Stc Bahrain operates nodes on a Bitcoin Layer1 Blockchain

Stc Bahrain operates nodes on a Bitcoin Layer1 Blockchain

Stc Bahrain, the Saudi Telecom subsidiary in Bahrain, has once again showcased how the telecom industry can embrace Blockchain,Web3 and now DeFi with stc Bahrain operating nodes on Core Chain Bitcoin Layer 1 blockchain. Stc Bahrain has partnered with Core Chain DAO as part of its Web3 launchpad initiative.

As part of stc Pearling Path Partnership Program, a Web3 launchpad in MENA, stc Bahrain will deploy and operate nodes on the Core Chain network, bolstering its resilience as a key infrastructure provider in the Gulf.

As per the press release, this initiative underscores stc Bahrain’s commitment to digital transformation and Core’s mission to promote global blockchain adoption.

“By incorporating Core Chain into our Pearling Path initiative, we’re not just adopting a blockchain protocol; we’re laying the groundwork for scalable innovation for the future. This is a significant step towards building a cohesive Web3 ecosystem in the Gulf,” said Mr. Saad Odeh , Chief Wholesale Officer at stc Bahrain.

Core Chain’s commitment to privacy, scalability, and its Satoshi Plus consensus mechanism align with stc Bahrain’s vision to foster economic growth in the region. By integrating the strengths of Proof of Work (PoW) and Delegated Proof of Stake (DPoS), Core Chain is able to create a blockchain environment that is not only secure and decentralized but also highly scalable to meet the evolving demands of the digital landscape.

Recently Core Chain launched Core Ignition is a carefully designed six-month incentive program launched on March 11, 2024, aimed at rewarding the Core community for their contributions to the network.

As per their announcement, the world of Decentralized Finance (DeFi) is constantly evolving, and the concept of BTCfi (Bitcoin DeFi) is at the forefront of this innovation.

In March 2024 Stc Bahrain, announced that it will be offering Web3 infrastructure services using blockchain in partnership with LionsCraft for the Bahrain market. Lionscraft provides cutting-edge technology and business consulting in the thriving Web3 space.

In 2022 stc Bahrain also became the first telecom operator in Bahrain to accept cryptocurrencies through its partnership with Eazy Financial Services, a leading Bahraini Payment Services provider specializing in POS and online payment gateway. EazyPay uses BinancePay and wallet to offer this service to more than 5000 POS terminals in Bahrain.

UAE Zand Bank enters the realm of Blockchain and AI

UAE Zand Bank enters the realm of Blockchain and AI

UAE Zand Bank, UAE’s first digital only bank has subscribed to Infosys Finacle Solutions, a wholly owned subsidiary of Infosys suite to power its corporate banking services and enable it to innovate and integrate solutions on Blockchain and AI.

The deployment of Infosys Finacle’s advanced cloud-native solutions on Microsoft Azure is a testament to Zand’s commitment to provide a customer-centric, future-ready banking experience, underpinned by the latest in AI and predictive analytics.

The Finacle Corporate Banking Solution Suite’s modular framework and expansive suite of features, including an array of Open APIs, will significantly accelerate the launch of innovative services, supporting Zand’s objective of continuous innovation and commitment to customer delight.

Infosys Finacle enables Zand’s capability to assimilate and process a vast array of data, equips it to partner with sophisticated analytics platforms, thereby offering cutting-edge services to its customers.

The collaboration enables Zand to innovate and integrate emergent technologies like AI, blockchain, and digital asset management and drive a competitive advantage in the evolving landscape of digital finance.

Michael Chan, Chief Executive Officer of Zand, said, “We are delighted to announce our adoption of the Finacle modular core banking system. This strategic move empowers us to fortify our position at the forefront of innovation, enabling seamless deployment of digital assets, AI, and blockchain technologies. Embracing the future, we are poised to redefine banking experiences and drive unparalleled value for our customers.”

Sajit Vijayakumar, Chief Business Officer, Infosys Finacle, said, “A digital revolution is shaking up the corporate banking sector, paving the way for modern, customer-centric models. We are delighted that Zand, as a trailblazer in this domain, has chosen Infosys Finacle for their ambitious project to redefine corporate banking excellence. We are committed to enabling Zand, fast-track its journey towards offering differentiated customer-centric and world-class corporate banking services. Our collaboration with the bank is yet another testimony to the flexibility of the Infosys Finacle Corporate Banking Suite and the enduring trust that banks in the Gulf Cooperation Council place in us.”

