UAE Crypto Oasis ventures to support Dubai’s DIFC innovation hub and startups

UAE Crypto Oasis ventures to support Dubai’s DIFC innovation hub and startups

UAE based Crypto Oasis Ventures has signed a Memorandum of Understanding (MoU) with Dubai International Financial Centre (DIFC),  to support the DIFC Innovation Hub with subject matter expertise for their ongoing and upcoming start-up accelerator programmes.

This coincides with Crypto Oasis Ventures official opening of its second office in the DIFC Innovation Hub for its Venture Studio.

“We are thrilled to partner with Dubai International Financial Centre (DIFC), a renowned financial hub known for its regulatory excellence and commitment to fostering innovation,” said Faisal Zaidi, Co-Founder and CMO of Crypto Oasis Ventures. “By establishing our office within the DIFC Innovation Hub, we aim to leverage The Centre’s vibrant ecosystem, collaborate with like-minded organisations, and explore new opportunities for growth.”

DIFC is a leading global international financial centre that plays a pivotal role in driving economic diversification and innovation in the region. As a strategic partner, DIFC will provide the Crypto Oasis Ventures ecosystem with access to a network of global investors, industry experts, and regulatory resources. This collaboration will facilitate the development of cutting-edge blockchain solutions, positioning Crypto Oasis Ventures at the forefront of the digital transformation in the financial sector.

Mohammad Alblooshi, Chief Executive Officer of DIFC Innovation Hub commented: “The DIFC Innovation Hub has a long history of partnering with leading and visionary institutions to enable business growth for our start-up ecosystem. This partnership will bring immense value to start-ups participating in our various accelerator programmes this year who will be able to leverage on Crypto Oasis’s expertise to amplify their existing business models.” 

“We are pleased to see Crypto Oasis expand their presence here in Dubai at the DIFC Innovation hub as they continue to innovate and drive growth in collaboration with our vibrant community of tech and innovation disruptors”, he added.

Crypto Oasis Ventures has spearheaded several successful ventures, including Crypto Oasis Labs, Crypto Oasis Sentio, arte, Crypto Oasis Games Guild, Inacta Communications, and The Green Block. These ventures showcase the company’s commitment to innovation, collaboration, and sustainable development within the Web3 space.

UAE Consultancy 10 Leaves accepts crypto payments

UAE Consultancy 10 Leaves accepts crypto payments

In a recent news piece, UAE based 10 Leaves consultancy firms has announced that it is accepting crypto payments.

According to the announcement, 10 Leaves, through it’s technology arm Tenl Technologies, has built up excellent capabilities in the blockchain, DeFi and crypto sectors. From fintech advisory, regulatory sandbox consulting to tokenization and legalities of smart contracts, the 10 Leaves Group is poised to advise  clients on blockchain-related implementations and regulatory licensing across DIFC, ADGM, DWTC, DMCC, Bahrain and Europe (Luxembourg and Lithuania).

“Dubai has demonstrated it’s vision by focusing on new technologies, and as a consultancy with over 17 years in the business, we aim to complement the leadership’s efforts in supporting entrepreneurs and visionaries who will shape our lives in the years and decades to come”, said Rohit Ghai, Founder of 10 Leaves. “Our crypto-related solutions will help startups and established players in this niche space to navigate nascent and complex regulatory requirements, while staying competitive and compliant.” 

“We aim to build an ecosystem of web3-related stakeholders”, added Soumen Ghosh, who has joined the 10 Leaves Group as Partner-Technology. “This includes everyone from early adopters, to startups, tech providers, investors and regulators…to encourage conversations that will lead to contributing towards making the UAE a hub in the blockchain and crypto space.”

UAE top 100 tech investors invested only 4.6% of capital on Blockchain startups

UAE top 100 tech investors invested only 4.6% of capital on Blockchain startups

Deep Knowledge Group, pioneers of big data analytics system and dashboard solutions have published a report on the top 100 tech investors in the UAE of which 4.6% of their investments are in blockchain technology while 2.9% are in Artificial Intelligence and machine learning.

The report makes several findings which include that 50% of the top 100 tech investors are venture capital entities with some of the well known blockchain investors including Crypto Oasis, Shurooq Partners, Seed Group, DisruptAD, Ghad Capital Parners, Mubadala and Ceras Ventures.

More than 50% of the top Tech investors are based out of Dubai UAE with 29% of their investments going to the Middle East startups, 17% going to GCC based entities and 18% in Africa.

