UAE Blum decentralized trading platform raises $5 million

UAE Blum decentralized trading platform raises $5 million

UAE unregulated Blum, a decentralized trading platform that operates via Telegram has raised $5 million in a pre-seed and seed round. The round was led by Gumi Cryptos Capital and backed by YZi labs, Spartan Capital, No Limit Holdings, OKX Ventures, TOP.co, Bitscale Capital, and Wintermute Ventures

With the funding, it aims to enhance its infrastructure, improve trading functionalities, and expand its operations across multiple blockchain networks offering users greater flexibility to manage their digital assets.

Additionally, it aims to focus on developing its intelligent trading bot which has attracted over 1 million users. The platform sees this as a reflection of a growing interest in seamless and efficient trading solutions.

Since its launch in 2024, Blum aims to grow in the Web3 space. Currently, its Telegram community containing over 32 million members and platform has 2.2 million registered 2.2 unique wallet activity.

The company transitioned from a “Click to Earn” model to a “Trade to Earn” strategy which is sustainable in the long-term. With this new approach, it aims to encourage users to actively participate in trading rather than simply engaging in passive interactions.

Gleb Kostrav, Blum’s CEO, and Vlad Smirkes, CMO, both emphasized that this funding is not limited to capital alone but also includes partnerships to enhance the platform’s capabilities. Additionally, they added that this move is aligned with Blum’s goal of establishing a more efficient and secure trading environment for users.

UAE Phoenix Group announces crypto mining revenues of $107 million

UAE Phoenix Group announces crypto mining revenues of $107 million

Phoenix Group PLC (ADX:PHX), ADX-listed blockchain and crypto mining entity saw crypto mining revenues of $107 million in 2024, compared to $32 million in 2023 and $5.4 million in 2022. This represents a1852% increase over two years.

The company’s total gross revenue across all verticals reached $206 million. Phoenix Group’s proactive operational efficiencies and strategic initiatives, including global expansion and diversification, have paved the way for sustained profitability and growth.

Commenting on the 2024 results, Munaf Ali, CEO & Co-Founder, stated, “These results are a testament to our unwavering commitment to innovation and strategic growth on a global scale. The past year has been pivotal for Phoenix Group, marked by significant expansion and enhanced profitability. We are not simply navigating the digital asset revolution – we are shaping it. With a strong foundation and a clear vision, we are confident in delivering continued value to our shareholders and stakeholders worldwide.”

The company achieved a total comprehensive income of $ 219 million and a net profit after tax of USD 167 million. Total assets stood at $962 million, along with earnings per share (EPS) recorded at $0.028, reinforcing Phoenix Group’s continued profitability and shareholder value growth.

Some of the reasons for the increase include improved profitability from self-mining. Gross margins rose to 24% in Q4 2024, up from just 5% in Q3 2024, driven by an average 37% increase in Bitcoin price and a 6% improvement in efficiency improvement mainly coming from sites in the US and Canada. In addition Phoenix Group also advanced its crypto mining operations to Ehtiopia.

In addition, processing power maintained a robust contribution of 15.0 EH/s to the Bitcoin network, with its market share holding steady at 1.9%. The company’s preliminary results remain subject to external audit, with audited consolidated financial statements expected by February 14, 2024.

Abu Dhabi headquartered Soter digital asset insurer closes Series A round

Abu Dhabi headquartered Soter digital asset insurer closes Series A round

Abu Dhabi headquartered, Soter Insure, a provider of specialized digital asset insurance products tailored to the digital asset economy, has closed its Series A funding round, led by Galaxy, with participation from Brevan Howard Digital, Karatage, Token Bay, Pharsalus and others.

Soter headquartered in Abu Dhabi also operates out of Bermuda, with offices in London, New York and Dubai, it was also incubated by UAE based Further Ventures and WebN Group.

The company offers specialized digital asset insurance products for financial institutions, including Asset Loss, Directors & Officers (D&O), and Smart Contract Failure coverage, uniquely denominated in both fiat and native digital assets.

The company as such offers comprehensive insurance solutions tailored to the unique risks of decentralized technologies.

As per the press release, the investment will support Soter Insure’s expansion, bolstering its underwriting and technology teams to scale operations across key markets.

