Web3 Bank Klickl headquartered in UAE raises $25 million

Web3 Bank Klickl headquartered in UAE raises $25 million

UAE regulated Klickl International offering Web3 banking services, has closed an oversubscribed $25 million Series A funding round. This latest achievement brings Klickl’s valuation to $125 million.

The round was co-led by prominent Web3 investors Web3Port Foundation and Aptos Labs, joined by notable participants including Summer Ventures, Heritage Horizon Capital, V2 Capital, Alpha Square Group, Heng Feng Group, Trend Investment, and Bond Group.

This funding milestone positions the Web3 Blockchain enabled bank for accelerated growth in the burgeoning global Web3 banking space. Klickl Labs will spearhead strategic joint ventures leveraging its Web3 banking services, virtual asset servicing, and crypto payments/brokerage platform, targeting high-growth markets in the Middle East and Africa and act as an incubator for high-impact ventures, fostering scalable solutions in cross-border remittance and digital payment infrastructure.

Meanwhile, Klickl Foundation will channel investments into the Klickl Web3 ecosystem, setting new benchmarks for the PayFi industry.

Web3Port Foundation, a renowned investment and accelerator platform supporting over 1,000 Web3 projects, will play a pivotal role in Klickl’s expansion. As a founding strategic partner, Web3Port will serve as a Limited Partner for the Klickl Foundation’s Web3 Fund and leverage its expertise in tokenomics to drive mass adoption of Web3 technologies.

Bobby Zhou, Chairman of Web3Port UAE, commented, “We are thrilled to support Klickl in its journey to redefine global Web3 banking services. This partnership also marks a significant step in our UAE expansion strategy. In 2024, Web3Port has partnered with RPG Holdings in Abu Dhabi and 19 leading VC firms to establish a stronger Web3 presence in the UAE. Together with local government and regulators, we aim to foster rapid innovation and community growth in the Web3 ecosystem.”

The Aptos Network is a Layer 1 blockchain, renowned for its breakthrough technology and Move programming language. Aptos Network is designed to continuously evolve, deliver exceptional performance, and reinforce user security safeguards. It is the first blockchain to achieve sub-second end-to-end (E2E) latency, setting a new standard in blockchain performance.

Michael Zhao, Founder and CEO of Klickl, stated,“The support from Web3Port Foundation, Aptos Labs, and our long-term investors — including Summer Ventures, Heritage Horizon Capital, V2 Capital, Alpha Square Group, Heng Feng Group, Trend Investment, and Bond Group— highlights the strength of our vision. This funding empowers us to expand our Web3 banking services, focusing on emerging markets across MENA and beyond. We are especially grateful to the local authorities for their forward-thinking regulatory support under ADGM, which has been instrumental in positioning Klickl as the region’s first fully licensed Web3 banking service, offering crypto custody and brokerage solutions.”

Zand Bank now a licensed crypto custodian in UAE

Zand Bank now a licensed crypto custodian in UAE

UAE based Zand Bank, an AI powered digital bank, has received a full VASP license from Dubai’s virtual assets regulatory authority (VARA) allowing it to offer crypto custodial services. The license allows Zand to offer crypto and digital asset custodial services to institutional investors and qualified investors.

Zand, the AI-powered bank for the digital economy and first fully licensed all-digital bank in the United Arab Emirates was founded to support the digital economy and bridge the gap between Traditional Finance (TradFi) and Decentralized Finance (DeFi).

Mohamed Alabbar, Chairman of Zand, commented: “This approval from VARA is a milestone for Zand and the UAE’s digital economy. It reflects our commitment to bold innovation and sustainable growth. Our mission is to establish Zand as a cornerstone of the UAE’s evolving financial landscape, contributing to the nation’s ambition to be a global financial powerhouse.”

Michael Chan, CEO of Zand, added: “We would like to extend a heartfelt token of appreciation to VARA for their continued support of Zand. Our Digital Asset Custody service is a significant step in UAE banking. By providing institutional-grade security for digital assets, we are equipping our clients with the tools they need to thrive in the digital economy. The upcoming launch of Zand’s AED-backed stablecoin will further enhance our ability to integrate TradFi and DeFi, reinforcing our leadership in this space.”

