A stablecoin to be launched in Abu Dhabi UAE

A stablecoin to be launched in Abu Dhabi UAE

According to a recent Bloomberg article published October 2nd 2023, Abu Dhabi UAE will witness the launch of a stablecoin. Former Softbank vice president, Akshay Naheta has launched his company called Distributed Technologies Research (DTR) in Abu Dhabi which will focus on developing several products one of which is a stablecoin.

Naheta on LinkedIn posted,” I’m happy to announce my new company Distributed Technologies Research! We’ve been operating in stealth for the past 10 months. And, I’m looking forward to sharing our product releases over the near-term.”

According to Bloomberg, The 42-year-old financier has set up DTR and will partner on the project with Hong Kong-based DRAM Trust, which has ties to several high-net-worth individuals. They’re looking to capitalize on a stablecoin market that analysts at Bernstein estimate will grow more than 20-fold to $2.8 trillion in five years.

DRAM coins will be available on decentralized exchanges including Uniswap, Sushiswap and Pancakeswap, and the team plans to work with centralized exchanges in the near future, according to Naheta.

Akshay Naheta was a former trader at Deutsche Bank. He was central to some of SoftBank’s biggest deals during his tenure. He pitched founder Masayoshi Son on the sale of chip designer Arm to semiconductor designer Nvidia Corp. He also led a $4 billion investment in Nvidia in 2017, earning $3 billion in profit.

In a press release he states, “The launch of DTR’s business in the ADGM and the licensing of its first product to the DRAM Trust is an initial step towards our wider ambitions. Our technologies provide the efficacy, usability, governance, security, transparency and stability sought by the cryptocurrency markets, while leveraging cutting edge technology protocols. The DRAM Trust brings much-needed credibility to the global stablecoin sector.” 

Global law firm Decherts LLP acted as a legal advisor to DTR and the DRAM Trust for structural and regulatory matters. 
 
The DRAM Smart Contract has been audited by Consensys and PeckShield, with real-time reserve audits to be published by The Network Firm through their LedgerLens product.
As part of its product expansion plans, DTR expects to launch a decentralized wallet solution in early 2024, to enable the wide accessibility and utility for digital tokens.  

According to Bloomberg Intelligence crypto market analyst Jamie Coutts, stablecoins on several Layer-1 networks transacted $6.87 trillion in 2022, surpassing the transaction volumes of Mastercard and PayPal. However, stablecoins still lagged behind the Visa network, which processed nearly double the volume at $11.6 trillion.

This announcement comes less than a week after Dubai’s virtual asset regulatory authority introduced its stablecoin regulations.

Updated 5:20 pm Dubai UAE time

New Securities and digital assets law proposed by UAE’s DIFC in consultation paper

New Securities and digital assets law proposed by UAE’s DIFC in consultation paper

The UAE’s Dubai International Financial Centre (DIFC), which is autonomously regulated, has proposed a new securities digital asset law in a new consultation paper.

The new Law of Security and related amendments to select existing legislation will cater to the requirements of the DIFC’s proposed digital assets regime to other DIFC laws. The proposed legislative enactments, and amendments to existing legislation, aim to ensure DIFC Laws keep pace with the rapid developments in international trade and financial markets arising from technological developments, and to provide legal certainty for investors in, and users of, digital Assets.

Jacques Visser, Chief Legal Officer at DIFC, commented: “DIFC is excited to announce a proposed new Digital Assets Law and new Law of Security regime. DIFC has been working closely with experts in the field of digital assets and banking and finance to create a groundbreaking Digital Assets Law, and in doing so proposes a significantly enhanced and updated Law of Security regime. The proposed Digital Assets Law sets out the legal characteristics of a digital asset, its proprietary nature, how it may be controlled, transferred, and dealt with by interested parties. The proposed new Law of Security is modeled on the UNCITRAL Model on Secured Transactions and has been adapted to take account of specific factors relating to DIFC. We believe these proposals will put DIFC’s legal and regulatory framework at the forefront of international best practice.”