“Our mission at Soter is to set a new standard for risk management in the digital assets space. We are proud to have the support of Galaxy and our other Series A investors as we work to build innovative insurance products that meet the unique needs of the market. With this funding, we’ll continue to expand our offerings and grow our footprint globally, providing clients with trusted and transparent risk management solutions,” said Henson Orser, Founder and CEO of Soter Insure.

Mike Novogratz, Founder and CEO of Galaxy, added, “Galaxy is excited to support Soter Insure in their mission to bring innovative insurance solutions to the digital asset ecosystem. Their tailored approach to risk management meets a crucial industry need, empowering digital asset holders and operators with confidence. We are excited to contribute to their growth and global expansion.”

UAE investors and consumers warned about memecoins by Dubai regulator VARA

UAE investors and consumers warned about memecoins by Dubai regulator VARA

UAE investors and consumers were officially warned about investing in memecoins by Dubai’s Virtual Assets Regulatory Authority (VARA) given the risks associated with advertisements promoting subscriptions to memecoins.

The UAE virtual asset regulator noted that memecoins are unregulated and highly risky in nature. The crypto regulator noted memecoins are highly speculative and volatile assets, frequently subject to market manipulation.

The regulator also stated that these memecoins lack intrinsic value and derive their pricing from social media trends, hype or misleading promotional strategies.

As such investors should exercise caution when presented with claims of unrealistic returns, as these often indicate fraudulent schemes.
There is a risk of significant financial loss within short timeframes due to price collapses, liquidity shortages, or scams.

Moreover VARA added that any virtual asset issuance from Dubai must ensure adherence with VARA Regulations and Rulebooks.
Any promotion, advertising, or solicitation of virtual assets must adhere to VARA’s Marketing Regulations.
Entities engaging in unauthorized virtual asset activities may be subject to enforcement action.

These memecoin platform may also be restricted without prior notice.

UAE Mubadala Sovereign wealth fund invests close to half a billion dollars in Bitcoin

UAE Mubadala Sovereign wealth fund invests close to half a billion dollars in Bitcoin

UAE Mubadala, a sovereign investment fund, has revealed in an SEC Filing that in late 2024 it invested $436,895,026 in BlackRock’s Ishares Bitcoin Trust ETF. The disclosure was made through a 13F filing with the U.S. Securities and Exchange Commission (SEC).

Mubadala’s investment in Bitcoin while not directly but through an ETF is a significant departure from the usual investments made by Sovereign funds in the Middle East and GCC region.

It reflects a growing interest in the UAE in Bitcoin and crypto assets.

The UAE in particular has been showcased as having 30% of its population owning crypto.

Prior to this announcement another UAE sovereign wealth fund, through one of its subsidiaries FSI ( FS Innovation) agreed with US based Marathon digital holdings, a digital asset mining company establishing and operating facilities for digital asset mining in Abu Dhabi.

The initial phase consisted of two digital asset mining sites comprising 250 MW (megawatts) in Abu Dhabi UAE. Marathon Holdings will own 20% of the joint company in UAE only. The cost of the project being $406 million.

ADQ in addition also registered Zero Two, to launch its digital assets business in Abu Dhabi UAE to offer latest generation technologies. Zero Two aimed to build and operate data center and offer digital asset management services as part of ADQ’s digital asset strategy. The name “Zero Two” is derived from the significance of the numerals 0 and 2 in Web3 technology.

Then in September 2022, Abu Dhabi’s ADQ and Further Ventures, an investment firm back by ADQ launched a $200 million fund focused on Fintech, digital assets and supplychain.

Prior to that rumors circulated in 2024 that a Qatar sovereign fund was investing in Bitcoin, but nothing was ever verified.

Recently as well, Wisconsin’s investment board increased its holdings in BlackRock’s iShares Bitcoin Trust (IBIT) to over 6 million shares. The state fund was the first of its kind to report a bitcoin ETF purchase in 2024.

UAE’s AD Ports to operate Jordanian Blockchain enabled customs center

UAE’s AD Ports to operate Jordanian Blockchain enabled customs center

UAE AD Ports Group, an enabler of integrated trade, transport and logistics solutions, has been contracted to manage and operate the cutting-edge IOT and Blockchain enabled Al Madouneh Customs Centre in Amman, Jordan.

