Navin Gupta, former Managing Director for South Asia and MENA at Ripple has left Ripple to join Crystal, a blockchain intelligence firm focused on compliance and risk monitoring for cryptocurrencies, Gupta will become the new CEO of Crystal while Marina Khaustova moves into the new position of Chief Operations Officer at Crystal.

Crystal is a blockchain intelligence firm empowering financial institutions, law enforcement and regulators with real-time blockchain analysis, investigative and compliance solutions.

Gupta joins Crystal from Ripple, where he successfully drove growth for the firm in the MEA and South Asian markets. His roles at HSBC and CitiBank, and entrepreneurial experience as co-founder of a commercial transport technology platform, makes Gupta the perfect candidate to steer this next phase of expansion for Crystal. Ripple has grown over the past years in MENA region with 20% of its customers coming from MENA.

With crypto assets becoming increasingly mainstream due to key regulatory and market developments, Crystal appointed Gupta to expand its blockchain intelligence solutions to a global audience of regulators, VASPs, TradFi sectors, and stakeholders in cryptocurrencies.

“Recent developments like the Bitcoin ETF approval have set the stage both for an increased appetite for digital assets and for compliance tools to keep pace with regulatory expectations,” said Brian Brooks, Bitfury Board member and former head of the Office of the Comptroller of the Currency. “It is imperative that regulators and financial institutions worldwide equip themselves with the best toolset and intelligence to keep pace and be fully prepared to tackle any potential risks from this asset class.”

Gupta said, “Marina and Crystal has been at the forefront of developing an exceptional blockchain intelligence solution. As we continue to see adoption grow, we are committed to leveraging new-age tech to stay ahead of the curve. Regulators need superior intelligence and cutting-edge tools to navigate these changes, and TradFi institutions are seeking to manage risks effectively as they enter the digital assets market. Our goal is to stay insanely customer-centric, bringing our solutions to every corner of the world.”

Since 2019, Crystal has expanded its presence into key financial hubs including North America, UK, Europe and MEA, empowering financial institutions, investigators, and regulators with blockchain analysis, compliance and risk monitoring solutions. Crystal’s customer base doubled in 2023 by focusing on delivering its unique solution to enforcement and supervisory bodies. The product offers real-time indirect risk assessment, monitoring over 50,000 entities and organizations and offers proprietary training programs for professional cybercrime investigators.

Henk Jan Hoogendoorn has confirmed that Qatar Genesis Technologies, a Qatar University tech spinoff is working with Qatar Financial Center Authority on possible use cases in their digital assets labs.

Lebanese-Canadian national Mazen El Masri, Co-Founder and CEO of Genesis Technologies, the tech company which developed Maxya, is working with QFC digital assets labs on several blockchain use cases.

As per the post the possible use case could include tokenization, security tokes and fractional ownership.

On Sunday October 29th, Qatar announced one of the biggest digital assets initiatives in the country and the GCC region, the Qatar Innovation Dome for digital assets. As per the live event keynotes, the digital assets lab will develop tokenization platforms and ecosystems for everything that has value whether tangible assets or intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT ( distributed ledger technologies), blockchain, and smart contracts.

Qatar Financial Centre Authority (QFCA) signed MOUs with Blockchain solution provider R3 and Blockchain SettleMint platform. The agreement with Settlemint will also as with R3 work on Blockchain and digital asset initiatives in the financial sector in the digital assets lab.

BECO Capital is now part of the Dubai AI and Web3 Campus based out of DIFC ( Dubai International Financial Center). BECO capital VC firm manages more than $450 million in assets. According to Dubai AI and Web3 campus, BECO capital will supercharge their ecosystem.

In a LinkedIn post Dubai AI and Web3 Campus stated, “ With BECO Capital onboard, we’re introducing dynamic initiatives like demo days, offering startups a platform to showcase their innovations, and office hours, providing direct access to industry experts.”

BECO Capital’s impressive track record places them consistently in the top 10% globally for fund performance. They’ve played a pivotal role in nurturing regional unicorns like Careem and Property Finder, and we’re eager to see what future successes this partnership will bring.

Prior to this, the Dubai AI and Web 3.0 Campus, announced that it will be issuing artificial intelligence (AI) and Web3 licenses supporting activities ranging from Distributed Ledger Technology Services (DLT), specialised Artificial Intelligence Research & consultancies, IT infrastructure builders, Technology Research and Development and Public Networking Services.