UAE DMCC Blockchain members of new gaming Centre to benefit from VC fund

UAE DMCC Blockchain members of new gaming Centre to benefit from VC fund

UAE DMCC, Dubai Multi Commodities Centre, has launched the DMCC Gaming Centre in support of the increasingly growing global and regional video games industry. Members of the center who are developing blockchain games will be able to access $150 million funding from VC firm Brinc. Currently standing at USD 1.8 billion, revenues generated by the gaming industry in the MENA region are expected to reach USD 5 billion by 2025.

Launched during the Dubai Esports Festival, the DMCC Gaming Centre formalizes DMCC’s efforts in the gaming and esports space, creating a supportive environment in which all gaming and esports companies can thrive. DMCC is currently home to over 50 gaming companies, from game developers and producers to esports teams and tournament organizers.

The DMCC Gaming Centre will be based in DMCC’s free zone, providingaccess to a vibrant community of gaming industry peers to unlock new opportunities for collaboration. Gaming companies looking to expand their global reach and connect with audiences across the world will also benefit from DMCC’s fully digital setup process, world-class infrastructure, and commitment to increasing the ease of doing business.

 Under the DMCC Gaming Centre, members will have access to the wider esports community through regular events and esports tournaments and industry support from DMCC’s ecosystem partner YaLLa Esports, a leading esports organization in the UAE. Furthermore, members will have the opportunity to join gaming specific acceleration and market entry programs through our ecosystem partner, AstroLabs, a leading tech ecosystem builder in the MENA region. 

Earlier this year, DMCC partnered with the global VC firm Brinc to provide members with access to USD 150 million in funding through their accelerator programs ZK Advancer and The Sandbox Metaverse. Those programs will also be open to DMCC Gaming Centre members developing games on blockchain and web3 technologies.  

 “Gaming is one of the fastest growing industries in the world, with nearly 3.2 billion people playing and spending a combined total of USD 196.8 billion in 2022. The size and growth of the industry today is staggering compared to when video games first appeared in the 1970s,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC. “These passionate communities are constantly looking for greater immersion and storytelling in their chosen form of entertainment. As our roster of gaming companies expands rapidly and as we see more of our DMCC Crypto Centre members enter the blockchain gaming space, there is no better time to formalize our efforts by opening the DMCC Gaming Centre. Through this facility, we will solidify Dubai’s position as a global hub for all forms of gaming and esports.”

Prior to this announcement UAE Cypher Capital and Phoenix Group  invested with others into the new blockchain Web3 gaming platform, Fenix Games. Led by a group of industry veterans from gaming, blockchain, and financial markets, Fenix Games plans to acquire, invest, and publish both existing games and blockchain games of the future. Cypher Capital also invested $1.5 million in Rekt Studios which is also taking Web3 gaming to a new direction.

Fenix Games is a next-generation games publisher facilitating the transition of the next billion gamers into a blockchain-integrated future. Whereas traditional, “Web 2.0” games have mature distribution platforms and markets that bring billions of players and developers together, Web 3.0 lacks the infrastructure, tools and support to facilitate mass adoption. As more and more quality developers embrace blockchain technology and design principles, we see an opportunity for the role of Publishing to elevate its value in the design, go-to-market and operations of games.

At the time Munaf Ali, CEO at Phoenix stated, “Despite the recent challenges in crypto, Cypher Capital Group remains optimistic and bullish about the future of web3 and blockchain projects.”

Crypto.com and Coca Cola offer Fans of World Cup FIFA 2022 from GCC and MENA NFT collection

Crypto.com and Coca Cola offer Fans of World Cup FIFA 2022 from GCC and MENA NFT collection

Coca-Cola and Crypto.com, sponsor of Qatar World Cup 2022, have teamed up to launch an NFT collection inspired by the Qatar 2022 FIFA World Cup. The collection, created in collaboration with digital artist GMUNK, is based on “heat maps” that visually represent the movements and highlights of the tournament’s players. GMUNK has created 10,000 NFTs based on these heat maps, which will be available to fans on the Crypto.com NFT platform from May 1 to July 31, 2022.

