UAE MBS invests $8 billion for Maldives Financial center

UAE MBS invests $8 billion for Maldives Financial center

The Maldives Government and UAE based MBS Global Investments, the investment arm of the Private Office of Sheikh Nayef Bin Eid Al Thani, have agreed to build a financial freezone in Maldives with an investment of $8.8bn. Dubbed the Maldives International Financial Centre (MIFC), the center will be designed for and created to attract global financial institutions, fintech pioneers, and global digital Nomads with support for digital assets.

As per the press release, The MIFC free zone will offer no corporate tax, tax-free inheritance, ownership as per the constitution of the Maldives, and privacy. Combined with no residency requirements, it’s set to attract digital nomads, entrepreneurs, and wealth creators seeking freedom without borders. Residents will benefit from multi-currency banking and access to offshore private banking. Future-ready regulations will support digital assets, and green finance – making MIFC not just a financial hub, but a destination for those investing in the legacy of future generations.

Due to be completed by 2030, it will be easily accessible from any part of the world and the aim is to notably increase the country’s GDP within four years with projected revenue to be well over US $1bn by the fifth year.

The centrepiece of MIFC is a state-of-the-art conference centre with capacity for 3,500 people. The multi-purpose convention venue will host leading global conferences, cultural events and innovation-driven hackathons establishing Male as leading assembly hub, driving all year round engagement in the Maldives and further supporting the wider, already established hospitality industry

The plan includes three iconic residential and office towers designed for international HQs and regional offices, high-end, sea front branded residences, world-renowned hotel brands, vibrant and one-of-a-kind retail experience, Oceanographic Museum, Mosque, and leading education facilities including an International School.

President Dr Mohamed Muizzu said, “With the MIFC, we are shaping the Maldives of tomorrow, a beacon of innovation and national pride that will thrive in harmony with nature. The financial centre will be a symbol of economic resilience and will set a new global benchmark that will massively benefit the people of the Maldives for generations to come.”

Minister of Finance for the Maldives said, “This is a momentous project. It offers a great opportunity to diversify our economy beyond tourism in line with our ambitions and will attract the best businesses and visionary entrepreneurs in the world.”

Nadeem Hussain, CEO of MBS Global Investments said, “The financial centre will set a new global benchmark, advancing financial innovation by at least two decades. It is the next evolution of what has been happening in other financial centres around the globe.”

This dynamic mixed-use development has been designed by master planner Architect Gianni Ranaulo, every structure from the overarching master plan to the individual buildings are inspired by the local fauna and marine eco-system. Ranaulo incorporates environmentally conscious practices in all projects. The total size of the development is 780,000 sqm where more than 6,500 people can reside, and an expected daily footfall of 35,000.

While the press release itself does not mention blockchain or crypto hub, a report from the Financial Times, noted that the agreement, which was signed on May 4, was done in the hopes of moving the Maldives away from reliance on tourism and fisheries by attracting foreign direct investment into blockchain and Web3 technologies.

MBS has previously investment in Blockchain entities

MBS Global Investments, through one of its portfolio entities UAE Varys Capital had previously invested in Movement Labs, an L2 Blockchain platform.

At the time, MBS Global Investments had noted on LinkedIn, “MBS Global Investments proudly congratulates our partner, Varys Capital on their successful pre-seed investment in Movement Labs (MOVE), a pioneering project that has just achieved a major milestone. The recent Token Generation Event (TGE) for MOVE was a resounding success, with the token reaching an extraordinary fully diluted valuation surpassing $6 billion. This remarkable achievement has already captured the attention of the global crypto community, with MOVE being listed on all major exchanges, including Binance.”

MBS also noted that they would continue to support this venture. They stated, “We are excited to continue supporting this transformative venture and looks forward to the significant impact MOVE will have on the future of decentralized finance and blockchain technology.”

Mantra Chain CEO calls for more decentralization after OM Token debacle

Mantra Chain CEO calls for more decentralization after OM Token debacle

In an update posted on Mantra Chain website, based on JP Mullin, CEO of Mantra Chain discussion with Henri Arsalian during Token 2049 on stage, offered an update on the OM Token debacle.

