Bitget crypto exchange users can now buy crypto using UAE dirham

Bitget crypto exchange users can now buy crypto using UAE dirham

Bitget, crypto exchange and Web3 company, has partnered with OnRamp, the leading crypto payment solution provider to allow users the ability to buy crypto using UAE Dirham through bank transfers. With the integration, Bitget users can now buy and sell digital assets using various local currencies. This collaboration brings significant improvements for users interacting with digital assets, enabling seamless conversion between fiat and crypto instantaneously.

Users can buy crypto with NGN, AED, and MXN through bank transfers, and with VND via VietQR. This range of options ensures that users have easy-to-use and reliable methods to convert cryptocurrencies to fiat and vice versa. Bitget caters to users with a diverse set of preferences and finance management requirements, fulfilling their needs with emerging WEB3 products.

Bitget is introducing a zero-fee offer with this integration for all cryptocurrencies. This compliments Bitget’s current in-house zero-fee offer for Bitcoin (BTC) and Ethereum (ETH). The move allows users to buy cryptocurrencies via traditional banking channels through OnRamp without incurring any fees.

“At Bitget we’re constantly improvising our platform’s abilities, including its fiat-to-crypto conversion capabilities. The integration is a step closer to our mission to drive mass adoption of crypto, making it easy for people around the world to trade crypto. By smoothing out the conversion process between crypto and fiat we’re accelerating an inclusive and global financial revolution,” says Gracy Chen, Managing Director at Bitget.

In the UAE CoinMENA also announced its partnership with Network International for crypto onramping.

Former ambassador to UAE chairs Binance Board of Directors at ADGM

Former ambassador to UAE chairs Binance Board of Directors at ADGM

Registered in UAE’s Abu Dhabi Global Markets, the new board of Directors of Binance is headed by the former Barbados ambassador to UAE Mr. Gabriel Abed.

Binance MENA Holdings, registered in ADGM has appointed Gabriel Abed, who served as ambassador of Barbados to the United Arab Emirates, as chairman. According to ADGM website Abed was appointed on March 8th 2024. Could this mean that Abu Dhabi is the headquarter of Binance?

Binance listed the Board of Directors on its website.

Gabriel Abed as Chairman of the Board (Independent Board Member), a globally recognized technology entrepreneur, seasoned board member and former diplomat specializing in the intersection of regulatory innovation and financial technologies. He has over 13 years of experience within the blockchain industry and has navigated complex financial landscapes within regulated environments across several industries and countries

In 2013, Mr. Abed was the founding CEO of Bitt, the trailblazing company that introduced one of the world’s earliest Central Bank Digital Currencies (CBDCs). In 2016, he co-founded Digital Asset Capital Management (DACM), a hedge fund that quickly became best-performing in its category. Today, he continues to be a leading authority on digital economy affairs, regulation and blockchain technologies.

In April 2018, Mr. Abed was appointed as the Special Technology Advisor to the Honourable David Burt of Bermuda. In 2020 he had a leadership role in the World Economic Forum’s Global Future Council on Cryptocurrencies’ Regulatory Framework Group. He was also a board member of the Barbados Stock Exchange and of ANSA Bank (Trinidad). Mr. Abed serves as an honorary member for the Barbados Financial Services Commission’s subcommittee for FinTech.

Mr. Abed graduated with honors from the Ontario Technology University, with a Bachelor’s Degree in Information Technology, majoring in Network Security. Due to his contributions to blockchain and regulation technology, Mr. Abed was also conferred an Honorary Doctorate in Law by the University of the West Indies.

As per Binance website, “As Chairman of Binance’s Board of Directors, Mr. Abed remains dedicated to forging multilateral relationships across governments, governance, technology and regulation.”

Xin Wang appointed as Independent Board Member. Xin Wang is a qualified lawyer in the State of California and a Solicitor of England and Wales with extensive experience in leveraged, acquisition and project financings as well as mergers and acquisitions (M&A). Ms. Wang serves as an independent board member of Binance’s Board of Directors.

Ms. Wang is the CEO of Bayview Acquisition Corp, a special purpose acquisition company listed on NASDAQ. She also serves as consulting partner at BHR Partners, a firm that focuses on strategic private equity investments in cross-border M&A deals with specific focus on high-end manufacturing and natural resource sectors. Prior to BHR, she served as Counsel with the international law firm of White & Case. Ms. Wang received her Bachelor of Commerce from McGill University and Juris Doctorate from Boston University School of Law.

