UAE ADGM registers its second DLT Foundation

UAE ADGM registers its second DLT Foundation

UAE financial freezone center, based out of Abu Dhabi, ADGM ( Abu Dhabi Global Market) has registered its second DLT Foundation.The Finschia DLT Foundation, chaired by Youngsu Ko, has been registered as a Distributed Ledger Technology (DLT) Foundation with the ADGM.

IOTA DLT Foundation announced its registration as the first foundation under the DLT Foundations Regulations at ADGM in November 2023.

First established in March 2023 by LINE Tech Plus, a blockchain subsidiary of LINE, the Finschia DLT Foundation is a foundation dedicated to developing sustainable token models in collaboration with global Web3 users. The Finschia Foundation aims to accelerate expansion into global Web3 business initiatives.

The Finschia Foundation has registered as the first Asian blockchain project under the Distributed Ledger Technology (DLT) Foundations Regulations of ADGM. Additionally, the Finschia Foundation is set to develop accessible Web3 services for global users in collaboration with various enterprises in Abu Dhabi, based on its public blockchain ‘Finschia’.

Youngsu Ko, Chairman of the Finschia Foundation Council, stated, “ADGM is advancing as one of the most blockchain-friendly and leading digital asset regulatory environments globally. We anticipate significant progress through our collaboration with ADGM.”

The Finschia Foundation is also focused on creating an open blockchain platform, designed for easy accessibility by partners and users from various sectors. In addition, they are actively working to expand the availability of their digital asset, ‘FINSCHIA (FNSA),’ across more exchanges, aiming to continually enhance its liquidity and usability.

Inheriting the philosophy of LINE Blockchain, “Blockchain for All”, the Finschia Foundation operates its third-generation public blockchain mainnet “Finschia” and crypto asset FINSCHIA (FNSA), and aims to achieve a sustainable token model with Web3 users around the world.

In January 2024 Finschia announced the merger with Klaytn Foundation, to form a new blockchain mainnet. The two foundations have submitted their proposals to their respective governance members for open discussion, with voting scheduled from 26 January till 2 February. The governance proposal submitted by Klaytn Foundation can be viewed on the Klaytn Governance Forum.

Fils and Cashin to redefine sustainable payments in KSA

Fils and Cashin to redefine sustainable payments in KSA

CASHIN Saudi Arabia, a POS and digital payments fintech provider and UAE based Fils, a blockchain enabled empowering climate-positive transactions, have partnered to empower CASHIN KSA’s extensive network of merchants across the kingdom, comprising a significant share of the market, to integrate Fils’s blockchain enabled enterprise-grade payments platform. Through this collaboration, merchants will gain the ability to accurately track their environmental impact, mitigate their carbon footprint with high-quality carbon credits, and transparently report their progress.

This partnership represents a significant milestone for Fils, which, following its successful ventures with other market leaders in the region, is now expanding its footprint in Saudi Arabia. By leveraging CASHIN KSA’s extensive market reach and established presence, Fils is primed to accelerate its growth trajectory and advance its mission of embedding climate positivity into every transaction.

“Our collaboration with CASHIN KSA underscores our commitment to advancing sustainability in the financial sector and aligns perfectly with our mission to empower businesses to embed climate action into their operations,” said Nameer Khan, CEO of Fils. “Together, we are not only driving positive environmental change but also supporting the climate goals of the Kingdom of Saudi Arabia, contributing to a greener and more sustainable future.”

According to Omar AlRammah, CEO of CASHIN KSA, this partnership exemplifies the company’s dedication to sustainability and innovation: “Our collaboration with Fils marks a significant step forward in our journey towards a more sustainable future. By integrating Fils’s cutting-edge technology into our payments infrastructure, we are advancing our commitment to environmental responsibility and paving the way for a greener financial ecosystem.”

UAE based Alpha token capital invests in Web3 gaming

UAE based Alpha token capital invests in Web3 gaming

UAE Alpha Token Capital, a Dubai based cryptocurrency venture capital firm has invested in Carrieverse, a Web3 company. Utilizing the investment and partnership Alpha Token Capital will make a crypto investment in CVTX token and a strategic investment in Carrieverse.

 In addition to the investment, Carrieverse will receive strategic collaboration in global business development using Alpha Token’s partnerships and network, key opinion leader (KoL) partnerships, exchange listings, marketing, and community.