ZAND Bank and ADGM partnered sometime back to offer preferential services to virtual asset service providers.

Bitget crypto exchange users can now buy crypto using UAE dirham

Bitget crypto exchange users can now buy crypto using UAE dirham

Bitget, crypto exchange and Web3 company, has partnered with OnRamp, the leading crypto payment solution provider to allow users the ability to buy crypto using UAE Dirham through bank transfers. With the integration, Bitget users can now buy and sell digital assets using various local currencies. This collaboration brings significant improvements for users interacting with digital assets, enabling seamless conversion between fiat and crypto instantaneously.

Users can buy crypto with NGN, AED, and MXN through bank transfers, and with VND via VietQR. This range of options ensures that users have easy-to-use and reliable methods to convert cryptocurrencies to fiat and vice versa. Bitget caters to users with a diverse set of preferences and finance management requirements, fulfilling their needs with emerging WEB3 products.

Bitget is introducing a zero-fee offer with this integration for all cryptocurrencies. This compliments Bitget’s current in-house zero-fee offer for Bitcoin (BTC) and Ethereum (ETH). The move allows users to buy cryptocurrencies via traditional banking channels through OnRamp without incurring any fees.

“At Bitget we’re constantly improvising our platform’s abilities, including its fiat-to-crypto conversion capabilities. The integration is a step closer to our mission to drive mass adoption of crypto, making it easy for people around the world to trade crypto. By smoothing out the conversion process between crypto and fiat we’re accelerating an inclusive and global financial revolution,” says Gracy Chen, Managing Director at Bitget.

In the UAE CoinMENA also announced its partnership with Network International for crypto onramping.

Former ambassador to UAE chairs Binance Board of Directors at ADGM

Former ambassador to UAE chairs Binance Board of Directors at ADGM

Registered in UAE’s Abu Dhabi Global Markets, the new board of Directors of Binance is headed by the former Barbados ambassador to UAE Mr. Gabriel Abed.

Binance MENA Holdings, registered in ADGM has appointed Gabriel Abed, who served as ambassador of Barbados to the United Arab Emirates, as chairman. According to ADGM website Abed was appointed on March 8th 2024. Could this mean that Abu Dhabi is the headquarter of Binance?

Binance listed the Board of Directors on its website.

Gabriel Abed as Chairman of the Board (Independent Board Member), a globally recognized technology entrepreneur, seasoned board member and former diplomat specializing in the intersection of regulatory innovation and financial technologies. He has over 13 years of experience within the blockchain industry and has navigated complex financial landscapes within regulated environments across several industries and countries

In 2013, Mr. Abed was the founding CEO of Bitt, the trailblazing company that introduced one of the world’s earliest Central Bank Digital Currencies (CBDCs). In 2016, he co-founded Digital Asset Capital Management (DACM), a hedge fund that quickly became best-performing in its category. Today, he continues to be a leading authority on digital economy affairs, regulation and blockchain technologies.

In April 2018, Mr. Abed was appointed as the Special Technology Advisor to the Honourable David Burt of Bermuda. In 2020 he had a leadership role in the World Economic Forum’s Global Future Council on Cryptocurrencies’ Regulatory Framework Group. He was also a board member of the Barbados Stock Exchange and of ANSA Bank (Trinidad). Mr. Abed serves as an honorary member for the Barbados Financial Services Commission’s subcommittee for FinTech.

Mr. Abed graduated with honors from the Ontario Technology University, with a Bachelor’s Degree in Information Technology, majoring in Network Security. Due to his contributions to blockchain and regulation technology, Mr. Abed was also conferred an Honorary Doctorate in Law by the University of the West Indies.

As per Binance website, “As Chairman of Binance’s Board of Directors, Mr. Abed remains dedicated to forging multilateral relationships across governments, governance, technology and regulation.”