The UNCITRAL Model Law on Secured Transactions (the “Model Law”) deals with security interests in all types of tangible and intangible movable property, such as goods, receivables, bank accounts, negotiable instruments, negotiable documents, non-intermediated securities and intellectual property with few exceptions, such as intermediated securities.

In the press release DIFC states, that digital Assets, such as cryptocurrencies, NFTs, stablecoins and security tokens, represent a trillion-dollar asset class and the scope for future innovation and market opportunities within it are considerable. Thus far the primary focus in many jurisdictions has been to regulate and impose enforcement related sanctions on some of the practical applications of this asset class from a regulated financial services perspective.

However, the fundamental benefits brought about by blockchain technology, the digital assets that can be created thereby, and their application across a wide spectrum of use cases will grow and become of increasing importance in a much wider context.

In this regard, the broader legal questions as to the exact nature of the legal features and impact of digital assets remains open for debate on several key issues. International legal developments and judgments across the common law world have begun to provide some clarity in this regard but has, to date, not yet provided a comprehensive legal framework mapping out the full extent of the legal characteristics of a digital asset and how users and investors within this asset class may interact with digital assets and each other.

Following extensive review of the legal approaches taken to digital assets in multiple jurisdictions, DIFC is now publishing for public consultation its own Digital Assets Law proposal to provide such a comprehensive framework in DIFC. In addition, the legislative proposal also proposes changes to other cornerstone DIFC laws, including the Contract Law, the Insolvency Law, the Law of Obligations, the Trust Law, and the Foundations Law to cater to the requirements of digital assets in the larger legal framework of the DIFC.

Similarly, a great deal of innovation has taken place in secured transactions regimes internationally – particularly since the current Law of Security was enacted in 2005. This includes the emergence of businesses and platforms that enable the extension of credit in, and secured or covered by, digital asset collateral arrangements, and an increasing drive to digitize international trade.

Following consideration of regimes in other jurisdictions and particularly UNCITRAL’s Model Law on Secured Transaction, in conjunction with the proposed new Digital Assets Law, DIFC proposes to repeal the current Law of Security, and to significantly amend and enhance DIFC’s securities regime. This will align the regime with international best practice and provide clarity in relation to taking security over digital assets. In doing so, the DIFC also proposes to repeal the current Financial Collateral Regulations and amalgamate the financial collateral provisions into a new chapter of the proposed new Law of Security.

The proposed legislative changes contained in Consultation Papers No. 4 and No. 5 of 2023 have been posted for an extended 40-day public consultation period with the deadline for providing comments ending on 5 November 2023. The Consultation Papers are available on the DIFC Legal Database.

The proposed amendments reflect the Centre’s commitment to maintaining a transparent and robust legal and regulatory framework aligned with global best practice.

UAE Ghaf Labs partners with blockchain Sui Foundation

UAE Ghaf Labs partners with blockchain Sui Foundation

UAE based Ghaf Labs, a boutique consultancy and advisory firm specializing in web3 ventures partners with Sui Foundation, a Blockchain Foundation that supports the growth and proliferation of the Sui blockchain protocol (“Sui”) and associated ecosystem.

Sui is a Layer 1 blockchain and smart contract platform designed from the bottom up to make digital asset ownership fast, private, secure, and accessible to everyone.

This strategic alliance is aimed at driving Sui Foundation’s expansion within the UAE and the MENA region, fostering the growth of web3 adoption.

Established in 2019, Ghaf Capital Partners, a private investment firm, has solidified its position as a pioneering player in the web3 investment space, boasting an impressive portfolio of 75 portfolio companies. The team’s extensive business background and strong web2 exposure have uniquely positioned them to navigate the dynamic landscapes of both traditional and blockchain-based industries.

In response to the growing demand from companies seeking exposure in the MENA region, Ghaf Capital introduced Ghaf Labs, a boutique advisory and consultancy service dedicated to web3 ventures. The Labs’ philosophy is centered on providing personalized attention to a select number of clients each year, ensuring that their unique needs and goals are met with utmost precision and care.

