UAE Phoenix Group joins crypto miners in Ethiopia

UAE Phoenix Group joins crypto miners in Ethiopia

UAE based Phoenix Group PLC (ADX:PHX), has expanded its operations into the burgeoning African market with the acquisition of an 80-megawatt (MW) power purchase agreement (PPA) in Ethiopia. This landmark deal, forged in partnership with Abu Dhabi-based cybersecurity firm Data7, marks a significant step in Phoenix Group’s global diversification strategy. It secures a reliable and sustainable energy source to fuel its long-term growth and underscores a commitment to responsible digital asset infrastructure development.

The new Ethiopian site, slated for energization in Q2 2025, will dramatically enhance Phoenix Group’s operational capacity, significantly increasing the exahash rate of its rapidly expanding mining portfolio. This move solidifies Phoenix Group’s position as one of the world’s largest Bitcoin miners and reinforces its commitment to scaling operations and delivering cutting-edge, globally distributed digital asset infrastructure. Phoenix Group is poised to build on this momentum, with further announcements of new sites and increased capacity in 2025, including continued expansion in Ethiopia and a strategic entry into the South American market.

“This 80MW expansion in Ethiopia, on the heels of our North Dakota site announcement, is a powerful testament to Phoenix Group’s accelerating global momentum,” said Munaf Ali, CEO of Phoenix Group. “We are aggressively building out our mining capabilities, and this added capacity further solidifies our position as one of the world’s largest Bitcoin miners, fueling our growth trajectory as we prepare for our listing on Nasdaq. We’re not just expanding our operations; we’re strategically positioning ourselves at the forefront of a financial revolution where cryptocurrencies will play a central role in creating a more inclusive and dynamic global economy.”

Reza Nejatian, CEO of Global Mining Operations at Phoenix Group, added: “This project in Ethiopia, significantly increasing our exahash rate, is a clear signal of our ambition to not just participate in, but to lead, the global Bitcoin mining landscape. Ethiopia’s emergence as a key crypto-mining hub provides the perfect platform for our continued expansion, and this is just the first phase of our growth in the country. Our strategic partnership with Data7, enabling the deployment of the latest S21 Hydros, underscores our commitment to leveraging cutting-edge technology to maximize efficiency and solidify our competitive advantage. And our ambitions extend beyond Africa; we’re actively preparing to launch operations in South America in 2025, further diversifying our global footprint. This is how we execute on a global scale, and this is how we build the future of decentralized finance.”

Earlier this month, UAE Phoenix Group launched its 50MW mining facility in North Dakota in the USA. Fully operational, the site will contribute an impressive addition of more than 2.7 exahashes (EH) to Phoenix’s global hash rate. This is an initial step in expanding Phoenix Group’s UAE mining capabilities and investments in the United States.

Ethiopia is a growing crypto mining Hub

Ethiopia and its local Bitcoin mining operations account for 2.5% of global hashrate. Bitcoin miner Kassa stated, “Bitcoin miners in Ethiopia now command 2.5% of the global hash-rate. If trends continue, according to Ethiopian Electric Power (EEP), this will more than double within one year.”

Ethan Vera, co-founder and COO of Luxor Mining, had previously noted that the EEP reports local operations already consuming 600 MW of power. By the end of 2024, that number could rise to 1 gigawatt, representing as much as 7% of the global Bitcoin network’s hashrate.

Companies like Bitmain-backed BitFuFu have acquired large mining operations in Ethiopia. In addition BIT Mining has also recently entered the Ethiopian market, acquiring a 51 MW Bitcoin mine and 17,869 mining rigs for $14.3 million. While, Matthew Sigel, Head of Digital Assets Research at VanEck Investment firm speaking on CNBC SquakBox noted that three new BRIC members, Argentina, UAE, and Ethiopia had begun mining Bitcoin using government resources

In November 2024, Ethiopia Electric Power (EEP), a state-owned utility, signed power purchase agreements with 25 bitcoin mining companies. These bitcoin companies are using Ethiopia’s surplus renewable energy from The Grand Ethiopian Renaissance Dam (GERD), a 6,450 MW hydropower project nearing completion on the Blue Nile in Ethiopia, located about 30 km upstream of the border with Sudan.

