Blockchain XRP Healthcare platform expands to UAE and MENA

Blockchain XRP Healthcare platform expands to UAE and MENA

Pharma and healthcare Blockchain platform, XRP Healthcare, built on XRP Ledger has expanded into UAE and the Middle East.

As per the press release, XRP Healthcare recognizes the Middle East’s forward-thinking approach to blockchain and crypto regulation, which is more favorable and progressive compared to many other jurisdictions, including the United Kingdom. This strategic expansion aims to benefit from and harness the untapped potential of blockchain technology in healthcare, legislation, investment, and new partnerships, ultimately benefiting consumers and token holders alike.

In a statement, XRP Healthcare’s Business Development Officer Laban Roomes noted, “The Middle East has demonstrated a remarkable embrace of innovation and technology, especially in the blockchain and crypto space. This alignment with Dubai’s progressive regulatory framework makes it the ideal destination for XRP Healthcare’s expansion and upward trajectory. What is important to bear in mind is that XRP Healthcare is a long-term project, with a roadmap reaching into 2027, anyone who wants to share in our vision should fully understand we are not here to make people rich overnight but rather to build a fully functional and real-world utility business consolidating the highly fragmented private healthcare sector, starting in Africa – that has blockchain technology at the heart of it. Our expansion into the Middle East by incorporating XRP Healthcare L.L.C in Dubai positions the company perfectly for accelerated growth, our operations in Africa, and the rest of the world.”

Founder of XRP Healthcare Kain Roomes said, “I am thrilled to announce the exciting expansion of XRP Healthcare into the bustling hub of Dubai and the broader Middle East. This move represents a significant leap in our journey, one that combines healthcare innovation with the transformative power of blockchain technology. Dubai and the Middle East offer a uniquely fertile ground for our endeavours. It’s a region known for its forward-thinking approach to business, blockchain technology, and an unmatched commitment to fostering innovation. This environment aligns perfectly with our vision of a healthier world powered by the convergence of healthcare and blockchain.”

He adds,” As a company, we are bringing a fresh perspective to the private healthcare industry, specializing in mergers and acquisitions starting in Africa. Our approach is grounded in transparency, security, and efficiency, which are the hallmarks of what we have set out to achieve. In a world where data integrity and privacy are paramount, we are proud to be creating solutions that redefine how healthcare mergers and acquisitions will be conducted. As part of our expansion, we will be collaborating with local healthcare professionals, businesses, and investors in Dubai and the Middle East, with the main goal of enhancing patient care on a global scale.”

BackPack XNFT wallet receives regulated crypto exchange license in UAE

BackPack XNFT wallet receives regulated crypto exchange license in UAE

BackPack Web3 non custodial XNFT wallet has received a full license by Dubai Virtual asset regulatory authority allowing it to run a regulated crypto exchange in UAE. BackPack,which was considered one of top 30 best crypto wallets in 2023 was developed by Coral. It offers XNFTs built on Solana Blockchain.

Backpack Exchange is set to launch in private beta for its community members in November before going live to the public in Q1 2024. UAE based Trek Labs Ltd FZE, will launch under the name Backpack Exchange. This license only covers Backpack Exchange and not any of the other virtual asset products and services offered by Backpack.

xNFTs are a different type of non-fungible token, that combine use cases of NFTs and applications in one asset. xNFT stands for executable non-fungible token, meaning it is a unique digital item that can run code inside it.

The XNFT is new, programmable non-fungible token (NFT) standard that act as Web3 applications, built on Solana by the developers at Coral which is part of The WAO Company. xNFTs allowing users to interact with their NFTs and use them for more than just collectibles on the blockchain. Their unique feature is to enable applications to run natively inside the NFT. For example, an xNFT lets users play a game, listen to music, or access a DeFi protocol, all within one open, programmable system built for Web3. You can also have a xNFT that updates itself based on external data or events.

The combination of Backpack Exchange and Backpack Wallet (which is currently an unregulated product) is designed to provide the smoothest transition for users from fiat to on-chain applications. While Backpack Wallet users already have access to a variety of dApps and executable NFTs (xNFTs) unique to Backpack, they will now be able to conduct trades on the exchange directly in the app.

