ME Jets partners with UAE based digital assets payments provider Hayvn to offer crypto payment services

ME Jets partners with UAE based digital assets payments provider Hayvn to offer crypto payment services

All women luxury jet charter, ME Jets, partners with UAE digital asset service provider Hayvn to offer crypto payment services.

ME Jets Managing Partner Amy Spicer, stated,  “With the crypto world being relatively unknown to us at ME Jets we wanted a company that would offer a lot of support when getting started, and HAYVN did just that.  Our requirement was to partner with a global company with a local presence based here in the UAE,that supports local companies and builds a trusted business relationship. “

HAYVN CEO, Christopher Flinos, added, “Being an all-woman team who saw an opportunity, makes ME Jets pioneers in the aviation industry, much like HAYVN is in the digital asset space. Partnering with ME Jets ensures HAYVN continues our expansion of crypto payments into the aviation charter and brokerage industry, adding further credibility to our global presence and abilities”.

Hayvn’s customers in UAE include DAMAC properties.

UAE crypto mining hardware retailer to invest $300 million in global expansions

UAE crypto mining hardware retailer to invest $300 million in global expansions

Amidst what some might consider as bearish markets especially for the crypto mining industry given high energy prices and decreased value in crypto markets, UAE’s crypto mining hardware retailer, Phoenix Technology is investing $300 million in crypto mining sites across the globe.

As per recent news, Phoenix Technology is developing a large scale site in the United States which will be launched in Q2 of 2023. The site will utilize the latest mining technologies including immersive cooling.

Carl Agren, CEO of Phoenix Technology, stated, “Phoenix Technology is aiming to switch from a regional player in the mining space to a global one. In other words, developing, maintaining, and operating sites all around the world. We have been currently focusing on the North American markets, mainly the US and Canada. However, we are planning on setting foot in other regions to try to identify opportunities in untapped mining areas. We are devoting $300 million to be invested in different sites that are development opportunities, under development, or currently operational.”

The company has also signed a strategic partnership with MicroBT, blockchain and AI entity, making it the exclusive sales partner of WhatsMiner in the MENA region.

Phoenix Technology has claimed that it will develop partnerships with other companies that are also pushing the boundaries of mining, such as gas flaring, to bring more technologically advanced solutions to the local market and globally.

Recently Munaf Ali, founder and CEO of UAE-based Phoenix Group, stated that he believes MENA is fast moving toward crypto and blockchain adoption. In the interview he explains, “The Middle East is fast helping the global diversification of jurisdictions which are friendly to operate in. This goes for countries where crypto firms can set up, whether they are crypto exchanges or mining operations.”

In November 2021, Phoenix Technology announced that it signed one of the world’s largest purchases on record for crypto mining rigs, worth US $650 million. In an interview Munaf Ali stated that Phoenix was part of a project that would be developing a large scale crypto mining farm in the UAE.

The home of Bahrain’s F1 Grand Prix now accepting crypto payments

The home of Bahrain’s F1 Grand Prix now accepting crypto payments

Bahrain international Circuit is now accepting crypto payments using Bahrain’s Eazy Financial services, which has a partnership with Binance.

Using EazyPay, BIC will be provided with POS terminals at BIC outlets that will accept all types of debit and credit cards from Visa and MasterCard as well as the latest methods of payment using crypto assets via Binance application.

BIC is now the first International Circuit in the World to accept crypto assets Payments in a regulated, secure and extremely fast manner. 35,000 fans attended the F1 Grand Prix race in 2022 which is held at Bahrain international circuit.

The benefits of bringing in EazyPay to BIC will ensure simple and effective transaction journeys for customers, with a partner which is able to ensure first-class service.

“We are pleased to have brought on Eazy Financial Services as a POS service provider,” BIC Chief Commercial Officer Sherif Al Mahdy said.

“The services they offer will benefit our operations greatly while offering a smooth, hassle-free experience for our customers. We look forward to further building on our relationship for the benefit of both our companies.”