Zand Bank has been chosen by several crypto exchanges and brokers who are working in the UAE as their digital banking partner. With Zand’s new crypto custodial license, VARA would have licensed three crypto custodians, Zand, Hex Trust, and Komainu.

Zand Bank has been growing its presence and offering within the UAE and GCC region. It has signed several partnerships over the past year, the last being with Paymentology.

Paymentology and Zand will enable fintech entities to thrive by offering a range of specialized services, including BIN-sponsorship, virtual IBANs, and Client Money Accounts. These services are designed to help fintech entities launch and scale faster, providing them with the infrastructure to bring their solutions to market efficiently.

The timing aligns with the UAE government’s push to establish a strong digital economy through the UAE Digital Economy Strategy, which aims to double the sector’s contribution to the nation’s GDP from 9.7% (April 2022) to 19.4% over the next decade.

Additionally, IDA, a Hong Kong-based stablecoin issuer, also partnered with UAE Zand Bank, to offer cost-effective and efficient cross-border transactions across the Belt and Road regions and BRICS Plus. As per the press release both entities aim to provide businesses with streamlined 24/7 digital payments.

Updated Dec 14th with quotes

UAE gets its first AED stablecoin approved

UAE gets its first AED stablecoin approved

The first AED (UAE Dirham) stablecoin has been approved by the Central Bank of the UAE and is set to launch soon according to AE Coin’s X post. The AE Coin will be the first AED ( Dirham backed) stablecoin to be licensed in the UAE. While Tether who announced early on its intention to launch its AED stablecoin has not yet even received initial approval.

The AE Coin promises an instant, secure, stable, innovative, low-cost, and efficient payment experience that will reshape the future of the digital economy. A few months earlier the AE Coin had announced it received preliminary approval from the Central Bank.

AE Coin aims to empower individuals and businesses to access modern financial tools, fostering financial inclusion, and supporting innovation in industries such as e-commerce, remittances, and decentralized finance (DeFi).

Ramez Rafeek, General Manager of AED stablecoin, remarked, “AE Coin harnesses the speed and efficiency of blockchain technology, offering instant, secure, and cost-effective transactions. It simplifies transfers, making them faster and more seamless. In a rapidly evolving digital world, AE Coin sets a new standard for trust, security, and innovation in digital currency.”


According to Chainalysis, the stablecoin market in the UAE has grown significantly in 2024. Through the first half of the year, the value of stablecoins received by services (particularly CEX and DEX) in UAE totaled over US$9.8billion, a 55% spike over the US$6.3billion received over H1 2023.

Stablecoins now account for the largest share of crypto activity in the UAE (51%), which stands significantly higher than both Bitcoin (19%) and Ether (9%), which are typically considered to be the most recognized and popular cryptocurrencies.

Also Circle the issuer of the USDC stablecoin just announced the opening of its offices in ADGM and its partnership with Lu Lu Fin.

VARA the virtual asset regulatory authority in Dubai issues alerts for seven crypto entities

VARA the virtual asset regulatory authority in Dubai issues alerts for seven crypto entities

Dubai’s Virtual Assets Regulatory Authority (VARA) has issued alerts for seven crypto entities claiming to be registered and licensed in Dubai. The entities include, Koto Crypto, Finchain, Crypto Force, Coin Cashy, BTC Bay, XT, and Stabit.

The first entity is Koto Crypto based out of DMCC (Dubai Multi Commodities Center). As per VARA the company which claims to be registered in Dubai UAE, is carrying out non regulated virtual asset activities operating without a proper license.

As per the notice, “Any activities related to virtual assets conducted on this platform are therefore not in compliance with VARA Regulations. Engaging with unlicensed platforms that are not in compliance with VARA Regulations exposes users to significant financial risks and potential legal consequences for violating regulatory requirements, or criminal laws.”

The same applies to Finchain Payment Service Provider L.L.C. and Finchain Technologies DMCC also claiming to be registered out of DMCC. On checking FinChain website, it is no longer operational, claiming they are undergoing maintenance.

Also mentioned is Crypto Force registered as well in DMCC, which is conducting un-regulated virtual asset activities.