To access the NFT collection, fans will need to create an account on the Crypto.com NFT platform and visit Coca-Cola’s fan zone page to mint a token. The Coca-Cola fan zone is a digital hub for the Qatar 2022 FIFA World Cup that offers fans the opportunity to experience thrills, excitement, games, and moments to remember during the tournament.

 In addition to the NFT collection, the fan zone includes leaderboards, pledges, and predictions, allowing fans to compete with each other and interact with the tournament in real-time.

As per some news websites the registration sites for the NFTs are offered on either Coca-cola Middle East or the fan zone links officially provided for residents living in Qatar, Saudi Arabia, or the United Arab Emirates.

Just after the announcement Crypto.com’s CRO token (CRO) gained value this week. CRO climbed as much as 10% after the press release hit, and though it slipped to a 8.5% advance at press time CRO remains one of the top performing digital assets on Monday 5th of December. Despite this, CRO token remains lower by about 50% over the past month in the FTX-related crumbling in the cryptocurrency markets. CRO is down nearly 90% year over year.

This is the first World Cup that has not only features Blockchain and crypto sponsors but tokens and NFTs, growing the interest in both in the MENA region.

Local Oman crypto broker Easy Coins launches Tether USDT on its platform

Local Oman crypto broker Easy Coins launches Tether USDT on its platform

Oman based, cryptocurrency broker, Easy Coins announced on twitter that it had launched its trial of Tether USDT on the Tron Blockchain. Accordingly Easy Coin users in Oman can now purchase TRC20 USDT. At the end of 2021 there were 43 thousand registered crypto wallet addresses in Oman. 

LaraontheBlock spoke with Dr. Khalid M.W. Tahhan, Co-Founder, Easy Coins ME on the recent Tether trial. According to Tahhan the reason for choosing to trial tether is that it is the largest stablecoin and there is a huge demand for it in the Omani market. He adds, “Easy Coins is also in the process of launching its own Omani Riyal backed stablecoin which will be backed 1:1 with Omani Riyals, ensuring a better peg than USDT.”

While most consider the crypto market to be falling and bearish, Tahhan feels otherwise. He states, “We at Easy Coins believe that Bitcoin will remain competing as a reserve asset. We also believe a lot of the tokens produced from thin air will lose their value. Finally and most importantly, we believe these public Decentralized blockchains will be the new payment rails of the future and are developing solutions to utilize them.”

He explains that Easy Coins is the first non-custodial crypto broker in the MENA region. He states, “We always believed in self-custody and hence deployed a compliance focused self-custody solution from the start to ensure nothing like FTX can happen to our customers.”

In terms of crypto regulations in Oman, while still not regulated, Easy Coins is a formally registered startup at the Oman Ministry of Commerce and Industry as well as part of Jadara Program of the Oman Ministry of Transport, communication and Information Technology.

In short he states, “We are self-regulated and follow compliance methodologies from Europe in the interim. We will become a licensed entity once the regulators in Oman are ready to license such activities.”

Easy Coins is the only cryptocurrency broker in the region that accepts all Omani Debit and Credit Cards and offers lower payment processor fees when using our service with Omani Debit Card.

Prior to this announcement Easy Coins was trialing a stablecoin backed by the Oman Riyal with the Oman Water and Waste Water Services Company ( OWWSC), member of Nama Group. Oman Water signed an MOU with Oman based Digital Digits, the creators of Easy coins and Connected Chains to trial “ Hasalah” a stablecoin Wallet.

The companies would trial a cryptographic stablecoin pegged to the Omani Riyal to be utilized as payment from subscribers in select OWWSC customer halls as well as on Easy Coin. Payments will be made using Hasalah Digital Wallet.