74% of the top 100 tech investors have invested less than $10 million per deal, while only 11% have invested over $50 million.

In the last 12 months, Kube VC was the most active in terms of investments which totaled 48, followed closely by Maven Capital with 47 investments, and UAE Ghaf Capital making 20 investments.

The data from the report was gathered from all types of funding rounds, non-equity assistance, investors performance and characteristics were collected and analyzed according to various parameters set forth in Deep Knowledge Group evaluation criteria methodology.

The top 100 Tech investors in UAE have been selected based primarily upon the following criteria, ● number of investments made in DeepTech Companies;  potential for equity and non-equity financing (lead investors in seed/venture rounds); Investors overall background, intangible assets and philosophy;  investor investment activity;  % of successful investments; and  Investment impact on the company.

Within the framework of the given research, data related to over 3,000 investment deals, concluded by top 100 UAE tech investors, were collected. The share of deals concluded in 2022 constituted circa 20% of the total number of investment deals.

Data related to 2,600 portfolio companies, 77% of which are among active portfolio companies, has been gather and evaluated according to the ranking framework as well.

Prior to this report, LaraontheBlock issued a survey in early January 2023 entitled “MENA Investor Survey 2022-2023 for crypto Blockchain sector” found that 50% of those surveyed stated they will be allocating more funds to blockchain and crypto projects and entities in 2023. 19% of those surveyed stated in 2022 they had invested more than 50% of allocated capital and funds into crypto and Blockchain projects.

In June 2023 GCC (Gulf Cooperation Council) and MENA based Investcorp, a global alternative investment firm has led a $15 million investment round for BitMe a Spanish crypto exchange. Included in the list of investors was Telefonica Ventures, Stratminds VC, Cardano, and YGG Fund.While just this week, UAE based Global Millennial Capital Ltd (“Global”), an emerging technology and digital assets investment manager, and venture capital firm launched its Global Millennial Web3 Investment Program, out of UAE which aims to accelerate emerging companies to their full potential in the realm of Web3, DeFi, and Blockchain.

Blockchain and crypto are themes at UAE’s AI Camp

Blockchain and crypto are themes at UAE’s AI Camp

The UAE AI camp a five day camp organized by both the  National Programme for Artificial Intelligence, in collaboration with the National Programme for Coders which targets school and university students, includes six cutting edge including web development and robotics, digital entrepreneurship and career planning, generative artificial intelligence, online safety and cybersecurity, blockchain and cryptocurrency, and virtual and augmented reality through interactive workshops, webinars, and deep dialogues in the field of artificial intelligence.

Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications and Director-General of the Prime Minister’s Office, stated that the UAE government, led by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, is keen to on fostering a generation empowered with cutting-edge technology and artificial intelligence, enabling them to actively contribute to creating a sustainable digital economy while bolstering the nation’s leadership and readiness for the future.

According to Al Olama, this collaborative effort aims to equip the UAE AI camp participants with digital tools and technologies, enabling them to enhance the framework of future prospects and leverage artificial intelligence solutions in innovative ways.

This year, the camp offers specialised programmes and interactive workshops with the participation of a group of government entities, private sector and international companies such as Cyber Security Council, Abu Dhabi Global Market (ADGM), DP World, Dubai Chambers, Road and Transport Authority (RTA), Dubai Cyber Innovation Park, Dubai International Financial Centre (DIFC), coding ambassadors, one of the Coders HQ initiatives, Sharjah Entrepreneurship Centre, Technology Innovation Institute, Ajman X, Fujairah Police GHQ, Microsoft, AWS, Huawei, Careem, Dell Technologies, Stripe, Accenture, Le Wagon, Jeel code, VR Academi, Bnb, Mathworks, University of Birmingham Dubai, Cybernet , 42, Women in AI, Intel, QUAE, Marses robotic systems and others with the aim of providing participants in the camp with future skills.

The UAE AI Camp will continue until the beginning of August 2023. It aims to explore the field of artificial intelligence and digital technologies, shaping the future of technology and digital life through awareness workshops. These workshops will focus on developing participants’ skills in programming, designing artificial intelligence applications and smart applications. Additionally, in-depth workshops will cover various areas such as generative artificial intelligence, deep learning, and machine learning.

The camp also includes meetings for those interested in computing aimed at sharing the experiences of leading companies in the field of artificial intelligence. Workshops will be conducted to discuss the power of artificial intelligence, image and language generation and understanding, as well as how to utilise artificial intelligence tools in our daily lives. Participants will also have the opportunity to learn how to create 3D designs using reality technology.