Arnaud Ventura appointed as Independent Board Member. Arnaud Ventura is Managing Partner of Gojo & Company, a Tokyo Based investment holding company. He is a serial entrepreneur focusing on businesses that generate strong social impact. Mr. Ventura founded and led two of the leading financial inclusion groups worldwide, PlaNet Finance and Baobab (formally known as MicroCred Group), a microfinance holding company which he led as its founder and CEO till 2019. Mr. Ventura was also the Founder of mBank Holding, a mobile banking-based group and of the Positive Economy Forum, a series of events focusing on developing a positive economy. Mr. Ventura is Co-Founder and President of the France-China Young Leader Programme and the France Asia Foundation. Mr. Ventura is a French-American Young Leader Fellow and a WEF Young Global Leader. He is a graduate of one of the top French engineering schools.

Mr. Ventura is also an Independent Board member with: NSIA Group and MANZI Holding; Ard Financial Services, where he is also chairman of the Audit & Risk committee; and, Humo Bank, where he also chairs the Risk committee. Mr. Ventura is also the Chairman of the Board of Binance France, a registered VASP in France.

Richard Teng :is the CEO of Binance; previously serving as CEO of Binance Singapore and held roles looking after the MENA region, the European region, and ultimately all regions outside of the U.S. as the Head of Regional Markets at Binance.In this role, he led regional teams to secure strategic partnerships, foster an ecosystem of innovation, and expand the cryptocurrency ecosystem within the respective regions. Prior to joining Binance, Mr. Teng was a former regulator. He was the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), where he showcased his capabilities as one of the world’s foremost innovative regulators. Mr. Teng’s vast experience also includes previous roles as the Chief Regulatory Officer of the Singapore Exchange (SGX) and Director of Corporate Finance at the Monetary Authority of Singapore (MAS). Mr. Teng received his Masters in Applied Finance (Distinction) from the University of Western Australia and a Bachelor of Accountancy (1st Class) from Nanyang Technological University.

Roger Wang: is the top product expert in Binance and a founding member of the organization. He developed the cutting-edge technology that drives Web3 innovation through the Binance platform. He is responsible for the design and implementation of the exchange platform and wallet system, ensuring its security, stability, and scalability. He has been working in the financial industry for over 10 years. Prior to joining Binance, Mr. Wang played a leading role in the development of the credit booking, analytics and marking systems in Nomura and the equity system in Morgan Stanley.

Heina Chen: is a Senior Executive and Co-Founder of Binance. With deep Web3 experience, Ms. Chen manages the clearing, settlement and treasury at Binance and is also responsible for the strategy implementation, company policies enhancement and business operation management. Ms. Chen has over 14 years of operations management and entrepreneurial experience. The breadth of her experience includes overseeing the whole back office covering Finance, HR, Admin, Clearing, and Treasury functions for the world’s largest cryptocurrency exchange. Prior to Binance, Ms. Chen was Chief Operating Officer and Co-Founder of Bijie Tech, a software development company providing exchange-as-a-service platforms to other exchanges. Ms. Chen has a Master EMBA from the National University of Singapore and Bachelor’s Degree in Finance and Accounting from Shanghai University of Finance and Economics.

Rock He: dedicated himself to the digital currency field in 2014 and joined Binance in 2017 as one of the founding team members, where he has led a number of business units including one of the most critical, Fiat, for the on-ramps and off-ramps. Mr. He has over a decade of experience in team management and more than four years of experience in Internet and media companies leading operations, branding and business.

Mr. He has more than 10 years of experience in the blockchain industry, including as an independent researcher, with strong institutional knowledge with respect to Binance’s product offerings and product development strategy. Mr. He oversees daily business operations, including the setting of key performance indicators, and ensuring teams achieve their performance targets. Mr. He focuses on plans to increase efficiency and reduce operational costs; coordination with the regional and global management team to ensure alignment; and, ensures operational processes stay compliant with local laws and regulations. Mr. He has a Master EMBA from the National University of Singapore.