Alpha Token Capital is a global crypto venture capital firm with networks not only in Dubai but also in India and Singapore.

The virtual asset CVTX issued by Carrieverse is used as a governance token for its proprietary Web3 gaming platform ‘Cling’. ‘Cling’ will soon expand into the global market with over 30,000 DAUs in the Southeast Asian region, including the Web3 metaverse ‘Carrieverse’ and the card strategy RPG ‘Super Kola Tactics’ scheduled for a global launch in the second quarter.

David Yoon, the CEO of Carrieverse who led the investment, stated, “Carrieverse has been consistently knocking on the doors of Dubai and the MENA market, and now we are seeing the fruits of our labor. Through this investment, we will expand the ecosystem of CVTX and upgrade its value.”

Blockchain and DLT to grow by 17 percent in ADGM

Blockchain and DLT to grow by 17 percent in ADGM

A recent UAE ADGM (Abu Dhabi Global Market) survey has indicated a strong trajectory growth in several sectors including the field of Fintech and digital assets, Blockchain and Distributed Ledger Technology poised to grow by 17.08% and 16.83% respectively. In the lead is asset management growth at 18.56%.

According to ADGM press release, these sectors are reinforced by the growing interest in Sustainable Finance and Private Banking and Wealth Management, which are also projected to experience substantial growth. Furthermore, Professional Services are forecast to continue their upward trend, rounding out the sectors set for expansion within the dynamic financial landscape of the IFC

Nearly 97% of business leaders show strong support for recommending ADGM. A total of 70.81% of companies anticipate expanding their workforce in ADGM during 2024.

The robust regulatory environment acknowledged as the cornerstone of ADGM’s competitive edge. ADGM had announced earlier this year that it would be amending and updating its virtual assets framework. It then introduced its Blockchain/ DLT ( distributed ledger technology) framework.

Accordingly a research report by Wamda and Digital Digest, noted that Web3 startups in the MENA region raised $39 million in February this year. Startups in the Middle East and North Africa (Mena) region raised $88.7 million across 37 deals, a modest growth of just two per cent month-on-month in terms of deal value. Compared to the same period last year, the amount invested in February this year has fallen by 88 per cent.

The UAE remained at the top of the Mena ecosystem in terms of investment, with its startups raising $65.6 million across 22 deals, half of which went to the Flare Network.

WEMIX Play onboards UAE metaverse developers

WEMIX Play onboards UAE metaverse developers

Wemade has signed WEMIX PLAY onboarding contracts with INFTY ART FZ-LLC and FYE Software FZ-LLC, developers based in the United Arab Emirates.

INFTY ART is set to introduce ArToys, a metaverse platform that sells character toy NFTs. At ArToys, collectible NFTs using character IPs and utility NFTs used in games will be sold. These utility NFTs will be applicable within games later on.

FYE Software is developing Strifest, an arena shooting game based on Unreal Engine 5. Players participate in combat to gain abilities and destroy the opponent’s base. They can also enjoy various content such as 4 vs. 4 team battles, guilds, and tournaments.

Wemade has established a local office in the United Arab Emirates and is expanding its blockchain business in the Middle East by consecutively signing onboarding contracts with various developers.

Wemade onboarded Whampoa Digital as an ecosystem partner for its $100 million Web3 Fund in UAE. Wemade also partnered with Whampoa Digital for its WEMIX Play center in Dubai International Financial Center Innovation Hub ( DIFC Innovation Hub).

Animoca Brands invests in UAE Web3 startup Eesee

Animoca Brands invests in UAE Web3 startup Eesee

 UAE Web3 gamified digital assets startup Eesee, that allows users to place tiny bids on high-value assets such as cryptocurrencies, NFTs and real-world assets, has received an investment from Animoca Brands. As part of the partnership, Animoca Brands will provide its industry expertise and connections to Eeseee, bolstering Eesee’s goal to enhance the efficiency and experience of digital asset trading within the Web3 environment.

Eesee already has over 1.6 million wallets already on its testnet, Eesee has more than tripled its user base and volume since the start of 2024, and 31% of Eesee users engage in more than 10 transactions per day.

According to the press release, the partnership with Animoca Brands will advance Eesee’s mission to become a one-stop liquidity solution for sellers. With a growing community and over 2,000 tickets bought per day on the Eesee platform, the partnership with Animoca Brands will allow Eesee to reach a wider audience and strengthen its connections within the Web3 ecosystem through Animoca Brands’ portfolio of over 400 Web3 companies and projects.

