Binance launches crypto futures products in Bahrain after it ends its crypto debit card offering with MasterCard

Binance launches crypto futures products in Bahrain after it ends its crypto debit card offering with MasterCard

Binance crypto exchange has announced the launch of crypto futures products in Bahrain after receiving regulatory permission.  With this Binance Bahrain BSC becomes the  first regulated exchange in the region to offer these services and the only exchange with a CAT4 licence.

The launch of these products follows a comprehensive regulatory review and consultation period to ensure that Binance Bahrain BSC, which operates the regulated Binance Bahrain platform, has met the necessary compliance and governance requirements to offer futures products locally in a regulated manner.

Eligible local users must complete and pass a mandatory suitability assessment questionnaire in order to access the products.

Tameem Al-Moosawi, General Manager of Binance Bahrain, said: “Binance is committed to compliance and its users, and we are focused on building the local digital assets ecosystem that is sustainable for the long-term.”

This announcement comes after cryptocurrency exchange Binance announced it  will suspend its crypto debit card services in Latin America and the Middle East from Aug. 25. The crypto debit card services in Latin America and the Middle East will be terminated by Sept. 21, but the exchange claimed refunds and disputes can still be processed until Dec. 20, 2023.

Binance was working with Mastercard in Bahrain but the crypto card program has been ended. Mastercard and crypto exchange Binance  ended four crypto card programmes in Argentina, Brazil, Colombia and Bahrain as of Sept. 22, a spokesperson for Mastercard said via email on Thursday.

The Binance cards allowed users to make payments in traditional currencies, funded by their cryptocurrency holdings on the exchange.

UAE Web3 social networking and content monetization platform receives investment from UAE Cypher Capital

UAE Web3 social networking and content monetization platform receives investment from UAE Cypher Capital

UAE-based social networking and content monetization platform Lyvely,  that provides an integrated multimedia e-commerce and payments solution, has successfully raised an undisclosed amount from UAE based Cypher Capital, an early strategy venture firm.

Lyvely soft launched early this month (August) and is already experiencing rapid growth and user adoption.  Led by experienced cofounders, Farah Zafar and Dave Catudal, Lyvely aims to compete with Big Tech global giants and revolutionize the current social networking and social e-commerce landscape. 

“We are the world’s first social networking profile that pays,” says Zafar, who is Lyvely’s Co-Founder and CEO. Every time you post content on Big Tech platforms, they make money. When was the last time you got a cheque or received a payment from Instagram? It just doesn’t work that way in Big Tech because it’s a biased and broken system. Lyvely’s doing it differently. We’re the Platform for the People. Our commitment to our users is to reward them fairly for their contribution to the Lyvely ecosystem. Our mission is to empower people to thrive in this new digital age.”

With the recent funding round led by Cypher Capital, Lyvely has a strategic advantage in the Web3 space. With Cypher Capital’s support, Lyvely will be developing a Cryptocurrency Token that seamlessly integrates into the platform, enhancing the user experience and earning potential on Lyvely.

“We’re designed as a familiar and intuitive Web2 platform, but we’re actually the bridge to a Web3 future for hundreds of millions of people” says Dave Catudal, Lyvely Co-Founder and CXO. “We’re here to create the #1 platform for anyone to monetize their content or services online. With our Token having extensive utility within our platform, we introduce the use of cryptocurrency to the masses, with zero barrier to entry.”

Joining the ranks of Lyvely’s advisory board are Bijan Alizadeh, the Co-Founder of Phoenix Group and Co-Founder of Cypher Capital, and Bill Qian, Chairman of Cypher Capital.

Bijan Alizadeh said “Lyvely is a company that excites us because of the quality of the founders, and the vision they have for becoming the bridge to Web3 for the masses. With Lyvely’s platform, they have seamlessly integrated a tokenized ecosystem using a Web2 user experience and have created a fully integrated platform that revolutionizes the way people make money online. We believe in its future and potential.”