The Global Advisory Board comprises of the following members:

Max Baucus, USA, Former U.S. Ambassador to the People’s Republic of China; Former U.S. Senator Montana; Former Chairman of Senate Committee on Finance

HyungRin Bang, Korea, Advisor of the Korea Presidential Committee; PR/Communications Advisor of Yoon Seuk-Yul’s 2022 Presidential Campaign; Former CEO, SoftForum Inc.; Former Executive Director, Hyundai; Former Executive Director, Samsung;

Henrique de Campos Meirelles, Brazil, Former Minister of the Economy, Former President of the Central Bank of Brazil, Former Chair of J&F’s board of directors, Former Member of the Board of Directors of Azul Brazilian Airlines, Former President, BankBoston; Former President of Global Banking, FleetBoston Financial; Former Board member, Raytheon Corporation, Bestfoods and Champion International. Former Member of the Council of Lloyd’s of London; Former Chairman of Lazard Americas.

Adalberto Palma, Mexico, Honorary Board Member of The Aspen Institute Mexico; Former Senior Advisor at the Chief of Staff Office to the President of Mexico; Director of Business Development at BEworksMX Consulting; Former President of the CNBV; Founding Chairman of The Center for Excellency in Corporate Governance; Independent Director of the Institute for Savings Protection; President of Bankers Trust Mêxico, Colombia and Venezuela; Managing Director of Citibank Mexico.

David Plouffe, USA, Business, Non-Profit and Political strategist; Author, Member of Various Boards of Directors; Former Campaign Manager Senior Advisor to President Obama in the White House

Christin Schäfer, Germany, Founder and Managing Director of acs plus; Former Group Risk Operating Officer, Erste Group Bank; Former Global Head of Quantitative Solutions, Deutsche Bank, Member of the Data Ethics Commission, German Federal Government

Lord Vaizey, UK, Member of the House of Lords; Former Minister and Member of Parliament

David Wright Europem Chair, EUROFI; Former Secretary General, IOSCO, Former European Commission; Deputy Director General Financial Markets, European Commission

Prior to this Binance offloaded its venture arm Binance Labs.

UAE emerging tech investment firm leads $2 million investment in Swiftcourt

UAE emerging tech investment firm leads $2 million investment in Swiftcourt

UAE emerging tech investment firm, XVC Tech has led an investment round of $2.1 million in SwiftCourt AB, a digital solutions platform that offers digital sales contracts incorporating e-signing, secure peer-to-peer payment, and contract solutions.

XVC is an Investment Company based out of Dubai with a focus on early-stage investments in Next-Gen technology projects backed by XDC Network’s founders. XVC Tech has a global investment mandate to invest across Web3 native projects as well as Web2 to Web3 transformation projects

As per the press release published earlier this year, the investment underscores the shared vision and strategic alignment between XVC Tech and Swiftcourt as they join forces to transform the landscape of digital transactions and P2P transactions. SwiftCourt will utilize the XDC Blockchain Network which would enable transactions to be safe, more efficient, transparent, and secure to users worldwide.

With the vision of making second-hand trade as safe as purchases made in stores, Swiftcourt has been gaining recognition in Europe with its long-standing contract platform, and its recent release of a PSD2-compliant P2P payment service for buying and selling used goods to speed up transfer times and cut costs for distributors and end users.

Relying on bank-grade KYC and utilizing escrow accounts to safeguard transactions, Swiftcourt can ensure that neither party falls victim to fraud. With added blockchain capabilities, Swiftcourt will now utilize XDC’s smart contract features to further automate contract fulfillment and release funds to make the solution even more secure.

SwiftCourt has established a presence across Norway, Sweden, Germany, and Finland and has captured the market share of the Nordic region catering to 1.4 Million customers.

XDC Network, an enterprise-grade Layer 1, EVM Compatible Blockchain Network, will serve as the backbone to seal and verify the contract using a Simple Electronic Seal. The contract would be co-signed between two parties on SwiftCourt’s platform using a cryptographic hash and wrapping reference and later can be used to verify the signed contract on the XDC Network with the cryptographic hash.

