MENA crypto traders become savvier with Bitget witnessing 52% growth in crypto futures

MENA crypto traders become savvier with Bitget witnessing 52% growth in crypto futures

Crypto Futures have risen in popularity over the years, being considered as one of the most sought out cryptocurrency derivatives offering. In the past weeks, on news that Ethereum Spot approvals from the U.S. Securities and Exchange Commission, might be approved, ETH Futures traded funds hit an all time high, The Ethereum futures ETFs generated $47.75 million in trading volume on May 21st 2024, 40% more than the prior $34.18 million peak set on March 5th 2024. Then the Ethereum ETFs were approved.

According to Bitget MENA, a Web3 cryptocurrency exchange, crypto traders in the region have become savvier, Bitget has witnessed a 52% increase in crypto futures trading from January 2024 until April 2024. Usually crypto trader beginners start with what is called spot trading, it is easier, and quicker. Yet to see that Bitget has witnessed this increase in crypto futures means that MENA crypto traders are gaining expertise.

This comes at the heels of Bitget’s Q1 2024 report where it highlighted more than 100% growth in crypto futures trading volume. Crypto futures trading volume was approximately US$ 1.4 trillion, representing a 146% increase, while Bitget Spot trading volume increased by 113% to over US$ 160 billion.

Bitget Global also witnessed substantial growth in the volume of Bitcoin Future trades on its platform from May 2023 compared to April 2024. In April 2024 the volume of Bitcoin Futures on Bitget crypto exchange reached $437.38 billion out of a total market of $1.9 trillion. In May 2023 this figure stood at $124.54 billion out of a market of $923.29 billion. (Source The Block)

The crypto exchange saw the highest increase in derivatives market share, with a growth of 2.4% in March 2024.

The enthusiasm for crypto futures comes at just the right time, with Bitget, a Web3 and crypto currency exchange, announcing that its 5th edition of the King’s Cup Global Invitational (KCGI) annual trading competition will include a crypto futures competition.

Sam Spiers, Regional Director at Bitget MENA explains, “Bitget MENA and our global operations have continuously offered our clients diverse choices for trading and benefiting from the crypto market. This is reflected in the growth of crypto futures trading in the MENA region and globally. It also showcases the maturity that most crypto traders have gained both in MENA and internationally, given that crypto futures trading is more complex than just spot trading.”

He adds, “We are happy to encourage crypto futures trading further with the launch of Futures trading team competition part of our yearly KCGI competition. The total prize pool of KCGI will reach 5,000,000 USDT.”

Gracy Chen, CEO of Bitget added, “As we embark on the fifth edition of KCGI, we are excited to provide traders with an unparalleled opportunity to test their skills, challenge themselves, and compete for incredible prizes. KCGI represents more than just a trading tournament, it is a celebration of the passion, dedication, and talent of our global trading community.”

Earlier this year, Bitget, announced a record all-time high in trading volumes in the MENA region while witnessing a growth of 500% in trading volumes since it started serving the MENA region in November 2023. Bitget now boasts of 2.5 million users from the MENA region, making up 10% of its total global user base which is 25 million.

In 2023 Bitget announced its expansion into the Middle East region with plans to establish its regional hub in the UAE and hire 60 employees as part of its global scaling strategy. Bitget has already begun exploring license applications to operate in target Middle East markets

Sui Blockchain founder to develop AI and cryptography hub in UAE

Sui Blockchain founder to develop AI and cryptography hub in UAE

The Co Founder of Mysten Labs, Kostas Kryptos, the creators of the Sui Blockchain has announced on X (formerly Twitter) that he is in the midst of creating a modern cryptography and AI Innovation hub in both Dubai and Abu Dhabi.

As he noted, ” The aim is to intellectually grow the whole UAE community with deep tech education and brainstorming meetups. So deep that some hackathons will run non stop 24/7 for a whole week, with support from local hotel and office-desk owners for accommodation.”

