A 10th bank in UAE joins Blockchain KYC platform under Dubai’s Department of economy and tourism

A 10th bank in UAE joins Blockchain KYC platform under Dubai’s Department of economy and tourism

Al Masraf bank has become the 10th bank to join the Norbloc KYC Blockchain platform developed under the initiative with Department of Economy and Tourism (DET).

Al Masraf has announced the launch of a project that will see it connecting to the norbloc Fides platform, a blockchain-based solution that allows for the secure sharing of eKYC data. The network, which has been live since 2020, connects licensing authorities, free zones and financial institutions across the emirates in an ecosystem, where a single version of each customer KYC file is maintained and shared, ensuring that financial institutions always have access to the latest and most up-to-date KYC data.

Graham FitzGerald, CEO Al Masraf stated, “Becoming part of the Fides ecosystem allows us to obtain all of these objectives, as well as join other leading financial institutions in making use of this innovative technology. It is an important step with in line with a broader effort to digitize and streamline our customer journeys.”

Astyanax Kanakakis, CEO and Co-Founder of nobrloc  added, “Al Masraf is an important addition to the Fides platform which greatly benefits from the networking effects of having more institutions connect to it. There are currently 15 entities participating in the ecosystem, making it one of the most advanced eKYC utilities globally. Al Masraf is also the first institution to make use of our recently announced SaaS connectivity option, meaning that they will be able to start consuming KYC data in a matter of weeks.”

Al Masraf becomes the 10th bank to join the network which also includes Mashreq Bank, ENBD, HSBC, ADCB. Licensing authorities and free zones such as DIFC and Ras Al Khaimah Economic Zone participate acting as data providers on the network.

In April 2023, the first Islamic Bank joined The KYC platform as well. 

The project was launched in February 2020. In 2021, the Blockchain KYC Fides Platform built by Norbloc for both Dubai Economy and DIFC became one platform for the entire UAE. Dubai Economy and Dubai International Financial Centre (DIFC) Authority agreed to consolidate efforts and expand the UAE KYC (Know Your Customer) Blockchain Consortium positioning it as the national corporate e-KYC Platform, making it the first such platform in the region.

Blockchain Integration Cloud platform launched in MENA region

Blockchain Integration Cloud platform launched in MENA region

Blockchain compatible EVM ( Ethereum Virtual Machine) platform built on NEAR protocol, Aurora Labs, with offices in Business Bay in Duba, has launched its Aurora Cloud in the MENA region.

The platform is designed to integrate blockchain technology to their business without friction or the need for expert teams, significant resources, or large investments in time. With Aurora Cloud, businesses can connect their existing products to their own blockchain, allowing for a seamless end user experience that still looks familiar to what their customers use every day.

The platform enables businesses to choose to operate on their own private blockchain, known as an Aurora Silo, implementing KYC/KYB access restrictions and dictating which apps and tokens are available to trade and use, allowing for a bespoke and tailored experience. The ability to control whether they or their customers are responsible for gas fees is another game-changing feature that provides total commercial flexibility and a strong incentive to both businesses and their consumers.

Whilst Aurora Cloud is largely an industry agnostic solution that can provide blockchain benefits across a wide range of industries, the company sees significant benefits for Fintech companies, brokers, banks, investment funds, the energy sector, and those operating within the luxury goods and retail spaces.

“The launch of Aurora Cloud is an exciting moment for Aurora Labs and the wider blockchain industry. With our unique products and innovative approach, we are breaking down the technical barriers and increasing the transition of traditional businesses to the blockchain,” said Alex Shevchenko the CEO of Aurora Labs. “We are confident that Aurora Cloud will position us at the forefront of this shift and provide the industry with a much wider pool of potential customers and partners.”

Aurora raised $12 million in October of 2021. 