As part of this groundbreaking partnership, Sui Foundation will be supported holistically through Ghaf’s expertise and market insights. With ambitious plans to expand its ecosystem in the UAE, Sui Foundation aims to tap into the region through a series of direct objectives, such as university partnerships, discussions with regulators, organizing regional hackathons and supporting local web3 projects.

Sui Foundation shall kick off its presence in the region by participating in some of the most prominent web3 summits in the UAE for Q4 2023, such as, Future Blockchain Summit, World Blockchain Summit and Global Blockchain Congress.

Sui Foundation will also host a monthly meet up in Dubai called “Sui Connect” which will act as an enabler for community building while fostering local ecosystem stimulation.

“We are delighted to partner with Sui Foundation on their journey to become the leading choice for web3 partnerships,” said Sheikh Al Mualla bin Ahmed Al Mualla, Co-founder of Ghaf Labs. “Their team’s commitment to excellence and groundbreaking innovations aligns perfectly with our vision of fostering the growth of web3 technologies in the MENA region,” Said Feras Al Sadek, Co-founder of Ghaf Labs.

Greg Siourounis, Managing Director at Sui Foundation, also expressed his enthusiasm about the partnership, saying, “Together with Ghaf Labs, we are poised to ignite an era of transformative advancements in web3 technologies in the MENA region and beyond, bringing Sui’s state-of-the-art blockchain-based technologies to bear addressing real world challenges that have not been solved by traditional centralized networks. We believe our shared vision will pave the way for building a global decentralized web3 ecosystem based on the most advanced technologies and inclusive of all people.”

Nomura’s Laser Digital crypto broker takes the UAE by storm

Nomura’s Laser Digital crypto broker takes the UAE by storm

Nomura’s crypto broker, and crypto investment service provider, Laser Digital which recently received a full license from Dubai’s virtual asset regulatory authority, VARA has now received an in principle approval for a license from Abu  Dhabi’s ADGM ( Abu Dhabi Global Market).

As per the recent news from ADGM, Laser Digital was granted an in principle approval by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), with formal regulatory licensing subject to the fulfillment of a number of conditions. When all IPA conditions are fulfilled, Laser Digital will be granted the Financial Services Permission to provide broker-dealer services and asset/fund management services in relation to virtual assets and traditional assets.

Laser Digital was launched last autumn by Nomura and was co-founded by Steve Ashley, who previously led Nomura’s wholesale division, and Jez Mohideen, who was Nomura’s Chief Digital Officer and Co-Head of Global Markets EMEA. Headquartered in Switzerland, with offices in the UAE and the UK

Jez Mohideen leads Laser Digital’s UAE entity with Cameron Dickie as Head of Distribution.

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We are delighted that Laser Digital has been granted an ‘In Principal Approval’ for their virtual asset management services. Laser is developing investment services in virtual assets that are both dynamic and transparent, and their investment offerings align well with ADGM and the FSRA’s international best practices and progressive regulatory ecosystem. We welcome them to our robust and vibrant financial community.”

Jez Mohideen, CEO of Laser Digital added,“We are very grateful to have the opportunity to set up operations in ADGM; their comprehensive and clear regulatory framework is creating a global hub for digital assets that we are delighted to be joining.”

Prior to this Laser Digital was granted a full crypto license that will allow it to offer virtual asset broker dealer and investment management services in the UAE from VARA in Dubai. At the time Laser Digital announced that  it planned to launch over-the-counter trading services and digital-asset investment products for institutional investors in coming months.

According to VARA website, Laser Digital has been awarded the full VARA license, issued to VASPs which satisfies all of the requirements as specified under the Virtual Assets and Related Activities Regulations 2023. It allows a VASP to offer approved Virtual Asset services to retail customers as well as institutional customers and Qualified Investors.