In addition VARA issued alerts for Coin Cashy, BTC Bay, whose website is also no longer active, as well as XT.Com crypto exchange which was recently hacked.

XT.com is a centralized cryptocurrency exchange established in 2018 and is registered in the Seychelles. The exchange facilitates trading of more than 1,000 digital currencies, with daily trading volumes of around $3.4 billion.

As for the 7th crypto entity put under alert status is Stabit, associated to Genesis Digital Assets Commercial Brokers Co. L.L.C, also offering un-regulated crypto trading services.

All these entities are unlicensed as per VARA and as such are not operating legally in the jurisdiction.  As such any promotion, advertising, or solicitation related to these seven entities has not been approved by VARA, and the platform is therefore prohibited from offering, promoting, or marketing any Virtual Asset products or services in Dubai or to its residents.

VARA advised investors and consumers to avoid using them and to exercise caution when considering interactions with unregulated platforms.

The regulator also notified users that access to these websites might be restricted without prior notice. As per the regulator, “It is recommended to take immediate necessary measures to ensure protection of user assets.

The alerts come after VARA has announced in October that it issued cease-and-desist orders, along with accompanying fines, to 7 entities for operating without the required licenses and for breaching marketing regulations.

Adaverse invests in Saudi sports tech company Grintafy

Adaverse invests in Saudi sports tech company Grintafy

Adaverse, Saudi based ecosystem accelerator and seed fund, has made a strategic investment in Grintafy, the Middle East’s premier football sports tech company to support its transition from a Web2 company to Web3 using blockchain technology.

Grintafy, established in 2019, has rapidly grown to become the go-to platform for amateur footballers, boasting over 2 million users across its ecosystem. The company’s approach to creating digital CVs for players has garnered partnerships with federations, ministries, and both local and international clubs.

Vincent Li, Managing Founder of Adaverse, expressed enthusiasm about the investment: “Grintafy’s vision aligns perfectly with our mission to support transformative Web3 projects. Their established presence in the sports tech industry, combined with their forward-thinking approach to blockchain integration, presents an exciting opportunity for growth and innovation in the Web3 space.”

The investment is set to accelerate Grintafy’s Web3 transition. Adaverse will provide crucial support in product development, particularly in integrating Web3 native features and enhancing user experience. Additionally, the partnership will facilitate connections with global resources, including football clubs and media networks, and assist in future fundraising efforts.

Majdi K. Allulu, founder of Grintafy, commented on the partnership: “Adaverse’s investment and expertise in the Web3 ecosystem will be instrumental in our evolution. We’re excited to explore how blockchain technology can enhance our platform, providing even more value to our users and partners in the football industry.”

This investment follows Grintafy’s previous backing from Chiliz, a major blockchain sports entertainment company, further solidifying its position at the intersection of sports and technology. The company plans to leverage these partnerships to expand its global footprint and introduce innovative features that will redefine talent discovery in football.

This investment follows Grintafy’s previous support from Chiliz in March 2024. Grintafy raised $2.1 million in a bridge round in 2022 from Aramco’s venture capital arm, Wa’ed, along with other investors.

Sidra Chain gets accepted into Qatar’s digital assets Lab

Sidra Chain gets accepted into Qatar’s digital assets Lab

SIDRA and its SIFRA Chain have been accepted into The Qatar Financial Centre (QFC) digital assets Lab. In an X post, Engineer Hossam Shaaban noted that QFC has made significant strides in its mission to foster a thriving digital assets ecosystem.

He stated, “The recent announcement of 24 innovative firms joining the inaugural QFC Digital Assets Lab marks a pivotal moment in this journey. Among these pioneering companies, SIDRA and SIDRA Chain stand out as prominent players, showcasing the potential of Qatar to become a global hub for blockchain technology.”

SIDRA, develops blockchain solutions. Its subsidiary, SIDRA Chain, offers a comprehensive suite of blockchain-based products and services, including tokenization, BaaS, and supply chain solutions.



The 24 participants in the Lab represent a diverse range of sectors, including finance, real estate, and supply chain management. Their innovative solutions have the potential to revolutionize the way we conduct business, improve transparency, and enhance efficiency.

