C1 Fund and Spartan group to drive innovation in digital assets secondaries

C1 Fund and Spartan group to drive innovation in digital assets secondaries

Cayman Island C1 Fund, a fund dedicated to the digital assets place, with a presence in the UAE and USA, has partnered with Asian based Spartan Group, a Web3 advisory and asset management firm.

As per the press release, the partnership with Spartan Group signifies a key milestone for C1 Fund, as Spartan Group brings unparalleled expertise and a proven history of success in advising on multi-billion-dollar M&A transactions and fundraises within the digital assets sector.

We are thrilled to join forces with Spartan Group, said Dr. Najam Kidwai, CEO & Co-Founder of C1 Fund. “Spartan deep understanding of the crypto, Web3 and blockchain landscape, coupled with a track record of successful engagements with industry leaders, aligns seamlessly with our vision for C1 Fund. The synergy between C1 Fund and Spartan Group is a testament to our shared commitment to driving innovation and growth in the digital assets sector. This collaboration significantly enhances our ability to identify and seize emerging opportunities, expanding our influence within the dynamic realm of digital assets secondaries.”

Spartan Group’s Co-Founder, Casper B. Johansen, expressed equal enthusiasm, stating, “Collaborating with C1 Fund opens up exciting avenues for both organizations. C1 Fund’s focus on digital assets secondaries complements our expertise, creating a synergy that will enhance our ability to drive value for our clients and the broader crypto community. We look forward to a mutually beneficial partnership that pioneers innovation and growth.”

Hayvn to onboard new CEO with new direction

Hayvn to onboard new CEO with new direction

After the confusion and speculations surrounding the situation of UAE based Hayvn a digital asset focused financial institution, providing trading, asset Management, custody, and payments, Ahmed Ismail, Board Member & Co-Founder clarified a few facts to set the record straight and bring hope that the future is bright for Hayvn, and for the digital asset scene.

First and foremost Ismail firmly and unequivocally stated that client funds are totally safe and have not been touched and as such Hayvn continues to serve its clients with the utmost professionalism and care. He explained to LaraontheBlock, “Clients funds are safe globally. All our client’s funds are safe wherever they reside.”

Secondly the company under the intern leadership of Tim Grant ,CEO, Deus X Capital, Stuart Connolly CIO, Deus X Capital & HAYVN Board member and Ismael himself, are currently cleaning up house, setting their strategies for the company and looking to hire a CEO to replace Christopher Flinos.

Ismael stated, “We are firmly committed to Hayvn and to its success. Sometimes things don’t go as planned, yet despite this Hayvn is doing well. Its revenues were up in the past month and we are looking forward to hiring a new CEO to replace Flinos.”

In terms of the technical and technology issues in Hayvn, Ismael reaffirms that technically all things are running smoothly. He admits that there were glitches when they were migrating to the new platform, yet clients were made aware that this might happen and all things were handled and dealt with according to the highest modes of professionalism.

In terms of its regulatory status, Ismael reaffirms that Hayvn continues to be a globally regulated business through their entities in Australia, Cayman Islands and Lithuania.

In the final analysis while Hayvn has gone through a tumultuous experience, that doesn’t make it a failure yet. Companies throughout history have gone through ups and downs but what makes them survivors are the team of passionate dedicated individuals behind them.

If Binance, whose reputation and growth stemmed from one person, its founder and CEO CZ, and who had this year to face the SEC (Securities and Exchange Committee) and come out still alive and kicking, there is hope for digital asset, crypto companies everywhere.

2024 will be a pivotal year for Hayvn and its team; they will either come out stronger than before having learned from past mistakes and experiences, or they will fall into oblivion. Those following Hayvn closely for such a long time, can only wish them the former outcome.

WeMade brings on Whampoa digital for its $100 million UAE Web3 Fund

WeMade brings on Whampoa digital for its $100 million UAE Web3 Fund

South Korean, Wemade brings onboard Whampoa Digital as an ecosystem partner for its $100 million Web3 Fund in UAE. Wemade will also partner with Whampoa Digital for its WEMIX Play center in Dubai International Financial Center Innovation Hub ( DIFC Innovation Hub).

