Mass lay-offs, at BitOasis with over 30 employees fired amidst acquisition negotiations with India’s CoinDCX

Mass lay-offs, at BitOasis with over 30 employees fired amidst acquisition negotiations with India’s CoinDCX

Sources in the know of BitOasis’s current conditions, some of which have been affected by the latest changes, have confirmed to LaraontheBlock that on August 15th 2023, 30-50 employees were fired from BitOasis both from their offices in Jordan as well as UAE out of a total of over 120 employees. This happens as sources confirm that BitOasis is in the midst of ongoing negotiations to be acquired by India’s CoinDCX after the UAE based crypto broker failed to receive a Full Market product license from Dubai’s virtual asset regulatory authority VARA.

Launched on April 7th, 2018, CoinDCX is a cryptocurrency exchange with its offices located in India. CoinDCX is backed by investors such as Polychain Capital, Coinbase Ventures, Bain Capital Ventures, and HDR Group, operator of BitMEX and Pantera Capital among others. According to recent figures from CoinMarketCap CoinDCX has a Spot Trading Volume (24h) of $2,023,145.62 and holds total assets of $103,283,813.20.

In April 2022, CoinDCX raised $135.9 million from investors led by Pantera Capital and Steadview Capital, doubling its valuation to $2.15 billion becoming the most valued crypto trading platform in India.

In parallel BitOasis was valued in 2021 at $120 million receiving total funding of $30 million in a series B round in October 2021 from Global Founders Capital, Pantera Capital, Wamda Capital, Digital Currency Group, Alameda Research, Jump Capital and NXMH.

Sources also confirm that given the tough situation at BitOasis with no financial license, the company valuation has decreased significantly from 120 million and a distressed deal is being discussed to ensure business continuity and a path towards licensing.

BitOasis’s buyout comes after its MVP Operational license was halted by Dubai’s virtual asset regulatory authority (VARA) for not meeting mandated conditions required to be satisfied within 30-60 day timeframes prior to being permitted to undertake any VARA regulated market activity, subsequent to the issuance of its License for Institutional and Qualified Retail Investors, on 12.April.2023. This meant that BitOasis had failed to meet the financial and operational conditions license obligations.

At the time BitOasis had replied that they were committed to remediate all outstanding post licensing conditions of their Operational MVP license as committed to the regulator, as well as working towards Full Market Product (FMP) licensing.  The clarification stated, “We remain committed to securing a broker-dealer license, and operating a compliant, regulated platform in and from Dubai under VARA’s supervision. Transparency has always been a key value of our business – we will continue to update our community as we address these requirements prior to applying for an FMP license.”

Given the market conditions, the high interest rate environment and low valuation multiples for public players like Coinbase, it is expected that BitOasis investors will be offered shares as part of the distressed acquisition deal.

The upcoming weeks will be the teller of all, but what is sure is that the crypto exchange ecosystem is going through a rough time not only globally but in the MENA region. With increased and stricter regulatory requirements by regulators such as Dubai’s VARA, only the strongest will survive.

Burency restarts its operations amidst tumultuous conditions

Burency restarts its operations amidst tumultuous conditions

Burency a UAE Blockchain development firm with crypto asset exchange operating out of offices in DWTC ( Dubai World Trade Center) in Dubai UAE, is restarting its operations after what it calls bad and out of control conditions. This restart is happening amidst a tumultuous conditions spurred by comments made from its previous managing Director.

So while Burency was announcing on twitter that they will be coming back soon stating, “ We are coming soon.. after bad and out of control conditions, we are back to work with great strength and passion. The Burency project is ongoing and will return better than before.”

On August 9th they stated, “ We are currently working on restarting the Burency Exchange and will notify you as soon as possible about the operating date. Full support will be provided to the project at all levels, including marketing, companies, and plans to develop the workflow and the project as a whole.”

However these comments come in parallel to a tweet by Qusai M Alsharef, former Managing Director of Burency. He writes, “Regrettably, I am writing to announce my resignation from my position “Managing Director” at Burency, effective from 2nd August 2023.” He explains the reasons stating, “The continuous violation for the accepted funding plan, coupled with unfulfilled Discussions, words and agreements to the work stakeholders came to really critical stage.  It is deeply disappointing to have encountered such unprofessional conduct, including deceptive promises and consistent violation of our established agreements. At the end, I truly wish for Burency to have an honest recovery to right and to see a responsible actions of eliminating all these highly critical issues starting from fulfilling the past.”

