Emurgo and Encryptus offer crypto transaction services in the Middle East

Emurgo and Encryptus offer crypto transaction services in the Middle East

EMURGO Middle East Africa, the investment and commercial arm of the Cardano blockchain platform Cardano in Africa and the Middle East, today announced a strategic partnership with Encryptus, a leading Crypto, Fiat infrastructure provider. This collaboration marks a significant milestone in providing seamless on and off-ramp services to support the Cardano ecosystem, fostering ADA adoption across frontier markets.

EMURGO MEA leverages Cardano’s innovation, security, and sustainability to drive digital transformation, creating impactful blockchain solutions. By partnering with Encryptus, known for its pioneering crypto-to-fiat and fiat-to-crypto transaction solutions.

This partnership empowers Encryptus to unveil a suite of new products designed specifically for Cardano users. These offerings include cutting-edge; compliant payout solutions such as bank wire transfers across over 80 countries, mobile wallet services in more than 40 countries, and an array of gift cards and mobile plans accessible in over 110 countries.

“Our collaboration with Encryptus is a testament to our dedication to not only advancing the Cardano ecosystem but also to innovating the blockchain space as a whole. By integrating Encryptus’ leading crypto-to-fiat transaction solutions, we’re set to unlock unprecedented opportunities for ADA users and continue to lead in the creation of blockchain-enabled ecosystems” said Yosuke Yoshida, Co-CEO of EMURGO MEA.

Shantnoo Saxsena, CEO & Founder of Encryptus, highlighted the significance of the partnership, stating, “True adoption of blockchain technology extends beyond simple access to cryptocurrencies. It necessitates robust off-ramping capabilities that empower users to effortlessly convert ADA into fiat currencies and various payment methods. This collaboration is a game-changer especially in the frontier markets, completing the essential link for broader crypto adoption and enhancing the utility of ADA across numerous markets.”

“Encryptus’ unique banking infrastructure is what sets them apart from their competition. Their ability to provide cryptocurrency services akin to traditional finance services is why we believe the team has the capabilities to build many additional layers of value creation, on top of their existing offerings. We at EMURGO MEA are very excited about the prospects of our partnership, in creating stronger accessibility to ADA and the Cardano chain, with hands-on support from our recent launch of EMURGO Labs,” said Ahmed M. Amer, EMURGO Labs CEO.

Under the partnership, Encryptus will leverage its vast off-ramp infrastructure and regulatory compliance expertise to facilitate efficient ADA-to-fiat conversions. Simultaneously, EMURGO Middle East and Africa will develop smart contracts and additional UI components necessary for the seamless integration of Cardano into Encryptus’ platforms, ensuring a smooth user experience for converting ADA across various payment systems.

This strategic partnership is poised to significantly enhance the utility of ADA, making it more accessible and usable across the globe. By providing efficient, secure, and compliant pathways for crypto-to-fiat transactions, EMURGO MEA and Encryptus are paving the way for increased adoption of the Cardano blockchain, ultimately contributing to the growth and development of the digital economy in the Middle East, Africa and beyond.

UAE Crypto mining entity Phoenix Group orders $380 million of crypto mining hardware

UAE Crypto mining entity Phoenix Group orders $380 million of crypto mining hardware

UAE Crypto mining entity, Phoenix Group, which recently launched the first crypto blockchain IPO in the MENA region, has purchased $380 million of crypto mining hardware from Whatsminer.

The contract exceeding $380 million marks the largest order for Whatsminer in the last two years, underlining Phoenix Group’s dominant position in the Middle East’s tech and blockchain sector.

The agreement entails an immediate delivery of mining equipment valued at $136 million, with an additional option worth $246 million.

Phoenix Group, already partnered with and the exclusive distributor of WhatsMiner, is taking a significant leap forward by integrating hydro cooling miners in collaboration with WhatsMiner. This initiative, already underway, marks a pivotal step towards establishing world-class High-Performance Computing (HPC) data centers. The established partnership with WhatsMiner, now further enhanced by this deal, demonstrates Phoenix Group commitment to sustainable mining technologies, leading the industry towards a greener future.

Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group PLC, shares, “This collaboration with Whatsminer is a milestone for Phoenix Group, reflecting our strategic foresight and commitment to pioneering in the tech industry. Our successful listing on the ADX has further empowered us to pursue such significant partnerships, enhancing our capabilities in the blockchain and cryptocurrency sector.”

Munaf Ali, Co-Founder & Group MD, adds, “Our partnership with Whatsminer and the development of hydro cooling technologies are key components of our vision for sustainable and innovative mining operations. These advancements are not only a leap in our technological capabilities but also align with our commitment to environmental responsibility.”

UAE Crypto mining entity, Phoenix Group, which recently launched the first crypto blockchain IPO in the MENA region, has purchased $380 million of crypto mining hardware from Whatsminer.

The contract exceeding $380 million marks the largest order for Whatsminer in the last two years, underlining Phoenix Group’s dominant position in the Middle East’s tech and blockchain sector.

The agreement entails an immediate delivery of mining equipment valued at $136 million, with an additional option worth $246 million.

Phoenix Group, already partnered with and the exclusive distributor of WhatsMiner, is taking a significant leap forward by integrating hydro cooling miners in collaboration with WhatsMiner. This initiative, already underway, marks a pivotal step towards establishing world-class High-Performance Computing (HPC) data centers. The established partnership with WhatsMiner, now further enhanced by this deal, demonstrates Phoenix Group commitment to sustainable mining technologies, leading the industry towards a greener future.

Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group PLC, shares, “This collaboration with Whatsminer is a milestone for Phoenix Group, reflecting our strategic foresight and commitment to pioneering in the tech industry. Our successful listing on the ADX has further empowered us to pursue such significant partnerships, enhancing our capabilities in the blockchain and cryptocurrency sector.”

Munaf Ali, Co-Founder & Group MD, adds, “Our partnership with Whatsminer and the development of hydro cooling technologies are key components of our vision for sustainable and innovative mining operations. These advancements are not only a leap in our technological capabilities but also align with our commitment to environmental responsibility.”

Taurus opens UAE based Middle East office as more financial and non-financial entities sign up for digital asset and custodial services

Taurus opens UAE based Middle East office as more financial and non-financial entities sign up for digital asset and custodial services

Taurus SA, a FINMA-regulated Swiss institutional-grade digital asset infrastructure provider, has expanded its operations into the Middle East to serve its growing client base in the region. Taurus will service the GCC and MENA region, including KSA, Qatar and even Turkey through its Dubai UAE office.

Founded in 2018Taurus SA, a Swiss company provides enterprise-grade digital asset infrastructure to issue, custody and trade any digital assets: cryptocurrencies, tokenized assets, NFTs and digital currencies.

Managing Director, Bashir Kazour, leads Taurus’ new UAE office based in the DIFC in Dubai. M. Kazour brings more than 20 years of retail, capital markets and technology experience gained at Royal Bank of Canada, Standard Chartered and FIS, a leading banking and payment technology provider. Over the last decade, he collaborated closely with a diverse client base ranging from sovereign wealth funds and central banks to brokers and family offices.

“I am excited to lead Taurus’ efforts and build a winning franchise in the Middle East, a region known for its rapid adoption of blockchain technology and digital assets,” said Kazour. “Taurus is well-known for its unique custody and tokenization capabilities serving banking clients and large enterprises, which aligns perfectly with the needs of the region. We’ve already started interacting closely with regulators, central banks and clients and I’m looking forward to delivering cutting-edge and compliant solutions to the market.”

Speaking to LaraontheBlock on whether Taurus requires regulation by VARA, Bashir Kazour, Managing Director at Taurus SA explained, “Taurus does not need a regularity license in the UAE as we solely focus on providing the digital asset infrastructure to our clients in the region. To make it simple, Taurus is a technology provider, equipping banks and corporates, with a platform to manage any digital asset. The financial services activity is regulated by the Swiss FINMA and is not promoted outside of Switzerland.”

Taurus opened an office in DIFC Dubai because the company has already signed up some large financial institutions according to Kazour. He adds, “We are also in late stage discussions with several other financial and non-financial institutions in the Middle East region. The region is known for its rapid adoption of blockchain technology and digital assets driven by the regulatory clarity already provided through VARA, ADGM, RAK DAO initiatives, fostering innovation.”

