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.

The Global Blockchain Show in the heart of Dubai, the Grand Hyatt

The Global Blockchain Show in the heart of Dubai, the Grand Hyatt

Global Blockchain Show is heading to the Granf Hyatt Dubai UAE in April. The event aims to bring all the notable leaders from the Web3 sphere under one roof. It has benefits in various aspects pertaining to those who participate and those who take the stage.

The Global Blockchain Show will happen on 16-17 April 2024. At the core lies the idea of fueling interactions about insights and the future of Web3. Besides, the event is posed to give people a chance to expand their networks, participate in leadership sessions, engage in learning sessions, and showcase their projects.

Participants are likely to come from diverse backgrounds in corporate, investment, startup, and government, to mention a few. Most of the speakers hail from the background of executive positions. This includes Lennix Lai, the Chief Commercial Officer at OKX; Zara Zamani, the Co-Founder of Neoki; and Uldis Teraudkains, the Chief Executive Officer of Nexpay, among others.

David Palmer, the Chief Product Officer & Co-Founder of Digital Asset Broker (DAB) Platform by Vodafone, has said he looks forward to attending the Global Blockchain Show. David has further stated that the event comes at a time when the latest technologies like AI, Fintech, and Web3 are evolving.

Dubai has been chosen as the venue for the Global Blockchain Show as the region ideally provides a secure environment for discussions around blockchains. Also, the government has been vocally supportive of innovation with its regulations and policies. Dubai has emerged as a central global hub for blockchain activities, also housing world-class conference venues plus facilities for international events.

Curated by VAP Group, the Global Blockchain Show is backed by media partners such as, Emirati Times, Britain Herald, Bitcoin World and others. VAP Group is a blockchain consultancy firm that specializes in assisting the industry with its core ethics of commitment to excellence and corporate transparency. Vishal Parmar, the CEO of VAP Group, has said that they are excited to host all the participants and speakers at the Global Blockchain Show in Dubai. Vishal has said that the event marks a point where traditional technology and upcoming modern innovation intersect for the betterment of everyone’s future.

More than 7,000 participants are expected to be present in Grand Hyatt Dubai for the event. Over 300 speakers could take the stage, delivering keynotes that trigger productive discussions around industry insights. The Global Blockchain Show has all plans in the pipeline to extend access to lunch and drinks during the networking session. Representatives from 3,000+ companies are expected to market their presence.

Overall, the Global Blockchain Show comes packed with a set of benefits for individuals and organizations. Each gets access to valuable insights, networking opportunities, and a chance to build partnerships along with exploring career opportunities in blockchain.

Blockchain Life brings 8,000 crypto enthusiasts to Dubai UAE

Blockchain Life brings 8,000 crypto enthusiasts to Dubai UAE

On April 15-16, Blockchain Life 2024 is going to prove its status as one of the main crypto events of the year bringing together over 8,000 crypto enthusiasts and thousands of international companies in the globally recognized crypto capital of Dubai.

The event unites top crypto players from Web3, Cryptocurrencies and mining industries from 120 countries.

What to expect:

  • Premium community of crypto whales and industry leaders
  • More than 160 experts having a speech and analyzing the market from the stage
  • More than 150 key industry companies featured at the exhibition and promising Startups
  • Dozens of teams at the Startup Pitch contest – traditionally many of these projects will rise in a few months
  • Smart networking app to find the one among the thousands
  • Numerous formats for business networking
  • The legendary AfterParty at one of the world’s most renowned clubs – SKY2.0

“I have no doubts that the majority of conversations will focus on the growth of the crypto market due to halving. I invite everyone to join one of the best world’s crypto events and become a part of the power that drives bull run” stated the organizer of the Blockchain Life Sergei Khitrov.

On the 2 stages of the event attendees can anticipate market analysis and forecasts from the top crypto exchanges as well as investing strategies from the leading crypto funds.