Historically Burency had also made announcements that were not fully backed up with real actions. In April 2020, Burency announced  that it had launched the first secured & insured crypto-currency exchange platform in Dubai, UAE which was later refuted by Nebbex.

The company while having a tech license in UAE, its crypto business is regulated in Estonia. It had stated it was seeking to be registered in the UAE but to this day has not.

In 2020 crypto advocate, John McAfee,  announced that he had joined the advisory board of Burency, but no further announcements or information was shared on this.

So it might seem that Burency wants to come out of the volcanoe stronger than ever, but its past seems to be haunting it to  present day.

UAE based Blockchain payments platform WadzPay in final stages of licensing and live testing of payments solution in KSA

UAE based Blockchain payments platform WadzPay in final stages of licensing and live testing of payments solution in KSA

In a recent tweet, the Founder of WadzPay, a blockchain technology payment provider with a presence in the UAE, Anish Jain, offered an update to the community stating 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.

As for the WadzPay product it will be ready for launch in Q3 of this fiscal year with live terminals on WadzPay soon.

Prior to this in a LinkedIn post, WadzPay announced that its blockchain enabled payments platform was now technically live for Pilgrims in Saudi Arabia. The solution is intended to facilitate digital payments and creates a cashless experience in KSA.

As per the announcement, WadzPay works with large payment companies, banks, and global entities to enable virtual asset-based transaction processing and settlement.

Their private blockchain program will enable pilgrims to use mobile app-based wallets issued by an approved institution in their home country. Once the wallet is loaded before travel, the user can make purchases at the merchant POS terminals present at the various pilgrimage points. The solution is intended to facilitate digital payments and creates a cashless experience in Saudi Arabia.

The pilgrims can easily get their un-spent money back after they return to their home country.

Using this platform, WadzPay allows merchants to offer improved service to international pilgrims at a fraction of the current cost.

This program will be used for issuing wallets to pilgrims and acceptance of these wallets in merchant outlets in KSA. As per WadzPay brochure, “We have partnered with a major aggregator from KSA to enable the world’s first cross-border ‘cashless’ Hajj & Umrah program”. In November 2021 WadzPay had partnered with Geidea in KSA for cashless payments. 

BingX to offer Fiat to crypto Peer to Peer trading services in MENA and Turkey

BingX to offer Fiat to crypto Peer to Peer trading services in MENA and Turkey

BingX, a cryptocurrency exchange, has introduced  Peer-to-Peer (P2P) trading services for multiple countries in the MENA region including UAE, Qatar, Jordan, Egypt, Kuwat, Saudi Arabia and Turkey. This means that trading includes fiat currencies such as  AED, DZD, EGP, JOD, KWD, QAR, SAR, MAD, TRY, and more. By opening up this feature, BingX aims to foster greater accessibility and convenience for users seeking to purchase cryptocurrencies with their local fiat currencies.

According to BingX press release, this strategic move empowers merchants and users in the MENA region and Turkey to engage in direct cryptocurrency transactions with zero transaction fees. Building on its successful P2P trading services available in over 40 countries and regions with support for 300+ payment methods, BingX now extends its user-friendly and cost-effective trading experience to the MENA and Turkey market.

BingX is seeking merchants in the Middle East and Turkey.

“We are delighted to introduce our P2P trading services with more accessibility for all users,” said Elvisco Carrington, PR and Communications Director of BingX. “As we continue to enhance our platform’s offerings, we are committed to providing our users with professional, secure, and cost-effective trading solutions. By expanding into the MENA and Turkey market and offering zero-fee P2P trading, we aim to create a dynamic trading environment that caters to the unique needs of local users and merchants.”

DIFC Innovation Hub launches subsidized licenses for Web3, AI, and DLT technology companies

DIFC Innovation Hub launches subsidized licenses for Web3, AI, and DLT technology companies

The Dubai AI and Web 3.0 Campus, situated in Dubai International Financia Centre, announced that it will be issuing artificial intelligence (AI) and Web3 licenses supporting activities ranging from Distributed Ledger Technology Services (DLT), specialised Artificial Intelligence Research & consultancies, IT infrastructure builders, Technology Research and Development and Public Networking Services.

