Abu Dhabi based Blockchain Foundation merges with Klaytn to form new Blockchain

Abu Dhabi based Blockchain Foundation merges with Klaytn to form new Blockchain

Finschia, an Abu Dhabi based Blockchain Foundation has 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.

The chain merge is designed to create a highly competitive mainnet ecosystem by integrating the capabilities of Klaytn and Finschia. The two foundations will form an integrated organization, sharing technologies, services, and business networks, working alongside Kakao, LINE, and other partners who have contributed to the development and ecosystem expansion of their respective mainnets.

As per Finschia blog,” By doing so, we plan to establish ourselves as Asia’s largest Web3 ecosystem, taking the lead to drive blockchain mass adoption in the region.”

Klaytn’s robust technical infrastructure and strong presence in South Korea, Singapore, and Vietnam, will be combined with Finschia’s comprehensive service network that is popular in Japan, Taiwan, Thailand, and Abu Dhabi.

Post-merge, Klaytn’s DeFi and gaming services and Finschia’s NFT, payment, and AI services will come together to create a massive ecosystem of 420+ DApps and services, 45+ governance partners, and 450+ Web3 resources, the largest Web3 network in Asia. The merged blockchain will also inherit integration with both Kakao and LINE messengers, creating a powerful ecosystem with over 250 million potential Asian user touchpoints.

Post-merge, the unified foundation will continue to pursue ecosystem expansion in the RWA tokenization, GameFi and DeFi verticals through collaborations with Japanese, South Korean, and Southeast Asian partners, while continuing to develop messenger-based Web3 services and the digital commerce platform. With access to every Kakaotalk and LINE user, the new public blockchain will also act as a springboard for Asia’s IT and entertainment enterprises.

“We are excited to be taking the first step toward unlocking the enormous synergy of merging the public blockchains started by Kakao and LINE, which are both leading IT companies in Asia,” said Klaytn Foundation and Finschia Foundation. “We will give our best to make this merge an opportunity to innovate and lead the Asian blockchain industry in both technology and adoption.”

Genesis Tech and BRI launch Blockchain data project in Qatar

Genesis Tech and BRI launch Blockchain data project in Qatar

Qatar based BRI ( Blockchain Research Institute) Middle East and Genesis Technologies have announced the deployment of a Blockchain data storage system to a client in the country.

As per the press release, BRI Middle East and Genesis Technologies will utilize blockchain for distributed database backup. The new system will improve data availability and reliability, reducing downtime and ensuring uninterrupted access to critical information.

The decentralized nature of the network also provides scalability, allowing organizations to seamlessly expand their storage capacity as their needs evolve.

Genesis Technologies developed the DDS system which is the foundation of the project. By utilizing blockchain technology, the solution provides an unmatched level of security and privacy for critical files.

“This project represents a major leap forward in data protection, offering our client unparalleled security, reliability, and peace of mind. By harnessing the power of blockchain, we have transformed the landscape of database backup, setting a new standard for the industry” said Aline Daoud, Managing Partner at BRI Middle East.

“Our mission with the DDS System is to revolutionize the way sensitive data is stored,” said Dr. Mazen El-Masri, CEO of Genesis Technologies. “In this digital age, security and availability are paramount. The DDS System leverages blockchain technology not just as a buzzword but as a concrete solution to real-world data storage challenges.”

On LinkedIn Mazen El Masri explained that this was the second project they deliver after their first one in KSA. He states, ” We are thrilled to announce the successful completion of Genesis Technologies second project! While our first project exceeded the expectations of a key ministry in Riyadh, this second project with a private Qatari Based company clearly highlights the value of blockchain technology in revolutionizing data storage while offering unparalleled security.”

Genesis Technologies was launched in Qatar back in September 2022.

Flare Blockchain adds Google Cloud as 100th Validator

Flare Blockchain adds Google Cloud as 100th Validator

UAE Flare Blockchain is looking more like a torch these days. In the latest of a series of announcements, Flare, better known as the blockchain for data an EVM smart contract platform, has added Google Cloud as both a network validator and contributor to the Flare Time Series Oracle (FTSO) on the flare network.

So far Flare Blockchain has added 100 organizations as validators and contributors to the FTSO on Flare. These 100 Flare infrastructure providers support both the security of the Flare network as validators and contributers to the decentralized price oracle.

As a network validator, Google Cloud will be responsible for proposing and validating new blocks to the Flare blockchain, thereby supporting the chain’s proof of stake consensus mechanism.