Among the top speakers are:

  • Justin Sun (Founder of TRON, Member of the HTX Global Advisory Board)
  • Sergei Khitrov (Founder of Blockchain Life, Jets.Capital and Listing.Help)
  • Paolo Ardoino (CEO of Tether, CTO of Bitfinex)
  • Andrei Grachev (Managing Partner of DWF Labs)
  • Dominic Williams (Founder and Chief Scientist of DFINITY (ICP))
  • Xinxi Wang (Co-Founder of Litecoin Foundation)
  • Danilo S. Carlucci (Founder and CEO of Morningstar Ventures)
  • Irene Wu (Head of Strategy of LayerZero Labs)
  • Pascal Gauthier (Chairman and CEO of Ledger)
  • Jason Lau (Chief Innovation Officer at OKX)
  • Alicia Kao (Managing Director at KuCoin)
  • and many more

Most of the forum speakers are still a secret, but organizers will soon unveil them to you in new announcements.

Learn how to take everything from the upcoming bull run at Blockchain Life 2024.

Buy a ticket at a Presale price now with a 10% discount using promo code ZEXPR.

https://blockchain-life.com

Abu Dhabi Healthcare regulator commences Blockchain Pharmaceutical project

Abu Dhabi Healthcare regulator commences Blockchain Pharmaceutical project

The Abu Dhabi Department of Health, the healthcare regulator, has signed an MOU (Memorandum of Understanding) with Abu Dhabi Health Data Services (ADHDS), the operator of Abu Dhabi’s Health Information Exchange (HIE) platform “Malaffi”, and MSD GCC, a leading biopharmaceutical company, to experiment with blockchain technology for pharmaceutical industry.

The MoU was signed by H.E. Dr. Noura Al Ghaithi, Undersecretary of the Department of Health – Abu Dhabi (DoH), Ashraf Mallak, Managing Director from MSD GCC, and Kareem Shahin, Acting CEO from ADHDS on the sidelines of Arab Health 2024.

As per the press release, the agreement will see the three entities come together and collaborate to assess blockchain potential, while utilizing the neutral platform of the PharmaLedger Association (PLA), a non-profit global organization, to assess the technology and framework potential to support Abu Dhabi in achieving its ambitious vision of fortifying its healthcare ecosystem.

MSD GCC will play a pivotal role in this collaboration by providing its thought leadership and leveraging its extensive experience with blockchain technology across various application areas and markets.

H.E. Dr. Noura Al Ghaithi, Undersecretary of the Department of Health – Abu Dhabi (DoH), said: “The Department of Health – Abu Dhabi’s (DoH) partnership with Abu Dhabi Health Data Services (ADHDS) and MSD GCC serves as a testament to our commitment of working alongside strategic partners within the healthcare sector, to shape a future driven by healthcare technology. This collaboration further solidifies the Department’s ongoing efforts in leveraging cutting-edge technology to enhance the population’s health and well-being, ultimately paving the way for improved healthcare outcomes, and advancing patient-centric care within the Emirate. These efforts further cement Abu Dhabi’s position as a leading destination for healthcare and a hub for life sciences.”

Kareem Shahin, Acting CEO of Abu Dhabi Health Data Services (ADHDS), stated: “One of the areas of interest for the application of this technology for Abu Dhabi is enhancing data security and goods traceability among others. We are thrilled to embark on this groundbreaking collaboration with the Department of Health – Abu Dhabi (DoH), and MSD GCC. ADHDS will be the driving force behind the technical aspects of this partnership, which includes spearheading the assessment of the potential of blockchain technology in the Emirate.”

Shahin added: “At ADHDS, we understand the critical importance of safeguarding patient information while enabling seamless data sharing for improved healthcare outcomes. With our expertise and experience in health data management, following the successful implementation of Malaffi as the first and foremost HIE in the MENA region, we are uniquely positioned to take the lead in delivering a robust and secure blockchain infrastructure that protects the privacy and integrity of health data in Abu Dhabi. We are excited about the possibilities this partnership holds for transforming the healthcare landscape in the Emirate and ensuring the highest standards of data security and interoperability.”

