Onramp Money and Metamask offer crypto purchases in UAE currency

Onramp Money and Metamask offer crypto purchases in UAE currency

In a recent X statement, Onramp Money a provider of fiat-to-crypto onramp solutions, offering a seamless and secure way for users to trade cryptocurrencies using their fiat currencies, and self-custodial crypto wallet Metamask announced that users in the UAE can buy 300 + digital assets using the AED currency directly through Metamask.

As stated, “Breakthrough in the UAE, Now users I the UAE can buy 300+ digital assets with AED directly within metamask using OnRamp Money.”

his integration allows MetaMask users in the UAE to buy over 300 digital assets with Emirati Dirham (AED) directly through the MetaMask mobile app and Portfolio Dapp, facilitated by instant bank transfers.

As per a blog post, Onramp Money’s integration provides a seamless, fast, and secure method to access web3 and acquire tokens conveniently, without the need to navigate the complexities of centralised crypto exchanges.

The Blog post adds, “The integration with Onramp Money in MetaMask to support Emirati Dirham (AED) is a pivotal development for the cryptocurrency industry in the UAE, especially in Dubai. It signifies a major leap in making digital asset transactions more accessible, efficient, and integrated into everyday financial activities.”

This is not the first announcement that Metamask makes in an Arab country. In December 2023, MetaMask self-custody crypto wallet announced that it had partnered with several entities across the globe including Egyptian payment provider Vodafone Cash to offer new ways to onboard crypto around the world.

Metamask has currently 30 million users.

Conflux Network in UAE with RAK DAO digital assets Oasis

Conflux Network in UAE with RAK DAO digital assets Oasis

Conflux Blockchain, a Layer 1 Blockchain, enters the UAE and partners with UAE’s RAK Digital Assets Oasis (RAKDAO) to develop the Blockchain and digital asset sector.

Conflux’s collaboration with RAK DAO represents a mutual commitment to leverage the strengths and expertise of both partners. This partnership is founded on shared goals and visions, including advocating for blockchain-friendly regulations to foster an environment instrumental to blockchain and digital asset development in the region.

Additionally, the collaboration will cultivate talent and provide valuable educational resources, nurturing a skilled workforce in the blockchain sector. Furthermore, we will facilitate opportunities for businesses and startups in the region to explore and integrate blockchain technologies, thereby amplifying prospects in the digital economy.

Both Conflux and RAK DAO will explore avenues of cooperation in sharing expertise and knowledge to achieve mutual benefits and foster collaboration  as well as incubation and acceleration programs, educational initiatives, and community-building events and workshops in blockchain technologies/

RAK DAO will help Conflux establish a presence in the UAE and the broader Middle East region, while Conflux will develop custom blockchain solutions for digital and virtual asset companies within RAK DAO.

RAK DAO, a strategic initiative by the Government of Ras Al Khaimah, is dedicated to fostering the growth of digital assets and blockchain technology within the region. With its progressive policies and supportive ecosystem, RAK DAO is rapidly becoming a hub for digital innovation and entrepreneurship.

This announcement comes shortly after the visit of Vitalik Buterin to RAK DAO Oasis.

Sastanaqqam a blockchain Web3 company moves headquarters to UAE

Sastanaqqam a blockchain Web3 company moves headquarters to UAE

Blockchain and Web3 Company, Sastanaqqam, has relocated its headquarters to Dubai UAE. It will be present at the One Central district in Dubai at the end of March.

One Central has become a pivotal hub for cryptocurrency enterprises, known for its state-of-the-art facility and a business-friendly regulatory environment. This district houses notable crypto entities like Bybit’s global headquarters and the, a hub for cryptographic and blockchain technologies.

Sastanaqqam’s relocation to One Central reflects its alignment with Dubai’s vision as a leader in technological advancement and financial innovation. “Our move to One Central isn’t just a relocation; it’s a strategic decision to integrate with a community at the forefront of blockchain and digital currencies,” said Azzi Mohamed Mbarek, COO of Sastanaqqam.

