Qatar shrimp farm to raise $285 million using security token offering

Qatar shrimp farm to raise $285 million using security token offering

Stobox Blockchain tokenization solution provider has announced that it will be working with Qatar based ICM Capital to raise $285 million for the biggest aqua marine shrimp farm using a security token offering (STO).

The project will introduce security token offerings for aquaculture industry utilizing Stobox’s expertise in tokenization and blockchain technology. Stobox offers Securities issuance, management, and trading on a blockchain.

Jason Jones Head of Global STO Sales Consulting & Client Project Management at Stobox, states, “Stobox will be handling the legal, technology and consulting requirements for the project.”

ICM Capital aims to raise $285 million for the development of the Shrimp Farm Project. This capital has been earmarked for scaling operations, enhancing sustainability practices, and ensuring the farm’s competitiveness on the global stage.

ICM Capital with headquarters in the UK, opened an office in Qatar as part of the firm’s expansion into the Middle East and North Africa (MENA). The multi-regulated broker gained authorization from the Qatar Financial Centre to establish a physical presence in the state.

As per Stobox announcement, through this tokenization effort, ICM Capital is not only seeking financial investment but also inviting global stakeholders to be a part of a sustainable and profitable future in aquaculture. Tokenization brings efficiency to the traditionally complex issuance of securities by leveraging blockchain technology, offering a more streamlined and technologically advanced approach to the entire process.

This comes as Qatar has moved full force into the digital assets field announcing its digital assets lab as well as upcoming digital assets regulatory framework. QFC has mentioned on several occasions that they are interested in seeing security token offerings, tokenization of real estate and more.

Morgan Stanley opens office in ADGM as it eyes Bitcoin ETF in the United States

Morgan Stanley opens office in ADGM as it eyes Bitcoin ETF in the United States

Morgan Stanley, which is said to be eyeing a Bitcoin ETF, has announced the opening of its office in Abu Dhabi at ADGM. The firm has expanded its footprint in the Middle East. The firm already has offices in Riyadh, Dubai, and Qatar.

Commenting on the new office, Clare Woodman, Head of Morgan Stanley EMEA and CEO of Morgan Stanley & Co International plc, said “We are delighted to be expanding our regional presence and commitment by opening an office in Abu Dhabi Global Market (ADGM). There are exciting times ahead for the MENA region and as capital markets activity continues to grow and diversify it brings new and rewarding opportunities for both regional and global investors.”

Arvind Ramamurthy, Chief of Market Development at ADGM, continued “We welcome Morgan Stanley, a pioneer in the global financial services industry to Abu Dhabi and its thriving International Financial Centre. This expansion underscores the attractiveness of Abu Dhabi and its value proposition as a preferred destination for global players seeking strategic growth opportunities for their business, showcasing our commitment to fostering a conducive ecosystem that drives sustainable economic development in the UAE and beyond.”

Patrick Delivanis, Regional Co-Head of MENA at Morgan Stanley commented, “We have a highly sophisticated investor base in the MENA region, and opening an office in Abu Dhabi allows us to broaden our footprint and further deliver local and regional clients access to Morgan Stanley’s leading institutional securities business as well as our renowned asset management franchise, and increasingly, global clients access to the regional market.”

The opening of an office in ADGM, well known for its virtual assets regulatory regime is interesting as Morgan Stanely is said to be deciding on whether or not it will offer Bitcoin ETFs to customers.

As per a CoinDesk article, Wall Street giant Morgan Stanley is in the midst of performing due diligence to add spot bitcoin ETF products to its brokerage platform, according to two people with knowledge of the matter.

One of the people said Morgan Stanley, which is among the largest U.S. broker-dealer platforms, has been evaluating offering spot bitcoin ETFs to clients since the Securities and Exchange Commission approved their introduction in the U.S. in January.

There are 10 spot bitcoin ETFs now trading in the U.S. The ones with the most assets are Grayscale’s GBTC, BlackRock’s IBIT and Fidelity’s FBTC. It’s not clear which ones Morgan Stanley is looking to offer to its clients.

Morgan Stanley, a leader in the alternative investments and private market space with over $150 billion in assets under management, was the first major U.S. bank to offer its wealthy clients access to bitcoin funds in 2021. The bank confirmed during its first-quarter earnings call in April 2021 that it was offering its wealth management clients exposure to bitcoin via a pair of external crypto funds.