Ashraf Mallak, Managing Director, MSD GCC  noted, “On its part, MSD will be bringing to the table its strategic expertise and extensive experience in the application of blockchain technology within the healthcare sector across various areas and markets. At MSD GCC, we recognise the immense potential of blockchain in revolutionizing healthcare delivery and data security as we are committed to providing our strategic insights, knowledge, and advice to drive the advancement of blockchain usage in the healthcare sector in the Emirates.”

The Central Bank of UAE makes first official CBDC transaction to China

The Central Bank of UAE makes first official CBDC transaction to China

According to WAM news agency, as part of UAE’s Central Bank 50th anniversary, His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of the Board of the Central Bank of the UAE (CBUAE), made the first ever CBDC, digital currency cross border payment transaction to China utilizing the Mbridge Blockchain platform.

This amounts to a $13.6 million transaction sent directly to China through the ‘BIS M Bridge’ platform DLT.

Prior to this, The Central Bank of the UAE (CBUAE) and the People’s Bank of China signed an MOU (Memorandum of Understanding) to enhance technical and technological cooperation in the development of central bank digital currencies (CBDC), going beyond initial collaboration on mBridge CBDC project.

In September 2023, during a speech given by Hong Kong Monetary Authority (HKMA) CEO Eddie Yue, he discussed the whole sale CBDC ( Central Bank Digital Currency) project Mbridge stating that the launch of a minimal viable product ( MVP) would be soon, with participation of UAE Central Bank, Bank of China, BIS, Bank of Thailand and some new entrants.

The UAE Central Bank officials had called for a comprehensive regulatory framework for central digital currencies that would facilitate, accelerate and reduce the cost of cross border monetary operations.

R3 was chosen by UAE Central Bank as its technology partner to design and build a CBDC for the first phase of the central bank’s CBDC project because it is a permissioned based DLT (Distributed Ledger Technology) that decentralize assets privately and works well in regulated industries, but more importantly is its interoperability and asset fluidity.

Sheikh Mansour also witnessed the graduation of the first batch of 1,056 citizens from the ‘Ethraa’ program, who completed a high-level training and qualification program at the Emirates Institute of Finance.

The ceremony showcased the progress and development journey that the CBUAE has witnessed over 50 years, during which the apex bank has contributed to strengthening financial and monetary stability and driving the wheel of economic growth in the UAE. This is in addition to launching a package of innovative projects implemented by the Central Bank’s subsidiaries within the Financial Infrastructure Transformation Program (FIT program) to accelerate the digital transformation in the financial services sector as part of a wider strategy aimed at enabling the CBUAE to be among the top central banks globally.

UAE blockchain hydroponic farm expands into KSA after raising $2.25 million

UAE blockchain hydroponic farm expands into KSA after raising $2.25 million

Crysp Farms, a UAE based innovator and operator of decentralized blockchain enabled vertical farms, has secured a $2.25 million ‘Pre-Series A’ round structured and led by Gate Capital with participation from regional investors, including those from the UAE and Saudi Arabia.

The homegrown ‘Farming as a Service’ provider builds and operates bespoke onsite hydroponic farms catering to hospitality groups, healthcare facilities, restaurants, and hypermarkets. Notably, its high-quality produce is served in venues recognized by the leading awards and guides, such as Gault & Millau and Michelin.

The funding round will focus on scaling the company’s expansion strategy across the region and delivering committed contracts internationally.

Crysp Farms,is  the only Blockchain enabled hyperlocal farming provider in the region. Each farm provides continuous access to onsite fresh produce and reduces greenhouse gas emissions, supporting the outcomes of COP28. According to the Food and Agriculture Organization of the United Nations (FAO), between 30 and 40% of total food production is lost before it even reaches the consumer. Through Crysp Farms, there is close to zero spoilage.

With the current funding round, Crysp Farms will continue its strategic expansion, introducing new farms in prestigious hotels and resorts managed by global leaders like Hilton Worldwide, Jumeirah Group, and Marriott International, among others.

 In the last month, Blockchain enabled Crysp Farms partnered with five new properties, bringing its sustainable farms to more than 20 locations across the UAE, with many more in the pipeline across regional and international destinations, including the Seychelles and Maldives.