Coral is also the company behind Mad Lads which is the Number 1 NFT collection on Solana. Backpack’s CEO and founder, Armani Ferrante, managed to navigate the challenges posed by the collapse of FTX, after which Coral lost approximately $14.5 million of FTX’s investment in a $20 million funding round backed by FTX Ventures.

Over the past five months, Backpack Exchange has developed a next-generation exchange that incorporates a novel zero-knowledge proof of reserves (zk-proofs), Multi-Party Computation (MPC) for custody, and low latency order execution, while also securing licenses in several jurisdictions worldwide and establishing premium fiat on and off ramps for users.

A VARA Spokesperson noted, “Dubai’s VA sector is fully regulated and VARA’s founding principles have been anchored on the need to structure guardrails for market security while remaining progressive and responsive to innovation. To this end, the licensing process is rigorous in its evaluation of suitably qualified ‘responsible’ participants that can serve as the UAE’s bar for convergence across global jurisdictions. In keeping with Dubai’s repute as a preferred global hub for entrepreneurship, Backpack Exchange must be recognized for their commitment to prioritize investor protection and risk assurance, and VARA appreciates their readiness to fulfill necessary prerequisites that has made them among the first VA exchanges to secure a full market license within the VARA regime”.

Armani Ferrante, CEO and Founder of Backpack, stated: “It’s time to put an end to the days of opaque crypto exchanges representing everything our industry stands against. It shouldn’t be normal to use an exchange with a single point of failure, without proof of reserves, or without auditability. A verifiable, unforgeable ledger is the exact problem blockchains solve, and Backpack Exchange is taking full advantage of that. Using cryptographic techniques like zk-proofs, MPC, and state machine replication, Backpack Exchange hopes to raise the bar for transparency and compliance to demonstrate the best this technology has to offer. Don’t trust, verify.”

Backpack Exchange will launch in private beta for existing Backpack and MadLads community members this November. The beta will feature spot crypto trading functionality. The exchange is set to go live to the public in Q1 of 2024. The Backpack Exchange team will be working to add in various trading functionalities such as derivatives, margin, cross-collateral while its compliance team, with decades of experience from Barclays, State Street, HSBC, Coinbase, and other prominent financial institutions continues to secure additional licenses around the world.

Blockchain settlement entity WadzPay receives initial regulatory approval in UAE

Blockchain settlement entity WadzPay receives initial regulatory approval in UAE

WadzPay has been granted “Initial Approval” by Dubai’s Virtual Assets Regulatory Authority (VARA), marking a pivotal step in Wad pay’s journey towards obtaining a Virtual Asset Service Provider (VASP) License for virtual asset services and activities.

“We are immensely honored to have received initial approval from VARA,” said Mr. Anish Jain, Founder and Group CEO of WadzPay. “This recognition reaffirms our commitment to delivering cutting-edge blockchain-based solutions that not only revolutionize but also adhere to the highest regulatory standards. We are grateful for the opportunity to contribute to the growth of the fintech ecosystem in the UAE.”

This Initial Approval is a key milestone and allows WadzPay to commence preparations for the provision of virtual asset services and activities under the VASP License for Transfer & Settlement and Broker/Dealer activities.

“Receiving VARA’s initial approval is a testament to our unwavering dedication to regulatory and compliance excellence,” said Mr. Khaled Moharem, President – MENA at WadzPay. “We’ve built a robust ecosystem that not only meets but exceeds industry standards, guaranteeing a safe and efficient gateway to virtual assets for users in the UAE. We’re poised to launch with strict adherence to VARA’s requirements, ushering in a new era of secure and seamless access to the world of virtual assets.”

While the initial approval is a pivotal achievement, WadzPay emphasizes that it is still in the process of working towards receiving the final approval from VARA and the VASP license. This progression marks a crucial step towards obtaining the necessary regulatory green light to fully operate within the UAE and bring its innovative products and solutions to life.

Prior to this WadzPay Founder Anish Jain had announced that WadzPay had made strides on the licensing front and are in the “final stages”. In addition he added that WPC token would be listed on a Tier1 regulated exchange in the Middle East.

