed Ali Yusuf (Mo Ali Yusuf) has held prominent roles at Checkout.com and Visa; Arpit Mehta (COO) was previously in the leadership team at fintech leaders like Simpl and Clear; Srijan Shetty (CTO) built algorithmic trading systems at Goldman Sachs and worked at tech leader Microsoft.

With a regional digital asset market worth $566bn, and growing at 48% YoY, Fuze co-founder and CEO, Mohammed Ali Yusuf believes the Middle East is the perfect home to establish a digital assets infrastructure business. 

Yusuf states, “We are excited to build the future of regulated financial infrastructure and digital assets out of the UAE. Regulations have played a pivotal role in propelling the UAE into a central position within the global Digital Assets industry. To receive the backing of Abu Dhabi-headquartered Further Ventures combined with the deep expertise of US-based Liberty City Ventures, confirms the relevancy and potential of Fuze’s mission to rapidly expand our cutting-edge infrastructure across the region.”

Further Ventures commented, “This is an important strategic investment into digital assets, one of our core verticals. The team at Fuze is highly experienced and has a clear vision to develop a trusted, world-class digital assets proposition. Technology that enables a range of stakeholders is vital for the future of the financial ecosystem and Fuze is well placed to be a leader in digital assets across the MENA region and beyond.”

In September 2022, Abu Dhabi’s ADQ and Further Ventures, an investment firm back by ADQ launched a $200 million fund focused on Fintech, digital assets and supplychain.

Fuze was founded in December 2022 and selected earlier this year to join Hub71, Abu Dhabi’s global tech ecosystem through its Company Building Program. Its white label solutions handle the complexities of blockchain and regulatory overheads for enterprises, enabling these organizations to readily offer digital assets such as stablecoins, cryptocurrencies, CBDCs and tokenized assets.

The funding will propel Fuze’s growth as it obtains regulatory licensing, adds strategic hires in key roles, continues to expand its technological capabilities, and accelerates its geographic expansion across the region. Its products, such as Fuze Trader and Fuze Loyalty, allow banks, brokerages and superapps to offer digital asset products in a simple, easy and trusted manner.

“We are building a suite of products that addresses the growing demand for regulated digital asset capabilities through trusted channels. Our technology first approach is a game-changer for the region and offers our customers a reliable bridge to the new era of investments and to the future of finance,” adds Yusuf. 

In a recent report by Singaapore funded UnaFinancial, the group said that Fintech funding in UAE could reach $2.8 billion in 2028 from $1.8 billion in 2023. This is boosted by a strong economy and favourable environment.