Blockchain Founders Fund invests in UAE based Fintech startup Flow48

Blockchain Founders Fund invests in UAE based Fintech startup Flow48

Blockchain Founders Fund, SpeedInvest, Daphni, 212, Unpopular Ventures, Endeavor Catalyst, and TLG have all invested in SME fintech lending startup, UAE Flow48. This also included angel investors such as Scott Sandell from NEA.

Enrique Martinez Hausmann, Principal at Speedinvest. Stated, “What Flow48 is bringing to the table is not just innovative; it’s essential for SME growth in the region’s economic landscape. As we look ahead, the potential for Flow48 to expand beyond Revenue Based Financing is very exciting. The team is on track to become a full-service fintech solution for SMEs and expand their offerings to insurance, payments, and other financial services.”

Founded by Idriss Al Rifai on the principle of addressing the challenges SMEs face in securing working capital financing, Flow48 has developed a state-of-the-art platform that stands out with its real-time functionality, integrating seamlessly with major ERP providers, payment gateways, and e-commerce platforms. By enriching its proprietary risk engine and leveraging arrays of data from several sources, Flow48 is able to offer a more precise and efficient credit assessment process, setting new standards in SME lending.

A unique aspect of Flow48’s model is its commitment to ESG principles, focusing on empowering underrepresented segments within the SME sector. Notably, the startup has prioritized funding SMEs owned by minorities and women, a significant step in fostering inclusivity and diversity in the business landscape. “We believe that if the gap in financing exists for everyone and every industry, the hurdle is even higher if you are a woman or from a minority background,” says Al Rifai. “What we offer can be vital for these small business owners. We are contributing to building a more equitable economic environment.

In line with its broader mission, Flow48 is engaging with SMEs that drive positive environmental impact. This includes not only a focus on green energy sectors but also supporting enterprises that integrate sustainable practices into their business models. Among its diverse client base, Flow48 proudly counts several women and minority migrant-led businesses.

With its eyes set on expansion, Flow48 is strategically venturing into South Africa, attracted by its robust SME lending market and advanced fintech ecosystem. This move aligns with the company’s commitment to data-driven, real-time lending solutions and its ambition to empower SMEs across emerging markets globally. Going into South Africa is not just geographical but a deliberate step to integrate into thriving fintech ecosystems.

Dubai Chambers collaborates with Korean Blockchain game developer Wemade for UAE gaming ecosystem

Dubai Chambers collaborates with Korean Blockchain game developer Wemade for UAE gaming ecosystem

The Biggest South Korean blockchain enabled game developer, Wemade has announced its collaboration with UAE’s Dubai Chambers to develop the blockchain gaming ecosystem in Dubai and UAE.

The two are in talks to contribute to game development industry initiatives. A meeting between Henry Chang, the CEO of Wemade and  H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers  marked the next phase of Wemade’s efforts to support and grow blockchain gaming ecosystems in Dubai and the UAE.

As an advocate for the interests of Dubai’s business community, Dubai Chambers serves as a bridge connecting the local business community with Dubai’s dynamic government and is committed to ensuring a thriving environment in which businesses can flourish. The chamber seeks to facilitate and improve the ease of doing business in the emirate and advance Dubai’s position as a highly competitive global commercial center.

“The UAE is among the most dynamic regions building the next generation of games and gaming industry talent with Dubai and key stakeholders including Dubai Chambers playing an important role,” said Henry Chang, CEO, Wemade. “Wemade will focus on working with Dubai Chambers to explore how we can contribute our expertise and technology to support key initiatives including the Dubai Program for Gaming 2033.”

H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “We are pleased to initiate this collaboration with Wemade, which will contribute to driving innovation in the UAE’s rapidly evolving digital ecosystem. Dubai’s growing influence in the global gaming and blockchain arenas reflects our dedication to fostering an ecosystem that is rich in technological expertise. We remain committed to further strengthening the emirate’s position as a leading global hub at the heart of the digital economy.”

Unveiled recently by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council of Dubai and Chairman of the Board of Trustees of Dubai Future Foundation (DFF), the Dubai Program for Gaming 2033 set out major industry goals. These are: to position Dubai among the top 10 cities in the global gaming industry; generate 30,000 new jobs in the gaming sector; significantly boost the sector’s contribution to the growth of Dubai’s digital economy; and increase the GDP by approximately US$1 billion by 2033.

