MRHB to launch localized Blockchain enabled NFT platform in Saudi

MRHB to launch localized Blockchain enabled NFT platform in Saudi

In collaboration with Saudi Arabian Blockchain tech provider Limar, MRHB Network, Fintech DeFi firm will be localizing MRHB’s Souq NFT platform for KSA and GCC markets.

As per the license agreement, the venture will see the localization of MRHB’s Souq NFT platform for the Saudi Arabian and Gulf markets, leveraging Limar’s pioneering experience in blockchain technology and advanced tech solutions.

Limar is a Saudi Teh company that focses on solving problems using advanced technologies since 2017. Limar has since been backed by AlNahdi United Group.It focuses on raising awareness for the adoption of decentralized appliation, or Blockchain networks in Saudi Arabia and the region. Limar is also a member of the Hyperledger Community.

Through this license agreement, Limar has licensed the Souq NFT platform from MRHB to create an Arabic version that caters specifically to Saudi Arabian customers. This localized version will run on a private blockchain developed by Limar, ensuring compliance with the Kingdom’s regulatory frameworks and cultural nuances.

By licensing the Souq NFT platform to Limar, MRHB Network is not only expanding its global footprint but also reinforcing its commitment to ethical and culturally sensitive financial solutions.

Limar has developed a crypto free Web3 ecosystem that will enable the adoption of Web3 in KSA focusing on eliminating the legal constraints of crypto with compleiance and usability at the core. They have developed AlMajra Blockcain and Hesa Wallet that allows startups and organizations to quickly deploy secure private blockchain networks.

Earlier this year, DeFi firm, MRHB built for Ethical and Inclusive DeFi expanded into the Saudi market after receiving a license from the Ministry of Investment. MRHB plans to relocate its research and development team to Riyadh KSA.

SBI Holdings launches its blockchain JV with UAE Tradefinex

SBI Holdings launches its blockchain JV with UAE Tradefinex

Japanese SBI Holdings continues to forge stronger partnerships in the MENA region with the announcement of the launch of its joint venture SBI XDC Network APAC with UAE based TradeFinex.

TradeFinex is the promoter of XDC Network, an enterprise-focused blockchain for the purpose of enhancing efficiency in trade finance. Prior to this in September 2023, the two entities had announced that they would be creating the joint venture.

The purpose of the joint venture is to develop the XDC Network which is a community-driven platform established in 2017 specifically designed for trade finance and payments. It provides a smart contract system that facilitates global trade operations through the tokenization of real-world assets (RWAs) like bonds, tokenization of trade assets, and digitization of trade documents, on high-speed, highly secure, and low-cost blockchain.

Up to now, the SBI Group has been providing various services related to the XDC Network, including becoming the Japan’s first exchange to start handling XDC tokens, through a partnership agreement with SBI VC Trade Co. Ltd. (Head office: Minato-ku, Tokyo; President: Tomohiko Kondo), a company providing crypto asset exchange services within the SBI Group.

Moving forward, the SBI Group will not only focus on services related to the XDC token, but also strive to expand the use cases of the XDC Network’s blockchain technology in global economic activities,  particularly in the fields of trade finance and cross-border payments.

According to the press release, “As the first project after the establishment of the joint venture, we have started a proof-of concept (PoC) experiment that connects XDC Network and the Corda platform provided by SBI R3 Japan Co., Ltd and Corda Bridge provided by US based IMPEL GLOBAL. In this experiment, FIAT payments generated by business-to-business transactions will be conducted in XDC via Corda and Corda Bridge. By utilizing a hybrid blockchain with both private and public characteristics, it is possible to provide a one-stop service that settles both private, such as information of transactions, and public, such as the transfer of value, at once. As a result, this offers an efficient and smooth payment method for cross-border transactions including international trade, compared to conventional fiat currency transactions.”

SBI Holdings over the past months has been forging a variety of partnerships across the region. It signed an MOU with Saudi based Aramco, for digital assets research. SBI Holdings also announced a partnership with Standard Chartered to launch a $100 million Fund in the UAE to also establish a digital asset joint venture.

UAE IHC holding spurs its growth in Blockchain, AI, and IoT with new joint venture

UAE IHC holding spurs its growth in Blockchain, AI, and IoT with new joint venture

UAE IHC Holding, which bought 10 percent of UAE Phoenix Group, a leading Bitcoin mining entity continues to spur its growth in Blockchain, AI and IoT in a joint venture with Indian Adani Group.