Nayef Tawfiq Al Alawi, Founder & CEO of Eazy Financial Services, said they are very proud to become the partners of the Bahrain International Circuit, the home of Motorsports in the Middle East, by providing EazyPay competitive, and innovative payment services.

Tameem Al Moosawi, General Manager of Binance Bahrain, said they are excited to welcome ‘The Home of Motorsport in the Middle East’ to the Web 3 Economy stating “This agreement enables BIC to become the first international racing circuit in the world to accept crypto-asset payments through Binance Pay’s partnership with EazyPay, showcasing how the Kingdom of Bahrain is continuously in the forefront, supporting regional & global players in keeping up with global trends.”

In late September 2022, Bahrain EazyPay, a payments solution provider, partnered with Binance’s Binance Pay to launch a regulated and approved crypto payments service offering in the Kingdom.

At the time, Nayef Tawfiq Al Alawi, Founder, MD & CEO of Eazy in Bahrain stated on LinkedIn,  “Now you can pay in stores with any preferred Cryptocurrency using Binance App.  A special thanks goes to Central Bank of Bahrain, Binance and Eazy Financial Services B.S.C (Closed) teams.”

BitOasis beats Binance to it and launches crypto cards with MasterCard in MENA

BitOasis beats Binance to it and launches crypto cards with MasterCard in MENA

UAE based crypto exchange BitOasis, and MasterCard are launching crypto card programs across the MENA region to facilitate day to day usage of cryptocurrencies at points of sale and ecommerce website.

BitOasis customers will be able to convert their cryptocurrency holdings to fiat currency allowing the consumer to easily shop and pay at more than 90 million merchant locations globally. The first BitOasis cards are expected to launch in early 2023 in markets with regulatory approvals.

BitOasis customers, who can also access a range of MasterCard benefits, will be issued with virtual and physical BitOasis cards through a simple and compliant digital on boarding experience via the BitOasis app, allowing them to transact seamlessly physically and online.

BitOasis customer transactions will be enabled to take place in Fiat currency, thereby adding consumer protection – such as provisions for dispute resolution and refunds – which doesn’t exist today when paying with a digital asset. The partnership will address these pain points and further drive customer awareness and crypto adoption in the region. 

Amnah Ajmal, Executive Vice President Market Development, EEMEA, MasterCard, said: “Changes in consumer demand, as they look for new, fast and flexible digital experiences, are fueling an increase in the adoption of emerging payment technologies. With this comes a greater expectation for businesses to provide multiple ways to shop and pay. Through our collaboration with BitOasis, one of the most innovative crypto platforms in MENA, we enable the consumer experience to be seamless by using their cryptocurrencies in a safe and secure environment.”

 Ola Doudin, CEO and co-founder, BitOasis, stated,  “We continue to witness sustained demand amongst our customers for crypto to be integrated into, and relevant, for their daily lives.  Research tells us that 47% of the Middle East population now believe crypto is the future of money. As the largest crypto platform built for the GCC and MENA region, we are delighted to partner with Mastercard to enable BitOasis customers to benefit from the convenience of linking their BitOasis wallets to their BitOasis Mastercard Crypto Cards for use across Mastercard’s global merchant network. Our mission at BitOasis is to enable a new digital financial system that is transparent, inclusive, regulated, and relevant on a daily basis, whilst providing even greater safety and security for cryptocurrency payments. Today’s partnership helps us deliver against our mission”.

It seems BitOasis beat Binance to it. In August Richard Teng head of Binance MENA had stated that they would be close to launching crypto cards with MasterCard in MENA. Since then no announcement. But here is BitOasis all partnered up and ready to go.

The GCC and MENA region very attractive destination for crypto mining

The GCC and MENA region very attractive destination for crypto mining

Crypto mining is an integral part of the development of crypto economies. As the MENA region opens up its economy to digitization and crypto-related activities and as the world is challenged by an ongoing energy crisis, MENA is probing to become an attractive destination for crypto mining.