M2 crypto exchange first in UAE to cater to all retail clients

M2 crypto exchange first in UAE to cater to all retail clients

On the launch day of M2 crypto exchange and custodian the exchange which is fully regulated by ADGM (Abu Dhabi Global Market) is the first to serve retail clients in the UAE.

Abu Dhabi headquartered M2, which is licensed by the FSRA in the ADGM, has been recognized as a fully regulated Multilateral Trading Facility (MTF) and Custodian and is now able to on-board UAE residents and institutional clients.

M2 will be able to offer best-in-class trading products targeted at both retail and institutional investors in the UAE. The services coming soon will include, virtual Asset Custody where Investors will be able to manage their Virtual Assets in M2’s custodial wallets and offline storage facility, conveniently and securely with the easy-to-use on ramp and off ramp mechanism.

In addition clients will be able to trade AED to BTC & ETH . M2 will shortly be able to offer institutions and retail clients the ability to trade AED with leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).

AED Fiat On/Off-Ramp: Allow the on/off ramp of AED with ease through its partnership with a local bank.

While other crypto exchanges have received licenses from ADGM none of them have been allowed to cater to retail clients or have they partnered with a UAE Bank.

Designed with regulatory compliance and customers in mind, M2 adheres to strict regulatory requirements set by ADGM in relation to consumer protection, technology governance, custody and all its trade activities such as market surveillance, transparency, settlement, and transaction recording.

The ADGM has been recognized as being one of the most respected regulated jurisdictions of virtual assets globally.  Taking its first steps on the journey to becoming a global FinTech champion for Abu Dhabi, and in line with Abu Dhabi’s Economic Vision 2030, M2.com is live and the team is setting its sights on being a leader in innovation whilst always maintaining regulatory compliance.

Stefan Kimmel, M2, CEO, comments: “We take pride in being a Abu Dhabi headquartered platform, licensed by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). This recognition underscores our commitment to our customers and to the FSRA’s notably high and sophisticated regulatory standards. We look forward to offering crypto investors in the UAE the opportunity to utilize our platform, including the ability to trade on/off-ramp AED and to trade market leading cryptocurrencies such as BTC and ETH by the end of the year.”

He added: “As positive sentiment returns to the crypto market, we want to offer crypto investors a trusted place to buy, sell and custody crypto assets. Regulation is our routine, and we will continue to demonstrate our commitment to compliance and regulatory excellence.”

Arvind Ramamurthy, Chief of Market Development at ADGM said: “We are delighted to welcome M2 to ADGM. We are confident that ADGM’s dynamic ecosystem and progressive regulations will enable M2’s vision, ADGM is the largest regulated jurisdiction of virtual assets in the MENA region and M2’s innovative solutions will add to our vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers.”

Notably M2 will be having its launch party today and will be featuring the Mayyas Dance show and superstar singer Guy Manoukian as they reimagine the future of digital assets.

The article was updated at 11:51 am GMT+2 removing ADCB bank reference.

Nine Blocks Capital is the first crypto hedge fund to receive license from Dubai’s regulator

Nine Blocks Capital is the first crypto hedge fund to receive license from Dubai’s regulator

Dubai’s virtual asset regulatory authority has just listed UAE based Nine Blocks Capital Management as a receiving a full VASP license and will make Dubai UAE its headquarters.

As per VARA website, Nine Blocks Capital will be able to offer crypto and virtual asset investment services to institutional and qualified investors.

Nine Blocks Capital received initial approval from VARA back in August 2022. Nine Blocks was launched by by PwC’s former global crypto head Henri Arslanian.

Nine Blocks is the investment manager of the Nine Blocks Master Fund, a market neutral crypto fund focused on generating alpha from inefficiencies in the crypto markets using relative value, arbitrage and quantitative strategies.
With around $100m in AuM and a track record of more than 2 years, Nine Blocks manages assets for many leading investors globally, from regulated financial institutions and private banks to public companies and fund of funds.
This license is the culmination of a process that started with an MOU between Nine Blocks and VARA, allowing knowledge sharing and consultation.
The Nine Blocks group was set-up in 2021 with the belief that institutional investors want digital assets exposure via fund managers who have established digital assets track record, are regulated, have traditional finance experience and comply with the highest operational due diligence requirements.
Henri Arslanian, co-founder and managing partner of Nine Blocks said, “We believe that a regulatory regime tailored for the fast-moving digital assets space can not only provide comfort to institutional allocators but also contribute to the growth of a healthy crypto ecosystem.The UAE is quickly becoming a leading jurisdiction globally for digital assets and we are honored to be part of this journey.”