Johan Lundberg, Founding Partner at XVC Tech, comments “We are thrilled to support Swiftcourt in its mission to revolutionize peer-to-peer transactions, and incorporating blockchain for documentation aligns perfectly with our investment vision of utilizing blockchain technology to ensure transparency and security. This infusion of capital will enable Swiftcourt to offer its solutions in new markets such as Asia while the access to XDC blockchain will bolster its tech stack and introduce cutting-edge smart contract technology.”

“Recent market changes have pinpointed clear market gaps in terms of fintech capabilities aimed at circular economies, and those fit perfectly with Swiftcourt’s vision. This new infusion of capital means that we can take on these challenges, but in turn brings some major changes and a highly ambitious roadmap that will require our full attention. This split of responsibilities allows for that and will hopefully enable us to share some more exciting news, very, very soon.” says Sofia Malmberg, Co-CEO.

After Europe, SwiftCourt is now planning an APAC expansion by offering its digital contract and P2P solutions to growing economies such as India, Bangladesh, and Sri Lanka.

Arts DAO Web3 Festival returns to UAE with digital art NFTs and more

Arts DAO Web3 Festival returns to UAE with digital art NFTs and more

Arts DAO Festival, a Web3 cultural event in the MENA region, is returning to the UAE on April 20-21, 2024. The Agenda will host this event, standing as a hub for digital art enthusiasts and internet culture aficionados alike. Attendees are promised an immersive and unforgettable journey, highlighting the boundless creativity and innovation that define the digital art domain.

This year’s edition of Arts DAO Fest will offer experiences designed to engage, inspire, and enlighten. From awe-inspiring digital art exhibitions to interactive workshops, a gaming zone, and a party-like festival, the event provides a unique platform where culture intersects with technology, fostering a space where creativity and innovation can flourish.

Arts DAO Fest also unveiled their initial speaker lineup – an assembly of visionaries and pioneers from various sectors, including NFTs, gaming, investment, and technology. Each speaker brings a wealth of knowledge and insights, promising to shine a light on the diverse aspects of the Web3 ecosystem.

Each Arts DAO Fest 2024 Zone is meticulously curated to offer a complete exploration of digital culture, allowing attendees to dive deep into art, technology, gaming, music, and investments.

The Creator Zone is an interactive wonderland featuring an array of NFTs and captivating installations. Attendees can explore the forefront of digital creativity, offering a tangible connection to the collections that define our era.

The Talk is designed for both newcomers and seasoned digital specialists. It offers insightful discussions led by some of the world’s foremost leaders in the field. Participants will have the chance to engage in dialogues that deepen their knowledge and expand their perspectives on the digital future. 

“The heart of Arts DAO Fest lies in the exchange of ideas and the spark of innovation. We have designed a gathering where the brightest minds in digital culture come together to share insights and connect on a different level,” underscored Danosch Zahedi, Co-Founder and CEO at Arts DAO Fest. “Whether you’re just beginning your journey or you’re a seasoned expert, there’s something here to expand everyone’s horizon.”

The Gamer Zone presents a next-generation gaming experience. Here, attendees will find themselves in a gaming adventure, where the virtual worlds they explore are as boundless as their imaginations. This zone is designed to elevate the gaming journey of competitive players and casual enthusiasts alike.

The Beat is where electrifying DJs and live performers set the stage for an unparalleled auditory journey. This vibrant space is the heart of the festival’s lively spirit, inviting attendees to lose themselves in music and dance, creating memories that will last a lifetime.

Speakers’ Roster

ArtsDAO is honored to present the opening lineup for the 2024 event:

Zeneca, Web3 Thought Leader & Founder of Zenacademy, is renowned for his deep insights into the Web3 ecosystem. His commitment to education and onboarding new users into Web3 has made him a must-follow for anyone venturing into the Web3 space.

Punk6529, Web3 Thought Leader, is celebrated for his visionary perspectives on the digital future. With an influential voice in the NFT space, his contributions continue to shape the evolving landscape of digital ownership and art. 

Tristan Yver, Co-Founder of Backpack and MadLads,  has reinvigorated the Solana ecosystem, breathing new life into the digital landscape and showcasing exceptional talent for sparking innovation and rallying community engagement with vibrant enthusiasm.

Poopie, Co-Founder at Doodles, stands at the creative forefront of the NFT revolution. His work with Doodles has not only popularized digital collectibles but also fostered a vibrant community around blockchain-based art. 

