Sui Blockchain founder to develop AI and cryptography hub in UAE

Sui Blockchain founder to develop AI and cryptography hub in UAE

The Co Founder of Mysten Labs, Kostas Kryptos, the creators of the Sui Blockchain has announced on X (formerly Twitter) that he is in the midst of creating a modern cryptography and AI Innovation hub in both Dubai and Abu Dhabi.

As he noted, ” The aim is to intellectually grow the whole UAE community with deep tech education and brainstorming meetups. So deep that some hackathons will run non stop 24/7 for a whole week, with support from local hotel and office-desk owners for accommodation.”

He adds,”My goal is to gradually advance the whole MENA region in a unique tech excellence level + see technologically competitive startups to emerge. There is already a plan to publish some unique ideas around ZKP, MPC, FHE, Differential Privacy, Web3 UX, Anon Credentials, AI on chain, AI for audits, DePIN data compression and parallelisation, Novel Key Management, Identity, Voting and Verifiable Execution.”

When asked by followers why the UAE, he explained, ” UAE has a strong community and economy, crypto and AI friendly, compared to EU it invests aggressively in innovation and takes more risks. Everyone speaks English, and it is in close proximity to both India and Europe, making it a meeting place for international deals. There are incentives from free zones to relocate there educational advancements for the government is top priority as well as critical mass of audience and media coverage which helps on publishing and advertising your work.”

He notes that the other benefit will be the access to USA and EU hubs.

He ends noting “It’s a big project. Hopefully with some local help, in the future we could also economically support selected research ideas relocating to the region.”

In November 2023, Abu Dhabi Technology incubator Hub71, partnered with Mysten Labs to support new projects on Sui. The partnership gave builders accepted to the incubator access to Mysten Labs’ technical expertise and support, and Hub71’s mentorship, resources, and global network of connections.

The founders of Sui have been working on educational projects in the region, specifically the UAE. Sui, a Blockchain Layer 1 platform partnered with UAE American University of Sharjah (AUS) to establish the AUS-Sui Blockchain Academy, a blockchain academy creating opportunities for hundreds of aspiring developers to learn about and ultimately advance the state of the art of the technology.

In addition UAE based blockchain startups such as Pravica and DRIFE have both partnered and integrated on the Sui Blockchain. Less than two months after publicizing the launch of S3.Money on the Sui Blockchain, The S3 testnet is now up and running, welcoming developers and financial community to start building tokenized money whether CBDCs (Central Bank Digital Currencies) or stablecoins.

Even UAE based is leveraging the Sui platform to track carbon credits. The collaboration leverages blockchain technology to serve use cases in line with the ESG goals that modern businesses are seeking.

UAE regulated Laser Digital invests in tokenization with Mantra blockchain

UAE regulated Laser Digital invests in tokenization with Mantra blockchain

UAE regulated Laser Digital, Nomura’s digital asset subsidiary has strategically invested in MANTRA Chain, a Layer 1 blockchain solution for Real World Assets (RWA).

In March 2024 MANTRA Chain raised $11 million led by UAE based Shorooq Partners with investors including Three-point capital, Forte Securities, VirtuZone, Hex Trust and GameFi Ventures. At the time it was noted that Mantra Chain was in the final stages of receiving licenses from Dubai’s crypto regulator, VARA.

As per the press release, “This new investment aims to accelerate MANTRA towards its goal of becoming the de-facto RWA tokenization Layer 1 blockchain for Middle East and Asian markets and marks a collaboration with Laser Digital, bringing their complementary expertise and pertinent experience of RWA tokenization to the partnership.”

Jez Mohideen, CEO of Laser Digital, stated, ” We are excited to support MANTRA’s journey as it pioneers new frontiers in RWA and digital finance.”


John Patrick Mullin, CEO and Co-Founder of MANTRA, expressed his enthusiasm about the partnership, “We are incredibly excited to welcome Laser Digital as a strategic partner. Laser Digital’s investment is not just financial but an endorsement of our mission to make RWA accessible and operable through blockchain technology. Laser’s expertise and network in the financial sectors will be invaluable as we expand our technological footprint.”

