UAE based Helion Ventures to invest in Web3 gaming companies

UAE based Helion Ventures to invest in Web3 gaming companies

Dubai headquartered Helion Ventures, Web3 VC and venture builder, has announced that it will be investing in gaming companies.

In a linkedin post, Helion ventures are announcing investment in gaming companies. As they noted in their post, “ The web3 gaming industry will hold significant importance for the economy by transforming the gaming industry and creating new economic opportunities.”Entities can apply now and get the chance to fund your project: https://lnkd.in/djj_uycNThis announcement comes after Web3 gaming startup GAM3S.GG.based out of Abu Dhabi UAE has just raised $2 million in seed funding led by investment firm Mechanism Capital and other angel investors including  Polygon, Double Peak, ArkStream Capital, LD Capital, ROK Capital, Hyperithm, Snackclub, Emurgo Ventures, Eden Ventures and Mix Marvel Ventures.In addition South Korea’s Blockchain, NFT, metaverse game developer and publisher WeMade  also recently signed an onboarding agreements with several domestic and international game companies for the blockchain game platform “WEMIX Play.” One of those is a UAE game company, Project Seed, which will be working on a fantasy action role playing game RPG titled Outland Odyssey.In May 2023 South Korean blockchain developer WEMIX and Hub71, Abu Dhabi’s global tech ecosystem, signed a memorandum of understanding (MoU) to create and accelerate growth opportunities for their respective portfolio companies and Web3 startups.Earlier this year in January Abu Dhabi in its stive to become a global gaming hub through the AD Gaming government led initiative partnered with AA Meta a local Metaverse and Web3 Development Company. The company will deliver cutting-edge Web3 solutions to the emirate’s game development eco-system.

UAE Web3 Blockchain enabled gaming startup raises $2 million amidst growing investment in gaming

UAE Web3 Blockchain enabled gaming startup raises $2 million amidst growing investment in gaming

Web3 gaming startup GAM3S.GG.based out of Abu Dhabi UAE has just raised $2 million in seed funding led by investment firm Mechanism Capital and other angel investors including  Polygon, Double Peak, ArkStream Capital, LD Capital, ROK Capital, Hyperithm, Snackclub, Emurgo Ventures, Eden Ventures and Mix Marvel Ventures.

Formerly known as Polkastarter Gaming, GAM3S.GG, offers curated Web3 gaming content, with 200 listed games across 15 chains and over 60,000 registered gamers.

Omar Ghanem, Co-Founder and Chief Executive officer of Gam3S.GG states, “The gaming industry is at a crossroads while Web3 offers new exciting possibilities, the lack of quality content and a singular destination for all your Web3 gaming needs has left many gamers lost.”

GAM3S.GG said it is building the hub to enable newcomers and professional gamers to explore new frontiers and experiences within one single Web3 gaming superapp. The startup is also a member of AD Gaming, the entity responsible for developing the gaming and e-sports industry in Abu Dhabi.

Abu Dhabi Gaming (AD Gaming), is supported by Unity Technologies, Flash Entertainment, UAE Pro League, Emirates Esports Association and the Media Zone Authority. AD Gaming hopes to provide a support system for game developers, players, consumers, and businesses in Abu Dhabi. The initiative will work to grow regional gaming and esports talent and bring gaming events to Abu Dhabi.

GAM3S.GG intends to build advanced features to eliminate barriers to entry for blockchain games, including social logins, player-owned item management, progression rewards, in-game progress tracking, as well as directly playing Web3 games on the platform.

Prior to this announcement, South Korea’s Blockchain, NFT, metaverse game developer and publisher WeMade signed onboarding agreements with several domestic and international game companies for the blockchain game platform “WEMIX Play.” One of those is a UAE game company, Project Seed, which will be working on a fantasy action role playing game RPG titled Outland Odyssey.

Reports have noted that MENA gaming revenue will hit $6 billion by 2027. Over $3 billion was invested in the industry by Saudi Arabia’s Public Investment Fund (PIF) in 2022, as part of a much larger $38 billion commitment by PIF to be used by its company Savvy Games Group (SGG). Multiple acquisitions in gaming (Embracer Group, Scopely) and esports (ESL, FACEIT, VSPO) have already been executed.

