Phoenix group’s IPO to be the first crypto blockchain IPO in UAE

Phoenix group’s IPO to be the first crypto blockchain IPO in UAE

UAE Crypto mining entity Phoenix Group announced on Linkedin, their eminent preparation for a landmark IPO (Initial public offering) on the Abu Dhabi Securities Exchange.

As noted on LinkedIn, “We’re thrilled to announce that we are gearing up for a landmark Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange. As a pioneering technology conglomerate specializing in cutting-edge blockchain and crypto solutions, this marks a significant milestone for us and the UAE. We’re the first crypto and blockchain entity to be listed in the #UAE.”

Founded in 2017 by Bijan Alizadeh and Munaf Ali, Phoenix is set to be the first privately owned crypto and blockchain entity to be listed on a Middle East stock market.

In an interview Bijan Alizadeh, Phoenix Group CEO and Munaf Ali, the Phoenix Group’s managing director stated, “Our journey, originating from the heart of Abu Dhabi, has always been visionary, looking beyond borders and horizons. Today, as we stand at the cusp of this significant milestone, we are not just announcing an intention to IPO – we are sharing our commitment to a future where technology knows no boundaries.”

The company aims to be able to help create a more resilient, inclusive, and diversified global blockchain economy, and listing is just the first step towards achieving that goal.

Alizadeh adds,“Our aim has always been to champion innovation and contribute to Abu Dhabi’s positioning in the global tech landscape. This landmark announcement offers local, regional and global investors the opportunity to participate in making this iconic vision, a reality.”

Phoenix Group  has a total installed capacity of 725 MW across the UAE, Oman, US, Canada and Commonwealth of Independent States (CIS) countries, Phoenix specialises in a range of services, from high-performance computing to crypto and cloud mining, data centre hosting, crypto trading, and crypto mining products and equipment.

Earlier this month Phoenix group announced that it had sold 10% of its company shares to Abu Dhabi conglomerate International Holding Company’s subsidiary.

This announcement came at the heels of an agreement between Muscat-based Green Data City and Phoenix Group to develop a $300 million crypto-mining farm in Oman. The 150-megawatt farm, which will be one of the largest crypto-mining data centers in the region, will be installed in Green Data City, the entities said in a joint statement.

Solana sets up in UAE and offers grant programs to members of DMCC crypto center

Solana sets up in UAE and offers grant programs to members of DMCC crypto center

Solana Foundation, the non profit organization dedicated to Solana Blockchain adoption and security has partnered with UAE based DMCC free zone and Government of Dubai Authority on commodities trade and enterprise, crypto center. Solana will offer technical and business development suport and their existing grant program.

The partnership compliments DMCC’s existing offerings and collaborations by increasing its members’ ability to develop their concepts and scale their businesses using Solana, one of the industry’s leading blockchain platforms.

Lastly, the Solana Foundation will join the DMCC Crypto Centre in delivering webinars and other educational courses on a range of important Web3 topics.

As part of this collaboration, Solana will set up a presence at the DMCC Crypto Centre to integrate with the ecosystem and collaborate with its thriving network of technology partners, exchanges, government entities, investors, incubators and accelerators, and service providers, as well as engage with the wider community of 23,000 companies operating in DMCC’s business district.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Solana is one of the most prominent blockchains in the world, boasting a market capitalisation of USD 8 billion, placing it in the top 10 largest crypto projects globally. Through this landmark signing, we will provide complimentary set up and business licensing for Solana ecosystem projects whilst our members can access a world-class blockchain platform and dedicated Solana engineering teams that can take their businesses to new heights. Providing this type of supportive environment is our core philosophy for the DMCC Crypto Centre. It is through this strategy that we have developed one of the most dynamic and value-creating ecosystems for Web3 firms, offering the largest concentration of crypto, blockchain and Web3 businesses across the MENA region – and a central driver behind Dubai’s rise into the biggest global Web3 innovation hub.”

Dan Albert, Executive Director, Solana Foundation, added: “With its high density of crypto companies and pro-growth attitude, providing support to the DMCC was a natural fit as we look to tap into the abundant Web3 value in Dubai. We look forward to working with members of the Crypto Centre to onboard them to our chain, as well as introducing our existing ecosystem to DMCC so they can also scale their operations.”

The DMCC Crypto Centre is a comprehensive ecosystem for companies that develop Web3 and blockchain technologies, and associated value-added services, providing everything that crypto businesses and entrepreneurs need to set up and scale their operations.

Abu Dhabi Customs to showcase new blockchain solutions at Gitex 2023

Abu Dhabi Customs to showcase new blockchain solutions at Gitex 2023

UAE Abu Dhabi Customs will be showcasing the latest innovative blockchain enabled projects for customs systems during its participation at Gitex 2023 under the slogan “We Shape Tomorrow’s Customs with Today’s Innovations”. Gitex 2023 will be held at Dubai World Trade Centre from October 16 to 20, 2023.