WadzPay, an interoperable blockchain-based technology provider, had also launched the WadzPay 2.0 which it believes will redefine the landscape of virtual asset-based transactions. WadzPay 2.0 provides a unique new architecture primarily based on the Algorand blockchain with inbuilt support for several others such as Ethereum, Tron, Avalanche and several others to be added. WadzPay 2.0 construct is designed in line with evolving regulations and needs of banks, financial institutions, telcos and central banks.

UAE Hub71 adds blockchain and digital asset startups to cohort

UAE Hub71 adds blockchain and digital asset startups to cohort

Hub71 has accepted seven startups into its Hub71+Digital assets cohort which include blockchain ad digital asset enabled startups from the region and globe.

One of the seven startups welcomed into the cohort is Param Labs a game and blockchain development studio that delivers the highest quality blockchain-integrated games to the masses through player-owned digital assets.

Another startup is Overnight Finance an asset management protocol offering passive yield products based on delta-neutral strategies, primarily for conservative stablecoin investors.

While Momint enables accessible funding and trade of solar photovoltaic1 (PV) investments with a built-in digital wallet, specializing in putting real assets and legal contracts on the blockchain.

In addition to the ones mentioned above is UK based Avantgarde Finance which provides digital asset investment managers a platform to plug into, launch their strategies, and grow at scale.

Seven startups in the cohort will join Hub71+ Digital Assets, the specialist ecosystem focused on unleashing the growth potential of Web3 and digital assets. Startups in Hub71+ Digital Assets can tap into a network of 13 dedicated partners, including leading digital asset exchanges, global technology providers, venture capital funds, blockchain platforms and other commercial and investment opportunities required to scale.

Following a rigorous selection process, the successful startups will enter Hub71’s new Company Building Program and benefit from up to AED 250,000 worth of in-kind incentives and AED 250,000 in cash for equity. High-performing startups from the latest cohort will also be eligible to receive a top-up of up to AED 250,000 in exchange for additional equity, after one year.

Hub71 received a 107 per cent increase in applications from over 100 countries, reinforcing Abu Dhabi’s increasing global appeal as an innovative destination of growth for the world’s leading entrepreneurs. The new cohort comprises tech startups hailing from countries across the region, including the UAE, Egypt, and Saudi Arabia, as well as companies from the UK, Canada, India and Armenia, which will establish a presence in Abu Dhabi. Additionally, around 40% of the startups in the latest cohort are from the US. This reflects the growing interest from mature tech hubs in Abu Dhabi’s favorable innovation ecosystem. Operating in 11 diverse industries, the startups will support the advancement of sectors aligned with Abu Dhabi’s strategic economic priorities, including FinTech, ClimateTech, HealthTech and EdTech.

Ahmad Ali Alwan, Deputy CEO of Hub71, said: “With each cohort, we are noticing increasing interest from high-growth startups worldwide seeking to establish their businesses and expand from Abu Dhabi. Tech entrepreneurs recognize the distinct advantages of setting up their companies in the UAE capital, which provides a favorable environment for developing and marketing innovative products and services that can transform the business world. By attracting startups with immense growth potential, Hub71 is building on its powerful community of visionary entrepreneurs who will pave the way for the future of innovation.”

In addition to a customized three-month course to receive expert mentorship, tailored advice and critical support, startups joining Hub71 will also gain access to a broad network of corporate, government, investment, and talent partners operating within Abu Dhabi’s technology ecosystem, significantly heightening the prospects of securing commercial deals, investment and market growth opportunities.

In June 2023 Hub71 announced that Digital assets infrastructure provider for financial institutions, Fuze Finance had been chosen as one of 15 startups to participate in Abu Dhabi’s Hub 71 2023 cohort.

DIFC Courts partners with RAK digital assets Oasis for greater digital economy services awareness

DIFC Courts partners with RAK digital assets Oasis for greater digital economy services awareness

The UAE Dubai International Financial Centre (DIFC) Courts has signed an agreement with Ras Al Khaimah Digital Assets Oasis (RAK DAO) the world’s first and only common law free zone dedicated to global digital and virtual assets companies, to drive greater awareness of DIFC Courts digital economy services to businesses operating within Ras Al Khaimah’s newly launched digital economy freezone.