BCG’s latest gaming report titled ‘Game Changer: Accelerating the Media Industry’s Most Dynamic Sector’, highlights that more than 60% of the population in the Middle East are gaming enthusiasts, resulting in one of the highest shares of gaming mobile app downloads (50% compared to the global average of 40%).

A strong indication of Middle East populations towards gaming is strong growth of game streaming at 24.5% CAGR, which is on path to reach approximately 200 million users in 2025, according to Boston Consulting Group’s latest gaming report. The region’s growth is three times faster compared to China, the current leader, at a compound annual growth rate (CAGR) of 24.5% versus 7.6%.

The gaming industry is big business in the Middle East and Africa. Several hundred million gamers live in the region, making up 15% of total gamers globally. In the United Arab Emirates alone, the gaming industry is worth an estimated $288m.

“The metaverse and gaming go hand in hand, with so many new ways of bringing high-quality gaming and esports content to global audiences through metaverse ecosystems,” said James Hartt, director of strategic partnerships at AD Gaming, which is an organization that aims to build a self-sustaining gaming and e-sports ecosystem in Abu Dhabi.

 “Abu Dhabi has become a regional hub for Web3 gaming,” Sultan Al Riyami, head of gaming and eSports at AD Gaming, said. The UAE is also investing heavily in gaming. In an interview in June 2023, Anton Vasilenko, co-founder and CEO of True Games stated, “Over the next two years, we’ll be investing significantly in the future development and expansion of eSports lounges in the UAE and across the broader Middle East region. By the end of 2023, we plan to invest $13.5 million into developing our gaming centers in the UAE alone.”

UAE based Aurus selected among top 25 companies for DMCC TDeFi accelerator program

UAE based Aurus selected among top 25 companies for DMCC TDeFi accelerator program

Out of over 100 plus applications, UAE based Aurus, which tokenizes precious metals including gold, silver and platinum using blockchain technology, has been selected as one of the 25 companies that will be joining Dubai’s DMCC ( Dubai Multi Commodities Centre) and TDeFi accelerator program.

The accelerator program is aimed towards Web3 and Blockchain companies based out of Dubai offering mentorship, support, and business scaling opportunities.  The acceleration program kicks off on September 5th, 2023, with a range of mentor sessions covering legal and compliance, web3 marketing, fundraising, and token economics. Participants are able to gain practical experience by using their own projects as case studies during workshops on token economics and token markets management. The program culminates in a Demo and Pitch Day, with 20+ venture capitalists and investors serving as judges, representing over $IBn in cumulative AUM.

The program’s conclusion is more than just a pitching session. It’s a doorway to connect with an expansive network of Funds, VCs, and Partners. It’s the day where projects can truly shine and kickstart their fundraising sprint.

Aurus was selected as one of the 25 companies because of its unique selling points that includes solutions to make it easy to buy, trade, and store precious metals (gold, silver and platinum), grams at a time, 24/7, at minimal fees, at the convenience of your mobile phone.

In addition, Aurus is at the forefront of tokenization of real-world assets, pioneering use cases for precious metals that were previously unfathomable. Bridging the gap, and addressing various use cases in several new untapped markets such as Payments, DeFi, gaming, NFTs, and Web3.

Aurus adheres the strictest standards and is one of few projects truly compliant within the current regulatory framework. Operations are conducted by the Aurus Foundation in the UK where we received the regulatory nod in 2020, and Aurus Markets DMCC in the UAE, which is licenced by the DMCC.

Aurus is also gearing towards the launch of several products, such as the first NFT collection backed by precious metals which will be launched on February 2024. Aurus is also entering the DeFi world with gold. Precious metals as a financial primitive (collateral) in DeFi protocols. That is, PMs as a productive yield-bearing asset with the ability to earn a yield by providing liquidity in DeFi.