In June 2022, The Executive President of the Central Bank of Oman, Mr. Tahir Salim Al Amri, commented during the 7t Edition of the new Age Banking Summit on the topic of CBDCs (Central Bank Digital Currencies)  that the Central Bank of Oman is working to issue its own CBDC. 

In Parallel, the Oman Capital Market Authority issued its new Securities Law (46/2022) which stipulates that the authority can “Agree to application of technologies, virtual digital investments or any products or services in the areas related to the provisions of this law, as set out in the Regulation.”

Additionally Oman is working towards tokenization of real-estate. The Oman Capital Market Authority (OCMA) is set to include real estate tokenization in its virtual asset regulatory framework, a report quoting an advisor of the authority has said. According to the report, Oman expects to complete drafting the virtual assets regulatory framework by Q3 of 2022.

World Cup Qatar 2022 fan tokens a catalyst for mass crypto adoption

World Cup Qatar 2022 fan tokens a catalyst for mass crypto adoption

Qatar’s World Cup 2022 is a first in many ways. It is not only the first to be held in an Arab country but also the first to have crypto and blockchain sponsors, namely Algorand and Crypto.com, and the first to introduce fan tokens, NFTs, and metaverse experiences. Consequently, these actions have spurred the market capitalization of fan tokens to $300 million at the onset of the World Cup according to CoinGecko.

Fan tokens for FIFA

World Cup 2022 NFT Collection was launched with Algorand blockchain technology. FIFA fans now have the opportunity to attend the tournaments and enjoy a VIP experience thanks to the official digital collectibles. In this sense, they are one of the first utility NFTs in the World Cup space. Costing as low as $4.99, 216,862 packs had been claimed by Nov. 23 from the FIFA+ Collect website out of a collection of 532,980 packs, which include 1,593,480 NFTs. Users can purchase packs using credit cards or USDC-A on the Algorand network.

Moreover, the FIFA World Cup 2022 collaborated with Matchday, a company that developed a social prediction game based on football cards, and Upland, a company that built a virtual replica of the Lusail Stadium in Qatar for fans to visit the metaverse using collectible NFTs.

Will this impact the growth of fan tokens in the region?Nabil Al Sayed, the founder of the MENA-based Nifty NFT marketplace, believes that FIFA’s approach to Web3 is reassuring.

“Football has a great fan base, and the World Cup has an even bigger one,” he explains. “This adoption of Web3 by FIFA helps engage a wider base of fans in this new space, introduces a new world to fans also gives a nudge to the ones on the fence and also proves that Web3 is the future and it is here to stay.”

Al Sayed adds that these partnerships “are just the beginning for what is yet to come.”

However, the founder of UAE Web3 social engagement platform Bonuz, Matthias Mende, says the current efforts are not enough, and that FIFA faces challenges in making their NFTs simple and friendly to purchase as well as relieving fans of gas fees.

He states, “The greatest outcome to incentivize fans to purchase FIFA NFTs is their affordable prices. Nevertheless, acquiring the FIFA NFTs should be done with gasless payments, which are currently not available on Algorand.”

FIFA is not the only entity offering fan tokens and NFTs. Binance, for example, is offering $1 million in rewards in its Web3 Blockchain-enabled football challenge. UAE-based KoinBasket, a crypto investment firm, put up 100 million Bitcoin Satoshis for grabs, and Bybit crypto exchange, which had applied for a license in Dubai through VARA, is offering 500,000 in USDT as a prize pool in celebration of the World Cup.

Are these successful campaigns to gauge fan interest?Al Sayed believes that the secret behind successful fan NFTs and tokens is the utilities that these assets hold. He explains that NFTs allow fans to “participate in voting polls for the team, go on a hunt for digital collectibles, purchase gated NFTs, and enjoy gamification features tied with fan rewards or virtual experiences.”

As for Mende, NFTs that provide “Proof of Attendance” coupled with a quest map requesting users to carry out tasks might be effective to increase and measure social engagement.

“Using this strategy, companies can rate which community members add value and which are merely attendees,” Mende expounds. “Companies can filter benefits based on these data points and determine who to grant benefits to.”