The 1.3 million m2 state-of-the-art facility was inaugurated last June to elevate Jordan’s trade competitiveness through AI-driven customs solutions, blockchain-enabled transparency, and Internet of Things (IoT)-powered logistics optimisation. The centre will streamline cross-border trade, reduce clearance times, and enhance supply chain efficiency, aligning with global standards for trade facilitation.

By integrating advanced technologies and sustainable practices, AD Ports Group collaboration with Jordan Customs Department aims to position the Hashemite Kingdom of Jordan as a regional leader in next-generation logistics and customs operations.

The Al Madouneh facility, with features such as automated inspection ramps, smart warehouses, and predictive analytics, will empower businesses with faster cargo processing, robust security protocols, and a seamless digital trade experience with AD Ports Group deploying its expertise in smart logistics and trade digitalization to maximize operational efficiency and economic returns while running the facility.

The Group’s partnership with Jordan Customs is projected to deliver significant benefits through the Al Madouneh Centre, including a 20% reduction in clearance times, enhanced cargo security, and a scalable infrastructure capable of handling around 1,000 trucks in the import and transit yard, with plans for future expansion.

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “This collaboration highlights AD Ports Group’s commitment to advancing regional trade ecosystems, in line with our wise leadership’s vision. It gives the Group the opportunity to support Jordan’s vision of becoming a regional logistics hub contributing to economic growth and jobs creation for the people of Jordan. We look forward to realising this important trade enhancement project with our partner Jordan Customs Department. By leveraging cutting-edge technologies and fostering economic growth, the Al Madouneh Customs Centre is poised to unlock new opportunities for businesses and reinforce the Middle East’s position in the global supply chain landscape.”

Customs Major General Ahmed Al-Akalik, Director General of the Jordan Customs Department, said: “Our collaboration with AD Ports Group is based on the referral decision issued by the Government Tenders Department, aimed at enhancing customs procedures at the centre and streamlining processes to save time and effort, while improving the investment environment. This will be achieved through the development operations that AD Ports Group will undertake to support customs operations at the centre, in accordance with the stated tender.”

Al-Akaleek reaffirmed Jordan Customs Department’s commitment to working closely with AD Ports Group to serve traders and investors, in addition to enhancing operations at the centre, in line with the Kingdom’s economic modernisation vision, and overcome all obstacles that may hinder development and modernisation efforts in service of the national economy.

MasterCard, Notabene and UAE crypto exchange M2 to pilot securing metadata in crypto trading

MasterCard, Notabene and UAE crypto exchange M2 to pilot securing metadata in crypto trading

Notabene, a provider of crypto compliance solutions, has partnered with Mastercard to bring simplicity and enhanced safety to their powerful crypto compliance tools. Through a pilot program with M2,a regulated crypto exchange in UAE, Notabene will integrate Mastercard Crypto Credential into its SafeTransact platform, facilitating the secure and privacy-preserving exchange of transaction metadata for M2’s digital asset trading services.

As per the press release, the pilot aims to showcase how VASPs and traditional financial institutions can come together to mitigate risks associated with digital asset transfers while maintaining operational simplicity for institutions and their retail customers.


Mastercard Crypto Credential verifies transactions among consumers and businesses using blockchain networks, providing the assurance that a user has met a set of verification standards and confirming that the recipient’s wallet supports the transferred asset. The solution simplifies the consumer experience by allowing crypto exchange users to send and receive digital assets – such as stablecoins being leveraged for remittances, a growing use case – using simple aliases, instead of the typically long and complex blockchain addresses.

This integration between Notabene, M2 and Mastercard aims to significantly improve counterparty identification rates, ensuring compliance with the Travel Rule while reducing friction in VASP-to-VASP and cross-border transactions. By employing advanced encryption and data minimization practices, the integration will help ensure that sensitive information is protected while also enabling convenient and compliant transactions.

