Biconomy the advocator for seamless blockchain receives strategic funding

Biconomy the advocator for seamless blockchain receives strategic funding

Account Abstraction infrastructure provider Biconomy, a developer platform setting UX standards for seamless blockchain transactions integrated across 20 chains and more than 400 dApps, with partners including J. P Morgan, Trust Wallet, Mercedes-Benz, Animoca Brands, and Kwenta, has received strategic funding from leading web3 VCs Jump Capital, Borderless Capital, Consensys Ventures, Taisu Ventures, Manifold Trading, Side Door Ventures, and Blockchain Founders Fund, to position itself for accelerated growth as momentum returns in the crypto market.

Notable angels include prolific investors such as American entrepreneur and investor Balaji Srinivasan, and Jordi Alexander, founder of Selini Capital. To date, Biconomy’s Account Abstraction-SDK has helped onboard more than 4.5M users, created more than 6.1M UserOps with almost 50% of market share in Account Abstraction transactions, while powering more than 1.2M Smart Accounts.

“Securing this important round is testament to the strength and promise of our vision to empower web3 developers to unlock mass adoption of blockchain technology,” remarked Aniket Jindal, Co-founder of Biconomy. “We remain committed to our goal of delivering market-leading infrastructure for web3 teams, and we are grateful for the trust and support of our investors.” ‍

‍This comes as Biconomy partners with leading players including J.P Morgan who built a gas-abstraction solution with Biconomy’s dynamic Paymaster service that ensured all transaction gas fees were covered. Using the Sponsorship Paymaster mode to create a smart contract wallet with Biconomy, Fund Managers could easily and seamlessly deploy new funds in the form of Smart Contracts, as well as enable convenient payments in any ERC20 tokens.

In addition Anichess Game A subsidiary of Animoca Brands leverages Biconomy’s Smart Accounts and produced almost 300K on-chain gasless actions in its first 7 days of going live.

Even Trust Wallet, the largest mobile self-custody wallet in web3, unveiled SWIFT — a smart contract wallet powered by Account Abstraction and achieved in partnership with Biconomy’s Paymaster and Bundler infrastructure, with support for 200+ tokens — to a base of 80 million users.

Biconomy’s other Co-Founder Ahmed Al-Balaghi is based out of Dubai UAE and hosts a podcast called Encrypted.

In 2021, Biconomy, raised $11.5 million from their token sale on Coinlist and added 12,000 new token holders Prior to this Biconomy had raised 9 million USD from investors in its seed round.

UAE emerging tech investment firm leads $2 million investment in Swiftcourt

UAE emerging tech investment firm leads $2 million investment in Swiftcourt

UAE emerging tech investment firm, XVC Tech has led an investment round of $2.1 million in SwiftCourt AB, a digital solutions platform that offers digital sales contracts incorporating e-signing, secure peer-to-peer payment, and contract solutions.

XVC is an Investment Company based out of Dubai with a focus on early-stage investments in Next-Gen technology projects backed by XDC Network’s founders. XVC Tech has a global investment mandate to invest across Web3 native projects as well as Web2 to Web3 transformation projects

As per the press release published earlier this year, the investment underscores the shared vision and strategic alignment between XVC Tech and Swiftcourt as they join forces to transform the landscape of digital transactions and P2P transactions. SwiftCourt will utilize the XDC Blockchain Network which would enable transactions to be safe, more efficient, transparent, and secure to users worldwide.

With the vision of making second-hand trade as safe as purchases made in stores, Swiftcourt has been gaining recognition in Europe with its long-standing contract platform, and its recent release of a PSD2-compliant P2P payment service for buying and selling used goods to speed up transfer times and cut costs for distributors and end users.

Relying on bank-grade KYC and utilizing escrow accounts to safeguard transactions, Swiftcourt can ensure that neither party falls victim to fraud. With added blockchain capabilities, Swiftcourt will now utilize XDC’s smart contract features to further automate contract fulfillment and release funds to make the solution even more secure.

SwiftCourt has established a presence across Norway, Sweden, Germany, and Finland and has captured the market share of the Nordic region catering to 1.4 Million customers.

XDC Network, an enterprise-grade Layer 1, EVM Compatible Blockchain Network, will serve as the backbone to seal and verify the contract using a Simple Electronic Seal. The contract would be co-signed between two parties on SwiftCourt’s platform using a cryptographic hash and wrapping reference and later can be used to verify the signed contract on the XDC Network with the cryptographic hash.