Aurus is also utilizing gold in gaming with the ability to create sustainable real-asset-backed in-game economies by bringing precious metal-backed tokens and NFTs to online games, as well as gold as a payment: a network of stable value transfer in the global payments market. The Aurus Vault Card V2 is soon to launch, enabling users to spend precious metals via the Mastercard network.

Emirates NBD invests in Blockchain trade finance platform

Emirates NBD invests in Blockchain trade finance platform

UAE based Emirates NBD has inveted in Blockchain enabled Komgo, trade finance platform.

As per the press release, the strategic equity investment was made by Emirates NBD’s Innovation Fund, the Bank’s corporate venture fund.  The fund created in early 2023, aims to strengthen synergies from strategic partnerships by combining the Bank’s digital ambitions and regional expertise with the agility and technological innovations of fintech companies.

Emirates NBD’s corporate venture capital arm will enable the Group to make investments in tech start-ups and companies that further support its digital strategy. The Innovation Fund’s mandate is to invest in a wide range of stages, from early to growth, depending on the strategic fit for the Group, with the aim of delivering strategic benefits and realising a long-term return from investments.

Komgo’s solutions empower Treasury, Credit, and Trade Finance operations, streamlining communications and strengthening operational capacity for more than 10,000 enterprise users worldwide. From its Swiss roots, the company has expanded to key international locations including Singapore, Paris, London, Toronto and Houston, and is trusted by a diverse customer base that includes more than 200 multinational corporations and global trade banks. Approximately USD 1 billion in transaction value flows through the Komgo Network each day.

Komgo has two main products, Trakk which logs documents, creating a digital fingerprint on its blockchain, and  Konsole that matches corporates with banks and offers several solutions including various digital letters of credit and guarantees.

Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said: “Our strategic equity investment in Komgo reflects our commitment to constantly innovate and develop tech solutions that can accelerate business processes. We recognise how the fast-changing fintech landscape impacts our industry and we will continue to find and support the next generation of technologies that will help us shape the future of finance and to further strengthen our position as one of the leading financial institutions in the region.”

Souleïma Baddi, CEO at Komgo commented, “We are delighted that Emirates NBD has taken a strategic equity stake in Komgo, becoming the first Middle Eastern bank to hold shares in the company. This marks a significant milestone and a powerful affirmation of Komgo’s solid track record and promising future.”

Souleïma Baddi  CEO at Komgo used to sit on the board of VAKT which also utilizes blockchain to enhanve trade finance.

Prior to this Emirates Bank was one of the founding banks for UAE’s Blockchain fraud detection platform UAE Trade Connect.

UAE Trade Connect is now seeking to its expand its membership based out of the UAE Banking sector to other GCC countries including KSA.

Arcapita Group invests in GCC based Blockchain enabled primary source verification solution provider

Arcapita Group invests in GCC based Blockchain enabled primary source verification solution provider

Arcapita Group Holdings, a global alternative investment firm, has invested in GCC based DataFlow Group, a primary Source Verification (PSV) solutions, and background screening and immigration compliance services.

The acquisition represents yet another milestone in Arcapita’s growth strategy, having completed five direct investments and eight add-on acquisitions in the business services space, in the US and GCC, over the past five years.

DataFlow Verification Services Limited is the GCC’s leading provider of regulation-mandated pre-employment primary source verification (PSV) services, with over 850 employees across nine countries, including Saudi Arabia and the UAE, and a global network of more than 160,000 issuing authorities across 190 countries.

The company’s workflow and system integrations with issuing authorities and GCC regulators has made it the service provider-of-choice in many markets resulting in long-standing client relationships. While DataFlow has historically focused on the healthcare segment, the company has begun expanding into verticals such as education, engineering, work visa, and sports, and has secured strategic wins in these sectors.

Hisham Al Raee, Deputy Chief Executive Officer of Arcapita, commented, “Arcapita’s private equity strategy within the business services sector is to target companies that deliver essential and mission-critical B2B services. Arcapita targets companies that are asset light, technology-enabled, and have strong management teams. Our investment in The DataFlow Group plays a key role in this strategy, while further building on our track record in the sector. We look forward to working closely with DataFlow’s management team to drive further growth across multiple markets, leveraging our global expertise in the sector.”