As such Kazour reaffirms that the opening of the office in the UAE is to support this growing demand in the region for both custodial and tokenization solutions.

The office according to Kazour will serve the full Middle East region, including Qatar, KSA but also Turkey. He adds, “ We also have plans to expand to other countries as well.”

Taurus has already consolidated its European leadership position as the preferred digital asset infrastructure provider for banks and corporates, building on its Swiss market leadership with more than 60% market share. Among others, Taurus has recently announced a partnership with Deutsche Bank as well as CACEIS, one of the largest global custodians. Taurus also closed its $65 million Series B funding round last February with strategic investors including Arab Bank Switzerland, Credit Suisse, and Pictet.

UK metaverse company Luminous Group raises $1.2 million and sets up presence in the Middle East

UK metaverse company Luminous Group raises $1.2 million and sets up presence in the Middle East

UK headquartered Luminous Group, which provides immersive training programs, using metaverse technologies has raised $1.2 million from North East venture fund, and Mercia as its sets up a presence in the Middle East.

As per the release, the funding will enable the Luminous Group to roll its technology out to a wider audience and create 10 new jobs in the year ahead. It comes as the company is set to open a third office in the Middle East to support its growing client base in the region.

Luminous has already won a major contract from a leading Middle East energy company and recently opened an international office in Bahrain. It plans to open an office in Saudi Arabia later this year, and launch a global marketing campaign. The funding will also enable it to further enhance its platform to make it fully ‘self service’, enabling companies to create their own training programmes, and to launch a new marketplace where training providers can sell their own content.

The Luminous XR (extended reality) platform – which incorporates augmented, mixed and virtual reality – enables users to create training programs quickly and efficiently and track students’ progress. The system, which is ideal for energy companies and manufacturers, can recreate real-life situations including hazardous environments in a safe and repeatable way.

Luminous is run by Ben Bennett, CEO, and Nigel Hope.. Mercia Ventures first invested in 2017 to help it develop the platform. The latest round is the third to date and brings the total received by the company to over £1.9m, which includes funding from the NEVF and Mercia’s EIS funds.

Ben Bennett said: “While it is still early days for the ‘metaverse’, VR and XR technologies have matured significantly and the launch of Apple’s first mixed-reality headset next year is expected to boost awareness and drive global demand. The funding received from Mercia puts Luminous in a strong position to capitalize on that.”

Chris McCourt of Mercia Ventures said: “Current training techniques used in industry are expensive and outdated. Immersive training in a virtual environment could significantly improve performance but creating such programs has been challenging until now. The Luminous XR platform is enabling much wider adoption. This latest investment will enable the company to scale its business and become a global leader in XR training.”

Blockchain XRP Healthcare platform expands to UAE and MENA

Blockchain XRP Healthcare platform expands to UAE and MENA

Pharma and healthcare Blockchain platform, XRP Healthcare, built on XRP Ledger has expanded into UAE and the Middle East.

As per the press release, XRP Healthcare recognizes the Middle East’s forward-thinking approach to blockchain and crypto regulation, which is more favorable and progressive compared to many other jurisdictions, including the United Kingdom. This strategic expansion aims to benefit from and harness the untapped potential of blockchain technology in healthcare, legislation, investment, and new partnerships, ultimately benefiting consumers and token holders alike.

In a statement, XRP Healthcare’s Business Development Officer Laban Roomes noted, “The Middle East has demonstrated a remarkable embrace of innovation and technology, especially in the blockchain and crypto space. This alignment with Dubai’s progressive regulatory framework makes it the ideal destination for XRP Healthcare’s expansion and upward trajectory. What is important to bear in mind is that XRP Healthcare is a long-term project, with a roadmap reaching into 2027, anyone who wants to share in our vision should fully understand we are not here to make people rich overnight but rather to build a fully functional and real-world utility business consolidating the highly fragmented private healthcare sector, starting in Africa – that has blockchain technology at the heart of it. Our expansion into the Middle East by incorporating XRP Healthcare L.L.C in Dubai positions the company perfectly for accelerated growth, our operations in Africa, and the rest of the world.”

