Oobit for crypto trading and payments seeks license in UAE

Oobit for crypto trading and payments seeks license in UAE

Oobit, a crypto payments and trading application announced that it has applied for a license in UAE with the Financial Services Regulatory Authority (FSRA) license under the Abu Dhabi Global Market (ADGM) framework.

As per the blog post, this step marks their commitment to expanding into the thriving Middle Eastern market and aligning with a forward-thinking regulatory environment.

“Applying for the ADGM license is a monumental step for Oobit. It reinforces our commitment to fostering trust and innovation in the crypto space while paving the way for seamless global adoption,” said Aharon Miller, COO of Oobit.

As part of this expansion, Oobit plans to establish a dedicated office in Abu Dhabi, further cementing our presence in this market and fostering closer collaboration with local stakeholders.

Oobit decided to apply for a license in the UAE given that 30% of the UAE population owns crypto. In addition the UAE, and ADGM have created forward looking regulations for virtual assets. In addition, the geographic position of UAE opens markets in MENA and Asia.

The company intends to utilize the license for crypto and stablecoin payments.

UAE DAMAC Group to tokenize $1 billion worth of assets on MANTRA Blockchain

UAE DAMAC Group to tokenize $1 billion worth of assets on MANTRA Blockchain

UAE DAMAC Group, with a portfolio of real estate developments, hospitality, data centers and more has signed an agreement with UAE based Mantra blockchain to tokenize the company’s asset for financing.

As per the press release, the collaboration between MANTRA and the DAMAC Group will enable token-based financing for a diverse range of assets within the group’s extensive portfolio of companies, with a minimum value of US$1 billion.

The DAMAC Group assets will be available in early 2025, exclusively on MANTRA Chain. DAMAC Group is leveraging blockchain technology to bring greater transparency, security, and accessibility to DAMAC Group’s wide-ranging assets.

“This partnership with DAMAC Group is an endorsement for the RWA industry. We’re thrilled to partner with such a prestigious group of leaders that share our ambitions and see the incredible opportunities of bringing traditional financing opportunities onchain,” said John Patrick Mullin, CEO of MANTRA.

Amira Sajwani, Managing Director of Sales & Development at DAMAC, said, “DAMAC is always exploring new technologies to enhance our product offerings. Partnering with MANTRA is a natural extension of our commitment to innovation and forward-thinking solutions. Tokenizing our assets will provide investors with a secure, transparent, and convenient way to access a wide range of investment opportunities.”

This comes days after DAMAC Group announced investing $20 billion in datacenters in the USA.

Additionally this is not the first partnership for MANTRA. In November 2024, MANTRA, partnered with Libre Capital, a UAE-headquartered financial instruments tokenization and issuance platform, to provide investors with onchain access to a diverse range of attractive investment funds.

While in July 2024, UAE based MAG Group Holding a multinational consolidation of different companies and sectors, announced it would tokenize $500 million worth of real estate assets with UAE based Mantra Blockchain.

Powered by Blockchain and AI UAE G4Green marketplace is live

Powered by Blockchain and AI UAE G4Green marketplace is live

ImpactGulf, the creators of G4Green.com enterprise solution, UAE-based sustainability technology solutions provider, have announced that Blockchain and AI G4Green sustainable marketplace is now live.

As per the press release, the G4Green Marketplace is a comprehensive sustainability platform that enables green performers to showcase their achievements, and green innovators to promote their products and services. It also allows consumers and businesses to search for green products, services, partners and suppliers. The platform is complemented by a number of unique features to enhance user experience, sharing of ideas and collaboration. This includes a Green Blog where member companies can share news and information on sustainability, including global insights, company news, business requests, opportunities and event announcements.

“Large companies struggle to collect ESG data from their suppliers, whose sustainability performance reflects directly on the companies’ reputation. Meanwhile, the wider business community is overwhelmed by the complexity and breadth of sustainability issues and struggles to find sustainable partners or green products and services,” said Yassin Nasri, CEO and founder of ImpactGulf. “G4Green solves this problem by enabling any company, regardless of size, to progressively obtain sustainability information, receive guidance on building a sustainability profile, and share their green performance and innovations with partners, customers and the world.”

By inviting their corporate network to join G4Green Marketplace, large organisations, government agencies and global institutions can map the ESG performance of their suppliers and rally their entire corporate network around ethical principles. They can collectively onboard them, monitor and drive their sustainability performance and implement incentive tools to accelerate their ESG journey. Initially, the marketplace will be free to all registered companies in the UAE, with plans to expand globally next year.

Commenting on the platform, Nasri said: “G4Green represents a significant milestone in our ongoing commitment to drive positive environmental change and build capacity in the sustainability space. By providing organisations with the tools and resources to streamline their sustainability efforts, we aim to catalyse a broader shift towards greener business practices. Building and operating a sustainable business is not possible without the engagement of the wider business community.”

