Central Bank of UAE and Seychelles cross border settlement’s MOU will extend to CBDCs

Central Bank of UAE and Seychelles cross border settlement’s MOU will extend to CBDCs

The Central Bank of UAE, and the Central Bank of Seychelles have signed two MOUs (Memorandum of Understanding), to utilize local currencies in settling cross border financial and commercial transactions, with the aim of extending this to CBDCs (Central Bank Digital Currencies).

As per the press release, His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Ms. Caroline Abel, Governor of the Central Bank of Seychelles (CBS), signed today in Abu Dhabi two Memorandums of Understanding (MoU) regarding enhancing the use of local currencies in settling cross-border financial and commercial transactions, and interlinking payment and messaging systems between the two countries.

The first MoU aims to establish a framework to promote the use of local currencies in settling bilateral commercial transactions, developing the exchange market and to facilitate bilateral trade and direct investment, remittance settlement, and financial market development.

Under the second MoU, both parties will consolidate cooperation and mutual benefit from the services of instant payment platforms, electronic switches and messaging systems, by directly linking them in accordance with the regulatory requirements in the two countries.

This includes interlinking the Instant Payments Platform (IPP), which the CBUAE is developing within the Financial Infrastructure Transformation Program, and the similar platform in the Republic of Seychelles, and between systems and electronic switches to facilitate mutual acceptance of local cards and processing their transactions, in addition to exploring the possibility of linking messaging systems and cooperation in the field of FinTech and Central Bank Digital Currencies.

His Excellency Khaled Mohamed Balama, Governor of the CBUAE, commented, “The signing of the Memorandums of Understanding reflects the Central Bank’s keenness to expand its relations with regional and international counterparts, to enhance UAE’s economic and commercial partnerships globally. The use of the two countries’ currencies for cross-border financial and commercial transactions reflects the growing trade, investment, and financial cooperation and contributes to reducing costs and saving time in settling transactions. This helps in developing the foreign exchange market in the UAE dirham and the Seychellois rupee, leading to enhancing trade exchanges, investments, and remittance between the two countries”.

Ms. Caroline Abel, Governor of the CBS, added “For small open island economies like Seychelles, the importance of an effective and efficient financial system to facilitate trade cannot be overemphasised. The agreement to develop and gradually implement the necessary framework to promote the use of our respective national currencies, the UAE Dirhams and the Seychelles Rupees, in cross-border transactions can further facilitate trade relations between stakeholders across the two jurisdictions. With the Central Bank of Seychelles spearheading efforts to modernise and develop the Seychelles national payment system, in line with the Government’s digital economy agenda, the opportunity to collaborate on interlinking our payment and messaging systems will facilitate the processing and settlement of cross-border financial transactions between the two countries. We look forward to learning from the experiences and expertise of the Central Bank of the UAE as we endeavour to keep pace with developments within the global payment landscape and further leverage technology and innovation for more seamless processing and settlement of payments, including cross-border payments.” 

This comes a day after, the CBUAE and the Central Bank of Indonesia signed an MOU to establish a framework to enhance bilateral cooperation in the area of payment systems.

 His Excellency Khaled Mohamed Balama, Governor of the CBUAE, said: “This MoU embodies the growing economic partnership between the UAE and Indonesia. It is an important pillar which seeks to support bilateral relations in the fields of trade and investment and enhance the UAE’s role in global trade. Today, we are presented with an important opportunity to bolster our cooperation with Bank Indonesia across all financial and banking fields, including financial technology, innovation, and digital payments. This reinforces our wider efforts to support the UAE’s objective of becoming a leading global hub for financial technology and digital and cross-border payment solutions.”

Blockchain enabled Maalexi agri business receives debt investment of $1 million

Blockchain enabled Maalexi agri business receives debt investment of $1 million

Blockchain enabled UAE based Maalexi has received an investment of $1 million from Stride Ventures, a premier global venture debt firm from India. The investment will accelerate Maalexi’s growth plans and boost its operational capabilities to foster more efficient food and agri-produce procurement, and distribution across the region.

