Cardano accelerator invests in KSA startup using USDC stablecoin for payments

Cardano accelerator invests in KSA startup using USDC stablecoin for payments

Singaporean Blockchain venture fund and Cardano accelerator, Adaverse, with offices in KSA, UAE, has strategically invested in Sorbet, a Saudi Arabian startup geared towards helping freelancers to manage and transact with clients. Sorbet uses Circle Payment services, better known as stablecoin USDC to help clients and freelancers carry out instant payments.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UAE based decentralized credit intelligence platform appoints blockchain expert

UAE based decentralized credit intelligence platform appoints blockchain expert

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

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


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

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


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


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


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

UAE Phoenix Group for crypto mining and blockchain reveals 166 percent year on year growth

UAE Phoenix Group for crypto mining and blockchain reveals 166 percent year on year growth

UAE headquartered, Phoenix Group PLC a provider of web3, crypto, and blockchain technologies in the region, announced financial results for the first quarter of 2024 with a Q1 net income of $66.2 million, a growth of 166% year-on-year.

As per the press release, total assets surged by 237% year-over-year, soaring to $879.3 million from $261 million. ⁠The quarter-over-quarter growth in total assets stands at 5%, while revenue experienced an 18% quarter-on-quarter increase, reaching $68.9 million.

In addition gGross profit saw a robust 82.8% quarter-on-quarter rise, amounting to $23.28 million, while tTotal comprehensive income expanded by 312% year-on-year to $102.28 million and by 33.7% quarter-on-quarter. As such the earnings per share for Q1 2024 amounted to $0.011.

“We are immensely proud of the remarkable strides we have made in the first quarter of 2024,” stated Seyed Mohammad Alizadehfard, Co-Founder and Group CEO of Phoenix Group. “Our robust financial results underscore the resilience and effectiveness of our business model, as well as our dedication to delivering exceptional value to our stakeholders. As we move forward, our commitment to innovation, strategic investments, and sustainability remains strong. We are confident that these focal points will not only help us achieve our long-term objectives but will also further cement our standing as a pivotal player in the web3 domain.”

Echoing this sentiment Mr. Munaf Ali, Co-founder & Group Managing Director added “Sustainability is a core principle that underpins our operations. We are diligently focusing on optimized energy solutions and exploring new technologies to minimize the environmental footprint of our crypto mining activities. We are convinced that responsible business practices are critical for long-term success, and we remain dedicated to advancing to a more sustainable future for the industry.”

UAE crypto broker BitOasis uses Sumsub for AML and KYC Compliance

UAE crypto broker BitOasis uses Sumsub for AML and KYC Compliance

UAE regulated crypto broker platform BitOasis will be using Sumsub, a full cycle verification platform providing customizable KYC, KYB, transaction monitoring, and AML solutions.

BitOasis has chosen Sumsub for crypto identity verification and AML screening for crypto compliance. Having recently reopened its platform to new retail and institutional users, this partnership with Sumsub will enable BitOasis to further enhance its user onboarding process while ensuring full compliance with strict AML and other regulatory requirements.

“We are excited to start working with Sumsub, a global leader in verification, anti-fraud and compliance. Sumsub will enable us to further strengthen the stringent controls we use to protect our users and ecosystem from illicit activities and support us in ensuring continued full compliance with evolving AML regulations. By implementing Sumsub’s KYC and AML Screening solutions, we make sure to provide the best user experience to our customers in the Middle East and beyond,” says Stanford Cardoz, AML Director at BitOasis.

“We are thrilled about our collaboration with BitOasis, a leading crypto platform in the Middle East,” comments Peter Sever, co-founder and Chief Strategy Officer of Sumsub. “We are proud to join BitOasis’ mission of building infrastructure for a new digital financial system based on cryptocurrencies, a system that is transparent, inclusive, compliant and secure.”

BitOasis recently received its active MVP Operational license from Dubai’s virtual asset regulatory authority, one step towards receiving a full license.

BitOasis noted that it holds and sells 60+ cryptocurrencies adding that since its launch, it has processed more than $6 billion in trading volume and raised more than $40 million dollars in funding from leading regional and global investors, such as CoinDCX, Wamda Capital, Jump Capital, Pantera Capital, and Global Founders Capital.

Tether signs MoU with UAE RAK DAO for stablecoin adoption

Tether signs MoU with UAE RAK DAO for stablecoin adoption

Tether Operations Limited, creators of USDT digital currency has signed a Memorandum of Understanding (MoU) with RAK Digital Assets Oasis (RAK DAO). As per the press release this is the first step towards the launch of several strategic initiatives to help foster the adoption of Bitcoin technology and stablecoins in Ras Al Khaimah (RAK) UAE.