UAE based WadzPay chosen as finalist at Currency Research Awards for its Blockchain enabled Saudi Hajj Payment solution

UAE based WadzPay chosen as finalist at Currency Research Awards for its Blockchain enabled Saudi Hajj Payment solution

UAE based WadzPay Blockchain enabled Hajj Pilgrim Digital payments solution has been chosen as a finalist at Currency Research’s second annual Advancement in Digital Currency Awards, being presented at the Digital Currency Conference in Mexico City, on May 18th, 2023. WadzPay’s solution was chosen under the category for Best Innovation in Digital Currency. WadzPay is competing against top international blockchain fintech providers such as Stellar.

According to Parv Aggarwal, Vice President for CBDCs and Partnerships, “We are super excited to represent WadzPay and our novel cross border Hajj Pilgrimage token.”

Currency Research awards are presented to digital currency initiatives that advance the platform as a payment instrument. Currency Research chooses entities who are working on all types of digital currencies at all stages of developments.

The award categories include “Outstanding Advancement in Digital Currency” whose category finalist for this year include, Crunchfish,  eCurrency,  and FNA.

The second award category is “Best Innovation in Digital Currency” which recognizes outstanding innovations in the digital currency space, including new platforms, products, or apps that have the potential to transform the way we use and interact with digital currencies, including central bank digital currencies (CBDCs).

The category is open to innovations that have launched and have customers, and that offer users a unique and valuable way to access digital assets, crypto, DeFi, or other related financial      services, including CBDCs. Innovations that offer greater security, transparency, and scalability in the digital currency space, or that leverage emerging technologies such as AI, will be given special consideration. The judges will consider factors such as the level of innovation, the potential impact on the industry, and the ability of the innovation to scale and reach a wider audience.

WadzPay, Currency Network, and Stellar will be competing as finalists for this category.

Other award categories include Best Financial Inclusion Initiative in Digital Currency. This award recognizes initiatives that have been developed to promote financial inclusion in the digital currency space. This category is open to projects that have demonstrated success in providing access to digital currency and related financial services to traditionally underserved or unbanked populations. This includes initiatives that aim to reduce barriers to entry for low-income individuals, women, and other marginalized communities. 

Jordanian headquartered Fintech solution provider ProgressSoft will be competing against eCurrency, and IDEMIA.

The Best Sustainability Initiative in Digital Currency category will see competition between Andrei Lipkin, Ripple and Stellar

As for the final award category” Digital Currency Leader of the Year” which recognizes outstanding individual who has consistently contributed to the advancement of the digital currency sector, finalists includes Jonathan Dharmapalan, eCurrency, James Wallis from Ripple, and Shiva Bissessar from Pinaka Consulting Ltd.

UAE Blockchain firm partners with Cloud based AI gaming entity the Game Company for esports

UAE Blockchain firm partners with Cloud based AI gaming entity the Game Company for esports

UAE Blockchain firm, O1X, and cloud based AI gaming entity, The Game Company has partnered to create a decentralized economy within the Game Company’s cloud-based AI platform, transforming the way users are rewarded for their active participation and engagement on the platform.

The collaboration brings forth player-driven curation for esports tournaments, restructuring the competitive gaming industry. Players take an active role in creating the gaming experience when they have the ability to design and manage tournaments.

According to the news,this taps into a booming business, taking advantage of the enormous expansion of the global esports market, which is projected to reach USD 6.75 billion by 2030. Through the decentralized nature of the platform, tournament hosts can establish their own rules, formats, and reward structures, creating a dynamic and diverse competitive environment.

Osman Masud, CEO of The Game Company, shared his excitement, stating, “Our collaboration with 01X is a turning point for the esports sector. By integrating blockchain and decentralized economies, we are putting the power back into the hands of esports players. They can now create competitions, take control of their gaming experiences, and alter the competitive landscape. We’re dedicated to building a player-centric ecosystem where their voices are heard, and their contributions are celebrated.”