The decision to establish a base in One Central, alongside pioneering crypto platforms such as Deribit, underscores Sastanaqqam’s ambion to be at the forefront of the crypto revolution. Dubai’s One Central offers an environment ripe for collaboration, innovation, and growth, making it an ideal location for Sastanaqqam’s expansion.

In anticipation of this significant move, Sastanaqqam is ramping up its recruitment efforts, aiming to attract top talent in blockchain and fintech. The new office in One Central will be equipped with the latest technology and designed to foster innovation and collaboration.

Local businesses and the community in One Central are excited about Sastanaqqam’s arrival. “Sastanaqqam’s addion to One Central is not just a boost to our local economy; it also reinforces our status as a leading tech and financial hub,” shared One central business development team.

Established in 2021, Sastanaqqam is a company specializing in blockchain and Web 3.0 technologies, with a focus on integrating art, gaming, and DeFi to create a comprehensive digital ecosystem.

Aquanow receives crypto broker license from VARA in Dubai

Aquanow receives crypto broker license from VARA in Dubai

Canadian based Aquanow ME FZE local UAE entity, a digital assets liquidity infrastructure provider, has received a full virtual asset service provider license from Dubai Virtual asset regulatory Authority (VARA).

The license which is currently pending, will allow Aquanow to offer crypto broker dealer services as well as investment services. Aquanow will also be able to offer crypto lending and borrowing services.

Aquanow has been operating crypto infrastructure at scale since 2018.

In January 2023, Aquanow and Gate.io, a global cryptocurrency exchange with over $6B in daily volume, entered into a partnership to build global liquidity for the next wave of blockchain projects.

In June 2023 Aquanow, announced that it had received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA), while it undertakes the in-depth process of applying for a license in accordance with VARA requirements.

Aquanow is a global leader in digital assets infrastructure and is a facilitator for cryptocurrency trading in over 50 countries. Aquanow ranked amongst the fastest growing companies with a four-year revenue growth rate of 1,842%, according to the Deloitte Technology Fast 500 list.

“Dubai’s D33 vision of emerging as a top global financial center and major hub of innovation, testing, and commercialization of new technologies was a key factor in making the Emirate the centerpiece in our international growth efforts,” said Phil Sham, Aquanow Co-Founder and CEO. “We look forward to enabling a range of crypto use cases, and contributing to the region’s efforts that are leading the virtual assets industry in balancing consumer protections with world-changing technology.”

With this VARA has awarded OKx, CoinMENA and several other crypto exchanges and brokers in the UAE licenses to start their operations in a regulated manner.

Article updated with quote at 7:50 UAE time.

Commercial Bank International enters the world of digital asset payments

Commercial Bank International enters the world of digital asset payments

UAE based Commercial Bank International PJSC (‘CBI’), a corporate and retail bank headquartered in Dubai, and Fuze, MENA’s digital asset infrastructure provider, signed a Memorandum of Understanding that will allow both parties to jointly explore digital assets use cases under the comprehensive regulatory frameworks of the UAE.

The agreement between CBI and Fuze provides the foundations for innovative new use cases that leverage the potential of blockchain and digital assets, including investments and payments. Leveraging CBI’s extensive and robust track record in business and personal finance, with Fuze’s cutting-edge digital assets infrastructure and expertise, the two parties will collaborate to develop a suite of digital asset and blockchain products.

Driving this agreement is an underlying demand from customers for safe and regulated digital assets platforms. The collaboration emphasises responsible innovation and as a regulated business, Fuze is committed to structuring compliant products that foster trust and confidence in the UAE’s digital asset ecosystem.

On the occasion of the MoU signing, Giovanni Everduin, Chief Strategy & Innovation Officer of Commercial Bank International (CBI) stated, “Pooling the knowledge, expertise and resources of CBI and Fuze will help us explore a range of innovative new digital assets use cases for business and personal finance. This agreement will bring our customers closer to the many opportunities of digital assets, within a safe and regulated environment, in line with the UAE’s world-class virtual assets regulations. The signing of this MoU marks CBI’s commitment to furthering innovation and aligns perfectly with the UAE Government’s prioritisation of innovation as a pivotal force for driving positive change and economic development”.