Eesee previously raised over US$3 million in funding rounds from SevenX Ventures, Maven Capital, and Momentum 6, as well as through high-profile crypto influencers such as Ivan on Tech, Pentoshi Gmoney, and others.

Yat Siu, the co-founder and executive chairman of Animoca Brands, commented, “We’re excited about investing into Eesee and entering into a partnership that aligns strongly with the vision shared by both of our companies to bridge real-world assets into the Web3 landscape. We look forward to the progress and success of Eesee as the platform continues to grow and evolve.”

Vova Sadkov, founder and CEO of Eesee, added, “If it wasn’t amazing enough to see the Eesee journey so far, having Animoca Brands – one of the most important companies in the industry – not only as an investor but also a partner is the cherry on top. We’re thrilled to work closely with the team at Animoca Brands. It will bring tremendous value to our ecosystem.”

Eesee aims to provide the main features of the models of major auction platforms (e.g. eBay) and NFT marketplaces (e.g. Blur) with a twist, allowing users to place small bids on high-value real-life items as well as Bitcoin and other cryptocurrencies. The rest of the bids are converted into funds that are staked on the Eesee platform, and can offer a potential return for all bidders.

Eesee plans to launch later in 2024 on Blast, a layer 2 mainnet with native yield built on top of Ethereum, and which recently made headlines when its launch unlocked $2.3 billion of staked crypto for the first time.

This is not the first gaming startup in the UAE to receive investment from Animoca Brands. Animoca brands recently invested in UAE based Param Labs, a blockchain enabled gaming infrastructure provider.

Dubai cyber security firm FearsOff secures crypto exchanges HTX and Poloniex

Dubai cyber security firm FearsOff secures crypto exchanges HTX and Poloniex

Dubai based cyber security firm, FearsOff has partnered with HTX crypto exchange and Poloniex crypto exchange to secure and protect those crypto exchanges.

This partnership aims to improve HTX and Poloniex’s existing security infrastructure with asset and data protection by integrating FearsOff’s specialized expertise while ensuring the safety of user assets and data by addressing specific security challenges collaboratively.

According to the recent Kucoin Survey , The Cryptoverse, Understanding Crypto Users in the UAE, which revealed insights into the UAE’s role as a crypto hub, it was found that 48 percent of UAE crypto users are concerned about lack of trust in crypto exchanges, with 63 percent of them prioritizing security

The Chief Operating Officer at FearsOff, Marwan Hachem, commented “We’re thrilled to partner with HTX and Poloniex, and commend their leadership for taking proactive measures to be one step ahead of future threats. Often, the best defense is a good offense; this collaboration enables us to identify and neutralize potential vulnerabilities before malicious hackers can exploit them, thereby preventing future breaches.”

Prior to its official Dubai debut in 2022, the FearsOff core team of veteran ethical hackers collaborated for over 15 years on hundreds of projects. One key to FearsOff’s success is integrating deep research into innovative, proprietary tools and software, enhancing assessment capabilities.

This comes as more and more exchanges in the UAE are receiving regulatory licenses.

Genetic Blockchain AI identity company now licensed in DMCC UAE

Genetic Blockchain AI identity company now licensed in DMCC UAE

GenomeFi, a specialized Web3 Blockchain and AI platform providing Decentralized Identity (DID) services based on individual genetic characteristics using NFTs, has acquired a business license and a free zone license within the Dubai Multi Commodities Center (DMCC) in Dubai, UAE.

Using AI technology, GenomeFi facilitates genetic information-based NFTs to provide identity verification services reflecting individual genetic characteristics. It aims to expand the ecosystem where DID services and genomic information are available across the spectrum, from genomics to biotechnology. GenomeFi also seeks to establish an incentive system using blockchain technology and encourage mass adoption of genomic content.

The GenomeFi Foundation, along with its core partner CLINOMICS, provides genomic medical solution services through the world’s best Genome-based diagnostic kits, monitors early diagnosis of cancer/disease through liquid biopsy and multi-omics technology, and provides personalized prescriptions, and personalized treatment services. Starting with Clinomics, a key partner, the expansion and popularization of medical services through cooperation with various medical institutions and medical companies can be used in real life by lowering accessibility through distributed ledger technology and Web 3.0, and participants in the GenomeFi ecosystem can receive services.