The infrastructure provider role is critical for Flare’s mission to provide decentralized applications on both Flare and other chains with high quality access to decentralized data: price and time series data, blockchain event and state data, and Web2 API data.

For those who don’t know, Flare, the company aims to bring together low cost EVM smart contracts with decentralized data, while giving developers and users trustless access to the broadest range of data, with scalability, low latency, and at minimum cost. According to Flare, this is achieved by utilizing the validators of the network to provide decentralized data to applications as part of a decentralized native oracle system.

Hugo Philion, Co-Founder and CEO of Flare who is based in Dubai UAE, stated, “As the blockchain for data, we are excited that Google Cloud is joining our existing decentralized network of infrastructure providers who contribute to Flare. Our work together will help deliver a more robust decentralized smart contract platform that places decentralized data at its core.”

“Although much of the existing utility in the blockchain space comes from the nexus of decentralized computation with external data, existing oracle systems suffer from meaningful drawbacks: they are hard to decentralize, expensive to use, difficult to scale and have high latency.” Philion said about the challenges of the decentralization of data access, before explaining how Flare’s dual-role approach addresses the issue:

“Because Flare’s oracles are built into the structure of the network, we are the only smart contract platform optimized for decentralized data acquisition and are able to give developers all the data they need to build new, more relevant use cases beyond financial speculation.”

James Tromans, Head of Web3, Google Cloud stated: “Data access at scale is important to increase relevant blockchain use cases and greater global adoption of the technology. Google Cloud becoming a validator on the Flare network will help support that mission.”

Back in November Flare partnered with Elliptic, to integrate Elliptics transactions and wallet screening capabilities into the Flare network. The partnership also allowed organizations building decentralized apps on Flare with access to Elliptic’s real-time wallet and transaction screening tools to uncover any links to illicit actors.

As part of the integration, Elliptic’s monitoring, compliance, and analysis software would support  FLR, the native asset of Flare. Financial institutions, businesses, and regulators as such could utilize these software tools to identify a full range of illicit activities, from small-scale fraud schemes and money laundering to sanctions evasion and terrorist financing.

Then Bitfrost wallet partnered with Flare to offer staking on Flare. As Bitfrost noted during the announcement, “ The introduction of staking on Flare Network is one of the many steps we are taking to ensure our users have easy access to the most advanced and secure crypto management tools in the market.”

Even Arkham intelligene platform for analyzing network data also decided to support Flare. Through the support, users of Flare have access to Arkham’s Intelligence Platform for analyzing network data, the Arkham Oracle for gaining actionable on-chain insights, and the Arkham Intel Exchange for bidding on and winning different Flare-related bounties and auctions. Arkham allows Flare users to maintain tabs on their portfolios and watch what the world’s best traders and investors are doing in real-time. 

As if that was not enough, Flare partnered with Kinetic, a lending and borrowing platform, to bolster the development of decentralized finance (defi) applications on the Flare network.  The collaboration aims to introduce lending and borrowing capabilities, deepen liquidity, and help build a robust defi ecosystem on Flare.

Under the partnership, Kinetic, backed by Rome Blockchain Labs, would provide  a seamless platform for Flare users to participate in DeFi activities and earn block rewards using their supplied digital assets. The platform will also utilize Flare’s native price oracle, the Flare Time Series Oracle (FTSO), to ensure accurate and decentralized price feeds for lending and borrowing activities.

The Flare ecosystem by the end of 2023 boasted of over 150 partners. Among the notable contributors are Metropolis World, Pangolin, BlazeSwap, Uppercent, Covalent, SubQuery, Atriv, aiPX, Punk Domains, Ankr, Arkham, Flarescan, Subsquid, Web3Auth, Etherspot, and Elliptic. Today in 2024 with the addition of Google Cloud, Flare boasts of 100 validators.

Binance and Blockchain center introduce Blockchain curriculum in Jordan

Binance and Blockchain center introduce Blockchain curriculum in Jordan

The Blockchain Center, which seeks to embed blockchain education into academic curricula across the globe by offering training programs for university educators, has partnered with Binance Academy; to expand its Global University Outreach program to included Jordan based Al Ahliyya Amman University.

The Blockchain Center and its initiatives across the glove aim to revolutionize blockchain education by integrating Blockchain Compliance and Blockchain Engineering into the curriculum of universities worldwide.