The blog post authored by Mullin notes that the focus is on decentralization. The team is accelerating their validator diversification efforts by winding down internal validators while adding more support partners. Mullin states, “By the end of Q2 2025, we’ll have reduced internal validators by half and onboarded 50 total external partner validators.”

The Tokenomics dashboard created after the price drop will continue to be live. Already Mullin had burned his 150 million staked OM Tokens to show his commitment to the projects and to the recovery while trying to rebuild trust.

MANTRA Chain continued to operate without interruption during the price drop, even with transaction volumes at all-time highs. Additionally, Mantra Chain has launched OMSTEAD, our MANTRA Chain EVM testnet currently in Alpha. ‍

Mullin also carried out a call to action when it comes to crypto exchanges. He states, ‍”This is bigger than MANTRA. Liquidation cascades could happen to any project in the crypto industry. Policies that allow aggressive leverage positions create substantial systemic risk. We’re cooperating with major exchanges to improve market stability, and we’re calling on the rest of our industry to provide input on how exchange policies can minimize (or continue to permit) policies that create risk to investors.”

He added that the path ahead requires methodical, transparent rebuilding. He states, “We’re designing systems that both significantly reduce the risk of similar incidents and also create a fundamentally more decentralized protocol and token.”

Mantra Chain had signed a $1 billion tokenization deal with DAMAC as well as a $500 million deal with MAG Group. Yet recently MAG Group announced a new tokenization of assets worth $3 billion with MultiBank mentioning the same properties that had been mentioned in their initial agreement with Mantra Chain.

Eric Trump reveals the stablecoin behind UAE’s $2 billion Binance investment

Eric Trump reveals the stablecoin behind UAE’s $2 billion Binance investment

Eric Trump, the son of President Donald Trump, during his participation at Token 2049 demystified the stablecoin behind the deal that was made between UAE sovereign wealth fund MGX and Binance crypto exchange. The $2 billion investment by MGX into Binance was announced earlier this year, yet the stablecoin mentioned for carrying out the deal remained a mystery.

MGX, chaired by Sheikh Tahnoon Bin Zayed Al Nahyan, the UAE’s national security advisor and a brother of UAE President Sheikh Mohammed bin Zayed, backed not only by Abu Dhabi sovereign wealth fund Mubadala but also G42 invested 2 percent of its 100 billion investment vehicle into the world leading crypto exchange Binance.

At Token 2049 Dubai, Eric Trump demystified it stating the the World Liberty Financial USD stablecoin (USD1) is the one that will be used for the UAE MGX Binance deal, while noting that the USD1 would integrate with the Tron network.

Trump announced that the WLF USD stablecoin (USD1) was selected as the official stablecoin for MGX’s $2 billion investment in Binance. Zach Witkoff, the Co-founder of World Liberty Financial, teased more future partnerships for the DeFi protocol, adding that the platform aimed to establish USD1 as the preferred stablecoin in the DeFi and CeFi ecosystem, and the WLF team was working really hard on getting integrations into traditional retail point of sale systems.

“We thank MGX and Binance for their trust in us,” said Witkoff, who is the son of the White House envoy to the Middle East, Steve Witkoff. “It’s only the beginning.”

Trump disclosed that Abu Dhabi’s MGX will use the USD1 stablecoin to settle a $2 billion investment into Binance in one of crypto’s largest funding deals, marking the investment firm’s first venture into the crypto space.

Trump mentioned that sending funds internationally through SWIFT was slow, costly, and complex, emphasizing that crypto [almost] made banks redundant. An analysis report published by Statrys said the average transaction time on the SWIFT payment network was 20 hours and seven minutes. Additionally, 75% of SWIFT transactions involve one or two intermediary banks, meaning that these average 1 day and 11 hours to settle. However, a USDT or USDC stablecoin transaction on Ethereum settles within two to five minutes.