He adds,”My goal is to gradually advance the whole MENA region in a unique tech excellence level + see technologically competitive startups to emerge. There is already a plan to publish some unique ideas around ZKP, MPC, FHE, Differential Privacy, Web3 UX, Anon Credentials, AI on chain, AI for audits, DePIN data compression and parallelisation, Novel Key Management, Identity, Voting and Verifiable Execution.”

When asked by followers why the UAE, he explained, ” UAE has a strong community and economy, crypto and AI friendly, compared to EU it invests aggressively in innovation and takes more risks. Everyone speaks English, and it is in close proximity to both India and Europe, making it a meeting place for international deals. There are incentives from free zones to relocate there educational advancements for the government is top priority as well as critical mass of audience and media coverage which helps on publishing and advertising your work.”

He notes that the other benefit will be the access to USA and EU hubs.

He ends noting “It’s a big project. Hopefully with some local help, in the future we could also economically support selected research ideas relocating to the region.”

In November 2023, Abu Dhabi Technology incubator Hub71, partnered with Mysten Labs to support new projects on Sui. The partnership gave builders accepted to the incubator access to Mysten Labs’ technical expertise and support, and Hub71’s mentorship, resources, and global network of connections.

The founders of Sui have been working on educational projects in the region, specifically the UAE. Sui, a Blockchain Layer 1 platform partnered with UAE American University of Sharjah (AUS) to establish the AUS-Sui Blockchain Academy, a blockchain academy creating opportunities for hundreds of aspiring developers to learn about and ultimately advance the state of the art of the technology.

In addition UAE based blockchain startups such as Pravica and DRIFE have both partnered and integrated on the Sui Blockchain. Less than two months after publicizing the launch of S3.Money on the Sui Blockchain, The S3 testnet is now up and running, welcoming developers and financial community to start building tokenized money whether CBDCs (Central Bank Digital Currencies) or stablecoins.

Even UAE based is leveraging the Sui platform to track carbon credits. The collaboration leverages blockchain technology to serve use cases in line with the ESG goals that modern businesses are seeking.

KSA based Tokenizerly to tokenize real estate in Turkey

KSA based Tokenizerly to tokenize real estate in Turkey

KSA based Tokenizerly, a Blockchain enabled fintech startup in asset tokenization, has partnered with Funding Turkey, a leader in real estate marketing and development to revolutionize the fund and real estate market through blockchain technology. As per the agreement tokenizerly will integrate its advance tokenization platform with Funding Turkey’s extensive real estate portfolio, creating a new paradigm in property investment and ownership.

As per the press release, Tokenizerly will provide its state-of-the-art tokenization technology and technical expertise to tokenize Funding Turkey’s fund and real estate assets.

Both parties will work to obtain the necessary licenses for issuing security tokens for funding real estate units not only in Turkey but across Funding Turkey’s global operations.

Haiyan Alsaiyed stated, “We are thrilled to partner with Funding Turkey, a company that shares our vision for innovation in real estate investment. Our technology will enable investors to engage with fund and real estate like never before, making investments more fractional, accessible, and efficient.”

Serkan Topktas remarked, “This partnership with Tokenizerly marks a significant milestone in our mission to embrace emerging technologies. By tokenizing our assets, we’re not just transforming the way people invest in fund and real estate but also ensuring a more secure and accessible market for investors worldwide.”

This is the second partnership Tokenizerly signs within the month of May. The first was with ParisAline, a global leader in invisible orthodontic treatments. The collaboration aims to revolutionize funding mechanisms in the healthcare sector through the use of advanced blockchain technologies.

UAE regulated Laser Digital invests in tokenization with Mantra blockchain

UAE regulated Laser Digital invests in tokenization with Mantra blockchain

UAE regulated Laser Digital, Nomura’s digital asset subsidiary has strategically invested in MANTRA Chain, a Layer 1 blockchain solution for Real World Assets (RWA).

In March 2024 MANTRA Chain raised $11 million led by UAE based Shorooq Partners with investors including Three-point capital, Forte Securities, VirtuZone, Hex Trust and GameFi Ventures. At the time it was noted that Mantra Chain was in the final stages of receiving licenses from Dubai’s crypto regulator, VARA.