Clement Chia, Co-Founder of Imaginary Ones, merges creativity with technology, innovating at the dynamic intersection of entertainment and NFTs. His vision brings digital art and collectibles to life, engaging communities in unprecedented ways.

Farokh, Co-Founder and President of DASTAN, home of RugRadio and DecryptMedia, has launched platforms that are not just sources of news and entertainment but also critical educational resources for the Web3 community. His transparency and consistency over the years have made him a cornerstone for those looking to navigate Web3 fully.

Wale.Swoosh, Web3 Thought Leader, is known for his strategic insights into the blockchain industry. His expertise and forward-thinking have made significant impacts on the adoption and understanding of Web3 technologies.

Minh Do, COO at Animoca Brands, plays a pivotal role in driving innovation within the blockchain gaming sector. His efforts have been instrumental in establishing Animoca Brands as a leader in the immersive Web3 gaming experiences.

Eowyn Chen, CEO Trust Wallet, is at the forefront of making cryptocurrency accessible and secure for users worldwide. Her leadership is critical in Trust Wallet’s mission to provide a safer, more user-friendly platform for managing digital assets.

Sergej Kunz, Co-Founder of 1INCH Network, has been a transformative force in decentralized finance (DeFi). His work with 1INCH Network is revolutionizing how users interact with DeFi services, prioritizing efficiency and security in digital transactions.

“Our speakers are at the vanguard of Web3, each bringing a unique perspective. We’re proud to host such a diverse array of visionaries who are not just shaping the future of digital culture but are also eager to share their journey and insights with our attendees,” highlighted Danosch Zahedi, Co-Founder and CEO at Arts DAO.

As the largest Web3 cultural gathering in the MENA region, Arts DAO Fest invites artists, creators, investors, and enthusiasts from around the globe to join in celebration of digital art’s vibrant future. This event not only highlights the incredible talent and potential within the digital art world but also serves as a pivotal moment for the Web3 community, fostering connections and collaborations that will shape the trajectory of digital culture.

Fasset crypto exchange launches its app in UAE

Fasset crypto exchange launches its app in UAE

UAE regulated crypto digital asset exchange Fasset has launched its official application in the UAE. Fasset received a VARA (Dubai’s virtual asset regulatory authority) license in November 2023.

The app’s launch in the UAE is a strategic step for Fasset, following a successful launch in Indonesia last year, where it attracted over one million users within the first week. Fasset allows users to carry out spot trading and investment services in cryptocurrencies, stablecoins and tokenized real-world assets.

On the educational front the application includes Fasset Play, designed to offer a risk-free learning environment for users to hone their investment skills. This initiative aligns with Fasset’s mission to democratize access to financial services, enabling a wider audience to explore and manage their wealth.

Fasset CEO Mohammad Raafi Hossain commented, “UAE is experiencing a surge in digital asset investment as the government promotes innovation and entrepreneurship in the country. We are happy to extend our secure and transparent platform to customers in the UAE. Our goal is to empower people to have universal access to financial services, so they have more opportunities to build and manage their wealth.”

Fasset’s strategic partnerships have been instrumental in its rapid growth. In Indonesia, the company partnered with Indosat Ooredoo Hutchison to launch the world’s first embedded digital asset exchange in a telco app, reaching over 100 million users. Additionally, Fasset collaborated with Mastercard to introduce a crypto card for users in the region.

Fasset has raised a total of $26.7 million in funding. This includes a significant $22 million raised in a Series A funding round in April 2022, led by Liberty City Ventures from New York and Fatima Gobi Ventures from Pakistan, with additional participation from Soma Capital and MyAsiaVC. Before this, Fasset raised $4.7 million across two rounds, including seed funding from Dubai’s Ceras Ventures in May 2021.

OFAC sanctions UAE registered crypto trading entity

OFAC sanctions UAE registered crypto trading entity

The United States Department of the Treasury office of foreign assets Control (OFAC) has sanctioned a UAE registered business entity and its subsidiary for helping to build or operate blockchain based services to facilitate potential sanctions evasion on behalf of Russian nationals.

The total number of sanctioned entities are twelve.

Chainalysis in a blog explored the activities of these entities including on-chain analysis of addresses identified that were associated with sanctioned businesses.