Dubai’s RTA to build Blockchain NFT platform for real estate

Dubai’s RTA to build Blockchain NFT platform for real estate

Dubai’s Roads and Transport Authority (RTA) has signed an MOU with SmartCrowd Holding Ltd, the parent company of SmartCrowd Ltd., licensed by the Dubai Financial Services Authority (DFSA), a digital platform specializing in real estate investment and crowdfunding across the Middle East and North Africa.

The MoU aims to develop a Blockchain NFT ( non-fungible token) digital platform, to attract investments for real estate and public facilities that RTA plans to establish and implement in the Emirate of Dubai in the future, such as rest areas, which include retail stores and various service centers with continuous investment returns.

The official signing event was held at RTA’s Head Office, with Ahmed Hashim Bahrozyan, CEO of RTA’s Public Transport Agency, representing RTA, and Siddiq Farid, Founder and CEO of SmartCrowd.

Bahrozyan commended SmartCrowd for spearheading evolution in real estate investing by leveraging regulations and smart applications of the latest technologies, such as blockchain. This MoU was signed on the back of SmartCrowd’s efforts to pilot a blockchain-based platform in Pakistan in 2022, aligning with RTA’s commitment to adopt trending technologies across its applications and services.

“The signing of this MoU is a significant step that marks RTA’s entry into the realm of investment in digital and non-fungible assets for public facilities and real estate. The move is expected to open new opportunities for RTA to increase and diversify its revenues and enable a wider segment of the community to enter in these investments, which do not require large capital,” Bahrozyan said.

“This initiative forms an integral part of RTA’s partnership with the private sector and is poised to enhance Dubai’s profile as a regional economic powerhouse in the landscape of a global economy. It will also develop RTA’s ambition to achieve financial sustainability as a key strategic goal and foster partnerships with the private sector, known for its innovative and creative potential, especially in the digital economy.”

Siddiq Farid, Founder and CEO of SmartCrowd stated, “This partnership validates our futuristic thinking as we keep up with fast-evolving technology. SmartCrowd has consistently been at the forefront of innovation, establishing the region’s first digital real estate platform from both regulatory and technological standpoints. Looking ahead, we are strategically leveraging emerging technologies to take our initiatives to the next level.

“We feel blessed to be in a country where innovation is not only fostered but championed. Partnering with a government entity that shares the same vision is especially exciting, as it allows us to deliver unique opportunities for everyone to be a part of this city’s tremendous growth.”

RTA is not the first governmental transportation entity to utilize blockchain, Oman Transport Ministry is also piloting a blockchain solution.

The venom of Venom Blockchain Foundation lingers on in UAE

The venom of Venom Blockchain Foundation lingers on in UAE

For the past two months Venom Foundation, a blockchain infrastructure provider has been publishing press releases, originating from what is pointed out as UAE, which eventually prompted the Abu Dhabi Global Market, which had once housed Venom Foundation, to point out that Venom Foundation no longer operates from ADGM.

In April Venom Foundation in a press release coming out of UAE stated that it had partnered with Gate.io a crypto exchange to promote strategic token projects on the Venom Network.

As per the press release, the companies will showcase the collaboration during the Venom TokenForge hackathon this week in Dubai. At the time Venom Foundation CEO Christopher Louis Tsu said; “Gate.io is a leader and a strategic partner for Venom. Venom has launched the most scalable layer zero blockchain network for Defi and payment Dapps and will facilitate the rollout of the most unique and promising projects on its network and on Gate.io”

Interestingly in the same press release Venom Foundation noted that its mission was to bring transparency and innovation to the industry as a leading global blockchain company. They added, “We aim to provide infrastructure for governments and web3 projects while empowering emerging economies in the Middle East and North Africa with our unique technology.” This was despite the fact that in March 2024 Venom Foundation announced that it had exited UAE ADGM and established a new foundation in the Cayman Islands.  

The announcement came just one year after Venom Foundation registered itself in ADGM.