UAE Hodler Investments entering Ethiopia to provide energy for data centers

UAE Hodler Investments, a UAE based investment companywhich includes in its portfolio energy, AI, and digital asset mining startups such as PermianChain, Brox Equity, NEXGEN, and others; and GCL Energy Investment, subsidiary of GCL Group (Golden Concord Group), a leading Chinese integrated energy service provider that specializes in clean energy and new energy, with diversified development of related industries, have partnered to develop a distributed energy infrastructure project to power next generation distributed compute cluster data centers that are hosting AI, Blockchain and other applications.

Unregulated UAE based Cryptocurrency Financial services admits to fraud

Unregulated UAE based Cryptocurrency Financial services admits to fraud

UAE based but unregulated, Cryptocurrency financial services firm CLS Global, has pleaded guilty to charges stemming from a U.S. undercover operation targeting fraud in the crypto sector. USA federal prosecutors announced that CLS will admit to manipulating the market for a digital token created at the FBI’s direction.

The investigation, known as “Operation Token Mirrors,” was the FBI’s first attempt to create its own digital token and a fake cryptocurrency company as part of a broader strategy to identify fraudsters in the crypto market. CLS is one of three market makers and 15 individuals charged last year by federal prosecutors in Boston as a result of the probe.

In court filings, CLS acknowledged providing illicit services to the FBI-backed NexFundAI token, which ran on the Ethereum blockchain. Prosecutors said the firm engaged in wash trading—sham transactions intended to artificially boost the token’s trading volume and price.

Under the terms of the plea agreement, CLS will plead guilty to two fraud-related counts, pay $428,059 in penalties, and withdraw from cryptocurrency transactions involving U.S. investors. The company will also be required to certify its business practices annually and agreed to settle civil charges brought by the U.S. Securities and Exchange Commission.

Filipp Veselov, CEO of CLS Global, stated, “We recognize that there may be areas where we can improve our processes, and we are open to constructive dialogue with regulatory authorities.” The company added that it actively works to restrict engagement with U.S. clients.

This case is part of a broader DOJ crackdown on crypto market manipulation, with other firms like CLS Global, and ZM Quant also facing accusations of inflating token volumes. These firms allegedly engaged in similar practices, making tokens appear more active and valuable than they were, often selling them at inflated prices to outside investors.

Dubai authorities broke up two major money laundering operations

This comes as Dubai authorities, in collaboration with key federal authorities, have successfully broken up two major international networks conducting money-laundering operations worth a total of $174 million (AED641 million). The Dubai Public Prosecution referred an Emirati national, 21 British nationals, two Americans, a Czech national, and two companies owned by the Emirati national to the Criminal Court of First Instance at Dubai Courts. The individuals and entities face charges of possessing illicit funds of AED461 million as well as forgery of official documents and their use.

In another successful operation, a collaboation between Dubai Economic Security Centre and the Public Funds Prosecution in Dubai disrupted an international organized crime network involved in money laundering operations worth $49 million (AED180 million) using cryptocurrencies. The Dubai Public Prosecution has referred the case involving a network of 30 individuals and three companies to the Money Laundering Court at Dubai Courts. The network, which conducted complex money laundering operations worth AED180 million using cryptocurrencies, operated across the UK and Dubai. Investigations revealed that the network laundered cash in the UK through unlicensed cryptocurrency intermediaries present in the UK and Dubai.

The accused, identified as two Indian nationals and one British national, orchestrated the scheme, which included proceeds from illegal activities such as drug trafficking, fraud, and tax evasion in the UK. A meticulously planned operation led to the arrest of the accused and the freezing of bank accounts used for money laundering activities.

The success of these complex operations was made possible through the combined efforts of the Public Funds Prosecution in Dubai, Dubai Economic Security Centre, Dubai Police’s Anti-Money Laundering Unit, the UAE Financial Intelligence Unit, Dubai Customs, and the International Cooperation Department at the UAE Ministry of Justice.

