Everything Blockchain appoints UAE leading Cryptographic researcher as Board advisor for MENA

Everything Blockchain appoints UAE leading Cryptographic researcher as Board advisor for MENA

USA Everything Blockchain Inc., (EBI), a technology company that is blending blockchain, DBMS, and Zero Trust to deliver new ways to store, manage and protect data, has appointed Dr. Najwa Araj as new board member for MENA region. This makes the total number of board members five.

Dr. Aaraj has 15 years of experience at global cybersecurity and consulting firms bringing critical industry knowledge and expertise to the company’s leadership team. A premier technical expert, Dr. Aaraj earned a Ph.D. with highest distinction in applied cryptography and embedded systems security from Princeton University.

“The addition of Dr. Aaraj to the board is another critical step forward for the direction of the company,” said Michael Hawkins, Chairman of the Board at EBI. “Her invaluable knowledge and industry experience will undoubtedly contribute to our continued growth, product development, and education of the industry on the importance of next-generation database and security solutions.”

In addition to her role at EBI, Dr. Aaraj is the Chief Researcher of the Cryptography Research Center and the Autonomous Robotics Center at the Technology Innovation Institute, United Arab Emirates (UAE). Currently, she leads the research and development of cryptographic and quantum communication technologies, as well as the advancement of autonomous robotics and self-navigating vehicles.

“I’m thrilled to be joining the EBI leadership team,” said Dr. Aaraj. “The company’s innovative approach to data storage and security is addressing major industry challenges, changing the way businesses operate. I look forward to contributing my insights to further propel EBI’s success and drive its strategic growth.”

EBI’s suite of solutions includes BuildDB, a next-generation database solution that delivers superior performance, reduced latency, zero trust, and unmatched resilience – backed by a private blockchain architecture. It provides enterprises with a new and disruptive way to store, manage and protect data even as customers deploy applications that produce and consume ever larger datasets. BuildDB is offered as a SaaS application managed in a continuous delivery model and is available for deployment from AWS Marketplace.

In April 2023 USA based Everything Blockchain Inc partnered with Saudi Arabia’s Al-Rushaid Technologies (ART) IT subsidiary of Al Rushaid Group. ART became a non-exclusive reseller of BuildDB, EBI’s next-generation database powered by a advanced private blockchain architecture that delivers superior performance, reduced latency, zero trust and unmatched resilience.

South Korea’s Blockchain gaming entity Wemade onboards UAE Game company

South Korea’s Blockchain gaming entity Wemade onboards UAE Game company

South Korea’s Blockchain, NFT, metaverse game developer and publisher WeMade  has signed onboarding agreements with several domestic and international game companies for the blockchain game platform “WEMIX Play.” One of those is a UAE game company, Project Seed, which will be working on a fantasy action role playing game RPG titled Outland Odyssey.

The game should be released in third quarter of this year.

WeMade added that WEMIX Play has currently over 100 blockchain games linked in its network.

Earlier this year WEMADE, signed a Memorandum of Understanding (MOU) with KSA based Nine66, a Savvy Games Group (“Savvy”) company, to drive the development of the gaming industry in Saudi Arabia.

Furthermore, in January 2023, WEMADE announced the establishment of a subsidiary in Abu Dhabi in the UAE, another gaming hub and plans to open another branch in MENA region and work with local projects and companies.

Japanese Astar Blockchain EVM platform to set up base in UAE

Japanese Astar Blockchain EVM platform to set up base in UAE

In a recent tweet, Japan based Astar, EVM based smart contract Blockchain platform that seeks to be the future of multichain smart contracts revealed its plans to set up a base in the UAE. Astar is designed to become a hub for smart contracts on Polkadot and is backed by prominent investors that include Binance, Huobi, OKEx, Fenbushi, and others.

Sota Watanabe, Founder of Astar, stated in  recent tweet, “ My Abu Dhabi and Dubai business trip  was amazing. Met some government officials, investors and entrepreneurs here in UAE We plan to set up a local office here too. Our future is bright!”

In November 2022, Astar Blockchain Network onboarded Japan’s top mobile carrier NTT Docomo to collaborate on mass adoption of Web3 as well as its social implementation.

Then in late July 2023, Fireblocks, an enterprise-grade platform for institutional adoption of digital assets, integrated with Astar Network, an EVM and WebAssembly (Wasm) compatible smart contracts platform.  The collaboration could see more than 650 banks and institutional investors use Fireblocks’ technology to access and manage their digital assets, boosting institutional adoption of DeFi on Astar, the two platforms noted in their press release.