The memorandum will foster closer cooperation on projects and initiatives designed to boost the UAE’s vision for a thriving digital economy and support economic ambitions. The agreement will also promote closer alignment and collaboration across specific digital economy services provided by both organizations.

The DIFC Courts is currently operating on a new roadmap for the years 2022-2024, which includes a strategic work plan that brings more national cohesion to the Courts’ projects and initiatives in line with the ‘D33’ economic agenda and the Dubai Digital Strategy. This in turn is providing effective support for both the federal and local Dubai strategic goals.

His Excellency Justice Omar Al Mheiri, Director, DIFC Courts, said, “Expectations from the private sector increasingly require the bold engagement of public service. By combining a modern and flexible digital infrastructure with judicial and service excellence, the DIFC Courts will continue to align our operations with the national agenda. As the UAE begins to nurture new digital economy verticals, the number of foreign organisations entering the market will inevitably increase. The DIFC Courts and RAK Digital Assets Oasis will collaborate through this agreement to assure these businesses that we remain on standby to accommodate the growing digital economy and resolve new types of cases and disputes.”

Dr Sameer Al Ansari, Chief Executive Officer, RAK Digital Assets Oasis, said: “We are thrilled to partner with the DIFC Courts. This collaboration marks a significant step in fostering a more dynamic digital ecosystem within our newly established free zone in Ras Al Khaimah. We believe that this partnership will greatly enhance the accessibility and awareness of the DIFC Courts’ digital economy services, providing valuable support to the companies of the future in our thriving digital oasis.”

RAK DAO is the world’s first and only common law free zone dedicated to global digital and virtual assets companies, empowering innovators in their journey to build the future of Web3 and blockchain technology across industries, promising to disrupt traditional business models and unlock the full potential of digital assets.

In 2021, the DIFC Courts confirmed the launch of a new Division. The international Digital Economy Court (DEC) simplifies the settlement process of complex civil and commercial disputes related to the digital economy, reviewing national and international claims related to current and emerging technologies, including big data, blockchain, cryptocurrencies, artificial intelligence, and cloud services.

The Digital Economy Court is a global initiative that operates in parallel, helping to build a new judicial support network to serve the stringent demands of digital transformation and adoption. Leading international judicial expertise has been recruited to oversee and operate the new Court’s cutting-edge digital infrastructure and service capabilities, complementing an existing portfolio of specialised Divisions, including the Technology & Construction Division and the Arbitration Division, launched by the DIFC Courts to serve an expanding demand for judicial expertise across sector-specific cases.

The launch of the new Division also signals to the international business community the intent of Dubai and the UAE to play a leading role in advancing its judicial systems to specifically direct capacity and capability to resolving digital economy-related disputes, whilst also utilizing some of the very same cutting-edge technologies to enable greater efficiency of service to the public.

UAE Verofax and Bantgo utilize blockchain to tokenize recycling ewaste rewards

UAE Verofax and Bantgo utilize blockchain to tokenize recycling ewaste rewards

UAE based BANTgo and Verofax have collaborated to enhance e-waste collection.  The partnership seeks to galvanize the masses into responsible recycling by rewarding their endeavors with tokenized incentives.

Verofax, was awarded the GITEX Supernova Web3 and Blockchain award, introduces its innovative technology to this eco-initiative. The venture encompasses the deployment of advanced smart bins explicitly designed for e-waste collection.  These bins are equipped with a validation system to ensure accurate assessment of the electronic devices being recycled, determining their equivalence in terms of recoverable materials.

BANTgo, renowned for its expertise in the blockchain domain, steps in to fortify this eco-friendly initiative. Recognizing and endorsing the responsible recycling behavior of individuals, BANTgo offers digital blockchain certificates. These certificates, apart from serving as a testament to the individual’s eco-contribution, also act as a robust incentive, encouraging more to tread the path of responsible recycling.

The synthesis of Verofax’s product validation and BANTgo’s blockchain creates a robust mechanism. This not only facilitates transparency in e-waste recycling but also ensures that individuals are appropriately acknowledged and rewarded for their proactive environmental actions.