Mohammed Ali Yusuf (Mo Ali Yusuf), CEO and Co-Founder of Fuze, added, “We’re thrilled to support CBI in connecting customers with future-facing financial products through the power of blockchain infrastructure. Collaborating with CBI marks a significant milestone for digital assets in the UAE. We look forward to supporting the Bank in providing greater financial accessibility and empowerment for their customers through powerful digital assets and cryptocurrency use cases”.

In December 2023, Fuze which had recently received a license from Dubai’s regulator, signed a similar MOU with UAE Fardan Exchange to allow the exchange to offer digital asset products such as buying, selling and transfer.

$1 billion Web3 gaming fund in UAE with Creta and Lloyd Investment

$1 billion Web3 gaming fund in UAE with Creta and Lloyd Investment

Creta, a Web3 metaverse gaming platform, has partnered with Lloyd Investment Group, a global private investment fund headquartered in Dubai, UAE in collaboration with Thomas Vu, legendary producer of League of Legends and Emmy Awards winner for Arcane, and Sangyoun Lee, CEO of Diverse, the development company of Creta to launch a $1 billion fund.

The partnership will establish a new fund, currently valued at $1 billion, aimed at propelling the growth of the Web3 gaming industry across the MENA region.

Lloyd Investment Group, known for its focus on energy, infrastructure, technology, and real estate sectors, recognizes the potential within Creta and is committed to leading the market across the MENA region in the entertainment and gaming sector.

The newly established fund will provide grants to emerging developers, enabling them to bring their game concepts to life. It will offer creative developers and startup studios the opportunity to access funding for the development of innovative game ideas, ultimately contributing to the success of the CRETA Platform. The launch of this USD$1 billion Fund underscores the growing importance of the Web 3.0 gaming industry and its potential to shape future social interactions, leisure activities, and work dynamics on the CRETA Platform.

CRETA’s ultimate goal is to unite a coalition of top-tier developers, creators, and producers, inviting them to contribute their high-quality creations to the platform. With a cutting-edge gaming and entertainment platform, Creta aims to lead the next generation of game and metaverse content industries.

The new fund aims to expand the Creta metaverse by developing content and cultivating a pool of skilled developers.

Creta, headquartered in the UAE with additional offices in Japan and Armenia, is spearheaded by Diverse, a Korean metaverse game developer renowned for its high-performance game engines and advanced graphics technology. Leveraging Locus Chain, a robust public blockchain, Creta offers a super-sized multiverse where multiple metaverses can seamlessly merge and expand, boasting photo-realistic visual quality.

Creta is a Web3-based multiverse gaming platform headquartered in Dubai, UAE, with a team of developers, publishers, and blockchain experts who have made a name for themselves in the global gaming industry. These include Ray Nakazato, a respected producer in the Japanese and global gaming industry, Alexander Harutyunyan, former CEO of European game publisher INNOVA, and CCR’s Seokho Yoon, who developed Korea’s national game Fortress. The partnership with Okamoto, the legendary game designer behind Street Fighter 2, Resident Evil, and Monster Strike, and Thomas Vu, producer of League of Legends and Emmy Award winner for Arcane, is expected to result in a world-class lineup of Web3 game titles.

First Solana and now BridgeTower set up Blockchain digital asset platforms in UAE

First Solana and now BridgeTower set up Blockchain digital asset platforms in UAE

Deus X Capital, a $1 billion family-office backed investment and operating company and Bridgetower Capital, a leading provider of digital asset and blockchain infrastructure with $800 million, have partnered to launch BridgeTower Middle East in ADGM (Abu Dhabi Global Market) in the UAE.

Tim Grant, CEO of Deus X Capital, and Cory Pugh, CEO of Bridgetower Capital, will lead the newly formed entity that is the first of many expected partnerships between the two companies.

The company which will also have a presence in Dubai is set to launch and operate an institutional grade digital asset infrastructure platform to facilitate the rapid growth of digital assets business in the UAE and Middle East/GCC Region.

The company is self-funded and brings more than $250 million of delegated assets for turnkey staking, alongside years of digital asset and capital deployment experience and resources available through Bridgetower and Deus X.