UAE’s RAK Digital Oasis partners with Human.ai to bring Blockchain AI to companies in the ecosystem

UAE’s RAK Digital Oasis partners with Human.ai to bring Blockchain AI to companies in the ecosystem

UAE based RAK Digital Assets Oasis (RAK DAO) and Blockchain AI empowered platform Humans.ai  have partnered to drive artificial intelligence innovation in the Ras Al Khaimah (RAK) UAE. The Memorandum of Understanding (MOU) signifies the launch of an operational collaboration that will reshape AI technology within the world’s first Free Zone dedicated to global digital and virtual asset companies.

The strategic alliance aims to provide exclusive incentive packages to the first AI-focused companies establishing themselves in RAK DAO. These companies will gain access to RAK DAO’s partner ecosystem, offering services like toolkits, Dapps, tech solutions (including Humans.ai), investment opportunities, venture capital partners, banking, and licensing.

This partnership intends to create a robust blockchain framework that empowers AI companies in RAK DAO. This framework ensures secure governance and operation of AI models while maintaining transparency. Additionally, companies will tap into Humans.ai’s network, products, services, tools, and tech support to enhance operational efficiency and capabilities.

Sabin Dima, Humans.ai’s Founder and CEO, emphasized the significance of the partnership in fostering innovation, technological advancement, and economic growth. The combined expertise of Humans.ai and RAK’s visionary support will establish an ecosystem that encourages entrepreneurship and AI adoption, thereby impacting the global AI landscape.

Dr. Sameer Al Ansari, CEO of RAK DAO, underscored the partnership’s role in propelling Ras Al Khaimah to the forefront of AI technology. The collaboration will explore avenues to accelerate AI advancement, including joint Accelerators, Venture Studios, and similar initiatives that catalyze AI-driven entrepreneurship.

Humans.ai is in the UAE after partnering with UAE based blockchain consultancy studio Deca4 in Dubai.

In addition Humans.ai Blockchain for AIs introduced wrapped AI NFTs using Hedera Hashgraph blockchain network. Humans.ai’s cutting-edge Blockchain for AIs has launched its cross-chain interoperability with Hedera Hashgraph, to revolutionize the way AI NFTs are used across different platforms.

Humans.ai aims to scale the company’s innovative wrapped AI NFTs on the Hedera blockchain as a growing community of projects, applications, and ecosystem tools provide compelling reasons to choose Hedera to bring AI NFTs to the masses.

Saudi Arabia to host first Blockchain ticketed event, the Web3 Summit Blockchain and Beyond with IR4LABS

Saudi Arabia to host first Blockchain ticketed event, the Web3 Summit Blockchain and Beyond with IR4LABS

Saudi Arabia based IR4LAB, a specialized firm in disruptive technologies such as Blockchain and Artificial Intelligence with a MENA presence is implementing the first Blockchain enabled registration and certificate of attendance solution for the inaugural Blockchain Research Institute (BRI) Web3 summit being held on October 19th at the Four Seasons hotel in Riyadh KSA.

IR4LAB will be utilizing its blockchain based solution DocCerts to manage registration, and certificates of attendance for the inaugural Web3 Blockchain and beyond summit organized by the globally renowned Blockchain research Institute.

The Blockchain Research Institute Middle East, with branches all around the world, is known for their yearly summits led by their partner, the legendary Dr Don Tapscott who will be flying for the first time to the Kingdom addressing C-suites audience focusing on the topics of Blockchain for Oil&Gas, Supply chain & logistics, Smart Cities, Banking &Finance and Women in Web3. Organizers plan to hold this event yearly in Riyadh.

The Saudi Arabian events industry size was valued at $6.1 billion in 2021 and is expected to reach $17.6 billion by 2031. The solution implemented will offer, for the first time in the region, a blockchain registration certificate that will be granted to all attendees, be-it online or in-person.

The Web3 Summit: Blockchain and Beyond aims to bring together industry leaders, experts, and stakeholders to explore the advancements and potential of blockchain technology and web3. The summit will discuss five main relevant areas, all of which fall under the Saudi Vision 2030 focusing on the digital transformation which is currently happening in Saudi.