Pelle Braendgaard, CEO of Notabene, commented on the partnership,”Our collaboration with Mastercard represents a significant leap forward in making crypto transactions as safe and straightforward as traditional financial operations. By combining our expertise in crypto compliance with Mastercard’s global reach and digital assets capabilities, we’re setting a new standard for consumer trust in crypto payments. This partnership is not just about solving today’s compliance challenges but also lays the groundwork for supporting innovations such as self-hosted wallet integrations, further expanding the scope of secure and trusted crypto transactions.”

“As the digital assets ecosystem matures, Mastercard is continuing to innovate to stay ahead while ensuring safe, compliant, and trusted interactions,” said Raj Dhamodharan, executive vice president, Blockchain & Digital Assets at Mastercard. “By integrating Mastercard Crypto Credential with Notabene’s industry-leading compliance solutions, we’re enhancing connectivity and trust to foster the adoption and integration of a range of digital assets – from Bitcoin to stablecoins – into the global financial ecosystem. This partnership with Notabene and M2 expands our reach and interoperability across the crypto landscape.”

In collaboration with M2, Mastercard and Notabene are demonstrating practical applications of this joint solution. Deepak Garg, Chief Compliance Officer at M2, adds: “As a leading virtual assets service provider, we are committed to staying aligned with global regulatory standards while enhancing the user experience for our customers. By partnering with Notabene and Mastercard, we can bring even more secure and compliant digital asset transactions to a global audience. This approach not only strengthens trust with our customers, but also opens new opportunities for growth by expanding the network of reliable counterparties for safe and secure transactions.”

The pilot program is currently limited to select regions, including the United States, Brazil, Mexico, Argentina, and several European countries, with plans for expansion in the near future.

Hub71 admits Five digital asset startups to Cohort 16

Hub71 admits Five digital asset startups to Cohort 16

Hub71, Abu Dhabi’s global technology ecosystem, has admitted, five digital asset startups out of a total of 27 startups into its latest Cohort 16. The startups span across its three programs: Access, Hub71+ ClimateTech, and Hub71+ Digital Assets. Invoice Mate, Rilla Network, Sustainable Bitcoin Protocol, and 1Money are part of the Digital assets program.

Since the onset of Hub71 the venture ecosystem has support 357 startups, collectively securing over $145 million with an average of $4.9 million per company.

Over 1,300 companies/startups submitted applications. Under the Hub71 Digital assets program was InvoiceMate is a Blockchain & AI powered platform bridging conventional businesses with crypto liquidity, Redbrick is a cloud-based game and metaverse engine using blockchain and AI to streamline creation and distribution for all skill levels, Rilla Network is a decentralized infrastructure that unlocks the hidden potential of live streaming ecosystems while delivering exponential savings, Sustainable Bitcoin Protocol enables institutional investors to embed verifiable clean energy into their Bitcoin holdings—transforming Bitcoin’s distributed energy demand into a catalyst for the global energy transition, and 1Money which is developing the world’s first payment network exclusively designed for stablecoins, and specifically engineered to be the fastest, cheapest, and most compliant.

Among the new participants in Hub71’s Access programme is Vivan Therapeutics, a UK-based precision medicine company developing AI-driven cancer treatments using fruit fly models. The firm has raised US$10 million (AED 36 million) in funding. While in the Climate Tech program is Theion, a German company focused on developing sustainable sulphur-based batteries that can store up to three times more energy than conventional batteries.

Ahmad Ali Alwan, CEO of Hub71, said, “The selection process is highly competitive, reflecting the exceptional calibre of startups in our ecosystem. These companies are advancing innovation across key tech sectors while strengthening Abu Dhabi’s position as a global tech hub.”

The selected companies will benefit from access to Hub71’s network of mentors, partners, and investors, providing them with market opportunities, talent, and capital to support their commercial growth.


Educhain Blockchain partners with Sharjah Maritime Academy

Educhain Blockchain partners with Sharjah Maritime Academy

During the Sharjah Maritime Academy (SMA) symposium, “Higher Ed AI & Digital Transformation,” Educhain, Canadian blockchain digital credential solutions provider, presented their Blockchain credential solution announcing their partnership with Sharjah Maritime Academy.

As part of its commitment to digital transformation, Sharjah Maritime Academy has partnered with Educhain to implement secure digital credentialing, ensuring that students can access, share, and verify their academic records seamlessly. The academy is also preparing to introduce micro-credentials, allowing students to receive verifiable certifications for specialized skills and achievements, further enhancing their employability.