BridgeTower ME will offer turnkey institutional staking, a secure service that will see Bridgetower ME validate transactions across some of the world’s largest blockchains that it is bringing to the region.

It will also offer advanced data center capabilities including AI GPU services over blockchain networks. Bridgetower ME will produce and distribute AI GPU compute power generated from its proprietary bare metal server infrastructure and data center capabilities.

In addition the platform will also offer private equity/venture building facilitation, to support and grow the blockchain digital asset ecosystem in the UAE region, and its customizable Web3 commerce platform, to service prominent brands who are evolving products and services into digital asset opportunities.

This includes participation by large global consumer brands, global art markets, and partnerships with global sports clubs, associations and athletes amongst others.

It is anticipated the Board of Directors will utilize long-term capitalization options aligning with its commitment to the country, including liquidity events such as a public listing on the Abu Dhabi stock exchange, ADX.

“Staying true to our road map of global expansion and partnering with top companies, it’s a rare privilege to see Deus X and Bridgetower partner to create Bridgetower ME as one jointly owned, Abu Dhabi entity,” said Bridgetower Chairman and CEO Cory Pugh. “We will bring substantial assets forward to the newly formed Bridgetower ME. We have tremendous respect for the UAE business culture and regulatory approach to digital asset infrastructure and look forward to investing resources to both incubate and bring new opportunities to the UAE.”

“We are delighted to have the opportunity to work with Abu Dhabi to incorporate a company that is solely focused on making the country the global leader in digital assets and fintech,” said Deus X Capital CEO Tim Grant. “Our mission is to help bring about a new financial ecosystem that is cheaper, fairer and more accessible for everyone, and this is an enormous opportunity to help achieve that goal in the region.”

Arvind Ramamurthy, Chief of Market Development at ADGM said “Bridgetower ME is making exciting moves as they look to strategically contribute to the development of the digital asset infrastructure in the UAE and throughout the MENA region, by establishing their presence in Abu Dhabi. ADGM’s comprehensive regulatory framework for digital assets provides a solid ground for leading players in this sector and creates a business-friendly environment for their development and operations expansion. We look forward to Bridgetower ME participation in ADGM’s vision of technological innovation and excellence, and its contribution to positioning Abu Dhabi as a global hub for digital assets.”

This announcement comes after Solana also set up its presence in ADGM announcing a partnership to enhance distributed ledger technology and blockchain innovation.

The Solana Foundation is a non-profit organization dedicated to decentralization, adoption, and security on Solana network.

As per the press release, the collaboration between ADGM and the Solana Foundation will further expand ADGM’s existing offerings by exploring opportunities for joint initiatives and projects related to the development of the blockchain company ecosystem in Abu Dhabi.

Hamad Al Mazrouei, CEO of ADGM Registration Authority, stated, “Our strategic alliance with the Solana Foundation marks a key milestone in cementing ADGM’s leadership in the blockchain sector, and represents a direct reflection of the effectiveness of our DLT Foundations Framework and our commitment to the growth and the development of the blockchain sector. We are excited to partner with Solana to pioneer the future of technology, and further enhance the level of knowledge in the space of blockchain by emphasizing the value of regulation and compliance in ensuring robust and sustainable development. We are confident that this significant collaboration will lead to bolstering the blockchain ecosystem and driving further innovative initiatives in Abu Dhabi and the UAE.”

The UAE has emerged as a global hub for innovation and adoption of blockchain technology, said Lily Liu, President of the Solana Foundation. “Working closely with ADGM is a significant step forward in the continued growth of blockchain adoption in the region as a whole, and advances the Solana Foundation’s goal of fostering innovation, security, and widespread adoption on the Solana network in the Middle East.”

In November 2023, IOTA DLT Foundation announced that it had been registered as the first foundation under the DLT Foundations Regulations at ADGM ( Abu Dhabi Global Markets.

