In a recent LinkedIn post for Vineet Budki, Managing Partner and CEO for Cypher Capital he announced that in one year since the launch of Cypher Capital the $100 million fund has invested $60 million in 40 + blockchain startups.

According to Vineet the first fund had invested in over 100+ blockchain startups that included KILT Protocol, Casper Labs, Cross the ages and others. As for the $60 million, part of the $100 million fund, it was invested in blockchain startups that included Mysten Labs, zkLink, Karate Combat Revolving games, bitsCrunch Cymbal and many others.

As per Budki, Cypher Capital invests in 4-5 startups each month as they continue to support the Web3 ecosystem with capital, knowledge and the CyberHub in Dubai UAE.

This comes as Cypher Capital announced that it was part of the strategic funding round for zkLink, a pioneering multi-chain ZK-Rollup trading infrastructure. The startup raised $10 million  from a group of high-profile investors, including Coinbase Ventures, UAE Cypher Capital, Ascensive Assets, SIG DTI, BigBrain Holdings, Efficient Frontier, Csquared Ventures, and others.

This latest round brings the total funding to $18.5 million. The funds raised will be used to further the zkLink mission of providing crypto traders with a seamless multi-chain experience through our cutting-edge decentralized trading layer.

This technology is based on a multi-chain ZK-Rollup, a cryptographic technique that enables scalable, cost-effective, and secure transactions across multiple blockchains. This technology has the potential to revolutionize the way traders execute transactions.

Prior to this Cypher Capital also announced its partnership and $1 million seed investment with Saudi and Singapore based AI Avatar company BuzzAR to create disruptive AI+LBS Web3 location-based game projects, the BuzzAR LBS metaverse project DSpace.

The partnership will allow the companies to leverage proprietary generative AI technologies on its Metaport, a portal that turns human faces to avatars in real-time, to create a decentralized social graph. With leading retail holdings, hospitality partners, and tourism government collaborations in Singapore and Saudi Arabia, BuzzAR is poised to reshape the gaming landscape.

Bill Qian, Chairman of Cypher Capital Group: the lead investor on ‘DSpace’ said: “We are thrilled to support this ground-breaking joint initiative by BuzzAR and some of our gaming portfolios. As the lead investor in this project, we believe that ‘DSpace’ has the potential to revolutionize the gaming industry and pave the way for new opportunities in the AI+LBS Web3 Metaverse. I am more confident than ever before that our commitment to creating an immersive and culturally diverse Metaverse will not only bolster tourism and economic growth in the Middle East but also foster global connectivity and collaboration. We stand at the forefront of this exciting new era, and I eagerly anticipate the transformative impact Dspace will have on our world.”

MENA based Tarabut open banking platform, which recently signed its first partnership with a crypto brokerage exchange RAIN in Bahrain, has raised $32 million in its series A, led by Pinnacle Capital. The funds will be used to bolster Tarabut’s footprint in Saudi Arabia.

Pinnacle Capital is a leading alternative investment firm that focuses on KSA investments to provide unique alternative investment opportunities. Pinnacle Capital partners have extensive transactional experience in the venture capital industry with a proven track record, including leading the first Saudi unicorn tech startup, Jahez, to a public listing. The raise also saw participation from Aljazira Capital, Visa, Tiger Global, and other leading existing investors.

Abdulla Almoayed, Founder and CEO of Tarabut Gateway, stated, “Open banking is reshaping the financial landscape in KSA and the wider Middle East, and we, at Tarabut Gateway, are proud to be at the forefront of this innovation. This fundraise reflects the potential of open banking, our advanced technology, and the trust placed in us by our partners both in KSA and globally. Tarabut Gateway’s mission is to create an open financial services sector that delivers open banking benefits to MENA’s consumers, banks, and fintechs – and the proceeds of this fundraise will help us execute our strategy and contribute to realizing the Kingdom of Saudi Arabia’s ambitious vision 2030.”

