3,000 Bahrain retailers now offer crypto payments with Binance Pay

3,000 Bahrain retailers now offer crypto payments with Binance Pay

Binance Pay has announced that it is now offering its cryptocurrency transaction platform with over 3,000 Bahrain retailers. Binance pay is working with online as well as physical store to offer secure crypto payments.

The Bahrain retailers include names such as Sharaf DG, the electronic retailer in Bahrain. In addition to local fast food chain Jasmis, as well as STC Bahrain, LuLu HyperMarket, Dose Café, Al Zin Jewellry, Salmabad, Wadi Al Sail and Hawar, petrol stations, Pet Arabia, Premier Motors Showroom, Reebok store and many more.

As per the announcement, “With the continuously growing adoption of blockchain technology and digital currencies, this revolution is just the beginning. Be part of it by supporting these merchants and making a transaction the Binance way!”

In January 2023 Binance celebrated its official entrance into Bahrain. Binance received its official license in October 2022. On entrance Binance Pay partnered with Bahrain Eazy Pay to introduce crypto payments for Bahrain real estate developer Bin Faqeeh Real estate Investment.

Binance also launched crypto futures products in Bahrain after receiving regulatory permission.  With this Binance Bahrain BSC became the first regulated exchange in the region to offer these services and the only exchange with a CAT4 license.

This came after Binance suspended its crypto debit card services in Latin America and the Middle East from Aug. 25. The crypto debit card services in Latin America and the Middle East were terminated Sept. 21, but the exchange claimed refunds and disputes could still be processed until Dec. 20, 2023.

UAE Verofax and Bantgo utilize blockchain to tokenize recycling ewaste rewards

UAE Verofax and Bantgo utilize blockchain to tokenize recycling ewaste rewards

UAE based BANTgo and Verofax have collaborated to enhance e-waste collection.  The partnership seeks to galvanize the masses into responsible recycling by rewarding their endeavors with tokenized incentives.

Verofax, was awarded the GITEX Supernova Web3 and Blockchain award, introduces its innovative technology to this eco-initiative. The venture encompasses the deployment of advanced smart bins explicitly designed for e-waste collection.  These bins are equipped with a validation system to ensure accurate assessment of the electronic devices being recycled, determining their equivalence in terms of recoverable materials.

BANTgo, renowned for its expertise in the blockchain domain, steps in to fortify this eco-friendly initiative. Recognizing and endorsing the responsible recycling behavior of individuals, BANTgo offers digital blockchain certificates. These certificates, apart from serving as a testament to the individual’s eco-contribution, also act as a robust incentive, encouraging more to tread the path of responsible recycling.

The synthesis of Verofax’s product validation and BANTgo’s blockchain creates a robust mechanism. This not only facilitates transparency in e-waste recycling but also ensures that individuals are appropriately acknowledged and rewarded for their proactive environmental actions.

Siarhei Zhyltsou, CEO of BANTgo, commented on this collaboration, “The alliance between BANTgo and Verofax is not just transformative but also imperative for our times. Encouraging responsible recycling through tangible rewards sets a new standard in environmental initiatives.”

Wassim Merheby, CEO of Verofax, shared his enthusiasm, “Pairing with BANTgo is a testament to Verofax’s commitment to leverage its technology for pressing global challenges. Together, we’re paving the way for a sustainable future, where technology and eco-responsibility converge.”

UAE FD Capital holds blockchain investor day

UAE FD Capital holds blockchain investor day

UAE based FD Capital, a blockchain-focused investment company that empowers investors by providing access to the rapidly evolving blockchain industry  is holding an investor day under the title “ Chains Beyond Borders” on November 1st 2023 in Dubai UAE. The event will explore blockchain technology showcasing latest updates and insights from seasoned investors and experts.

This event features a notable lineup of speakers from the blockchain industry, with keynote speakers including Robert Edward Grant, the Founder of Crown Holdings, and Evan Luthra, a Parallel Entrepreneur and Angel Investor. Other speakers include individuals like Aishwary Gupta, Matt Schmenk, Fabio Tomaschett, Kyle Rojas, Mehmet Buyukakarsu, and more, bringing diverse expertise representing different aspects and ecosystems within the blockchain landscape.  Dariia Vasylieva, the Founder and CEO of FD CAPITAL, will moderate the event.

“Our unwavering vision in the ever-changing landscape of Investments vs. Turbulence is clear: By transcending borders, we empower the community to unleash its potential and create a transformative impact in the blockchain industry and beyond, forging new investment opportunities and strategic partnerships” Dariia Vasylieva, the Founder and CEO of FD CAPITAL said.