As a dynamic risk management platform, Maalexi helps small food and agri-businesses directly access cross-border trade. Founded in 2021 by Dr. Azam Pasha and Rohit Majhi, Maalexi is set to revolutionize the $3 trillion global cross-border food and agri-produce trading market. The company provides critical risk management tools including digital contracts, AI-enabled inspections, and blockchain-authenticated documentation, enabling SME agri-buyers to procure food supplies faster, cheaper, and safer from globally located SME agri-producers and exporters.

Apoorva Sharma, Managing Partner at Stride Ventures, commented on the collaboration, stating, “Maalexi’s deployment of cutting-edge technologies places it at the forefront of enhancing regional food security and connecting rural markets with the global economy. This investment embodies Stride Ventures’ commitment to global expansion by supporting companies that use technology to improve traditional industries. Our strategy is not only forward-thinking but also designed to foster innovation and cultivate synergies across borders.”

Dr. Azam Pasha, co-founder and CEO of Maalexi, voiced team Maalexi’s excitement about the partnership, mentioning, “This debt capital raise from Stride Ventures will significantly enhance our ability to acquire new users and scale our operations, further solidifying our position as a leading digital risk management platform for small and medium enterprises (‘SME’) engaged in cross-border trade. We will use these funds to deploy cutting-edge technology solutions that streamline the movement of goods through our local and international warehouses and carriers, effectively mitigating key risks in international trade. Furthermore, this capital infusion will serve as a strategic lever, helping us acquire additional debt capital to expand our operations, and bolster food security across the UAE and the broader GCC region.”

This strategic investment not only strengthens Stride Ventures’ commitment to Hub71, Mubadala’s tech ecosystem, but also underscores Stride Ventures’ role as a global investor with strategic focus on supporting high-growth companies in emerging markets.

Blockchain enabled fan network Fanera, relocates to Saudi after agreement with Saudi Ministry of Investment

Blockchain enabled fan network Fanera, relocates to Saudi after agreement with Saudi Ministry of Investment

 Fanera, a Web3 AI Blockchain enabled social network dedicated for sports fans, has announced their commercial agreement with Saudi Arabia’s Ministry of Investment as they relocate their headquarters to Riyadh KSA.

Fanera which utilized advanced technologies such as AI, Blockchain, machine learning allows fans to connect with each other and engage with their favorite teams while earning rewards for their loyalty. In Saudi Arabia, Fanera is set to transform the football experience.

As per the press release, “Fanera by leveraging blockchain and NFTs, will provide fans with unique opportunities to trade their content, ensuring authenticity and creating new revenue streams. This aligns perfectly with Saudi Arabia’s vision for technological leadership and innovation.”

Fanera also offers Clubs, brands, and sponsors a new way to connect with fans and promote their brands.

Fanera was featured as one of the top 20 sports tech startups in 2020 globally and has over 450 thousand users in the MENA region with 1 million daily views. The Kingdom’s commitment to hosting the 2034 World Cup underscores its dedication to becoming a global hub for sports and entertainment. By expanding in KSA, Fanera aims to align with these ambitions and bring an unparalleled fan engagement platform to the heart of the Middle East.

The gamified experience on Fanera rewards users for their interactions, enhancing competition and fostering a vibrant community of football enthusiasts.

“Expanding into Saudi Arabia is a strategic move that aligns with our mission to revolutionize football fan engagement globally. By integrating Web 3.0 technologies, we are not just enhancing the fan experience but also setting new standards in the industry. We are excited to contribute to the Kingdom’s vision of becoming a global sports hub,” said Mo Kilany, CEO of Fanera.

Tokinvest receives provisional crypto broker license from Dubai regulator

Tokinvest receives provisional crypto broker license from Dubai regulator

Tokinvest marketplace for real-world asset tokenization, has been granted a provisional broker-dealer license by Dubai’s Virtual Assets Regulatory Authority (VARA).

As per the press release this license underscores Tokinvest’s commitment to compliance and innovation in the real-world asset tokenization industry.

The company will continue to build its scalable and regulated platform that simplifies buying, selling, and managing real-world asset investments. It offers comprehensive services that cover every aspect of the digital token lifecycle, from ideation to trading to asset servicing.