In KSA, Tarabut Gateway has achieved over 60% market coverage through partnerships with leading banks such as Alinma Bank, Arab National Bank, Saudi National Bank and Riyad Bank. The Saudi Central Bank (SAMA) has included Tarabut Gateway as one of the first participants in its Regulatory Sandbox, which is a key component of the open banking framework rollout.

Tarabut Gateway will also be partnering with Visa. Andrew Torre, Regional President of Visa CEMEA, said, “Next-generation digital experiences and innovation are driving the future of financial services, and open banking is a growing movement that can help consumers better access and manage finances. We look forward to partnering with Tarabut Gateway, combining our global payments network and proven local solutions with their open banking platform to allow innovative financial services across the region.”

Abdulwahab Al Betairi, Founding Partner of Pinnacle Capital, added, “We’re thrilled to be backing Tarabut Gateway’s ambitious growth plans. Their innovative approach to open banking and their strong focus on Saudi Arabia make them a perfect partner for us, and we’re excited to see them grow to new heights and contribute to the growth of the Saudi Arabian fintech space as part of the Vision 2030 strategy.” 

Prior to this announcement, Tarabut Gateway partnered with Rain. As per the announcement it would brig faster, cost effective fiat to crypto transaction to Bahrain end users and enable funding payments directly from user bank accounts without leaving Rain’s platform.

The new feature will utilize Tarabut Gateway’s open banking payment solutions to facilitate on and off-ramp (fiat-crypto-fiat) transfers for users, dramatically increasing speed and reducing errors associated with traditional bank wire transfers.

Abdulla Almoayed, Founder and CEO of Tarabut Gateway, stated at the time that crypto trading, crypto wallets and other blockchain use cases were a natural ally in opening up traditional banking and finance. He stated, “We’re delighted to unveil a solution that aims to make fiat-to-crypto transfers quicker, more secure, and cost-effective – as well as enable such funding methods directly from bank accounts. We are proud to partner with Rain to provide a user-focused approach to crypto services by bringing the advantages of open banking digital solutions.”

UAE Helion Ventures investment, is heading to Beirut Lebanon for a round table meeting on May 11th at Beirut Digital District. Helion launched its operations in Dubai’s DIFC in September 2022 focusing on four major sectors, banking 3.0, healthcare, tokenization of real world assets, green technology, gaming, and fintech in projects across the GCC and African region.

The founders, Oliver von Wolff and Bojan al Pinto Brkic, have long-term experience in venture capital and regulated products. Oliver von Wolff, Founder and CEO, at launch stated, “Our products and services perfectly complement the ecosystem for Dubai start-ups, we are a classic equity provider and venture builder with focus on institutional investors”, to which Bojan added “we intend to capitalize on our experience, bringing the investment management know-how to new industries, such are blockchain and fintech, and even gaming and crypto.”

It is not surprising to see Helion Ventures off to Beirut, given that they are one of the most active investment venture entities when it comes to partnerships and event participation. Just before Beirut, launched Helion has partnered with Crypto 306 event taking place on May 8th 2023 at the Ritz Carlton in Dubai UAE.

Partnerships are a key pillar for Helion. For example, They have partnered with Syndicate Capital Group incubator given Helion’ interest in investing in South East Asia. Earlier, they partnered with the African Chamber of Digital Commerce, and the Hong Kong Federation of e-commerce.

Their spirit of partnerships goes even further, as they have equally partnered with other venture builders such as UAE based Masary Capital, New Tribe Capital, and Uganda based CryptoSavannah.

When it comes to startups, their most well-known investments and partnerships include cryptobank, DeFi startup Yieldster, dOTC MarsBase, DeFi OTC desk as well as African Blockchain internet startup 3air.

The 3air ecosystem is built to make it easier for previously unconnected users to join the global blockchain community. Internet subscriptions are purchased which grant the user a Connectivity NFT that can be shared, transferred and used at any 3air-compatible location. Once connected, 3air’s blockchain platform offers users access to the world of blockchain and DeFi. Users can own a digital identity, create wallets, take micro-loans and participate in revenue-generating activities.