Both parties will engage in mutual deal and project referrals, particularly in the Web3 industry, and potentially co-invest in promising projects. In addition, Whampoa Digital and Wemade will also leverage each other’s technical and operational know-how to develop blockchain infrastructure and solutions for the gaming and Web3 industries. The solutions developed will be applied and integrated with financial institutions supporting these industries to promote seamless adoption of digital assets globally.

Wemade operates WEMIX PLAY, an established global Web3 gaming platform with over 250,000 concurrent players. It has developed a suite of blockchain solutions and has an established track record in investing in gaming studios, notably in Lionheart Studio, Shift Up and MADNGINE, the developer behind the massively successful NIGHT CROWS mobile and PC game.

Wemade is also developing the WEMIX PLAY Center, a global Web3 gaming hub at the DIFC Innovation Hub. The US$100 million Wemade Web3 Fund is targeted at promising gaming studios and blockchain projects that intend to set up an office in the WEMIX PLAY Center.

Whampoa Digital is the technology investment arm of Whampoa Group, a privately-held investment company owned by several established families in Asia. It is an early investor in digital assets and Web3 ventures, working with Web2 and Web3 visionaries to propel innovation and drive mass adoption of blockchain technologies.

Whampoa Digital was also approved in Bahrain to set up a digital Bank and has committed to investing $50 million in the country.

Whampoa Group Senior Partner Aureole Foong said,“We are excited to be joining forces with Wemade, a powerhouse in the gaming space. This partnership will allow us to pioneer new horizons in the digital asset industry beyond our already established sectors, as well as foster innovation in the Middle East, one of the world’s fastest-growing regions in the Web3 space.”

“Through our partnership with Whampoa Digital, a leading investment firm in Singapore, we strive to share valuable insights related to blockchain technology, each party bringing their unique expertise to the partnership,” said Wemade CEO, Henry Chang. “We are committed to consistently expanding collaborations with outstanding global partners.”

Phoenix Group invests in Lyvely creator platform from the UAE

Phoenix Group invests in Lyvely creator platform from the UAE

Phoenix Group PLC, crypto mining and Web3 Group, has strategically invested in Lyvely, a UAE-based platform poised to reshape how creators and consumers interact and monetize online.

According to the news, Lyvely’s revolutionary platform with the investment will leap beyond the confines of e-commerce, fostering direct-to-consumer relationships through a unique blend of Web2 and Web3 features. Powered by its own digital currency launching in Q1 2024, Lyvely empowers creators with seamless monetization opportunities and grants consumers exclusive access and personalized experiences.

Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group, stated, “Phoenix Group’s strategic investment in Lyvely illustrates and supports Phoenix’s Vision to support home grown tech start-ups and the future of innovation. With Lyvely, we are not just acquiring a stake in a company, we’re investing in the future of the digital and creator economy, which has huge potential and is on an exponential growth trajectory. “

“We are proud to invest in Lyvely, a UAE homegrown platform, which represents a revolutionary fusion of Web 2 and Web 3 capabilities, poised to redefine how creators and consumers interact in the digital space. This acquisition marks a significant milestone in our journey, showcasing our dedication to fostering groundbreaking tech startups, backing visionary founders and diversifying our portfolio. More than just a platform, Lyvely’s vision of empowering creators and users alike, perfectly aligns with Phoenix Group’s commitment to leading the tech industry with trailblazing initiatives.” said Alizadehfard.

Farah Zafar, CEO of Lyvely and MD & Group CLO of Phoenix Group, elaborates, “This isn’t just an investment – it’s a strategic alliance between a Web3 powerhouse and tech innovators with the collective vision to revolutionise the way people monetise online and to empower everyone’s digital and web3 footprint. Lyvely’s unique blend of social e-commerce and content monetization, powered by Web3 capabilities, has the potential to disrupt the status quo and empower both creators and users alike. Together, we aim to push the boundaries of digital experiences and lead the way in this rapidly evolving landscape.”