Xin Wang appointed as Independent Board Member. Xin Wang is a qualified lawyer in the State of California and a Solicitor of England and Wales with extensive experience in leveraged, acquisition and project financings as well as mergers and acquisitions (M&A). Ms. Wang serves as an independent board member of Binance’s Board of Directors.

Ms. Wang is the CEO of Bayview Acquisition Corp, a special purpose acquisition company listed on NASDAQ. She also serves as consulting partner at BHR Partners, a firm that focuses on strategic private equity investments in cross-border M&A deals with specific focus on high-end manufacturing and natural resource sectors. Prior to BHR, she served as Counsel with the international law firm of White & Case. Ms. Wang received her Bachelor of Commerce from McGill University and Juris Doctorate from Boston University School of Law.

Arnaud Ventura appointed as Independent Board Member. Arnaud Ventura is Managing Partner of Gojo & Company, a Tokyo Based investment holding company. He is a serial entrepreneur focusing on businesses that generate strong social impact. Mr. Ventura founded and led two of the leading financial inclusion groups worldwide, PlaNet Finance and Baobab (formally known as MicroCred Group), a microfinance holding company which he led as its founder and CEO till 2019. Mr. Ventura was also the Founder of mBank Holding, a mobile banking-based group and of the Positive Economy Forum, a series of events focusing on developing a positive economy. Mr. Ventura is Co-Founder and President of the France-China Young Leader Programme and the France Asia Foundation. Mr. Ventura is a French-American Young Leader Fellow and a WEF Young Global Leader. He is a graduate of one of the top French engineering schools.

Mr. Ventura is also an Independent Board member with: NSIA Group and MANZI Holding; Ard Financial Services, where he is also chairman of the Audit & Risk committee; and, Humo Bank, where he also chairs the Risk committee. Mr. Ventura is also the Chairman of the Board of Binance France, a registered VASP in France.

Richard Teng :is the CEO of Binance; previously serving as CEO of Binance Singapore and held roles looking after the MENA region, the European region, and ultimately all regions outside of the U.S. as the Head of Regional Markets at Binance.In this role, he led regional teams to secure strategic partnerships, foster an ecosystem of innovation, and expand the cryptocurrency ecosystem within the respective regions. Prior to joining Binance, Mr. Teng was a former regulator. He was the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), where he showcased his capabilities as one of the world’s foremost innovative regulators. Mr. Teng’s vast experience also includes previous roles as the Chief Regulatory Officer of the Singapore Exchange (SGX) and Director of Corporate Finance at the Monetary Authority of Singapore (MAS). Mr. Teng received his Masters in Applied Finance (Distinction) from the University of Western Australia and a Bachelor of Accountancy (1st Class) from Nanyang Technological University.

Roger Wang: is the top product expert in Binance and a founding member of the organization. He developed the cutting-edge technology that drives Web3 innovation through the Binance platform. He is responsible for the design and implementation of the exchange platform and wallet system, ensuring its security, stability, and scalability. He has been working in the financial industry for over 10 years. Prior to joining Binance, Mr. Wang played a leading role in the development of the credit booking, analytics and marking systems in Nomura and the equity system in Morgan Stanley.

Heina Chen: is a Senior Executive and Co-Founder of Binance. With deep Web3 experience, Ms. Chen manages the clearing, settlement and treasury at Binance and is also responsible for the strategy implementation, company policies enhancement and business operation management. Ms. Chen has over 14 years of operations management and entrepreneurial experience. The breadth of her experience includes overseeing the whole back office covering Finance, HR, Admin, Clearing, and Treasury functions for the world’s largest cryptocurrency exchange. Prior to Binance, Ms. Chen was Chief Operating Officer and Co-Founder of Bijie Tech, a software development company providing exchange-as-a-service platforms to other exchanges. Ms. Chen has a Master EMBA from the National University of Singapore and Bachelor’s Degree in Finance and Accounting from Shanghai University of Finance and Economics.

Rock He: dedicated himself to the digital currency field in 2014 and joined Binance in 2017 as one of the founding team members, where he has led a number of business units including one of the most critical, Fiat, for the on-ramps and off-ramps. Mr. He has over a decade of experience in team management and more than four years of experience in Internet and media companies leading operations, branding and business.