While most of the sanctioned entities and individuals are based in Russia and all of them are linked to Russia through the services they provided, one is based out of DMCC UAE (Dubai Multi Commodities Center).

The company in the UAE is called Crypto Explorer DMCC (Crypto Explorer). It operates under its business name AWEX. The company operates a Russian and UAE-based virtual currency exchange that offers conversions between virtual currencies, rubles, and UAE dirhams. In a report by Crypto defender he showcases the following information on crypto explorer. (dated 11 months ago)

According to the OFAC press release, AWEX offers cash services at its offices in Moscow and Dubai and also loads funds onto credit cards associated with OFAC-designated Russian banks such as Sberbank and Alfa-Bank. Crypto Explorer was designated pursuant to E.O. 14024 for operating or having operated in the financial services sector of the Russian Federation economy.

As for the other sanctioned entities they include

Obshchestvo S Ogranichennoy Otvetstvennostyu Kripto Eksplorer (OOO Kripto Eksplorer) is a Russian company that is solely owned by Crypto Explorer. OOO Kripto Eksplorer was designated for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, Crypto Explorer.

Joint Stock Company B-Crypto worked with OFAC-designated Rosbank to support cross-border transactions in crypto.

Obshchestvo S Ogranichennoy Otvetstvennostyu Sistemy Raspredelennogo Reyestra (Masterchain) has agreements with several OFAC-designated Russian banks to issue digital currencies.

Obshchestvo S Ogranichennoy Otvetstvennostyu Laitkhaus issued and exchanged digital currencies to support several OFAC-designated banks.

Obshchestvo S Ogranichennoy Otvetstvennostyu Atomaiz tokenized diamonds and precious metals on behalf of Russian banks.

Tokentrust Holdings Ltd. is Atomiaz’s majority shareholder.

Obshchestvo S Ogranichennoy Otvetstvennostyu Veb3 Tekhnologii provided blockchain-based services and platforms for the Russian financial sector, including sanctioned Russian banks.

Obshchestvo S Ogranichennoy Otvetstvennostyu Veb3 Integrator also provided blockchain-based services and platforms for the Russian financial sector, including sanctioned Russian banks.

Igor Veniaminovich Kaigorodov is the majority shareholder for Veb3 Tekhnologii and Veb3 Integrator.

Obshchestvo S Ogranichennoy Otvetstvennostyu Tsentr Obrabotki Elektronnykh Platezhey (TOEP) is a digital currency exchange that operates under the names Netexchange and Netex24, and facilitated payments to OFAC-sanctioned banks including Sberbank and Alfa-Bank, as well as Hydra, the sanctioned darknet market.

Timur Evgenyevich Bukanov is the owner and director of TOEP.

Bitfingroup OÜ is an Estonia-based company likely controlled by Bukanov.

Bitpapa IC FZC LLC is a peer-to-peer (P2P) exchange that facilitated millions in payments for OFAC-designated Russian cryptocurrency businesses, Garantex and Hydra.

In the Chainalysis report on Netex24 and BitPapa, they noted that Netex24 supports off-ramping to sanctioned Russian banks Tinkoff and Sberbank, as well as other similar organizations. Although OFAC did not include any crypto addresses in its designations of Netex24 or Bitpapa, Chainalysis has identified clusters associated with both services. Over the last two years, on-chain data shows that both Netex24 and Bitpapa have facilitated significant sending of funds to sanctioned entities. Darknet markets also make up a significant volume of transaction history, in addition to exchanges without Know Your Customer (KYC) controls, many of which are Russian-language sites offering on and off ramping with sanctioned Russian banks.

Value sent by Netex24 and Bitpapa to sanctioned entities and darknet markets has steadily increased since the start of Russia’s war in Ukraine, whereas value sent to exchanges without KYC guidelines and other illicit services has remained relatively flat.

In addition to facilitating transactions on behalf of larger sanctioned financial services and crypto entities, Netex24 and Bitpapa have also facilitated transactions for various pro-Russian militia and propaganda groups, including MOO Veche, an OFAC designated Russian militia group. All of these entities have been known to operate in the Donetsk, Luhansk, or Crimean regions of Ukraine.