Additionally, workshops will discuss the challenges in the world of cryptocurrencies and blockchain technologies.

Those interested can register for various workshops through https://ai.gov.ae/aicamp5/.

The Mining Future, crypto mining hosting provider sets up headquarters in UAE

The Mining Future, crypto mining hosting provider sets up headquarters in UAE

In a recent press release, The Mining Future, a Bitcoin and crypto mining hosting services, has set up its headquarters in the UAE. The reason for this is the regulatory challenges being faced in China, USA, and EU as well as the rising costs. The company is also opening a datacentre in Kuwait.

As per the release, The Mining Future has strategically established its headquarters in the United Arab Emirates (UAE) to capitalize on the country’s ambitious vision to become a global leader in the crypto industry. The UAE’s commitment to fostering crypto-friendly regulations, inviting startups and miners within its jurisdiction, and making significant investments to secure its position as a hub for crypto companies have been instrumental in The Mining Future’s decision to choose the UAE as its base.

“We believe that the UAE’s proactive approach to regulation and its commitment to supporting the growth of the crypto industry aligns perfectly with our vision for The Mining Future,” said a spokesperson of The Mining Future. “By operating from the UAE, we can offer our clients a secure and reliable hosting environment while tapping into the country’s thriving crypto ecosystem.”

In addition to their presence in the UAE, The Mining Future is expanding its operations by opening two new state-of-the-art data centers in the Dominican Republic and in Kuwait. This move reflects the company’s commitment to securing clean energy sources and providing its clients with significantly lower rates than the market average.

The company accepts a minimum order quantity (MOQ) of just one miner, compared to the industry-standard MOQ of >10 miners allowing more individuals to participate in the Bitcoin mining network and contribute to its decentralization.

According to the data provided by the Hashrate Index, bitcoin miners in the UAE should produce approximately 13 EH/s, which is equivalent to 3.7% of the total Bitcoin hash rate at an assumed average energy efficiency of 30 J/TH. This comes as the UAE becomes an attractive hub for crypto mining. 

Marathon Digital Holdings confirmed earlier in 2023 that the company along with Abu Dhabi based Zero Two (Registered name FS Innovation), an emerging blockchain and digital assets infrastructure development company, will be launching the two digital asset mining sites with a combined capacity of 250 Megawatts in the sustainability hub of Abu Dhabi Masdar City and the port zone of Mina Zayed by the end of 2023.

UAE Crypto exchange Bitoasis clarifies that VARA’s market notification doesn’t impact their services

UAE Crypto exchange Bitoasis clarifies that VARA’s market notification doesn’t impact their services

A day after Dubai’s virtual asset regulatory authority issued a market notificiation stating that it had taken enforcement actions against BitOasis and advised investors and consumers that BitOasis’s MVP operational license is under review for not meeting mandated conditions, BitOasis replies back that this does not effect the services being offered to existing customers. 

BitOasis was supposed to satisfy certain requirements within 30-60 days of receiving their MVP operational license prior to being permitted to undertake any VARA regulated market activity. 

As such VARA is  exercising its authority to supervise and monitor compliance, assure fulfilment of prescribed conditions, impose remedial measures, and take necessary enforcement actions, including but not limited to holding BitOasis’ Licence status as non-operational.

In response to this BitOasis replied, “ BitOasis  ongoing work to fulfill select conditions associated with its Operational MVP License with respect to serving Institutional and Qualified Retail Investors. BitOasis is working closely with VARA on fulfilling the remaining conditions and is committed to providing a safe and secure service to its users.” 

BitOasis notes that the notification issued by Dubai’s VARA only covers institutional and qualified investors. BitOasis confirmed that it had not began offering thse services to these segments as they needed to fullfill all VARA mandated conditions under its Operational MVP license. 

As such according to the clarificiaiton by BitOasis, “This does not impact our ability to continue to provide broker dealer services to our existing retail users, although we undertake to not onboard any new clients until we have fully complied with VARA requirements.” 

BitOasis added that they are 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 adds, “ 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.” 