The joint venture, Sirius Digitech will be based out of Abu Dhabi UAE. Indian based Adani Global Ltd. and UAE IHC’s Sirius International Holding Ltd. will own 49% and 51% respectively in the Sirius Digitech International Ltd. Both partners will have an equal representation on the board of new entity which will also explore Internet of Things and blockchain besides AI.

The venture aims to explore sectors ranging from Fintech and Healthtech to Greentech, leveraging Adani’s proven track record of incubating successful businesses within its extensive portfolio.

The partners emphasized their dedication to collaborative decision-making through equal representation on the board, highlighting the alignment of Adani’s innovation and IHC’s strategic vision. In addition, they aim to go beyond AI, exploring the transformative possibilities of IoT and blockchain technologies to bring about significant advancements across industries.

Prior to this IHC  purchased 10 percent of Pheonix Group which holds investments in Bitcoin mining, as well as investments in the recently launched M2 regulated crypto exchange out of Abu Dhabi. This positions IHC not only in the realm of digital assets but now more so in Blockchain, AI, and other technologies.

USA based Blockchain enterprise entity and UAE Blockchain Suvik tech to bring Web3 technologies to UAE

USA based Blockchain enterprise entity and UAE Blockchain Suvik tech to bring Web3 technologies to UAE

Blockedge Technologies Inc., an enterprise blockchain technology platform, and UAE based Suvik Technologies FZE, a public blockchain technology company, have signed an MOU ( Memorandum of Understanding) to form a joint venture out of Dubai UAE. The join venture will create tools that empower organization to migrate to Web3 technologies.

Blockedge brings its infrastructure automation platform, expertise to develop decentralized applications and interoperable blockchain solutions. At the same time, Suvik group brings its proprietary trading system for crypto assets and Plugin – a Decentralized Oracle Platform built on XDC Network.

“Web3 is all about building system-backed trust to facilitate trusted peer-to-peer transactions,” said Srinivas Mahankali, Chief Business Officer of Blockedge Technologies Inc. “To accelerate the adoption of Web3 technologies globally, we have come together to leverage each other’s strengths to create the required infrastructure layer to encourage and empower over 1000 organizations in the next three years,” he added.

Vinod Khurana, Co-Founder of Plugin Decentralized Oracle on XDC Network and CEO of Suvik Group added, “The creation of the joint venture between Blockedge and Suvik has come at the right time and place and has the potential to add immense value to the blockchain ecosystem. With this venture, we aim to launch decentralized applications across industries, with an initial focus on Agriculture, Healthcare, Supply chain, and E-commerce”.

The partnership will be converted into a 55:45 joint venture based in Dubai, specifically focusing on the Middle East, Asia Pacific, and North America.

US Marathon Digital Holdings to jointly build $406 million crypto mining facility in UAE

US Marathon Digital Holdings to jointly build $406 million crypto mining facility 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.

As per the filing, the joint UAE ADGM based company will establish and operate one or more mining facilities for digital assets. The business entity will be in the field of digital asset/crypto mining.

The initial phase will consist of two digital asset mining sites comprising 250 MW (megawatts) in Abu Dhabi UAE.

Marathon Holdings will own 20% of the joint company in UAE only. The cost of the project will be $406 million.

This new comes after UAE based Phoenix Technology which embarked on establishing a $2 billion crypto-mining farm in the UAE,  announced in November 2022, that the biggest crypto mining project in the region will be completed in the next six months, Q2 of 2023.  The press release at the time noted, “The project will be finalized within six months, giving the region a taste of technological advancement and development.”

In February 2022 Phoenix had announced it was part of the group of entities developing the UAE crypto mining farm in an interview with well renowned crypto and Blockchain lawyer Irena Heaver.

Crypto mining is an integral part of the development of crypto economies, and the MENA region is opening up to exactly these economies. Already the GCC and MENA region has become an attractive destination for crypto mining. 

During Binance Week 2022, Khalifa AlJaziri, AlShehhi, Commercial Affairs Regulatory Sector Projects advisor at the Ministry of Economy in UAE, claimed that the Dubai World Trade Center Authority (DWTCA) would be legislating the crypto mining sector. He stated, “We are setting the guidelines and rules needed to regulate crypto mining within this crypto framework.

The UAE is not the only country that has shown interest in crypto mining. Oman Investment Authority (OIA) took part in a $350mn equity round in Crusoe Energy Systems. The US firm helps oil and gas producers cut flaring by using stranded natural gas to power cryptocurrency mining. Crusoe systems set up operations in Oman as well.