In collaboration with RAK DAO, Tether will help facilitate crypto payment adoption in the region and design blockchain-focused education programs.

Through its recently launched educational arm, Tether Edu, Tether will develop initiatives for individuals of varying skill levels covering cutting-edge fields such as Bitcoin, blockchain, peer-to-peer technologies, stablecoin adoption, and real-world use cases of crypto.

To date, RAK DAO has attracted interest from more than 100 businesses, as well as many Indian based tech entities. As a result, Tether will collaborate closely with RAK DAO on comprehensive initiatives designed to educate and empower local businesses, opening up new avenues for growth and innovation.

“Tether is proud to collaborate with RAK DAO to realize the promise of Bitcoin and blockchain technology in the region,” said Paolo Ardoino, CEO of Tether. “As home to the world’s first and only free zone dedicated to the proliferation of digital asset endeavors, Ras Al Khaimah is in a prime position to become the region’s leading hub of blockchain technology and innovation, and Tether is committed to working with RAK DAO to make this dream a reality.”

Commenting on the collaboration, Dr. Sameer Al Ansari, CEO of RAK DAO, stated: “This collaboration with Tether marks a pivotal moment in RAK DAO’s journey towards becoming a leading hub for blockchain innovation. By harnessing the power of Bitcoin technology and cryptocurrencies, we aim to drive economic growth, foster financial inclusion, and position RAK DAO as a global leader in the digital economy.”

Rain crypto exchange issues statement with regards to lost funds

Rain crypto exchange issues statement with regards to lost funds

In a blog post, RAIN Crypto exchange regulated in both Bahrain and the UAE issued a statement replying to the report by ZachXBT that the exchange had likely been exploited for $14.8 million, addressing the security incident involving the exchange. They noted ” We would like our customers to know that the situation has been resolved. We assure you that we have already taken all the necessary steps to address this matter to protect customer funds.”

The crypto exchange was replying to the news circulating that “It appeared the crypto exchange Rain was likely exploited for $14.8M on April 29, 2024 after their BTC, ETH, SOL, and XRP wallets saw suspicious outflows. Funds were quickly transferred to instant exchanges and swapped for BTC and ETH.”

RAIN added, “Customers’ funds are under custody, fully accounted for, and held on a 1:1 basis. This means that all your fiat currency and crypto assets are held with the highest standards of security and regulatory compliance. Rain Management W.L.L is licensed and regulated by the Central Bank of Bahrain and Rain Trading Limited is regulated by the ADGM Financial Services Regulatory Authority, which means we maintain a 1:1 asset-to-funds ratio in line with regulatory requirements.”

The blog noted that as soon as RAIN became aware of the incident it isolated the issue and put additional controls to strengthen their security.”

Moreover RAIN confirmed that it had “covered any potential losses resulting from this incident, ensuring that customers’ interests remain protected.”

RAIN also stated that there operations are uninterrupted including crypto buy and sell, send, receive, along with fiat deposits, and withdrawals.

In conclusion RAIN commented, “We are committed to upholding the highest standards of security and regulatory compliance. In response to the incident, we have taken immediate steps to further strengthen the security of our platform. We are also fully cooperating with the relevant legal and regulatory authorities and specialist advisors to ensure that this issue is handled appropriately.”

Fils partners with Arab Financial services to embed sustainability in business models

Fils partners with Arab Financial services to embed sustainability in business models

Fils, a UAE based enterprise-grade digital infrastructure provider enabling companies to embed sustainability and climate action into their business models using technologies such as Blockchain has partnered with Arab Financial Services (AFS), the Middle East and Africa region’s leading digital payment solutions provider and fintech enabler.

As per the press release, the collaboration marks a significant step towards fostering sustainable practices and driving climate action across industries in the region. Leveraging Fils’s state-of-the-art fintech technology and AFS’s expertise and regional leadership position in digital payments, the partnership will be key to helping integrate sustainability seamlessly into businesses’ operations, customer journeys, and financial transactions.

AFS, which has offices in Bahrain, Egypt, Oman, and the UAE, offers digital payments solutions and fintech, serving over 60 clients across more than 20 countries in the Middle East and Africa region. Fils’ partnership with AFS enables a significant proportion of banks, financial institutions, and organizations in the MEA to track and mitigate their emissions, aiding the global transition to a low-carbon economy.

Samer Soliman, CEO of AFS commented, “We are proud to join forces with Fils in a strategic partnership to drive sustainable solutions within the digital payments landscape. This collaboration directly supports our ESG strategic goals by accelerating their implementation. As a leading digital payments provider, we embrace the responsibility to drive sustainability not only for ourselves but also empower our partners and clients to achieve their own environmental ambitions.”