A keynote speech will be given by Dr. Don Tapscott one of the world’s leading Blockchain authors who has been vocal about the impact of technology on businesses and societies. Panels Topics will cover exploring the Use Cases of Blockchain in the Oil and Gas/Energy Market, implementing Blockchain in Supply Chain Logistics: Challenges and Best Practices, innovating Financial Services with Blockchain: Opportunities and Challenges, building the Cities of Tomorrow with Web3 Technology, and empowering Women in the Blockchain Ecosystem: Opportunities in a decentralized world.

Majd AL AFIFI Co-Founder and CEO of IR4LAB states, “Attendees and delegates to the summit will enjoy a novel event experience using blockchain technology. Our blockchain DocCerts solution will not only streamline the registration process and make it easier, simpler and more transparent but it will also grant certificates of attendance to attendees in a digital environmentally friendly fashion. We stand ready and work diligently to make blockchain a part of our everyday lives meeting the Kingdom’s Vision 2030.”

Mohamed EL KANDRI Co-Founder and CTO of IR4LAB, stated, “Blockchain technology can address four significant challenges in the industry: fake tickets, ticket scalpers and bots, security and data. I think that more than ever, it is crucial for organizers and venues to understand their audience better, to tailor specific offers and to create new and more qualified leads. Blockchain registration allows organizers to issue digital tickets that are unique, tamper-proof, and traceable. Additionally, blockchain enables organizers to track the entire lifecycle of a ticket, from its creation to its redemption, which can help prevent scalping and unauthorized reselling.”

Aline Daoud, Managing Partner at the Blockchain Research Institute Middle East added “We take pride in walking the talk. We have been internationally vocal about Blockchain and the successful use cases that are being implemented around the world; with the use of DocCerts solution in our event, we are allowing our attendees to have hands-on experience on a simple yet valid blockchain implementation. We look forward to having our prominent local, regional and international speakers who will be exposing other successful use cases covering the 5 themes that the summit focuses on, all of which are part of the Saudi Vision2030”

According to a report by MarketsandMarkets, the blockchain in the event ticketing market is projected to reach $468.3 million by 2023, with a compound annual growth rate of 39.3% from 2018 to 2023.

Another study by Grand View Research predicts that the global blockchain in the media, advertising, and entertainment market size will reach $1.57 billion by 2030, driven by the increasing adoption of blockchain in the ticketing industry.

The Web3 Summit Blockchain and Beyond will host 500+ delegates from the Gulf region and 70+ experts from all over the world created as a practical initiative aligned with the vision of 2030 objectives by paving the way towards Blockchain adoption under the emerging technologies umbrella set by the Kingdom’s vision.

Abu Dhabi’s ADGM grants M2 a virtual asset trading and custodian platform an FSP license

Abu Dhabi’s ADGM grants M2 a virtual asset trading and custodian platform an FSP license

Virtual asset trading and cusotial service platform M2 has been granted a Financial Services Permission (FSP) license in the Abu Dhabi Global Market (ADGM) from the Financial Services Regulatory Authority (FSRA). M2 is approved to operate a multilateral trading facility and offer custody services to UAE residents.

M2 will be able to offer institutional and retail clients in the UAE the ability to buy, sell and custodies virtual assets. The platform has been developed over the past year with a long-term vision to establish the highest levels of trust, security, and integrity in the emerging virtual asset class.

Subject to regulatory approval, the M2 platform is scheduled to launch later this year, offering UAE virtual asset investors the opportunity to purchase market-leading virtual assets (BTC and ETH), and benefit from institutional grade trading features in addition to having a secure on and off-ramp for fiat payments.

Stefan Kimmel, M2 CEO, said, “The M2 team is delighted to have received confirmation of the ADGM FSRA license as it represents the approval of one of the most sophisticated and respected regulators in the world. The process of obtaining the license is the first step on our journey and we will remain in close dialogue with ADGM to ensure transparency around the custody of client assets.

He added, “Over the past five years the ADGM regulatory framework has established clear rules for those operating in the virtual assets sector and M2 will uphold the highest standards to reflect their vision as the UAE continues to affirm its reputation as a global leader in this space.”

Salem Al Darei, Chief Executive Officer of ADGM Authority, commented, “We are delighted to welcome M2 to ADGM’s international virtual asset community, further solidifying ADGM’s position as a leading International Financial Centre and a catalyst for business expansion. At ADGM, our mission has always been centered around unlocking new growth opportunities and fostering investments in the virtual assets sector. This has been possible through the establishment of a robust and forward-looking regulatory framework for digital assets. By integrating companies like M2 into our ecosystem, we remain committed to enhancing Abu Dhabi’s digital asset landscape and actively supporting the diversification of our thriving economy.”