Laser Digital, which is headquartered in Switzerland with officers in Dubai and London, said in a statement it had received the license from Dubai’s Virtual Asset Regulatory Authority, allowing it to offer crypto-related broker-dealer, management and investment services.

MENA receives $389 billion worth of crypto with Saudi Arabia seeing biggest growth

MENA receives $389 billion worth of crypto with Saudi Arabia seeing biggest growth

Chainalysis has completed its MENA section of its 2023 Geography of Cryptocurrency Report which will be out soon. In the report the MENA region is the 6th largest crypto economy of any region in 2023. There was an estimated $389.8 billion in on-chain value received between July 2022 and June 2023. This represents nearly 7.2% of global transaction volume during the period studied. However it is much lower that what was received in July 2021-July 2022.

MENA based crypto users had received $566 billion worth of cryptocurrency in one year from July 2021 to June 2022 which at that time was a 48 percent increase from 2020-2021.

MENA is also home to three of the top 30 countries in this year’s index: Turkey (12), Morocco (20), and Iran (28). However, Turkey dominates in terms of raw transaction volume, but interestingly Saudi Arabia comes in third in terms of crypto value received, with UAE coming in at number two and Turkey taking number one place.

Centralized exchanges and DeFi were the top services for receiving crypto value in the MENA region, with UAE receiving much higher share of crypto activity on DeFi protocols compared to other countries in MENA. In addition UAE crypto services were split almost equally between centralized exchanges and decentralized exchanges, while in KSA for example 48.6%went to centralized exchanges and 38.8% to decentralized exchanges.

According to the report no country has witnessed the growth of crypto transaction volume like Saudi Arabia has. KSA has witnessed year-over-year transaction volume growth of 12.0%. In fact, Saudi Arabia is one of only six countries to see any year-over-year transaction volume growth during the time period studied.

Chainalysis found that the crypto value received by the UAE was over US$34.9billion representing a decrease of 17% over the previous year. In Qatar there was a 26% decline, Oman 49% decline, Jordan 55% decline, and Lebanon 96% decline.

One of the most interesting findings was in the UAE where the majority of crypto transactions were for institutional investors. 67% of crypto transactions valued over $1 million were by institutional investors, while retail investors (up to $10,000) accounted for just 4.63%

“The fact that by far the larger portion of crypto investments in the UAE is for institutional and professional sized transactions, indicates an eagerness from organisations and high-net-worth individuals to add cryptocurrency to their investment portfolios. This market confidence is validation of the efforts being made by the country’s leadership to offer commendable regulatory clarity, and establish the nation as a global crypto hub,” said Kim Grauer, Director of Research at Chainalysis.

Bahrain ABC Bank goes live with JP Morgan’s Blockchain payments

Bahrain ABC Bank goes live with JP Morgan’s Blockchain payments

Bahrain based ABC bank after two years of piloting, J.P. Morgan’s Coin Systems, a blockchain based permissioned system that serves as a payment rail and deposit account ledger and sits within Onyx by J.P. Morgan has gone live with the blockchain payments solution.

Prior to this ABC bank had been piloting GCC region’s first blockchain based cross border instant payment solutions as well as CBDC project with the Central Bank of Bahrain. In 2020 The Central Bank of Bahrain collaborated with J P Morgan and Bank ABC in a pilot scheme to introduce instantaneous cross border payment solution leveraging state of the art technology and digital currency. The pilot was successfully completed in 2022. 

As such the soft launch of the new blockchain payment service by ABC Bank, is in close collaboration with the Central Bank of Bahrain.  The Central Bank of Bahrain has supported the project by integrating and scaling the blockchain payments solution within the Kingddom’s payments landscape.