Yousif Al Abdulla, Managing Director and Head of MENA Investment at Arcapita, also commented, “The DataFlow Group enjoys a dominant market position, underlined by an unrivalled competitive moat, as evidenced by its consistent sales growth. We are excited about the prospects of this partnership and the capabilities of DataFlow’s management team, and are confident in the long-term growth potential of the business in the GCC region and beyond.

Sunil Kumar, CEO of DataFlow, said “We look forward to joining forces with Arcapita for our next phase of growth and transformation, where their investment will provide The DataFlow Group with enhanced access to cutting-edge technologies like artificial intelligence, blockchain, and machine learning, enabling us to serve our stakeholders better and accelerate our growth. We have solid growth targets for the coming years, and Arcapita’s track record, coupled with a strong leadership team, will enable us to improve our services to meet our clients’ needs best and drive transformation. We thank EQT for supporting The DataFlow Group in reaching this growth phase.”

Crypto will play a small role in UAE and global family offices portfolio

Crypto will play a small role in UAE and global family offices portfolio

In KPMG and Agreus’s  2023 Global Fmaily Office Compensation Benchmark Report which found that financial wealth, generated by ultra-high-net-worth individuals and family offices is forecasted to increase to 46% by 2026 and that Crypto, a growing area of interest in the UAE, could play a small role in global family office portfolios as CEOs and MDs explore it and fall into the category of fun.

As per KPMG Agreus report, “ Diversifying does not always mean investing heavily in the likes of cryptocurrency but rather, decentralizing risk by spreading investments across multiple areas with precedents of high return. Crypto like many ‘new’ asset classes may well continue to play a very small role in Family Office portfolios but it is envisioned this shall fall into the category of fun, a small percentage for Principals to play with either for passion or simple curiosity.”

KPMG report believes that while the coming years could see the introduction of yet another new and exciting asset class, many Family Offices will look to diversify away from risky areas and invest in traditional, safe arenas where track records have already been achieved.

With the UAE’s rise in the establishment of new family offices, wealthy families from around the world have recognized the country’s appeal as a destination for their offices stemming from its combination of tax advantages, strategic location, robust financial services sector, and high-quality lifestyle amenities.

The report surveyed the views of family office chief executive officers, managing directors and staff to analyze succession planning, social mobility, and governance structures. It found that global family offices plan to diversify away from risky areas and invest in traditional, safe arenas where track records have already been achieved. This includes decentralizing risk by spreading investments across multiple areas with high return.

Among those areas of high return was crypto. In the report KPMG noted that crypto, a burgeoning area of interest in the UAE, could play a small role in global family office portfolios as CEOs and MDs explore it.

The report found that family office leaders in the region are aggressively pursuing strategies to grow their wealth and reputation.  Family-owned businesses play a vital role in the economy, contributing over 60% of the GDP in many regions. In 2021, financial wealth in the UAE grew by 20%; approximately 41% was generated by ultra-high-networth individuals and family offices, forecast to increase to 46% by 2026. It is estimated that the UAE’s financial wealth will continue to grow at a compounded annual rate of 6.7% and reach USD 1 trillion by 2026.

Raajeev B Batra Partner and Head of Private Enterprise at KPMG Lower Gulf, said: “Middle East family offices are approaching 2023 with an educated outlook. Previously many family offices focused heavily on investments and less on having a robust sophisticated operational infrastructure, but this trend has changed. The regulatory framework in the UAE more specifically has been a significant driver in attracting family offices to set up in the country.”

Tayyab Mohamed, Co-Founder of Agreus, said: “The contribution of family-owned businesses in the region cannot be stressed enough. They continue to remain a crucial part of the economy, with the UAE and KSA rapidly rising within this space. With the recent initiative by the DIFC to create the Global Family Business and Private Wealth Centre, we believe the Middle East is very competitively placed to be a hub for family offices in the future.”

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.