Future of sport NFTs and fan tokens in MENA

Al Sayed reiterates, “This is the first step to a whole new way of consuming sports. We are just scratching the surface. This year it started with fan tokens, and by 2026 we will be seeing more immersive experiences and a wider range of products beyond tokens and games.”

Blockchain will be the norm for the upcoming World Cup, Mende predicts. According to him, the general public will see the emergence of “Tracking NFTs.” Since these NFTs will track users’ activity in a similar way that cookies do, they will provide a high level of transparency for understanding real user behavior. “Users will be happy to exchange this data for NFTs, digital rewards, and virtual benefits,” he claims.

Algorand Decipher conference kicks off in UAE with leading MENA Blockchain entities

Algorand Decipher conference kicks off in UAE with leading MENA Blockchain entities

The second annual conference Decipher, by the Algorand Foundation is being held today until the 30th of November at Madinat Jumeirah Conference & Events Centre in Dubai, UAE.  The Algorand Foundation’s mission is to grow and empower the ecosystem around Algorand-the leading carbon-negative Layer-1 blockchain-and Decipher’s programming will highlight top founders and investors from both within and beyond the Algorand network.

The event will witness more  than 120 speakers across four stages and 50 sessions. Registrants will also be able to sign up for one-on-one mentoring with blockchain leaders, learn to set up wallets and experience play-to-earn games, explore a high-end curated NFT art gallery, take part in hands-on workshops designed for developers and led by the engineers and product leaders behind the Algorand protocol, and more.

Topics include Financial Inclusion at Scale: A World Tour featuring Sanzar Kakar, Founder of HesabPay; Victor Mapunga, Co-Founder & CEO of FlexFinTx; Abhinav Sinha, Cofounder, Eko India Financial Services; and Matt Keller, Head of Social Impact at the Algorand Foundation.

Also is the topic of Building the Next Crypto Capital featuring Basil Al Askari, CEO & Cofounder of MidChains; Benjamin Ampen, CEO MENA at Kraken; and Jehanzeb Awan, Chairman of the Middle East, Africa and Asia Crypto and Blockchain Association.

As well as the topic of payments revolution featuring  Khaled Moharem, President Middle East at WadzPay; Eduardo Novillo Astrada, CEO & Cofounder of AgroToken; and more to be announced.

In addition topics include Safer Bridges to a Multichain Future featuring Nico Arqueros, Primary Contributor, Milkomeda; Adi Ben-Ari, Founder & CEO, Applied Blockchain; and Hugo Philion, CEO & Cofounder, Flare Network

Venture Perspectives Across the Crypto Landscape featuring Terry Culver, CEO & General Partner at DFG Group; Mona Hamdy, Chief Strategy Officer at Sino Global Capital; Abhinav Pathak, Research Partner at Woodstock Fund; and Ryan Terribilini, Head of Ecosystem Funding at the Algorand Foundation

View the full agenda and speaker lineup at https://www.decipherevent.com

SwissBorg crypto wealth management app launches in UAE

SwissBorg crypto wealth management app launches in UAE

SwissBorg, a cryptocurrency wealth management app, has launched in the UAE, to offer a secure way to invest and earn interest on assets through Web 3.0. The award-winning app’s formula for mass adoption is two-fold, simplicity and automation, to help anyone regardless of age or skills, become a community member. 

As per the press release, SwissBorg brings more than six years of expertise to the UAE, introducing a digital asset management app that takes the guesswork out of crypto investments. 

In the first year of its operation, the organization raised $54 million via a successful Initial Coin Offering across 146 countries from 25,000 individual contributors across the globe. The platform has 700,000 active users across multiple countries, having established strong relationships with various banks with fiat gateways for 16 currencies and credit cards.

 According to Gemini’s 2022 report ‘Global State of Crypto’, 35% of the UAE population have adopted some form of crypto tokens, compared to 17% uptake in developed nations. And of the part of the population that has not yet invested, 32% are likely to purchase crypto in 2023. A third of the crypto owners use it to make in-person purchases at brick-and-mortar retailers, compared to just 19% of owners globally.