Mr. He has more than 10 years of experience in the blockchain industry, including as an independent researcher, with strong institutional knowledge with respect to Binance’s product offerings and product development strategy. Mr. He oversees daily business operations, including the setting of key performance indicators, and ensuring teams achieve their performance targets. Mr. He focuses on plans to increase efficiency and reduce operational costs; coordination with the regional and global management team to ensure alignment; and, ensures operational processes stay compliant with local laws and regulations. Mr. He has a Master EMBA from the National University of Singapore.

The Global Advisory Board comprises of the following members:

Max Baucus, USA, Former U.S. Ambassador to the People’s Republic of China; Former U.S. Senator Montana; Former Chairman of Senate Committee on Finance

HyungRin Bang, Korea, Advisor of the Korea Presidential Committee; PR/Communications Advisor of Yoon Seuk-Yul’s 2022 Presidential Campaign; Former CEO, SoftForum Inc.; Former Executive Director, Hyundai; Former Executive Director, Samsung;

Henrique de Campos Meirelles, Brazil, Former Minister of the Economy, Former President of the Central Bank of Brazil, Former Chair of J&F’s board of directors, Former Member of the Board of Directors of Azul Brazilian Airlines, Former President, BankBoston; Former President of Global Banking, FleetBoston Financial; Former Board member, Raytheon Corporation, Bestfoods and Champion International. Former Member of the Council of Lloyd’s of London; Former Chairman of Lazard Americas.

Adalberto Palma, Mexico, Honorary Board Member of The Aspen Institute Mexico; Former Senior Advisor at the Chief of Staff Office to the President of Mexico; Director of Business Development at BEworksMX Consulting; Former President of the CNBV; Founding Chairman of The Center for Excellency in Corporate Governance; Independent Director of the Institute for Savings Protection; President of Bankers Trust Mêxico, Colombia and Venezuela; Managing Director of Citibank Mexico.

David Plouffe, USA, Business, Non-Profit and Political strategist; Author, Member of Various Boards of Directors; Former Campaign Manager Senior Advisor to President Obama in the White House

Christin Schäfer, Germany, Founder and Managing Director of acs plus; Former Group Risk Operating Officer, Erste Group Bank; Former Global Head of Quantitative Solutions, Deutsche Bank, Member of the Data Ethics Commission, German Federal Government

Lord Vaizey, UK, Member of the House of Lords; Former Minister and Member of Parliament

David Wright Europem Chair, EUROFI; Former Secretary General, IOSCO, Former European Commission; Deputy Director General Financial Markets, European Commission

Prior to this Binance offloaded its venture arm Binance Labs.

Qatar’s digital asset lab adds UK Islamic Finance group

Qatar’s digital asset lab adds UK Islamic Finance group

UK based Khalij Group, a well-established financial solutions provider and Islamic Finance solutions has joined the Qatar digital asset lab based out of the Qatar Financial Centre (QFC).

Khalij Group is a conglomerate focused on servicing the needs and requirements of the Islamic financial services industry and Islamic capital markets, including creating innovative and be-spoke structured solutions, fund raising and distribution of both debt and equity instruments.

In a LinkedIn post, Henk Jan Hoogendoorn, Chief Financial Officer at QFC stated, “ Khalij Group will join Qatar Financial Centre (QFC) Authority digital asset Lab and will bring a wealth of experience in fintech as well Islamic investments , structuring and sharia advisory from the UK to Qatar and GCC.”

Headquartered in the United Kingdom, Khalij Group boasts a robust presence across key international financial hubs including the United Arab Emirates, Pakistan, Qatar and the United States of America.

In October 2023, 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.

The Qatar Central Bank(QCB) also announced that it would be working to attract Big Tech and Fintech entities in the fields of Blockchain, AI, Tokenization, Digital assets and crypto to the country. As per its third financial sector strategy launched by HE Prime Minister Sheikh Mohamed Bin Abdulrahman Bin Jassim Al Thani, the Qatar Central Bank recommended enhancing financial inclusion, measures to facilitate building a world-class shared market infrastructure and establishing a financial technology talent center of excellence.

In addition, the Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC signed an MOU with the Asian Institute of Digital Finance (AIDF), a research institute of the National University of Singapore (NUS), to embark on projects encompassing ESG, Fintech, digital assets, Web3 and other emerging technologies.