Since the launch of the QFC Digital assets Lab, more than 24 startups have been accepted, including Ripple backed Ryzer Blockchain, DMZ Finance and more.

Mbank launches first blockchain enabled national debit card in UAE

Mbank launches first blockchain enabled national debit card in UAE

In celebration of the UAE’s 53rd National Day, UAE based Mbank (Al Maryah Community Bank) , a digital bank, launched Jaywan Cards, the UAE’s first National Debit Card, on its blockchain enabled Mbank Wallet platform.

As per the press release, the national debit card is powered by advanced blockchain technology. It empowers customers with the ability to pay seamlessly at all POS terminals across the UAE, transfer money internationally with ease, and enjoy zero fees for cash withdrawals. By leveraging the security and efficiency of blockchain, Mbank sets a new benchmark in financial convenience and inclusivity, reinforcing its commitment to innovation and serving the diverse needs of its customers.

The press release added, that the launch of Jaywan Cards reflects Mbank’s commitment to fostering financial inclusion, serving the local community, and enhancing its position in the UAE’s financial ecosystem.

This initiative aligns with the Central Bank of the UAE and Al Etihad Payments’ strategic timeline, supporting the introduction of over 10 million new debit cards into the UAE market over the next two years. Mbank extends its gratitude to Al Etihad Payments for their unwavering support and collaboration, which has been instrumental in bringing this transformative initiative to life and advancing the UAE’s payment infrastructure.

The Mbank Wallet offers a full suite of payment solutions, giving users the ability to manage their finances on the app while using Jaywan Cards for in-person transactions.

The Mbank Wallet is the UAE’s first national digital wallet built on decentralized blockchain technology, offering:

  • Payments Through All POS Terminals in the UAE: Jaywan Cards are widely accepted across the country for seamless transactions.
  • Instant Payments with QR Technology: Secure and quick payments for in-store and online purchases.
  • Cross-Border Transactions: International transfers facilitated through Lulu Exchange.
  • No Bank Account Needed: Customers can send, receive, and request payments using an IBAN, eliminating the need for a bank account.
  • Zero Fees for Cash Withdrawals: A fee-free experience at ATMs, ensuring greater financial accessibility.
  • Digital E-Vouchers: Simplify the process of purchasing gift vouchers from a wide range of top merchants

“As we celebrate the UAE’s 53rd National Day, we take immense pride in introducing a transformative step forward with the launch of Jaywan Cards through the Mbank Wallet,” said Mr. Mohammed Wassim Khayata, CEO of Al Maryah Community Bank. “This groundbreaking initiative is a testament to our unwavering commitment to empowering the nation’s financial landscape, enhancing customer experiences, and driving the UAE’s vision of becoming a leader in financial inclusion and digital innovation.”

He added, “With Jaywan Cards and the Mbank Wallet, we are not just redefining the banking experience but also reinforcing the UAE’s position as a hub for cutting-edge financial solutions. Our focus is on creating meaningful impacts that bring convenience and accessibility to every customer, reflecting the spirit of progress and innovation that defines our nation.”

This announcement comes after AED Stablecoin LLC stated that the Central Bank of UAE provided it with in principle approval to launch and establish its own stablecoin, AE Coin.

Deribit crypto derivatives exchange receives full license from Dubai’s virtual asset regulator

Deribit crypto derivatives exchange receives full license from Dubai’s virtual asset regulator

Deribit, a crypto derivatives exchange, will be launching its spot and derivatives trading in the UAE and migration of all activities towards Deribit’s Dubai-based entity, Deribit FZE, after it has received its full license from the Virtual Assets Regulatory Authority (VARA) of Dubai. It has received its conditional license back in April 2024.

Effective January 1, 2025, all qualified and institutional investors will be welcomed as direct clients of Deribit FZE, while retail clients will continue to be serviced by DRB Panama, now operating as a broker member of Deribit FZE.

As per the press release, this transition reflects Deribit’s focus on regulatory compliance and superior client service, leveraging Dubai’s advanced crypto infrastructure.

Client Transition Deadline: All clients must accept the new terms of service by January 1, 2025.