His Excellency Essam Issa Al Humaidan, Attorney General of Dubai, commended the Public Prosecution, law enforcement agencies, and partnering local and federal agencies for conducting coordinated meticulous investigations that led to the successful dismantling of the sophisticated international money laundering networks. He underscored the significance of these efforts in tackling complex financial crimes, protecting the national economy, and enhancing financial stability. His Excellency reaffirmed Dubai’s commitment to enforcing anti-money laundering laws, combating organized financial crime, and strengthening international cooperation to uphold global financial integrity.

Dubai Police succeed in addressing 500 money laundering cases

Dubai Police successfully addressed 500 money laundering cases from 2022 to 2024, underscoring their vital role in the UAE’s efforts to combat organized and transnational crime. Working closely with international law enforcement agencies, these efforts have led to investigations involving over AED 4 billion, including $16 million (AED 60 million )in virtual assets.

Lieutenant General Abdulla Khalifa Al Marri, Commander-in-Chief of Dubai Police, highlighted that these accomplishments reflect the UAE’s ongoing commitment to fighting money laundering and strengthening global partnerships to tackle financial crimes.

Another tokenization platform enters UAE, New Earth is in RAK

Another tokenization platform enters UAE, New Earth is in RAK

After last week’s swirl of tokenization news across the UAE, New Earth Labs has established their company in RAK Digital Assets Oasis. in the UAE. As per their announcement, this step is an important part of their mission to blend sustainability with blockchain innovation.

New Earth Labs has a mission to empower industries to raise capital and mobilize resources for climate smart infrastructure projects. Using tokenization of Real World Asset, the company wants to create wealth through fractional ownership. Their platform brings opportunities in the agriculture, renewable energy, and entertainment among other industries.

Additionally in terms of technology, their platform is powered by NewR Protocol which creates treasuries, facilitates seamless value transfer, and implements governance for communities around tokenized assets.

The UAE is witnessing an influx when it comes to tokenization platforms. Last week TokinVest received its license from VARA, and one of the biggest conglomerates in the UAE, DAMAC signed a $1 billion tokenization project with Mantra Blockchain.

Further more, Hamilton just raised $1.7 million for their tokenization platform.

The tokenization of real-world assets (RWAs) is set to reach unprecedented heights in 2025, with predictions suggesting that the market could surpass $500 billion, excluding stablecoins. Real estate alone provides over $30 billion in value, demonstrating savings through tokenizing HELOCs, alternative financing, collateralized loans, on-chain title, funds, and more.

Mckinsey report that $2 trillion of tokenized securities by 2030.

On January 21st 2025, Fasanara Capital Ltd (“Fasanara”), a London-based institutional investment manager and global leader in digital finance with over $4 billion in assets under management, launched its first tokenized Money Market Fund, the “Fasanara MMF Token” (“FAST”), held on the Polygon PoS (Proof of Stake) public blockchain. Developed in collaboration with Apex Group, Tokeny, Chainlink, Fireblocks, and XBTO, FAST offers investors a faster, more cost-effective, and transparent way to access money market investments.

Manbat and Sharjah Commerce and Tourism to build blockchain platform for carbon credits

Manbat and Sharjah Commerce and Tourism to build blockchain platform for carbon credits

Founded in 2021, Manbat, a partnership between Arada and the Ministry of Climate Change and Environment that aims to celebrate and promote the very best of the UAE’s healthy, home-grown produce will be using blockchain to develop UAE’s first carbon credit system in the agriculture sector.

Manbat launched the farmers’ markets in Aljada which takes place every weekend. Today it has partnered with Sharjah Tourism, paving the way for a stronger connection between local Emirati farmers and the wider community.

As per the announcement, this collaboration focuses on championing sustainability by addressing food waste recovery and reducing carbon emissions within the tourism sector.