India’s CoinDCX investment into UAE BitOasis crypto broker breaths new life into the company

India’s CoinDCX investment into UAE BitOasis crypto broker breaths new life into the company

UAE based BitOasis crypto broker exchange has announced that it has secured an investment from CoinDCX, India’s biggest crypt exchange. This comes after BitOasis’s license was suspended by VARA for not meeting requirements. The latest investment will give BitOasis a new life line.

As per the news, the new capital injection will help to support BitOasis’s vision to amplify its regional presence and secure further licenses in the region.

Commenting on the news, Ola Doudin, Co-Founder and CEO of BitOasis said: “We are delighted to be working with CoinDCX, India’s leading crypto platform. From our first conversations, it was clear we share a common vision and synergies across our markets that we look forward to building towards. The investment will allow us to sharpen our focus on perfecting our existing products and expanding across our markets. We are very excited about the opportunities the funding will unlock for us.”

Sumit Gupta, Co-Founder and CEO of CoinDCX stated: “We are immensely excited about investing in BitOasis, the largest crypto trading platform in the Mena region. We have been impressed by BitOasis’s excellent product offering, strong leadership and their persistence to serve customers in the most secure and compliant manner.”

The investment comes after news that CoinDCX was in talks to acquire BitOasis. BitOasis in the past month had let go of more than 30 employees.

Prior to that VARA had freezed BitOasis’s MVP operational license for non compliance to requirements set by the Dubai virtual asset regulator. 

With this an Indian crypto exchange now has a foothold in the MENA region with the investment in BitOasis. 

Qatar Financial Centre to launch its digital assets lab on October 29th 2023

Qatar Financial Centre to launch its digital assets lab on October 29th 2023

On their LinkedIn page, the Qatar Financial Centre (QFC) announced  that in its journey to accelerate the development of Qatar’s digital ecosystem it will be launching the QFC Digital Assets Lab, a ground-breaking programme aimed at accelerating open innovation and promoting peer collaboration within the industry through proof-of-concept and proof-of-value, on September 6th 2023.

As per the post, “ It is with pleasure that we invite you to join us on this momentous event, that will be streamed live via LinkedIn and YouTube. The event will present the qualifying criteria for entry, the Lab’s operating model and key benefits, and announce the opening for applications.”

The post adds, “With the QFC Digital Assets Lab, we aim to seamlessly integrate transformative technologies into real-world applications, spanning finance, supply chain management, energy and sustainability, compliance and reporting, healthcare and beyond.”

A few weeks prior to this announcement, Henk Jan Hoogendoorn , Chief Financial Sector Officer at Qatar Financial Centre (QFC) Authority revealed that the digital assets framework that the authority has been working on will soon be launched along with the digital asset lab.

As noted, QFC is working with Price Waterhouse Cooper ( PWC) to finalize the digital assets framework and the launch of the digital assets lab.

While Qatar has not opened up to the crypto scene, its financial center is opening up to digital assets enabling them to tokenize asset classes to facilitate the needs of qualified investors with its digital assets framework.

In addition Qatar Financial Centre Authority (QFCA) financial business center has been moving forward with its blockchain strategy.It signed MOUs with both Blockchain solution provider R3 Blockchain SettleMint platform. The agreement with Settlemint will also as with R3 work on Blockchain and digital asset initiatives in the financial sector.

Article updated on October 4th 2023 with new launch date information.

UAE Venture Capital firm raises $50 million to invest in Blockchain Web3 startups

UAE Venture Capital firm raises $50 million to invest in Blockchain Web3 startups

UAE based Illuminati Capital has raised $50 million to invest in early-stage blockchain startups including game companies.

According to the news, the Dubai based firm and its partners have individually invested in blockchain startups worth over $1 billion.

Illuminati Capital aims to offer more than just financial support. The venture capital firm is dedicated to building the global Web3 ecosystem and driving transformative shifts in decentralized technologies.