Siarhei Zhyltsou, CEO of BANTgo, commented on this collaboration, “The alliance between BANTgo and Verofax is not just transformative but also imperative for our times. Encouraging responsible recycling through tangible rewards sets a new standard in environmental initiatives.”

Wassim Merheby, CEO of Verofax, shared his enthusiasm, “Pairing with BANTgo is a testament to Verofax’s commitment to leverage its technology for pressing global challenges. Together, we’re paving the way for a sustainable future, where technology and eco-responsibility converge.”

UAE FD Capital holds blockchain investor day

UAE FD Capital holds blockchain investor day

UAE based FD Capital, a blockchain-focused investment company that empowers investors by providing access to the rapidly evolving blockchain industry  is holding an investor day under the title “ Chains Beyond Borders” on November 1st 2023 in Dubai UAE. The event will explore blockchain technology showcasing latest updates and insights from seasoned investors and experts.

This event features a notable lineup of speakers from the blockchain industry, with keynote speakers including Robert Edward Grant, the Founder of Crown Holdings, and Evan Luthra, a Parallel Entrepreneur and Angel Investor. Other speakers include individuals like Aishwary Gupta, Matt Schmenk, Fabio Tomaschett, Kyle Rojas, Mehmet Buyukakarsu, and more, bringing diverse expertise representing different aspects and ecosystems within the blockchain landscape.  Dariia Vasylieva, the Founder and CEO of FD CAPITAL, will moderate the event.

“Our unwavering vision in the ever-changing landscape of Investments vs. Turbulence is clear: By transcending borders, we empower the community to unleash its potential and create a transformative impact in the blockchain industry and beyond, forging new investment opportunities and strategic partnerships” Dariia Vasylieva, the Founder and CEO of FD CAPITAL said.

This event is proudly supported by partners Cypher Capital, Albus Protocol, GOSH, and Aureli Ventures, as well as media partners Luna PR, IBC Group, AIBC,  Pro-blockchain Media, BeInCrypto, SalAd Lab, cryptorank, TheNewsCrypto,  VNTR,  CoinEasy, BlockDelta,  Syndika, Heir Story, MonteCrypto, Crypto Data Space, BlockBeats and more.

Taking place in the Cypher Capital Hub in Dubai, this event will also be available through a special online segment via Zoom, which ensures accessibility for a global audience. The Zoom link will be sent to approved registered guests, making it a truly exclusive experience.

FD CAPITAL’s mission is to empower investors with access to the fast-evolving blockchain industry, bridging the gap between traditional finance and Web3 to unlock the vast potential of blockchain technology.

Japan’s Nissan Formula E Team partners with UAE Blockchain enabled Coral for offsetting carbon emissions

Japan’s Nissan Formula E Team partners with UAE Blockchain enabled Coral for offsetting carbon emissions

Japanese Nissan Formula E Team has partnered with UAE based Coral, registered as Carbon One in Dubai UAE to offset carbon emissions using blockchain technology for the upcoming 2023-2024 ABB FIA Formula E World Championship.

The partnership will bring transparency and verification to carbon credit markets.

UAE based Blockchain enabled Coral offers full transparency in the carbon market, by ensuring trust, veracity, and empowers individuals and organizations to take climate action responsibly. Together, we can make a difference.

According to the press release, the relationship with Coral is the next step in Nissan Formula E Team’s pledge to reducing its carbon emissions, following its award of the FIA 3 Star Environmental Accreditation in 2022. While the auto manufacturer is pioneering electric mobility, it is also scrutinizing its environmental impact and looking to accelerate improvements in green technologies in the motorsport world.

To reinforce its commitment, Nissan Formula E Team and Coral will use a Greenhouse Gas Protocol and Science Based Standards framework to accurately assess the carbon footprint of the racing team and will implement a robust credit scheme, providing full transparency on the squad’s carbon offset.

The goal for the partnership is to combine Nissan Formula E’s vast reach with Coral’s transparent and efficient platform, in order to increase awareness of the impact of carbon credits, directly contributing to global decarbonization and a cleaner future.

