Ripple report finds 87 percent of MENA financial decision makers confident in crypto industry

Ripple report finds 87 percent of MENA financial decision makers confident in crypto industry

In Ripple’s latest report entitled “ 2023 New Value report, Crypto Trends in Business and Beyond” which covered topics such as cryptocurrencies, tokenization, DeFi, and crypto custody, financial decision makers from MENA ( Middle East and North Africa) are more bullish than their counterparts in other regions when it comes to cryptocurrencies, digital assets, and Blockchain.

As per the report findings, 72% of finance leaders surveyed expressed increased confidence in the crypto industry over the last 6 months, the number is even higher for those in the MENA region, reaching 87%.

90% of global finance leaders anticipate big impacts on business from blockchain and digital assets in the next three years. In terms of tokenization,they see the most massive impact in public stock trading and private share trading. This was especially expressed by finance decision makers with cryptocurrency experience in MENA.

In addition, global finance decision makers predict CBDCs and stablecoins will have a massive impact across business, finance  and society. This sentiment is particularly strong among  those with cryptocurrency experience, and those based in the LATAM and MENA regions.

When the Ripple report compared these results to last year’s survey, they saw that no only do  more respondents expect significant or massive impact of digital currency on business, finance and society,but they expect this to happen within a shorter period of time.

In other words, impact from these digital currency technologies is and will continue to accelerate at a faster clip. Specifically, respondents appear particularly bullish on the overall impact of digital currencies on payments. Nearly half (46%) of all respondents think stablecoins will have the largest impact on cross-border payments, and anticipate the largest impact of CBDCs to be on consumer-to-business payments (39% of financial institutions) and cross-border payments (41% of enterprises).

Many are either somewhat or very likely to begin using cryptocurrencies, CBDCs or stablecoins in their business in the next three years, and are confident that the technologies can meet their business needs. Once again, Ripple saw that respondents in  LATAM and MENA ranked slightly higher than those in other regions, and particularly those decision makers at financial institutions who work in roles related to digital transformation, blockchain/cryptocurrency, and innovation.

Overall, Latin America (LATAM) is more bullish on enterprise and institutional use of crypto for business followed by the Middle East and North Africa (MENA), then North America (NA), Asia Pacific (APAC) and Europe, Middle East and Africa (EMEA).

The report also noted that more financial institutions are interested in instituational DeFi due to pain points around borrowing, raising capital which many see that DeFi can help solve. In addition high interest rates currently outweight other borrowing related pain points by a pretty significant margin everywhere except in MENA, where credit approval requirements were ranked as the primary pain point.

According to the report, these findings are reflective of the current state of the global economy, and that’s reinforced when one compares these results to last year’s data when interest rates were lower, and thus ranked lower on the list at that time.

Another significant technology being looked into by financial decision makers is Decentralized digital identity (DID). The vast majority (90%) think DiD will have a significant or massive impact on Banking, Financial Services and Insurance in the next three years, especially finance leaders in LATAM and MENA.

Even those in treasury, capital markets, payments, and institutional banking are bullish on the technology as it pertains to Banking and Financial Services, falling within the 90% response rate and above for significant or massive impact. Surprisingly, finance leaders in those more traditional roles ranked slightly higher than those in innovation, which is somewhat counterintuitive.

When it came to crypto custody the report found that while a greater proportion of respondents at financial institutions (compared to their enterprise counterparts) currently use crypto custody in their business, in general across all respondents it was found that a total of 35% are currently using a custody solution and 54% plan to within the next three years. Additionally, most companies currently or planning to use crypto custody will do so via a managed custody approach outsourced to a third party.

The vast majority of global finance decision makers (upwards of 88%) believe that crypto and blockchain will have either a significant or massive impact on business, finance, and society over the next three years.

Over half of global respondents cited that they already have a cryptocurrency solution in place at their company, or are in the process of implementing one. Upwards of three-quarters indicate an openness to using or exploring other crypto technologies over the next few years (e.g. CBDCs, stablecoins,NFTs, etc.)

Despite the general positivity, uncertainty and barriers to adoption like privacy concerns, lack of clear regulation, risk management and price volatility are still present.

Cross-border payments and consumer-to-business payments are the top two most highly ranked use cases for both CBDCs and stablecoins.

Enterprises are particularly bullish on the use of NFTs for business in the metaverse and events/ticketing. Over 80% of global finance leaders are somewhat or very likely to use cryptocurrencies, CBDCs and/or stablecoins in their business in the next three years.

Ease of use is far and away the most important requirement for organizations to enable customers to pay with crypto. Faster payments/settlement times and cost savings are the biggest value propositions for incorporating crypto into cross-border payments for enterprises and payments/treasury professionals at financial institutions—regardless of region and level of familiarity with crypto.

Top reasons to hold a cryptocurrency are for use as a currency for making payments, and for use as a hedge against inflation.  Interest rates and cost-related concerns are key blockers for borrowing, raising capital, and making cross-border payments.

According to a survey of global institutional clients commissioned by BNY Mellon and conducted by Celent, 97% agree that tokenization will revolutionize asset management and be good for the industry. They also found that 88% of investors are comfortable utilizing a digital representation of currency like stablecoins or tokens.

The majority (72%) of finance decision makers expect to explore tokenization as a way to drive innovation over the next three years, especially those at financial institutions who currently have or are in the process of implementing a cryptocurrency solution at their organization.

In terms of assets that would benefit the most from tokenization 63% of respondents said online security of data, 50% said stocks.