The team behind Illuminati Capital has collectively deployed $30 million, resulting in exits worth $150 million.

Vickaash Agrawal partner at Illiminati Capital stated in an article in Venture Beats, “We are witnessing a remarkable growth trajectory in Web3 venture investing.  With a track record of 120-plus successful blockchain investments in my investment portfolio, I will bring my expertise in data, infrastructure, regulation and mining.”

Illuminati Capital’s investment focus spans multiple verticals, including decentralized finance (DeFi), blockchain gaming, artificial intelligence, NFT infrastructure, and real-world assets (RWA). By strategically investing in pioneering sectors, Illuminati Capital aims to play a pivotal role in shaping the decentralized economy of the future.

“The possibilities of decentralized technology are endless,” said Dhaval Parikh, a partner at Illuminati Capital and blockchain investor with five-plus years of experience and a portfolio of leading Web3 high-end projects, in a statement. “With a background in VC, I will focus on due diligence, risk assessment, portfolio management, and deal flow while analyzing industry trends and key ecosystem insights.”

EMURGO Middle East and Africa venture arm invests $250K in blockchain carbon market tech entity

EMURGO Middle East and Africa venture arm invests $250K in blockchain carbon market tech entity

Cardano blockchain suppored venture capitalist, EMURGO Africa and Middle East, has invested $250K in African blockchain carbon market tech company, ChangeBlock.

Changeblock, a carbon market technology company, aims to revolutionize the carbon trading landscape by leveraging the power of blockchain technology. With this investment, EMURGO Africa aims to foster sustainable development and environmental responsibility while driving transformative change within the carbon market.

“Our investment in ChangeBlock is in line with our commitment to foster the development of climate change reversal technologies and impactful solutions on Cardano’s third-generation and environmentally-sustainable blockchain.” Said Ahmed M. Amer, CEO of EMURGO Africa and Executive Director of EMURGO MEA.

“Together with ChangeBlock, we hope to bring the world’s regulators, business leaders, and global changemakers to foster and double down on their commitment to a global net zero strategy that is both economically viable and monetizable” Amer added.

“Our shared vision with EMURGO Africa is to turn sustainable action into a valuable, tradeable asset for Africa. By leveraging the power of blockchain, we’re creating a transparent and efficient market that incentivizes sustainable practices and attracts climate-focused investments.” said Billy Richards, CEO of Changeblock

According to the news, this investment aligns with EMURGO Africa’s overarching vision of advancing blockchain adoption and fostering economic growth and social progress in Africa and the Middle East.

This comes as the UAE based Venom Blockchain has signed an MOU ( Memorandum of Understanding) with the UAE Ministry of Climate Change and environment to launch the first blockchain enabled national system for carbon credits.

Brinc launches its 2023 startup Web3 cohort with two startups from GCC

Brinc launches its 2023 startup Web3 cohort with two startups from GCC

Brinc, a leading global venture accelerator, with operations in the UAE has selected 25 promising global startups, launched by a total of 66 founders, for its Summer 2023 cohort under its host of Web3 accelerator programs. Two startups from the GCC region have been selected. The first is UAE AI NFT BentleyRecords.io , an AI-powered music development program dedicated to helping artists grow their career online, offering 35+ tools for music production and distribution was chosen among startups and the second one is Bahrain based Eye Labs, a pioneering platform dedicated to guiding brands into the Web3 realm, simplifying blockchain infrastructure while emphasizing storytelling and user journeying to make the transition more accessible to a wider audience.

Brinc’s Summer 2023 cohort represents a diverse range of innovative ventures at the forefront of cutting-edge technologies in blockchain, decentralized applications, and peer-to-peer networks. This round is Brinc’s third cohort in Web3-startup acceleration, confirming its commitment to the incredible potential that blockchain technology and online ecosystems offer to all areas of decentralized business.