As per their post on LinkedIn, “We are proud to be part of a game-changing initiative alongside Sharjah Commerce and Tourism Development Authority, Sea Going Green, and American University of Sharjah. Together, we are taking sustainability to new heights with a focus on food waste recovery, compost production, and empowering UAE farmers to embrace ecofriendly practices. This project uses cutting-edge blockchain technology to develop the UAE’s first carbon credit system, creating a sustainable future for generations to come.”

The first phase of the project will be carried out a Sara Farm, which utilizes decomposition and recycling methods.

In 2023 Blockchain tokenization platform ACX (AirCarbon Exchange) went live with key trades executed and settled on the platform with First Abu Dhabi Bank (FAB) and Helix Climate conduct first trade on the exchange and South Pole executes first over-the-counter transaction on Carbon Market Board

UAE XRG a Global Game Changer in the digital energy revolution

UAE XRG a Global Game Changer in the digital energy revolution

In the global race to harness computing power, energy has emerged as the defining factor. Nations and organizations alike are accelerating energy infrastructure development to meet the surging demand fueled by data-driven economies. Yet, the path to this energy transformation is fraught with complexities—from securing resources to deploying infrastructure, and finally, commercializing compute capacities for applications such as bitcoin mining and AI workloads. In this context, energy is not just the enabler but the ultimate determinant of success. This is why UAE’s XRG (xrg.com) could be a global game changer.

The Decentralization Dilemma

Can we achieve truly decentralized, sovereign digital economies with global reach when the game is so heavily reliant on power? While the technology exists to enable such an ambitious vision, the question remains whether capital can be directed toward achieving it at scale. With an estimated $1 trillion expected to be invested in energy innovation, there’s an opportunity to build global distributed energy infrastructure using modular and remote compute technologies.

By focusing on underdeveloped and marginalized regions, private capital can drive global connectivity while bypassing the bureaucratic barriers that often stifle innovation. This could foster wealth creation in areas historically disadvantaged by geopolitical agendas.

The UAE’s Digital Energy Vision

A shining example of forward-thinking energy strategy is the United Arab Emirates (UAE). Despite global economic turbulence, the UAE has proven its resilience, emerging stronger post-COVID and in the midst of regional turmoil in surrounding countries, taking a leadership position in the regional virtual asset ecosystem. From Web3 advancements to Bitcoin mining, and now AI, the UAE has embraced technology to fuel economic growth.

However, rapid technological progress also brings challenges—particularly the rising energy consumption associated with AI and deep tech. Addressing this requires bold and forward-looking investments. Enter XRG , a revolutionary international energy investment company launched by Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar.

Global Energy Demand in the AI Era

As Dr. Al Jaber highlighted, global energy demand is set to rise dramatically, increasing from 9,000 GW to 15,000 GW by 2035 and potentially reaching 35,000 GW by 2050—a staggering 250% increase. The rise of AI applications like ChatGPT, which consumes ten times the energy of a single Google search, is accelerating this trajectory.

Without diversified energy solutions, meeting this demand sustainably will be nearly impossible. XRG addresses this by optimizing energy production and usage across the spectrum—from traditional fuels to low-carbon alternatives and advanced infrastructure.

The essence of this challenge lies in the economic implications of insufficient energy infrastructure to power AI deployments. Nations that fail to establish sovereign compute capabilities could face economic stagnation. In the next five years, such nations may struggle to compete globally, reinforcing the urgency of energy-centric national policies.

The following graphs illustrate electricity demand from data centers, artificial intelligence, and digital asset mining worldwide in 2022, with a forecast for 2026, by scenario.

XRG: A Blueprint for the Future

XRG’s innovative structure embodies efficiency and adaptability. Dr. Al Jaber’s vision is rooted in maximizing every energy unit, spark, and joule—a philosophy that aligns with PermianChain’s mantra of “creating wealth from every watt.” By investing in diverse energy technologies, XRG offers a scalable model for nations to secure economic prosperity in the digital age.

At PermianChain, similar principles drive our efforts. Through our global digital energy market, we’ve aggregated over 500 MW of distributed alternative energy projects to serve underserved markets. This approach exemplifies how modern energy investments can transform underdeveloped regions by accelerating digital transformation and fostering exponential growth.