Scott Thiel, CEO of Tokinvest, says, “Obtaining regulated status in the region is crucial for us. It shows our dedication to complying with international standards and establishing robust, transparent processes prioritizing investor protection. Receiving the provisional broker-dealer license from VARA is a significant validation of our mission to create the leading regulated marketplace that connects real-world asset issuers with investors on a global scale. This provisional license sets us on the path to serving our clients with the highest standards of regulatory assurance.”

Tokinvest advisory board includes Ralf Glabischnig Founder of Inacta Ventures, and founder of UAE based Crypto Oasis and Swiss based Crypto Valley. 

He says: “Tokinvest is leading the charge in real-world asset tokenization with a first focus on Middle East. I’m excited to offer my expertise to support their ambitious goals and connect it with our other securitization and tokenization portfolio companies in Europe and beyond.”

Cardano accelerator invests in Saudi Arabia’s Nuqtah NFT platform

Cardano accelerator invests in Saudi Arabia’s Nuqtah NFT platform

Adaverse a Cardano ecosystem accelerator and venture capital fund focusing on Web3 solutions, has strategically invested in Nuqtah, Saudi Arabia’s blockchain infrastructure builder and NFT management solution.

As per the blog post, this investment marks a significant milestone in both companies’ journeys, aligning with Saudi Arabia’s Vision 2030 to foster a digital economy and an innovation-driven future.

In March 2024, Adaverse, signed an MOU with Saudi based ASFA Ventures to drive Web3 innovation in KSA and beyond. ASFA ventures is a ventures capital builder that focuses on technology ventures, Web3 technologies. It has already invested in Saudi projects such as AqarToken, and Tokenha. In the meantime, Adaverse has funded 40+ startups across Africa, Asia and beyond.

Adaverse has welcomed Nuqtah to join distinctive initiatives among its diverse portfolio of over 54 startups.

Launched in 2021, Nuqtah has swiftly become a leader in Saudi Arabia’s blockchain and digital asset sector, earning the distinction as the Kingdom’s first licensed platform for creating, trading, and managing NFTs. Nuqtah aims to transform the digital landscape by equipping creators, businesses, and government entities with blockchain technology, thus accelerating Web3 adoption throughout the Middle East.

“We are thrilled about Adaverse’s strategic investment in Nuqtah, a testament to our shared vision of pioneering the Web3 revolution in the MENA region. This collaboration not only underscores Nuqtah’s commitment to spearheading the adoption of blockchain technology but also serves as a catalyst, attracting local and international attention to our burgeoning digital ecosystem. Each of our investors and partners, including Adaverse, stands as a resounding endorsement of the vast potential that Web3 and blockchain hold for the MENA region. Nuqtah takes immense pride in the confidence Adaverse has placed in us, as we continue to build and innovate in the region.” — Nuqtah founder and CEO Salwa Radwi

Nuqtah: From NFT to Consumer Workflow Solutions

Nuqtah has rapidly expanded its suite of offerings from NFT marketplace to comprehensive consumer workflow enhancements. Nuqtah’s platform offers a Workflow Solutions Platform designed to streamline both creative processes and engagement strategies from the planning stage to execution. Its standout feature, the Digital Collectibles Solution, facilitates the creation of NFTs to boost customer loyalty, complemented by a Consumer Engagement and Loyalty Platform that incentivizes interactions with digital collectibles.

Additionally, Nuqtah offers a Customizable Offering Tool, allowing businesses to personalize products and services for their target audience, and Brand Loyalty Enhancement Solutions that use blockchain to increase customer satisfaction. Serving a broad spectrum of industries, including the creative and retail sectors, Nuqtah’s solutions are tailored for businesses eager to incorporate blockchain into their operations, improve customer engagement, or innovate their digital assets and loyalty programs.

How Nuqtah NFT-ed Its Way from Idea to Industry Leader

Nuqtah emerged as a dynamic marketplace with the mission to energize the creator economy, quickly evolving to embrace the potential for greater impact through enabling businesses with blockchain technology. Founded by Salwa Radwi in Jeddah, Saudi Arabia, Nuqtah has rapidly transformed into a leader in blockchain technology for businesses enabling SMEs to provide innovative solutions to boost consumer engagement. Driven by Radwi’s passion for NFTs and the fusion of art and technology, Nuqtah filled a crucial gap in the local market, becoming the MENA region’s first blockchain provider. It’s more than a marketplace; it’s a community at the intersection of art, heritage, and innovation, designed to empower Saudi youth and creatives. Since 2021, Nuqtah has led the Saudi NFT scene, achieving milestones that underscore its role as a pioneer and aligning with the transformative vision of Saudi Arabia’s Vision 2030.

