South Korean Blockchain developer WEMIX signs MOU with Abu Dhabi’s Hub71

South Korean Blockchain developer WEMIX signs MOU with Abu Dhabi’s Hub71

South Korean blockchain developer WEMIX and Hub71, Abu Dhabi’s global tech ecosystem, have signed a memorandum of understanding (MoU) to create and accelerate growth opportunities for their respective portfolio companies and Web3 startups.

WEMIX startups will have the opportunity to join Hub71’s community of over 200 startups and gain access to its range of value-add programs and incentives. Select startups will also benefit from the ability to scale globally through Hub71’s web3 and digital assets specialist ecosystem, Hub71+ Digital Assets, to unlock access to a host of programs, initiatives, and wide network of corporate, government and investment partners in the UAE and global markets.

 At the same time, startups within Hub71+ Digital Assets will be able to leverage the deep technical knowledge and expertise of WEMIX and its parent, Wemade, in different areas of blockchain technology including GameFi and DeFi.

“Developing strong partnerships with key stakeholders like Hub71 is an important part of our commitment to growing the blockchain ecosystem in the MENA region,” said Shane Kim, CEO of WEMIX Pte Ltd. “We are confident that this partnership will accelerate the creation of more opportunities for blockchain startups from across the world looking to expand into the Middle East and help realize our vision of developing a global blockchain economy powered by a wide spectrum of innovative applications that evolve past traditional technology barriers to drive sustainable future innovation.”

Elodie Robin Guillerm, Head of Growth and Strategy at Hub71, said: “The addition of WEMIX to our Hub71+ Digital Assets ecosystem is testament to the growth potential there is to be seized from Abu Dhabi. Hub71 truly values partnership and collaboration and by joining forces with leading blockchain companies like WEMIX, we can work together towards developing industry leading blockchain technologies to give rise to more opportunities for Web3 startups.” 

The WEMIX and Hub71 partnership will offer key advantages including  WEMIX ability to join Hub71+ Digital Assets and its ecosystem of leading regional and global partners of digital asset exchanges and service providers, technology providers, venture studios, venture capital funds, and blockchain platforms.

It also includes fast tracking of applications by WEMIX startups to join the Hub71 Incentive Program, designed to alleviate the cost and processes of setting up in Abu Dhabi, and dedicated resources for mentorship and technical support will be provided by WEMIX to Hub71 GameFi and DeFi startups

Finally the partnership will allow  Hub71 startups to access WEMIX’s global Web3 community and blockchain companies within the WEMIX ecosystem will also gain access to Hub71+ Digital Assets. 

This is the second MOU signed by WeMADE in the region. Prior to this WEMADE signed a Memorandum of Understanding (MOU) with KSA based Nine66, a Savvy Games Group (“Savvy”) company, to drive the development of the gaming industry in Saudi Arabia.

Earlier this year WEMIX expanded its presence into MENA with the opening of its office in UAE.

UAE based Cypher Capital invests $60 million of its $100 million Blockchain Fund in 40 blockchain startups

UAE based Cypher Capital invests $60 million of its $100 million Blockchain Fund in 40 blockchain startups

In a recent LinkedIn post for Vineet Budki, Managing Partner and CEO for Cypher Capital he announced that in one year since the launch of Cypher Capital the $100 million fund has invested $60 million in 40 + blockchain startups.

According to Vineet the first fund had invested in over 100+ blockchain startups that included KILT Protocol, Casper Labs, Cross the ages and others. As for the $60 million, part of the $100 million fund, it was invested in blockchain startups that included Mysten Labs, zkLink, Karate Combat Revolving games, bitsCrunch Cymbal and many others.

As per Budki, Cypher Capital invests in 4-5 startups each month as they continue to support the Web3 ecosystem with capital, knowledge and the CyberHub in Dubai UAE.

This comes as Cypher Capital announced that it was part of the strategic funding round for zkLink, a pioneering multi-chain ZK-Rollup trading infrastructure. The startup raised $10 million  from a group of high-profile investors, including Coinbase Ventures, UAE Cypher Capital, Ascensive Assets, SIG DTI, BigBrain Holdings, Efficient Frontier, Csquared Ventures, and others.