Founder of XRP Healthcare Kain Roomes said, “I am thrilled to announce the exciting expansion of XRP Healthcare into the bustling hub of Dubai and the broader Middle East. This move represents a significant leap in our journey, one that combines healthcare innovation with the transformative power of blockchain technology. Dubai and the Middle East offer a uniquely fertile ground for our endeavours. It’s a region known for its forward-thinking approach to business, blockchain technology, and an unmatched commitment to fostering innovation. This environment aligns perfectly with our vision of a healthier world powered by the convergence of healthcare and blockchain.”

He adds,” As a company, we are bringing a fresh perspective to the private healthcare industry, specializing in mergers and acquisitions starting in Africa. Our approach is grounded in transparency, security, and efficiency, which are the hallmarks of what we have set out to achieve. In a world where data integrity and privacy are paramount, we are proud to be creating solutions that redefine how healthcare mergers and acquisitions will be conducted. As part of our expansion, we will be collaborating with local healthcare professionals, businesses, and investors in Dubai and the Middle East, with the main goal of enhancing patient care on a global scale.”

Chainalysis report finds that Arab African country Morocco still in top 20 global list for crypto adoption

Chainalysis report finds that Arab African country Morocco still in top 20 global list for crypto adoption

In the fourth annual Chainalysis Global crypto adoption index, identifying countries where the most people are putting the greatest share of their wealth into cryptocurrency, once again Morocco takes lead and is listed as one of the top 20 countries placing an Arab country on the map, while Turkey places the MENA region. The 2023 report states that global adoption is down, but not in one crucial subset of the world.

More specifically, there’s one crucial segment of countries where grassroots adoption has seen a much stronger recovery than anywhere else: Lower middle income (LMI) countries.

The full report will be out in October, but compared to 2022, the countries on the top 20 list are still almost the same.  In 2022 Turkey, Egypt and Morocco led not only in MENA  region but globally. All three countries were in the top thirty list of countries with most crypto savings, usage of crypto for remittance payments and permissive crypto regulations.

As for Sub Saharan Africa, the adoption of Bitcoin is the highest in the world with 9% growth rate. Nigeria was one of only six countries in the world whose transaction volume grew year-over-year. The use of homegrown Sub-Saharan Africa-based exchanges continues to outpace global exchanges.

EMURGO Middle East and Africa venture arm invests $250K in blockchain carbon market tech entity

EMURGO Middle East and Africa venture arm invests $250K in blockchain carbon market tech entity

Cardano blockchain suppored venture capitalist, EMURGO Africa and Middle East, has invested $250K in African blockchain carbon market tech company, ChangeBlock.

Changeblock, a carbon market technology company, aims to revolutionize the carbon trading landscape by leveraging the power of blockchain technology. With this investment, EMURGO Africa aims to foster sustainable development and environmental responsibility while driving transformative change within the carbon market.

“Our investment in ChangeBlock is in line with our commitment to foster the development of climate change reversal technologies and impactful solutions on Cardano’s third-generation and environmentally-sustainable blockchain.” Said Ahmed M. Amer, CEO of EMURGO Africa and Executive Director of EMURGO MEA.

“Together with ChangeBlock, we hope to bring the world’s regulators, business leaders, and global changemakers to foster and double down on their commitment to a global net zero strategy that is both economically viable and monetizable” Amer added.

“Our shared vision with EMURGO Africa is to turn sustainable action into a valuable, tradeable asset for Africa. By leveraging the power of blockchain, we’re creating a transparent and efficient market that incentivizes sustainable practices and attracts climate-focused investments.” said Billy Richards, CEO of Changeblock

According to the news, this investment aligns with EMURGO Africa’s overarching vision of advancing blockchain adoption and fostering economic growth and social progress in Africa and the Middle East.

This comes as the UAE based Venom Blockchain has signed an MOU ( Memorandum of Understanding) with the UAE Ministry of Climate Change and environment to launch the first blockchain enabled national system for carbon credits.

Blockchain Valereum’s acquisition of Gibraltar Stock Exchange to help Middle East and African entities access crypto capital

Blockchain Valereum’s acquisition of Gibraltar Stock Exchange to help Middle East and African entities access crypto capital

UK based Blockchain company Valereum has received consent from the Gibraltar Financial Services Commission (“GFSC”) to complete the acquisition of the Gibraltar Stock Exchange (“GSX”). Valereum will utilize GSX to expand access of early stage and small cap companies in the Middle East, India and Africa to European Capital.