While the biggest crypto mining markets are currently in the USA, China, Kazakhstan and Canada, the energy crisis and the crypto bear market could help the GCC become a leading crypto mining hub.

Mohamed El Masri, founder and CEO of Permianchain, which operates Bitcoin mining data centers in Canada using wasted energy, states, “The adoption and implementation of blockchain data center infrastructure can support the digital stability and financial security of the GCC region. Hypothetically, the GCC has the opportunity to attract close to $1.0 trillion in economic growth by laying the groundwork for powering the digital economy.”

El Masri confirms the main challenge is calling out the financial regulators, mainly in the financial free zones, to stop taking the “enforceability approach” and take a “regulate-first approach.”

Nonrenewable resources to boost mining 

El Masri also mentions that given that the GCC is an oil and gas-rich region, there is an abundance of natural gas energy being wasted each day. Notably, such gas energy supports the implementation and commissioning of low-cost power plants to attract bitcoin mining companies from all over the world to set up in the region.

According to him, this will allow the region to become a leader in providing field-generated electricity “to power the future digital economy all while reducing emissions and decarbonizing the GCC’s oil and gas sector.”

The World Bank has reported that the MENA region accounted for 40% of the world’s flaring, with Iran, Iraq and Algeria generating 75% of MENA’s flaring. Meanwhile, Saudi Arabia, Kuwait, UAE and Qatar have low flaring intensity.

Adopting new technologies

Munaf Ali, founder and CEO of UAE-based Phoenix Group, involved in crypto mining equipment sales and projects, believes MENA is fast moving toward crypto and blockchain adoption.

“The Middle East is fast helping the global diversification of jurisdictions which are friendly to operate in,” Ali states. “This goes for countries where crypto firms can set up, whether they are crypto exchanges or mining operations.”

Ali confirms that GCC governments have started to address this by recognizing these new business activities and are issuing licenses to crypto market participants.

The Phoenix CEO espoused other benefits, including job creation, the development of a green renewable energy industry, and the generation of crypto/USD for circulation inside the local economy which in turn boosts economic activity.

Growing interest in mining

UAE investment firms have also shown interest in crypto mining investments. Nabyl Al Maskari, executive chairman of Al Maskari Holding, in a panel discussion during the Security Token Summit in June 2022, noted that there will be significant crypto mining investments happening in the UAE.

“We will have significant crypto-mining investments because the UAE is a low-cost energy producer,” Al Maskari certifies. “We are in the solar belt and have nuclear power with two reactors online. We can as such mine green Bitcoin or other tokens that come out.”

During Binance Week 2022, Khalifa AlJaziri, AlShehhi, Commercial Affairs Regulatory Sector Projects advisor at the Ministry of Economy in UAE, claimed that the Dubai World Trade Center Authority (DWTCA) would be legislating the crypto mining sector. He stated, “We are setting the guidelines and rules needed to regulate crypto mining within this crypto framework.

The UAE is not the only country that has shown interest in crypto mining. Oman Investment Authority (OIA) took part in a $350mn equity round in Crusoe Energy Systems. The US firm helps oil and gas producers cut flaring by using stranded natural gas to power cryptocurrency mining. Crusoe systems set up operations in Oman as well. 

Pierre Samaties, global head of Crypto Economy and Energy, reaffirmed that Bitcoin mining in the region is growing.

“Given we have a huge difference between the summer load curve and the winter load curve, Bitcoin mining helps to support renewable energy investments to increase utilization of the asset by using it during downtimes for Bitcoin mining,” Samaties says. The executive says this helps to balance the energy system.

Samaties also affirms that Bitcoin mining is seen as a strategic asset, a cornerstone for building a crypto economy in the region.

For those who would like to read or share this article in arabic it is also on Cointelegraph MENA 

Kevin O’Leary’s Cypher crypto Fund is in partnership with UAE’s Cypher Capital

Kevin O’Leary’s Cypher crypto Fund is in partnership with UAE’s Cypher Capital

In September 2022, Kevin O’Leary announced that he was launching a crypto fund in UAE called Cypher with a lead investor from the UAE, yet he did not mention who. Today it has become public knowledge that the lead investor is no other than UAE Cypher Capital.