As per the press release, “This new investment aims to accelerate MANTRA towards its goal of becoming the de-facto RWA tokenization Layer 1 blockchain for Middle East and Asian markets and marks a collaboration with Laser Digital, bringing their complementary expertise and pertinent experience of RWA tokenization to the partnership.”

Jez Mohideen, CEO of Laser Digital, stated, ” We are excited to support MANTRA’s journey as it pioneers new frontiers in RWA and digital finance.”


John Patrick Mullin, CEO and Co-Founder of MANTRA, expressed his enthusiasm about the partnership, “We are incredibly excited to welcome Laser Digital as a strategic partner. Laser Digital’s investment is not just financial but an endorsement of our mission to make RWA accessible and operable through blockchain technology. Laser’s expertise and network in the financial sectors will be invaluable as we expand our technological footprint.”

First DePin cloud data solution launches in Oman

First DePin cloud data solution launches in Oman

Serenity Shield, a fully decentralized multi-chain data storage solution, has launched its inaugural DEPIN ( Decentralized Physical Infrastructure Network), a decentralized storage facility in Oman. As per the press release, it will be the first facility of many to go live for testing across a global network of interconnected points at pivotal locations in India, Portugal, Netherlands, USA and Australia.

Serenity Shield is a fully decentralized multi-chain solution dedicated to privacy and security. It empowers individuals and businesses to interact securely and confidently in the digital world by leveraging the power of blockchain to safeguard and protect user data.

The operation seeks to liberate individuals and corporations from their current dependence on centralized cloud services for data storage.

With this robust infrastructure, Serenity Shield will allow individuals, businesses and government institutions to access a completely new form of data storage that gives redundancy, security and decentralisation by design. The vast array of global data centers will help to mitigate the centralised risks that currently threaten the widespread adoption of blockchain technology.

Venket Naga, CEO of Serenity Shield, explained, “The self-custodial narrative of decentralization hasn’t been able to stand up amidst the continued dependence on centralized cloud services to store data. We’ve been focused on addressing this for a long time and are finally able to deploy a remarkable solution in getting our DePIN facilities off the ground. In building and launching these state-of-the-art physical facilities, we’re able to fully support a Web3 ecosystem beyond the outlining of conceptual plans in a whitepaper.”

As per the press release, individuals who participate as node operators within the globally distributed network are set to benefit from incentive mechanisms such as token rewards and utility cost settlements. As the operations evolve, tokenized energy rewards will be distributed to users based on their specific locations and requirements, bringing an unparalleled aspect to a project of this kind with the convergence of DePIN and RWA.

The operation is also set to be funded through Green Hydrogen initiatives for renewable energy by governments across the selected locations, with the DePIN architecture already aligning with several sustainability initiatives.

In addition commercial blockchain projects will also be encouraged to contribute resources to the network and foster a collaborative ecosystem. Small and medium enterprises will experience advantages to supply chain management, data synchronization and content distribution; and governmental institutions will be able to better preserve public records and sensitive information.

Venket concluded, “By embracing the values of Web 3.0 and building upon the foundations laid by Web 2.0, we are forging a path towards a fine-tuned decentralised, resilient, and inclusive digital future. We are in the middle of an exciting digital transformation where the paradigm is shifting from centralized to decentralized systems, redistributing power and control in unprecedented ways.

At the forefront of this revolution stands the opportunity for an innovative Decentralized Physical Infrastructure Network to redefine how we conceive, construct, and manage physical infrastructure. It makes sense to start with the data.”

Dubai’s RTA to build Blockchain NFT platform for real estate

Dubai’s RTA to build Blockchain NFT platform for real estate

Dubai’s Roads and Transport Authority (RTA) has signed an MOU with SmartCrowd Holding Ltd, the parent company of SmartCrowd Ltd., licensed by the Dubai Financial Services Authority (DFSA), a digital platform specializing in real estate investment and crowdfunding across the Middle East and North Africa.