Anthony Lesoismier, Co-Founder & Chief Strategy Officer at SwissBorg, commented on the launch, said: “We are pioneering a new era in asset management and private banking supported by blockchain technology and cryptocurrencies assets. We see cryptocurrencies as a serious investment, and our goal is to provide a variety of long-lasting crypto financial products that everyone can use to participate in the largest wealth transition in human history. The UAE serves as our perfect Middle Eastern launch pad because it is the region’s commercial, technological and cultural hub. Our extensive experience will enable UAE investors to make more confident cryptocurrency investments.”

Alexander Fazel, Chief Partnerships Officer added: “The UAE is on a trajectory to becoming the crypto capital of the world by gathering industry leaders from all corners of the globe. At SwissBorg, our goal is to be the bridge between traditional finance and decentralized finance and contribute to a world where one community will reshape centuries of broken finance. We’re at the crossroads of a new era and are forever grateful to be a part of this vibrant community. We are bringing in people from all walks of life and there is nothing more rewarding than having teenagers to senior citizens with the same purpose. SwissBorg will redesign the Bank of the Future layer by layer by educating new crypto investors in the UAE to be a part of this paradigm shift.”

SwissBorg has entered partnerships with local leaders Crypto Oasis in the UAE and is also currently raising funds in the region for a strategic round focusing on short to long-term value creation.  

SwissBorg is also one of first companies to give complete transparency on Proof of Assets and Proof of Liabilities trackable at any time in real-time using blockchain technology, creating new norms to restore trust among centralized exchanges in the wake of the recent FTX incident. 

SwissBorg seperates between custodial service and exchange, as such it does not hold custody of users’ funds and instead uses FireBlocks a trusted custodian with MPC technology.  

Binance, Kraken, LMAX, Bitfinex, and SwissBorg, are connected to the order management system (OMS), which actively searches for the best pricing for its users resulting in the platform becoming their main trading account.

 Users can start investing in three simple steps — upload their personal information and proof of identity, which is completely automated, make a deposit with their credit card or cryptos and they can then start investing.

4 percent of FTX Global Clients based out of UAE

4 percent of FTX Global Clients based out of UAE

Bloomberg  just published a piece today November 27th 2022 that is rocking the UAE crypto ecosystem and is one of the most read pieces on Bloomberg as of now. As per the article roughly 4 percent of FTX’s global client base is in the UAE. This comes as no shock. LaraontheBlock had noted in an article on November 11th 2022 that VARA had suspended FTX’s crypto exchange license. The article at that time also noted that FTX MENA users brought in high revenues for FTX and was considered as the third biggest revenue region for FTX. 

Ben Bartenstein the author writes in the Bloomberg article, “Several crypto hedge funds recently launched in the UAE had dumped all of their client money on FTX, forcing an insane struggle to exit the platform before halting withdrawals to avert their own collapse, according to those familiar with the matter.”

The article also notes that roughly 4% of FTX’s global clients are based in the UAE, according to court filings in the company’s bankruptcy case, making it one of the ten most impacted jurisdictions.

The article adds that UAE officials have privately raised concerns about the pace of regulatory approvals that they may have moved too quickly and failed to identify the Three Arrows Capital and FTX blasts, people familiar with the matter said.

It goes on to state that Dubai’s VARA plans to announce its CEO in the coming weeks and intends to hold further consultations with key stakeholders before the end of the year. This information was provided by people familiar with the matter.

What the article fails to mention but was published in a separate piece recently on LaraontheBlock was that VARA is carrying out an investigation into the FTX impact on local UAE Market not limited to FTX MENA alone.

As VARA stated on its platform, ” VARA is following a developing matter involving the potential insolvency and alleged fraudulent behavior of an affiliate of a VASP licensed for participation in the MVP Phase. 