Blockchain startup Shardeum, whose seed investor includes UAE Ghaf Capital closes new round of $5.4 million

Blockchain startup Shardeum, whose seed investor includes UAE Ghaf Capital closes new round of $5.4 million

A Blockchain EVM layer 1 startup, Shardeum, whose very first investors in its $18.2 million seed round included UAE Ghaf Capital, has closed a new roud of $5.4 million from investors that include Amber Group, Galxe, J17 Capital, Jsquare, and TRGC, as well as Bware Labs, Tané Labs, Hyperithm Group, Luganodes, Blockchain Ventures Hub, CryptoViet Ventures, Blue7, and more. 

Shardeum aims to leverage the additional funding to further support the growth of the ecosystem in the lead-up to the mainnet launch later this year.

Founded in 2022, Shardeum is a highly-scalable EVM-based layer-1 blockchain deploying dynamic state sharding to keep gas fees low and transactions per second high as participation grows. As of today (July 7, 2023), more than 7.4 million transactions have taken place on the testnet, with 820K+ accounts and over 230K contracts deployed.

Kelsey McGuire, chief growth officer at Shardeum states,“The completion of this strategic raise from key participants puts Shardeum in position to expand on our mission to cultivate a global and diverse community. Given Shardeum’s consensus design and use of dynamic state sharding, validator participation is highly accessible regardless of user access to computing resources. This raise allows us to continue to prioritise decentralisation by growing our community of participants worldwide through education and other key initiatives.”

The $5.4 million raise follows Shardeum’s successful $18.2 million seed round in October 2022 from backers such as Jane Street, Big Brain Holdings, Struck Crypto, The Spartan Group, Ghaf Capital, DFG, CoinGecko Ventures, Foresight Ventures. With this Shardeum has raised $23.6 million in total. 

South Korean DeFi blockchain company establishes headquarters in UAE

South Korean DeFi blockchain company establishes headquarters in UAE

South Korean blockchain companies are establishing their headquarters in the UAE, Neoply a blockchain DeFi solutions provider announced that it will be opening its global headquarters, under the name H Lab in Abu Dhabi UAE with the support of Abu Dhabi Investment Office.

NEOPLY is joining ADIO’s Innovation Programme, which supports the growth of tech-focused industries in the UAE capital. NEOPLY provides a decentralised finance (De-Fi) platform and various services based on blockchain technology. Its global headquarters in Abu Dhabi Global Market (ADGM) will be called H-Lab and benefit from the international financial centre’s advanced regulatory framework and thought leadership in the virtual assets space.

The opening of H-Lab follows discussions between ADIO and Neowiz Holdings, the parent company of NEOPLY, about establishing its blockchain activities wholly from Abu Dhabi and benefiting from ADGM’s robust regulatory framework that enables effective blockchain and digital assets innovation.

Abdulla Abdul Aziz AlShamsi, Director-General of ADIO, stated, “Abu Dhabi’s enabling environment, coupled with the availability of world-class infrastructure and skilled talent, has positioned the UAE capital as a leading destination for investment in the Middle East. NEOPLY joins a wave of other innovative South Korean companies choosing Abu Dhabi as the catalyst for their next growth phase. They are joining a thriving innovation ecosystem and bringing new ideas and solutions to life in the UAE capital.”

Founded in 2018, NEOPLY is the blockchain arm of Neowiz Holdings, a prominent South Korean gaming venture which recently also opened its headquarters in UAE. The company will create specialised jobs in blockchain technology and further add to the sector’s development in the UAE capital and beyond. H-Lab will also work with Abu Dhabi universities to develop programmes and scholarships related to blockchain, Web 3.0, and De-Fi.

Jinho Park, Chief Operating Officer of NEOPLY, stated, “With ADIO’s support, we are establishing our global headquarter in the heart of Abu Dhabi, which fills us with great anticipation for our financial innovation in the Middle East.”

He emphasised, “With the active support of ADIO, the collaboration with ADGM, and the infrastructure of Abu Dhabi, we are committed to setting new standards in the global blockchain industry.”

NEOPLY’s H-Lab will work with ADGM to support its development of a sound and progressive regulatory framework for DeFi, to become one of the first regulated DeFi providers in the world.

The Korean blockchain company is looking to participate in the ADGM’s Digital Lab and collaborate closely with ADGM’s Financial Services Regulatory Authority (FSRA) to build a framework for the DeFi industry that both mitigates risks to consumers and the financial industry and lets new business models develop that can improve consumers’ experiences and outcomes.