Nine Blocks follows a market neutral trading strategy, profiting from arbitrage opportunities and market inefficiencies across the crypto space.

Abu Dhabi regulator in 2024 to amend virtual asset regulations and introduce DeFi regulations

Abu Dhabi regulator in 2024 to amend virtual asset regulations and introduce DeFi regulations

The Abu Dhabi financial free zone hub, ADGM (Abu Dhabi Global Market) and its regulatory body the FSRA (Financial Services regulatory Authority) have published their business plan for 2024 which outlines introducing DeFi regulations as well as amendments to its virtual assets regulatory framework.

ADGM which announced its virtual assets framework back in 2018 has since then been growing its framework most recently announcing its DLT Foundation regulations that would allow the issuance of governance tokens.

But more interestingly in its newly published business plan for 2024, the ADGM FSRA states, they are developing a framework for DeFi activities in 2024. ADGM business plan states, “The current focus for the FSRA has been on admitting decentralized finance (DeFi) solutions to the RegLab so that it can learn from the experiences of these companies and thereby take steps to develop a suitable regulatory framework for DeFi activities.”

Together, the RegLab and Digital Lab showcase how effective government led initiatives can advance the local ecosystem and be drivers of a business friendly environment.

ADGM and FSRA will also work to utilize AI (Artificial Intelligence)  and has engaged with several projects that leverage this technology, as well as to provide more interactive and chatstyle ‘Regulation as a Service.

In terms of its virtual assets framework while the FSRA has continued to refine and enhance its VA framework and in September 2022 published an update of the ‘Guiding Principles for the Financial Services Regulatory Authority’s Approach to Virtual Asset Regulation and Supervision’ on its approach to VA regulation and supervision, in 2024 the FSRA will review its regulatory framework for VAs to assess whether any enhancements are necessary. As stated in business plan,” This goes back to the FSRA’s experience gained from supervising VA businesses and the emergence of new VA regulatory frameworks introduced in relevant peer jurisdictions.”

Finally the FSRA is working with FinTech business models that can promote greater liquidity and financial inclusion in private capital markets using as well FSRA’s regulations that support the adoption of digital assets and tokenized securities which have enabled greater accessibility and transferability of private capital market investments.

So In 2024 the UAE and in particular Abu Dhabi will witness advancements in the virtual assets regulatory landscape, as well as introduction of DeFi regulations and more utilization of security tokens and digital assets for investments.

Those who have been following ADGM know that already Binance has gained a license, as has Bahrain headquartered RAIN exchange, and most recently IOTA announced it was launching its DLT Foundation from ADGM Abu Dhabi.

This article was first published in Cryptopolitan

UAE Fils fintech platform launches employing Blockchain for digital payments

UAE Fils fintech platform launches employing Blockchain for digital payments

UAE Homegrown Fils fintech platform which employs blockchain launched prior to Cop28 to integrate sustainable values into the core of digital payments.

Fils aims to bring together buyers with capital and suppliers with high integrity carbon credits.

Nameer Khan, the founder of Fils and chairman of the Mena Fintech Association (MFTA), has designed along with his team a holistic, enterprise-grade B2B2C product offering, Fils leverages the power of leading technologies including Blockchain for its end-to-end infrastructure to transform various industries, including financial services, hospitality, and e-commerce.

This makes it easier for businesses to act on the core values of environmental, social, and corporate governance (ESG), said Khan, adding that major partnerships with some of the leading names in the industry would be announced soon.

Khan said Fils is poised to transform the world of ESG, through an API-first digital payment infrastructure that makes sustainability a lifestyle and can be easily embedded into platforms across sectors. He stated, “Fils is a catalyst for the evolution of ESG enforcement and has the right team, technology, experience and expertise to lead the market. With our robust infrastructure, it spells the end of greenwashing and clears a path towards greater accountability and implementation of actionable outcomes that can improve the sustainability of the world we live in.”

Prior to this UAE Ghad Capital partners celebrated the launch of Fils which they stated employed blockchain and AI for a transparent secure payment infrastructure, supporting 17 UN SDGs.

Early Investor and supporter resigns from UAE based Venom Blockchain

Early Investor and supporter resigns from UAE based Venom Blockchain

In a surprise move, Mustafa Kheriba, the Executive Chairman of Venomex, a UAE regulated crypto exchange and one of the initial investors and supporters of UAE based Venom Blockchain Foundation has resigned from his position at Venom Foundation.