Future of Decentralized mobility is now in Dubai, with DRIFE Web3.0 Taxi

Future of Decentralized mobility is now in Dubai, with DRIFE Web3.0 Taxi

The best companies that have ever existed are those that are built with conviction and passion, DRIFE is such a company. Based on the concept that centralization eventually equates to monopolization, the Founder of DRIFE, a decentralized ride hailing platform built on the Sui Blockchain, Firdosh Sheikh believes that both taxi drivers and their riders deserve a more transparent, secure, cost effective system that benefits both parties. Today with DRIFE being licensed in Dubai UAE that dream is now available in the UAE.

The dream behind DRIFE

DRIFE started and continues to be a personal journey. According to Firdosh, it all started during an UBER ride to an airport in India. As Firdosh explains, “I have always been a user of taxis as my means of transportation starting early on when I moved to Delhi for my studies, and then afterwards in Bangalore while I was working as a financial analyst. Yet one midnight drive to an airport changed everything.”

It was on that evening that the UBER driver had asked her to cancel the trip telling her he would take her at a much lower price. Asking him why, she discovered that UBER was taking 35% commission leaving him with a profit of less than 50% after cost.

After that drive, Firdosh began speaking to all the drivers she would use for rides. The same story emerged, high commissions, no health insurance, and a feeling that they were caught in a vicious circle and still struggling.

She spoke to 1000 drivers, and in the back of her mind she remembered how her father had started his career as a taxi driver, and how as a young girl she would wait patiently for his return while he worked hard to earn money for his family.

It is then she decided that she wanted to change this. She had read about how Bitcoin had offered freedom to the financial sector, and realized Blockchain could do the same for the mobility sector.

Firdosh calls it Taxi 3.0 for short. In her experience Taxi 1.0 was where people would book an unmetered taxi and agree the fare with the driver. Taxi 2.0 was where big tech got involved and everything moved to the platform. It was certainly a technical disruption and people could book and find a taxi with a couple of taps on their mobile phone.

DRIFE is Taxi 3.0.It is disrupting the disruptors of Taxi 1.0, the Taxi 2.0. While Taxi2.0 was a win because of technology, it eventually became a loss for the driver. As Firdosh explains, “In Taxi 3.0, the community, the market and the driver is in control not anyone else. The market sets the prices; there are no commissions, and only a subscription fee to use the platform, so that with every ride, the money belongs to them. This direct connection allows for more personalized and customized ride-hailing experiences, where riders can choose drivers based on specific criteria, such as driver rating, car type, and other preferences.”

DRIFE: The Web3 Taxi

DRIFE utilizes an array of technologies to offer TAXI 3.0. DRIFE has a patent pending auction based dynamic pricing model and removal of middlemen’s profit which contributes to lower prices for riders and higher earnings for drivers.

The platform and its application also utilize smart contracts, a tamper proof system that is resistant to fraud and hacking. This technology ensures that transactions are conducted in a secure and transparent manner, giving riders and drivers peace of mind when using the platform.

The use of blockchain technology, specifically Sui Blockchain in DRIFE’s platform further enhances the transparency of the pricing system, ensuring that riders and drivers can trust the pricing mechanisms. The blockchain also enables DRIFE to operate with a zero-commission structure.

The platform operates on the DRF token, which serves as the native currency for all transactions on the platform. DRF token has two different utilities in the ecosystem. Riders can use DRF tokens to make payments directly to the driver, while drivers can use DRF to pay for their subscription fees.

In addition, DRIFE’s governance structure is built on a decentralized autonomous organization (DAO) model. The DRIFE ecosystem is governed by a network of token holders who have a say in the decision-making processes. The DRF token gives every stakeholder voting rights and enables them to take part in the governance, ensuring that the community needs and priorities are addressed.

DRIFE even uses NFTs (Non fungible tokens). DRIFE Council NFT is their unique approach to uphold the idea of ‘decentralization’ through DAO Governance, which endeavors the growth of the DRIFE ecosystem and brings added value to the DRIFE community.

DRIFE Council members are a group of 200 members responsible for most approvals taking place in the DRIFE ecosystem, starting with approvals for proposal voting and franchise vetting and more. According to Firdosh, “The launch of DRIFE NFT is also a strong indication of our commitment to the utility of DRF (decentralized ride-hailing fuel). We believe that DRF has a bright future as a utility token, and it will continue to play a vital role in the DRIFE ecosystem. DRIFE NFT is an integral part of the DRIFE DAO Framework.”