“USD1 will become one of the most transparent and regulated stablecoins in the world…not only do we want to create a product in our stable point USD, one that can be sent across borders in a very seamless way, but transparency and frankly, consumer safety is paramount…”

UK crypto broker DKK Digital receives license in UAE

UK crypto broker DKK Digital receives license in UAE

DKK Digital FZE, a Dubai based subsidiary of DKK Partners based in London, has secured full regulatory approval from the Dubai Virtual Assets Regulatory Authority (VARA) to operate as a licensed Virtual Asset Service Provider (VASP) Broker/Dealer as it plans to scale its operations across the Middle East.

As per the announcement, DKK Digital is now authorized to offer a comprehensive suite of regulated digital asset services, including fiat on/off ramp infrastructure and liquidity provision for stablecoins such as Electronic Dirham (EAED), USD Tether (USDT), USD Coin (USDC), and Ripple USD (XRP).

Khalid Talukder, Co-Founder & CEO of DKK Digital commented, “Receiving full regulatory approval from VARA is a major milestone for DKK Digital and a strong validation of our commitment to building within a compliant and forward-thinking framework while contributing to Dubai’s vision as a global hub for blockchain and Web3 innovation. This license enables us to officially operate as a regulated Broker/Dealer VASP and further strengthens our ability to deliver secure, institutional-grade digital asset solutions across the region and beyond.”

The firm’s approval also reinforces its capacity to build robust partnerships with banks, fintech companies and financial institutions across the regions, enabling regulated services for cross-border settlements, FX markets and treasury operations.

This week alone in the UAE, several crypto brokers and exchanges such as Gate.io and Bitgo both receiving licenses from VARA adding to the already competitive crypto exchange market.

UAE MAG seems to have dropped Mantra Chain for Multibank with new $3 billion tokenization deal

UAE MAG seems to have dropped Mantra Chain for Multibank with new $3 billion tokenization deal

It is obvious that UAE MAG real estate developer who just announced a $3 billion tokenization deal with MultiBank Group, a financial derivatives institution in UAE, has dropped its previous agreement with Mantra Chain valued at $500 million.

The property assets MAG mention in their current announcement with MultiBank, and Mavryk, a Layer 1 blockchain tokenization infrastructure provider are the same as those they had previously mentioned with Mantra Chain.

In July 2024, MAG Group had announced that it would tokenize $500 million of RWA with Mantra Chain, the Layer 1 Blockchain tokenization platform, whose OM Token recently lost 90% of its value. At the time the press release noted that MAG would tokenize assets in tranches and would include residential projects such as Keturah Reserve, which is being built by MAG as well as the $75 million mega-mansion at ‘The Ritz-Carlton Residences, Dubai, Creekside’ development, where investors would earn yield through stablecoins and Mantra’s OM token.

Woo and Behold today MAG in its announcement with Multibank and Mavryk are tokenizing the same exact property assets. As noted in the press release, ” The partnership will bring MAG’s high-value real estate developments, The Ritz-Carlton Residences, Dubai, Creekside, part of the Keturah Resort, and Keturah Reserve, onto the blockchain, making them available to global investors via MultiBank.io’s fully regulated RWA marketplace. Once launched, holders of the RWA assets will be able to earn yield distributed daily on the MultiBank.io platform.”

There still might be remnants of the deal with Mantra Chain given that the current press release says that part of the Keturah Resort will be tokenized in the deal with MultiBank, which might leave some assets for the initial deal with MantraChain. Interestingly the new press release does not build on or mention the previous agreement with Mantra Chain.

The release goes on to note that the $MBG token will power access, staking, fee payments, and platform engagement, positioning it as the infrastructure layer behind institutional-grade digital asset offerings.

Each entity will play their role. MAG will provide its premium real estate inventory for tokenization, while Mavryk will deliver the blockchain infrastructure to support on-chain asset issuance and DeFi integrations,while MultiBank Group will oversee regulatory compliance, secondary market liquidity, and platform governance.

Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG, said, “At MAG, we have always been driven by excellence and a passion for shaping the property landscape of tomorrow. Partnering with MultiBank Group marks a milestone in broadening access to high-value developments and unlocking liquidity via blockchain.”

“This isn’t just a real estate deal, it is a flagship use case for the $MBG token. By enabling seamless access to $3B in tokenized property, MultiBank becomes the bridge between regulated finance and next-generation investment infrastructure.” said Zak Taher, Founder and CEO of MultiBank.io.