NFTS FOR CONTENT CREATION

Beyond the art and collectibles market, NFTs are revolutionizing content creation, entertainment, real estate, and even identity verification, proving their value in ensuring authenticity and ownership in the digital realm. The global NFT market, continuing its exponential growth trajectory, is expected to expand further as these tokens find new applications in digital rights management, gaming, and decentralized finance (DeFi), among others.

Vincent Li, founding partner at Adaverse, remarked, “Our investment in Nuqtah, as we broaden our presence in the MENA region, marks a pivotal moment for innovation in digital solutions. Nuqtah’s launch couldn’t be more timely, setting the stage for future advancements in the blockchain and NFT user landscape. Their vision mirrors our commitment to pioneering the digital economy, highlighting the transformative power of blockchain to open new opportunities. Together, we’re crafting the path forward in the digital world.”

In May 2024 Adaverse strategically invested in Sorbet, a Saudi Arabian startup geared towards helping freelancers to manage and transact with clients. Sorbet uses Circle Payment services, better known as stablecoin USDC to help clients and freelancers carry out instant payments.

Blockchain and AI investment firm sets up in UAE and London

Blockchain and AI investment firm sets up in UAE and London

Investment firm, Terra Invest, has announced the launching of its operations in London and the UAE focusing on investments in Artificial Intelligence and, blockchain-powered financial technology, clean energy, and health & life sciences.

As per the press release, Terra Invest takes a novel approach to its investment method, combining deep policy and regulatory expertise with financial acumen to solve the world’s most pressing issues such as the growing demand for clean energy, AI based solutions for financial services and healthcare distribution. Through addressing a key point of failure that is currently stifling innovation across sectors such artificial intelligence (AI), blockchain-powered financial technology and health & life sciences, Terra Invest aims to foster rapid growth and value while creating positive global impact.

Terra Invest is backed by several Asia based family offices and funds including Mount Row Partners, a distinguished group of financial and public policy veterans from a variety of sectors and several large family offices in the Asia Pacific (APAC) market.

Terra Invest is centred around a deal-based model of investment and has closed transactions of USD 230 million as of today, with an ambition to scale to USD 2.5 billion by 2025.

Founding Partner at Terra Invest, Ambassador Kirk Wagar, commented on the investment firm’s announcement, stating, “In today’s turbulent global political climate, having a geopolitical overview is crucial for global investing. Understanding the tectonic shifts in both macro and micro political changes is the foundation today to anticipate and navigate risks, understand market dynamics influenced by political events, and make informed decisions that are fundamental to protect and potentially enhance their portfolios. Today more than ever, investors must be aware of geopolitical trends in identifying opportunities and avoiding pitfalls, ensuring more resilient and strategic investment choices in an unpredictable world.”

“Our unique approach at Terra, ensures that our investments are not only financially sound and create value for our shareholders but also have a positive impact on the world at large.” added Ankiti Bose, who also serves as a Founding Partner alongside Wagar at Terra Invest. “Our team has brought together not just capital and investing experience but advisors of companies such as Tesla, TikTok, and Binance, former politicians and litigators. This experience, combined with our founding team’s background in banking, entrepreneurship, diplomacy and public policy, makes us firm believers in Terra Invest’s mission to drive financial value and positive global impact,” Bose explained.

SettleMint and Saudi IsDB implement blockchain solution for subsidy distribution

SettleMint and Saudi IsDB implement blockchain solution for subsidy distribution

SettleMint announced on its website, that the Islamic Research and Training Institute, the research arm of the Islamic Development Bank Group (IsDB), have embarked on a journey to build blockchain based Sharia compliant financial products.

SettleMint has more than 60 Enterprise blockchain implementations worldwide. It offers a full-fledged Blockchain-Platform-as-a-Service solution.