UAE based Global Millennial Capital launches investment program for Web3, DeFi, Blockchain startups

UAE based Global Millennial Capital launches investment program for Web3, DeFi, Blockchain startups

UAE based Global Millennial Capital Ltd (“Global”), an emerging technology and digital assets investment manager, and  venture capital firm has launched its Global Millennial Web3 Investment Program, out of UAE which aims to accelerate emerging companies to their full potential in the realm of Web3, DeFi, and Blockchain. 

Andreea Danila,  Founder, and General Partner at Global Millennial Capital Ltd., stated, “We are thrilled to announce the launch of our investment program aimed at investing and accelerating visionary technology companies operating in the Web3, Defi, and blockchain verticals, with a specific emphasis on financial services applications, among others. In addition to the typical acceleration program benefits, which include mentorship, hackathons, regulatory sandbox conversations, and strategic ecosystem connections, Global will deploy its resources to enable Series A companies to access various markets across the Middle East and Africa, from the United Arab Emirates.”

Global Millennial Capital Web3 Acceleration Program is designed to accelerate technology companies in defining and reshaping business models and economics and creating a network of global ecosystem relationships in the United Arab Emirates. The program will provide one-on-one mentorship, organize hackathons, explore testing and security, and connect with regulators, ecosystem participants, and investors. Global will invest up to $250,000 per company; ten companies are expected to be selected during the program.

Global is looking to partner with early-stage technology companies operating in data ownership, Web3 privacy tools, NFTs, cryptocurrency platforms, blockchain technology, digital entertainment, and DeFi, among other opportunistic verticals.

Global Millennial Capital Ltd is the first venture capital investor to introduce the concept of data science in the traditional investment process to create thematic investment themes and artificial intelligence-led investment recommendations. As an active investor in the global fintech sector, which comprises companies operating in the fintech, web3, blockchain, and AI verticals referred to as the “new economy technologies,” Global Millennial Capital Ltd is investing from Fund I ($25 million) in early and growth stages, using a diversified investment strategy targeting risk-adjusted returns while seeking alpha returns with downside protections. As a long-term partner of the entrepreneurs, we deploy value-creation strategies across cycles for our portfolio companies to enhance critical drivers of scalability and profitability, such as access to capital and global markets. Our mission is to generate venture capital returns along with social capital.

UAE RAK Digital Assets Oasis partners with HBAR Foundation to fund and grow Blockchain Web3 members

UAE RAK Digital Assets Oasis partners with HBAR Foundation to fund and grow Blockchain Web3 members

UAE’s RAK Digital Assets Oasis (Ras Al Khaimah DAO), the world’s first and only free zone dedicated to global digital and virtual assets companies, and The HBAR Foundation have signed of a Memorandum of Understanding (MOU). The HBAR Foundation will 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.

This marks RAK DAO’s first operational relationship, bringing together the expertise and resources of both companies to provide direct and streamlined access to benefits within the Hedera ecosystem. These include a comprehensive grant program, financial backing processes, specialized expert support across technology, marketing and business development, and support to scale adoption and innovation of new ideas in the Web3 space.

“By creating and enabling the world’s first licensed Web3 ecosystem, we are facilitating the seamless exchange of information, connecting businesses across sectors, and paving the way for synergistic relationships to flourish. Together, we are unlocking a world of new possibilities, empowering entrepreneurs, and propelling innovation forward,” says His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK DAO. “This collaboration is a testament to our shared commitment to driving sustainable growth and shaping a future where Ras Al Khaimah emerges as a global leader in the digital economy.”

Together, RAK DAO and The HBAR Foundation will spearhead various initiatives in the Digital Assets Oasis ecosystem, including regular startup and scale-up pitching sessions, opportunities to connect with partners and investors, and explore avenues to launch joint projects such as venture studios or accelerators.

The HBAR Foundation grantees will also benefit from discounted set-up and licensing packages to establish themselves in RAK DAO, as well as access to effective banking solutions available to all members of the ecosystem. Both companies will work together dynamically to foster collaboration, fuel innovation, overcome barriers, and empower entrepreneurs in their journey to build the future of Web3 and blockchain technology.

“The United Arab Emirates has established itself as a dynamic hub for Web3 innovation, magnetizing global enterprises and top-tier talent. We eagerly anticipate joining forces to pioneer the future of the emerging technologies landscape,” says Shayne Higdon, CEO of the HBAR Foundation. “Through this exclusive relationship between The HBAR Foundation grantees and RAK DAO, we’re honored to provide grantees with greater access to the UAE whilst working together to establish RAK DAO as a major hub for the Web3 and digital assets sector.”