On this occasion, His Excellency the Governor of the Central Bank of Bahrain, Mr. Rasheed AlMaraj, stated, “After working closely with JP Morgan and Bank ABC over the past two years to experiment the execution of cross-border commercial transactions between Bahrain and the U.S., leveraging the J.P. Morgan Coin System, we are pleased to witness the soft launch of this innovative banking solution by a Bahraini-based bank.  This initiative aligns with the CBB’s strategic vision to embrace innovation and digitalize the Kingdom’s financial services sector by eliminating inefficiencies that exist in traditional cross-border payment railways, facilitating trade between Bahrain and the U.S., and thereby inducing economic activity. We commend Bank ABC on their commitment to enhance their banking offerings by leveraging advanced global technologies.”

Mr. Sael Al Waary, Bank ABC Group CEO, said: “As an international bank operating across five continents, Bank ABC Group is committed to introducing innovative products to our home market and across our wider network. Offering high-value cross-border payments via the J.P. Morgan Coin Systems service, allows us to reduce traditional settlement periods considerably as well as being more cost-effective for our clients. We remain steadfast as a key enabler of Bahrain’s vision for a digital economy. We would like to thank our partners the Central Bank of Bahrain for their commitment and leadership and J.P. Morgan for their leading role in advancing cross-border payments for banking services.”

Naveen Mallela, Global Head of Onyx Coin Systems, said “Bank ABC has been one of the earliest adopters of the JPM Coin offering and we are delighted to launch the first of its kind commercial payment offering between J.P. Morgan and Bank ABC using distributed ledger rails. This enables cross-border commercial transactions to be executed between Bahrain and US corridors instantly, atomically and with certainty.”

While the offering has been launched with USD and locations involving Bahrain, US, UK, Singapore, Hong Kong, additional locations and currencies, notably Euro, are in the pipeline. Going forward with the planned introduction of programmable payment offerings, it will enable mutual corporate clients to leverage event driven and automated payouts enabling a dynamic and real time treasury management.

Dubai’s Virtual asset regulatory authority issues stablecoin regulations

Dubai’s Virtual asset regulatory authority issues stablecoin regulations

Dubai’s Virtual asset regulatory authority ( VARA) has updated its virtual asset rulebook and added new regulations with regards to what it calls Fiat referenced virtual asset ( FRVA) better know to most as virtual assets pegged to a stable value, or stablecoins.

As per VARA definition, “ Fiat-Referenced Virtual Asset (FRVA) means a type of Virtual Asset that purports to maintain a stable value in relation to the value of one or more fiat currencies but does not have legal tender status in any jurisdiction. An FRVA is neither issued nor guaranteed by any jurisdiction and fulfils its functions only by use and acceptance within the community of users of the FRVA.”

However VARA also notes an exception and states that any FRVA, i.e. stablecoin pegged to the value of the UAE currency, the AED will not be approved as it will remain under the sole and exclusive regulatory purview of the Central bank of the UAE.

In addition FRVAs exclude assets that  are representations of any equity claim; issued by central banks acting in their monetary authority capacity [e.g. central bank digital currencies [CBDCs]]; or  are tokenized bank deposits used only for interbank settlement purposes.

It also excludes reference Currency means, in relation to an FRVA, a VARA-approved fiat currence, the value of which an FRVA purports to maintain a stable reference to;and which is controlled by a central bank of any country[ies] or territory[ies] which are not subject to any sanctions in accordance with Federal AML-CFT Laws; as well as  the status of legal tender; and  which is required to be accepted within a given jurisdiction.

Issuers of FRVAs will have to ensure reserve assets, a pool of assets maintained in accordance  Rule III.B of these FRVA Rules and as approved by VARA. Reserve Assets are not Client Money or Client VAs, as defined in the Compliance and Risk Management Rulebook.

The issuance of an FRVA is a Category 1 VA issuance and as such is a virtual asset (VA) Activity. 

In addition VARA states that currencies of sanctioned countries or territories. VASPs may not have as a Reference Currency any currency issued by any country[ies] or territory[ies] which are subject to sanctions under Federal AML-CFT Laws.

VARA may, in its sole and absolute discretion, designate any VASP Licensed to issue an FRVA as a Significant FRVA Issuer at the time of issuing a Licence or anytime thereafter.