Licenses will be issued by Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, which is currently home to an established ecosystem of tech enablers and start-ups at the DIFC Innovation Hub.

The Dubai AI and Web 3.0 Campus is a dedicated campus for AI and Web3 innovation and will provide state-of-the-art physical and digital infrastructure within the DIFC Innovation One new premises, including R&D facilities, accelerator programmes and collaborative workspaces, to attract, build and scale firms in the region. 

The campus was launched earlier this year and is supported by Dubai’s industry-leading regulatory regime aligned with the emirate’s vision of becoming a global leader in AI and Web3. This initiative is designed to bring in $300 million in funds and create more than 3,000 jobs in the next five years.

The campus will also increase accessibility and participation in Web3 development, backed by a collection of underlying technologies such as blockchain, AI, internet of things and the metaverse. Virtual assets owned in Web3 decentralised infrastructures represented about 40 per cent of the virtual-asset global economy in 2021, according to a report by BCG, and the transaction value of virtual assets is said to range between USD150 billion and USD300 billion by 2025. 

Mohammad Alblooshi, Chief Executive Officer of the DIFC Innovation Hub, said: “We are thrilled to announce that we are now granting innovative AI and Web3 companies licenses out of DIFC. The campus will foster a world-class nurturing environment that enables business growth and development. We are confident that by granting these licenses, we will attract more global talent and investment to the region and create a culture of collaboration and innovation. This is a notable milestone for the Dubai AI and Web3 Campus and will strengthen Dubai’s position as the business destination of choice for technology-focused companies and attract more world class talent and diversified investors to the region.”

UAE Venture Capital firm raises $50 million to invest in Blockchain Web3 startups

UAE Venture Capital firm raises $50 million to invest in Blockchain Web3 startups

UAE based Illuminati Capital has raised $50 million to invest in early-stage blockchain startups including game companies.

According to the news, the Dubai based firm and its partners have individually invested in blockchain startups worth over $1 billion.

Illuminati Capital aims to offer more than just financial support. The venture capital firm is dedicated to building the global Web3 ecosystem and driving transformative shifts in decentralized technologies.

The team behind Illuminati Capital has collectively deployed $30 million, resulting in exits worth $150 million.

Vickaash Agrawal partner at Illiminati Capital stated in an article in Venture Beats, “We are witnessing a remarkable growth trajectory in Web3 venture investing.  With a track record of 120-plus successful blockchain investments in my investment portfolio, I will bring my expertise in data, infrastructure, regulation and mining.”

Illuminati Capital’s investment focus spans multiple verticals, including decentralized finance (DeFi), blockchain gaming, artificial intelligence, NFT infrastructure, and real-world assets (RWA). By strategically investing in pioneering sectors, Illuminati Capital aims to play a pivotal role in shaping the decentralized economy of the future.

“The possibilities of decentralized technology are endless,” said Dhaval Parikh, a partner at Illuminati Capital and blockchain investor with five-plus years of experience and a portfolio of leading Web3 high-end projects, in a statement. “With a background in VC, I will focus on due diligence, risk assessment, portfolio management, and deal flow while analyzing industry trends and key ecosystem insights.”

Blockchain UAE Trade Connect hires International expansion Officer for GCC and MENA region

Blockchain UAE Trade Connect hires International expansion Officer for GCC and MENA 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.

As per the post, Massud will define market-entry strategies as UAE Trade Connect widens its horizons to GCC, other Middle East, Africa countries.

In the post, Javaid states, “We know that UTC’s unique #blockchain technology addresses a real-life pain for banks and tradefinance lending everywhere, so we fully expect to be knocking on lots of countries’ doors in the coming year.”

Prior to this announcement, In May 2023 Zul Javaid coming back fro a recent participation at Global Trade Review conference in KSA had noted that UAE Trade  Connect was interested in offering its solutions to the Saudi Arabian banking sector.

As per Javaid, “The Kingdom of Saudi Arabia is a robust banking market, and we are very keen to bring our unique blockchain and AI based engine into the country to help banks de risk their trade finance lending.”

UAE Trade Connect currently has 11 UAE banks among its members and has surpassed $27 million in transactions identifying interbank duplicate financing and preventing fraud attempts.