The first project will be concerned with Sharia compliant subsidy distribution aimed at creating an efficient and transparent system for Sharia-compliant subsidy distribution for its 57 member countries globally, encompassing 1.7 billion people.

According to SettleMint IsDB used the SettleMint blockchain platform for the tokenization of fiat currency to distribute the subsidies in a peer-to-peer manner allowing full transparency and control

Matthew Van Niekerk, Co-Founder and CEO of Settlemint stated, “One of the core values of SettleMint has always been to change the world for the better, and by using the blockchain technology to further financial inclusion and development of the 57 member countries, fits our ambitions to the letter.”

Using blockchain for subsidy distribution allows for full control of spend by subsidy purpose at any time, ensuring IsDB that the aid is being spent as intended. The entire contractual process for Islamic institutions was automated, alleviating the additional administrative and legal complexities and redundancies associated with Sharia-compliant financial products.

SettleMint partnered with Ateon, a Riyadh-based solution provider and systems integrator in the Fintech space.

IsDB automated the entire process of sharia-compliant subsidy distribution, resulting in full transparency and eliminated administrative complexity.

The IsDB said such features would allow for instantaneous clearing and settlement of transactions and asset exchanges, while helping eliminate counterparty risk.

IsDB and SettleMint along with Ateon first started working on the feasibility of the project back in 2017.

IsDB and SettleMint have also worked together to develop and showcase the innovative Smart Stabilization System, a patent pending algorithm designed to enhance stability in financial markets. This solution is being developed by IsDBI and implemented by SettleMint, the Blockchain Transformation company.

Co-Founder, Matthew Van Niekerk, together with Dr. Hilal Houssain, Ph.D., Associate Manager of the Knowledge Solutions Team at the Islamic Development Bank Institute (IsDBI), delivered a key session at ISDB’s 50th anniversary!

The objective of the SSS is to help stabilize organized asset markets without compromising efficiency. This is done by managing the gap between supply and demand to reduce the volatility of the price while maintaining the role of the gap in equilibrating the market. The patent-pending Smart Stabilization System is unique in managing the pressure on price before the price changes. The System is forward-looking, while most other stabilization systems are backward-looking. Moreover, the SSS is self-financed, and investors’ rights are fully protected.

IsDBI and SettleMint are investigating the use of blockchain and smart contracts to provide autonomous and transparent execution of the SSS.

Dr. Sami Al-Suwailem, the Institute’s Acting Director General, welcomed the collaboration on this project as a milestone in the progress of the Islamic fintech industry. He said: “The world is moving fast on the digitalization of financial transactions. This requires a robust stabilization system in place to minimize the instability associated with fast movements of funds, as has been proven by the recent banking crisis. I am pleased that my colleagues are capitalizing on the patent-pending Stabilization System to develop a practical solution to assist our Member Countries in achieving digital transformation with minimum financial instability.”

Web3 sustainability venture studio jointly launched by UAE Inacta ventures and The Hashgraph Association

Web3 sustainability venture studio jointly launched by UAE Inacta ventures and The Hashgraph Association

The Hashgraph Association, a Swiss-based association and leader at the forefront of digital enablement on the Hedera network, today announces the launch of a groundbreaking Sustainability Venture Studio for Enterprises, in collaboration with Inacta Ventures, a renowned Swiss and UAE Web3 venture builder. 

Under “The Green Block” Iinitiative, a global think tank and launchpad for sustainability projects launched during COP28 in UAE, the joint Sustainability Venture Studio aims at empowering sustainable projects around the globe, leveraging the Hedera Guardian as the balance sheet of the planet that enables fair carbon markets with industry leading trust and transparency. 

The Hedera Guardian is an open-source platform that uses the Hedera distributed ledger technology (DLT) network to enable digital sustainability policies and requirements-based dMRV (Digital Measurement, Reporting, and Verification) tokenization for carbon credits and reduces fraud in the ESG market. 

The $50 million Sustainability Venture Studio will focus on enabling auditable climate finance transactions that are easily verifiable, publicly transparent, and accurate. This global co-investment sustainability program will span over the next five years, with The Hashgraph Association investing $25 million, contributing to 50%, while the remaining $25m co-investment reserved for enterprises interested in developing sustainability use cases on the Hedera Guardian.