All these efforts seek to place Qatar as a leading country for tokenization and digital asset implementations.

Nexon gaming entity sets up in UAE to launch blockchain game

Nexon gaming entity sets up in UAE to launch blockchain game

South Korean Nexon gaming enters the UAE with its latest game MapleStory using blockchain. Nexon is working on a game that will bring together their classic games with Blockchain under the name MapleStory. Nexon has launched in the UAE under two subsidiaries Nexon Universe Global and Nexpace.

Nexon chose UAE because it is a hotspot for cutting edge technology. MapleStory will include NFTs,

This strategic move aims to fortify Nexon’s foothold in the burgeoning blockchain gaming sector within its target market, the Middle East, according to industry insiders.

Nexpace, a blockchain gaming venture introduced by Nexon in the previous year, is poised to play a pivotal role in the company’s expansion endeavors. At the core of Nexpace lies MapleStory N, a project that integrates Nexon’s well-known intellectual property, MapleStory, with Non-Fungible Token (NFT) technology.

In line with its expansion strategy, Nexon Korea Corp. is gearing up to unveil MapleStory N in select markets later this year. This anticipated launch signifies a significant stride towards broadening Nexon’s portfolio in the realm of blockchain gaming.

The move to establish subsidiaries in the UAE underscores Nexon’s commitment to harnessing the potential of blockchain technology within the gaming landscape. By extending its presence into the UAE, Nexon Korea Corp. aims to leverage the region’s conducive environment for technological innovation and entrepreneurial growth. This expansion not only signifies Nexon’s ambition to tap into new markets but also reflects its dedication to fostering a dynamic gaming ecosystem on a global scale.

Nexon plans to launch MapleStory N in select countries this year, marking a significant step in its strategy to broaden its blockchain gaming portfolio.

Animoca brands, which offers digital property rights for games and open metaverse, continues to invest in gaming and Web3 start-ups in the MENA region. Its latest investment is with UAE based Param Labs, a blockchain enabled gaming infrastructure provider.

Blockchain AI real estate DAO sets up in UAE

Blockchain AI real estate DAO sets up in UAE

BrickLayer DAO a tokenized RWA platform built on Blockchain, and AI, for real estate has set up in the UAE and is seeking a license from FSRA in ADGM (Abu Dhabi Global Market) as well as a license in VARA (Dubai’s virtual asset regulatory Authority).

According to their website, Bricklayer platform is fueled by AI and virtual assets, providing a decentralized Blockchain access to institutional grade real estate. It also offers over-leverage crypto holders with access to institutional real estate without sacrificing the speculative gains, providing consistent change to real yield dividends in ‘$MORTAR’.

As per their website and linkedIn post, Bricklayer DAO is in the process of being regulating under FRSA, VARA and UAE common law, giving a legal layer of protection to investors.

Nick Prescott one of the founders who was a former executive at Amazon and now the co-founder of BrickLayer explored blockchain but faced uncertainty in picking genuine projects. Nick’s frustration with corporate hierarchies fueleda quest for a blended solution—a platform combining blockchain’s speculative nature with REIT’s stability, all while giving investors a voice.

Nick delved into DAOs, decentralized environments where everyone’s voice matters. After completing a cryptocurrency course at MIT, he left Amazon and founded Bricklayer. This real estate fund, powered by Ethereum blockchain, adopted a decentralized strategy influenced by $BRICKS token holders. It offered a unique blend of speculation, hedged with one of the safest of asset classes.

Bricklayer is now incorporated the UAE. Bricklayer aspires to become the Robinhood of real estate, reshaping the traditional landlord-occupier dynamic. As stated, “We’re committed to increasing leasehold flexibility and reducing occupational costs, forging partnerships with occupiers to create a more equitable and flexible real estate ecosystem. Bricklayer is dedicated to advancing blockchain adoption within the real estate industry. We’re on a mission to persuade vendors to embrace virtual assets as a valid form of exchange in real estate transactions, ushering in a new era of efficiency and transparency.”

Tokenization of real estate in UAE is picking up with recent Desert Pearl project.