The MoU aims to develop a Blockchain NFT ( non-fungible token) digital platform, to attract investments for real estate and public facilities that RTA plans to establish and implement in the Emirate of Dubai in the future, such as rest areas, which include retail stores and various service centers with continuous investment returns.

The official signing event was held at RTA’s Head Office, with Ahmed Hashim Bahrozyan, CEO of RTA’s Public Transport Agency, representing RTA, and Siddiq Farid, Founder and CEO of SmartCrowd.

Bahrozyan commended SmartCrowd for spearheading evolution in real estate investing by leveraging regulations and smart applications of the latest technologies, such as blockchain. This MoU was signed on the back of SmartCrowd’s efforts to pilot a blockchain-based platform in Pakistan in 2022, aligning with RTA’s commitment to adopt trending technologies across its applications and services.

“The signing of this MoU is a significant step that marks RTA’s entry into the realm of investment in digital and non-fungible assets for public facilities and real estate. The move is expected to open new opportunities for RTA to increase and diversify its revenues and enable a wider segment of the community to enter in these investments, which do not require large capital,” Bahrozyan said.

“This initiative forms an integral part of RTA’s partnership with the private sector and is poised to enhance Dubai’s profile as a regional economic powerhouse in the landscape of a global economy. It will also develop RTA’s ambition to achieve financial sustainability as a key strategic goal and foster partnerships with the private sector, known for its innovative and creative potential, especially in the digital economy.”

Siddiq Farid, Founder and CEO of SmartCrowd stated, “This partnership validates our futuristic thinking as we keep up with fast-evolving technology. SmartCrowd has consistently been at the forefront of innovation, establishing the region’s first digital real estate platform from both regulatory and technological standpoints. Looking ahead, we are strategically leveraging emerging technologies to take our initiatives to the next level.

“We feel blessed to be in a country where innovation is not only fostered but championed. Partnering with a government entity that shares the same vision is especially exciting, as it allows us to deliver unique opportunities for everyone to be a part of this city’s tremendous growth.”

RTA is not the first governmental transportation entity to utilize blockchain, Oman Transport Ministry is also piloting a blockchain solution.

Unicorn Hunters partners with Qatar financial center for tech entrepreneurs

Unicorn Hunters partners with Qatar financial center for tech entrepreneurs

Unicorn Hunters, ta reality business series offering entrepreneurs a global platform to connect with millions of investors worldwide, has partnered with the Qatar Financial Centre Authority (QFCA) as it works to advance the nation as a world-class onshore financial and business hub.
This exciting new collaboration stands to further Qatar’s efforts to attract technology entrepreneurs which include Blockchain/DLT/tokenization innovators to the region, while simultaneously developing new partnerships and funding avenues for the Unicorn Hunters series, to the benefit of investor-fans, and featured entrepreneurs alike.

As part of the agreement, Unicorn Hunters and the QFCA will work together to position Qatar as a leading global innovation hub, connecting the country with innovators and entrepreneurs from both the Eastern and Western hemispheres. The partnership will also support the deployment of the Unicorn Hunters show in Qatar, integrating the series into the country’s innovation ecosystem and facilitating access to funding.

As part of a historic Memorandum of Understanding (MoU) signed at a special Signing Ceremony on the sidelines of the Qatar Economic Forum 2024, Unicorn Hunters and the QFCA will additionally work to promote and facilitate opportunities for entrepreneurs to establish operations in Qatar, with incentives available for a ‘soft-landing’ process and ensuring greater ease of doing business. High-growth startups may further be selected to be showcased on Unicorn Hunters, with the partnership also fostering collaboration on blockchain and financial technologies to ultimately democratize financial access to funding.

“Qatar’s commitment to technological prowess and ease of business start up and market integration, for example, to streamline the process of opening a new company in-country, makes this a perfect partnership,” stated Silvina Moschini, CEO of Unicorn Hunters and founder of the Unicoin, the official token of Unicorn Hunters. “At the same time, we are looking for future $1 billion ‘Unicorn’ companies to support and invest in Qatar, a nation striving to create an open and inviting economic environment for entrepreneurs from all walks of life who want to be the next Unicorn.”