This latest round brings the total funding to $18.5 million. The funds raised will be used to further the zkLink mission of providing crypto traders with a seamless multi-chain experience through our cutting-edge decentralized trading layer.

This technology is based on a multi-chain ZK-Rollup, a cryptographic technique that enables scalable, cost-effective, and secure transactions across multiple blockchains. This technology has the potential to revolutionize the way traders execute transactions.

Prior to this Cypher Capital also announced its partnership and $1 million seed investment with Saudi and Singapore based AI Avatar company BuzzAR to create disruptive AI+LBS Web3 location-based game projects, the BuzzAR LBS metaverse project DSpace.

The partnership will allow the companies to leverage proprietary generative AI technologies on its Metaport, a portal that turns human faces to avatars in real-time, to create a decentralized social graph. With leading retail holdings, hospitality partners, and tourism government collaborations in Singapore and Saudi Arabia, BuzzAR is poised to reshape the gaming landscape.

Bill Qian, Chairman of Cypher Capital Group: the lead investor on ‘DSpace’ said: “We are thrilled to support this ground-breaking joint initiative by BuzzAR and some of our gaming portfolios. As the lead investor in this project, we believe that ‘DSpace’ has the potential to revolutionize the gaming industry and pave the way for new opportunities in the AI+LBS Web3 Metaverse. I am more confident than ever before that our commitment to creating an immersive and culturally diverse Metaverse will not only bolster tourism and economic growth in the Middle East but also foster global connectivity and collaboration. We stand at the forefront of this exciting new era, and I eagerly anticipate the transformative impact Dspace will have on our world.”

UK based InfoDriver to launch $10 million DeFi, GameFi, AI fund targeting UAE startups

UK based InfoDriver to launch $10 million DeFi, GameFi, AI fund targeting UAE startups

UK investment company InfoDriver Capital is launching a $10 million fund for DeFi, GameFi and AI startups targeting UAE, UK, Europe and USA.

The company has expertise in supply chain solutions, automated lending platforms, exchanges, DeFi, and AI applications including digital identity, authentication, content generation, and has already developed successful technology products over seven years.

InfoDriver Capital anticipates a 3-5x return on investment in just 2-4 years and is currently seeking experienced and accredited investors with a minimum investment requirement of $100,000. The investment strategy charges only 5% investments and diversifies the total portfolio of the startups from Seed to A round with a working revenue model and user base.

According to Kirill Mishanin, CEO and Founder of InfoDriver Capital stated, “Investing in startups in the Web3 space is a wise decision, as it is the future of the internet. InfoDriver Capital is committed to shaping that future by supporting innovative startups in this field. We are thrilled to be able to support these innovative startups and help them reach their full potential. We believe that Web3 is the future, and we are committed to helping shape that future by investing in startups that are working on innovative solutions.”

Infodriver Capital has already identified several promising startups, including Certhis wallet with utility collections, Aspis DAO asset management, Banger’s gaming DeFi, Toscale’ super app for liquidity and social trading, Main’ community-building platform, Stage’ only-music-fans for Zen Z, and Babylon Voice for Metaverse as Media Wallet with Digital ID – VoicePrint, that is Face ID did for iPhone.

Millions of dollars being poured in for crypto, blockchain, Web3 entities at UAE’s DMCC

Millions of dollars being poured in for crypto, blockchain, Web3 entities at UAE’s DMCC

Once again UAE’s DMCC, the free zone for commodities trading has partnered to offer Web3, Blockchain businesses with a $5 million growth platform. This is not the first partnership in this regards and it seems it won’t be the last. Millions of dollars are being poured in for crypto, blockchain and Web entities in DMCC. 

Digital Wave Finance Labs, a multi stage web3 investment firm will work with DMCC will establish the DWF Ventures Studio, which will support nascent web3 and blockchain businesses using the DMCC Crypto Centre and Dubai as a hub from which they can scale their operations locally, regionally and globally.