DRIFE IN UAE

In 2023 DRIFE achieved pivotal successes with licenses in Karnataka, India. At the end of 2023, DRIFE had over 350,000 users and 30,000+ drivers. Today DRIFE expands its operations to the UAE. DRIFE has been granted an e-hailing license.This groundbreaking achievement was made possible through the partnership with AASA Passenger Mobility Services LLC subsidiary of AASA Group, an affiliate of EII Capital (Formerly known as EMAAR Industries and Investments), DRIFE’s franchise partner in Dubai, who played a pivotal role in securing the license.

Firdosh explains, “We are very proud to have received an e-hailing license allowing us to compete against the likes of UBER and Careem which are both Taxi 2.0 mobile based taxi applications. It was not easy acquiring a license in the UAE; it took nine months because here everything is well systemized and organized. This had always been a dream of mine and very honored to see us here.”

Firdosh explains, “To start with, we will work with Limousine drivers, and then eventually we hope to get the RTA taxis on board. Riders can hail a DRIFE Taxi from Dubai and travel anywhere in the UAE.”

At present, bookings can only be made from within Dubai, so the next step according to Firdosh is to obtain a license from Sharjah as well.

In addition, DRIFE is still not utilizing its DRF token in the UAE as it needs approval from Dubai’s Virtual Asset Regulatory Authority. Firdosh states, “We are in the process of receiving approval from VARA to utilize our token, once received we will integrate it into the application.”

Drivers of DRIFE all go through an extensive KYC (Know your customer) process as well as extensive training.

The Future of DRIFE

As for the future of DRIFE not only globally but in MENA, Firdosh aims to expand DRIFE’s operations in India, and within the UAE. She then aims to acquire a license in Saudi Arabia.

Firdosh states, “We want to expand DRIFE across MENA and India, we are looking for partners in KSA because eventually we want to have a strong presence in the region.”

In the future DRIFE will be doing a fundraiser round but at the moment the focus is on the launch in the UAE. Firdosh explains, “My vision for DRIFE is for it to become a global phenomenon, impacting as many drivers as possible. In the end everyone can be part of DRIFE. For us, DRIFE is not just about WEB3 Taxi, but about solving all the problems in the mobility space.

Firdosh believes that drivers can contribute to building a decentralized mobility infrastructure, whether that includes maps or other infrastructure related solutions. This is one of the reasons DRIFE chose the Sui blockchain to be strategic partners to help build mobility specific use cases.

vintage collectibles are now immutable with Sui Blockchain

vintage collectibles are now immutable with Sui Blockchain

UAE vintage pop culture group, AGSpeedy announced a joint venture with Speedy Comics called AGSpeedy Technologies which will use AI and Blockchain to authenticate memorabilia and verify them immutably.

The joint venture, AGSpeedy Technologies will utilize the Sui layer 1 blockchain and smart contract platform.

AGSpeedy Technologies is the brainchild of AGS, an AI-based card grading system that provides authentication and grading services for physical collectibles, from sports trading cards to trading card games like Pokemon and Magic The Gathering, and Speedy Comics ME, the Middle East’s leading destination for vintage comics and collectibles.

Parent company AGS is responsible for grading nearly one hundred thousand cards in 2023, while its AI database covers millions more.

Collectibles have always had a tight grasp on the imagination of consumers – from stamps to the trading card games of the 90s and beyond, consumers love to collect, trade, and own.

 AGSpeedy’s system scans physical collectibles and uses its AI engine to verify and grade the item, generating an authenticity certificate which includes the item’s grade and uploads it to Sui. The certificate serves as an immutable digital twin of the collectible item, which is tradable or sellable, and any change in ownership will be recorded.

Using Sui’s native feature zkLogin, any user can create an account on Sui with credentials from Google, Slack, Twitch and more, abstracting away from the need for private key management. 