As part of Qatar’s National Vision for 2030, the country has committed itself to creating a dynamic and sustainable economy by reinvesting its significant energy wealth into various other industries. The QFCA’s robust legal and regulatory frameworks additionally offer emerging companies access to one of the fastest-growing economies in the world.

“This partnership reflects QFC’s ongoing efforts in supporting Qatari entrepreneurs and empowering local startups and SMEs by providing a conducive business environment and an advanced innovation ecosystem that helps them grow and expand,” said Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC.

Viewed by millions globally, Unicorn Hunters supports emerging businesses by democratizing access to funding, giving entrepreneurs the opportunity to raise expansion capital from viewers around the world. In turn, viewers have the chance to make entry-level investments in pre-IPO opportunities. In 2022, Unicorn Hunters launched the Unicoin cryptocurrency, backed by real-world assets and investments in companies featured on the program.

Unicorn Hunters can be streamed on UnicornHunters.com, YouTube, Linkedin Broadcast, Facebook Video, and Vimeo. The program may also be viewed on Claro Video, one of the largest streaming platforms in Latin America, on Ghana’s TV3 Network, and on in-flight entertainment systems aboard Tap Air Portugal, WestJet, and Etihad Airways, the flagship airline of the UAE, serving millions of passengers across the Middle East, Europe, North America, Asia, Africa, and Australia.

Cardano accelerator invests in KSA startup using USDC stablecoin for payments

Cardano accelerator invests in KSA startup using USDC stablecoin for payments

Singaporean Blockchain venture fund and Cardano accelerator, Adaverse, with offices in KSA, UAE, has 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.

The investment, part of a $10 million initiative to foster venture-building in the region, aligns with the economic upswing projected for the region’s digital economy.

The MENA digital freelance market is currently values at $4 billion and while expected to grow it faces inefficient payments systems which according to the press release affects 40 million self employed workers.

Sorbet’s vision is to onboard all creatives onto web3 by removing the technical barriers traditionally associated with dApps. The tool leverages blockchain technology to provide a seamless payment solution using stablecoins.

Rami Djebari, co-founder of Sorbet, expressed enthusiasm about the partnership: “Receiving support from an experienced partner like Adaverse will accelerate our development and enhance our market strategy. This collaboration is a milestone in breaking down financial barriers and enabling limitless growth opportunities for professionals in the region.”

Sorbet Beta will further refine the freelancing experience by integrating project management tools and streamlined payment processes. As per Sorbet website, it charges 2.5% when clients send money to freelancers.

Vincent Li, founding partner at Adaverse, commented on the investment stating, “Sorbet exemplifies the potential of blockchain to enrich and enhance economic systems. We are excited about the potential Sorbet holds for economic upliftment in line with Saudi Vision 2030.”

The Sorbet Beta, launching this May, will introduce essential features to improve the freelancing experience. This suite of work tools will focus on streamlining project management, simplifying payment processes, and facilitating better client interactions, all designed to help freelancers transition smoothly into a more connected and efficient digital workspace.

In March 2024, Adaverse, signed an MOU with Saudi based ASFA Ventures to drive Web3 innovation in KSA and beyond. Adaverse has also invested in Saudi Arabian Blockchain Insurtech startup TAKADAO, in addition to Nuqtah NFT marketplace.

UAE Blockchain gaming studio raises $7 million led by Animoca Brands

UAE Blockchain gaming studio raises $7 million led by Animoca Brands

UAE based Param Labs, an independent Web3 Blockchain gaming and technology studio raises $7 million in strategic funding round led by Animoca Brands. Other investors included Delphi Ventures, Mechanism Capital, P2 ventures, Merit Circle, TRGC, MH Ventures, and UAE based Cypher Capital.

,Param Labs boasts a fairly robust online community. The company said it has more than 2.5 million followers on X across all its pages, in addition to 500,000 Discord users, according to a statement. The platform also has 300,000 daily active users, said Param Labs.