Does Q9 Capital crypto investment platform have a provisional approval from Dubai’s virtual asset regulator? Don’t think so

Does Q9 Capital crypto investment platform have a provisional approval from Dubai’s virtual asset regulator? Don’t think so

On October 27th 2022, Q9 Capital published a press release where they unilaterally announced that they had received a provisional virtual asset approval from Dubai’s Virtual Asset Regulatory Authority (VARA). LaraontheBlock since then has continuously been checking VARA’s website and no Q9 to be seen anywhere. Q9 is a crypto investment management platform offering capabilities to crypto and TradFi firms. So it should be on VARA’s website under TradFi, DeFi Asset Managers section, but it isn’t.

VARA lists all the entities which have applied for a license and have provisional approval. So for example on VARA’s website under Native Crypto Exchanges, users can see Binance [Issued MVP Licence], BitOasis, Bybit, CoinMENA, Crypto.com, FTX Exchange FZE [Suspended MVP License], GCEX, Huobi, MidChains and OKX.

Then under TradFi DeFi Custodians, you have the recently approved Hex Trust [Issued MVP Licence], Komainu [Issued MVP Licence] and then you have those who applied and have a provisionary license but not a full MVP one that include Monstera and Zamp.

In TradFi | DeFi Asset Managers there is Brevan Howard, Fintonia Group, NineBlocks and NOIA Capital. While under TradFi | DeFi Financial Services you have Amber Group, Equiti, Scallop, and TPS Capital

With Native Crypto-Content | DLT Platforms listed are Calvin Cheng Web3.0 Holdings and Woonkly Labs while in TradEcon | DeFi Services there is BRE Holdings, Eros Investments, Hike, and Prypto

Two weeks since the announcement and no Q9. This is despite the fact that VARA is quick to update its website when it has approved or provided preliminary approvals or MVP licenses. In addition in many cases it also publishes a press release.

Q9 had stated that this approval came as it expanded into the UAE and applied for a full operating license in accordance with VARA requirements.  As per the release, Q9 products and strategies can be created and executed on Q9’s platform, such as systematic investment portfolios and white-labeled offerings, within VARA’s framework and distributed globally in an automated, transparent, regulated and compliant manner.

The release added, the full operating license, once received, will allow Q9 to extend products and services to qualified investors and financial service providers. Q9 will also establish a regional hub in Dubai to contribute to developing the ever-expanding virtual asset ecosystem both in Dubai and globally.

The press release even goes on to say that the provisional approval is a major milestone that follows a number of registrations for Q9’s local entities in Hong Kong and Dubai. As a regulation-led platform with robust compliance and security controls that have consumer protection and market integrity at its core, the registration further strengthens Q9’s position.

James Quinn, Managing Partner of Q9, noted “Dubai’s Virtual Assets Regulatory Authority is a testament to the country’s forward-looking stance on digital assets and its willingness to support the industry through collaboration. We look forward to participating in the authority’s robust compliance framework and continue building partnerships as we expand our presence in Dubai to roll out additional services and enhanced products for the region.”

But until LaraontheBlock, sees the Q9 name on VARA’s website, Q9 ‘s provisional preliminary approval is still hanging in the wind!

Another crypto custodian gets licensed by Dubai’s VARA regulator

Another crypto custodian gets licensed by Dubai’s VARA regulator

Dubai’s regulator is currently pushing forth its crypto custodial licenses. Last week VARA ( Dubai Virtual Asset Regulatory Authority) provided Komainu DeFi, digital asset custodian with a provisionary license and today it has provided Hex Trust, fully licensed and insured provider of bank-grade custody and associated services for digital assets a Minimum Viable Product (MVP) license. 

The MVP license will allow Hex Trust to provide a wide range of virtual asset services to institutional clients and sophisticated investors] in Dubai within its framework for virtual asset service providers (VASPs). The range of services Hex Trust can now provide includes Virtual Assets custodial services, Broker-Dealer Services and Staking Services. 