The Role of Innovation in Efficiency

Innovation is not just about finding new energy sources but about optimizing existing systems. For instance, NEXGEN, one of our companies, aligns closely with EXERGY’s strategy by adopting cutting-edge technologies to maximize energy efficiency. As global energy demand rises, such approaches will be critical, particularly in energy-intensive sectors like AI computing.

Equity in Energy Access

Equity in energy access is essential for global progress. With over 1.7 billion people living off-grid or without reliable utility connectivity, vast populations are excluded from the potential of digital economies. Distributed energy solutions offer a pathway to bridge this gap, enabling marginalized communities to participate in and benefit from the global digital revolution.

The Path Forward

By embracing a diversified and efficiency-driven approach will require collaboration, innovation, and a relentless commitment to sustainability from industry stakeholders and global public and private capital markets.

As Dr. Al Jaber rightly emphasized, reliance on a single energy source is not a viable solution. Instead, a comprehensive strategy combining traditional and emerging technologies is imperative. Only by taking this holistic approach can we meet the demands of an increasingly interconnected and data-driven world while preserving the planet for future generations.

Conclusion

The launch of XRG is more than an investment in energy; it’s an investment in the future. By championing distributed, efficient, and inclusive energy systems, the UAE is leading the charge in creating a sustainable digital economy. As nations navigate the complexities of energy transformation, the new digital energy frontier offers a powerful blueprint for aligning innovation with equity and sustainability.

In a world where energy is the key to unlocking economic growth, it’s time for global leaders to prioritize bold and forward-thinking strategies. Only then can we truly harness the potential of the digital age while ensuring prosperity for all.

Written by Mohamed El Masri, Founder of PermianChain and originally published in his blog.

Tune in to my podcast at Drilling into Crypto to explore the world of finance, energy and modern technologies.

Komainu licensed in the UAE, raises $75 million in Bitcoin from Blockstream

Komainu licensed in the UAE, raises $75 million in Bitcoin from Blockstream

UAE regulated digital asset service provider and custodian, Komainu, licensed by VARA Dubai, and backed by Laser Digital, a Nomura company, has raised $75 million in strategic investment from Blockstream Capital Partners (“Blockstream”) in Bitcoin. The raise is subject to relevant regulatory approvals.

As per the press release, the funding enables the company to accelerate its international strategic growth plans whilst adopting and integrating class-leading technologies developed by Blockstream Corporation Inc (“Blockstream Corp”), to maximize efficiencies and enhance client services in collateral management and tokenization.

The funding transaction itself is funded in Bitcoin with appropriate hedging and risk management and Komainu establishing its own Bitcoin Treasury to manage the Bitcoin provided by Blockstream.

Blockstream Corp’s Liquid Network will enable Komainu to dramatically cut the time for its off-exchange margining & settlement solution, Komainu Connect, from hours to minutes, becoming class-leading in the process. Blockstream Corp’s AMP technology will enable Komainu to automate its regulated asset support for tokenization and develop trustless trading solutions. The company will also integrate other technologies and services developed by Blockstream Corp, including its enterprise HSM wallet, in order to provide institutional clients with a broader range of bank-grade digital asset services.

To solidify the strategic partnership between the two entities, Adam Back, PeterPaul Pardi and Nicolas Brand will join Komainu’s board of directors.

Adam Back, CEO Blockstream Corp, commented “We are delighted that Komainu is adopting Blockstream’s various technology streams to enhance its institutional service offering. This is testament to the fundamental veracity of Bitcoin-related technologies and applications and marks the first time that these have entered the institutional arena. I am confident this will be the first of many such use cases as the institutional community wakes up to the power of the Lightning and Liquid Networks.”