This event is proudly supported by partners Cypher Capital, Albus Protocol, GOSH, and Aureli Ventures, as well as media partners Luna PR, IBC Group, AIBC,  Pro-blockchain Media, BeInCrypto, SalAd Lab, cryptorank, TheNewsCrypto,  VNTR,  CoinEasy, BlockDelta,  Syndika, Heir Story, MonteCrypto, Crypto Data Space, BlockBeats and more.

Taking place in the Cypher Capital Hub in Dubai, this event will also be available through a special online segment via Zoom, which ensures accessibility for a global audience. The Zoom link will be sent to approved registered guests, making it a truly exclusive experience.

FD CAPITAL’s mission is to empower investors with access to the fast-evolving blockchain industry, bridging the gap between traditional finance and Web3 to unlock the vast potential of blockchain technology.

Japan’s Nissan Formula E Team partners with UAE Blockchain enabled Coral for offsetting carbon emissions

Japan’s Nissan Formula E Team partners with UAE Blockchain enabled Coral for offsetting carbon emissions

Japanese Nissan Formula E Team has partnered with UAE based Coral, registered as Carbon One in Dubai UAE to offset carbon emissions using blockchain technology for the upcoming 2023-2024 ABB FIA Formula E World Championship.

The partnership will bring transparency and verification to carbon credit markets.

UAE based Blockchain enabled Coral offers full transparency in the carbon market, by ensuring trust, veracity, and empowers individuals and organizations to take climate action responsibly. Together, we can make a difference.

According to the press release, the relationship with Coral is the next step in Nissan Formula E Team’s pledge to reducing its carbon emissions, following its award of the FIA 3 Star Environmental Accreditation in 2022. While the auto manufacturer is pioneering electric mobility, it is also scrutinizing its environmental impact and looking to accelerate improvements in green technologies in the motorsport world.

To reinforce its commitment, Nissan Formula E Team and Coral will use a Greenhouse Gas Protocol and Science Based Standards framework to accurately assess the carbon footprint of the racing team and will implement a robust credit scheme, providing full transparency on the squad’s carbon offset.

The goal for the partnership is to combine Nissan Formula E’s vast reach with Coral’s transparent and efficient platform, in order to increase awareness of the impact of carbon credits, directly contributing to global decarbonization and a cleaner future.

Tommaso Volpe, managing director and team principal, Nissan Formula E Team: “For both Nissan and Nissan Formula E Team, sustainability is of vital importance. We have recently renewed our FIA 3 Star Environmental Accreditation and are always looking for the next step to reduce our emissions. That’s why we are delighted to team up with Coral. When it came to choosing a partner to achieve our carbon neutrality goal, we wanted to make sure the trackability of our carbon offset is as accurate as possible. Coral’s CO2 offset is met through the most advanced innovation and is achieved in a bulletproof way. We’re looking forward to developing our relationship with Coral and working together for a greener future.”

Daniele Sileri, Founder and Head of Strategy, Coral: “We welcome the partnership and participation from Nissan Formula E Team,. This is an example to individuals and corporations that everyone should be able to take meaningful action in tackling climate change.”

Blockchain tokenization startup PermianChain and Saudi based Ejada partner to build distributed digital Energy Infrastructure in Saudi Arabia

Blockchain tokenization startup PermianChain and Saudi based Ejada partner to build distributed digital Energy Infrastructure in Saudi Arabia

In a move aimed at establishing robust, equitable energy systems, PermianChain Technologies Inc. (“PermianChain”) a WealthTech startup focused on natural resources tokenization and digital energy monetization and Saudi based Ejada Business for Energy a renewable energy developer (“Ejada”) have partnered to shape the future of renewable energy through distributed energy in Saudi Arabia and the broader GCC region. The agreement promises to revolutionize how renewable energy projects are developed and executed.

The partnership grants Ejada exclusive representation in Saudi Arabia for PermianChain’s innovative WealthTech platform-as-a-service. This platform offers sustainable finance opportunities and cutting-edge digital asset mining services. Ejada, a leading provider and developer of renewable energy services in the Saudi market, is poised to drive a substantial transformation within the regional energy sector.

Abdulrahman AlNimri, CEO of Ejada, stated, “Our steadfast commitment to strategically accelerate renewable energy in Saudi Arabia makes this partnership with PermianChain a pivotal step in maintaining Ejada’s competitive edge in regional energy system development. We aim to contribute significantly to economic and social growth.” Mr. AlNimri went on to emphasize that “the digital energy value chain, harnessed by the PermianChain platform, streamlines sustainable finance, offering new avenues for natural wealth creation and enabling unprecedented treasury optimization for both public and private sectors.”