The platform is built to scale up to $10 billion in assets, setting the stage for a new era of programmable ownership and compliant digital investing, with $MBG at its foundation.

At the end of 2024, MAG Group Holding’s portfolio of current and under development projects across its different real estate subsidiaries has reached AED 43.7 billion ($11.9 billion).

Galaxy leads $12 million investment in UAE based Fuze

Galaxy leads $12 million investment in UAE based Fuze

Galaxy, a leader in digital assets and data center infrastructure, and e& capital, the venture capital and investment arm of globaly technology group e& lead $12.2 million Series A funding round in Fuze, the Middle East and Turkey’s fastest growing digital assets infrastructure firm.

As per the press release, the Series A investment will fuel Fuze’s regional and international expansion, accelerate product innovation and compliance, and support top-tier hiring. Fuze provides Digital Assets-as-a-Service infrastructure enabling financial institutions and businesses across MENA and Turkey to offer regulated digital assets to their clients, as well as an Over-The-Counter (OTC) trading desk. In addition, Fuze has now launched a full suite of stablecoin infrastructure products and recently announced its expansion, through FuzePay, into payments.

Mo Ali Yusuf, CEO and Co-Founder at Fuze, stated, “Strategically, Galaxy’s comprehensive digital asset capabilities and e&’s unparalleled network will fast-track our mission to enable any bank, fintech or traditional business to seamlessly integrate digital assets and accelerate regional digital asset adoption. We are seeing a huge surge in demand and we believe that in the next 12 months, every financial institution and business will leverage some type of crypto or stablecoin capability.”

Leon Marshall, CEO of Galaxy Europe, added, “We are thrilled to partner with Fuze and lead this Series A round. The Middle East is poised to become a major hub for innovation, with the UAE demonstrating a willingness to develop comprehensive regulatory frameworks for digital assets and Fuze rapidly advancing its digital assets infrastructure.”

Fuze has been championed from the beginning by Further Ventures, an ADQ-backed venture builder and investment firm. In 2023 the company raised a seed round of $14mn, the largest Seed investment in a digital assets startup in the history of the Middle East and North Africa region (MENA). The investment was led by Abu Dhabi-based Further Ventures, along with participation by US-based Liberty City Ventures. 

Mohamed Hamdy, Managing Partner at Further Ventures said, “This fundraising round marks an important milestone for Fuze, a company that Further Ventures backed since inception. We’re proud to welcome leading global investors – including Galaxy, e& Capital, and others – to join us on this journey. We believe Fuze is poised to become a dominant force in enabling digital asset businesses around the world.”

Harrison Lung, Group Chief Strategy Officer e&, said “With our investment in Fuze, we’re excited to align with a team that’s setting the benchmark for what a future-ready, regulated digital asset ecosystem can look like. There’s a natural synergy between Fuze and our fintech portfolio, from e& money to Wio and Careem Pay. And this investment is about backing bold companies who understand the long game, building digital assets infrastructure to supercharge the next wave of financial services innovation.”

In the last year, Fuze has processed over $2 billion in total digital assets volume through their Digital-Assets-as-a-Service platform, stablecoin infrastructure, and OTC.

Animoca Brands opens office in UAE and appoints Managing Director

Animoca Brands opens office in UAE and appoints Managing Director

Animoca Brands today announced its official expansion into the Middle East, with a presence in Dubai, United Arab Emirates, to meet the growing demands of Web3 organizations moving into the region. The company has also appointed Omar Elassar as managing director for the Middle East and head of global strategic partnerships.

As per the press release, the Dubai office will serve as a hub to engage with both local and international partners to foster innovation, guide strategic direction and operations and develop partnerships.

Oman Elassar will oversee the Middle East growth and operations. As a Web3 veteran Oman has eight years of Web3 native technology experience having held various executive roles with Polkadot, Ripple and others. He has also worked across corporate and technology strategy, as well as financial advisory at firms including Oliver Wyman, Deloitte, and Morgan Stanley. He holds an MBA from INSEAD, and an Honours degree in Computer Engineering from the University of Waterloo in Canada.