“This collaboration aligns with our shared vision to redefine the gaming landscape, ensuring that gamers are the true owners of their digital assets,” Animoca Brands co-founder and executive chairman Yat Siu said in the statement.

The availability of funds of this type will play a significant role in strengthening blockchain enabled Param Labs’ efforts to create a gaming world solely for native PARAM tokens. This supports the general mission to open the gates to the luminary members of the gaming world to own their assets.

Anthony Anderson, founder and CEO of Param Labs and Kiraverse, emphasized the importance of the strategic investment and partnership with Animoca Brands: “This investment marks a significant milestone for Param Labs’ ecosystem development and the broader Web3 gaming landscape. Our vision is aligned with that of Animoca Brands and we’re thrilled to collaborate on the creation of valuable products at the forefront of gaming’s innovative shift to digital ownership. With our new funding, we’ll continue to invest in building out and scaling our current products while also advancing our ecosystem initiatives and fostering community involvement.”

The investment in Param Labs announced today further expands the presence of Animoca Brands in MENA, following a partnership with NEOM to drive Web3 in the region, and with King Abdulaziz City for Science and Technology to establish a physical office and Web3 hub in Riyadh.

Param Labs aims to build a gaming ecosystem that will be governed by its native PARAM token, which will soon be launched, the company also said. The company’s first game, “Kiraverse,” is a play-to-earn, multiplayer shooter.

UAE based decentralized credit intelligence platform appoints blockchain expert

UAE based decentralized credit intelligence platform appoints blockchain expert

UAE based Synnax Technologies, a decentralized credit intelligence platform, has appointed Luc Froehlich, the ex-global Head of Digital assets solutions at Fidelity International as their Chief Commercial Officer. He will lead Synnax’s global commercial strategy and operations.

Synnax was established in Dubai in 2023 by Founders Robert Alcorn, Dario Capodici, and Alessio Quaglini, who bring over a decade of experience in digital assets (Hex Trust, Clearpool) as well as extensive backgrounds in traditional finance.


As per the press release, Froehlich brings over two decades of expertise in fixed income, experience in scaling businesses within global financial institutions, and leading high-performing teams. Froehlich’s extensive professional background and MSc in Blockchain, coupled with his thought leadership and research contributions at the World Economic Forum, equip him to lead Synnax in delivering groundbreaking credit intelligence solutions.

Synnax is revolutionizing the credit analysis industry by harnessing a decentralized network of data scientists to predict companies’ future credit metrics. This innovative approach benefits a broad range of users, including lending and borrowing platforms, market makers, asset managers, and investment managers, providing them with financial health data critical for their business.


“Credit markets, particularly private credit, have boomed over the past few decades. In contrast, the risk assessment toolkit has lagged, transparency is still lacking, and conflict of interest remains. Synnax introduces a revolutionary approach to credit analysis. By leveraging advanced encryption, we can now harvest the computing power of a broad network of AI models to deliver credit intelligence. I am excited to join an experienced and trustworthy team to develop and deploy this pioneering technology. We’ll provide a competitive edge to traditional credit investors and risk managers, and open up a new realm of opportunities in the on-chain lending space.” – Luc Froehlich, Chief Commercial Officer, Synnax.


“We are thrilled to welcome Luc to the Synnax team,” said Robert Alcorn, CEO and Co-Founder of Synnax. “His deep expertise in credit markets and proven track record of driving innovation in the digital asset space will be invaluable as we work towards our mission of providing a more trustless and privacy-preserving framework for institutional credit assessment. His appointment is also timely as we prepare to release our first public model.”


Froehlich‘s appointment follows the successful closure of Synnax’s pre-seed funding in March 2024, led by No Limit Holdings; evidence of the firm’s forward momentum and growth. With Froehlich’s leadership and Synnax’s cutting-edge technology, the company is set to empower businesses with better information to improve their capital allocation decisions, revolutionizing the traditional approach to credit assessment and ratings for the digital asset era.