“Although the platform is free to use, we are pleased to offer significant and permanent discounts on premium membership to all UAE-based companies registered in sustainability free zones such as Masdar City or Expo City Dubai, or members of sustainability initiatives such as the Climate-Responsible Companies Pledge, the Global Compact Network or the SME Climate Hub,” added Nasri.

Vytautas Sabaliauskas, CTO at ImpactGulf, added, “The platform’s sustainability capabilities are powered by advanced technologies, including AI-driven data analytics and blockchain-enabled traceability, to ensure the integrity and reliability of sustainability initiatives. The platform also uses AI to detect false sustainability claims, helping companies avoid greenwashing by scanning social media posts for sustainability claim violations before they are posted.”

ImpactGulf is the host of the 14th National Dialogue for Climate Ambition (NDCA), and a signatory to the UAE Climate-Responsible Companies Pledge. It is also a participant in the United Nations Global Compact, and an officially recognised member of the Greentech Alliance. ImpactGulf was selected by Shell Middle East and StartUpbootcamp for the Shell StartUp Engine UAE 2022.

UAE DAMAC properties investing $20 billion in US datacenters for AI and crypto

UAE DAMAC properties investing $20 billion in US datacenters for AI and crypto

UAE DAMAC Properties CEO, Hussain Sajwani, a close business partner of the Trump family will invest $20 billion in US datacenters used for AI ( Artificial Intelligence) and crypto. President-elect Donald Trump announced the $20 billion investment for data centers in the United States on January 7th 2025.

Trump said at a news conference that he believed Sajwani made the commitment because “he was very inspired by the election and wouldn’t do it without the election.” The president-elect emphasized his plans to get investments of $1 billion or more through the environmental regulatory review process quickly.

Sajwani briefly joined the news conference and said: “It’s been amazing news for me and my family when he was elected in November.”

Sajwani’s promised investment feeds into an existing boom for constructing data centers used in the development of artificial intelligence and expansion of cryptocurrency, as well as in other elements of an increasingly digital economy that relies on having greater sources of computer processing power.

In October, the financial company Blackstone estimated that the U.S. would see $1 trillion invested in data centers over five years, with another $1 trillion being committed internationally.

Sajwani would gain data centers in the United States, which thus far have not been part of his company’s EDGNEX data center portfolio. According to the company’s website, it already has or plans to build data centers in the UAE, Saudi Arabia, Turkey, Spain, Thailand and Indonesia.

Investment in datacenters globally and in the Middle East is growing. It is estimated that global spending on construction of new data centers is expected to surpass US$49 billion by 2030 (source: MicKinsey & Company). With over US$1.0 trillion funding gap in renewable energy, it is believed to be an opportune time to lay the groundwork to power the advancement of compute infrastructure for a vibrant digital economy.

Recently HODLER INVESTMENTS, a UAE based investment company, headquartered in the Dubai, which includes in its portfolio energy, AI, and digital asset mining startups such as PermianChain, Brox Equity and others; and Abu Dhabi’s EHC Investment which leads multiple businesses with operations and investments across the energy, infrastructure, firefighting technology and system integration services signed a strategic partnership to launch NEXGEN.

NEXGEN will support the creation of a compliant digital energy market to supply critical energy infrastructure that will monetize wasted energy such as flared gas in the UAE, KSA, and Egypt with the aim of hosting global data center operators, reducing carbon emissions and contributing the Digital Energy Infrastructure (DEI) Fund, a local decarbonization innovation fund.

UAE M2 crypto exchange to offer crypto lending in 2025

UAE M2 crypto exchange to offer crypto lending in 2025

UAE licensed crypto exchange M2, has announced that it will be introducing new products and services including crypto lending in 2025.

The press release noted that M2 has refocused its treasury division to serve high-net-worth individuals (HNWIs), family offices, and institutional clients with bespoke offerings. The company has also expanded its structured products team, recruiting specialists to enhance its capabilities.

In terms of the upcoming product line of services, M2 will be offering what is called enterprise earn, a white-label solution that enables enterprises to deliver market-leading yields directly to their customers—unlocking new value and revenue streams for businesses.

It will also be offering a crypto lending product that it will launch this month in January 2025. The solution will allow users to borrow stablecoins against their crypto assets, preserving ownership while enhancing liquidity.

Finally the crypto exchange will be offering its M2 Card which it will launch in Q1 of 2025. The Crypto debit card enables users to seamlessly manage and spend their digital assets based on personal preferences.