As per the press release, the business will target expansion into the Kingdom of Saudi Arabia, enabling and enhancing local food production through innovative technology, in line with Saudi Vision 2030. The business aims to support the hospitality and healthcare sectors across major cities and new development projects in the Kingdom.

Speaking about the investment round, Maan Said, CEO and founder of Crysp Farms, said, “This financial and strategic investment opens up opportunities and enables the business to scale exponentially across our target markets. Through our partner relationships, we are eager to create a more sustainable world through hyperlocal farming. We are proud to receive the support of Gate Capital and other leading investors in this round, as we look forward to sustainably scaling our operations.”

Munther Hilal, Chief Executive and Founder of Gate Capital, said, “Crysp Farms has grown from an innovative idea to disrupt agriculture into a tangible green investment opportunity, with sturdy unit economics and a strong foundation paving the way for scalable growth. Gate Capital’s continuous commitment to ESG-led businesses is a testament to identifying impact investment opportunities.”

Founder of Ethereum, Vitalik Buterin in UAE

Founder of Ethereum, Vitalik Buterin in UAE

In a very interesting tweet on the X platform, RAK DAO ( Ras Al Khaimah’s Digital Asset Oasis) free zone welcomed the founder and creator of the Ethereum Blockchain, Vitalik Buterin.

In the tweet, RAK DAO states,” At RAK DAO, our fundamental belief in the transformative power of community has played a pivotal role in shaping our ecosystem. Our commitment to fostering innovation through collaboration recently materialized in a significant event, graced by the presence of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, alongside Vitalik Buterin, the Co-Founder of Ethereum, here in Ras Al Khaimah. This gathering reaffirmed our ongoing dedication to providing a platform where innovative ideas flourish, collaborations thrive, and the spirit of progress prevails. “

In February 2023, the Government of Ras Al Khaimah (RAK) announced that it would be launching the RAK Digital Assets Oasis free zone dedicated to digital and virtual asset companies for non-regulated entities.

This meant that the UAE would now have two crypto Blockchain Oases, one in DMCC for regulated blockchain and crypto entities and one in RAK for soft regulated entities. As per the announcement RAK DAO was supposed to launch in Q2 of 2023, but its official launch happened in October 2023.

Ras Al Khaimah Digital Assets Oasis (RAK DAO), marked the inception of a new era in digital evolution and Web3 collaboration within Ras Al Khaimah. Businesses dealing with digital assets, including cryptocurrencies, could operate under fewer regulatory restrictions.RAK Digital Assets Oasis, is the first common law and specialized free zone exclusively dedicated to companies involved in digital and virtual assets.

Since then, RAK DAO has been setting up partnerships as it entices blockchain, Web3, metaverse, and crypto companies to set up base in the Oasis. It partnered with The HBAR Foundation having signed a Memorandum of Understanding (MOU) with them. According to the MOU, The HBAR Foundation would support RAK DAO ecosystem members to leverage the power of blockchain and build economies and applications on Hedera, the most used enterprise-grade public network.

In an interview with Bloomberg News, Trust Wallet, self-custody crypto wallet, majority owned by the former CEO of Binance announced its operations in the UAE both in RAKDAO (Digital assets Oasis) free zone in Ras Al Khaimah and in ADGM in Abu Dhabi.

Vitalik’s visit comes after he released Ethereum’s roadmap for 2024 which will focus on scalability, security and sustainability improvements.

Ethereum co-founder Vitalik Buterin announced the plan on social media on Dec. 31, outlining several key initiatives for the platform’s development. ‘The Surge,’ a crucial component of Ethereum’s roadmap, aims to increase network scalability through data sharding. By dividing the blockchain into smaller parts, Ethereum intends to boost its transaction processing capabilities and reduce costs, addressing one of the most pressing issues faced by blockchain technologies today.

This development is expected to bring Ethereum closer to achieving its goal of processing over 100,000 transactions per second, as noted by Buterin in recent statements

Could this visit be another partnership in the making? Is the Ethereum founder finally interested in the UAE and Middle East?