In designating a VASP as a Significant FRVA Issuer, VARA may consider all factors relevant to the VASP and/or the FRVA issued by the VASP, including but not limited to  the number of holders of the FRVA; the value of circulating and/or outstanding supply of the FRVA;  the value of the Reserve Assets maintained by the VASP; the number and value of transactions in the FRVA; whether the VASP and/or its affiliates carry out any other VA Activity[ies] and/or financial services in Dubai, or provide services similar to VA Activities and/or financial services in other jurisdictions; interconnectedness with licensed financial institutions and/or VASPs; and/or the business, structural and operational complexity of the VASP in relation to the FRVA issued by it.

MRHB network partners with Bahrain’s Shari’ah bureau for DeFi product

MRHB network partners with Bahrain’s Shari’ah bureau for DeFi product

The Singapore headquartered,MRHB Network which provides interest-free DeFi, NFT and halal crypto asset opportunities has 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.   

“The MRHB ecosystem aims for a wide array of crypto-based DeFi solutions”, explained Naquib Mohammed, Founder and CEO of MRHB Network. “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.”  

EMPLIFAI is designed to generate income mainly from DeFi activities such as yield farming, liquidity mining, bridge protocol fees and arbitrage opportunities. It will be rolled out in two phases, namely V1 and Version Pro. V1 will be for retail users whereas Version Pro (in the pipeline) will be catered to institutional participants.  

DeFi (decentralized finance) is a rapidly growing sector within the digital asset industry. The value locked in DeFi protocols has grown from billions to tens of billions of dollars in just a few years, and the space is expected to continue its growth in 2023. 

Commenting upon the engagement with SRB, Naquib Mohammed said, “Bringing SRB on board to review, assess and eventually audit EMPLIFAI’s processes, legal documents and the passive income mechanism in light of Shari’ah further strengthen our trust for our shareholders and the users. SRB is one of the few Shari’ah advisory firms that works with fintech companies with a diverse product offering and we leveraged on their experience.”   

Yasser S. Dahlawi, Founder and CEO of SRB added, “EMPLIFAI product exhibits a growing trend in the community that seeks an alternative investment and return from blockchain asset class. We will continue to help MRHB in its product enhancement and Shari’ah compliance as it scales its offering in the blockchain sphere with Version 2.”

With the growing development and success of MRHB Network halal crypto ecosystem, MRHB is currently closing its bridge to Series A round from strategic partners and expanding to the Kingdom of Saudia Arabia before the close of 2023. 

Naquib Mohammed speaking to Laraontheblock states, “ I am extremely proud of the MRHB Shariah Team and the Engineering Team, to have successfully launched an industry first liquidity harvesting protocol that is tailored to address the faith based crypto community. Testament to our efforts is the approval stamp of the Central Bank of Bahrain regulated SRB, who certified our product and architecture without a single correction remark. This itself proves the high quality of the deliverable that the teams have succeeded in creating. Emplifai is a gift of MRHB to the world, where the halal oriented community can reap the benefits of DeFi, just not with compromising their beliefs , but also their principal amount. The nature of Emplifai is such that it preserves the defi user from the volatility of the crypto market, hence a relief to a newbie.”

UAE’s ADGM grants crypto custodian Changer an FSP license

UAE’s ADGM grants crypto custodian Changer an FSP license

UAE based changer.ae, a crypto custodian service provider has received  the Financial Services Permission (FSP) license by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM).

With the FSP, Changer has become officially authorized to offer its services to individuals who are looking for a robust and reliable platform to hold their crypto currencies. Being uniquely positioned in the UAE, Changer focuses on protecting crypto based investors and informing the community about safety, risks, and crypto investments through its state-of-the-art custodian services.

Changer’s custody solution is an easy-to-use, all-in-one platform that offers customers simplicity at their fingertips while safeguarding their virtual assets. Individuals from all over the world can soon access the mobile application and use it to store their digital assets, with peace of mind that their investments are secure and always insured.