Mandatory KYC Refresh: Clients who do not complete the KYC process before January 1 will be placed on “Reduce Only” mode, restricting new positions but allowing the closure of existing positions. Deribit will migrate its substantial open interest, currently valued at nearly USD 50 billion, to its Dubai entity.


“Dubai has rapidly positioned itself as a global hub for digital assets, thanks to the visionary efforts of VARA and the UAE government. The city’s forward-looking regulatory environment provides the ideal foundation for Deribit’s growth and innovation. As the crypto industry matures and global regulatory needs evolve, our institutional clients require our regulated trading platform to be able to evolve with the industry. This move underscores our commitment to meeting these expectations while delivering exceptional, best-in-class service to our clients and adhering to the highest standards of transparency and compliance,” said Luuk Strijers, CEO of Deribit FZE.


Unlike other global trading venues establishing new entities, Deribit will consolidate all flow and activities into its Dubai entity. Deribit FZE will be the sole platform offering trading in all our products like spot, perpetuals, futures and options as well as all post-trade activities, all of which are under the supervision of VARA.


According to the press release the migration is a testament to the company’s ongoing mission to shape the future of crypto derivatives trading, ensuring regulatory alignment, operational efficiency, and client satisfaction.

Outlier Ventures AI, tokenization and Digital Identity teams participate in Saudi Arabian Future Spark accelerator

Outlier Ventures AI, tokenization and Digital Identity teams participate in Saudi Arabian Future Spark accelerator

Outlier Ventures has announced that its AI, tokenization, digital identity teams have joined the FutureSpark Base Camp accelerator program taking place in Riyadh at Monsha’at.

The cohort comprises teams from countries including Saudi Arabia, the United States of America, the United Kingdom, United Arab Emirates, Portugal and The Marshall Islands. Collectively the founders are developing cutting-edge technologies across Gaming, Artificial Intelligence (AI), Payment Solutions, Real World Assets (RWA) and Digital Identity, helping advance the Web3 ecosystem in the region and driving technological advancements across Saudi Arabia as part of Vision2030.

Announcing the first FutureSpark Base Camp cohort with the support of NTDP is an exciting moment in Outlier Ventures’ commitment to accelerating the development of high-growth Web3 ecosystems globally.

“We are very excited to welcome the founders participating in the first FutureSpark Base Camp program in Saudi Arabia. Over the 12-week program, the cohort is gaining invaluable tailored guidance from Outlier Ventures’ team of experts, the incredible mentors and support from NTDP.” Said Stephan Apel, CEO and Founding Partner. “This unique experience will not only accelerate their growth, but also help forge meaningful connections within the rapidly developing Web3 ecosystem in Saudi Arabia. We look forward to supporting the founders as we continue to build on our mission to help grow Web3 ecosystems globally.”

The teams participating include Astra Nova (Saudi Arabia), an expansive multimedia gaming universe that leverages web3 and user generated content (UGC) for immersive gaming, Byzanlink (United Arab Emirates), a platform connecting tokenized real-world assets to onchain yield, stability, and sustainable growth.

Byzanlink is a cutting-edge Real-World Asset (RWA) tokenization platform revolutionizing the management of traditional financial assets on-chain. By seamlessly bridging traditional finance (TradeFi) with decentralized finance (DeFi), Byzanlink empowers institutions and investors with access to diverse, yield-generating opportunities. It enables asset managers and SMEs to tokenize assets, reduce operational costs, unlock new capital sources, and achieve optimal risk management, transparency, and efficiency.

Also included are Feed Protocol (United States of America) which unlocks the blockchain for developers, startups, and organizations by providing powerful data streams, Kodex (United Kingdom) a unified Digital Law and Order Protocol: Censorship-Resistant Safety Monitoring for Web3 dApps, Games and Metaverses.

Kodex is the first truly decentralized, censorship-resistant trust and safety solution for social media, online games, and metaverses. At its core is The Kode – a unified rulebook defining harmful behaviors like fraud, harassment, toxic content, and disinformation, supported by a decentralized array of AI nodes and human reviewers that operate solely based on The Kode and nothing else, ensuring a consistent, impartial approach that’s both standardized and immune to external bias.