Mass lay-offs, at BitOasis with over 30 employees fired amidst acquisition negotiations with India’s CoinDCX

Mass lay-offs, at BitOasis with over 30 employees fired amidst acquisition negotiations with India’s CoinDCX

Sources in the know of BitOasis’s current conditions, some of which have been affected by the latest changes, have confirmed to LaraontheBlock that on August 15th 2023, 30-50 employees were fired from BitOasis both from their offices in Jordan as well as UAE out of a total of over 120 employees. This happens as sources confirm that BitOasis is in the midst of ongoing negotiations to be acquired by India’s CoinDCX after the UAE based crypto broker failed to receive a Full Market product license from Dubai’s virtual asset regulatory authority VARA.

Launched on April 7th, 2018, CoinDCX is a cryptocurrency exchange with its offices located in India. CoinDCX is backed by investors such as Polychain Capital, Coinbase Ventures, Bain Capital Ventures, and HDR Group, operator of BitMEX and Pantera Capital among others. According to recent figures from CoinMarketCap CoinDCX has a Spot Trading Volume (24h) of $2,023,145.62 and holds total assets of $103,283,813.20.

In April 2022, CoinDCX raised $135.9 million from investors led by Pantera Capital and Steadview Capital, doubling its valuation to $2.15 billion becoming the most valued crypto trading platform in India.

In parallel BitOasis was valued in 2021 at $120 million receiving total funding of $30 million in a series B round in October 2021 from Global Founders Capital, Pantera Capital, Wamda Capital, Digital Currency Group, Alameda Research, Jump Capital and NXMH.

Sources also confirm that given the tough situation at BitOasis with no financial license, the company valuation has decreased significantly from 120 million and a distressed deal is being discussed to ensure business continuity and a path towards licensing.

BitOasis’s buyout comes after its MVP Operational license was halted by Dubai’s virtual asset regulatory authority (VARA) for not meeting mandated conditions required to be satisfied within 30-60 day timeframes prior to being permitted to undertake any VARA regulated market activity, subsequent to the issuance of its License for Institutional and Qualified Retail Investors, on 12.April.2023. This meant that BitOasis had failed to meet the financial and operational conditions license obligations.

At the time BitOasis had replied that they were committed to remediate all outstanding post licensing conditions of their Operational MVP license as committed to the regulator, as well as working towards Full Market Product (FMP) licensing.  The clarification stated, “We remain committed to securing a broker-dealer license, and operating a compliant, regulated platform in and from Dubai under VARA’s supervision. Transparency has always been a key value of our business – we will continue to update our community as we address these requirements prior to applying for an FMP license.”

Given the market conditions, the high interest rate environment and low valuation multiples for public players like Coinbase, it is expected that BitOasis investors will be offered shares as part of the distressed acquisition deal.

The upcoming weeks will be the teller of all, but what is sure is that the crypto exchange ecosystem is going through a rough time not only globally but in the MENA region. With increased and stricter regulatory requirements by regulators such as Dubai’s VARA, only the strongest will survive.

Burency restarts its operations amidst tumultuous conditions

Burency restarts its operations amidst tumultuous conditions

Burency a UAE Blockchain development firm with crypto asset exchange operating out of offices in DWTC ( Dubai World Trade Center) in Dubai UAE, is restarting its operations after what it calls bad and out of control conditions. This restart is happening amidst a tumultuous conditions spurred by comments made from its previous managing Director.

So while Burency was announcing on twitter that they will be coming back soon stating, “ We are coming soon.. after bad and out of control conditions, we are back to work with great strength and passion. The Burency project is ongoing and will return better than before.”

On August 9th they stated, “ We are currently working on restarting the Burency Exchange and will notify you as soon as possible about the operating date. Full support will be provided to the project at all levels, including marketing, companies, and plans to develop the workflow and the project as a whole.”

However these comments come in parallel to a tweet by Qusai M Alsharef, former Managing Director of Burency. He writes, “Regrettably, I am writing to announce my resignation from my position “Managing Director” at Burency, effective from 2nd August 2023.” He explains the reasons stating, “The continuous violation for the accepted funding plan, coupled with unfulfilled Discussions, words and agreements to the work stakeholders came to really critical stage.  It is deeply disappointing to have encountered such unprofessional conduct, including deceptive promises and consistent violation of our established agreements. At the end, I truly wish for Burency to have an honest recovery to right and to see a responsible actions of eliminating all these highly critical issues starting from fulfilling the past.”