The UAE was one of the first countries in the world to develop a virtual asset regulatory framework and recently was taken off of the FATF grey list. While the company in question was registered as a business in DMCC for the trading of crypto assets, it did not have a regulatory license to operate within the UAE. In addition its licensed was supposed to have expired in September of 2023.

Solana and UAE Hub71 to support real world asset projects

Solana and UAE Hub71 to support real world asset projects

UAE ADGM Academy has backed up a partnership between Hub71 and Solana Blockchain to foster innovation for real world assets projects by offering incentives, office space, regulatory support and the UAE Golden visa.

This marks a significant step towards establishing the UAE as a hub for technological advancement and blockchain innovation. The Solana Foundation, committed to the Solana ecosystem, offers valuable resources and expertise to boost the UAE’s tech community.

Leveraging Solana’s blockchain, the partnership aims to attract talent and foster solutions for real-world challenges.

Hub71, strategically located in the heart of Abu Dhabi, is also a partner in the endeavor. Its mission to provide a nurturing environment for startups and tech companies aligns perfectly with the objectives of the Solana Foundation. This environment is conducive to creativity and innovation, providing the perfect setting for Solana RWA projects to thrive.

A critical component of this partnership is the support provided by the ADGM Academy. The Academy’s role is to provide projects with premier educational resources and regulatory advice. This support is vital for navigating the complexities of blockchain technology and its applications in real-world scenarios.

On offer is the UAE Golden Visa to Solana RWA projects. This long-term visa offers entrepreneurs stability and freedom from visa concerns, allowing them to concentrate on innovation. It’s a clear signal of the UAE’s commitment to attracting and retaining top talent in the technology sector.

Crypto derivative exchange BioFin sponsors Token2049 event in Dubai

Crypto derivative exchange BioFin sponsors Token2049 event in Dubai

BioFin, a crypto derivatives exchange is sponsoring the Token2049 event in Dubai UAE. As per the press release, this sponsorship marks a significant milestone for BloFin, following its successful participation as a Gold Sponsor at TOKEN2049, in Singapore in 2023. It is dedicated to furthering the blockchain industry’s growth and development by partnering once again with TOKEN2049.

As a Platinum Sponsor, BloFin aims to showcase its commitment to innovation, technology, and community engagement within the blockchain ecosystem. TOKEN2049 Dubai 2024 promises to be a gathering of industry leaders, innovators, and enthusiasts from around the world, and BloFin’s sponsorship underscores its position as a key player in shaping the future of blockchain technology and digital asset trading.

BloFin’s exclusive WhalesNight AfterParty is poised to make waves. Scheduled to be held at the scenic Sobe Dubai Rooftop Sundowner, the event will commence at 19:30 (UTC+4) on April 18, 2024.

The BloFin WhalesNight AfterParty will bring together industry leaders, BloFin Whales (influencers), and BloFin VIPs from around the world. Attendees can look forward to engaging discussions, exciting news, and valuable networking opportunities in a vibrant and dynamic atmosphere. It will serve as a platform for participants to connect, share insights, and explore new opportunities in the ever-evolving cryptocurrency landscape.

With years of experience in the blockchain industry, Matt Hu, the CEO of Blofin, is anticipating this opportunity and recognizes the significance of attending TOKEN 2049 in Dubai as a platinum sponsor for his product: 

“Bitcoin is being heralded as the modern-day gold, while Dubai is on the rise as the world’s new financial epicenter. Dubai Token2049 presents an unparalleled platform for dialogue, not just for us, but for global users as well. As one of the most rapidly expanding exchanges, BloFin is excited to showcase our breakthroughs in product innovation, cutting-edge technology, and unparalleled security  measures. We’re not stopping there; BloFin is committed to ongoing investment in our product suite, technological advancements, security protocols, and operational efficiencies to ensure our users receive nothing but the most exceptional and dependable services. Join us at Dubai Token2049 to witness the future of finance, today.” 

Attendees at TOKEN2049 in Dubai will have the opportunity to delve into the diverse features of the Blofin ecosystem, spanning fiutures trading, copy trading, and more. Through interactions with experts, Web3 builders, thought leaders, and enthusiasts at TOKEN2049, BloFin aims to forge a robust foundation for the advancement and maturation of the blockchain ecosystem.