In addition LIFT (United States of America) a decentralized platform enables non-technical users to train AI Agents to analyze sports, games, social and security video — and trigger actions based on events detected in real-time is also participating.

As well as Oumla (Saudi Arabia) who are simplifying blockchain technology by providing a secure and scalable infrastructure for businesses and government agencies. Oumla enables developers to easily build on top of blockchains. You don’t need to learn complex, low-level Blockchain-specific APIs. By using our API/SDKs, you can accelerate your time to market and minimize security concerns.

Others include Ouroboro Labs (Portugal) a Layer-3 blockchain built to seamlessly onboard millions of gamers to web3. With lightning speeds, abstractable infrastructure and games across various genres.

Sorbet (Saudi Arabia) The modern digital wallet for freelancers—collect payments globally, store earnings in USDC, and manage your business as an independent, all in one place.

Waslah (Saudi Arabia) Waslah unlocks power of energy aggregation to save money and stabilize the electric grid. Saudi built circular energy network – that connects appliances, use AI for data processing to optimize energy management. Through predictive analytics and real-time demand-supply balancing we enhance grid stability.

Finally, YalGamers (Marshall Islands), a Web3 gaming ecosystem empowering gamers to earn, and developers to build with innovative tools and social features.

The FutureSpark program forms part of Outlier Ventures’ Base Camp accelerator programs that focus on supporting founders globally helping them to accelerate their product market fit. The program will culminate in a demo day in January in Riyadh. For more information go here: https://outlierventures.io/base-camp/

MEDGULF UAE introduces blockchain and AI solutions

MEDGULF UAE introduces blockchain and AI solutions

MEDGULF UAE has recently promoted a campaign on its social media platforms noting that AI and blockchain technologies are transforming the insurance sector by enhancing transparency, efficiency, and consumer protection.

For those who are interested as per their post, they can contact MEDGULF UAE for support.

MEDGULF Saudi in 2024 partnered with iO Health, which develops AI and digital solutions. As per the announcement at the time, iO Health will collaborate with MEDGULF to bring forward transformative, AI-driven innovations that will reshape patient care, optimize insurance services, and enhance overall healthcare experiences.

Together, the two organizations aim to create a next-generation health insurance model, tailored to meet the dynamic needs of today’s healthcare landscape in Saudi Arabia and beyond. By leveraging AI and advanced data analytics, this partnership is designed to empower healthcare providers and insurers to offer timely, effective care, significantly improving the quality of healthcare delivery.

By harnessing iO Health’s expertise in AI and digitization, MEDGULF will be able to deliver personalized, data-driven health insurance solutions, allowing for greater precision in healthcare recommendations and patient engagement. With these capabilities, iO Health and MEDGULF aim to address key healthcare challenges, facilitating preventive care and managing patient risk more proactively.

In addition within the UAE, The DFSA ( Dubai Financial Services Authority) the regulatory arm of Dubai’s International Financial center announced that it would be updating its crypto assets regulatory framework with new amendments that would cover crypto assets, crypto custody DeFi, stablecoins, crypto investment funds money laundering and terrorist financing, as well as blockchain and crypto in insurance.

One of the most interesting topics mentioned by DFSA was utilization of Blockchain and crypto in insurance.

The DFSA noted in their consultation paper that given that crypto tokens are being discussed in the context of insurance including the utilization of DLT (Distributed Ledger Technology), for insurance, as well as crypto tokens for denominating policies, receiving premiums and paying out claims, even underwriting risks in crypto market, has prompted DFSA to seek feedback.

In parallel BCG  published an article on how insurance firms are utilizing metaverse and blockchain in their operations, and how this trend will grow.

According to BCG some firms use blockchain records to process claims and detect fraud, while others deploy the technology to offer customized insurance products. It is noteworthy that UAE’s Ministry of Health has utilized blockchain technology for some time now.

BCG believes there are six strategic opportunities for the insurance industry after BCG evaluated leading insurance companies on 43 relevant dimensions and found that insurance companies were not only willing but it was feasible for them to do so.

Today with this announcement by MEDGULF UAE, it seems insurance companies in the UAE have started to implement Blockchain in their offerings.