But this was not the only press release that came out in April alluding to the presence of Venom Foundation in UAE. In April as well Venom announced it joined forces with Banxa to offer Venom supported tokens. As mentioned then, “Integrating Venom foundation network to the Banxa Fiat rails will further boost the business value Venom presents to its Dapps and token developers’ community.

Even more so on April 9th Venom in a press release stated that it was marking a “ milestone in the technology sector of Abu Dhabi, a visionary team has launched the Venom Blockchain, a high-caliber project that has swiftly achieved a market cap surpassing $5.2 billion, with exchange volumes toppling $200 million on leading platforms. This remarkable feat underscores Abu Dhabi’s emerging role as a crucible of innovation and technological progress within the global fintech industry.

This was clearly a misleading press release given they had exited Abu Dhabi in March 2024. Even in March 2024, Venom Foundation also released that UAE Alpha MBM Investments group, the private investment office of His Highness Sheikh Mohammed bin Maktoum bin Juma Al Maktoum, had made an investment in Venom Blockchain to launch digital currency initiatives across Africa, including Uganda, Somalia, and the Central African Republic.

As per the press release, the collaboration, bolstered by Alpha MBM Group’s investment in the Venom Blockchain, will leverage Alpha MBM Investment’s expertise in compliance solutions and Venom Foundation’s innovative blockchain technology. Together, they will focus on developing stablecoins and Central Bank Digital Currencies (CBDCs), establishing cryptocurrency exchanges, and implementing real-world asset tokenization projects within the agreed-upon regions.

The confusion and turmoil in Venom Foundation dates back to 2023, when Alibek Garcia Isaev, one of the main investors in Venom Foundation, was pushed into the center of a very controversial legal entanglement which brought a lot of criticism not only to Issaev but inadvertently Venom Blockchain, and its Foundation. He was then found innocent in December 2023.

But before the final ruling, Venom had also lost one of its very early investors and executives. Mustafa Kheriba, the Executive Chairman of Venomex, a UAE regulated crypto exchange and one of the initial investors and supporters of UAE based Venom Blockchain Foundation resigned from his position at Venom Foundation.

It is noteworthy that it seems the relationship between Venomex and Venom Foundation is no longer present. Venomex looks to be a standalone entity still regulated in ADGM.

So it was no surprise when Abu Dhabi Global Market, through its Registration Authority (RA) informed the public this week, that “Venom Foundation, an ADGM registered foundation with registration number 000008382 (Venom Foundation ADGM), is no longer conducting any activities in ADGM having voluntarily cancelled its commercial licence in February 2024 and appointed a liquidator in March 2024 to wind down the foundation.”

ADGM also noted, that in addition to Venom Foundation ADGM, associated ADGM companies Venom Blockchain Holding Limited with registration number 000007380 and Venom Blockchain Holding 2 Limited with registration number 000010061 also appointed a liquidator in March 2024 to wind down those companies.

The registration authority alerted members of the public that Venom Foundation ADGM and the associated ADGM companies are not associated with activities mentioned in recent social media announcements concerning the launch of Venom Blockchain. References in the recent social media to Venom Foundation are not to Venom Foundation ADGM.

So it seems that even long after the bite, the venom lingers on.

Dubai Fintech Summit concludes with signing of 50 MOUs

Dubai Fintech Summit concludes with signing of 50 MOUs

The 2nd edition of Dubai FinTech Summit (DFS) organized by Dubai International Financial Centre (DIFC), under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and President of DIFC, concluded with resounding success. The 3rd edition of the Dubai FinTech Summit will be held on 7-8 May 2025, also under the directives of His Highness Sheikh Maktoum.


From government officials and policy makers to start-up founders, the two-day Summit, held at Madinat Jumeirah, brought together an unprecedented gathering of more than 8,000 decision-makers from 118 countries around the world. These included over 300 thought leaders participating in 125 discussions across five stages and over 200 exhibitors showcasing cutting-edge technologies. Over 20 government dignitaries were also in attendance, including the Mayor of Seoul, Central Bank Governors, and Deputy Governors.