Dave Catudal, Co-founder of Lyvely, expressed his enthusiasm, “Phoenix’s expertise in the cryptocurrency sector perfectly complements our mission at Lyvely. Their investment and support validate our vision and will significantly enhance our technological capabilities and growth trajectory in the Web3 space.”

Phoenix Group is also an investor in M2 crypto currency exchange that launched recently out of Abu Dhabi UAE.

SBI Japan moves across GCC with digital asset ventures reaching Saudi Arabia with Aramco

SBI Japan moves across GCC with digital asset ventures reaching Saudi Arabia with Aramco

The big news in the region is the recent announcement by SBI Holdings that it has entered into a Memorandum of Understanding with Saudi Arabian Aramco, one of the leading energy and Chemicals Company, after SBI Holding established a digital asset venture in UAE with Standard Chartered.

The signing was between SBI Holding, Chairman, President and CEO, Yoshitaka Kitao; and Aramco’s President and Chief Executive Officer: Amin H. Nasser.

As per the press release, based on the MOU, SBI Holdings and Aramco will consider a business alliance in the areas of collaboration in the field of digital assets and co-investments leveraging both parties’ investment portfolios related to digital assets, as well as identifying Japanese startups in the digital asset field which have interests in expanding their business in Saudi Arabia and supporting their entry and growth.

It also includes launching various specific projects related to investments in the semiconductor field, including establishment of factories in both Japan and Saudi Arabia.

The scope of the alliance may be expanded upon agreement between the Company and Aramco.

SBI Holdings has been promoting the establishment of investment funds with local partners in the Middle East, as well as the construction of semiconductor factories in Japan, through a partnership with Powerchip Semiconductor Manufacturing Corporation. SBI Holdings recently announced a partnership with Standard Chartered to launch a $100 million Fund in the UAE to also establish a digital asset joint venture.

Through this partnership with Aramco, the parties will, together, leverage their mutual knowledge and resources to discuss further business opportunities in advanced technology fields, such as semiconductors, digital assets, etc. and contribute to economic cooperation between Japan and Saudi Arabia.

Furthermore, the SBI Group plans to establish “SBI Middle East” in Riyadh as a base of operations for conducting business in the Middle East, and is working towards further expanding its businesses in the region.

Saudi Aramco has made prior investments into Blockchain startups, including Data Gumbo, IR4Labs, VAKT, and others.

While Sanabil, the $3 billion fund owned by the government’s Public Investment Fund, is an indirect crypto investor. It mainly invests in other funds, with half its assets in venture capital (VC). They include commitments to crypto-focused Haun and Blockchain Capital as well as several other VCs with major crypto portfolios such as Andreessen Horowitz, Coatue and Tiger Global.

However this news on SBI Holding agreement with Aramco and its relation to the semi conductor business is significant given that recently USA forced Saudi backed fund Prosperity7 from investing in Sam Altman’s AI startup Open AI.  Prosperity7 has already invested as well in Blockchain, with Red Date Tech.

Qatar Investment company invests $15 million in Layer1 Blockchain platform QAN

Qatar Investment company invests $15 million in Layer1 Blockchain platform QAN

UK QANplatform, the quantum-resistant Layer 1 blockchain, receives $15 million investment from Qatar investment company MBK Holding. In September 2023, MBK holding publicly expressed their support for QANplatform.

The QANplatform unveiled its private blockchain on September 12th 2023. The platform which is both quantum resistant and compatible with Ethereum’s EVM received support from Qatar ruling family member H.E. Sheikh Mansoor Bin Khalifa Al Thani.  In a privately held partner event prior to the public launch of QANplatform, H.E. Sheikh Mansoor Bin Khalifa Al-Thani, Member of the Qatari Ruling Family, Chairman of MBK Holding, and former ICT Director for The Council of The Qatar Ruling Family Affairs stated, “We always evolve but not everyone leads the way. I’m proud to support the introduction of a cutting-edge deep tech project, such as QANplatform, in the Gulf region and on the global market.”

Today MBK holding has gone a step further and announced their $15 million investment in QANplatform days before the launch of its testnet.