Johan Lundberg, Founding Partner at XVC Tech, comments “We are thrilled to support Swiftcourt in its mission to revolutionize peer-to-peer transactions, and incorporating blockchain for documentation aligns perfectly with our investment vision of utilizing blockchain technology to ensure transparency and security. This infusion of capital will enable Swiftcourt to offer its solutions in new markets such as Asia while the access to XDC blockchain will bolster its tech stack and introduce cutting-edge smart contract technology.”

“Recent market changes have pinpointed clear market gaps in terms of fintech capabilities aimed at circular economies, and those fit perfectly with Swiftcourt’s vision. This new infusion of capital means that we can take on these challenges, but in turn brings some major changes and a highly ambitious roadmap that will require our full attention. This split of responsibilities allows for that and will hopefully enable us to share some more exciting news, very, very soon.” says Sofia Malmberg, Co-CEO.

After Europe, SwiftCourt is now planning an APAC expansion by offering its digital contract and P2P solutions to growing economies such as India, Bangladesh, and Sri Lanka.

UAE Ghaf Capital partners invests in AI Blockchain avatar startup

UAE Ghaf Capital partners invests in AI Blockchain avatar startup

UAE based Ghaf Capital Partners has joined Binance, crypto.com, Polygon and Multicoin capital in investing into Alethea Ai, which utilizes both blockchain and AI to create interactive smart avatars.

Alethea AI has built MyCharacter.ai which is the first external decentralized application (dApp) built on the AI Protocol that makes CharacterGPT V2 widely accessible, enabling the generation of realistic, interactive, and emotionally expressive AI Characters that are tokenizable on the blockchain.

According to Ghaf post on LinkedIn, “MyCharacter.ai, built on the AI Protocol, exemplifies Alethea AI’s commitment to making this advanced technology accessible, allowing users to craft and tokenize lifelike, emotionally expressive AI characters. The launch of CharacterGPT and subsequent innovations like Revenants 2.0 and Open Fusion underscore Alethea AI’s role in pushing the boundaries of AI and blockchain integration.”

The post adds, “As part of our portfolio, Alethea AI represents Ghaf Capital Partners’ dedication to supporting cutting-edge technologies that redefine digital interaction and ownership, highlighting our commitment to fostering innovation within the blockchain ecosystem.”

The blending of AI and Blockchain is going mainstream especially with the recent announcement by Fetch AI that they were merging with two fellow titans of decentralized AI, SingularityNET and Ocean Protocol, to create the largest independent player in AI research and development called The Superintelligence Alliance. The tokens from the three respective organizations will all merge to form one universal AI token known as the Artificial Superintelligence token $ASI.

Fetch.ai, alongside SingularityNET and Ocean Protocol form three of the longest-serving teams in decentralized AI, committed to building open and beneficial AI and striving to build exit ramps away from centralized monopolies. they aim to give AI researchers, companies and governments an alternative that doesn’t lock them into walled gardens, tilt to a particular bias, or worse, allow the risk of user de-platforming and the loss of their intellectual property, social graph and followers.

Ghaf Capital has made investments in a large number of blockchain startups in various sectors, and as per their website will be announcing 17 new ones.

Saudi Arabia gets Web3 deep tech accelerator

Saudi Arabia gets Web3 deep tech accelerator

Saudi Arabia gets a new Web3 deep tech accelerator through its recent partnership with Outlier Ventures. The Saudi National Technology Development Program (NTDP) and Outlier Ventures announced a new accelerator program in the MENA region, which marks the inception of the first deep tech web3 accelerator program in Riyadh. The accelerator will kick off later in 2024.

The MOU ( Memorandum of Understanding) aims to catalyze the growth of Web3 ecosystem Kingdom, aligning with Saudi Arabia’s Vision 2030 for technological and economic diversification.

The initiative seeks to nurture the most promising web3 startups within KSA, providing them with access to Outlier Ventures’ extensive expertise on critical aspects such as product development, entity structuring, and token design.

Startups selected for this accelerator program will benefit from mentorship by leading figures in the web3 domain and potential investment opportunities, a crucial step towards establishing a robust infrastructure for technological innovation in Saudi Arabia.

Outlier Ventures has developed partnerships with over 300 startups worldwide.