Helion has even partnered with UAE free zones such as IFZA International Free Zone Authority

LaraontheBlock spoke to Oliver earlier to understand why Helion Ventures chose to set up in UAE and focus on MENA and Africa. He stated, “Given my previous role at Swiss Based CV Labs and then at Dubai’s Crypto Oasis, I helped build UAE’s Web3 ecosystem. So when I ventured to launch Helion I thought of Dubai because it has three essential pillars, financial capital, infrastructure, and human capital as well as its entrepreneurial spirit.”

He adds, “Helion Venture stands in the middle on one side we have friends and family investors which is not regulated and on the other we offer family offices and high network individuals the opportunity to invest with us.”

Helion invests anywhere between $50,000 – $100,000 for early pre seed stage projects, and take equity stakes for anywhere between $250,000- $500,000. They invest both in tokens and equity.

According to Oliver, Helion has a steady good quality deal flow given his long term experience and his former work at CV Labs and as such there are always great projects being presented to Helion and not spam projects.

He explains, “ We carry out strong due diligence and make selected investments, but we are also venture builders which means we actively manage our investments by supporting them with marketing, networking, business cases and so forth. We are also always open to working with other VCs because we believe if one VC has a strong project it should be shared to support these projects even more.”

While Helion’s policy is not to lead investments they do like to be anchor investors. Oliver clarified, “Anchor investors give money and support while lead investors like to take a more strategic managerial influence which I believe is not the best choice. When we invest we have already done our due diligence and trust the technology but more importantly the team.”

Oliver is bullish for2023 and believes crypto markets will go up in mid-2023. He sees the biggest markets will come from NFTs that actually have customer uses cases, like ticketing, etc.. and also sees the metaverse growing with serious projects as well as early stage token market.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

OPNX exchange, which was recently tagged by Dubai’s VARA (Virtual Asset Regulatory Authority) as not regulated in the UAE, has been rumored to have investors from Bahrain, in the form of the Bahrain sovereign wealth fund given it has recently raised $25 million.

According to a  tweet by BitMEXcrypto exchange founder Arthur Hayes, “A little birdie told me that OPNX has raised big money from Bahrain Sovereign Wealth Fund. They are trading via Tai Ping Shan. Be Warned. I want my fucking money.”

Bahrain’s sovereign fund Mumtalakt website didn’t show any investment in OPNX directly but it is noted that the sovereign fund is an investor in Al Waha Fund whose portfolio consists of venture capital funds which could have invested in OPNX given that some of them have invested in crypto and blockchain entities before. 

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

Kyle Davies said the fundraising deal was done, but he didn’t disclose the investors. OPNX will acquire all assets of CoinFLEX including people, tech, and tokens. $FLEX will be the exchange token. As per OPNX website, “ A $20 billion market of claimants is desperately looking for a solution. This list includes FTX, Voyager, Celsius, Genesis, BlockFi, Mt Gox, and our creditors.”

According to the website, OPNX will combine the transparency of decentralized finance with the user experience of centralized finance platforms, so that traders no longer need to compromise on performance or security— allowing them to trade claims, spot and futures all on one platform, with one universal account.

OPNX is offering spot and futures trading for major tokens such as bitcoin (BTC), ether (ETH), dogecoin (DOGE) and USD coin (USDC). Claims’ trading is expected to go live in the coming weeks, according to Lamb.

CoinFLEX’s FLEX token will serve as the native token of the OPNX platform. Holders can get up to a 50% discount on trading fees with the token, which will be periodically burned, or permanently taken out of circulation. That may potentially improve value for FLEX holders in the future if demand and traction for OPNX increases and the supply gradually decrease.

Zhu Su and Kyle Davies, the founders of bankrupt hedge fund Three Arrows Capital, last month teamed with the co-founders of troubled crypto exchange CoinFLEX to create Open Exchange, calling it the “world’s first public marketplace for crypto claims trading and derivatives,” as CoinDesk reported

Al Nawwar Investments RSC a Private Limited Company established in 2018 in Abu Dhabi, UAE, will be purchasing the remaining interest of Alameda research in Sequoia Capital venture capital firm, totaling $45 million.