Changer’s enterprise-grade and robust infrastructure uses advanced encryption and multi-signature authorization to enhance the security of its wallets. Unlike most applications, Changer caters to investors looking for an independent provider of safe custody. By separating trading venue and storage, market participants are better able to ensure the protection of client capital.

Regulated by the world-class advanced regulatory framework of Abu Dhabi Global Market (ADGM), Changer offers clarity and transparency in its services. Since the crypto world is a very fast-paced one and can be overwhelming at times, Changer has been designed with our clients in mind, it is simple, straightforward, and user-friendly. The intuitive interface allows customers to easily manage their digital assets, make transactions, and monitor their account activity through one of the fastest and most efficiently designed platforms. Moreover, there is a dedicated team of experts that is available for support and to answer any questions our clients may have.

Nadeem Ladki, Senior Executive Officer of Changer, commented on the launch: “We would like to thank his excellency H.E Ahmed Jasim Al Zaabi, Chairman of ADGM, the Financial Services Regulatory Authority, and particularly the Authorization Team for granting us the FSP license. This license is an endorsement from one of the most reputable regulators in the world and marks Changer’s commitment to maintaining a transparent and secure relationship with ADGM, ensuring that all our clients’ virtual assets are safeguarded in the safest way possible”.

He added: “I would like to extend my heartfelt gratitude to the dedicated Changer team, our partners, and the regulators who have made the launch possible. Our combined hard work has made Changer come to life, soon to be offering individuals all over the world the possibility to protect their investments with cutting-edge security measures. With Changer’s services catering to a global audience, we are assisting in driving the UAE’s ambition to become a global center for the crypto industry and virtual asset community”.

Beyond the imminent launch of its custody solution, Changer plans to expand its services in the near future to offer its clients simplified fiat conversion and fiat escrow services thereby enriching its product portfolio.

UAE Deca4 partners with Hedera powered HashPack to bring Web3 to the MENA sports industry

UAE Deca4 partners with Hedera powered HashPack to bring Web3 to the MENA sports industry

UAE based Deca4, a specialised blockchain consultancy studio, and HashPack, a non custodial wallet built on Hedera Hashgraph DLT (Distributed Ledger Technology) platform have partnered together to bring Sphera World, which is leveraging the largest football and sports fans community in the Arab world with the latest technology and trends of Web3 NFTs, and Blockchain, into the world of non custodial wallets and the Hedera network.

Sphera world is powered by the largest sports media website in the Middle East, Kooora.com, and is backed by the Hashgraph Association. Sphera World is also incubated and managed by UAE Deca4.

May Chan, Co-Founder, and CEO of Hashpack stated, “This partnership is a monumental step towards our shared vision of expanding the reach of Web3 technology and bridging the gap between traditional Web2 users and the progressive Web3 ecosystem.”

She adds, “At HashPack, it has always been our mission to deliver an unparalleled user experience, exploring the transformative power of Web3 technology as a unique advantage for conventional companies and digital brands.”

Chan believes the alliance with Deca4 is a significant landmark as it goes beyond the tech stack and engages with community members and companies. The utilisation of Distributed Ledger technology needs to be harnessed effectively and this is done thoroughly by Hedera Hashgraph.

Mohammed Mahfoudh, Founder and CEO of Deca4 consultancy adds, “Working with HashPack to bring Sphera World, powered by Kooora, with a staggering 30+ million active users, will provide a unified platform that meets the needs of Web savvy users while introducing Web2 natives to the Web3 world.”

Above all, the project is supported by Hashgraph Association, a non profit organisation that promotes and provides funding for innovation, research and development for the benefit of economic inclusion and with a positive environmental, social, and governance (ESG) impact.

Kamal Youssefi, President of The Hashgraph Association, explained, “We are proud to be supporting organisations in the MENA region, especially those in the sports and gaming industries which are set to grow by 8.7% by 2026 according to The World Economic Forum. Our association is here to support companies in their journey towards Web3, helping them deliver unmatched value to stakeholders and users.”