From more than 700 applications from across 27 countries received for its various Web3 accelerator programs, Brinc’s rigorous selection process identified 25 startups poised to make significant advancements in their respective industries. The cohort, of startups at pre-seed or seed stage, is grouped under five Web3 verticals: DeFi (4), Entertainment & Loyalty Platforms (2), Gaming (8), Healthcare (5), Technology & Infrastructure (6).

The chosen startups will virtually join Brinc’s 12-week accelerator program, receiving comprehensive support, mentorship, as well as access to resources to scale their growth, elevate strategies, expand their network, and contribute to the advancement of technology-driven solutions. Aligned with Brinc’s company vision to support and maximize positive impact, the Web3 cohort will also be guided on diversity and inclusivity strategies.

The cohort’s Summer 2023 program will feature mentorship and sessions hosted by high-profile industry leaders — including Brinc’s Manav Gupta as well as Animoca Brands’ Robbie Yung and Animoca Ventures’ James Ho. Other program mentors and collaborators include:prominent investors (including Babu SK of True Global Ventures, Prashanth Swaminathan of Woodstock Fund, Sidd Gandhi of Growx); Web3 partners (including Anthony Diaz of Health Hero, Dario Heymann of Galen Growth, Douglas Corley of Alaunius Labs, Ryan Horn of N3ON, Vikash Suresh of Recorem, Yassamin Issapour of Agora Digital Capital Markets); specialized field consultants (including Andy Liu of Basebit Technologies, Robbie Nakarmi of Simmons & Simmons).

Manav Gupta, founder and CEO of Brinc, said: “Our third cohort in the Web3 realm welcomes the 25 selected startups, who bring exciting ideas and breakthrough perspectives to the blockchain space, which continues to evolve and shape our future. We are excited to work with these forward-thinking entrepreneurs to build new business models, propel creative innovation and advance incredible technologies, as well as promote diversity and inclusivity for a decentralized future.”

Brinc’s Web3 program is supported by key industry partners including Animoca Brands, DMCC, Fusang, Zilliqa, Protocol Labs, OliveX, and Prenetics.

ABO Digital commits to investing $10 million in Blocktrade after committing $200 million to Islamic Coin

ABO Digital commits to investing $10 million in Blocktrade after committing $200 million to Islamic Coin

After committing to invest $200 million in IslamicCoin issued by HAQQ Blockchain, a shariah compliant coin, Alpha Blue Ocean’s ABO Digital has invested $10 million potential investment in Blocktrade. ABO Digital a strategic financing partner in Blocktrade’s utility token BTEX.

Blocktrade is a pioneering gamified crypto trading platform that combines blockchain technology and gamification principles to provide a seamless and immersive trading experience for digital assets.

The financing commitment from ABO Digital brings added value to the gamified users on Blocktrade’s platform, allowing them to explore exciting new product launches and enhanced features. The investment will fuel the development of cutting-edge technologies, providing users with a richer and more immersive experience within the gamified asset marketplace. Additionally, the financing commitment will enable Blocktrade to expand its user base, attract top-tier game developers, and foster strategic partnerships that will further elevate the platform’s offerings.

 ‘‘Our partnership with ABO represents a paradigm shift in the digital asset industry. We take great pride in being at the forefront of innovation, not only in terms of product and strategy but also from an institutional financing perspective. This collaboration marks a significant milestone in our journey,” said Blocktrade CEO Christian Niedermueller. 

“We are excited to support Blocktrade in their mission to redefine the gamified asset marketplace following the launch of the BTEX token,” said Amine Nedjai, CEO of ABO Digital, “The financing commitment not only demonstrates our confidence in Blocktrade’s vision and potential but also highlights our commitment to driving innovation in the digital asset space. By partnering with Blocktrade, we aim to empower users, provide them with new opportunities, and revolutionize the way they engage with and derive value from their gamified assets.”