The wealth management firm’s former CFO, Jonathan Pruzan, said at the time that the bank was allowing qualified investors to gain access to two passive funds. It is understood that these funds were offered by Galaxy Digital and NYDIG.

Peregrine and Tsangs offer blockchain tokenization to institutional investors

Peregrine and Tsangs offer blockchain tokenization to institutional investors

Abu Dhabi based Peregrine, a digital asset tokenization provider and a licensed fund management platform, has partnered with Tsangs Group, innovation focused family office to offer high quality institutional investor marketplace in UAE.

“Tsangs Group is the first Far East family office to set up in the Dubai International Financial Centre since 2021; we are pleased to shape our profile with this promising partnership, as Peregrine is banking on the Gulf state’s world class banking infrastructure and connectivity to financial centers like Hong Kong or London,” said Patrick Tsang, Chairman of Tsangs Group.

Peregrine is renowned for its industry leading blockchain based asset tokenisation platform, which has been reviewed by the ADGM’s local regulatory body Financial Services Regulatory Authority (FSRA), and its strategic partnerships with major blockchains.

“Peregrine views Tsangs Group as a key global strategic partner featuring a world class team with high quality institutional assets and is compelled by the mission to bridge opportunities from East to West,” said Simon Goodman, CEO & Co-Founder of Peregrine.

Together, Peregrine and Tsangs Group are perfectly positioned to bring high quality institutional products to the ADGM using advanced blockchain technology.

“Abu Dhabi is quickly emerging as a key strategic hub in the global digital assets industry, and the Peregrine platform sees itself at the forefront of its evolution. Building relationships in Abu Dhabi and beyond is instrumental to the development of Peregrine in the ADGM and surrounding region,” said Paul Salama-Caro, CIO and Co-Founder of Peregrine.

IOTA to invest $10 million in UAE and African tradetech startups

IOTA to invest $10 million in UAE and African tradetech startups

UAE based IOTA ecosystem, DLT Foundation, has committed $10 million investment fund to support early-stage startups and ventures in the UAE and Africa. The funding will focus on TradeTech, TradeFinance, and tokenization solutions.

It aims to bolster a digital tradetech ecosystem in the UAE, Africa, and around the globe by advancing the roll-out of digital trade and finance solutions. The initiative builds on a recent collaboration agreement for the establishment of the TLIP organization, announced at WTO MC13.

The first investments will be shared publicly over the coming weeks and will include newly founded tradetech ventures and dedicated startup accelerator programs for startups building on IOTA.

This announcement follows the official signing of the collaboration agreement for the Trade Logistics Information Pipeline (TLIP) at the WTO MC13 event. TLIP is a public global trade infrastructure initially developed by the IOTA Foundation and TradeMark Africa. The TLIP Consortium will be founded jointly by the World Economic Forum, the Tony Blair Institute for Global Change, Trademark Africa, the Institute of Export and International Trade, and the Global Alliance for Trade Facilitation. Together they will advance TLIP by developing a neutral governance framework and establishing TLIP as a global, public goods infrastructure for trade.

With its investment of $10 million, IOTA supports a flourishing tradetech ecosystem that advances trade digitization, and, in doing so, makes trade finance more accessible for all. The funds are earmarked for early-stage startups, accelerator programs, and pilot programs that will drive the development of digital trade infrastructure.

Dominik Schiener, Co-Founder of IOTA and Chairman of the IOTA Foundation, emphasized the strategic importance of this initiative: “By investing in the future of TradeTech, we are not just facilitating smoother trade transactions; we are laying the groundwork for a more interconnected and efficient global trade ecosystem. Our collaboration with leading organizations through the TLIP is a testament to our commitment to innovation and excellence in this field.”

This initiative will be kickstarted with the launch of a public grants program over the coming weeks, followed by an accelerator program for startups in the UAE before summer and in Africa before the end of the year. These programs are designed to empower entrepreneurs and innovators who are building new trade solutions on the IOTA and TLIP infrastructure, offering them the resources and support needed to bring their visions to life.

Saudi Blockchain startup wins $500K from Meet the Drapers

Saudi Blockchain startup wins $500K from Meet the Drapers

Saudi Arabian based Blockchain enabled Insuretech platform TakaDAO has won 2nd place at Meet the Drapers Season 6, winning $500K in funding.