Commenting on the appointment, Evan Auyang, group president of Animoca Brands, said, “Omar’s deep expertise in Web3 makes him an exceptional addition to Animoca Brands. His leadership will be a key driver in driving Animoca Brands’ strategic growth in the Middle East and beyond.”

Omar Elassar, managing director for Middle East and head of global strategic partnerships, added, “We are excited to establish our first office in the Middle East, one of the world’s most connected innovation hubs, to leverage the region’s vibrant landscape and support the evolving needs of the Web3 industry locally and globally. Joining Animoca Brands at this phase in its journey presents a unique opportunity to work with visionary builders and contribute to the wider integration of blockchain technology in a market that is poised for significant growth.”

​Animoca Brands has been active in the MENA region

Already Animoca brands has been active in the region whether in Saudi Arabia or the UAE. Earlier this year is signed an agreement with Saudi Neom, and also led an investment in UAE based Param Labs, an independent Web3 Blockchain gaming and technology studio totaling $7 million.

Tokinvest and UAE Zand Bank partner to tokenize the world of investing

Tokinvest and UAE Zand Bank partner to tokenize the world of investing

UAE regulated, Tokinvest, a marketplace for real-world asset (RWA) investing, and Zand Bank, the UAE’s first fully licensed, AI-powered bank and a regulated digital asset custodian have partnered to transform the way investors access high-value assets through tokenization.

As per the press release, the partnership will offer fully integrated solutions for tokenized real world assets including design, issuance, custody and trading. Tokinvest and Zand Bank are paving the way for a more accessible, liquid, and transparent investment ecosystem. By combining Zand Bank’s regulated custodial services with Tokinvest’s expertise in tokenised investments, this partnership offers a secure, compliant, and scalable model for the next generation of real-world asset investing.

Tokinvest and Zand Bank will enable investors, both institutional and individual, to gain fractional exposure to premium assets without the high barriers to entry. All the transactions will be fully compliant with UAE’s regulations, while asset owners and issuers will be able to raise funds efficiently from a broader global investor base.

Scott Thiel, CEO & Co-Founder of Tokinvest, commented, “This isn’t just a partnership—it’s a game-changer. Together with Zand Bank, we’re building the future of tokenised investing, making it easier, safer, and more accessible for everyone. The old barriers—high capital requirements, complex legal structures, limited liquidity—are being broken down. Dubai is at the forefront of this transformation, and this collaboration reinforces our commitment to giving investors access to exclusive opportunities in a way that’s fully regulated, transparent, and seamless.”

The collaboration will support issuers in creating, listing, and trading tokenized assets across multiple asset classes, including real estate, funds, and commodities.

Michael Chan, CEO of Zand Bank, added, “Zand Bank is proud to lead the way in the digital economy by offering innovative banking products alongside our institutional-grade custodial solutions. Our collaboration with Tokinvest showcases our commitment to providing secure and transformative financial services that bridge traditional finance with the digital asset world. We are committed to delivering seamless, transparent, and accessible investment opportunities, setting new benchmarks for innovation and security in the tokenized asset market.”

Previously Zand Bank had signed a partnership with Mantra Chain for tokenizing real world assets. Since then Mantra Chain’s OM Token has faced its own downward decline.

Zand Bank continues to forge ahead with new partnerships

UAE fully licensed digital bank Zand, has collaborated with UAE Web3 financing platform Klickl. This came after Zand Bank announced that it was launching its licensed digital asset custody services. In addition Zand announced it would be launching Zand’s AED-backed stablecoin which will further enhance the bank’s ability to integrate TradFi and DeFi, reinforcing its leadership in the digital assets landscape.

In 2023, UAE based Abu Abu Dhabi Global Market (ADGM) and Zand Bank, partnered to offer preferential banking services and efficient bank account opening for ADGM-licensed entities, including SMEs, virtual assets companies, funds, and corporations. Since then it has become the go to bank for crypto exchanges, and other Web3 entities when it comes to crypto banking related services.