The partnership was announced during the “Sunset Meet and Greet” event organized by DWF Labs on 24 February 2023 in Dubai.

The DWF Venture Studio will provide multiple benefits for early-stage startups based in DMCC, including consultancy services, increased connection to global venture capital, market making services on tier one and two exchanges, a range of workshops and direct capital investments and aim to invest in 50 startups operating in the web3 space, with multiple additional investments for best performing companies, and a USD 500,000 investment for the cohort’s most prominent business.

 Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, stated “Dubai’s leading position as a hub for web3 technologies is known the world over. The DMCC Crypto Centre has been a fundamental part of the emirate’s successful crypto journey, housing the largest concentration of web3 and blockchain businesses in the region. Partnering with one of the top names in the global industry further exemplifies the maturity of the crypto business community that we have built, as well as the significant commercial opportunities that Dubai presents.”

DWF Labs is part of the broader Digital Wave Finance (DWF) platform, which is one of the world’s largest high-frequency cryptocurrency trading entities. By trading volume, DWF is one of the top five trading entities that trade on the top 40 exchanges, trading over 2000 different types of the digital asset.

Andrei Grachev, Managing Partner, and DWF Labs, added: “DWF Labs’ core goal is to invest in and support innovative entrepreneurs within the web3 space. For this reason, partnering with DMCC and its Crypto Centre is the right step as we expand our footprint both in Dubai and globally. The ecosystem that DMCC has built offers a strong pool of crypto talent that we are looking forward to being part of, building upon, and ultimately further facilitating its success.”

Previously DMCC announced the launch of the DMCC gaming Center to support the gaming industry through a partnership with YaLLa Esports a leading esports organization in the UAE. Furthermore, members were offered the opportunity to join gaming specific acceleration and market entry programs through DMCC’s ecosystem partner, AstroLabs, a leading tech ecosystem builder in the MENA region.

DMCC also partnered 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. 

DMCC, also announced its partnership with global Web3 incubator TDEFi to launch an accelerator program for Web3 and Blockchain companies in DMCC crypto center. The accelerator program will offer mentorship and sessions on crypto and scaling businesses. The program will be over a month long and will run for a minimum of two editions over the next 12 months.

At the end of each cohort, TDeFi will also select a handful of start-ups to be part of its in-depth incubation program, providing them with access to additional TDeFi advisory services and its growing ecosystem.

The investment in Blockchain, Web3 and crypto is growing in the MENA region. According to LaraontheBlock MENA 2023 investor survey revealed that 50% of those surveyed stated they will be allocating more funds to blockchain and crypto projects and entities in 2023. 19% of those surveyed stated in 2022 they had invested more than 50% of allocated capital and funds into crypto and Blockchain projects.

As it looks now DMCC which already houses 36% of UAE’s blockchain and crypto entities might one day house blockchain and crypto unicorns!

Web3 Blockchain crypto accelerator and incubator launched in UAE’s DMCC

Web3 Blockchain crypto accelerator and incubator launched in UAE’s DMCC

UAE DMCC, currently home to 550 Blockchain and crypto entities, and global Web3 incubator TDEFi have partnered to launch an accelerator program for Web3 and Blockchain companies in DMCC crypto center.

The accelerator program will offer mentorship and sessions on crypto and scaling businesses. The program will be over a month long and will run for a minimum of two editions over the next 12 months. 

At the end of each cohort, TDeFi will also select a handful of start-ups to be part of its in-depth incubation program, providing them with access to additional TDeFi advisory services and its growing ecosystem.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Supporting Web3 and blockchain businesses is a key priority for DMCC as we build on the success that the Crypto Centre has seen since its launch. By providing everything crypto businesses and entrepreneurs need to thrive, we have emphatically positioned Dubai as a leading hub for crypto. This latest partnership with TDeFi adds yet another string to our bow and will help emerging crypto businesses bring their ideas to light in Dubai.”