Stephan Apel, Outlier Ventures CEO and Founding Partner, noted, “We are honoured to partner with the National Technology Development Program (NTDP) of the Kingdom of Saudi Arabia. Under Vision 2030, the rapid pace of change and development is visible across all sectors of the economy. The achievements are testimony to the level of dedication and focus driving the Kingdom forward. Our strategic collaboration underscores our joint dedication to nurturing technological progress. We are looking forward to bringing our 10 years’ experience, in-house world-class expertise and track record of helping Web3 startups develop, to help build out the Web3 ecosystem in Saudi Arabia, providing support to early-stage entrepreneurs.”

While Mr. Ibrahim Neyaz, the CEO of the NTDP added, “We are thrilled to partner with Outlier Ventures to achieve the goals of this partnership by working together to support the ecosystem of technology startups in Saudi Arabia. This partnership reinforces our commitment to advancing technology and fostering innovation in Saudi Arabia. By harnessing their extensive global expertise and advanced capabilities in the Web3 industry, Outlier Ventures will bring tangible value and make significant contributions to enhancing the Kingdom’s technological infrastructure. This, in turn, will facilitate technological growth and innovation across various sectors. We eagerly anticipate achieving mutual success and cultivating a robust relationship that benefits all parties involved.”

Prior to this announcement, The Hashgraph Association (THA) launched a $250 million DeepTech Venture Studio in Riyadh. The proposed venture studio is dedicated to nurturing innovation in deep technology sectors such as AI, DLT, robotics, IoT, VR, and quantum computing.

UAE based Alpha token capital invests in Web3 gaming

UAE based Alpha token capital invests in Web3 gaming

UAE Alpha Token Capital, a Dubai based cryptocurrency venture capital firm has invested in Carrieverse, a Web3 company. Utilizing the investment and partnership Alpha Token Capital will make a crypto investment in CVTX token and a strategic investment in Carrieverse.

 In addition to the investment, Carrieverse will receive strategic collaboration in global business development using Alpha Token’s partnerships and network, key opinion leader (KoL) partnerships, exchange listings, marketing, and community.

Alpha Token Capital is a global crypto venture capital firm with networks not only in Dubai but also in India and Singapore.

The virtual asset CVTX issued by Carrieverse is used as a governance token for its proprietary Web3 gaming platform ‘Cling’. ‘Cling’ will soon expand into the global market with over 30,000 DAUs in the Southeast Asian region, including the Web3 metaverse ‘Carrieverse’ and the card strategy RPG ‘Super Kola Tactics’ scheduled for a global launch in the second quarter.

David Yoon, the CEO of Carrieverse who led the investment, stated, “Carrieverse has been consistently knocking on the doors of Dubai and the MENA market, and now we are seeing the fruits of our labor. Through this investment, we will expand the ecosystem of CVTX and upgrade its value.”

Bruce Fenton heads to KSA for Bitcoin and blockchain

Bruce Fenton heads to KSA for Bitcoin and blockchain

A 2022 candidate for the U.S. Senate, Co-Founder of the Satoshi Roundtable retreat, and managing director of Chainstone Labs, Bruce Fenton, is heading to Saudi Arabia to bring Bitcoin education and investment into the country. ChainStone Labs is a Stealth mode financial tech company focused on tokenization of securities and digital assets backed by hard assets.

In an X post, Bruce Fenton states, “As we enter a new phase in the markets and maturity of our space there are new opportunities to change the world. The most impactful thing I can think of to do this cycle is to help bring Bitcoin and related technology to Saudi Arabia and invest in building the ecosystem in this important country.” Blockchain is considered a related technology to Bitcoin and crypto.

He adds, “I plan to invest heavily in capital and time and also bring many other investors and companies and startups.  The timing for the Kingdom and this technology is perfect now.”

According to Fenton he considers Saudi Arabia as his second home as he has lived and worked there over the years. He notes that the KSA is set to enter a new era of growth and leadership in global finance.

Fenton is the Co-Founder of Satoshi roundtable. The Satoshi Roundtable is characterized by high-level private discussions in a private relaxed venue. The Roundtable brings together leading developers, CEOs, founders, scientists, academics and investors. With each iteration, we have learned and grown as our industry has continued to evolve.

In his X post he notes that there is great interest in this technology from a variety of sectors in KSA, especially young investors, trading families and youth.