Sources in the know confirmed this to LaraontheBlock, however Mr. Kheriba would not comment when asked about the reasons for resignation.

Prior to this in August 2023, the CEO of Venomex, Arshad Khan also resigned his position at the crypto exchange and is now a partner at UAE based Fils.

Venomex Limited is a Multilateral Trading Facility and Custodian, based in Abu Dhabi Global Market (ADGM) and received FSP from Financial Services Regulatory Authority of ADGM. Venomex as such became a regulated, crypto asset exchange and custodian in the region that focuses on institutional and retail investors. The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has given FSP to establish and operate a full-fledged MTF and digital custodian.

In terms of Venom Foundation, its chairman and Co Founder Peter Knez the former CIO at BlackRock & ex Goldman Sachs executive has been active, recently speaking at the Genesis XBT event. The event brought together market-makers, VCs, and mining industry leaders in EMEA & CIS’s leading crypto gathering. According to Knez, “ It was a fantastic opportunity for the Venom team to connect, share, and learn in the vibrant hub of Dubai’s blockchain community!”

Venom Foundation earlier this year in January had launched in partnership with Iceburg Capital a $1 billion Venom Ventures Fund.

Venom Foundation, is a  Layer-1 blockchain licensed and regulated by the Abu Dhabi Global Market (ADGM), and Iceberg Capital is an ADGM regulated investment manager. The Venom Ventures fund is a blockchain-agnostic fund that was targeting  innovative protocols and Web3 dApps, focusing on long-term trends such as payments, asset management, DeFi, banking services, and GameFi.

At the time the fund’s leadership team consisted of Peter Knez, ex-CIO at BlackRock and Mustafa Kheriba, but now given that Kheirba has resigned, it would seem he will no longer be involved in the fund as well.

Mustafa had served on the Board of Directors of several financial services and insurance companies prior to Venom Blockchain Foundation.

Venom Blockchain Foundation back in October 2022 became the first ADGM licensed crypto foundation to build a scalable blockchain platform. ADGM at the time stated, “Venom is on its way to developing an NFT marketplace, derivative exchange and fiat-backed stablecoin.”

Yet to date Venom Foundation’s only achievement was an MOU signed with the UAE Ministry of Climate Change and environment to launch the first blockchain enabled national system for carbon credits, as well as the launch of their testnet.

Venom Foundation also faced some challenges in 2023 with regards to one of its early investors Alibek Garcia Issaev, which is said to have involved a UAE court case against him.

Whatever the case, it seems Venom Foundation is facing big challenges when one of its early supporters and investors resigns.

The article was updated at 14:34 Monday 27th 2023.

eToro beats Binance to it and receives crypto broker license from Abu Dhabi ADGM

eToro beats Binance to it and receives crypto broker license from Abu Dhabi ADGM

The eToro platform which offers traders and investors more than 3,000 different financial assets, including stocks, cryptocurrencies, ETFs, indices, currencies and commodities has announced receiving approval for Financial Services Permission from the regulatory body FSRA at ADGM ( Abu Dhabi Global Market) in UAE.

While eToro’s main research and development office is located in Tel Aviv, Israel, it has legal entities registered in the UK, US, Australia and Cyprus. The firm is regulated by the CySEC authority in the EU; it is authorized by the FCA in the UK, and by FinCEN in the United States, and by the ASIC in Australia. eToro boasts of 35 million customers across 100 countries.

In September 2022, eToro has recieved its in principle approval.

The approval will allow eToro to operate as a broker for securities, derivatives, and cryptoassets in the United Arab Emirates.

Yoni Assia, Founder and CEO of eToro, comments, “The approval of our operating license by ADGM is a key milestone in our continued global expansion. Abu Dhabi is increasingly recognized as a growing fintech hub, and we are excited to become part of this flourishing ecosystem. With our team in Abu Dhabi led by Jason Hughes, Senior Executive Officer for eToro Middle East and George Naddaf, GCC & MENA Regional Manager, we are looking forward to deepening our relationships in this dynamic market and to helping our UAE clients grow their financial knowledge and wealth as part of a global community of investors.”

Arvind Ramamurthy, Chief of Market Development at ADGM, added, “We are delighted to welcome eToro to ADGM. We are confident that ADGM’s dynamic ecosystem and progressive regulations will enable eToro’s vision, ADGM is the largest regulated jurisdiction of virtual assets in the MENA region and eToro’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers, and reinforce the UAE’s strategic value to global finance.”

eToro, M2, Rain have all beat Binance to it by recieving crypto broker exchange licenses from ADGM, while Binance currently has a crypto custodial license allowing it only to deal with institutional clients.