Gaurav Dubey, CEO, TDeFi, added: “Our extensive program comprises various modules that will support entrepreneurs and businesses operating within the crypto space, from ideation to scaling their start-ups. Through its Crypto Centre, DMCC has established a leading ecosystem of Web3 and blockchain businesses, and so there is no better place for us to operate our latest accelerator program. Through this new partnership, we are looking forward to unlocking some truly game-changing projects in the Web3 space.”

UAE Cypher Capital seeking $100 million for crypto venture fund

UAE Cypher Capital seeking $100 million for crypto venture fund

As per a recent article in Bloomberg, UAE Cypher Capital an early-strategy venture firm focused on investing in Web3 infrastructure, is seeking to raise $100 million for a crypto venture fund. Cypher Capital’s Chairman Bill Qian, the former head of Binance Labs, stated that he is seeking over $100 million in funding for a crypto venture fund. 

Bill Qian joined Cypher Capital in September 2022 as the new Chairman of its Board of Directors. Bill brings to Cypher Capital more than 15 years of invaluable industry expertise in managing and investing over $20 billion.

As per the article Cypher Capital is prioritizing projects that will bring about 5 billion more internet and social users to the web3. Bill Qian planned to approach Asian tech moguls for funding but did not name them.

Qian, plans to invest in web3-focused start-ups. The next edition is determined by the laxity of the internet that advocates say will be more decentralized and dependent on blockchain technology.

Cypher Capital has ten employees and recently invited Elaine Liu, a veteran of Tencent, to support its expansion in the UAE. In November, the company set up an office space for crypto and blockchain startups at Dubai Marina as part of an effort to find future deals.

He also declined to disclose whether the fund received any commitments but said the digital asset’s recovery this year, which has seen Bitcoin rise around 50%, has helped raise capital just got easier.

In June 2022, Cypher Capital  invested in Blockchain gaming platform, MetaOne. UAE Cypher Capital, Huobi Ventures, LD Capital and GSR Capital have invested 2 million USD in MetaOne, a SAAS ( Software as a Service) platform that is working to onboard games and guilds onto blockchain gaming.

In November 2022, Rekt Studios, a Dubai-based startup  secured $1.5 million in funding from Cypher Capital, to bolster the development of the ‘Unseen’ ecosystem. 

UAE Hub71 launches $2 billion blockchain digital asset initiative to fund startups

UAE Hub71 launches $2 billion blockchain digital asset initiative to fund startups

Abu Dhabi’ Hub71, the technology ecosystem in UAE has launched the Hub71+ Digital Assets. This ecosystem is dedicated to advancing Web3, a decentralized online space built on innovations like blockchain technology and metaverse applications. 

The ecosystem has over US$2 billion of capital committed to fund Web3 startups and blockchain technologies in Abu Dhabi. Hub71+ Digital Assets will offer Web3 startups access to an extensive range of programs, initiatives, and corporate, government, and investment partners in the UAE and global markets.

The initiative will be based at Hub71 in Abu Dhabi Global Market (ADGM), providing Web3 startups with a progressive regulatory environment and world-class blockchain and virtual asset infrastructure. 

FABRIC, is the the research and innovation center of First Abu Dhabi Bank (FAB), will be the anchor partner of Hub71+ Digital Assets, while digital asset exchanges and service providers are part of the initiative to facilitate the discovery, trading and custody of digital assets.

Hub71 has also onboarded a diverse range of partners and Web3 players that form part of Hub71+ Digital Assets including Binance and MidChains, Amazon Web Services (AWS) and Mastercard as well as Venture studio Founders DAO.

It has also onboarded Venture capital funds who will provide access to capital and investment opportunities including names such as Binance Labs’ $500 million Investment Fund to invest in ‘Web3’, Venom Foundation through its $1 billion venture fund, Venom Venture Funds (VVF) in partnership with ICEBERG Capital and Ton Foundations’ $250 million TONcoin.Fund. 

Additionally, existing venture capital partners from Hub71 are set to invest in Web3 companies

The combination of these elements aims to support participating startups to launch tokens and promote tokenization, as part of the fundraising journey.