Al-Ahliyya Amman University, known for academic excellence, will now have access to a wealth of resources curated by Binance Academy and the Blockchain Center. In addition to providing training for university professors, the Blockchain Center will also offer expert-led workshops, seminars, and collaborative research opportunities. This program will provide students and faculty with firsthand experience in the dynamic landscape of blockchain technology.

Bandar Altunisi, Head of Development  Binance Academy in Saudi Arabia, “As a key player in the Global University Outreach Program, together with the Blockchain Center we are excited to welcome Al-Ahliyya Amman University to our network. This collaboration signifies our shared commitment to advancing blockchain education and empowering the next generation of industry leaders.”

The Global University Outreach Program, initially launched in 22 universities in Kazakhstan, plans to expand its reach to over 200 universities across more than 50 countries. With a focus on blockchain engineering and compliance, the initiative seeks to educate over one million students globally by 2026.

“Education is crucial in driving the adoption of blockchain technology into our daily lives,” remarked Aigerim Gilmanova, Head of Education Initiatives at the Blockchain Center. “By extending our program to Al-Ahliyya Amman University, we are fostering an environment where students can explore, experiment, and innovate within the field of blockchain technology.”

“This partnership aligns with our mission to stay at the forefront of technological advancements and provide our students with the skills they need for the future,” said Ahmad O. Hourani, Marketing and Communications Unit Director at Al-Ahliyya Amman University. “We look forward to contributing to the success of the Global University Outreach Program and advancing blockchain education globally.”

CoinMENA expands investor offering with Onramp Bitcoin

CoinMENA expands investor offering with Onramp Bitcoin

UAE and Bahrain regulated crypto exchange CoinMENA expands its family office, investor and institutional offering through a partnership with Onramp Bitcoin. Onramp is an international Bitcoin asset management company built on multi institutional custody.

Onramp’s platform provides best-in-class products and solutions for HNWI, Family Offices, and Institutions to onboard Bitcoin.

In addition the partnership aims to empower MENA investors with high-quality Bitcoin educational resources such as proprietary written research, rich video content and analytic tools.

Both companies are poised to explore innovative custody solutions designed specifically for institutional investors. The collaboration comes on the heels of Onramp’s recent announcement of a partnership with BitGo, CoinMENA’s current custody partner.

In a joint statement, CoinMENA’s founders, Talal Tabbaa and Dina Sam’an said, “We are excited because this partnership fills a market gap for premium Bitcoin market research, and aligns with our educational approach to empower regional investors to invest in Bitcoin based on sound logic and a deep understanding of its unique and fundamental properties. As Bitcoin evolves into a mainstream international asset class, providing insightful analysis becomes essential for investors and asset managers, guiding them in making confident, long-term investment decisions.”

Onramp Co-Founder and CEO Michael Tanguma added “Onramp recognizes that Bitcoin is a global asset, necessitating the broad dissemination of valuable Bitcoin-focused educational resources across the world – research, podcasts, webinars, data-driven tools like the Onramp Terminal – access to these types of high-quality materials, combined with a first principles approach to custody, is the recipe for successful long-term Bitcoin ownership. We are excited to partner with the team to provide tools and education to one of the fastest-growing regions in the digital asset space.”

This comes just after the USA regulators allowed the launch of Bitcoin ETFs.

Indonesian Hajj Pilgrims enjoy cashless Blockchain payments with WadzPay

Indonesian Hajj Pilgrims enjoy cashless Blockchain payments with WadzPay

A recent collaboration with Wadzpay Blockchain payments provider and  Indonesian BPKH(Badan Pengelolaan Keuangan Haji), is allowing Indonesian pilgrims undertaking Hajj and Umrah to Saudi Arabi to utilize cashless digital payment solutions.

BPKH performs Hajj Financial Management based on sharia principles, prudential principles, benefits, non-profit, transparency and accountability.

“We’re proud to join hands with BPKH in this transformative partnership. Combined with BPKH’s vision and WadzPay’s blockchain-based Pilgrim Program for payments, we aim to empower pilgrims, streamline transactions, and enrich their journeys,” said Anish Jain, Founder and Group CEO at WadzPay.

WadzPay shall serve as the overall program manager while BPKH plans an immediate pilot project through one of their member banks, aiming to make e-wallets accessible to the majority of pilgrims for the 2024 Hajj season.