By combining resources and specialist expertise in sustainability and Web3, this unique partnership is set to revolutionize the way sustainability projects are funded and executed around the world, ensuring a long-term positive environmental, social, and governance (ESG) impact.

Kamal Youssefi, President of The Hashgraph Association stated, “With The Green Block Sustainability Venture Studio, we are creating standards for reporting sustainability assets to ensure credibility and accuracy using the Hedera Guardian platform as the balance sheet of the planet, while leveraging the Hedera network as the world’s most greenest distributed ledger network.” 

He added, “We look forward to further growing the global ESG ecosystem that is being built on the Hedera Guardian, introducing certainty, credibility, and comparability of data.”

Ralf Glabischnig, Founder of Inacta Ventures, noted, “We are thrilled to integrate the Sustainability Venture Studio into The Green Block Initiative. This collaboration with The Hashgraph Association will accelerate the development and implementation of sustainable projects in The Green Block ecosystem worldwide.”

Hedera, known and proven as the greenest DLT in the market, according to the UCL Centre for Blockchain Technologies research paper, continues to uphold its promise of sustainability. This new venture studio focused entirely on sustainability use cases not only reflects its commitment through developing various projects but also paves the way for innovative solutions in the sustainability sector. 

Over the past months The Hashgraph Association has announced two major venture studios one in KSA, and one in Qatar. The venture studio in KSA is aimed for deep tech development, while the one in Qatar is for digital assets.

Bitget Wallet in MENA region witnesses a 23% increase in daily active users after token launch

Bitget Wallet in MENA region witnesses a 23% increase in daily active users after token launch

Bitget Crypto Exchange a global cryptocurrency exchange and Web3 company and Bitget MENA, crypto exchange, successfully launched the Bitget Wallet Token (BWB) on its Launchpad with the MENA region witnessing a 23% increase in BWB daily active users after the launch. Bitget Wallet is a Web3 multi-chain wallets that includes wallet, Swap, NFT Market, DApp Browser, and Launchpad features.

The sale of the BWB token took place between June 1st and June 6th and was listed on Bitget spot market on the 6th as well. Offered was a total supply of 1 billion BWB tokens and a launchpad pool specifically set aside for BGB and USDT holders.

The BWB launchpad achieved remarkable success, with the token price surging from $0.15 to $0.6. (Source https://coinmarketcap.com/currencies/bitget-wallet-token/)

As a leading token launch platform, Bitget Launchpad enables users to participate in fundraising for promising and emerging projects, offering tokens in return.

Bitget wallet launched the Bitget Onchain layer, a blueprint for its future endeavors into Web3 positioning itself as both the on-chain extension and decentralized future of the Bitget ecosystem.

Bitget Wallet token BWB not only serves as the official native token of the Bitget Wallet, but it also plays a role in Bitget Onchain Layer. Powering the Bitget Onchain Layer is a $10 million BWB Ecosystem Fund that seeks to incubate and grow partnered projects building on the Bitget Onchain Layer.

The BWB token also empowers users allowing token holders to participate in decision-making processes. Users can also stake BWB tokens to earn rewards, further enhancing their overall yield.

In the future the token will be used for paying gas fees across multiple chains with the release of the Account Abstraction (AA) wallet.

Holders of BWB token will also gain access to Bitget Wallet’s Launchpad, Launchpool and Airdrop events. In addition, holding BWB will also qualify users for airdrops from projects building on the Bitget Onchain Layer, providing continuous value and benefits for holders of the token.

In early May 2024, Bitget Wallet reported on its 30-day growth which witnessed a 300 % growth in the MENA region. Countries in the MENA region such as Egypt and Saudi Arabia are among the top 15 countries for Bitget wallet downloads globally.

Sam Spiers, Regional Director Bitget MENA, “We are pleased with the success of the launch of BWB token on the Bitget exchange launchpad. The enthusiasm for the token is not surprising. Bitget crypto exchange token BGB is one of the top 5 CEX tokens in terms of market capitalization. The scope of BWB is vast as it will run the Bitget Wallet ecosystem which encompasses 25M users and counting.”