His Excellency, Essa Kazim, Governor of DIFC, commented: “The Dubai FinTech Summit is not just a gathering, it is a platform for transformative discussions and collective action. The Dubai FinTech Summit stands as a beacon of impact, progress, and collaboration, creating unprecedented opportunities for growth and innovation. Dubai is at the forefront of shaping the future of finance and will continue to strengthen its position as a leading global hub for FinTech firms.”

Arif Amiri, Chief Executive Officer at DIFC Authority, opened day two of the Summit, followed by two fireside chats with His Excellency Helal Saeed Al Marri, Director General, Department of Economy and Tourism, and Yie-Hsin Hung, President and Chief Executive Officer at State Street Global Advisors.


During his opening remarks, Arif Amiri, Chief Executive Officer at DIFC Authority, said: “Today, we are experiencing an extraordinary period of technological transformation where FinTech defines how we transact, how we save, and how we manage our financial lives. FinTech is also defining how traditional financial services companies operate. In recent years, we have seen FinTech revenues grow globally six-fold. We have also seen growing mainstream acceptance of cryptocurrencies, which is allowing for its market capitalization to exceed USD 3trn. This year, FinTech is again expected to garner and secure an additional 5 per cent of global financial service
revenues. In the next two years, digital payments are expected to increase over 10trn dollars, and by 2030, north of 25 per cent of banking valuations are expected to be driven by FinTech.


Dubai FinTech Summit offers a unique platform to explore the opportunities ahead of us, which is why, at DIFC, our strategy is firmly focused on being at the heart of this FinTech revolution. During our 20 years of operations, we have always embraced innovation. It is part of our X factor. We do not simply talk about it but engage with it; with the talent, with the investors and the regulators to execute it. Our visionary leadership has always enabled Dubai and DIFC to take a leading role in driving the future of finance and innovation. For this reason, we have built the region’s most comprehensive proposition that enables our clients to do and achieve great things in a place that integrates FinTech firmly into its DNA. In a place that attracts talented entrepreneurs, encourages collaboration, and provides global connectivity: a gateway between the east and the west, and a true nexus point for the global markets.”


Over 50 international associations participated in the Summit this year, including Africa FinTech Network, Business France, FinTech Philippines Association, European Blockchain Association, Global FinTech Alliance (GFA), Hong Kong FinTech Industry Association, International Digital Economy Association, Invest Seoul, Luxembourg Institute of Financial Technology (LHOFT), Swiss Finance & Technology Association and Women in Web3 Association, among others.


This year’s Summit saw the participation of over 1,000 investors, including more than 10 top executives from some of the world’s biggest banks, managing over USD 7trn in assets under management (AUM). In addition, over 40 FinTech and blockchain unicorns, with a combined market capitalisation of over USD 400bn were also present.


During the two days, over 30 side events were hosted by local, regional, and international partners of the Summit. Panels on the second day included a deep dive into some of the most pressing topics within the financial technology landscape, ranging from High Interest Rates and Macroeconomic Volatility, Institutional Adoption and other.


Dubai FinTech Summit also witnessed the signing of more than 50 Memorandum of Understandings (MoUs) with global financial leaders, as well as several key announcements from attending businesses. Nik Storonsky, Founder and CEO of Revolut announced expansion plans in the MEASA region, marking a significant step towards fostering financial inclusion through cutting-edge technology. Revolut is a global neobank and financial technology company with headquarters in the UK that offers banking services for retail customers and
businesses.
Recognizing the potential of operating in the region’s largest financial ecosystem, State Street Global Advisors’ CEO, Yie-Hsin Hung, also announced that the firm is making a welcome return to DIFC. Based on the region’s expanding opportunities, coupled with DIFC’s 20-year track record as a leading hub for finance and growth, DIFC has continued to draw in an extensive list of banks, advisors, high-net-worth individuals, family offices, and sovereign wealth funds seeking exposure to the region’s fast-growth markets within a future-forward regulated environment.