Joachim Godet, Managing Director of 01X, added,  “Our collaboration with The Game Company signifies a pivotal moment in the gaming industry. By merging our expertise in blockchain and game economics, we’re paving the way for a future where players have unprecedented control over their gaming experiences and reap tangible rewards for their engagement.”

UAE virtual asset regulator takes further action against OPNX tokenized exchange

UAE virtual asset regulator takes further action against OPNX tokenized exchange

The Dubai Virtual asset regulatory authority, has issued a formal letter of reprimand to OPNX the tokenized exchange for bankrupt crypto entities,  and its founders for carrying out virtual asset Exchange Services on an unregulated basis in Dubai; and for marketing, promoting and/or advertising OPNX services and its native token [FLEX] without the necessary permits from VARA.

Dubai virtual asset regulator in February 2023 became aware that OPNX exchange was soliciting, and collecting personal data from the public to participate in its new (to be launched) exchange. Through social media platforms, OPNX had been engaged in marketing the exchange without establishing warranted restrictions for residents of Dubai/UAE.

The announcement on VARA goes on to note, “Then on April 4th  OPNX launched the exchange on opnx.com, providing VA Exchange services – a regulated activity under the VARA regime, without securing any regulatory licenses, and as such operating in contravention of local laws.”

As a result VARA issued several cease and desist orders for OPNX followed by the marketplacealert which was later followed with a  written Reprimand issued by VARA to OPNX; 4 founders (Mark Lamb, Sudhu Arumugam, Kyle Davies and Su Zhu); and CEO (Leslie Lamb).

With the continued lack of satisfactory remedial action by the responsible parties, VARA has stated that it is continuing to actively monitor the situation and investigate OPNX’s activity to assess further corrective measures that may be required to protect the market.

This action from VARA comes after OPNX has raised criticsm with some of its recently named investors distancing themselves and refuting investments in OPNX. 

OPNX CEO Lesli Lamb had announced the list of investors which included a saudi arabian investment firm. 

The second biggest global crypto exchange Coinbase intends to set up regulated entity in UAE

The second biggest global crypto exchange Coinbase intends to set up regulated entity in UAE

According to a recent blog post published by CoinBase the second biggest global crypto currency exchange, the company revealed that is in talks with UAE’s regulator in Abu Dhabi, FSRA ( Financial Service Regulatory Authority)  part of ADGM (Abu Dhabi Global Market) to expand its regulated operations to the UAE.

The expansion is part of its global scale to go broad and deep. As part of its strategy, Coinbase will establish regulated entities and local operations in high-bar regulatory jurisdictions abroad to focus on international growth.

As per the blog post, “Coinbase is focused on international growth and is working with several high-bar international regulators to establish regulated entities abroad that safely facilitate trading solutions and provide products the crypto community demands. Coinbase will continue to launch foundational products that are a gateway to Web3 and crypto across the globe while launching localized infrastructure and public facing products with a full suite of services.”

The post adds, “We have accelerated our UAE plans with Abu Dhabi Global market regulator. We are in discussion with the Financial Services Regulatory Authority (FSRA) in Abu Dhabi Global Market (ADGM) regarding a potential license for a regulated exchange. ADGM is a renowned international financial services center. ADGM is known for having a well-regarded, comprehensive regulatory framework and is committed to operating a fair and efficient regulatory environment for global market participants. ADGM has developed and supported the regulation and trading of cryptocurrencies and Coinbase intends to help further their vision. “

This comes as Binance seeks to receive a regulated license from both ADGM and Dubai’s Virtual asset regulator. While others such as Kraken has closed its operations in UAE. 

GEM Digital investment adds $50 million to its $10 million investment in UAE metaverse project

GEM Digital investment adds $50 million to its $10 million investment in UAE metaverse project

Bahamas based digital asset investment firm GEM Digital, which invests in tokens, has added $50 million to its $10 million investment in UAE Everdome Everdome a hyper-realistic metaverse that will bring brands and people together.Everdome had also received investment from BNBChain, OKx, and Unreal engine.