Sharene Lee, Co-Founder of TakaDao stated on LinkedIn, “ We’re thrilled to announce that Takadao has secured 2nd place on Meet the Drapers Season 6 and clinched a whopping $500k in funding! It’s a testament to the hard work, dedication, and ingenuity of our incredible team. We couldn’t have done it without the unwavering support of our amazing Takatribe and the relentless efforts of every member of our team. Your belief in us has been our driving force, and we’re profoundly grateful for each and every one of you.”

Meet the Drapers, is a global entrepreneur show, where startups can pitch their ideas and win funding. Tim Draper is the host of the show. In its Season 6 it carried out a show in Saudi Arabia.

This is not the first funding received by TakaDAO. The company received a strategic investment from Cardano accelerator Adaverse in January 2024.

Adaverse focuses on scaling Web3 solutions. This came at the heels of Adaverse’s expansion into Saudi Arabia with the opening of an office in Riyadh. Adaverse is now the first venture capital fund in the KSA to specialize in Web3 and blockchain early-stage investing. In 2024, the company plans on investing $10 million in local Saudi Web3 startups.

Furthermore in October 2023 Takadao, raised $1.6 million in pre seed round led by Draper Associates. Other investors include BIM, Core Vision ventures, Prince Sultan Bin Fahad bin Salman Al Saud.

BackPack raises $17 million to grow its crypto ecosystem

BackPack raises $17 million to grow its crypto ecosystem

The BackPack group continues to move from one success to another. After receiving its crypto exchange license in UAE, and expanding to 11 states in the USA, BackPack has now raised $17 million in a series A round led by PlaceHolder VC.

Other select strategic investors includedHashed, Robot Ventures, Amber Group, Wintermute, Selini Capital, Delphi Digital, and founders of leading web3 ecosystems such as Solana, Tensor, Jito, Zeta, Marginfi, Drift, Monad, Galxe, and other influential supporters worldwide.

Armani Ferrante, CEO of Backpack commented on the news states, “The history of finance is littered with scandals, but Backpack is doing things differently. Over the past year, we’ve set the foundation to build a crypto-native financial institution, and with the conclusion of this round, with trust minimization and compliance as foundational principles, we begin a new chapter for ourselves and, hopefully, for the rest of the industry.”

The Backpack ecosystem comprises several products and services, including the popular Backpack noncustodial wallet, Backpack Exchange, a fully regulated global cryptocurrency exchange with industry-leading speed, security and functionalities, and Mad Lads, currently the top NFT community in the Solana ecosystem. Backpack is also the creator and developer of Anchor, the Solana smart contract framework, the executable NFT (xNFT) token standard, and others.

Backpack’s strategic fundraising was led by Placeholder VC. “We’ve been impressed with Backpack’s ability to not only deliver high-quality applications, but also build a strong community around their ecosystem,” said Joel Monegro, General Partner at Placeholder VC. “After building a relationship with the team over the past year, we’re convinced they have the skill, ambition and drive to create one of the most trustworthy global exchanges in the industry with a strong focus on performance, compliance, and auditability.”

The round also attracted strong interest from other leading web3 ecosystem players. “The Backpack team is a great example of what happens when crypto natives are also strong builders. They understand that crypto is not just the underlying technology, it is also the culture that forms around it,” said Evgeny Gaevoy, founder of Wintermute, one of the largest liquidity providers in digital assets, “For me, Backpack is having the success I would expect, when a team figures out the intersection of tech and culture. I’m excited to see them continue to grow.”

UAE HAYVN investors Deus X Capital buy out shareholders and appoint new CEO

UAE HAYVN investors Deus X Capital buy out shareholders and appoint new CEO

UAE HAYVN investors, Deus X Capital, a $1 billion family office has agreed to buy out HAYVN digital assets infrastructure provider and appoints Richard Crook as new CEO. Deus X Capital will purchase the business brand, technology, clients and staff from other HAYVN shareholders.

The parties have agreed to the asset purchase, subject to completion.

As per the press release, the deal provides the opportunity to recapitalize and reinvigorate the business as it seeks to consolidate its presence in the Middle East, while allowing for growth globally.