In October 2024, Stefan Kimmel, the CEO of M2, regulated crypto exchange out of Abu Dhabi UAE, moved on to a board position and was replaced by Saadeddine Zaher. As per the announcement, Stefan will remain an integral part of the M2 family as he joins the Board of Directors and takes on a new role within the broader Group, where he will focus on the development of digital asset projects.

UAE licensed Backpack Exchange acquires FTX EU

UAE licensed Backpack Exchange acquires FTX EU

UAE licensed Backpack Exchange, a global cryptocurrency exchange has acquired FTX EU, the MiFID II-licensed former European arm of FTX. In a Coindesk article, it noted that BackPack acquired FTX EU for $32.7 million.

As per the press release, the acquisition which was approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), marks a major milestone in Backpack’s global expansion and commitment to delivering secure, regulated trading solutions across Europe.

Backpack EU is planned to go live in Q1 of 2025. The crypto exchange will offer a full suite of crypto derivatives throughout the European Union including perpetual futures.


With the acquisition, Backpack’s new EU arm will offer a full suite of crypto derivatives throughout the European Union including perpetual futures, a market where no regulated crypto derivatives currently exist, as unregulated offshore exchanges have been forced to wind down their unlicensed European operations.

Armani Ferrante, CEO of Backpack Exchange, commented: “As many international exchanges exit the European Union, becoming a MiFID II-licensed entity demonstrates our dedication to meeting the highest regulatory standards and is a significant step to bringing transparent, secure, and regulated crypto trading to an underserved European market.”

As part of the acquisition, Backpack EU will undertake responsibility for distributing the previously court-approved FTX bankruptcy claims to FTX EU customers.

Mr. Ferrante further noted, “Customer restitution is a crucial step to rebuild trust and confidence in the industry, and Backpack is committed to returning FTX EU customers’ funds as fast and as safely as possible.”

In addition to compliant product offerings, Backpack EU will provide seamless integration with traditional payment rails including instant, low-cost Single Euro Payments Area (SEPA) payments and wire transfers in major currencies across the region.

In February 2024, The BackPack raised $17 million in a series A round led by PlaceHolder VC.

Abu Dhabi Chamber of Commerce to launch blockchain working group

Abu Dhabi Chamber of Commerce to launch blockchain working group

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) plans to launch seven new working groups aimed to develop the private sector, promoting leadership and boosting Abu Dhabi’s business ecosystem that include AI, Blockchain and digital assets, as well as digital gaming and others.

As per the press release, these working groups focus on enhancing the private sector’s capacity, reflecting their aspirations, and channelling their voice to relevant stakeholders across key economic sectors.

The working groups explores seven key fields including precious metals and jewellery, chemicals production, Artificial Intelligence (AI), interactive and digital gaming, banking and financial services, blockchain and digital assets, as well as media, entertainment and gaming.

The Abu Dhabi Chamber of Commerce previously identified over 126 opportunities for the private sector to develop, through their engagement with the current working groups that span across various sectors. These working groups often host group meetings and workshops to discuss topics related to each sector and enhance their contribution to socio-economic development.

His Excellency Shamis Ali Khalfan Al Dhaheri, Second Vice Chairman of ADCCI ,Managing Director, said, “Through the new seven working groups, the Abu Dhabi Chamber aims to contribute to the Emirate’s economic aspirations by fostering a dynamic and diverse business ecosystem, solidifying Abu Dhabi’s position as the leading hub for business and investment.”

Al Dhaheri emphasized the Chamber’s commitment to coordinating with all stakeholders to provide a platform that fosters cooperation, knowledge exchange, and opportunities for business growth in Abu Dhabi.

To further strengthen the role of startups in the national economy, the Chamber is also establishing a dedicated team that brings together representatives from startups, innovation centres, business incubators and accelerators, venture capitalists, Research and Development (R&D) centres, and the public sector to address their challenges.

Estonia and UAE to enhance healthcare sector in UAE with Blockchain security solutions

Estonia and UAE to enhance healthcare sector in UAE with Blockchain security solutions

The Estonian Ministry of Social Affairs has partnered with the UAE to develop innovative solutions in the digital health sector using blockchain technology.

As per the press release, the partnership aims to address future challenges and create added value in the UAE’s healthcare system, leveraging Estonia’s leadership in digital health to improve the quality and efficiency of medical services in the UAE. It is designed to help the UAE adopt advanced digital systems, including e-prescriptions, artificial intelligence, and blockchain technology, to improve services and ensure the security and confidentiality of health data.

Janika Merilo, Head of the Digital Health and Care Department at the Estonian Ministry of Social Affairs, expressed her enthusiasm for the collaboration, saying, “We are pleased to announce this strategic partnership with the UAE, which represents a global model for digital transformation. We are committed to sharing our expertise in digital health to support the UAE’s efforts in developing a sustainable healthcare system for the future.”