Abu Dhabi Islamic Bank utilizes Microsoft Azure for Blockchain, AI and Data warehouse

Abu Dhabi Islamic Bank utilizes Microsoft Azure for Blockchain, AI and Data warehouse

The UAE Abu Dhabi Islamic Bank, recently announced its migration of high percentage of its application and workloads to the Azure Cloud utilising various cloud computing services such as Blockchain, AI, and Data warehouse.

ADIB has selected Cloud4C to work with them on this transformation project. Cloud4C is an Azure expert specialised in advanced cloud-managed services. They were chosen because of their broad and deep portfolio of cloud services, overall commitment to security excellence, and strong financial services experience.

Commenting on the migration to the Cloud, Ashley Veasey, Group Chief Information Officer at ADIB, said: “ADIB has been at the forefront of digital transformation and continues to invest in re-architecting its technology to be more innovative and responsive to customer needs. We migrated to the cloud in recognition of the need to create an environment that is optimised for rapid changes and that will help in rolling out our digitisation strategy to better cater to the constantly evolving needs of customers. With this migration, ADIB is now able to deliver new applications rapidly, while adhering to the highest standards of security.”

Excited about the partnership and successful migration, Rakesh Reddy, Regional Director, Cloud4C MEA, said: “ADIB’s commitment to migrate to Azure cloud is a reflection of their strategy to provide the best customer experience and on being a leader in innovation. We are excited that ADIB has worked with us and benefited from our expertise to support them in this project. This is the largest single-phase migration in the region involving hundreds of core applications and thousands of servers. Post a thorough assessment of the existing landscape, a tailored Azure cloud migration blueprint was chalked out by Cloud4C’s Azure team. Once completed, the implementation was performed fail-proof, with dedicated Azure advanced networking, server migration, application migration, DR setup, and support services. Today, ADIB banks on data-driven business decisions leveraging tools and consulting from experienced cloud and domain experts.”

In the past ADIB Bank has been a strong proponent for technology and Blockchain. Abu Dhabi Islamic Bank (ADIB) became the 10th bank to join Blockchain trade finance platform UAE Trade Connect (UTC), developed by e& enterprise, formerly Etisalat Digital. 

Dubai’s Department of Economy teams up with VARA to integrate virtual asset service offering to UAE market

Dubai’s Department of Economy teams up with VARA to integrate virtual asset service offering to UAE market

The Dubai Department of Economy and Tourism and the Virtual Assets regulatory Authority have signed an MOU to unify VASP ( virtual asset service provider) offering in the city.

The two entities will collaborate to offer a synchronised VA market assurance across the Emirate of Dubai – spanning [Public/Marketplace] Customer Care + Complaints; [Business] On-Site Inspection + Enforcement; [Business] VASP Registration + Licensing; [G2G + G2B + G2C] Education-Training-Knowledge Sharing.

As per the MOU, both parties agree to pool their complementary capabilities to lay robust foundations that will aid Dubai’s GDP contribution to the expanding global New Economy portfolio, reinforcing the city’s reputation as an attractive, innovative, and secure global hub for Virtual Asset Service Providers (VASPs), operators, and customers.

The MoU’s scope further strengthens VARA’s commitment to achieving full transparency and market conduct adherence across VASPs licensed to operate in Dubai, so that the reputation and credibility of the UAE as the preferred hub for the global sector are automatically established.

VASPs will benefit from seamless workflow processes between both parties with DET adding VARA activities to its system for virtual assets licence issuance. DET will undertake robust inspections and support VARA with in-situ enforcements including deploying penalties such as suspensions or revocations in cases of proven negligence or non-compliance with VARA rules, in addition to Business as Usual application renewals for VASPs that meet VARA’s requirements in full. VARA will be included on DET’s E-Permit system, which will enable one-touch point approvals on VA events and both parties will actively collaborate on awareness campaigns for VARA product and licensing updates, as well as data sharing protocols and legacy onboarding.

In keeping with Dubai Government’s commitment to improving business and market service delivery, this partnership between VARA and DET will also seek to leverage the Dubai Corporation for Consumers Protections & Fair Trade (DCCPFT) department at DET by upgrading it with specialist VA know-how from VARA, thereby optimising government resources and provide a transparent, seamless customer experience.