Tommaso Volpe, managing director and team principal, Nissan Formula E Team: “For both Nissan and Nissan Formula E Team, sustainability is of vital importance. We have recently renewed our FIA 3 Star Environmental Accreditation and are always looking for the next step to reduce our emissions. That’s why we are delighted to team up with Coral. When it came to choosing a partner to achieve our carbon neutrality goal, we wanted to make sure the trackability of our carbon offset is as accurate as possible. Coral’s CO2 offset is met through the most advanced innovation and is achieved in a bulletproof way. We’re looking forward to developing our relationship with Coral and working together for a greener future.”

Daniele Sileri, Founder and Head of Strategy, Coral: “We welcome the partnership and participation from Nissan Formula E Team,. This is an example to individuals and corporations that everyone should be able to take meaningful action in tackling climate change.”

UAE based OKA2B ventures into digital assets funding connection service

UAE based OKA2B ventures into digital assets funding connection service

UAE based OKA2B is a Dubai-based high-net-worth connection service renowned for introducing boutique projects to eager investors which traditionally focused on real estate projects, has now diversified into the funding of companies rooted in digital assets, capitalizing on the rising interest and adoption of cryptocurrency among private investors.

The company provides a personalized introduction service that bridges the gap between keen investors and innovative projects. Despite the initial contact occurring in the digital sphere, the company places great emphasis on the value of initiating meaningful connections through face-to-face meetings, wherever the parties may be located.

While real estate and construction projects have traditionally formed the core of their introduction portfolio, the company is now steering its expertise towards digital asset initiatives. High-net-worth investors with a keen interest in projects exceeding 3 million USD are invited to connect with OKA2B, gaining access to an extensive network of investment opportunities and tailored introductions.

Angelo Dilibero, the Managing Partner of OKA2B, stated, “Our network acts as a bridge between individuals, and we’ve observed a growing appetite among high-net-worth investors for exposure to start-ups based on digital assets.”

Blockchain enabled UAE Trade Connect adds 13th bank to its platform

Blockchain enabled UAE Trade Connect adds 13th bank to its platform

Blockchain Trade Finance platform combating fraud, UAE Trade Connect has just added its 13th bank member. Invest Bank will be the 13th bank to join UAE Trade Connect which is paving the way for a secure, efficient and technologically advanced trade finance landscape.

Initiated in 2021 as a collaborative project between the banking industry and e& enterprise, UTC utilizes cutting-edge technologies such as blockchain, Artificial Intelligence (AI), and machine learning to offer a cloud-native solution. This solution enhances transparency by digitizing trade-related documents in real time, detects suspicious transactions, and prevents fraud.

Zul Javaid, CEO, Trade Connect said: “Invest Bank’s inclusion in the UTC consortium demonstrates our commitment to strengthening the UAE banking industry while also playing a fundamental role in advancing the nation’s digital strategy and contributing to its ambitious growth plans. Our platform is not just a technology solution; it serves as a driving force for economic growth and ensures enhanced risk management.”

Helmi Abdullah, Chief Wholesale Banking Officer, at Invest Bank said: “Joining UAE Trade Connect as a member bank is a significant milestone in our journey, as it reinforces our commitment to enhance our digital trade capabilities supports our growth of Trade Finance business in a secure and efficient manner. This decision demonstrates UTC’s dedication to raising banking standards in the UAE.”

As an official member, Invest Bank gains access to a robust system that validates trade finance transactions, identifies duplication, and combats potential fraud in real time. This empowers the bank to make informed lending decisions, increasing lending confidence and safeguarding funds.

The UTC blockchain platform plays a pivotal role in enhancing lending confidence and transparency, facilitating increased lending opportunities towards mitigating risks, enhancing operational efficiency, and validating invoice transactions worth over AED 170 billion equivalent to $46 billion while detecting multi-million-dirham frauds. UTC has made significant progress towards establishing itself as a national invoice registry.

UAE Trade Connect seeks to expand its offering to other banking entities in the region. In a recent LinkedIn post, Zul Javaid, CEO of UAE Trade Connect, the UAE’s first trade finance platform to combat fraud, announced that they had hired Wissam Massud to lead their international expansion. One of the countries on its list is KSA.