Bitget crypto exchange reveals crypto statistics as it courts the MENA region

Bitget crypto exchange reveals crypto statistics as it courts the MENA region

Bitget crypto exchange released some statistics on how MENA investors anticipate Bitcoin halving on its price as well as information from Bitget’s managing Director on crypto mining in the region as it courts MENA crypto traders, investors, and regulators.

As per the Bitget study 80% of MENA investors believe that bitcoin halving will lead to price fluctuations between $30,000 and $60,000 at the time of halving.

In addition, 82% of crypto investors residing in MENA who were surveyed intend to augment their investments in 2024 with merely 4% planning to reduce their crypto holdings.

Bitget Managing Director Gracy Chen has revealed that the MENA region bitcoin mining hashrate now exceeds 8 percent and is expected to grow as miners migrate from countries with regulatory instability towards low-cost reliable surplus of energy.

She notes that in Oman for example $1.1 billion of investment has gone into crypto mining, she expects as such the share of bitcoin mining in MENA to go over 15%.

Crypto exchange Bitget, with roots in India has been courting the MENA region for some time. While the crypto exchange has yet to receive a license from any GCC or MENA regulator, it has launched a Ramadan campaign to celebrate the holy month with its Arabic speaking audience. The campaign includes daily token giveaways along with the chance to win airpods, headsets, laptop, smartwatch and more.

As per the release, to make this program inclusive, Bitget will be donating $1 towards charity for each winner during the campaign timeline. Users who follow Bitget MENA on Twitter can utilize #BitgetRamadanChallenge to get noticed and win exciting rewards. Giveaways will be settled every Saturday and requires users to complete a set of challenges to be eligible for the event.

“Middle east and North African regions have increased its crypto adoption drastically in recent times. At Bitget we plan to leverage our resources to strengthen this growth. With regional specific campaigns, language support, crypto conversion and trading choices, we’ve tailored our app for our MENA users. The region is bound to grow and increase its adoption, and we’re here to fuel it,” says Vugar Usi Zade, COO at Bitget.

Back in November 2023, Bitget, even expanded its support for fiat gateways in the Middle East region. The crypto exchange announced that users can now utilize the platform’s peer-to-peer trading for seven currencies: DZD (Algerian Dinars), BHD (Bahraini Dinars), TND (Tunisian Dinars), JOD (Jordanian Dinars), QAR (Qatari Rials), MRU (Mauritanian Ouguiyas), and OMR (Omani Rials).

With the newly added fiat support, Bitget users can start buying and selling crypto with zero fees on Bitget P2P. Users can purchase USDT with integrated local currencies using local payment methods from anywhere globally via Bitget P2P. The exchange also launched Arabic lingual support for its website and mobile application.

At the time Chen noted, “Our products are aligned with Bitget’s expansion plans in the Middle East. We want to enable our traders to trade in their preferred fiat currencies. With Bitget P2P we’re enabling a seamless and convenient trading experience for our valued users in the region. We’re focused on driving financial sovereignty as we make crypto accessible and user-friendly throughout the globe.”

Bitget confirmed that it had begun exploring license applications in order to operate in target Middle East markets. In the same press release it stated, gaining proper licenses and regulatory approval is a top priority to support expansion and allow the company to open regional offices. Bitget has been scaling its operational reach globally in recent months, including the registration as VASP (Virtual Asset Service Provider) in Poland and similar crypto registration in Lithuania. The new expansion plan in the Middle East region aligns with Bitget’s vision of spreading crypto’s mass adoption.

In 2023 Bitget announced opening of operations in Dubai UAE, and recruiting over 60 new staff members to fill back-office positions.

Bitget even has its own X channel for the MENA region where it is posting competitions and challenges.

Bitget is now rated as the number 12th crypto exchange in world, with more than $2 billion worth of trading as per CoinMarketCap.

UAE ADGM registers its second DLT Foundation

UAE ADGM registers its second DLT Foundation

UAE financial freezone center, based out of Abu Dhabi, ADGM ( Abu Dhabi Global Market) has registered its second DLT Foundation.The Finschia DLT Foundation, chaired by Youngsu Ko, has been registered as a Distributed Ledger Technology (DLT) Foundation with the ADGM.

IOTA DLT Foundation announced its registration as the first foundation under the DLT Foundations Regulations at ADGM in November 2023.