Paul Frost-Smith, Co-CEO at Komainu, and who also joins Komainu’s board of directors, said, “At Komainu, our mission is to empower the digital asset ecosystem by offering secure, compliant, and innovative digital asset services. This partnership with Blockstream will transform the services we are able to offer and enhance our customer experience on many levels. Having a closely-aligned technology partner like Blockstream, one of the original visionaries in the digital assets ecosystem, is testament to our determination to become the go-to provider of digital asset services for Bitcoin and the institutional market, as well as increasing institutional adoption.”

PeterPaul Pardi, Director, Blockstream Corp, commented “This partnership with Komainu, backed by Nomura’s Laser Digital, is a landmark moment for the adoption of Bitcoin-related technology by a bank-built, regulated financial services business. It showcases the institutional use-cases for Bitcoin as demand reaches new highs. We are delighted that Komainu has chosen to implement Blockstream’s technology and we anticipate even wider uses for it in the institutional investor community over coming months”

Robert Johnson, Co-CEO & CTO at Komainu, said, “Integrating Blockstream’s technologies will significantly enhance and diversify our underlying core technology stacks. At Komainu we believe in offering our clients a wide choice of technology options and this partnership with Blockstream will maximize efficiencies and lower latencies across the various services that we offer. “

UAE backed Soter digital asset insurer licensed in Bermuda

UAE backed Soter digital asset insurer licensed in Bermuda

Backed by Abu Dhabi’s Further Ventures, Soter Insure, a digital assets insurance provider has received a full operating license from the Bermuda Monetary Authority (BMA). This significant achievement enables Soter Insure to offer a comprehensive suite of insurance products specifically designed for institutions in the blockchain and cryptocurrency sectors.‍

The company had received a preliminary approval from BMA back in September of 2024.

Soter Insure’s product offerings include Directors & Officers (D&O) insurance, Asset Loss coverage, and Smart Contract insurance. Uniquely, these policies are denominated in U.S. dollars, Bitcoin, and Ethereum, effectively addressing the asset-liability mismatch commonly associated with insuring digital assets. This approach ensures that policyholders are indemnified in the same currency as their insured assets, providing seamless and efficient coverage.‍

“This licensing milestone underscores Soter Insure’s commitment to redefining insurance for the Web3 economy,” said Henson Orser, CEO of Soter Insure. “Our innovative approach ensures digital asset institutions can operate with confidence, knowing they are protected by tailored insurance solutions that meet the unique needs of their businesses.”‍

Mohamed Hamdy, Chairman of Soter Holdings Limited and Managing Partner at Abu Dhabi based Further Ventures, added: “Achieving full licensing from the BMA marks a pivotal moment for Soter Insure. It underscores our commitment to delivering innovative, compliant, and effective insurance solutions for the rapidly evolving digital asset landscape.”‍

Tokenization will play critical role in UAE digital assets ecosystem

Tokenization will play critical role in UAE digital assets ecosystem

Tokinvest, a marketplace for real-world asset investing, recently received a full market license from the Dubai Virtual Assets Regulatory Authority (VARA) showcasing the growing role tokenization is playing in the UAE and globally. Founder Scott Thiel noted that tokenization will play a critical role in shaping the UAE’s digital assets and blockchain ecosystem, while VARA’s CEO believes this is the year of tokenization.

The company founded by Scott Thiel and Matt Blom aims to break down barriers to exclusive investments. The aim is to offer fractionalized investments in premium assets accessible to everyone – in a safe, secure and regulated platform leveraging blockchain technology.

Speaking to Lara on the Block, Thiel noted, “We believe tokenization will play a critical role in shaping the UAE’s digital assets and blockchain ecosystem. Dubai, through VARA, has positioned itself as a global leader with its innovative and forward-thinking regulatory framework. Tokenization of RWAs represents the next evolution in web3 and delivers on blockchain’s promise to make investments more accessible, transparent and liquid.”

Thiel adds that their thesis is to bring the best and most desirable investment products to the market making them accessible and cost effective.

The main industries that Tokinvest will be entering are funds, real estate and commodities. He explains, ” These sectors contain some of the most prestigious and traditionally exclusive assets. Their high value and limited accessibility make them ideal for fractionalization, unlocking opportunities for a much wider pool of investors.”