Dyna.Ai, the Singapore-headquartered firm announced the launch of its operations across Asia, the Middle East, Africa, Europe, North America and Latin America, aiming to transform businesses with AI. The company offers a suite of solutions for digital banking, risk management, audience communication, and employee productivity to address current financial challenges. In the MEA region, offices will be opened in the UAE, Saudi Arabia, and Nigeria. Dyna Athena, a newly launched AI platform, will provide revolutionary communication and interaction between customers, which will include features such as text-to-speech, language and speech processing. Dyna
Avatar, a brand-new humanoid customer assistant, capable of real-time voice-activated conversations in Arabic, English, Chinese, Japanese and Thai, was also launched at the Summit.


Among several notable presentations, Crypto Oasis provided an insightful update on the UAE’s dynamic and ever- evolving blockchain ecosystem. According to the presentation, active companies have surged by 13 per cent year- on-year, reaching 2,040 organizations, with a healthy mix of 71 per cent native and 29 per cent non-native blockchain companies contributing to the ecosystem. There has also been a marked increase in the industry workforce, with over 10,600 individuals working in the blockchain space. One of the key factors driving the crypto industry has been an increase in regulatory clarity, which has helped to attract global brands such as Bybit, Crypto.com, and OKX, which each received Virtual Asset Service Provider (VASP) licenses from VARA.


In line with the Dubai Economic Agenda (D33) to position Dubai as the top four global financial hubs by 2033, DFS is designed to encourage cross-border collaboration and innovation, central to transforming the global FinTech sector.

The Summit presented a unique opportunity for attendees to explore emerging FinTech trends and their potential to drive financial progress in the MEASA region. The 2nd edition of the Dubai FinTech Summit was supported by over 150 global corporate partners. Visa as Founding Partner & Co-Host; Emirates NBD as Premium Banking Partner; e& life as Powered By sponsor; Commercial Bank of Dubai (CBD) as Strategic Banking Partner; Finvasia as Lead Sponsor; SC Ventures as Strategic Venture Partner; Dynatech AI as Powered By sponsor; and Mashreq as Diamond Sponsor; Ripple, Deloitte, Nasdaq, Mastercard, Pay10, Bitpanda, and Alpheya as Platinum Sponsors; AWS & Integra, and Dubai Financial Market among others.

Blockchain boosts UAE’s retail economy with 24Seven and InvoiceMate

Blockchain boosts UAE’s retail economy with 24Seven and InvoiceMate

InvoiceMate, a blockchain and AI-powered invoice financing enabler and retail technology provider 24SEVEN, partner to boost the UAE’s retail economy. The partnership will support the retail supply chain across the UAE. Both entities will strive to strengthen financial inclusion for thousands of SMEs by combining retail and payments data with blockchain financing solutions.

UAE SMEs typically face challenges with invoicing and cash flow, with around 60 percent of invoices settled late and B2B payments taking an average of more than 40 days to be settled. InvoiceMate’s blockchain invoicing and financing solutions will converge with 24SEVEN’s retail hardware and software technology, to enable new ways for retailers and their suppliers to manage capital. With the UAE’s total annual retail market expected to broach $100 billion by the end of 2024, innovative solutions to meet retailer and supplier needs can further bolster this economic upsurge.

Jarrar Shah, Co-Founder and CEO of 24SEVEN said, “It’s no secret that cash flow is critical, but until now it’s been particularly difficult for SMEs in the UAE retail sector to access the financing they need. We’re excited to bring InvoiceMate’s game changing blockchain financing solutions to our retail partners. Through this partnership we will be able to provide better access to finance for retailers and suppliers and support their daily operations.”

Muhammad Salman Anjum, Founder and CEO of InvoiceMate added, “Combining 24SEVEN’s expertise and sales data, with InvoiceMate’s blockchain and AI technology is a winning combination to boost the UAE’s retail economy. Stakeholders across the retail supply chain will be able to access the cash they need, when they need it, and turbocharge their daily operations.”

24SEVEN will enable real-time data at the Point-of-Sale (POS) through its Optima hardware devices and bespoke software, while credit scoring these stores using their AI-powered credit scoring application. InvoiceMate’s embedded financial technology will ‘plug in’ to enhance the options available for invoicing and working capital management. 