GenomeFi plans to intensify its business expansion in Dubai, based on networking and cooperative relationships with DMCC member companies.

In addition to collaborating with Web3 companies in Dubai, GenomeFi will focus on realizing a proof-of-concept business model that bridges the blockchain and medical industries through collaboration with genome-based medical centers.

Jimmy Choi, CEO of GenomeFi, stated, “Acquiring the DMCC license will strengthen our position in the Middle Eastern market based on Dubai and lay the groundwork for expanding our partners. We are preparing to conduct collaborative projects in various parts including investment, marketing, medical, on-chain, and community.”

Indian Web3 Blockchain companies flock to RAK DAO Oasis

Indian Web3 Blockchain companies flock to RAK DAO Oasis

UAE RAK DAO, Ras Al Khaimah Digital Assets Oasis, has attracted Indian and Chinese Web3 Blockchain entities as it licensed 100 digital asset and Blockchain licenses. According to the press release, RAK DAO has issued the most licenses to Indian companies, 15% to be exact. Following closely is China.

These global entrepreneurs not only leverage RAK DAO’s strategic location in the UAE but also tap into its comprehensive ecosystem of services meticulously crafted to meet their evolving needs. From blockchain, digital assets, and AI services to consulting, RAK DAO equips its licensees with the essential tools and support required for success in the digital asset era. With the majority of companies registering with RAK DAO being global web3 and blockchain entities, the ecosystem fosters a thriving environment for cutting-edge innovation and technological advancement.

DAO Hive, the innovative business center unveiled by RAK DAO, is offering flexible membership packages for entrepreneurs to flourish in a collaborative environment with state-of-the-art amenities and networking opportunities.

“As we celebrate this remarkable milestone of issuing over 100 licences in well under a year, we reaffirm our commitment to driving innovation and fostering growth within the global web3 and blockchain sector,” says Dr. Sameer Al Ansari, CEO of RAK DAO.

He adds, “DAO Hive stands as a testament to our vision of creating a dynamic ecosystem where pioneering ideas converge and businesses thrive. This achievement not only underscores the success of RAK DAO but also reflects the resilience and dynamism of Ras Al Khaimah’s business landscape. We are proud to be at the forefront of shaping the future of the web3 industry, offering global entrepreneurs unparalleled opportunities to flourish within DAO Hive and beyond.”

RAK DAO has signed many partnerships with blockchain and digital asset entities since its launch, the latest being with BlockLogica.

28% of Egyptian businesses surveyed in DP World study want to use blockchain

28% of Egyptian businesses surveyed in DP World study want to use blockchain

New research backed by DP World, showed that Egyptian businesses plan to leverage technology to enhance supply chain efficiency and agility with 28 percent of them exploring the use of Blockchain. As per the research 28% of Egyptian executives surveyed want to leverage technology. In addition, 33 percent are exploring advanced automation, and 28% want to use Blockchain to improve traceability, security, and data protection.

As Egypt’s economy expands into new sectors and positions itself as a manufacturing hub in Africa, 28% of executives view market expansion as the key driver for export growth. Europe (37%) and North America (34%) are expected to significantly boost export revenue in 2024. Technological advancements (35%) are anticipated to increase output levels and import values.

Rizwan Soomar, CEO & Managing Director of DP World for North Africa & the Indian Subcontinent, commented, “Aware of current economic and geopolitical hurdles, we echo the optimism of the surveyed Egyptian executives. They aim to fortify their supply chains with technology and explore new growth markets. These findings align with DP World’s initiatives in Egypt, where technology implementation addresses business challenges and bolsters resilient supply chains. For instance, at the Port of Ain Sokhna, our technology has improved truck turnaround times by 35% and vessel productivity by 16%. We’ve also introduced multi-channel payment solutions and customer self-service applications for real-time data access, enhancing cargo control and visibility. Together with our development of end-to-end logistics solutions in Egypt, underpinned by DP World’s CARGOES suite of technology platforms, we aim to build resilient supply chain solutions that enable businesses to navigate the challenges of trade seamlessly and efficiently.”

DP World itself has been strongly utilizing technology. For example DP World, Fintech owned platform, DP World Trade Finance partnered with Blockchain enabled UAE Trade Connect to transform trade finance and combat fraud across the UAE.