Thiel confirms as well that in the next months the focus will be on the UAE market, while not ruling out future expansions into other markets. He explains, ” Our current priority is delivering on our commitment to building a robust and secure ecosystem under VARA’s regulatory framework. Receiving the VARA license validates our innovative approach to fractional investing and positions us as a trusted partner in the evolving financial landscape. We believe that offering fractional investments of the most prestigious assets will democratize access and make it easier for individuals and institutions alike to unlock the value and create liquidity for real-world assets.”

Tokinvest has secured a pipeline of elite assets from leading real estate developers, fund managers and commodities trading venues and will be bringing these tokenised assets to market in the coming weeks and months. The company is dedicated to fostering a robust ecosystem, facilitating broader access to the best products in the world while prioritising investor protection.

The full market license allows Tokinvest to operate as a Virtual Asset Broker-Dealer; and to serve retail, qualified, and institutional investors in and from Dubai, further enhancing the accessibility and appeal of fractionalised investments.

Belal Jassoma, Director of Ecosystems, DMCC said: “Tokinvest’s achievement reflects the leading ecosystem we have established for Web3 businesses and supports our vision to grow web3 adoption and RWA. This milestone demonstrates Dubai’s standing as a pioneering market in the crypto space, with a clear and progressive regulatory framework that enables companies to innovate and operate securely. We are proud to support Tokinvest and all of our members scale up and tap into global markets across DMCC’s international business district.”

DAMAC $1 billion tokenization deal

It would seem that Thiel is not the only one who believes that tokenization will play a critical role in UAE. The Tokinvest license comes days after DAMAC and Mantra, an RWA focused Layer 1 blockchain announced a deal to tokenize $1 billion worth of assets.

Even Zand Bank PJSC, the digital bank licensed by the Central Bank of the UAE, and MANTRA, signed a Memorandum of Understanding (MOU) to streamline the process of real-world asset tokenization, including the identification, listing and distribution of RWAs.

VARA CEO Mathew White notes 2025 year of tokenization

Meanwhile, Mathew White, CEO of Dubai’s Virtual Asset Regulatory Authority (VARA) this week also noted in a LinkedIn post that he believes 2025 is the year of tokenization of real-world assets. He stated, ” Tokenized RWAs are on-chain representations of ownership in, or rights and obligations related to, assets like real estate, debt, equity, and other traditionally more illiquid financial assets. Tokenization can make them globally accessible and tradable, while also opening investment opportunities to individuals previously excluded from these asset markets.”

Given that over $50 billion RWAs have already been tokenized, and predictions that this number may reach $500 billion in 2025, White believes that it is clear that tokenization is no longer a buzzword. He states, “It is reshaping industries and redefining how assets are owned, valued, and exchanged.”

Investor preferences are evolving, leading to further adoption and capital inflows into tokenized assets, including over $30 billion in real estate ownership, according to the piece. He also notes that the $500 billion RWA tokenization figure does not include stablecoins.

In his concluding remarks he believes that the vision is also reflected in Virtual Assets Regulatory Authority [VARA]’s objectives, as well as the UAE’s strategy to promote sustainable growth and development within the finance sector. He states, “Consider the scale of the opportunity in Islamic finance alone: the market is valued at around $4 trillion globally and is expected to soar to some $6 trillion by 2026. The potential for the tokenization of Shariah-compliant RWAs is significant.”

Crypto in UAE towers to new heights with DMCC and REIT Development

Crypto in UAE towers to new heights with DMCC and REIT Development

As the UAE solidifies itself as a crypt hub globally, crypto is towering to new heights as DMCC and REIT Development, announced the launch of the landmark ‘Crypto Tower’ in Jumeirah Lakes Towers (JLT) which will be completed in October 2027.

This 17-storey project will support DMCC’s rapidly expanding community of blockchain, DeFi and Web3 companies. Complementing the DMCC Crypto Centre’s existing headquarters in Uptown Tower, the new tower will add to DMCC’s ecosystem with an advanced space fostering innovation, collaboration and business growth.