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Again Saudi Arabia is barred from an AI investment

Again Saudi Arabia is barred from an AI investment

Once again Saudi Arabia has not been allowed to invest in an AI entity out of the United States. This time the company is Anthropic partly owned by the fallen FTX crypto exchange. As per CNBC, while sovereign wealth funds are among the investors eyeing to buy into Anthropic, including UAE Mubadala, Saudi Arabia is not one of them.

Anthropic according to sources speaking to CNBC, has ruled out taking money from investors or sovereign wealth fund in KSA. Anthropic executives cited national security, one of the sources told CNBC.

The stake in Anthropic is for sale because it belongs to FTX, the failed cryptocurrency exchange started by Sam Bankman-Fried, and is being unloaded as part of the company’s bankruptcy proceedings. FTX bought the shares three years ago for $500 million. The 8% stake is now worth more than $1 billion due to the recent boom in AI.

As per the article proceeds from the sale will be used to repay FTX customers. The transaction is ongoing and is on track to wrap up in the next couple weeks, said people with knowledge of the talks who asked not to be named because the negotiations are private.

The class B shares, which don’t come with voting rights, are being sold at Anthropic’s last valuation of $18.4 billion, sources said. Anthropic has raised roughly $7 billion in the last few years from tech giants like Amazon, Alphabet and Salesforce

While Anthropic’s founders told bankers they wouldn’t accept Saudi money, they don’t plan to challenge funding from other sovereign wealth funds, including United Arab Emirates fund Mubadala. The UAE-based firm is actively looking at investing, according to one of the sources.

In November 2023, The Biden administration forced a Saudi Aramco-backed venture capital firm to sell its shares in a Silicon Valley AI chip startup backed by OpenAI co-founder Sam Altman, as per Bloomberg

Altman-backed Rain Neuromorphics, a startup designing chips that mimic the way the brain works and aims to serve companies using artificial intelligence algorithms, raised $25 million in 2022.

Aramco’s Prosperity7, a lead investor in the $25 million round for Rain AI, sold its shares in the startup after a review by the Committee on Foreign Investment in the United States, people familiar with the matter said, according to the Bloomberg report.

The agency, a U.S. watchdog for deals with national security implications, told the Saudi fund to unwind that deal sometime over the past year, the report said.

This comes as Saudi Arabia plans to create a fund of about $40 billion to invest in artificial intelligence. In recent weeks, representatives of Saudi Arabia’s Public Investment Fund have discussed a potential partnership with Andreessen Horowitz, one of Silicon Valley’s top venture capital firms.

Swiss Vonom to hold Sustainable Blockchain conference in UAE

Swiss Vonom to hold Sustainable Blockchain conference in UAE

 Swiss based Vonom Academic AG, which is transforming scientific publishing through blockchain technology to elevate research publication standards will be holding the Vonom Academic premier academic conference, “Proof of Green: The Future of Blockchain and Sustainability”. The conference will be held in Dubai on May 7th – 8th at the Address Downtown hotel.

The conference fosters dialogue on blockchain for sustainability, key for tackling environmental issues.

A wide range of topics will be covered , including ESG (Environmental, Social, and Governance), renewable energy, environmental conservation, carbon credits, and social policies. Key discussions will focus on blockchain’s impact on Sustainable Development Goals (SDGs), its influence on emerging industries and regions, and community involvement in sustainable blockchain solutions.

“We chose sustainability as our focus because, now more than ever, it’s crucial to change our behaviors toward the environment. Blockchain’s wide reach can amplify these efforts, making it pivotal in our mission for positive change,” says Philip Blazdell, CEO of Vonom Academic.

Featuring speaker panels, workshops, and more, “Proof of Green” offers a comprehensive exploration of blockchain’s role in shaping a sustainable future. Announcements regarding keynote and session topics will be released in the days ahead.

The conference will also unveil a glimpse of their cutting-edge blockchain-powered publishing platform. Through blockchain technology, researchers can meticulously record every step of the publication journey, from data aggregation and analysis to peer evaluation and revisions, all in an immutable and auditable fashion. This decentralized platform not only safeguards copyright entitlements and equitable compensation but also facilitates universal accessibility to published materials, thereby championing the principles of open access.

“Our blockchain-powered publishing platform heralds a new era of trust in academic research and revolutionizing the way knowledge is shared,” adds Mr. Blazdell.