Nameer Khan, CEO of Fils, said, “We are thrilled to embark on this strategic partnership with Arab Financial Services. By combining our advanced digital infrastructure with AFS’s leadership in electronic payments outsourcing, we have a unique opportunity to drive positive change across industries in the MENA region. Our shared commitment to sustainability and climate action will not only transform business operations but also redefine the landscape of responsible finance in the region and beyond.”

Key highlights of the partnership between Fils and AFS include:

  • Sustainable Digital Transformation: Fils’ enterprise-grade digital infrastructure will empower AFS to seamlessly integrate sustainability and climate action into its payments ecosystem. This includes developing innovative solutions that contribute to reduced carbon footprints and environmental impact.  
  • Green Financial Products: The collaboration will explore opportunities to introduce sustainable financial products, with a specific focus on Islamic Credit Cards. By incorporating environmental, social, and governance (ESG) principles, both organisations aim to set new industry standards for responsible and ethical financial services.
  • Enhanced Customer Experiences: Fils and AFS will work together to enhance customer journeys by providing eco-friendly and sustainable options for electronic payments. This includes the development of user-friendly interfaces that promote responsible consumer choices and a positive environmental impact.
  • Industry Leadership in Sustainability: As pioneers in their respective fields, Fils and AFS will lead the financial and digital industries in the MENA region towards a more sustainable future. By combining their strengths, the partnership seeks to inspire businesses to prioritise sustainability in their business strategies and take measurable action to tackle climate change.

Fils’ partnership with AFS is hot on the heels of an impressive roster of collaborations so far this year. Exciting partnerships with e& Enterprise, Mashreq Bank and Flowcarbon have cemented Fils’ place as a global leader in sustainable financial infrastructure.

In addition Fils recently announced its expansion into Pakistan through a partnership with TPS, a digital banking and payments solution provider that powers banks, digital banks, FinTechs, payment processors, merchants, and telecoms around the world. The collaboration aims to make a lasting impact on the international stage, embedding climate action at the core of digital financial services.

A new Blockchain infrastructure company sets up in Abu Dhabi UAE

A new Blockchain infrastructure company sets up in Abu Dhabi UAE

Blockdaemon, an institutional-grade blockchain infrastructure company, has expanded its presence in the UAE, setting up an office and establishing an entity in Abu Dhabi under Registration Authority of Abu Dhabi Global Market (ADGM). Prior to that Blockdaemon became of corporate member of the crypto Oasis ecosystem in Dubai.

Blockdaemon is known for their independent blockchain node infrastructure that delivers institutional-grade security and monitoring. They drive the blockchain economy forward by making it easier to deploy nodes and creating scalable enterprise blockchain solutions via APIs, high availability clusters, auto-decentralization and auto-healing of nodes.

The expansion to operate and provide Web3 infrastructure solutions in the UAE will include making available its node and validator infrastructure solutions locally, as well as their self-hosted MPC wallet technology.

“This marks a significant stride for Blockdaemon in bolstering its presence in the UAE and deepening our partnership with local regulators and clients,” said Amor Sexton, COO of Blockdaemon. “With Blockdaemon receiving approval from the Registration Authority of ADGM, we are not only solidifying our foothold in the region as the leading Web3 infrastructure provider but also affirming our commitment to supporting institutions with blockchain infrastructure. This approval underscores our dedication to operating with integrity and trustworthiness.”

Konstantin Richter, CEO and Founder of Blockdaemon commented, “As we continue to expand our operations and deepen our partnerships across the globe, this milestone paves the way for greater collaboration and innovation in the UAE’s vibrant blockchain ecosystem. We are excited about the opportunities ahead and remain steadfast in our mission to empower businesses and organizations with secure and scalable blockchain infrastructure solutions.”

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We congratulate Blockdaemon on receiving their licensing from ADGM to establish their presence in Abu Dhabi. The decision of a prominent institutional-grade blockchain infrastructure company to expand in this region with ADGM underscores the progressive regulatory environment offered by our international financial centre, as well as the significant potential and demand within the blockchain and Web3 sub-cluster and associated services. ADGM has been a pioneer in creating an ecosystem conducive to the growth and success of companies like Blockdaemon, and we eagerly anticipate the opportunities they can unlock within this region.”

Blockdaemon expanded into the Asia-Pacific region in February 2022 and shortly thereafter in March 2022, expanded to the EMEA region.

More and more blockchain infrastructure providers are setting up in the UAE specifically in Abu Dhabi. They include names such as IoTa which recently set up its headquarters in ADGM.