Everdome will use the proceeds of the investment to boost infrastructure and allow heavy traffic loads in a high-fidelity environment. As per Everdome announcement the first $10 million received from GEM Digital has already been drawn down by Everdome for the development of the metaverse project.

GEM’s increased investment commitment follows Everdome’s recent change of management in appointing Jeremy Lopez as CEO, and clearly demonstrates their strongest support of the new management’s previous track record and commitment to the vision of our project moving forward.

Jeremy developed the relationship with GEM during his previous role as COO, while also assisting in the partnership with Alfa Romeo F1 Team and securing OKX as a key strategic partner.

Investment will be completely focused on the fundamentals necessary to take Everdome to the next level of success, including product development, scalability and growth. These fundamentals include core product delivery, to ensure Everdome opens to the public as soon as possible, infrastructure boosting to allow heavy traffic loads in a high-fidelity environment, tools for users to create and build inside Everdome as well as growth in users and partners.

GEM‘s investment comes in the form of a further structured token subscription agreement. Everdome will control the timing and the number of drawdowns under this facility, and has no minimum drawdown obligation.

At its discretion, Everdome has the ability to sell up to 200% of their average daily volume, in tokens across multiple exchanges to GEM Digital.

Everdome CEO, Jeremy Lopez stated, ‘’The expansion of the investment commitment from GEM Digital is a huge show of faith in Everdome’s concept, our growth to date, and the capacity of the management team to quickly scale the company across multiple fronts, in marketing, infrastructure, product releases and partnership acquisitions, taking Everdome from concept to a business with real ROI and a vibrantly active metaverse community on a global scale. GEM has been much more than a financial partner; they have been supportive throughout our partnership discussions and have helped open doors with new partners and exchanges.’’

USA based Blockchain enterprise entity and UAE Blockchain Suvik tech to bring Web3 technologies to UAE

USA based Blockchain enterprise entity and UAE Blockchain Suvik tech to bring Web3 technologies to UAE

Blockedge Technologies Inc., an enterprise blockchain technology platform, and UAE based Suvik Technologies FZE, a public blockchain technology company, have signed an MOU ( Memorandum of Understanding) to form a joint venture out of Dubai UAE. The join venture will create tools that empower organization to migrate to Web3 technologies.

Blockedge brings its infrastructure automation platform, expertise to develop decentralized applications and interoperable blockchain solutions. At the same time, Suvik group brings its proprietary trading system for crypto assets and Plugin – a Decentralized Oracle Platform built on XDC Network.

“Web3 is all about building system-backed trust to facilitate trusted peer-to-peer transactions,” said Srinivas Mahankali, Chief Business Officer of Blockedge Technologies Inc. “To accelerate the adoption of Web3 technologies globally, we have come together to leverage each other’s strengths to create the required infrastructure layer to encourage and empower over 1000 organizations in the next three years,” he added.

Vinod Khurana, Co-Founder of Plugin Decentralized Oracle on XDC Network and CEO of Suvik Group added, “The creation of the joint venture between Blockedge and Suvik has come at the right time and place and has the potential to add immense value to the blockchain ecosystem. With this venture, we aim to launch decentralized applications across industries, with an initial focus on Agriculture, Healthcare, Supply chain, and E-commerce”.

The partnership will be converted into a 55:45 joint venture based in Dubai, specifically focusing on the Middle East, Asia Pacific, and North America.

Saudi Arabian Investment fund main investor in OPNX tokenized crypto exchange

Saudi Arabian Investment fund main investor in OPNX tokenized crypto exchange

Saudi Arabian Tuwaiq Investment Fund part of Jadwa Investment Fund has invested a substantial amount in OPNX tokenized crypto exchange for bankrupt crypto companies. KSA based Tuwaiq Investment Fund is a real estate opportunistic fund managed by Jadwa Investment yet as per OPNX they are also a digital asset fund.