Merilo emphasized that Estonia’s experience in digital transformation has shown how technologies like e-prescriptions and blockchain can revolutionize healthcare delivery.

Since adopting a comprehensive digital health system in 2008, Estonia has become a world leader in this field, managing over 40 million electronic health records. The system facilitates more than 2.3 million monthly interactions between doctors and patients, with 99% of prescriptions issued electronically. This digital approach has saved Estonia an estimated 2% of its annual GDP by reducing paperwork and enhancing efficiency.

Estonia’s use of blockchain technology to protect health data from cyber threats aligns with the UAE’s emphasis on improving cybersecurity in healthcare systems. This collaboration aims to build a safer and more sustainable health system in the UAE.

Estonia and UAE will work together to enhance security through blockchain will foster trust in the healthcare system, and ongoing innovations will contribute to building a sustainable, advanced healthcare model for the UAE.

UAE and USA retail investors to increase investments in crypto in 2025

UAE and USA retail investors to increase investments in crypto in 2025

In an eToro survey, published December 24th, on UAE retail investors, it found that UAE retain investors plan to increase their cryptocurrency investments by 2025. In fact 37% of retail investors plan to do so, while 40% plan to increase their investments in stocks, bonds and commodities, while 38% plan to invest in real estate.

This survey covered 1,000 retail investors in the UAE, 54% of whom listed financial goals as their main New Year’s resolutions for 2025, including investing in stocks, cryptocurrencies, and real estate.

The survey also showed that 51% of respondents plan to increase their savings or investment amounts, and 41% plan to develop more comprehensive budgeting and spending tracking strategies. Meanwhile, 32% want to increase their income through side jobs, and 28% are considering changing jobs to earn higher salaries.

66 percent of retail investors in USA will increase allocation in crypto in 2025

Bret Kenwell of eToro discussed a survey that was conducted on 1,000 retail investors in the United States. 61% of respondents affirmed that the bull market will persist.

In addition, confidence in AI stocks is also high, with 16% anticipating that they will continue their substantial increase into 2025, while 42% anticipate more incremental increases in their share prices.

Analyst Bret Kenwell said, “Tech often serves as a leadership group for US stocks, and with mega-cap and AI-related stocks garnering strong momentum as Q4 draws to a close, retail investors are looking for that to continue in 2025. Given how well markets have performed and how well these companies are doing, it’s no surprise that investors are optimistic.”

The re-election of Donald Trump, a pro-crypto president, has inspired substantial adjustments in retail investors’ portfolios. 55% of investors have adjusted their strategies. Of those that are planning on adjustments, 66% are increasing their allocation to crypto, a more popular option than US stocks 50%.

Bret Kenwell explained that Crypto has done really well. He further pointed out that Bitcoin has doubled its price for two consecutive years.

Blockchain cybersecurity entity partners with Abu Dhabi Blockchain center

Blockchain cybersecurity entity partners with Abu Dhabi Blockchain center

The Abu Dhabi Blockchain Center (ADBC) and Verichains, an entity in finance and blockchain cybersecurity, have partnered to support blockchain developers, businesses, and institutions throughout every stage of their journey, from early development to operational maturity. This partnership reflects a shared vision to provide a secure foundation to promote and develop blockchain technologies in the region, unlocking its potential for economic growth and technological leadership.


“Blockchain innovation can only thrive when it’s built on a foundation of trust and security,” said Abdullah Dhaheri, CEO of The Blockchain Center Abu Dhabi. “This partnership with Verichains brings unparalleled expertise to the region, ensuring that blockchain companies have access to the technical support needed to develop and grow their project. Announcing this initiative at Bitcoin MENA 2024 underscores our commitment to fostering a secure and vibrant blockchain ecosystem for the MENA region.”

Through its comprehensive security services, Verichains will enable developers to tackle key challenges at every stage of the development cycle:

Early Design and Architecture Review: Assisting teams in designing secure and scalable blockchain systems from the ground up, helping projects avoid costly codebase rework.

Audits and Pre-Deployment Assessments: Identifying vulnerabilities in the protocol and smart contracts before projects go live, providing technical assurance for developers, users and investors alike.

Post-Deployment Services: Offering regular penetration testing, threat modeling, and security assessments to keep live projects resilient to emerging risks.

Incident Response Services: Providing rapid response and mitigation services for projects facing security threats, minimizing downtime and protecting assets.

“We are thrilled to bring our world-class security expertise to foster a secure and trusted blockchain ecosystem in the region, fully supporting ADBC’s vision of driving innovation and positioning Abu Dhabi as a global leader in blockchain technology and decentralized ecosystems”, said Thanh Nguyen, Founder of Verichains.

The Abu Dhabi Blockchain Center has signed several partnerships over the past few months. One of them was with Aethir to push forward AI, blockchain and gaming startups.