TOKEN 2049 in Dubai lures 15,000 participants and 200 speakers

TOKEN 2049 in Dubai lures 15,000 participants and 200 speakers

TOKEN2049, a premier crypto conference, has officially sold out ahead of the event in Dubai UAE, with 15,000 participants and 200 speakers. From 30 April – 1 May 2025, TOKEN2049 Dubai will host a landmark roster featuring Binance Founder Changpeng “CZ” Zhao, Executive Vice President of The Trump Organization Eric Trump.

They will be joined by more than 200 other founders, investors, builders and policymakers – including Balaji Srinivasan (The Network State), Raoul Pal (Co-Founder and CEO, Real Vision), Star Xu (Founder, OKX), Richard Teng (CEO, Binance), Paolo Ardoino (CEO, Tether), Arthur Hayes (CIO, Maelstrom), Jeremy Allaire (Co-Founder and CEO, Circle).

Alex Fiskum, Co-Founder of TOKEN2049, commented that they were excited to be welcoming this record number of attendees with 80% of them from outside of the UAE. He noted, ” The global crypto industry has truly gathered in Dubai for TOKEN2049 Week, with over 500 side events happening across the city. We’ve curated an incredible program featuring the industry’s most influential voices, alongside immersive activations and a citywide experience.”

TOKEN2049 Dubai Title Sponsors include OKX – a leading technology company building a decentralized future; Binance – the largest crypto exchange by trading volume and users; BloFin – a global, secure, and user-first platform for premium futures trading; Spacecoin – a decentralized internet satellite network using blockchain technology for global connectivity; MEXC – a global exchange known as “Your Easiest Way to Crypto;” KuCoin: Shaping the Future of Crypto, and Mesh – the first global crypto payments network.

Abu Dhabi ADI Blockchain to operate AED stablecoin for FAB Bank and ADQ

Abu Dhabi ADI Blockchain to operate AED stablecoin for FAB Bank and ADQ

The stablecoin race has started among the banking sector in the UAE, and the first AED stablecoin to be developed by an Abu Dhabi Blockchain is in the process. ADI Blockchain Foundation will be developing an AED stablecoin to be issued by First Abu Dhabi Bank, with the support of ADQ a sovereign investor and IHC an investor as well.

The trio intend to launch a UAE Central Bank regulated AED stablecoin that will be used for making payments not only in the UAE but also internationally. Moreover the stablecoin will also be used for Machine to machine payments in the IoT domain and AI one.

Abu Dhabi based ADI Blockchain will operate the stablecoin

The ADI Foundation a non-profit organization dedicated to helping governments connect with trusted partners to advance digital transformation and blockchain adoption worldwide, leverages its $120 million fund and a global network of partners to deliver blockchain solutions that enhance trust, transparency, and efficiency in key sectors such as healthcare, financial systems, sustainability, and governance.

The new stablecoin will operate on the ADI blockchain. Guillaume de La Tour, CEO of ADI Foundation, commented: “This stablecoin marks a pivotal milestone in the UAE’s journey toward a more inclusive and digitally empowered economy. By leveraging the ADI blockchain, we are enabling secure, transparent, and efficient transactions at scale — built on technology developed right here in the UAE. The ADI Foundation is proud to support this visionary initiative that aligns with our mission to advance sustainable digital transformation around the world.”‍

‍H.E. Mohamed Hassan Alsuwaidi, Managing Director and Group CEO of ADQ, said, “The launch of stablecoin marks a pivotal step in our commitment to strengthening the UAE’s digital infrastructure ecosystem. As we move forward towards an increasingly digital and connected economy, stablecoin will provide a solution that is secure, efficient and scalable, while creating new opportunities for growth and value creation.”‍

Syed Basar Shueb, CEO of IHC, added that IHC will bring their blockchain and fintech expertise. While Hana Al Rostamani, Group Chief Executive Officer of FAB, affirmed that the new stablecoin will make a significant impact across industries and revolutionize blockchain payments for UAE consumers and businesses.

This will not be the first regulated AED stablecoin issued by a banking entity. Mbank through its subsidiary AE Coin has already launched a regulated AED stablecoin.

Additionally in August 2024, Tether, announced in the UAE its plans to add a new Dirham backed stablecoin in collaboration with UAE’s Phoenix Group, a Web3 investor and Bitcoin mining conglomerate.