Vineet Budki, Managing Partner and CEO of UAE’s Cypher Capital, announced that the fund Kevin O’leary had mentioned at Converge22 was in partnership with Cypher Capital.

In his LinkedIn post he states, “We look forward to an amazing relationship with Kevin O’Leary and Paul Palandijian, CEO of O’Leary Ventures and as always the super human effort of Bijan Alizadeh Founder of Cypher Capital and Munaf Ali, Founder and CEO of Phoenix Group.”

He adds in his post, “The new bigger Cypher Capital fund is coming and we are happy to support the Web3 and Blockchain ecosystem globally and in MENA.”

It seems that the announcement was also made by Alizadeh during Gitex 2022 at TDeFi stage. 

Kevin O’ Leary, nicknamed “Mr. Wonderful”, a Canadian businessman, entrepreneur, and television personality and an advocate of crypto stated at Converge 22, “I recently became a citizen of the United Arab Emirates to work freely in a region that has attracted investment by some of crypto’s heaviest hitters, including exchanges FTX, Binance and Crypto.com. The new all-Web3 fund’s lead investor comes from the United Arab Emirates.  There’s a tremendous amount of capital and interest there to invest in this space.”

UAE Cypher Capital which launched in March 2022 is a private venture capital firm rooted in the UAE and MENA region. At the time of its launch it noted that it had a USD100 million seed fund that would focus on investments in blockchain, crypto and other digital asset projects with genuine value propositions.

At the time Bijan Alizadeh, Founder and General Partner at Cypher Capital stated, “We are very proud and honored to be launching our first and the biggest crypto, digital asset and blockchain private seed fund from the UAE and the Middle East Region.  This fund reflects our vision to be the leading global partner for projects in the blockchain, crypto and the digital asset community. We will collaborate closely with our portfolio projects, offering them access to our network and equipping them with our knowledge, as well as investing alongside other venture capital partners into innovative blockchain, crypto and digital asset projects.”

With this latest partnership it seems that Alizadeh has kept his promise and is working alongside other venture capital partners to help grow the blockchain and digital asset ecosystem.

Cypher Capital had already invested USD1.5 million into UAE’s Crypto Oasis Sentio, showcasing its belief that cooperating with other private venture capital funds builds the blockchain ecosystem. “

The UAE Crypto and Blockchain ecosystem employs 7000 people and DeFi is the next growth segment!

The UAE Crypto and Blockchain ecosystem employs 7000 people and DeFi is the next growth segment!

UAE Crypto Oasis ecosystem published its first annual report entitled the “Crypto Ecosystem in the UAE” with the collaboration of Roland Berger. The report highlighted the growth that the UAE has witnessed in its blockchain crypto ecosystem which has resulted in the employment of 7000 people across 1400 blockchain crypto entities currently operating in the country.

As per the report the number of blockchain crypto organizations is more than 1400 in total where 66 percent are native organizations and 34 percent are non-native. Saqr Ereiqat, Co-Founder and Managing Partner of Crypto Oasis Sentio, the investment arm of Crypto Oasis, told LaraontheBlock, “Based on the information we have the blockchain crypto ecosystem in UAE has employed approximately 7000 people.”

These 1,400 plus ventures are leveraging distributed ledger technologies and related technologies to build and provide new value propositions with Blockchain innovation. Interestingly the report confirms that the UAE is now home to 21 crypto exchanges including big names such as Binance and FTX who are now fully regulated under VARA (Dubai’s Virtual asset Regulatory Authority).

Another interesting finding in the report is the registered location of these blockchain and crypto entities. The majority 489 are based out of DMCC (Dubai Multi Commodities Centre) which was one of the first free zones to develop a crypto center. Interestingly IFZA (International Free zone Authority) houses 150 crypto and blockchain entities, while the Dubai World trade Centre, the home of VARA houses 48.