PermianChain, known for its expertise in natural resource tokenization and digital asset mining, envisions itself as the gateway for investors and Web3 enthusiasts eager to participate in the burgeoning digital energy revolution. The PermianChain platform services are poised to unlock fresh opportunities for natural wealth creation. Mohamed El-Masri, founder and CEO at PermianChain Technologies, noted, “Our dedication to the PermianChain mission of building, managing, and operating a distributed digital energy market for decentralized compute applications has brought this partnership with Ejada in Saudi Arabia to fruition. We see promising opportunities in ambitious mega projects such as NEOM and smart cities, which rely heavily on AI and IoT technology, with increasing adoption of blockchain and digital assets in the region.”

An Invest Saudi report revealed that the Saudi market’s data center industry is rapidly expanding, with an expected market size of USD 19 billion by 2030. The Kingdom’s plans to expand traditional data center capacity to over 1GW, involving capital investments of USD 11 billion into the sector, underline the immense potential of the market. Both PermianChain and Ejada are determined to pioneer Saudi’s digital asset and blockchain data center market, to establish a strong presence in the GCC region, paving the way for expansion into the broader Middle East and Africa. This endeavor is contingent upon obtaining the necessary regulatory licenses to operate PermianChain’s holistic WealthTech platform, offering sustainable investments and digital asset mining services.

As of this announcement, PermianChain and Ejada have plans to develop, construct, and operate an initial 25 MW solar power plant. A portion of the power generation capacity will be allocated to users of PermianChain Miner, creating an exclusive offtake opportunity for low-cost power to drive digital asset mining and compute applications. This innovative approach allows regional investors to actively participate in building equitable energy systems while optimizing treasury.

What distinguishes this partnership is its unyielding dedication to the communities where energy projects are based. By pioneering a strict approach that ensures energy is consumed where it’s produced, PermianChain and Ejada aim to foster local development, generate employment opportunities, and stimulate sustainable growth in often overlooked regions.

This transformative alliance embodies the broader global shift toward clean energy, decentralized power generation, and the empowerment of underserved areas. It stands as a testament to the power of collaboration in realizing a future where energy is equitable, sustainable, and accessible to all.

UAE based OKA2B ventures into digital assets funding connection service

UAE based OKA2B ventures into digital assets funding connection service

UAE based OKA2B is a Dubai-based high-net-worth connection service renowned for introducing boutique projects to eager investors which traditionally focused on real estate projects, has now diversified into the funding of companies rooted in digital assets, capitalizing on the rising interest and adoption of cryptocurrency among private investors.

The company provides a personalized introduction service that bridges the gap between keen investors and innovative projects. Despite the initial contact occurring in the digital sphere, the company places great emphasis on the value of initiating meaningful connections through face-to-face meetings, wherever the parties may be located.

While real estate and construction projects have traditionally formed the core of their introduction portfolio, the company is now steering its expertise towards digital asset initiatives. High-net-worth investors with a keen interest in projects exceeding 3 million USD are invited to connect with OKA2B, gaining access to an extensive network of investment opportunities and tailored introductions.

Angelo Dilibero, the Managing Partner of OKA2B, stated, “Our network acts as a bridge between individuals, and we’ve observed a growing appetite among high-net-worth investors for exposure to start-ups based on digital assets.”

Blockchain enabled UAE Trade Connect adds 13th bank to its platform

Blockchain enabled UAE Trade Connect adds 13th bank to its platform

Blockchain Trade Finance platform combating fraud, UAE Trade Connect has just added its 13th bank member. Invest Bank will be the 13th bank to join UAE Trade Connect which is paving the way for a secure, efficient and technologically advanced trade finance landscape.

Initiated in 2021 as a collaborative project between the banking industry and e& enterprise, UTC utilizes cutting-edge technologies such as blockchain, Artificial Intelligence (AI), and machine learning to offer a cloud-native solution. This solution enhances transparency by digitizing trade-related documents in real time, detects suspicious transactions, and prevents fraud.

Zul Javaid, CEO, Trade Connect said: “Invest Bank’s inclusion in the UTC consortium demonstrates our commitment to strengthening the UAE banking industry while also playing a fundamental role in advancing the nation’s digital strategy and contributing to its ambitious growth plans. Our platform is not just a technology solution; it serves as a driving force for economic growth and ensures enhanced risk management.”

Helmi Abdullah, Chief Wholesale Banking Officer, at Invest Bank said: “Joining UAE Trade Connect as a member bank is a significant milestone in our journey, as it reinforces our commitment to enhance our digital trade capabilities supports our growth of Trade Finance business in a secure and efficient manner. This decision demonstrates UTC’s dedication to raising banking standards in the UAE.”