MBK Holding, an investment holding company with its main office in Qatar and a subsidiary in the United Kingdom, focuses on investing in technology startups. The Founder and Chairman, H.E. Sheikh Mansoor Bin Khalifa Al-Thani, member of the Qatari ruling family, formerly served for a decade as the director of information technology for The Council of The Qatar Ruling Family Affairs.

In addition MBK Holding will offer growth services to facilitate global market access and expansion for QANplatform. MBK Holding’s focus extends to various regional markets, including Qatar, Saudi Arabia, United Arab Emirates, Turkey, and United Kingdom while also encompassing other global opportunities.

H.E. Sheikh Mansoor Bin Khalifa Al-Thani, Founder and Chairman of MBK Holding commented, “MBK Holding proudly backs QANplatform, the game-changing quantum-resistant blockchain platform and nominates Johann Polecsak as the Director of Blockchain of MBK Holding. Blockchain technology in general, is still an untapped area with many opportunities and potential to transform entire value chains, sectors, and business processes. As a deep tech startup, QANplatform can lead the next wave of blockchain platforms with its remarkable features, including multi-language smart contracts and quantum-resistant security. QANplatform is a great fit for our portfolio and partner companies to discover and benefit from the potential of its technology.”

Johann Polecsak, Co-Founder and CTO of QANplatform added, “Working alongside MBK Holding and their team is truly an honor. QANplatform is driven by the vision of creating the safest and most user-friendly blockchain platform, enabling the development of numerous real-world robust applications that bring tangible value to various industries.”

MBK Holding recently signed a strategic partnership with the Ministry of Investment of Saudi Arabia to support entrepreneurial growth and innovation in Saudi Arabia by developing growth services that seek to create market-leading investment opportunities.

QANplatform will be the first EVM-compatible, quantum-resistant Layer 1 hybrid blockchain platform where developers can code smart contract, DApp, DeFi, DAO, token, NFT, Metaverse, CBDC, tokenized asset, and robust Web3 solutions on top of the QAN blockchain platform in any programming language.

As a hybrid blockchain, QANplatform will have a private and public blockchain as well. In September 2023, QANplatform marked a new era of Web3 OS (Operating System) with the launch of the QAN Private Blockchain. QANplatform has unveiled the world’s first private blockchain that is both quantum-resistant (using NIST primary recommended post-quantum algorithm), and compatible with Ethereum’s EVM, while also enabling developers to code smart contracts in any programming language.

QANplatform’s ecosystem is building up with renowned companies such as Hacken, Beosin, or Alpine Esports. In February 2023, Alpine Esports, a Group Renault brand, and inter alia in the Formula 1® Esports Series signed QANplatform as its Official Blockchain Partner. In September 2023, QANplatform was selected to the Ernst & Young Startup Program as one of the nine selected promising startups in the technology and finance sectors, chosen from among hundreds of applicants globally.

This announcement comes as Qatar enters the blockchain era, with the launch of its digital assets lab, as well as partnerships with R3, Settlemint and others.

Blockchain Founders Fund invests in UAE based Fintech startup Flow48

Blockchain Founders Fund invests in UAE based Fintech startup Flow48

Blockchain Founders Fund, SpeedInvest, Daphni, 212, Unpopular Ventures, Endeavor Catalyst, and TLG have all invested in SME fintech lending startup, UAE Flow48. This also included angel investors such as Scott Sandell from NEA.

Enrique Martinez Hausmann, Principal at Speedinvest. Stated, “What Flow48 is bringing to the table is not just innovative; it’s essential for SME growth in the region’s economic landscape. As we look ahead, the potential for Flow48 to expand beyond Revenue Based Financing is very exciting. The team is on track to become a full-service fintech solution for SMEs and expand their offerings to insurance, payments, and other financial services.”

Founded by Idriss Al Rifai on the principle of addressing the challenges SMEs face in securing working capital financing, Flow48 has developed a state-of-the-art platform that stands out with its real-time functionality, integrating seamlessly with major ERP providers, payment gateways, and e-commerce platforms. By enriching its proprietary risk engine and leveraging arrays of data from several sources, Flow48 is able to offer a more precise and efficient credit assessment process, setting new standards in SME lending.