DeFi one of the biggest sectors in the blockchain crypto space is also mentioned in the report. As per the report DMCC has noted that the total value locked into DeFi protocols was $20 billion at the start of 2021 and increased exponentially to $260 billion by the end of the year.

It is also expected that the global DeFi market will hit $507.92 billion by 2028. The report notes that DeFi projects in the UAE include decentralized platforms that allow you to store, exchange or use assets. While the report mentions news where some platforms will allow POS terminals that will allows DeFi to reach the masses in the UAE.

The ADGM (Abu Dhabi Global Market) recently opened its fifth regulatory laboratory sandbox program inviting fintech organization to pitch their ideas on decentralized applications. This is further stance than DFSA; the regulatory arm of DIFC has taken. DFSA recently came out with its crypto feedback statement where it notes that it will not be undertaking anything in DeFi so far.

Finally according to Roland Berger global survey it found that creating a crypto economy strategy is of high priority for 60 percent of executives. While the top three leading sectors in crypto are telco and tech, automotive, transport and logistics, and Construction & Real Estate.

UAE ranked 4th globally as most favourable crypto economy in Q3 2022

UAE ranked 4th globally as most favourable crypto economy in Q3 2022

In a recent report published by CoinCub, the UAE ranked 4th in the third quarter of 2022 as the most favourable crypto economy globally. Germany ranked 1st place, followed by Switzerland at 2nd place, then Australia in 3rd. USA ranked 7th globally.

The crypto economy rankings compiled by Coincub looked into various factors such as favorable crypto outlook, clear crypto tax rules, more transparent regulatory communications and more to rank countries.

As per the report, Germany although not a tax haven, is considered one of the strongest all-around ‘traditional-tax’ crypto economies that reward long-term crypto holders. German law charges zero tax on crypto holdings of over a year.

Switzerland ranked second with its positive crypto regulatory stance and is home to some of the top crypto organizations in the world.

Australia has shown a great appetite for crypto and the government has been equally supportive of it over the past year, pushing positive crypto legislation along with reasonable tax policy.

As per the report the UAE has enormous tax advantages and rises up on their list from 18 in Q2 2022 to 4 due to rapid turn around on all things crypto.  UAE  has a government driving it towards becoming the leading crypto economy in the Middle East with the prospect of zero taxes to pay on crypto gains for those located within the UAE’s zero tax zone. 

Singapore, on the other hand, has established itself as a crypto powerhouse in Asia, with a significant chunk of the population involved in crypto trading and investment.

The U.S dropped to the seventh spot due to its unfavourable crypto tax policy and lack of clarity on the regulatory end. However, the report highlighted that the U.S is the only country to allow crypto to form part of strategic workplace pensions. With some key crypto regulations legislature under work, the U.S could see a significant improvement in its rankings by next quarter.

In terms of growth the USA added over 100 new crypto-related companies, with the UK adding 21, Singapore 13, and Switzerland 10 in Q3 of 2022. The world also saw the addition of some 540 new crypto coins, 52 crypto exchanges of which 43 are decentralized, and 233 new crypto companies.

US still leads the top of crypto economies overall, followed by Singapore.

VC firm Brinc offers crypto and Blockchain entities in UAE’s DMCC access to $150 million fund

VC firm Brinc offers crypto and Blockchain entities in UAE’s DMCC access to $150 million fund

Global VC firm Brinc has offered crypto entities residing in UAE’s DMCC ( Dubai Multi Commodities Centre) Crypto centre access to a $150 million accelerator fund.

Brinc is a portfolio company of Animoca Brands, a global leader in Web3 and blockchain investment.

Members in the crypto centre at DMCC will  gain access to Brinc’s global network of innovative start-ups as well as business mentoring services from their new office in DMCC. The partnership will support the long-term and rapid growth of the companies that develop Web3 and blockchain technologies and associated value-added services at the DMCC Crypto Centre.