Both parties will also collaborate on marketing campaigns designed to raise general awareness towards consumer protection and developments in the virtual assets sector including communicating consumer protection information and advice. DET, in co-ordination with VARA, will also publish relevant notices and warnings, including penalty notices and consumer protection advisories, on its website and the DCCPFT website.

The doubtful nature of Islamic Coin and the Haqq Blockchain network and Association

The doubtful nature of Islamic Coin and the Haqq Blockchain network and Association

For almost a year now, as a blockchain and crypto blogger I have been reading about the Haqq Blockchain network through their press releases, and this has raised doubts about the entity and its activities. 

First doubt came with  the announcement of the large investment they claim to have raised. First it was $200 million dollars raised in August 2022 in a private sale where none of the HNWI investors were mentioned. Then almost a year later in July 2023, Haqq Blockchain/Islamic Coin announced another $200 million investment, this time stating it was from ABO Digital, a subsidiary of multi-family office Alpha Blue Ocean Group.

Looking closer at this announcement of the $200 million from ABO Digital, the information states, “The latest partnership will entail introducing Islamic Coin to the ABO network of investors and helping the team structure innovative Shariah-compliant financial products that could be used in the digital asset space to raise alternative funding. The deal provides access to a maximum of $200 million as and when required and ensures Islamic Coin has a long and stable runway.”

So the investment is available as and when required and is part of a Shariah compliant financial products offering. In the announcement, ABO Digital CEO Amine Naedjai commented, “ABO Digital is thrilled to collaborate with Islamic Coin as an alternative finance provider. This ambitious project, supported by a stellar team, is revolutionizing the Shariah-compliant market by introducing digitization. We are honored to have been selected as a partner.”

So it is an investment or a partnership to launch a product?

But what is HAQQ Blockchain? It is an EVM-equivalent chain, based on Cosmos SDK. The creators state that its Islamic Coin is a Shariah-compliant, ethics-first Islamic Coin.  They also state that the Haqq Blockchain is supervised by the HAQQ Association a Swiss based (non-profit) association funded via donations.

As for their partnership announcements they also have a lot of grandeur words and PR but nothing really practical on the ground. In April 2023, they published a press release announcing  what they called a “Significant Partnership for the Global Islamic Market” with London based DDCAP Group. In a closer look it is not a partnership yet, or even an alliance. It is an MOU (Memorandum of Understanding) to explore the “potential opportunities of working together”. Till now August 2023 nothing further on this front has been announced.

Then on August 10th 2023, Islamic Coin Haqq Blockchain announced what they call four significant MOUs with what they call are leading private and government affiliated services in the UAE in immigration, medical wellness and travel industries.

Looking closer at these 4 entities the significance of the MOUs fade. The first entity is MB, Speciality Medical Center, with their website showcasing exactly three doctors. As for 24 Seven Government transactions Center for immigration services, the company doesn’t even have a website and its twitter page has 74 followers!

Still two to go, the IV Wellness Lounge Clinic, is a boutique beauty clinic, and finally Middle East Holiday no information could be found on it!

So in Haqq Blockchain latest press release on these four MOUs where none of the partners are even quoted, the press release states, “MBM Specialty Medical Center, 24 Seven Government Transactions Center, IV Wellness Lounge Clinic and Middle East Holiday, in total serving millions of customers all over the world every year, have joined the Islamic Coin – Haqq partnership network.”

First look at the wording, these 4 entities serve millions of customers all over the world!!! Second they have joined Islamic Coin! It is an MOU when did MOUs become partnerships?

As for the quote in the release, “I am incredibly pleased and honored to be working together with our four incredible new partners. Today, we have brought Islamic Coin to the industries that form the core of everyone’s consumption patterns – from travel to medical care – and we look forward to continuing on the path to adoption, in the Muslim world and beyond,” commented Islamic Coin founder Mohammed AlKaff Al Hashmi.

But let us not stop just there, on reading the white paper, there are no financials, no segmentation of tokens, and no roadmap information.

Finally on the Haqq Network website it showcases 15 partners in its ecosystem of those only five are live! Yet Haqq network states on its website that it has 520,060 mainnet accounts with 10,000 transactions in last 24 hours.

Haqq Blockchain has stated that it will launch its Islamic Coin (ISLM) on the 1st of September 2023 on centralized and decentralized exchanges.

So be ready….. or Not!