So Fenton plans to increase the understanding at senior levels of government, with education among religious leaders as well. He states, “We are working with Islamic scholars like Mu’aawiyah Tucker who understand Bitcoin, fintech and cryptocurrency to increase knowledge about this technology from an Islamic finance standpoint. I’ll be bringing delegations, helping companies and investing in key initiatives that can bring this industry forward.”

He calls on those who are interested to talk to him and his team. https://t.me/saudiarabiadigitalassets

Recently Bandar AlTunisi, Head of Development at Binance in Saudi Arabia, high level digital currency regulation could come out in Saudi Arabia tomorrow or in a month’s time. This comes as Saudi Arabia is becoming host to the highest paid Blockchain developers in the region.

UAE based Crypto Oasis Ventures invests in bootstrapping layer for DeFi

UAE based Crypto Oasis Ventures invests in bootstrapping layer for DeFi

UAE based Crypto Oasis Ventures is one of the investors in Kaskade Finance, cross-chain liquidity bootstrapping layer for DeFi protocols and networks. The oversubscribed seed round had participation from over 40 investors, some of which include Marshland, NxGen.xyz, Artemis Capital, Andromeda Capital, Hercules Ventures, 369 Capital, Crypto Oasis Ventures, as well as influencers, including VirtualBacon, Brian D Evans, CryptoJack and more.

 Nathan Lenga, CEO of Kaskade, tabled the MVP to go live in August, and to continue to build a world-class team that will make certain Kaskade Finance is the premier liquidity incentivization layer for all of DeFi.

Kaskade already has a shortlist of protocols asking to collaborate in order to leverage its incentivization mechanism to bootstrap volume and liquidity; the first of which being Redacted Finance.

Lenga added, “We founded Kaskade to flip the incentive model on its head; rather than focusing on bootstrapping liquidity first, we strive to drive additional volume in the ecosystem. Our team fundamentally believes that the industry must incentivize volume, which represents demand, to create sustainable flywheels, given demand inevitably results in supply, liquidity.”

The first campaign will launch mid-March, in collaboration with Redacted Finance, with up to $30,000 USD in $BTRFLY rewards available for all participants. Not only is there a large rewards pool, but also a gas rebates program that frequent traders can avail themselves of.

Protocols with live tokens can create campaigns through the Kaskade application, engaging their users to increase trading volume and accordingly liquidity. These protocols will put up rewards in any token to incentivize their users to trade more frequently, with users being able to claim these rewards at the end of the week.

Blockchain entity Chiliz invests in Aramco backed sports talent platform

Blockchain entity Chiliz invests in Aramco backed sports talent platform

Chiliz, the leading blockchain provider for sports and entertainment fan tokens and digital assets supporting over 170 major sport organizations has signed an agreement with KSA based Grintafy, the largest talent discovery platform in the MENA region with over 2 million users.

As per the press release, Chiliz Blockchain provider for sports will become a strategic investors and partner for Grintafy and aspiring fooballers in the Middle East. Saudi based Grintafy has already substantial investment from Saudi Aramco Waed Ventures, and has formed partnerships with leading football organizations across the Middle East, alongside clubs in some of the world’s most prestigious leagues, including LaLiga and the Premier League, as well as elite academies globally.

Awarded SportsTech Startup of the Year by Gitex, Grintafy will now benefit from Chiliz’s unique technological infrastructure, ecosystem, and expertise to facilitate its transition into web3, using blockchain for various use cases such as player ratings, rankings, and performance certifications.

Moreover, by gaining access to Chiliz’s vast network of sporting and technology partners, Grintafy will not only amplify its platform but also contribute to the advancement of Saudi football internationally. Daniel Maglietta, Football Commercial Director for Chiliz, will play a pivotal role as a key advisor to Grintafy in its internationalization efforts.

This collaboration will, therefore, open new opportunities for young Saudi athletes, fostering the game’s evolution in the region with a philanthropic approach to nurturing future talent.

The medium post adds, “The investment in Grintafy marks Chiliz’s first foray into the rapidly evolving Saudi football scene as it launches operations in Riyadh to back football projects in line with Vision 2030’s tech-driven transformation goals. The move not only underscores the company’s commitment to Saudi football’s growth and internationalization but also aims to connect major European football teams with Saudi talent, highlighting the investment in local companies to foster industry opportunities.”