 Hex Trust opened its Dubai office in June 2022, which is run by Filippo Buzzi, and serves as its headquarters for the MENA region.

Filippo Buzzi, Regional Director MENA of Hex Trust, commented, “Becoming one of the first virtual asset companies and custodian to receive the license is a big step for Hex Trust as we establish ourselves in the MENA region. We recognize the enormous potential this region has to build one of the leading virtual asset hubs in the world. Hex Trust looks forward to expanding our client base in Dubai following the license approval and making a positive contribution to the VA ecosystem in the region. 

Alessio Quaglini, cofounder and CEO of Hex Trust, commented, “From day one, Hex Trust was built to follow the strictest compliance policies and adhere to regulatory standards across the main jurisdictions. Being amongst the first companies to be granted the MVP is exciting, given the enormous potential of the sector in Dubai.”

UAE DMCC goes all in on tokenized Gold

UAE DMCC goes all in on tokenized Gold

In the past week, UAE’s Dubai Multi Commodities Centre (DMCC) has signed two partnership agreements with Gold tokenization entities. DMCC signed an MOU with Asian digital gold platform, SafeGold, to develop an ecosystem in the MENA for gold backed digital certificates starting from the UAE and then spreading across MENA.

The MENA region is home to a $20 billion gold market. Gold is a high-growth industry in the UAE; according to the World Gold Council, UAE gold consumption surged by 57 percent in 2021.

As per the announcement Gold bars will be physically stored in secure vaults, and verified by warrants issued on DMCC’s Tradeflow platform, a transparent central registry of ownership for gold and commodities stored in UAE facilities. The digital certificates that are backed by gold can then be traded on SafeGold’s platform, providing investors with greater levels of transparency and confidence.

Gaurav Mathur, Founder and MD, SafeGold, noted that the UAE is an ideal hub for a global digital gold platform.

Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC, added “Given the increased ease of trading digital assets, especially in gold and precious metals, our collaboration with SafeGold is a vital step towards consolidating an ecosystem for digital gold at the global level. Partnerships built on trust and transparency is vital in serving the entire gold industry, and DMCC is perfectly positioned to drive these efforts given our extensive knowledge in gold, world-class infrastructure across the entire gold value chain and ongoing work in blockchain and web3 sectors.”

The DMCC had also announced its partnership with Comtech Gold to digitize the trade of gold through tokenization which will also be registered on DMCC’s TradeFlow platform. Comtech Gold Tokens (“CGO”) will be created on the XinFin Protocol (XDC) blockchain network based on the deposit of physical gold bars located in DMCC-approved vaults.

Each gold bar will be backed by a Tradeflow warrant, meaning that the increased ease of trading a tokenized asset is combined with the additional security, transparency, and real-asset allocation provided by the Tradeflow warrant.

With each token representing one gram of gold, investors and traders will be able to buy as little as one gram, democratizing the asset class by making it more accessible. The tokens are Shariah compliant and fully backed by physical gold in the form of 1kg gold bars of 999.9 purity from globally-renowned brands. In line with international best practices for transparency in the precious metals sector, each bar will feature unique ID numbers and certificates direct from the refiners.

 

Ahmed Bin Sulayem,  believes that the  partnership with Comtech Gold  for tokenized gold bullion  using  blockchain solutions will drive long-term growth in global trade across industries and asset classes.

Navin D’Souza, Chief Executive Officer at ComTech Gold, said: “A partnership with DMCC is an exciting moment for us as we continue to grow with 122 kgs of gold already tokenized. Tradeflow warrants add the security, control, and transparency to the gold tokens necessary to build investor trust and confidence. This, along with the Shariah certification, makes Comtech Gold Tokens (CGO) an ideal and robust product developed on blockchain technology for regional and international investors.”

In My previous article ‘ UAE the new home for Gold backed tokens’ on LaraontheBlock it was noted that the UAE has become home to Gold tokenization entities from around the globe and this could be the market that many crypto enthusiasts are looking for amidst the bearish crypto and financial markets.