Al Nawwar is an Abu Dhabi sovereign wealth fund according to a court document has entered into an agreement to execute a sale transaction within a short period of time. Al Nawwar according to the court document is already invested as well in Sequoia.

The deal, worth $45 million, has the potential to be closed by March 31. However, it is subject to approval by the Delaware bankruptcy judge John Dorsey. The attempt to sell off its remaining interest in Sequoia Capital is a part of FTX’s attempts to liquidate its investments to pay off its debt to creditors.

This is not the first time a sovereign Fund in Abu Dhabi purchases crypto related entities. Prior to this ADQ entered into an agreement to build a crypto mining entities in UAE. In an SEC Filing dated January 27th 2022, USA based Marathon digital Holdings, a digital asset mining entity, announced that it had entered into a shareholder’s agreement with FSI ( FS Innovation), the BTC mining subsidiary of UAE ADQ a sovereign fund,  to form an Abu Dhabi, ( ADGM (Abu Dhabi Global Markets) based company.

UAE based Blockchain gaming entity, iBLOXX,Studio has secured a $5 million investment in a recent funding round led by PrimeXM. The capital will be utilized to expand the company’s GameFi division. The investment brings the gaming division’s post-money valuation to 30 million USD.

The funds will be primarily used to develop iBLOXX Studios, the group´s Web3 gaming arm. iBLOXX Studios is focused on building blockchain games using Unreal Engine and Unity, developing GameFi economy health- and monitoring solutions, as well as creating trading-related blockchain applications. With this funding, iBLOXX Studios will be able to accelerate the development of its gaming offerings and expand its reach in the blockchain gaming market.

“PrimeXM, who is amongst the world’s leading providers for foreign exchange and cryptocurrency trading solutions, caters to some of the industry’s largest players, such as Saxo Bank, IG, Equity.com, SwissQuote or OKCoin. Their decision to invest in iBLOXX is a testament to their unwavering confidence in our company’s potential for growth.” said Domenik Maier, CEO of iBLOXX.

iBLOXX recceived its license from Dubai DMCC in December 2021. 

Web3 technologies in gaming represents one of the fastest-growing segments of the nearly $200 billion global gaming industry. Currently standing at $1.8 billion, revenues generated by the gaming industry in the MENA region are expected to reach $5 billion by 2025. 

As per a recent article in Bloomberg, UAE Cypher Capital an early-strategy venture firm focused on investing in Web3 infrastructure, is seeking to raise $100 million for a crypto venture fund. Cypher Capital’s Chairman Bill Qian, the former head of Binance Labs, stated that he is seeking over $100 million in funding for a crypto venture fund. 

Bill Qian joined Cypher Capital in September 2022 as the new Chairman of its Board of Directors. Bill brings to Cypher Capital more than 15 years of invaluable industry expertise in managing and investing over $20 billion.

As per the article Cypher Capital is prioritizing projects that will bring about 5 billion more internet and social users to the web3. Bill Qian planned to approach Asian tech moguls for funding but did not name them.

Qian, plans to invest in web3-focused start-ups. The next edition is determined by the laxity of the internet that advocates say will be more decentralized and dependent on blockchain technology.

Cypher Capital has ten employees and recently invited Elaine Liu, a veteran of Tencent, to support its expansion in the UAE. In November, the company set up an office space for crypto and blockchain startups at Dubai Marina as part of an effort to find future deals.

He also declined to disclose whether the fund received any commitments but said the digital asset’s recovery this year, which has seen Bitcoin rise around 50%, has helped raise capital just got easier.

In June 2022, Cypher Capital  invested in Blockchain gaming platform, MetaOne. UAE Cypher Capital, Huobi Ventures, LD Capital and GSR Capital have invested 2 million USD in MetaOne, a SAAS ( Software as a Service) platform that is working to onboard games and guilds onto blockchain gaming.

In November 2022, Rekt Studios, a Dubai-based startup  secured $1.5 million in funding from Cypher Capital, to bolster the development of the ‘Unseen’ ecosystem.