This year, Abu Dhabi Customs is highlighting its innovative digital technologies and solutions that keep pace with the latest technologies of the 4th industrial revolution and artificial intelligence, as well as launching its latest innovative projects that incorporate blockchain technology into customs systems.

Mohammed Husain Al Balooshi, Head of Corporate Communications and Marketing at Abu Dhabi Customs, stated, “Through its participation in GITEX Global 2023 within the Abu Dhabi Government pavilion, Abu Dhabi Customs seeks to showcase the latest innovative solutions and technologies adopted in its customs work system, and their role in enhancing distinguished digital services and adopting the best international practices to increase operational efficiency, which supports our efforts to achieve our vision of global leadership to be a customs authority that leads change in pursuit of enhancing security and facilitating trade, especially in line with the pillars of ‘UAE Centennial 2071‘, ‘We the UAE 2031’ vision, and the economic directives of the Emirate of Abu Dhabi.”

Blockchain deposit token payment platform Fluent to set up operations in UAE

Blockchain deposit token payment platform Fluent to set up operations in UAE

USA based Fluent Finance, a blockchain enabled fintech infrastructure company responsible for developing the connections from core banking to public layers, bridging Web2 to Web3 utilizing the Fluent Protocol, has joined UAE’s Ministry of Economy NextGEN FDI program as Fluent plans to launch its operations in Abu Dhabi and expand its workforce in the UAE to 125 people in the next five years.

Fluent is working to issue deposit tokens which are stable-valued, regulatory-compliant digital assets interoperable with core banking systems. With Fluent, banks may issue fiat-equivalent tokens directly to public blockchains based on outstanding customer deposits and central bank-issued CBDCs.

Fluent will use its new UAE headquarters to deploy and scale its proprietary Fluent Economic Bridge, which can be used by importers and exporters to settle transactions via stablecoins or, increasingly, deposit tokens.

They are already piloting the platform in Kenya, and now hope to develop a digital trade corridor with the UAE.

Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said Fluent’s participation in the NextGen FDI initiative underlines the UAE’s status as a hub for global trade and a supportive ecosystem for new technologies such as blockchain: “The UAE has become a prominent advocate for the modernization of the multilateral trading system, as well as a supportive place for the development of the tools and applications that can deliver it. I am optimistic about the possibilities of the Fluent Economic Bridge, and the potential for digital currencies to improve the efficiency and accessibility of global supply chains. In the build-up to the World Trade Organisation’s 13th Ministerial Conference in Abu Dhabi in February next year, encouraging platforms such as those developed by Fluent will offer an important proof point for the UAE’s leadership on trade technology.”

Bradley Allgood, Fluent Finance’s Chief Executive Officer, said the UAE was the obvious place in which to launch Fluent Economic Bridge. “The UAE offers exactly the kind of supportive, enabling environment that Web3 companies such as Fluent require. The combination of thoughtful regulation, forward-looking vision and advanced technology ambitions means we have the right foundations on which to develop our product and grow our organization. Importantly, this is also an important trade crossroads, which provides a multitude of opportunities to deploy our platform. We genuinely believe that, with the right support, we can transform Fluent Economic Bridge into the next unicorn.”

UAE FAB bank completes Blockchain payments pilot with J.P. Morgan

UAE FAB bank completes Blockchain payments pilot with J.P. Morgan

UAE FAB bank, (First Abu Dhabi Bank), has announced the successful completion of its J.P Morgan’s Coin blockchain based cross border payments.

Coin systems support digital solutions on proprietary blockchain network to enable instant transfer and settlement of value on a permissioned distributed ledger.  The pilot phase, executed seamlessly and within satisfactory response times, have demonstrated the capabilities and potential of blockchain technology in enhancing cross-border payment solutions.

FAB’s achievement through collaboration with Onyx by J.P. Morgan, is a demonstration of the bank’s commitment to leveraging cutting-edge technologies to provide innovative solutions to its clients around payments space and particularly cross border payments domain.  Looking ahead, FAB’s Global Transaction Banking business plans to explore further opportunities using J.P. Morgan’s Coin Systems.

Bahrain’s ABC Bank was the first bank to actually go live with Coin System built on Onyx by J.P Morgan, after two years of piloting.

UAE M2 crypto exchange,custodian and investment platform launches Bitcoin Ethereum yield product

UAE M2 crypto exchange,custodian and investment platform launches Bitcoin Ethereum yield product

UAE base M2, a crypto exchange, custodian, and investment platform for crypto investors has officially launched its international platform, and is offering its first product M2 Earn, that provides yields of up to 10.5% on Bitcoin and Ethereum.