A unique aspect of Flow48’s model is its commitment to ESG principles, focusing on empowering underrepresented segments within the SME sector. Notably, the startup has prioritized funding SMEs owned by minorities and women, a significant step in fostering inclusivity and diversity in the business landscape. “We believe that if the gap in financing exists for everyone and every industry, the hurdle is even higher if you are a woman or from a minority background,” says Al Rifai. “What we offer can be vital for these small business owners. We are contributing to building a more equitable economic environment.

In line with its broader mission, Flow48 is engaging with SMEs that drive positive environmental impact. This includes not only a focus on green energy sectors but also supporting enterprises that integrate sustainable practices into their business models. Among its diverse client base, Flow48 proudly counts several women and minority migrant-led businesses.

With its eyes set on expansion, Flow48 is strategically venturing into South Africa, attracted by its robust SME lending market and advanced fintech ecosystem. This move aligns with the company’s commitment to data-driven, real-time lending solutions and its ambition to empower SMEs across emerging markets globally. Going into South Africa is not just geographical but a deliberate step to integrate into thriving fintech ecosystems.

Animoca Brands invests in UAE gaming startup Farcana to introduce Bitcoin ordinals

Animoca Brands invests in UAE gaming startup Farcana to introduce Bitcoin ordinals

Animoca Brands, early investors in The Sandbox, has invested in UAE gaming startup Farcana, to advance digital property rights for gaming and the metaverse fueling Farcana’s beta launch and development within the Bitcoin Ecosystem with Free Mint Bitcoin ordinals.

Built with Unreal Engine 5, Farcana is a team arena third person shooter that offers competitive tournaments backed by permanent Bitcoin prize pools and will be one of the first AAA Web3 games to introduce its “Free Mint” Bitcoin ordinals. The game has attracted over 40,000 users and is planning new tournaments based on initial playtests in Dubai.

The majority of the new capital will be used for the enhancement of Farcana and its integration within the Bitcoin ecosystem, as the project gears up for a token launch and full game release earlier next year.

Animoca Brands, a Hong Kong-based Web3 industry leader, has been collaborating with Farcana on tokenomics and go-to-market strategy since Q2 2023. With the investment announced today Animoca Brands maintains its strong level of activity in the MENA region, following the Web3 leader’s recently announced strategic partnership with Saudi Arabia’s NEOM.

Yat Siu, co-founder and executive chairman of Animoca Brands, praised Farcana’s progress and commented: “We have been working with Farcana over the past year and we’ve been impressed with the development and traction it’s received so far. Our strategic investment into Farcana is part of the vision of Animoca Brands to drive Web3 development in MENA; the region is rapidly modernizing and adopting emerging technologies, and we’re excited to support partners such as Farcana as they actively lead the sector and bring exciting products to market.”

Ilman Shazhaev, founder and CEO of Farcana, shared his impressions about the strategic investment from Animoca Brands, stating: “We did amazing work with the Animoca Brands advisory team this year. With the redesign of our tokenomics, improvements within the in-game economy, documentation, and go-to-market strategy, we had tremendously productive team-to-team collaboration. Sometimes I would forget that we were working in different companies. This strategic investment from Animoca Brands is definitely a significant milestone for Farcana. During the bear market, we were fully focused on building and delivering one of the best games in web3, and we are incredibly excited to bring it to the market next year.”

Early Investor and supporter resigns from UAE based Venom Blockchain

Early Investor and supporter resigns from UAE based Venom Blockchain

In a surprise move, Mustafa Kheriba, the Executive Chairman of Venomex, a UAE regulated crypto exchange and one of the initial investors and supporters of UAE based Venom Blockchain Foundation has resigned from his position at Venom Foundation.

Sources in the know confirmed this to LaraontheBlock, however Mr. Kheriba would not comment when asked about the reasons for resignation.

Prior to this in August 2023, the CEO of Venomex, Arshad Khan also resigned his position at the crypto exchange and is now a partner at UAE based Fils.

Venomex Limited is a Multilateral Trading Facility and Custodian, based in Abu Dhabi Global Market (ADGM) and received FSP from Financial Services Regulatory Authority of ADGM. Venomex as such became a regulated, crypto asset exchange and custodian in the region that focuses on institutional and retail investors. The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has given FSP to establish and operate a full-fledged MTF and digital custodian.