“One of the biggest roadblocks to digital collectibles has been onboarding users to web3,” said Alex Aleksandrovski, co-founder of AGSpeedy Technologies. “The process is difficult and confusing to the average person. Because it is so easy to create a web3 wallet using a web2 login on Sui, Sui is finally presenting the solution. AGSpeedy’s goal is to allow collectors to digitize their physical cards and collectibles and we are confident that Sui is the best partner to make that happen.”

“Through this collaboration, AGSpeedy is set to transform the collectibles industry by enhancing market confidence and liquidity,” said Rashed Mohammed Zubair Al Farooq, CEO of Speedy Comics Group and CEO of Pop Con ME. “Recording grading on Sui provides a tamper-proof, immutable record of an item’s quality and condition, increasing trust among buyers and sellers. This heightened confidence is expected to boost market activity, making it easier for collectors to trade and liquidate assets with peace of mind in a trusted and safe secondary marketplace. This technology is completely unique to this region, and this is just the beginning.”

“Collectible authentication is the perfect use case for blockchain technology,” said Evan Cheng, CEO of Mysten Labs and Original Contributor to Sui. “The combination of AI-powered grading and blockchain-based verification for collectors in the MENA region has the potential to reduce fraud while also introducing fans around the world to web3-powered technology, which is what we set out to accomplish with Sui – creating real world solutions for real world problems.”

UAE Cypher Capital invests in Bitcoin DeFi Platform, Velar

UAE Cypher Capital invests in Bitcoin DeFi Platform, Velar

UAE based Cypher Capital, a venture capital firm that invests in Web3, Blockchain, and crypto startups has invested in Bitcoin DeFi platform Velar.

Velar closed its seed funding round of $3.5 million from a range of notable Web3 investors. The round attracted participation from key ventures including Bitcoin Startup Lab, CMS Holdings, Black Edge Capital, GBV, Cypher Capital, Trust Machines SPV, Transform Capital, Maple Block and Samara Asset Group, among others.

Building on the unprecedented interest and growth in DeFi over the past few years that attracted over $100B in liquidity to the Ethereum network, Velar is deploying the world’s first perpetual decentralized exchange (PerpDEX) on Bitcoin.

Velar aims to unlock the $800 billion of dormant network liquidity to Bitcoin’s evolving DeFi landscape, and in doing so, offer BTC holders the same value proposition and yields that have been so successful in the Ethereum ecosystem.

The company is currently preparing for the mainnet launch of Dharma, the first ever Uniswap v2-inspired AMM built on popular Bitcoin Layer Stacks.

Velar intends to use the new capital to accelerate development of its PerpDEX Velar Artha. The platform will leverage Stacks to enable liquidity for DeFi dApps on Bitcoin, with Velar Artha due to launch in Q2 2024.

Despite initially launching on Stacks, Velar is a L2-agnostic protocol and will also integrate other leading Bitcoin L2s. Cem Özer, Co-Founder and CEO of Sovereign labs, and Alexei Zamyatin, Co-Founder of Build on Bitcoin (BoB), both prominent upcoming Bitcoin L2s have also participated in Velar’s funding round as angel investors.

“Velar’s successful funding round is a validation of our mission to make Proof-of-Work and Bitcoin the base layer of DeFi. Velar is set to redefine what’s possible, facilitating $800B worth of dormant liquidity to be used in DeFi; and we’re excited to invite the world to be a part of this groundbreaking journey,” said Mithil Thakore, Co-Founder and CEO of Velar.

“DeFi is the logical next step for Bitcoin. Introducing perps for Bitcoin and other assets that can be swapped in a decentralized way, and earn rewards will help unlock the $500B in untapped value on Bitcoin,” said Muneeb Ali, Co-Creator of Stacks. “This fundraise helps the team at Velar build a liquidity protocol that will be a major gateway for the usability being unlocked by sBTC on Bitcoin L2.”

Velar’s eventual product suite will include an AMM, project launchpad, and PerpDEX, with the latter enabling institutions to utilize their dormant BTC holdings as collateral in a non-custodial way. Velar launched its AMM testnet last May which saw over 165,000 testnet wallets created, a record for a Bitcoin-focused DeFi project.