Blockchain startup Shardeum, whose seed investor includes UAE Ghaf Capital closes new round of $5.4 million

Blockchain startup Shardeum, whose seed investor includes UAE Ghaf Capital closes new round of $5.4 million

A Blockchain EVM layer 1 startup, Shardeum, whose very first investors in its $18.2 million seed round included UAE Ghaf Capital, has closed a new roud of $5.4 million from investors that include Amber Group, Galxe, J17 Capital, Jsquare, and TRGC, as well as Bware Labs, Tané Labs, Hyperithm Group, Luganodes, Blockchain Ventures Hub, CryptoViet Ventures, Blue7, and more. 

Shardeum aims to leverage the additional funding to further support the growth of the ecosystem in the lead-up to the mainnet launch later this year.

Founded in 2022, Shardeum is a highly-scalable EVM-based layer-1 blockchain deploying dynamic state sharding to keep gas fees low and transactions per second high as participation grows. As of today (July 7, 2023), more than 7.4 million transactions have taken place on the testnet, with 820K+ accounts and over 230K contracts deployed.

Kelsey McGuire, chief growth officer at Shardeum states,“The completion of this strategic raise from key participants puts Shardeum in position to expand on our mission to cultivate a global and diverse community. Given Shardeum’s consensus design and use of dynamic state sharding, validator participation is highly accessible regardless of user access to computing resources. This raise allows us to continue to prioritise decentralisation by growing our community of participants worldwide through education and other key initiatives.”

The $5.4 million raise follows Shardeum’s successful $18.2 million seed round in October 2022 from backers such as Jane Street, Big Brain Holdings, Struck Crypto, The Spartan Group, Ghaf Capital, DFG, CoinGecko Ventures, Foresight Ventures. With this Shardeum has raised $23.6 million in total. 

UAE based Global Millennial Capital launches investment program for Web3, DeFi, Blockchain startups

UAE based Global Millennial Capital launches investment program for Web3, DeFi, Blockchain startups

UAE based Global Millennial Capital Ltd (“Global”), an emerging technology and digital assets investment manager, and  venture capital firm has launched its Global Millennial Web3 Investment Program, out of UAE which aims to accelerate emerging companies to their full potential in the realm of Web3, DeFi, and Blockchain. 

Andreea Danila,  Founder, and General Partner at Global Millennial Capital Ltd., stated, “We are thrilled to announce the launch of our investment program aimed at investing and accelerating visionary technology companies operating in the Web3, Defi, and blockchain verticals, with a specific emphasis on financial services applications, among others. In addition to the typical acceleration program benefits, which include mentorship, hackathons, regulatory sandbox conversations, and strategic ecosystem connections, Global will deploy its resources to enable Series A companies to access various markets across the Middle East and Africa, from the United Arab Emirates.”

Global Millennial Capital Web3 Acceleration Program is designed to accelerate technology companies in defining and reshaping business models and economics and creating a network of global ecosystem relationships in the United Arab Emirates. The program will provide one-on-one mentorship, organize hackathons, explore testing and security, and connect with regulators, ecosystem participants, and investors. Global will invest up to $250,000 per company; ten companies are expected to be selected during the program.

Global is looking to partner with early-stage technology companies operating in data ownership, Web3 privacy tools, NFTs, cryptocurrency platforms, blockchain technology, digital entertainment, and DeFi, among other opportunistic verticals.

Global Millennial Capital Ltd is the first venture capital investor to introduce the concept of data science in the traditional investment process to create thematic investment themes and artificial intelligence-led investment recommendations. As an active investor in the global fintech sector, which comprises companies operating in the fintech, web3, blockchain, and AI verticals referred to as the “new economy technologies,” Global Millennial Capital Ltd is investing from Fund I ($25 million) in early and growth stages, using a diversified investment strategy targeting risk-adjusted returns while seeking alpha returns with downside protections. As a long-term partner of the entrepreneurs, we deploy value-creation strategies across cycles for our portfolio companies to enhance critical drivers of scalability and profitability, such as access to capital and global markets. Our mission is to generate venture capital returns along with social capital.