The statement was made in an OPNX tweet as they expressed their thanks to investors who had participated in the $25 million raise. As per the tweet, “As we approach the launch of claims for our first estate, Celsius, we’d like to express gratitude to everyone who believed in our mission of helping 20M+ claimants. A special thank you goes to our major investors, including AppWorks, Susquehanna (SIG), DRW, MIAX Group, Merchant Bank International, Token Bay Capital, Nascent, Tuwaiq Limited and many more.”

The tweet goes on to state, “They contributed not just capital, but also incredible feedback throughout the process of refining our vision, product offerings, tokenomics, legal framework & decision to relocate to HK. Token Bay Capital: HK fund specializing in fast emerging web3 startups across Asia Pacific.  Nascent: Early stage venture firm who provided incredible feedback to our team and- Tuwaiq Limited: Saudi Digital Asset Fund.

OPNX exchange aims to tokenize users’ claims to bankrupted crypto companies, allowing them to use bankruptcy claims as collateral to trade perpetuals’.

OPNX will acquire all assets of CoinFLEX including people, tech, and tokens. $FLEX will be the exchange token. As per OPNX website, “ A $20 billion market of claimants is desperately looking for a solution. This list includes FTX, Voyager, Celsius, Genesis, BlockFi, Mt Gox, and our creditors.”

Prior to this OPNX exchange, was recently tagged by Dubai’s VARA (Virtual Asset Regulatory Authority) as not regulated in the UAE, and rumors had surfaced that it was Bahrain sovereign wealth fund that had invested in the company. Yet now it is obvious that it was a KSA fund.

UAE based Venom Blockchain to launch testnet at end of April 2023

UAE based Venom Blockchain to launch testnet at end of April 2023

UAE based Venom Blockchain announced that its testnet would be going live by the end of April 2023. Venom was the first blockchain foundation to be granted a license to operate in Abu Dhabi’s ADGM (Abu Dhabi Global Market).

The testnet is designed to suit both ecosystem users and developers and allows developers to test and debug dApps and blockchain protocols, while providing users with an immersive experience of these applications. As per the news, the Venom team believes that the testnet will encourage innovation and community building within its ecosystem, which is vital for growth and sustainability.

To engage with the Venom testnet, users will need to carry out two simple steps before being able to explore a variety of dApps built on Venom. Simply install the Venom wallet as a Google chrome browser extension or through either the app or Google play store. Secondly, users can jumpstart their journey of testing the Venom ecosystem by claiming testnet VENOM tokens.

The Venom testnet, will feature a diverse array of dApps. Some of these will be native to the Venom ecosystem, such as Venom Scan, while others have been developed by external projects and partners

For developers, Venom is offering the opportunity to try their hand at building on the asynchronous Venom blockchain which boasts ultra-fast speed at 100k TPS, and a dynamic Sharding feature that enhances scalability and network reliability. To kick things off, Venom has curated a repository of developer documentation to equip developers with the necessary tools and knowledge to start building.

Prior to this, UAE based Venom Ventures Fund, a Web3 and blockchain innovation fund managed by Abu Dhabi-based investment fund manager Iceberg Capital Limited, has invested $5 million in Everscale, a premier blockchain platform that aims to solve the scalability issues bogging down the Web3 industry.

The $5 million will be used by Everscale to expand its development teams and boost the number of projects.

The investment came after Venom Ventures Fund announced it was allocating $1 billion to invest in Web3, blockchain and cryptocurrency projects and services. This is the first $1 billion fund for Web3 and Blockchain to originate from the MENA region. Prior to this UAE Cypher Capital had announced its allocation of $200 million for Blockchain, Web3 and Crypto at the end of 2022 and Shurooq Partners had allocated $150 million for the same.

Finally Venom Foundation, announced it was cooperating with DAO Maker, a prominent blockchain growth solutions provider recognized for their Launchpad, to incubate innovative Web3 firms with an emphasis on providing real-world use cases.