DWF Labs and Binance refute any claims of crypto market manipulation or cover up

DWF Labs and Binance refute any claims of crypto market manipulation or cover up

DWF Labs, a proprietary high frequency trading firm with offices in UAE, China, Singapore, and Hongkong as well as Binance the biggest crypto exchange globally have vehemently denied all accusations made in a recent article in the Wall Street Journal that there was market manipulation and an ensuing cover up.

The WSJ article discussed accusations that DWF Labs had carried out market manipulation allegedly discovered by a now ex-employee of Binance.

As per the article the fired employee, along with his team, was tasked with identifying and investigating suspicious trading activities. They reported that certain “VIP” clients, including those trading over $100 million per month, were engaged in prohibited practices such as pump-and-dump schemes and wash trading.

Wash trading is a type of market manipulation that can artificially inflate prices and lead investors to believe there is greater market liquidity than there actually is. Widespread crypto wash trading profoundly distorts markets, erodes investor trust, and skews financial market indices

The unnamed former Binance insider claimed that the exchange’s investigators identified $300 million worth of wash trading by DWF Labs in 2023, involving cryptocurrencies including the Yield Guild Game (YGG) token.

Binance concluded that the evidence of market abuse by DWF Labs was insufficient. As per WSJ article shortly after the report was submitted, the head of the surveillance team was dismissed.

The allegations against DWF Labs first surfaced in September 2023 after unusual on-chain activity was noted by the cryptocurrency community. Wintermute, another algorithmic trading firm, accused DWF Labs of misrepresenting their market activities. Yoann Turpin, co-founder of Wintermute, criticized DWF Labs during an interview at Token2049, arguing that they mislabel what are essentially over-the-counter trades as investments

In reply to these accusations both Binance and Dubai based DWF Labs have come out with statements denying these charges and defending their practices.

In a blog post on DWF Labs website, the firm noted, “DWF is a proprietary high-frequency trading firm founded in 2018 by a collective of academically distinguished researchers and professional quantitative traders from a top proprietary trading firm. Our organisation has deep expertise in artificial intelligence, machine learning, and advanced statistical methods, all of which we harness to execute high-frequency trading strategies across a vast array of digital asset products, including spot, perpetual contracts, and options markets. Our trading activities span over 60 centralised and decentralised venues, making DWF a prominent player in the financial technology landscape.”

The blog adds,” From day one, our goal has been to always uphold the highest standards of transparency, trust, and integrity.”

DWF Labs is trusted by over 700 companies, platforms, and institutions. The company states that it provides liquidity to markets for more than a quarter of the 100 largest crypto-native projects and our reach spans across the entire crypto ecosystem. They note that they are committed to supporting bold entrepreneurs by providing liquidity, contributing to Total Value Locked (TVL), operating validator nodes, and making venture investments.

DWF Labs cooperated with DMCC (Dubai Multi Commodities centre) to support crypto startups and was named most active lead investor in 2023. It is also Bybit’s top liquidity provider according to their statements.

DWF Labs claims in its blog post that it has supported the integration to institutional wallets: TON <> Fireblocks , Conflux <> Fordefi, as well as Hackathons: TON, Viction, Conflux (U-Hack), Bybit x DMCC x DWF Labs including ecosystem funds and grants: Airdao, ZigCHAIN, TON, Theta, Algorand, Flare, EOS, Floki, API3, Kava, Gala Chain, Klaytn.

In a strong worded sentence, DWF Labs stated, “Establishments and fake media will not root the movement that Bitcoin started in 2009. We are in crypto for the very reasons why the establishments want to get rid of us.”

On another front Binance also faced the allegations with their own statement saying “Binance emphatically rejects any assertion that its market surveillance program has permitted market manipulation on our platform. We have a robust market surveillance framework that identifies and takes action against market abuse. Any users that breach our terms of use are off-boarded; we do not tolerate market abuse.”

Binance notes that over the last three years its team has offboarded nearly 355,000 users with transaction volumes of more than $2.5 trillion for violating their terms of use.

The crypto exchange added, “We have 190 million users. They can rest assured we do not favour any individual user, no matter how big, over the safety of the platform.  That said, these are not decisions we take lightly. We do deep investigations, using multiple tools, and only offboard clients when there is sufficient evidence, they have violated our terms of use. A recent independent investigation from Inca Digital into Binance’s market surveillance practices validates the effectiveness of our approach, finding “minimal signs of anomalous trading activities.”

Whether these allegations are part of a wider 21st century witch hunt or whether these are true representation of reality, what is for sure is that the crypto ecosystem as it grows is coming under increased pressure from the establishment!