Alex Dreyfus, CEO of Chiliz and Socios.com, commented that: “This investment is a strategic move that brings value to both Grintafy and the Chiliz ecosystem, while also supporting the broader vision of Saudi football. Together, we aim to both support the local talented players and global football powerhouses in their investments in the Kingdom. We want to be one of the digital bridges of Vision 2030, between Europe, South America & Saudi Arabia.”

Majdi Allulu, Founder and CEO of Grintafy, commented that: “In searching for our next investor/partner, we tried to be strategic, in that Grintafy seeks a company that has their vision aligned with ours. Chiliz is not just a leader in the sports web3 space, but it also shares our vision to change the game in the sports tech space and our commitment to support football’s growth in the Middle East. That’s why we are so happy with this strategic investment, which lays the foundations of a new vertical that will enable our dreamer with more tools and technologies to make it. We are incredibly excited to leverage the Chiliz network.”

Oman based Mamun to invest $1 million in Shariah compliant and digital asset startups

Oman based Mamun to invest $1 million in Shariah compliant and digital asset startups

Oman based Mamun Ventures announced that it will be investing $1 million in Shariah compliant startups and digital asset startups.

As per a LinkedIn post Mamun stated, “Exciting News!  Mamun is dedicating $1,000,000 USD to Invest in Sharia-Compliant Startups in MENA Region! We’re thrilled to announce that Mamun Ventures is allocating $1,000,000 USD in funding from our generous partners to fuel our mission of investing in innovative startups across the Middle East and North Africa (MENA) region.”

Startups in the MENA region, at early stages, pre-seed or seed stages are eligible.

Mamun notes that they are interesting in startups that have a marketplace angle and involve supply chain participants.

Mohammed Al-Tamami speaking to LaraontheBock stated, “We will also be investing in Shariah compliant digital assets, Web3 companies, crypto entities covering the entire Shariah compliant space.”

In December 2023, UAE and Singapore based Triterras, a fintech company focused on digital trade and supply chain finance, using Blockchain enabled trade finance platform Kratos, partnered with Oman based Mamun, fintech infrastructure provider to bolster trade finance in Oman.

In February of this year, Oman’s Ministry of Housing and Urban Planning (MoHUP) announced its roadmap for 2024 which will encompass 130 initiatives of which blockchain technology will play a part.  The Oman Ministry of Housing intends to launch a unified portal with one of its main components being blockchain.

Oman was also one of the first countries in the MENA region to launch crypto mining datacenters.

Moroccan Blockchain startup raises $1.5 million for brand loyalty market

Moroccan Blockchain startup raises $1.5 million for brand loyalty market

Tookeez, a Moroccan Blockchain loyalty startup, has raised $1.5 million from Azur Innovation Fund, a public private seed capital fund in Morocco.

As per the press release, the startup plans to use the funds to expand into Morocco and the MENA region. The funds will also go into technical development for its blockchain technology system. The fintech startup is a universal system that aggregates loyalty points from a wide range of brands into a single wallet. This wallet enables transactions to be carried out across a wide network of shops and brands, making the platform a source of additional value and complementary income for the ecosystem.

Following this, tookeez plans to expand into other African countries by 2026 to reach 4 million active members by 2028.

Hicham Amadi, Wiam and Siham Emejjad founded tookeez with an aim of eliminating the challenges associated with loyalty point conversions and transforms the royalty program ecosystem. The biggest challenge is point accumulation which is usually slow, while redemption is also difficult.

Siham Elmejjad, CEO of tookeez, comments, “We are humbled by the trust of our investors. This fundraising marks a crucial step in our development. Our goal is to reach 4 million active members by 2028. To make tookeez a true ecosystem of economic and financial inclusion for our continent.”

tookeez collects loyalty points from multiple brands and stores them in a wallet, which users can then use to transact across a large network of stores and brands. Brands use tookeez to allow their customers to pay with accumulated points.

Azur Innovation Fund noted that it is proud to collaborate with tookeez, recognizing that the startup is redefining the customer loyalty ecosystem. “Our ambition is to support entrepreneurs who have a significant impact on the world, and tookeez embodies this vision perfectly,” Adnane Filali, President of Azur Innovation Fund, said.

The loyalty market in Africa and the Middle East is expected to reach $6.48 billion in 2024. Between 2019 to 2023, this market recorded a CAGR value of 12.1%. It is predicted that this market in the region will continue to grow at a CAGR of 9.7% between 2024-2028.