First established in March 2023 by LINE Tech Plus, a blockchain subsidiary of LINE, the Finschia DLT Foundation is a foundation dedicated to developing sustainable token models in collaboration with global Web3 users. The Finschia Foundation aims to accelerate expansion into global Web3 business initiatives.

The Finschia Foundation has registered as the first Asian blockchain project under the Distributed Ledger Technology (DLT) Foundations Regulations of ADGM. Additionally, the Finschia Foundation is set to develop accessible Web3 services for global users in collaboration with various enterprises in Abu Dhabi, based on its public blockchain ‘Finschia’.

Youngsu Ko, Chairman of the Finschia Foundation Council, stated, “ADGM is advancing as one of the most blockchain-friendly and leading digital asset regulatory environments globally. We anticipate significant progress through our collaboration with ADGM.”

The Finschia Foundation is also focused on creating an open blockchain platform, designed for easy accessibility by partners and users from various sectors. In addition, they are actively working to expand the availability of their digital asset, ‘FINSCHIA (FNSA),’ across more exchanges, aiming to continually enhance its liquidity and usability.

Inheriting the philosophy of LINE Blockchain, “Blockchain for All”, the Finschia Foundation operates its third-generation public blockchain mainnet “Finschia” and crypto asset FINSCHIA (FNSA), and aims to achieve a sustainable token model with Web3 users around the world.

In January 2024 Finschia announced the merger with Klaytn Foundation, to form a new blockchain mainnet. The two foundations have submitted their proposals to their respective governance members for open discussion, with voting scheduled from 26 January till 2 February. The governance proposal submitted by Klaytn Foundation can be viewed on the Klaytn Governance Forum.

Stablecoin studio on sui blockchain launched by Pravica

Stablecoin studio on sui blockchain launched by Pravica

Pravica, Egyptian based blockchain solutions provider has launched S3 (Stablecoin Studio on Sui) on the Sui Blockchain. The S3 platform will allow the seamless launch of native stablecoins without the complexity of smart contract development and currency management.

S3. MONEY (S3) is set to revolutionize the global payment processing landscape by introducing a versatile and user-friendly solution for building and utilizing stablecoins on the Sui blockchain.

As per the announcement, S3 offers a key utility designed for building customizable stablecoins directly on the Sui blockchain, which in its initial phase, enables issuers to create fiat-backed stablecoins without building the bespoke technological infrastructure typically required for smart contract development and currency management.

S3 not only simplifies the process for existing stablecoin issuers, such as USDC and USDT, to integrate with Sui, but also facilitates the creation of bespoke stablecoin solutions tailored to meet specific regulatory requirements in various jurisdictions.

S3 also establishes an entirely new process for stablecoin management, offering a streamlined one-stop-shop experience through a straightforward interface. Stablecoin Studio on Sui provides intuitive, capable administration with role-based controls, enabling effortless configuration and management of stablecoins.

The platform enhances treasury command with built-in proof-of-reserve functionality and seamless integration with on-chain oracles. Integrated KYC/AML features prioritize compliance, strengthening due diligence with qualified identity verification services.

Mohamed Abdou, Founder & CEO of Pravica, expressed his enthusiasm for S3 and Sui as a foundation for Pravica’s stablecoin creator. “Based on the adoption we are already seeing and our deep experience with international payment systems, we are convinced that stablecoins will revolutionize the global payments industry. We also believe that Sui offers the most capable platform for building robust and scalable decentralized utilities. Built on top of Sui, S3 poised to become a global utility for creating customized payment solutions utilized by millions,” he said.

Beyond empowering builders to craft their own stablecoins, S3 also comes with a cutting-edge payment’s app, Walletify, which serves as a closed-loop payment solution. Walletify allows users to seamlessly transact using the stablecoins created through the S3 utility. Walletify’s closed-loop architecture, building on Sui’s unique Move-based design pattern, ensures a secure and efficient payment experience for both merchants and users.

“The team at Pravica has done incredible work and built much needed financial tooling. Stablecoin Studio on Sui removes an immense hurdle for stablecoin issuers and is set to transform the world’s payment processing industry,” said Greg Siourounis, Managing Director of the Sui Foundation. “We are extremely gratified that they have chosen to build this revolutionary solution on Sui.”