Alvin Kan, CCO of Bitget Wallet adds, “As our ecosystem continues to develop, the BWB token will play increasingly significant roles in empowerment and application within the Budget On Chain Layer, thus broadening its value discovery and recognition as ecosystem construction progresses.”

In March 2023, Bitget invested an additional $30 million into Bitget Wallet (previously known as BitKeep), thereby securing a controlling stake and catalyzing a comprehensive brand upgrade.

Bitget, has adopted a dual token system consisting of CEX token (BGB) and its Bitget Wallet token (BWB) allowing Bitget to extend its foundational ecosystem on-chain and off-chain to develop a solid Web3 future whose complementary roles within the Bitget ecosystem offer unique advantages for all stakeholders.

This improved dual token system also diversifies risk and offers flexibility. Each token can address risks specific to its platform. For instance, BGB can manage exchange-related risks, while BWB can focus on wallet-specific security and functionality. This creates a resilient system where any of the two platforms can always support the ecosystem by acting as a buffer against systemic risks.

As the next bull run approaches, Bitget Wallet (BWB) is being eyed as a potential 100X gem, with market analysts predicting the listing price could range between $0.50 and $1.00.

80% of UAE freelancers prefer payments to be in stablecoins

80% of UAE freelancers prefer payments to be in stablecoins

Zero Hash, a global crypto and stablecoin infrastructure provider, in partnership with Lightspark, commissioned a study and surveyed 2,500 freelancers and contractors from the US, Brazil, Argentina, Mexico and UAE with 80% of UAE freelancers saying they would prefer to receive payments in stablecoins. The survey findings also noted that 69% of those surveyed agree that receiving crypto or stablecoin payments would allow them to work with clients globally, with 95% of them wanting to receive a portion of their income in crypto or stablecoins.

According to the survey the main challenges facing freelancers is slow payments, currency volatility, payment delays and high fees. 48% of those surveyed noted that it takes too long to get paid, with 75% desiring payment within 24 hours.

Moreover, 49% felt the fees charged by payment platforms are too high, and 30% cited currency volatility as an issue.

Cryptocurrencies and stablecoins emerge as viable solutions to these challenges. A significant 93% of freelancers express interest in receiving at least a portion of their income in cryptocurrency or stablecoins.

According to 58% of freelancers and gig workers surveyed the current local banking and payment systems don’t work for them.

Globally 65% of freelancers say that they have lost money or left money on the table because they couldn’t accept work across borders due to a non-compatible currency that could not be easily exchanged. 69% agree or strongly agree that receiving crypto or stablecoin payouts would allow them to work with clients globally.

Interestingly 93% would like to receive a portion of their income in crypto or stablecoins, with 80% of UAE and Argentinian respondents preferring stablecoin payouts.

Edward Woodford, Founder and CEO of Zero Hash, commented, “We have long held the belief that fiat, crypto and stables cannot individually solve all of the world’s payment’s requirements by themselves. We believe Zero Hash will play a pivotal role in the future of payments with our ability to connect fiat, crypto and stables in one unified platform. This will enable freelancers and gig workers to move seamlessly between these rails for different use cases and needs”

Christian Catalini, Co-Founder and Chief Strategy Officer at Lightspark, says, “We live in an increasingly connected world, but our payment infrastructure has not kept pace with the requirements that entrepreneurial and hard-working freelancers are looking for today. This survey shows that change is wanted and needed – we are pleased to be working with Zero Hash to provide solutions for their customers, and freelancers, everywhere!”

Zero Hash, in partnership with Lightspark, leveraged Centiment (the survey platform trusted by Fortune 100 companies) to survey 2,500 freelancers and gig workers in the US, Brazil, Argentina, Mexico and UAE. The survey participants comprised 500 freelancers & gig workers across each jurisdiction. The majority of participants were full-time self-employed 66%, and 34% were part-time self-employed. 65% knew about cryptocurrencies, and 42% used freelance/gig platforms like Fiverr, Upwork, or Catch for at least 50% of their sourced work.

The survey comes at an interesting time given the recent announcement by UAE central Bank  approved the issuance of a regulation for licensing and overseeing stablecoins and a series of policies aimed at supporting the banking, insurance, and financial services sectors.