The event highlighted how institutions are leveraging AI-driven automation, predictive analytics, and blockchain technology to streamline academic operations and enhance learning experiences.

The symposium featured prominent speakers, including Dr. Hamad Odhabi, Vice Chancellor of Abu Dhabi University; Amina Abdulrahim, Executive Director of ICT & IT Security at American University of Sharjah; Dr. Nadia Alqabanji, IT Director at Zayed University; and Inas Abou Sharkh, Director of IT at Ajman University. They shared insights on how AI is transforming student engagement, academic decision-making, and institutional efficiency. A key theme throughout the discussions was that incorporating digital technologies is no longer an option but a necessity for universities seeking long-term growth and relevance.


Among the key technology innovators featured at the symposium, Educhain presented its blockchain-powered credentialing solutions, demonstrating how universities worldwide are leveraging its technology to issue secure, verifiable digital documents.

Rahil Ahmed, VP of Sales at Educhain, highlighted how top universities in the region are already utilizing Educhain’s platform to issue tamper-proof degrees, transcripts, student ID cards, and micro-credentials. “Academic credentials must evolve to be more secure, efficient, and accessible. With blockchain, institutions can issue verifiable digital records that students own, eliminating the risk of document fraud while streamlining verification processes for employers and universities worldwide,” said Rahil Ahmed.

Educhain’s blockchain-backed infrastructure ensures that academic documents are tamper-proof and instantly verifiable, eliminating manual validation bottlenecks and improving overall institutional efficiency.

Reflecting on the significance of the symposium and SMA’s digital initiatives, Muhammad Affan, IT Director at SMA and the event’s organizer, stated: “At Sharjah Maritime Academy, we recognize that AI and digital transformation are not just trends but fundamental shifts in how education must evolve. This symposium is a stepping stone toward integrating cutting-edge technologies that will shape the future of learning and academic administration.”

CoinMENA launches Bitcoin campaign in MENA

CoinMENA launches Bitcoin campaign in MENA

CoinMENA, a regulated crypto trading platform in the UAE and Bahrain, serving the MENA region, has launched an innovative crypto campaign “Your Future, Your Choice” Partnering with creative agency Bigsea, the campaign uses sharp satire to critique today’s harsh economic realities.
The crypto exchange‘s bold approach addresses two universal challenges: rising living costs and the struggle to grow savings. Through two short films, the campaign humorously highlights modern-day financial struggles with relatable scenarios and a touch of mobster menace.


The films utilize metaphors for painfully familiar scenarios. In the first film, a young man looking to pay his rent is strongarmed by mobsters into emptying his wallet, a situation many can relate to as rent prices rise year after year. In the second film, the same man tries to grow his savings, only to watch helplessly as a mobster clerk and his gang pocket his hard-earned cash, leaving
him with a single coin in “interest.” The scene cleverly reflects how difficult it is for the average person to grow their savings.


Enter Bitcoin, Enter CoinMENA


The campaign flips the script with a call to action: “Don’t get bullied by inflation” and “Don’t get bullied for wanting more.” Instead of settling for the status quo, CoinMENA positions Bitcoin as a reliable alternative, one that protects against inflation and serves as the best
savings vehicle in the digital era.


Founders Dina Sam’an and Talal Tabbaa highlight the bold vision behind the campaign, “We wanted to tell it like it is. Bitcoin is humanity’s first purposefully engineered money, designed to preserve and appreciate in value, unlike fiat money, which is designed to
depreciate and lose value continuously. It represents hope for everyone struggling with the rising cost of living, offering an alternative way to save your time and energy.”

Serge Asaad, CEO of Bigsea, explains the creative inspiration stating, “This campaign is about giving people a moment of realization, that the ‘old way’ is not working out for them. CoinMENA offers not just an alternative, but a real sense of control and optimism
for the future. That’s where the satire comes in: we wanted to make people laugh, then think, and ultimately act.”


CoinMENA’s films deliver a simple yet powerful message: when rising living costs and the struggle to save leave you feeling powerless, choose Bitcoin with CoinMENA and take back control. As the signoff powerfully states: “Your Future, Your Choice.”