The M2 Earn product available at launch by M2, provides up to 10.5% yield on Bitcoin and Ethereum and investors can calculate their investment yields over a preferred timeframe by using the Earn calculator featured in the app.  M2 investment products and the app have been inspired by extensive industry benchmarking and mirror the rigorous systems of investment banking which are now being applied to the digital asset sector.

Stefan Kimmel, M2, CEO, said: “The arrival of M2 group gives institutional investors, family wealth offices and retail investors the invitation they have been looking for to confidently and securely invest in the fast-growing digital asset sector. The first decade of crypto was marked by the introduction of Bitcoin and the highs and lows of a volatile asset class with a heavy focus on speculation. M2 has been built to give experienced investors exposure to the digital asset sector by offering market leading yields that are based on real returns.”

As per the press release, M2 has to date obtained a license from The Securities Commission of Bahamas (SCB) as a Digital Assets Business and M2 Limited and M2 Custody Limited (M2 ADGM) a Financial Services Permission from the Financial Services Regulatory Authority of the ADGM as a Multilateral Trading Facility (MTF) and for Providing Custody.  Combined, the regulatory bodies offer the most comprehensive and progressive regulatory frameworks for digital assets in the world. Additionally, M2 has initiated licenses in several jurisdictions globally.

The M2 user experience has been designed by investors for investors and aims to eliminate the barriers slowing them down, features available on M2 at launch include:

  • Calculate the Real Yield – the M2 Earn calculator allows investors to easily evaluate what level of returns they can anticipate over 30, 60, 90 days. The Earn calculation you see is the real yield.
  • Set and Earn– The institutional grade Smart Trading features on M2 allows users to execute large buy and sell orders seamlessly, reducing transaction costs and saving users time.
  • Security beyond banking benchmarks – M2 security systems have been designed by cybersecurity experts who operate at the highest-level and all protocols are externally audited.
  • Global Community Support – The M2 support team provides coverage across multiple time zones ensuring 24-hour support for customers.

Marking the arrival of M2, the MMX token (ERC20) will be available to users and feature at the core of the M2 experience. The MMX token is designed to provide onboarded clients with specialized access to specific products and services within the M2 ecosystem that will include the ability to boost yields for M2 earn products (MMX tokens used to boost yields will be burned by M2, making it deflationary). The MMX token will also provide advanced access to new yield products and new digital asset listings. 

M2 plans to make the MMX token available on both centralized and decentralized secondary marketplaces. The token’s primary purpose is to enhance users’ experience of the M2 ecosystem and is not intended to serve as an investment vehicle or represent an ownership stake in M2. 

MMX will be freely transferable on the Ethereum blockchain. Provided users meet the M2 onboarding requirements, MMX tokens can be exchanged for other virtual assets and fiat currency, depending on the user’s needs. The M2 platform enables fast and secure trading of digital assets for fiat, fiat for digital assets, and digital assets for other digital assets, as well as offering high yield earn products. Visit M2.com.

UAE HAYVN crypto trading platform processes 22,000 crypto transactions in 2023

UAE HAYVN crypto trading platform processes 22,000 crypto transactions in 2023

UAE based HAYVN Pay an AC Holding Limited Dubai, offering,  digital asset-focused financial institution delivering Trading, Custody, Asset Management and Research services has processed over 22 000 cryptocurrency transactions to date in 2023.

As per HAYVN linkedIn post, “The market demands a payment platform that is accessible, regulated, affordable and efficient.”

The post adds, “HAYVN Pay is a regulation and technology-led business. We currently meet and exceed the requirements of several payment regulators and will continue to lead the integration of cryptocurrency into the traditional payments ecosystem.”

Prior to this announcement, HAYVN announced that it had received obtained initial approval from the Virtual Assets Regulatory Authority (VARA) in Dubai. HAYVN will now undertake the in-depth process of applying for a Virtual Asset Service Provider License, in accordance with VARA requirements.

The initial approval affirms HAYVN’s commitment to strengthening its presence throughout the by ensuring firm commitment to regulatory compliance in the region, which remains a core territory for HAYVN.

At the time CEO of HAYVN, Christopher Flinos stated, “We are delighted to have met the requirements for our initial approval from VARA and look forward to being part of VARA’s regulatory framework. VARA regulation solidifies our position as the trusted cryptocurrency provider regionally. This is a core market of ours, and our regulatory strength here further supports our broader GCC business. We are proud to be a regulation-led firm, committed to upholding the highest standards of regulatory compliance, as we continue to expand our presence and contribute to the growth of the digital asset ecosystem here in the UAE.”