Ahmad Ali Alwan, Deputy Chief Executive Officer of Hub71, said: “Hub71+ Digital Assets signifies that Abu Dhabi is open to disruptive businesses driving forward change and transformation on a global level. Decentralization is the future of a blockchain-based internet, and Web3 startups will play an immense role in accelerating this transition. Teaming up with ADGM, FAB and its research and innovation center, FABRIC, alongside the world’s leading Web3 companies and enablers under one roof will provide founders with an opportunity to fundraise, develop and commercialize innovations safely while operating within the largest regulated jurisdiction of virtual assets in the Mena region.”

Dhaher bin Dhaher Al Mheiri, CEO of ADGM, said: “We are pleased to strengthen our association with Hub71 on the launch of Hub71+ Digital Assets. In today’s rapidly evolving digital landscape, we have seen the rise of new technologies, and ecosystems such as Web3 that have the potential to transform the world. At ADGM, we are dedicated to providing a holistic environment that facilitates a seamless and secure adoption of digital assets to foster the growth of this new digital landscape. This alliance will help start-ups and digital assets to benefit from ADGM’s diverse ecosystem and progressive regulatory environment by accessing world-class and innovative infrastructure.

Suhail Bin Tarraf, Group Chief Operating Officer at First Abu Dhabi Bank (FAB), commented: “FAB is trusted as a financial partner to our customers in the real world, and those same customers are now increasingly active in the Web3 space as well. Staying ahead of the curve when it comes to innovations such as blockchain, NFTs and the metaverse, is yet another way we fulfil our Customer First promise as we leverage new opportunities at the intersection of digital identity, ownership, and value. Through this partnership, it is our intent to meet our customers in this emerging digital space and keep them ahead with their financial needs.”

UAE DIFC to choose 50 metaverse projects from its metaverse accelerator program

UAE DIFC to choose 50 metaverse projects from its metaverse accelerator program

UAE based International Financial Centre (DIFC), has launched its “DIFC Metaverse Platform” and the first phase is a metaverse accelerator program where it will choose 50 metaverse projects to help develop the metaverse sector in UAE.

The platform is part of a comprehensive strategy being developed by Dubai International Financial Centre (DIFC) to accelerate Dubai’s status as a global metaverse leader.

The DIFC Metaverse Platform is aligned with the Dubai Metaverse Strategy, which aims to add $4 billion to Dubai’s GDP, support 40,000 virtual jobs by 2030 and attract 1,000 companies specialized in blockchain and metaverse technologies. The platform also supports the objective of the recently launched Dubai Economic Agenda D33 to generate economic value worth AED100 billion from digital transformation annually.

The Metaverse Accelerator Program, the first initiative to be launched under the umbrella of the platform, will start accepting applications this month. In the coming years, the program seeks to attract more than 500 applications, identify 50 of the most promising graduates from the program and stimulate investment opportunities that will help the sector grow.

The Metaverse Accelerator Program will run over a period of six months, during which the cohort of start-ups will be introduced to training and workshops to upskill and reskill themselves in both technical and intrapersonal aspects of the metaverse. The program also aims to facilitate partnerships between start-ups and corporates to create proofs-of-concept and new metaverse solutions.

The program demonstrates DIFC’s commitment to support innovative metaverse start-ups by introducing them to the region’s largest players. The program also helps them explore partnerships, gain exposure to investors, access a regulatory sandbox and obtain marketing support. 

His Excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Chairman of the Dubai Chamber of Digital Economy, Vice Chairman of the Dubai Higher Committee for Future Technology and Digital Economy, stated that the UAE adopts advanced technologies in its aim to keep pace with global changes, reflecting the directives of its leadership, in transforming the country and Dubai to become a leading hub for utilizing the best technology and developing capabilities.

H.E Al Olama added that this Metaverse platform is the first in a series of initiatives that aim to strengthen Dubai’s position as a global platform for the latest digital trends and accelerate the pace to achieve the objectives of the Dubai Metaverse Strategy.