Historically Burency had also made announcements that were not fully backed up with real actions. In April 2020, Burency announced  that it had launched the first secured & insured crypto-currency exchange platform in Dubai, UAE which was later refuted by Nebbex.

The company while having a tech license in UAE, its crypto business is regulated in Estonia. It had stated it was seeking to be registered in the UAE but to this day has not.

In 2020 crypto advocate, John McAfee,  announced that he had joined the advisory board of Burency, but no further announcements or information was shared on this.

So it might seem that Burency wants to come out of the volcanoe stronger than ever, but its past seems to be haunting it to  present day.

UAE based Blockchain payments platform WadzPay in final stages of licensing and live testing of payments solution in KSA

UAE based Blockchain payments platform WadzPay in final stages of licensing and live testing of payments solution in KSA

In a recent tweet, the Founder of WadzPay, a blockchain technology payment provider with a presence in the UAE, Anish Jain, offered an update to the community stating that WadzPay had made strides on the licensing front and are in the “final stages”. In addition he added that WPC token would be listed on a Tier1 regulated exchange in the Middle East.

As for the WadzPay product it will be ready for launch in Q3 of this fiscal year with live terminals on WadzPay soon.

Prior to this in a LinkedIn post, WadzPay announced that its blockchain enabled payments platform was now technically live for Pilgrims in Saudi Arabia. The solution is intended to facilitate digital payments and creates a cashless experience in KSA.

As per the announcement, WadzPay works with large payment companies, banks, and global entities to enable virtual asset-based transaction processing and settlement.

Their private blockchain program will enable pilgrims to use mobile app-based wallets issued by an approved institution in their home country. Once the wallet is loaded before travel, the user can make purchases at the merchant POS terminals present at the various pilgrimage points. The solution is intended to facilitate digital payments and creates a cashless experience in Saudi Arabia.

The pilgrims can easily get their un-spent money back after they return to their home country.

Using this platform, WadzPay allows merchants to offer improved service to international pilgrims at a fraction of the current cost.

This program will be used for issuing wallets to pilgrims and acceptance of these wallets in merchant outlets in KSA. As per WadzPay brochure, “We have partnered with a major aggregator from KSA to enable the world’s first cross-border ‘cashless’ Hajj & Umrah program”. In November 2021 WadzPay had partnered with Geidea in KSA for cashless payments. 

DIFC Innovation Hub launches subsidized licenses for Web3, AI, and DLT technology companies

DIFC Innovation Hub launches subsidized licenses for Web3, AI, and DLT technology companies

The Dubai AI and Web 3.0 Campus, situated in Dubai International Financia Centre, announced that it will be issuing artificial intelligence (AI) and Web3 licenses supporting activities ranging from Distributed Ledger Technology Services (DLT), specialised Artificial Intelligence Research & consultancies, IT infrastructure builders, Technology Research and Development and Public Networking Services.

Licenses will be issued by Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, which is currently home to an established ecosystem of tech enablers and start-ups at the DIFC Innovation Hub.

The Dubai AI and Web 3.0 Campus is a dedicated campus for AI and Web3 innovation and will provide state-of-the-art physical and digital infrastructure within the DIFC Innovation One new premises, including R&D facilities, accelerator programmes and collaborative workspaces, to attract, build and scale firms in the region. 

The campus was launched earlier this year and is supported by Dubai’s industry-leading regulatory regime aligned with the emirate’s vision of becoming a global leader in AI and Web3. This initiative is designed to bring in $300 million in funds and create more than 3,000 jobs in the next five years.

The campus will also increase accessibility and participation in Web3 development, backed by a collection of underlying technologies such as blockchain, AI, internet of things and the metaverse. Virtual assets owned in Web3 decentralised infrastructures represented about 40 per cent of the virtual-asset global economy in 2021, according to a report by BCG, and the transaction value of virtual assets is said to range between USD150 billion and USD300 billion by 2025. 

Mohammad Alblooshi, Chief Executive Officer of the DIFC Innovation Hub, said: “We are thrilled to announce that we are now granting innovative AI and Web3 companies licenses out of DIFC. The campus will foster a world-class nurturing environment that enables business growth and development. We are confident that by granting these licenses, we will attract more global talent and investment to the region and create a culture of collaboration and innovation. This is a notable milestone for the Dubai AI and Web3 Campus and will strengthen Dubai’s position as the business destination of choice for technology-focused companies and attract more world class talent and diversified investors to the region.”