WadzPay’s Private blockchain-based Pilgrim Payment Program is the world’s first cross border cashless Hajj and Umrah solution offering ease of operations for issuance institutions, pilgrims as well as merchants. The SaaS based platform can be easily leveraged by multiple issuer institutions in any country to link with the merchants in Saudi Arabia allowing pilgrims to top-up their e-wallets in the home country and spend like a “local” during the actual pilgrimage.

With this partnership, Indonesian banks will become early adopters of WadzPay’s future-ready offering.

“We’re thrilled to modernize Hajj and Umrah finances, enhancing welfare and pilgrim satisfaction. This partnership shall drive transparency and financial inclusivity,” said Muhammad Thabrani Nuril Anwar, Head of BPKH Collection Division.

WadzPay had previously partnered with Geidea in Saudi Arabia to implement the same solution.

WadzPay which has its MENA headquarters in UAE recently expanded into the European market. It registered a new legal entity, WadzPay Technology Netherlands B.V., with the Dutch Chamber of Commerce. WadzPay appointed Mr. Khaled Moharem, as President- Europe & MENA.

Oman Development Bank utilizes blockchain enabled solutions

Oman Development Bank utilizes blockchain enabled solutions

The Oman Development Bank will be digitizing its operations utilizing low code blockchain enabled solutions from NewGen Software.

Newgen Software, a global provider of low code digital transformation platform will streamline Oman Development Bank’s banking processes.

Oman Development Bank, the financing arm for the government to support SMEs based in Oman is dedicated to enhancing its banking processes, aiming for a seamless, secure, and omnichannel experience for its customers.

The bank has opted for Newgen’s intelligent process automation (BPM) and contextual content services (ECM) offerings, built on the NewgenONE low code platform. This project would be executed with the help of Newgen’s platinum implementation partner, Ikyam Technologies.

The Newgen Intelligent process automation and contextual content services are built on a low code platform that manages content, processes ad communication. It empowers  employees to easily develop applications, from automating small departmental functions to enterprise wide solutions

The platform helps leverage cutting-edge capabilities such as robotic process automation (RPA), digital sensing, mobility, analytics, and blockchain,

Leveraging Newgen’s solutions, the bank will oversee the entire content lifecycle, from origination to disposition. The solution provides efficient tools for capturing content from diverse sources and facilitates instant document uploads—managed within a secure, centralized repository. The bank can optimize processes and foster collaboration between front- and back-office teams through user-friendly workflow automation. Moreover, the solution will allow DB to mitigate business risks by ensuring compliance and securing business-critical information. The integration with core banking and third-party systems will provide a unified experience.

“With Newgen’s robust solution, we look forward to achieving a paperless work environment that will enhance efficiency, reduce overall costs, and eliminate process bottlenecks. This will help us meet the targeted growing demand and scale operations to handle high-volume transactions efficiently, leading to a better customer experience. With this implementation, we are poised to set new benchmarks in delivering innovative financial services, empowering SMEs financially, and aligning with the country’s economic development goals,” said Mahmood Al-Yafai, Digital Transformation Program Director, Development Bank.

“It brings us great pleasure to partner with DB, supporting and advancing their digital transformation program’s goals. DB’s trust enhances our standing as a robust, adaptable, and scalable platform meeting the diverse spectrum of banking customer needs. We look forward to helping the bank build a strong foundation with digital banking and supporting their future initiatives,” said Vivek Bhatnagar, VP – EMEA Sales, Newgen Software.

Moroccan advisory firm to offer blockchain cyber security solutions

Moroccan advisory firm to offer blockchain cyber security solutions

Moroccan BDO advisory has partnered with Naoris Consulting to integrate Naoris’s solutions including their blockchain based security protocol into their service offerings.

According to the announcement the integration is specifically designed to meet the unique challenges of the French-speaking African market.

The synergy between BDO Advisory and Naoris will make it possible to develop tailor-made digital transformation strategies, with a particular emphasis on cybersecurity. The objective is to use Naoris’ advanced technology to strengthen the resilience and competitiveness of African organizations and businesses, explains BDO Advisory.

On LinkedIn, Zakaria Fahim Managing Partner of BDO Morocco, stated, “We are excited to promote our strategic partnership for advancing decentralized cybersecurity using blockchain technology. This collaboration is key to providing innovative, secure solutions for Morocco and Africa.”

He added, “Our shared goal is to develop advanced cybersecurity systems leveraging blockchain’ s decentralization and transparency. This partnership will enable us to offer robust solutions tailored to the unique challenges faced by our enterprises in Africa and globally.”