Arif Amiri, CEO of DIFC Authority, said: “The Dubai government has shown great foresight in introducing a metaverse strategy that has the objective of making the emirate a global hub for technology and innovation. The development of the integrated DIFC Metaverse Platform will accelerate the achievements of Dubai’s aspirations in this sector. The initiative is a natural extension of our Innovation Hub proposition that has shaped the technology and innovation landscape in the Middle East, Africa and South Asia region.” 

The DIFC Metaverse Platform includes three key initiatives. The first is an accelerator program with a dedicated physical studio for metaverse technology that will promote the development of a creator community and venture building. The platform will also address the metaverse policy development and legislation on open data, digital identity and company law frameworks in the metaverse. Further, the initiative will foster the development of a metaverse community that will explore ways to enhance the metaverse experience for customers.

US based Tykhe Block Ventures to allocate $10 million USD to Blockchain start-ups in MENA

US based Tykhe Block Ventures to allocate $10 million USD to Blockchain start-ups in MENA

US based Tykhe Block Ventures which recently raises $30 million for its Blockchain growth fund is allocating $10 million of that to Blockchain and Web3 start-ups in MENA region.

Tykhe Block Ventures (part of Heru Finance) is a blockchain-centric multi-strategy fund established in Wyoming, USA. The fund invests in ventures within the Web 3.0/ blockchain sector with a focus on decentralization technologies, digital assets, and their key enabling infrastructure. The fund has invested in 25+ blockchain projects including dWalletLabs, Trust Machines, FanTiger, and RMRK.

The fund is led by Prashant Malik, well-regarded in the technology world as the Inventor of Cassandra (Now Apache Cassandra). He is also one of the top angel investors in SEA (50+ investments, 8 unicorns).

As per their LinkedIn post the company states it is thrilled to announce the first close of our $30 Mn Blockchain Growth Fund.

In addition, Tykhe is also in the process of setting up an office in Dubai UAE and plans to launch a $100 million fund later in 2023.

The company was founded in 2021 by tech investor Prashant Malik. Malik believes that the blockchain sector will prove resilient to the fallout from the bankruptcy of crypto exchange FTX, stating that the companies that have imploded of late are all centralised entities and, therefore, not related or correlated to the decentralisation ethos of blockchain technology.

Prashant Malik in a press release published on Cointelegraph MENA Arabic stated, “ In 2021 My partners and I launched a Blockchain Fund which did well, which led us to believe in the importance of funds to grow the Blockchain sector. We launched $30 million fund because investors are interested just like the interest was in social media when it first started.”

Investors in MENA region tend to increase their investments in Blockchain sector as per a recent survey by LaraontheBlock.

UAE Emirates Zone Investment services accepts crypto payments using Binance Pay

UAE Emirates Zone Investment services accepts crypto payments using Binance Pay

UAE Emirates Zone Investment Services has partnered with Binance Pay, to accept crypto payments from the UAE startup community, small and medium businesses (SMBs), Investors and Entrepreneurs who are planning to set up companies in the region.

Emirates Zone provides business setup and business formation to investors inside and outside the country. UAE is one of the biggest crypto markets in the world. Based in Abu Dhabi, Emirates Zone Group aims to facilitate the adoption of digital currencies in the region.

Speaking on the partnership, Sanad Al-Meqbali, CEO of Emirates Zone Company, stated, “Emirates Zone Company offers a diverse and comprehensive package of solutions and facilities necessary to empower foreign investors and small and medium-sized companies and provide the opportunity to launch these projects with confidence, ease and ease. Accepting cryptocurrency payments will create more opportunities for global businesses in a bid to tap into UAE’s thriving startup community.”

Nadeem Ladki, Executive Director of Business Development and Strategic Partnerships at Binance, aded, ” Emirates Zone’s  decision in accepting cryptocurrency payments with Binance Pay demonstrates Emirates Zone’s forward looking view and approach of the future of the industry. The benefits to use Binance Pay will be a huge draw to the local and global startup business community and offers a great deal of opportunities and businesses looking to establish themselves in the UAE.”