As an official member, Invest Bank gains access to a robust system that validates trade finance transactions, identifies duplication, and combats potential fraud in real time. This empowers the bank to make informed lending decisions, increasing lending confidence and safeguarding funds.

The UTC blockchain platform plays a pivotal role in enhancing lending confidence and transparency, facilitating increased lending opportunities towards mitigating risks, enhancing operational efficiency, and validating invoice transactions worth over AED 170 billion equivalent to $46 billion while detecting multi-million-dirham frauds. UTC has made significant progress towards establishing itself as a national invoice registry.

UAE Trade Connect seeks to expand its offering to other banking entities in the region. In a recent LinkedIn post, Zul Javaid, CEO of UAE Trade Connect, the UAE’s first trade finance platform to combat fraud, announced that they had hired Wissam Massud to lead their international expansion. One of the countries on its list is KSA.

UAE based InvoiceMate drops Hyperledger Fabric for Internet Computer Blockchain

UAE based InvoiceMate drops Hyperledger Fabric for Internet Computer Blockchain

UAE based InvoiceMate Blockchain & AI-powered invoicing platform, that previously utilized HyperLedger Fabric has partnered with the DFINITY Foundation, a not-for-profit research and development organization based in Switzerland and a major contributor to the Internet Computer blockchain (ICP), as InvoiceMate drops HyperLedger Fabric and migrates to the Internet Computer.  

The DFINITY Foundation will support InvoiceMate in this transition as it becomes an important part of the ICP ecosystem.

InvoiceMate is a blockchain & AI-powered invoicing platform that acts as a bridge between SMEs and financing institutions. InvoiceMate leads to easier financial inclusion by enabling SMEs access to various forms of credit like invoice discounting, factoring, Buy Now Pay Later (BNPL), and supply chain financing. InvoiceMate has processed over $114 million in invoices and partnered with nine financial institutions with over $5mn in locked lending allocation.

As part of the partnership not only will InvoiceMate use the Internet Computer blockchain it will work with the DFINITY Foundation to add value to the ICP ecosystem as a whole. The InvoiceMate team will act as advisors and mentors for other enterprise blockchain projects. This will include running workshops for enterprise blockchain organizations, InvoiceMate’s large network of partners and universities that are interested in exploring the Internet Computer.

InvoiceMate’s tech arm MateSol will also serve as a “dev shop” and support projects wanting to integrate ICP into their operations. InvoiceMate brings a wealth of experience from the enterprise blockchain industry and is set to play a large role in enterprise adoption for the Internet Computer blockchain.

Muhammad Salman Anjum, Chief Mate at InvoiceMate said, “We’re excited to migrate to the Internet Computer blockchain. InvoiceMate has built its reputation on trust and efficiency, and that is what we are looking for in a blockchain. The Internet Computer enables us to use the power of invoices to aid SMEs in accessing credit but in a decentralized, tamperproof, and scalable manner.”

The partnership between the DFINITY Foundation and InvoiceMate strengthens the presence of the Internet Computer in the region.

Recently, the ICP.HUB GCC was founded in Dubai and is one of the newest editions to the region, known as the Crypto Oasis, the fastest growing Blockchain Ecosystem in the World, now with more than 1,800 organization and 8,650 individuals working in it.. The ICP.HUB GCC is a Web3 community of developers and entrepreneurs building the Internet Computer’s presence in the Gulf. The Hub is focused on education, including workshops for developers, incubation, helping founders from ideation to MVP, and developing blockchain use cases for corporates and governments. The ICP.HUB GCC also facilitates partnerships between the DFINITY Foundation and local enterprises.

Saed Ereiqat, Co-Founder of the ICP.HUB GCC said, “Since the inception of the ICP.Hub GCC, we have been building the groundwork for projects to transiFor more information, visittion into the ICP Ecosystem smoothly, and we are seeing significant interest from the local ecosystem to build. InvoiceMate is the perfect example of a mature, Dubai-grown project moving to the ICP Ecosystem. I am looking forward to working with the team on developing corporate use cases powered by ICP!.”

The Internet Computer is a general-purpose, layer-one blockchain that acts as a Cloud 3.0. The network has been operating for over two years and has experienced zero downtime. It also processes over 750 million transactions daily, a 425% increase from its first year of operation. The Internet Computer is the only blockchain network in the world capable of hosting social networks and enterprise systems, providing an alternative to the Legacy IT stack, which incorporates Web 2.0 infrastructures such as centralized cloud services run by Big Tech, which run databases and web servers.