Three Blockchain Web3 startups Pravica, Evai and TimeSwap win DMCC Bybit Hackathon

Three Blockchain Web3 startups Pravica, Evai and TimeSwap win DMCC Bybit Hackathon

Three Blockchain enabled startups present in the UAE have won the Bybit DMCC hackathon. Web3 messaging platform Pravica, crypto rating platform Evai, and DeFi lending platform Timeswap have one the $100,000 Hackathon in Dubai UAE.

With a total prize pool worth USD 100,000 directed toward fostering crypto innovation in Web3, the Hackathon is the first of its scale in the MENA region.

During the final stage of the hackathon, ten exceptional teams were chosen to pitch and showcase their groundbreaking innovations in diverse areas of the blockchain industry, encompassing GameFi, decentralised finance (DeFi), Web3 infrastructure, Web3 Education NFTs, and sustainable blockchain solutions, with three teams selected as the final winners.

Three winners were selected were Evai Crypto Ratings,  a pioneering world-class decentralized Supervised Machine Learning rating system for Crypto, DeFi and NFTs, Pravica, a peer-to-peer web3.0 messaging and value transfer infrastructure, and Timeswap a fully decentralized lending & borrowing protocol in DeFi powered by a unique 3 variable AMM enabling permissionless lending borrowing for any crypto asset powered by their unique 3 variable AMM.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “With groundbreaking innovations covering GameFi, Web3 infrastructure, sustainable blockchain solutions and more, the DMCC-Bybit hackathon is a great example of the ways we are positioning Dubai as a leader and global hub in Web3. The technology and innovation demonstrated today by DMCC Crypto Centre members across all areas of the blockchain industry will only serve to reinforce this status and attract even more global talent to the region. We are delighted to be working with Bybit to harness Dubai’s Web3 potential, and I look forward to seeing even more pioneering developments by our community members in the future.”

Ben Zhou, Co-founder and CEO of Bybit added: “We are proud to work with DMCC in hosting such a vibrant hackathon that challenged participants and unveiled some inspiring levels of tech talent. We look forward to working with DMCC and its Crypto Centre members on a range of new exciting projects over the coming period.”

DMCC and Bybit joined forces earlier this year to offer financial assistance worth $136,000 to new cryptocurrency businesses that intended to establish their operations at DMCC Crypto Centre. As part of this collaboration, Bybit became the listing partner for the Crypto Centre, providing specialized assistance to cryptocurrency firms that want to list their digital assets on one of the world’s top global exchanges.

UAE retail investors lead the resounding success of First Crypto mining IPO for Phoenix Group in UAE

UAE retail investors lead the resounding success of First Crypto mining IPO for Phoenix Group in UAE

UAE based Phoenix Group, a cryptocurrency mining technology and blockchain entity, which launched the first crypto mining entity IPO in UAE on November 16th, has announced a resounding success with an impressive 33 time over subscription led by retail investors.

As per the press release, this success demonstrates robust investor interest.

The company’s offer of 907,323,529 shares witnessed overwhelming demand, particularly from retail investors who oversubscribed by 180 times. Professional investors also showed strong support, contributing to a 22-fold oversubscription, underscoring the strength and potential of Phoenix Group.

Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group PLC, stated, “The overwhelming interest during the offer period is a powerful endorsement of our pioneering role in Cryptocurrency Mining and Blockchain. The anticipation leading up to our listing on ADX, as reflected by the oversubscription, is a testament to the confidence investors place in our vision and the potential they see in Phoenix Group.”

Munaf Ali, Co-Founder & Group MD of Phoenix Group PLC, commented on this milestone, “The exceptional oversubscription during our offer period is a clear indicator of the market’s endorsement of Phoenix Group as a leader in Cryptocurrency Mining and Blockchain Technology. As we prepare for our listing on ADX on December 4, 2023, under the trading symbol PHX, we are more committed than ever to enhancing our mining capabilities and driving tech innovations forward.”

Prior to the IPO, Phoenix Group sold 10% of its company shares to Abu Dhabi conglomerate International Holding Company’s subsidiary. This was seen as a positive stance towards Phoenix Group.

The successful close of the offer period paves the way for Phoenix Group’s anticipated listing on the ADX, scheduled for December 4, 2023, under the trading symbol PHX.