Naoris Consulting on LinkedIN noted, “We are excited to share a pivotal chapter in our story. We’re embarking on a strategic partnership with BDO Morocco, a union of vision and expertise to revolutionize digital transformation with cybersecurity as a backbone in Francophone Africa. Envision a landscape where every organization in Francophone Africa is empowered to thrive digitally, bolstered by unyielding cybersecurity. This partnership is our stride towards turning that collective dream into a tangible reality, ensuring a safer and more innovative future for all.”

More and more Blockchain companies are moving to Morocco to serve the African region, including entities such as The Hashgraph Association, IR4Labs and others.

Blockchain DeFi Finance platform receives a license in Saudi Arabia

Blockchain DeFi Finance platform receives a license in Saudi Arabia

MRHB a halal, decentralized finance (DeFi) platform built for Ethical and Inclusive DeFi has 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.

According to the press release, “At $830bn Saudi Arabia has the largest Islamic Banking market globally and as such it was inevitable for MRHB.Network – the world’s most mature halal web3 ecosystem – to come onshore. By securing the license, MRHB.Network is now better able to partner with local, regulated institutions to drive its vision of a more inclusive, ethical, and halal approach to the world of decentralized finance and digital assets.”

The relocation of MRHB.Network’s R&D team to Riyadh is a strategic decision to tap into the vibrant and innovative fintech and venture capital ecosystem in the region. Riyadh’s dynamic, tech-forward environment offers the perfect backdrop for MRHB.Network to spearhead research and development efforts to bring the six trillion dollar Islamic economy into the digital assets era.

On LinkedIn Founder of MRHB Naquib Mohammed stated, “With great pleasure, I am excited to announce that MRHB.Network has received the local license from The Ministry of Investment, Saudi Arabia and has now expanded to the Kingdom. Our R&D team will soon relocate to Riyadh, where we will begin the next phase of our research and development. We are committed to providing empowering fintech solutions to the GCC, MENA region, and beyond.”

Prior to the move to KSA, MRHB Network partnered up with Shari’ah Review Bureau (“SRB”), a Bahrain-based Shari’ah advisory firm, to independently assess and review its new product EMPLIFAI (Earnings Amplified with Algorithms & AI) which aims to provide Sharia-compliant passive income.  

At the time Mohammed stated, “The MRHB ecosystem aims for a wide array of crypto-based DeFi solutions. After a successful launch of the Sahal Wallet app, a multichain self-custodial digital wallet, we are pleased to present our new product to the Muslim community – a liquidity harvester product, EMPLIFAI which incorporates a Sharia-compliant mechanism and structure for users to invest and generate passive income.”

Phoenix group purchases $567 million of crypto mining hardware

Phoenix group purchases $567 million of crypto mining hardware

UAE Phoenix Blockchain, crypto mining group has purchased a total of $567 million of Bitcoin mining Hardware. The group made a new Bitcoin mining hardware purchase of $187 million from Bitmain, just a few months after it purchased $380 million worth of crypto mining hardware from Whatsminer.

Prior to this Phoenix Group invested in Lyvely, a UAE-based platform poised to reshape how creators and consumers interact and monetize online acquiring 25% of the company.

The landmark purchase worth $187 million is for cutting-edge mining machines from industry giant Bitmain. This strategic acquisition comes just after its IPO on the Abu Dhabi Securities Exchange (ADX).

“This latest deal, following our successful IPO and partnerships, signals our relentless pursuit of excellence and solidifies our leadership in this dynamic space,” declared Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group. “Partnering with titans like Bitmain and Whatsminer equips us with the best tech, fuels our growth, and redefines the future of efficient and sustainable mining.”

Phoenic Group has a  market cap of $3.95 billion as of January 4th, 2024, the Bitmain deal further amplifies Phoenix Group’s hashing power and market share.

But for Phoenix Group, it’s not just about numbers. It’s about building a better future. The company remains dedicated to green practices, integrating hydro cooling technology in collaboration with both Bitmain and Whatsminer. “Our environmental responsibility is core to our values,” emphasized Munaf Ali, Co-Founder & Group MD of Phoenix Group. “Partnerships like these, coupled with our commitment to hydro cooling, pave the way for a greener blockchain future.”

This comes as the USA and crypto enthusiasts around the world await announcements of the first Bitcoin ETFs.