The Crypto Tower will feature cutting-edge infrastructure and state-of-the-art facilities, seamlessly integrated with advanced AI solutions powered by Chatoshi.ai. With over 150,000 square feet of leasable space, the tower will feature nine floors of advanced offices tailored for crypto startups and established businesses. Three additional floors will support blockchain incubators, venture capital firms and investment companies, while a dedicated floor will cater to artificial intelligence (AI) innovation, powered by Chatoshi.ai.

Blockchain technology will be used to streamline tenant interactions and transactions through the use of on-chain voting mechanisms, shared resources, smart contracts and other automated services. In doing so, the tower will build greater trust and transparency and reduce administrative load, setting a new standard in community decision-making and management.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “The Crypto Tower is a pioneering development that sits at the interface of blockchain, Web3 and real estate. With over 150,000 square feet of leasable space, including nine office floors, three dedicated floors for blockchain incubators, an AI innovation floor, a crypto club, gold bullion shop and vault storage area, the tower will provide a range of cutting-edge facilities and services for the benefit of our members. The launch of Crypto Tower is both a real-world demonstration of the future of Web3, where transparency and ownership are ensured by blockchain technology, as well as a statement of our intent as we continue to consolidate Dubai’s position as the world’s leading innovation hub.”

The development will feature a 10,000-square-foot indoor event space, complemented by a 3,500-square-foot outdoor area for crypto and blockchain events. The top three floors will house an exclusive 30,000-square-foot crypto club, providing premium networking and leisure amenities, designed to foster high-level collaboration and networking within the blockchain community.

In addition to the core facilities on offer, the Crypto Tower will include high-end features such as an NFT art gallery, a gold bullion shop, an exotic car dealership and a dedicated vault storage area offering 5,000 square feet of secure space for valuables including gold, cash and cold wallets. This multifunctional development will set a new standard for integrating technology, finance and lifestyle into one space, creating a seamless and secure environment for the world’s leading crypto players.

Brenda Stratton, Communications Director, REIT Development, added: “By combining blockchain technology with real-world construction in Dubai’s DMCC, we’re creating a physical tower that serves as a central hub for the crypto community. Every expense is on-chain, setting a new standard for transparency in the industry.”

UAE Further Ventures leads $16 million investment in digital asset wallet

UAE Further Ventures leads $16 million investment in digital asset wallet

Further Ventures, a private equity fund in Abu Dhabi UAE, has led a $16 million investment Series A round in French digital asset wallet and custodian developer, DFNS, DFNS, which was launched in 2020, and has operations both in Paris and New York aims to compete against FireBlocks and Ledger.

Using the funds raised both in 2022, $12 million and that raises now $16 million, the startup plans to accelerate its development to meet requirements of financial institutions.

This deal was led by Further Ventures, which is a private equity fund based in Abu Dhabi. Other historical investors, such as White Star Capital, Hashed, Semantic, Techstars and Bpifrance also participated in the round.

“This deal validates both our product and our focus on fintechs and financial players,” explains Clarisse Hagège, co-founder and CEO of DFNS, which claims more than 130 customers including Fidelity, Zodia Custody (Standard Chartered’s crypto subsidiary) and Stripe, which has just acquired Bridge.

DFNS developed a wallet creation solution based on MPC (Multi-Party Computation) technology. This MPC technology breaks down the access keys to the digital wallet into fragments; these are then distributed across different secure universes. Using an API system, the startup allows developers to take bricks and create their own wallet system.

“We allow our customers to deploy their own instances on public clouds like AWS, private clouds, and connect their Thales or IBM HSMs to our blockchain transaction management system,” explains Clarisse Hagège

Als in terms of pricing , while not all offers are the same, the startup offers a billing system based on usage and not on volumes under management.

UAE Future Ventures has already invested in several digital asset service providers including Soter Insure, a provider of insurance products tailored to the digital asset economy licensed by VARA in the UAE, as well as QCP, a global digital asset trading firm, Fuze, a digital assets infrastructure provider, TwinStake, Tungsten, Kemet trading, and others.