Blockchain financing provides a number of advantages over traditional invoicing processes. Firstly, it reduces the risk of fraud or manipulation, as invoices are recorded on a transparent, immutable and secure blockchain ledger. Processing is also faster, so decisions can be made quicker to provide businesses with necessary working capital, improving liquidity for retail operations. And, by using real-time retail data directly from the point-of-sale rather than credit history or collateral, blockchain invoice financing can be more inclusive and flexible.

Sharjah Islamic Bank joins Blockchain anti fraud platform

Sharjah Islamic Bank joins Blockchain anti fraud platform

UAE Sharjah Islamic Bank has joined the Blockchain fraud platform haifin platform alliance. This makes it the fourteenth member to join, demonstrating its commitment to accelerating the collective banking sector efforts to improve risk management procedures and reinforce trust in lending practices. Haifin was previously known as UAE Trade Connect.

By joining the haifin platform alliance, Sharjah Islamic Bank emphasizes the importance of mutual cooperation in combating challenges through the haifin digital trade platform, supported by blockchain technology and artificial intelligence from “e& Enterprise Fintech,” a subsidiary of e&, and is steadfastly expanding in adopting innovative practices and working to increase the level of security, transparency, and efficiency in its financial operations by verifying commercial financing deals in real-time and preventing potential fraud through duplicative transactions.


Hakam Abu Zarour, COO of Sharjah Islamic Bank, stated, “Joining the haifin platform alliance aligns with our commitment to leverage technology to enhance risk management, as we strive to adopt the best technologies to deliver an unparalleled customer experience, considering it the optimal way to succeed in the bank’s growth plans and ensure their continuity.”


Abu Zarour, also noted that the haifin platform offers innovative collaborative solutions that bridge the gap in commercial financing and enhance trust in lending for our customers.


On his part, Zulqarnain Javaid, the CEO of “haifin,” added, “We are thrilled to welcome Sharjah Islamic Bank to the haifin Consortium. Together, we are poised to drive meaningful change and propel digital innovation across the banking sector. They will make a meaningful contribution to the Consortium’s expansion while strengthening the security and transparency of the banking ecosystem by de-risking trade finance and driving digital solutions.


He added that through collaboration and technology, haifin continues to pave the way for a digital future, setting global standards for secure and transparent financial transactions.”

Genesis Digital assets opens bitcoin mining datacenter in Argentina

Genesis Digital assets opens bitcoin mining datacenter in Argentina

Genesis Digital Assets Limited (GDA),a Bitcoin mining company with a presence in the UAE, is opening a new data center in Argentina powered by YPF Luz, a leading company in electric power generation.

The announcement comes during a period of expansion by GDA, which now operates 20 industrial-scale data centers across North America, South America, Europe, and Central Asia. The company’s first facility in South America is located in Rincón de Los Sauces, in the Neuquén Province and has a total capacity of 7 MW and 1 MW of backup.

The Bajo del Toro Thermal Power Plant, composed of YPF, Equinor and YPF Luz, will power 1,200 bitcoin mining machines, and efficiently monetize stranded gas, which would otherwise be flared into the atmosphere.

Speaking from the company’s Dubai office today, Abdumalik Mirakhmedov, Executive President of GDA, said: “We believe that Argentina is an important country for Bitcoin mining, given its abundance of energy sources and business-friendly environment.

“The opening of our first data center in South America is an important step in our geographic diversification efforts. And this will be yet another opportunity to show the world that Bitcoin mining can have a positive effect on the environment and can be fully integrated into local communities.”    

With an abundance of energy, a favorable political climate, and a strong crypto ethos, Argentina is becoming increasingly important for Bitcoin mining and the broader industry.

For the new data center, GDA will use the electricity generated from stranded gas provided YPF Luz, an electric power generation company that has been leading the energy transition since 2013.

As stated by the Intergovernmental Panel on Climate Change, methane gas adversely impacts the environment as it is responsible for approximately a third of the warming the world is experiencing. Methane mitigation techniques, such as the utilization of stranded gas, are important to reduce emissions and combat global warming.