In addition, Richard Crook has been appointed interim CEO of HAYVN with a focus on growing the business and realizing the global opportunities ahead of it. Ahmed Ismail, Board Member & Co-Founder of HAYVN had told LaraontheBlock that they would be appointing a new CEO in December 2023.

Crook joins HAYVN following more than 25 years in the digital assets and investment banking industries, including roles such as COO of BCB Group, the digital assets payments business, and Head of Emerging Technology at investment bank RBS after serving in senior management roles at UBS.

Tim Grant, CEO, Deus X Capital, speaking on the asset purchase stated, “HAYVN is an innovative business at the forefront of the movement to a democratized financial system. We are committed to providing institutional clients with the critical services they need to capitalize on the existing and growing opportunity in digital assets, while continuing to build and develop new capabilities. HAYVN is core to our strategy and represents another pillar of our commitment to the Middle East region.”

Richard Crook, interim CEO, HAYVN, said: “I am delighted to join a business that has already established itself as a leader in financial technology and a fundamental pillar of the digital assets ecosystem. The digital assets industry is growing at a rapid pace as it continues to converge with traditional financial services, and I look forward to ensuring that HAYVN is central to that growth as we build on our success.”

This comes after the ousting of their previous CEO under difficult circumstances.

UAE government to increase adoption of AI and Blockchain in global trade

UAE government to increase adoption of AI and Blockchain in global trade

In a recent X post by HE Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, he noted that the UAE government will be accelerating the adoption of technologies such as AI (Artificial Intelligence) and Blockchain into the global trading system.

The Initiative called Regulation 5.0 for the Future of TradeTech and the Trade-Sustain-AI Initiative will identify key trends in trade technology and provide a blueprint for a harmonized global regulatory system to oversee their deployment.

According to Al Zeyoudi this is especially important for developing countries to avoid widening the technology gap.

Al Zeyoudi stated on X platform, “At the inaugural TradeTech Global Forum today, we launched two important initiatives that will accelerate the adoption of technologies like AI and Blockchain into the global trading system: Regulation 5.0 for the Future of TradeTech and the Trade-Sustain-AI Initiative.

He added, “Our Trade-Sustain-AI initiative will create global partnerships to oversee the development of AI-powered trade solutions that will advance sustainable practices throughout supply chains – and help promote a smarter, cleaner trading system.

The comments were made during the Abu Dhabi World Trade Organization Conference being held in Abu Dhabi between Feb 26th and 29th. The conference had metioned that decentralization of global supply chains would be on the table for the first time.

The conference witnessed that attendance of 165 nations and trading blocs. WTO Director-General Ngozi Okonjo-Iweala noted in an interview with WAM, “We will initiate new dialogues, called deliberative sessions, where, for the first time, the ministers will engage on issues crucial to the contemporary world, including trade and environment, trade and climate change, trade and sustainability, and trade and inclusion.”

She advocated the decentralization of supply chains, expanding them to developing countries.

Moreover during the conference, Blockchain Foundation, IOTA announced its partnership with the World Economic Forum, Trademark Africa, the Tony Blair Institute for Global Change, the Institute of Export and International Trade, and the Global Alliance for Trade Facilitation.

As per their press release, “Together, we are embarking on a transformative journey to revolutionize international trade through the creation of the Trade Logistics Information Pipeline (TLIP). International trade has long been burdened by inefficiencies, bureaucracy, and lack of transparency. The cumbersome process of trading goods across borders involving numerous documents, multiple actors, and intricate regulations often leads to delays, errors, and even fraudulent activities. Recognizing the urgent need for a reliable and transparent digital trade infrastructure, our coalition is committed to fostering a neutral governance framework for TLIP.”

TLIP aims to streamline information exchange and promote collaboration across borders. It builds on IOTA’s distributed ledger technology (DLT) to provide data immutability and security. It performs the same function as a government stamp on a trade certificate to prove authenticity – just made digital.

Customs in destination markets will not need a stamped physical Certificate of Origin when using TLIP. However, while physical documents are subject to fraudulent risks, the TLIP system ensures transparency and immutability of the relevant details of uploaded documents.

TLIP ensures that a digital certificate is authentic and prevents it from being tampered with. IOTA also provides distributed controls, so each trade actor can manage their data and give access permission without outsourcing the permission controls to a centralized entity enabling a digital-based collaboration much like how the free market of trade works manually today.