By providing an unparalleled environment for crypto entrepreneurs, SMEs and multinationals, the DMCC Crypto Centre has attracted over 450 crypto firms since its launch in 2021, making it the largest concentration of blockchain and Web3 businesses in the region.

 The DMCC Crypto Centre members operate in a broad range of sectors, using blockchain and Web3 technology in areas such as financial services, healthcare, entertainment, gaming and sustainability.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, stated, “We are proud to be partnering with one of the world’s leading VC firms in this space, and to meet the growing demand from our members to access funding, while also providing access to Brinc’s well-connected ecosystem. With so many global challenges occurring simultaneously, major businesses are focused more than ever on accessing state-of-the-art infrastructure within a comfortable working environment, which is exactly what DMCC strives to provide.”

Manav Gupta, Founder and CEO of Brinc, added,  “The newly launched Dubai Metaverse Strategy aims to support over 40,000 virtual jobs by 2030; while Dubai’s plan to use cutting- edge technology to improve efficiency and sustainability vastly appeals to Brinc, whose mandate since inception has been to discover and enhance businesses that creatively solve global problems. Our partnership with the DMCC will reveal a new pool of Web3 entrepreneurs and enable us to identify, empower, and invest in start-ups that shape the future based on a shared thesis and set of ideals.”

Yasin Aboudaoud, CDO and MP of Brinc MENA, commented “Brinc has an exceptional track record working with incredible partners such as the DMCC to progress innovative startups in a way that redefines sustainability while delivering tools, networks, and knowledge to some of the world’s most promising and innovative founders. Collaborating with the DMCC and its vibrant community at a time when MENA is welcoming blockchain and digital asset innovation is a hugely exciting prospect. The ability to build networks in Web3 – where community is king – will be invaluable to our mission.”

In H1 2022, DMCC broke all previous records by attracting 1,469 new member companies. Owing to the leading environment provided at the Crypto Centre, over 14% of these new company registrations were related to crypto activities.

UAE Venom Blockchain now has its own Virtual asset Exchange, Venomex

UAE Venom Blockchain now has its own Virtual asset Exchange, Venomex

UAE based Venom Blockchain which recently received a license from ADGM ( Abu Dhabi Global Market)  in early October 2022, now has a regulated virtual asset exchange on its roster, Yoshi Markets,  renamed to Venomex.

In March 2022, Yoshi Markets previously known as Arabian Bourse Limited (ABX), received the Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). The FSP allowed Yoshi Markets to operate as a Multilateral Trading Facility (MTF) and Custodian for virtual assets.

Now Yoshi Markets has renamed itself to Venomex, reflecting the recently approved Venom Blockchain platform, which will allow the provisioning of virtual assets and blockchain based services. Venom blockchain is building the first NFT marketplace in the UAE from ADGM as well as the issuance of first fiat backed stablecoin.

Mustafa Kheriba, the Executive Chairman of Venomex, stated, “This is an exciting time for us at Venomex. The new name and brand will further position Venomex as an entity that aims to harness the potential of Virtual Assets and Blockchain in a much more impactful manner. With the new name, we plan to unveil services that will have multi-faceted use cases and benefits for our customers and strategic partners alike.”

Arshad Khan, CEO of Venomex, added, “We are extremely happy to announce the new name. As the Virtual Assets landscape is shaping up in the UAE, owing to the clarity of regulations and emergence of multiple ventures in this space, we see the rebranding initiative as the first step towards becoming an end-to-end ecosystem player. I would like to thank the Venomex shareholders and the FSRA for their continuous support and guidance.”

Venomex Limited is a Multilateral Trading Facility (MTF) and Custodian, based in Abu Dhabi Global Market (ADGM) and has received FSP from Financial Services Regulatory Authority of ADGM. As a virtual asset MTF and Custodian, Venomex aims to be a preferred venue for virtual assets listing, trading, settlement and custody and will offer a fully integrated ecosystem to institutional, HNI and retail investors.