“In 2022, we were the first Argentine company to generate electrical energy for cryptocurrency mining from flare gas, an innovative solution in line with YPF’s energy transition needs,” said Martín Mandarano, CEO of YPF Luz. “This project with GDA allows us to bring YPF and Equinor, two companies committed to reducing the carbon footprint of their exploration activities, an adaptable and sustainable flare gas use solution.”

UAE Blockchain gaming studio raises $7 million led by Animoca Brands

UAE Blockchain gaming studio raises $7 million led by Animoca Brands

UAE based Param Labs, an independent Web3 Blockchain gaming and technology studio raises $7 million in strategic funding round led by Animoca Brands. Other investors included Delphi Ventures, Mechanism Capital, P2 ventures, Merit Circle, TRGC, MH Ventures, and UAE based Cypher Capital.

,Param Labs boasts a fairly robust online community. The company said it has more than 2.5 million followers on X across all its pages, in addition to 500,000 Discord users, according to a statement. The platform also has 300,000 daily active users, said Param Labs.

“This collaboration aligns with our shared vision to redefine the gaming landscape, ensuring that gamers are the true owners of their digital assets,” Animoca Brands co-founder and executive chairman Yat Siu said in the statement.

The availability of funds of this type will play a significant role in strengthening blockchain enabled Param Labs’ efforts to create a gaming world solely for native PARAM tokens. This supports the general mission to open the gates to the luminary members of the gaming world to own their assets.

Anthony Anderson, founder and CEO of Param Labs and Kiraverse, emphasized the importance of the strategic investment and partnership with Animoca Brands: “This investment marks a significant milestone for Param Labs’ ecosystem development and the broader Web3 gaming landscape. Our vision is aligned with that of Animoca Brands and we’re thrilled to collaborate on the creation of valuable products at the forefront of gaming’s innovative shift to digital ownership. With our new funding, we’ll continue to invest in building out and scaling our current products while also advancing our ecosystem initiatives and fostering community involvement.”

The investment in Param Labs announced today further expands the presence of Animoca Brands in MENA, following a partnership with NEOM to drive Web3 in the region, and with King Abdulaziz City for Science and Technology to establish a physical office and Web3 hub in Riyadh.

Param Labs aims to build a gaming ecosystem that will be governed by its native PARAM token, which will soon be launched, the company also said. The company’s first game, “Kiraverse,” is a play-to-earn, multiplayer shooter.

UAE Phoenix Group for crypto mining and blockchain reveals 166 percent year on year growth

UAE Phoenix Group for crypto mining and blockchain reveals 166 percent year on year growth

UAE headquartered, Phoenix Group PLC a provider of web3, crypto, and blockchain technologies in the region, announced financial results for the first quarter of 2024 with a Q1 net income of $66.2 million, a growth of 166% year-on-year.

As per the press release, total assets surged by 237% year-over-year, soaring to $879.3 million from $261 million. ⁠The quarter-over-quarter growth in total assets stands at 5%, while revenue experienced an 18% quarter-on-quarter increase, reaching $68.9 million.

In addition gGross profit saw a robust 82.8% quarter-on-quarter rise, amounting to $23.28 million, while tTotal comprehensive income expanded by 312% year-on-year to $102.28 million and by 33.7% quarter-on-quarter. As such the earnings per share for Q1 2024 amounted to $0.011.

“We are immensely proud of the remarkable strides we have made in the first quarter of 2024,” stated Seyed Mohammad Alizadehfard, Co-Founder and Group CEO of Phoenix Group. “Our robust financial results underscore the resilience and effectiveness of our business model, as well as our dedication to delivering exceptional value to our stakeholders. As we move forward, our commitment to innovation, strategic investments, and sustainability remains strong. We are confident that these focal points will not only help us achieve our long-term objectives but will also further cement our standing as a pivotal player in the web3 domain.”

Echoing this sentiment Mr. Munaf Ali, Co-founder & Group Managing Director added “Sustainability is a core principle that underpins our operations. We are diligently focusing on optimized energy solutions and exploring new technologies to minimize the environmental footprint of our crypto mining activities. We are convinced that responsible business practices are critical for long-term success, and we remain dedicated to advancing to a more sustainable future for the industry.”