Furthermore, using IOTA’s DLT enables parties to interact securely online without requiring a centralized platform that stores all information and is vulnerable to hacking or manipulation.

Dubai regulator grants WadzPay a crypto broker license but not a payment one

Dubai regulator grants WadzPay a crypto broker license but not a payment one

The Dubai based entity of WadzPay, WPME Technology, which specializes in blockchain based technology for virtual assets has been granted a Virtual Assets Service Provider (VASP) Licence for Virtual Asset Broker-Dealer service activities, better known as crypto broker license, by Dubai’s Virtual Assets Regulatory Authority (VARA).

The crypto broker licence remains non-operational until the company fully satisfies all remaining conditions and select localisation requirements defined by VARA, following which it will be able to commence operations, subject to regulatory reverification and approval.

As per the press release, WadzPay is excited to deliver its innovative and industry-leading solutions to customers across Middle East while working closely with regulators in contributing to build a compliant and robust fintech ecosystem.

Mr. Anish Jain, Founder & CEO, WadzPay stated “This licence showcases WadzPay’s dedication in promoting innovation in the field of virtual assets domain and blockchain technology bringing us a step closer to delivering world class solutions to businesses in Middle East.”

WadzPay aims to revolutionise the way people in the Middle East transact and manage virtual assets. WadzPay’s commitment to compliance ensures that financial institutions and their customers can confidently embrace the benefits of blockchain technology while adhering to regulatory standards, ultimately contributing to the growth and sustainability of the fintech ecosystem in the Middle East.

Mr. Ram Chari, Board Member and Group Director, WadzPay quoted “This will further solidify WadzPay’s position as a trusted and reliable blockchain technology based financial service provider in the region. With the broker-dealer services, WadzPay will provide the technology to its clients to enhance the experience of their customers by enabling virtual assets transactions in a seamless and secure manner. “

To which Mr. Khaled Moharem, President – MENA & Europe at WadzPay, emphasised, “This cements our hard work and sets the stage for transformative blockchain solutions, promoting compliance and customer confidence in the Virtual Assets Industry.”

WadzPay received its initial approval for a license back in October 2023.

In 2022, KSA based Geidea, a leading fintech company in Saudi Arabia and Blockchain based payments solutions, WadzPay Middle East Technology forged a new strategic partnership to power the transformation of pilgrimage payments.

WadzPay had been strivign to obtain a Blockchain settlement and payment license from VARA in Dubai, yet this will need further framework and direction from the Central Bank of UAE.

From UAE to Turkey Crypto exchange OKX expands in MENA

From UAE to Turkey Crypto exchange OKX expands in MENA

After OKX received its crypto exchange VASP license from Dubai UAE through VARA ( Virtual Asset Regulatory Authority), the crypto exchange now receives a license in Turkey. OKX TR, will provide Turkish users with a trusted, compliant and transparent gateway to crypto trading and decentralized finance. The OKX Web3 Wallet is currently available in Türkiye through OKX’s global platform.

With the launch of OKX TR, users have access to enhanced localized features, including Turkish Lira direct deposits and withdrawals from banking partners such as: Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank and Türkiye Finans. The OKX TR team also offers 24/7 local customer support in Turkish and English, ensuring users receive timely assistance and comprehensive guidance when needed.

Also available is OKX Wallet, a non-custodial Web3 wallet that provides access to a user-friendly self-custody portal to trade NFTs, use dApps, and more. It’s the first wallet to feature both Multi-Party Computation (MPC) technology and Account Abstraction (AA) features, which paves the way for wider adoption among less technical users.

OKX President Hong Fang said: “The official launch of OKX TR is a significant milestone in our global expansion strategy. With a crypto adoption rate close to 50%, Türkiye represents a very dynamic and promising market for the industry as it continues to develop. The population’s high level of engagement and understanding of digital assets makes it an ideal environment for OKX, and we’re strongly committed to helping continue to grow this already vibrant ecosystem.”

OKX TR Board Chairman Mehmet Çamır said: “The launch of OKX TR is a testament to our belief in the country’s huge potential for growth and our commitment to the market. Already a global leader in crypto trading, Türkiye is also in a prime position to grow in the decentralized finance space. We’re excited to support this development, and firmly believe that our presence here will play a pivotal role in nurturing Türkiye’s emergence as a Web3 innovation hub.”