In terms of Venom Foundation, its chairman and Co Founder Peter Knez the former CIO at BlackRock & ex Goldman Sachs executive has been active, recently speaking at the Genesis XBT event. The event brought together market-makers, VCs, and mining industry leaders in EMEA & CIS’s leading crypto gathering. According to Knez, “ It was a fantastic opportunity for the Venom team to connect, share, and learn in the vibrant hub of Dubai’s blockchain community!”

Venom Foundation earlier this year in January had launched in partnership with Iceburg Capital a $1 billion Venom Ventures Fund.

Venom Foundation, is a  Layer-1 blockchain licensed and regulated by the Abu Dhabi Global Market (ADGM), and Iceberg Capital is an ADGM regulated investment manager. The Venom Ventures fund is a blockchain-agnostic fund that was targeting  innovative protocols and Web3 dApps, focusing on long-term trends such as payments, asset management, DeFi, banking services, and GameFi.

At the time the fund’s leadership team consisted of Peter Knez, ex-CIO at BlackRock and Mustafa Kheriba, but now given that Kheirba has resigned, it would seem he will no longer be involved in the fund as well.

Mustafa had served on the Board of Directors of several financial services and insurance companies prior to Venom Blockchain Foundation.

Venom Blockchain Foundation back in October 2022 became the first ADGM licensed crypto foundation to build a scalable blockchain platform. ADGM at the time stated, “Venom is on its way to developing an NFT marketplace, derivative exchange and fiat-backed stablecoin.”

Yet to date Venom Foundation’s only achievement was an MOU signed with the UAE Ministry of Climate Change and environment to launch the first blockchain enabled national system for carbon credits, as well as the launch of their testnet.

Venom Foundation also faced some challenges in 2023 with regards to one of its early investors Alibek Garcia Issaev, which is said to have involved a UAE court case against him.

Whatever the case, it seems Venom Foundation is facing big challenges when one of its early supporters and investors resigns.

The article was updated at 14:34 Monday 27th 2023.

UK metaverse company Luminous Group raises $1.2 million and sets up presence in the Middle East

UK metaverse company Luminous Group raises $1.2 million and sets up presence in the Middle East

UK headquartered Luminous Group, which provides immersive training programs, using metaverse technologies has raised $1.2 million from North East venture fund, and Mercia as its sets up a presence in the Middle East.

As per the release, the funding will enable the Luminous Group to roll its technology out to a wider audience and create 10 new jobs in the year ahead. It comes as the company is set to open a third office in the Middle East to support its growing client base in the region.

Luminous has already won a major contract from a leading Middle East energy company and recently opened an international office in Bahrain. It plans to open an office in Saudi Arabia later this year, and launch a global marketing campaign. The funding will also enable it to further enhance its platform to make it fully ‘self service’, enabling companies to create their own training programmes, and to launch a new marketplace where training providers can sell their own content.

The Luminous XR (extended reality) platform – which incorporates augmented, mixed and virtual reality – enables users to create training programs quickly and efficiently and track students’ progress. The system, which is ideal for energy companies and manufacturers, can recreate real-life situations including hazardous environments in a safe and repeatable way.

Luminous is run by Ben Bennett, CEO, and Nigel Hope.. Mercia Ventures first invested in 2017 to help it develop the platform. The latest round is the third to date and brings the total received by the company to over £1.9m, which includes funding from the NEVF and Mercia’s EIS funds.

Ben Bennett said: “While it is still early days for the ‘metaverse’, VR and XR technologies have matured significantly and the launch of Apple’s first mixed-reality headset next year is expected to boost awareness and drive global demand. The funding received from Mercia puts Luminous in a strong position to capitalize on that.”

Chris McCourt of Mercia Ventures said: “Current training techniques used in industry are expensive and outdated. Immersive training in a virtual environment could significantly improve performance but creating such programs has been challenging until now. The Luminous XR platform is enabling much wider adoption. This latest investment will enable the company to scale its business and become a global leader in XR training.”