In early 2022, Valereum stated that it would be purchasing 90% of the Gibraltar Stock Exchange (GSX) to create the world’s first bourse where shares and crypto assets can be traded

Valereum at the time stated that GSX would the first fully regulated bridge that links the fiat and crypto markets. As they noted at the time, “This will give listed instruments on the GSX access to a regulated pool of crypto capital that is not available anywhere else, and it will give cryptocurrency holders the ability to have a direct, verifiable holding in fiat securities.”

The recent press release notes that there is a significant gap in the available small cap markets where we will provide solutions building from the ecosystem of accelerators and incubators through a full suite of private and public markets. This will provide a new transnational access to capital.

In addition Valereum will be launching its NFT strategy in the first quarter of next year linking real world assets via NFT ownership.

Valereum also announced that its candidates for the new board of the GSX have all been approved by the GFSC. These appointments will officially take place with the completion of the change of control process. They include  Chairman: Richard Poulden, the Chairman of Valereum Plc., Executive Director: Patrick L Young, Chief Financial Officer: Jack Sun Non-Executive Directors will include Simon Brickles and James Lasry

The acquisition is expected to be completed in the first quarter of 2023.

Chairman Richard Poulden noted, “We are delighted to have received this news from the GFSC and look forward to completing the acquisition of the GSX. It is auspicious to be announcing this on the day of the Gibraltar Financial Services Lunch in London. We have ambitious plans for the GSX and for Valereum linking the fiat and digital worlds. All our expansion plans will be fully regulated in the environments in which we plan to operate. The GSX will harness proven exchange technology from established providers and will be updated with full front to back trading and clearing functionality on a significant scale and expandability.”

He adds, “Just as The Rock of Gibraltar has been a physical port for centuries, GSX will encourage a new generation of companies and assets to see Gibraltar as a virtual node in financial trade. In time we will seek an international listing for the Valereum group as we see this as a compelling investment proposition.”

Stratez Capital and Newtek to develop tokenized commodity trading on the Blockchain

Stratez Capital and Newtek to develop tokenized commodity trading on the Blockchain

Singaporean, Stratez Capital with offices in UAE, a boutique firm that focuses on assisting enterprises who are planning to elevate to the next phase of growth, has partnered with NewTek Holdings to develop tokenized commodity trading and real-estate projects on the Blockchain.

As per the press release, the Middle East has been identified by NewTek as a priority market, and the company is initially looking to focus on major real estate projects in Dubai.  “This is an exciting partnership, and in line with the investment and strategy objectives of the company, and we feel we can add huge value with our expertise and investments. NewTek brings real asset value and a clear vision in one of the fastest growing areas where real world assets combine with future Web3 and blockchain technology,” said Vik Pillai, Managing Partner at Singapore-based Stratez, announcing the agreement today.

Qurashi, CEO of London-based NewTek, said: “I’ve been very impressed by the depth and variety that Stratez brings to this new partnership, and am thrilled to be working with them. NewTek sets out to integrate the technology behind blockchain, NFTs and Web3 into the world of real estate and commodity trading. We have clear objectives, and I’m confident that Stratez can play a key role in turning our vision into reality.”

NewTek is a newly-formed company set up by Safi Qurashi, a serial entrepreneur and property developer. Over the last 25 years, Qurashi has founded several successful startups, including one of the first internet cafes in London in 1996 and a successful real estate company in Dubai. Other ventures included an armoured vehicle manufacturing company and a facility management firm in the UAE. Qurashi is the co-owner of Great Britain Island in Dubai’s World Islands project.

Qurashi added, “This partnership connects us with some very impressive Stratez partners, and I’m looking forward to the opportunity to work with world-renowned luxury brands. We’ll be announcing more details about the new venture in the coming weeks. But basically we’re working to allow the fractionalization of exclusivity within the two safest real life asset classes, real estate and commodities.”

As per his linkedIn, Newtek is working on tokenizing commodities making them accessing to all. Nire is on of the first ventures of Newtek and now live and trading.