UAE Enjinstarter launches AYA Web3 Launchpad to tackle climate challenges

UAE Enjinstarter launches AYA Web3 Launchpad to tackle climate challenges

UAE Enjinstarter launched in 2021 as a Launchpad, incubator, crowd funding, and advisory platform for Web3 metaverse, gaming, entertainment and impact and sustainable projects has announced the launch of AYA, ( means miracle in Arabic) dedicated to empowering innovators to tackle climate challenges.

“MENA is at the forefront of climate change, with temperatures expected to rise by 2.5 degrees by 2050. The UAE is emerging as a global leader in sustainability and Web3, attracting builders, investors, and climate warriors,” says Prakash Somosundram, our CEO.

With a focus on areas like reforestation, mangrove conservation, and sustainable agriculture, AYA aims to bridge the climate financing gap, offering a platform for high-impact startups to access innovative technologies, raise funds, and leverage tokenized carbon credits.

At the beginning of 2023, Enjinstarter appointed Vasseh Ahmed as the new Managing Director to lead the Web3 efforts in the MENA region. Vasseh spoke with LaraontheBlock discussing Enjinstarter’s plans to help companies reach their Web3 ambitions while positioning Enjinstarter as the go to provider for impact and sustainability projects.

In the interview Ahmed states, “Web3 has a major role to play in addressing the climate crisis. Carbon credits, in particular, can benefit from Web3’s underlying technology to increase transparency and accessibility. We want to support projects that are looking for ways to shift incentives away from exploitation and toward preservation and regeneration.”

In May 2023 EnjinStarter MENA, a web3 Launchpad and incubator, became the first Launchpad globally to receive initial approval by Dubai’s virtual asset regulatory authority.

UAE based Solarix Ventures is seeking to invest in Web3 technology entities and will be participatiog at the Abu Dhabi Family office Summit on the 23rd of November 2023.

UAE Public Prosecution discusses money laundering crimes using virtual assets

UAE Public Prosecution discusses money laundering crimes using virtual assets

The UAE Public Prosecution is launching a forum entitled  “Financial Crimes Foresight Forum” on 11th October 2023, to discuss money laundering crimes using Virtual Assets. The event will be organized in anticipation of the upcoming International Summit on Metaverse Governance and Emerging Technology, scheduled to commence early next year in 2024.

The forum aims to study and analyze trends in financial crimes and explore proactive preventive measures based on modern and future global trends. It also seeks to explore the future of financial crimes in all its forms and delve into in-depth research to present them as topics for the upcoming International Summit on Metaverse Governance and Emerging Technology.

The forum presents an opportunity for exchanging experiences and enhancing awareness and commitment to combating various forms of financial crimes, especially those based on virtual assets. Experts will discuss the evolution of financial crimes related to virtual assets to shed light on achieving a balance between technological advancements and financial security guarantees. Moreover, it aims to develop scenarios for future information security challenges in the financial and banking sectors and the cyber risks they may face.

The forum will host a select group of speakers from the UAE Public Prosecution, the Securities and Commodities Authority, the Cyber Security Council, the Executive Office for Anti-Money Laundering and Counter-Terrorism Financing, the UAE Financial Information Unit, the Dubai Police General Headquarters, the Economic Security Center of Dubai, the Dubai Public Prosecution, and the Virtual Asset Regulatory Authority of Dubai.

South African crypto exchange receives initial approval from Dubai’s virtual asset regulator

South African crypto exchange receives initial approval from Dubai’s virtual asset regulator

In a blog announcement published by VALR, a South African based crypto exchange, they state that their subsidiary VALR FZE has won an initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA), marking a pivotal moment in our journey towards global expansion.

As per the blog post, “The initial approval granted to VALR FZE does not allow it to undertake any virtual asset services yet, but is a critical step as it seeks to establish a virtual asset exchange in Dubai and affirms VALR’s position as a reputable player in the virtual asset industry, committed to upholding the highest standards of operational integrity, compliance and security. “

Co-founder and CEO, Farzam Ehsani, stated, “For the past 5 years, VALR has been working closely with regulators to inform regulatory frameworks that protect the public while allowing responsible innovation to flourish. This initial approval from VARA is a significant milestone for VALR to bring our products and services to a more global audience under the auspices of a world-leading regulator.”

Blake Player, Head of Growth at VALR highlighted the strategic importance of Dubai and the Middle East, adding, “We see Asia, the Middle East, and the UAE as attractive markets with significant crypto flows. Dubai is quickly gaining recognition as a forward-thinking and pragmatic jurisdiction for crypto businesses. Setting up in Dubai provides an excellent opportunity to serve the regional market and a global customer base from a crypto and business-friendly jurisdiction.”

VALR is not the first crypto exchange seeking a license in the UAE nor will it be the last. Many international crypto exchanges including Binance, crypto.com, Bybit, and CoinBase have all expressed their interest in the UAE.