Blockchain startups get recognized at Gitex 2023

Blockchain startups get recognized at Gitex 2023

Blockchain startups such as IR4LAB and Verofax are just a few of the startups that are making waves in the region and being recognized during Gitex 2023 held in Dubai UAE.

IR4LAB R4LAB, a Saudi-based company Blockchain and AI specialized startups in disruptive technologies announced on LinkedIn that their startup was selected to join the “Expand North Star Launchpad” accelerator Market entry program. This would as noted enabled them to forge business opportunity in the UAE and beyond given that it is under the auspices of the Dubai Chamber of Digital Economy.

According to Mohamed El Kandri, Founder and CEO of IR4LAB “This is another step towards global expansion after the launch of IR4LAB Africa during Gitex Africa 2023 in Morocco.”

We are thrilled to announce that IR4LAB has been selected for the Launchpad Accelerated Market Entry Program at Expand North Star, to help launch and expand its business in Dubai, another step forward towards Global Expansion after the launch of IR4LAB Africa during Gitex Africa in Morocco.

In addition, Verofax won the GITEX Supernova Web3 and Blockchain Award. As per their linkediN post, “We’re pleased to announce that Verofax has been recognized with the prestigious GITEX Supernova Web3 & Blockchain award at this year’s GITEX Impact’s Supernova Challenge Pitch Competition in Dubai.

UAE based Verofax is a blockchain enabled traceability specialist for consumer packaged goods (CPG) brands. By creating a digital passport for each item in an inventory, and situating all of those passports within a digital twin, the startup makes inventories interactive and entirely traceable

The Supernova Challenge stands as one of the most significant pitch competitions across the Middle East, Africa, and South Asia, offering startups a platform to present innovative solutions.

Scalo tech venture firm supports blockchain mobile gaming

Scalo tech venture firm supports blockchain mobile gaming

UAE tech venture company Scalo Technologies is backing plans to integrate blockchain technology into mobile gaming, a trend that it believes will revolutionize the way games are played.

Dubai-based Scalo has been working closely with mobile game developer and publisher Hexacore, one of its portfolio companies, on a new strategy built around blockchain giving players long overdue ownership of their in-game assets, and the time they devote to playing.

Hexacore, whose central team is located in Poland, has now fast-tracked development and publishing of its flagship space fantasy product, ‘Pocket Space,’ which boasts multiplayer modes and asset ownership mechanics.

In July2023 Scalo Technologies, led a $3.5 million investment round for Hexacore, mobile game publisher specialising in hybrid mobile web3 games. The funding was also supported by Xsolla, Estoty, and other angel investors, will fuel the expansion of Hexacore’s team, known for creating games that have garnered over 350 million downloads. Notable titles include Sushi Roll, Blend It 3D and Merge Animals.

“We believe that blockchain technology will usher in a new era of mobile gameplay experiences,” said Abdumalik Mirakhmedov, Director and co-founder of Scalo Technologies, which led a US$3.5 million investment round for Hexacore earlier this year.

“By integrating blockchain into their gaming ecosystem, Hexacore intends to elevate the overall user experience, with the main focus on enhancing asset ownership, and the ease of in game transactions. This will not only make the game more exciting, but also increase a player’s value to the game.”

The ‘Pocket Space’ community launch will take place in Q4 2023, with the soft launch scheduled for H2 2024 and the global release to follow in 2025.

One of the main problems for mobile gaming, which is forecast to be worth $160.6 billion by 2025, is that players are increasingly distracted by multiple entertainment options, and prefer shorter gaming sessions. Hexacore is tackling the challenge to retain their attention head-on.

“The strategy is to firstly embed a game IP across multiple platforms and media,” says Rashit Makhat, Director and co-founder at Scalo Technologies, who have been working with Hexacore for almost two years.

“The IP of your game should be everywhere. Not just on smartphones and social networks, but also in cartoons, books, toys, clothing, on the streets, and even billboards.

“Then you have a higher likelihood that users will stick with you for the long term. In addition, strong community engagement will be another vital tool in retaining players, so we are focusing on community to provide a strong sense of belonging to a specific circle of people.” Scalo and Hexacore see mobile games becoming the gateway for new web3 users, driven by the growing adoption of crypto wallets on smartphones, attracting investors and fostering innovation in gaming worldwide.

“Both traditional and web3-focused investors are now attracted to mobile gaming,” said Mikita Khazau, co-founder and CEO of Hexacore. “This continuous influx of funds will drive innovation, creativity, and deliver new gaming experiences that captivate audiences across the globe.

Singapore-based VC firm Scalo Technologies shifted its headquarters to Dubai UAE in April 2023 and had announced an investment of $100 million in MENA startups over the next three to five years.