IslamicCoin issued on Haqq Blockchain raises additional $200 million making total raised $400 million

IslamicCoin issued on Haqq Blockchain raises additional $200 million making total raised $400 million

IslamicCoin, issued by HAQQ Blockchain ( Haqq means truth in Arabic), which is Shariah compliant has raised another $200 million from Alpha Blue Ocean’s ABO Digital. As such the total funding now stands at $400 million.

The founders of Haqq Network include two prominent UAE banking experts. The network aim to cater to the world’s 1.9 billion Muslims. IslamicCoin was presented at the UN’s Cop27 in Egypt and was recognized as the Most Promising ESG Crypto at the Abu Dhabi Blockchain Awards, the Executive Team has received unwavering international support from both private investors, funds as well as the financial world.

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 for access to a maximum of $200M as and when required and ensures Islamic Coin has a long and stable runway.

“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,” commented ABO Digital CEO Amine Nedjai.

The alliance comes on the heels of another major win for the team, as it signed an MOU with London based DDCAP Group, paving the way for Haqq Network integration with over 300 global Islamic banks. That partnership will see the development of a number of solutions for Islamic Finance that include a Shariah-compliant Web3 alternative to SWIFT, a digital asset platform, CBDCs, tokenization and other ventures.

“We are building a game-changing financial platform that brings together ethics and the traditions of Islamic Finance, delivering a robust solution that benefits and works together with traditional systems to significantly improve the state of the world,” commented Islamic Coin co-founder Mohammed AlKaff AlHashmi.

The Advisory Board of IslamicCoin is represented by Abu Dhabi and Dubai Ruling Families, including the grandson of UAE founder Sheikh Dr. Hazza bin Sultan bin Zayed Al Nahyan, UAE Navy Chief Sheikh Saeed bin Hamdan bin Mohammed Al Nahyan (advising in private capacity), Sheikh Khalifa Bin Mohammed bin Khalid Al Nahyan, Sheikh Mohammad Bin Khalifa Bin Mohammad Bin Khalid Al Nahyan, His Highness Sheikh Juma bin Maktoum Al Maktoum and Her Highness Sheikha Mariam Suhail Obaid Suhail Al Maktoum. The team also boasts top names in traditional and Islamic finance. Islamic Coin’s Executive Board includes Emaar’s Hussein Al Meeza (who is also a co-founder), an award-winning banker with over 45 years of experience spanning the Islamic banking, finance, and insurance sectors, one of the key personalities involved in establishing Dubai Islamic Bank — the first fully-fledged Islamic Bank in the world. The Executive Board also includes Greg Gigliotti, CEO, Chief Investment Officer, and Founding Partner of Xtellus Advisors, a respected fund manager with experience at Goldman Sachs and other global institutions with a portfolio of over $16 Billion during his career.

Islamic Coin will be listed on exchanges soon.

Binance receives MVP operational license from Dubai’s virtual asset regulator

Binance receives MVP operational license from Dubai’s virtual asset regulator

After Dubai’s virtual asset regulatory authority revoked the MVP ( Minimum Viable Product) license for BitOasis earlier this month, Binance has now announced that it is the first crypto exchange to receive an operational MVP license from VARA.

As per Binance blog, “Users who qualify will now be able to access regulated virtual asset services in Dubai under VARA’s investor protection and market assurance standards. This milestone achievement affirms Binance’s commitment to building a compliant exchange in collaboration with local regulators.”

Dubai’s Virtual Assets Regulatory Authority has issued Binance with an Operational Minimum Viable Product (MVP) license to operate virtual asset exchange services.

The blog goes further to state, “ We are pleased to announce that our Dubai subsidiary, Binance FZE, has become the first exchange to receive the Operational Minimum Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). “

The Operational MVP license enables Binance to offer services in Dubai approved by VARA, including exchange and broker-dealer services, initially to institutional and qualified retail investors.

The issuance of the operational MVP license follows Binance’s successful attainment of a provisional MVP license in March 2022 and a preparatory MVP license in September 2022.

VARA has now permitted Binance to operate two licensed activities: virtual asset exchange services and virtual asset broker-dealer services, limited to institutional and qualified retail investors in Dubai.

The progression from the Provisional License, granted in 2022, to an Operational MVP License, means eligible users in Dubai will now be able to access authorized services, including the ability to safely convert virtual assets to fiat under VARA-designated standards compliant with the intergovernmental Financial Action Task Force.

Institutions and residents that qualify to use the services provided by the Operational MVP License in Dubai can do so knowing they’re under investor protection and market assurance standards tailored specifically for the virtual asset sector, and required by VARA for any licensees to provide regulated virtual asset services in Dubai.

Richard Teng, Head of Regional Markets at Binance, commented: “We are honored to be the first exchange to be granted an operational Minimum Viable Product License by VARA — a result of over a year of due diligence, collaboration, and consistent demonstration of responsible intent – that now allows us to be able to leverage the potential of a progressive regulatory framework, enabling innovation while furthering user protection. Operating within this regulated ecosystem, we are committed to ensuring secure and seamless customer migration, with robust Know-Your-Customer and Customer-Due-Diligence as part of the rigorous onboarding remediation as stipulated by VARA. Our priority is to be able to operate this first fully regulated exchange in, and from Dubai, in a FATF-compliant ecosystem, setting the stage for global scalability with uncompromised user assurance.”

Alexander Chehade, Binance Dubai’s General Manager, noted: “The last few years have cemented Dubai as a global virtual asset hub and we are excited to be a witness to that growth as we build on our operations here, with continued commitment to market and investor security. With this operational MVP license, all users onboarded through this platform can expect access to a trusted and regulated service that prioritizes security alongside compliance with highly specialized, tier-one virtual asset regulations under VARA. This milestone achievement is one step closer to providing even more users with access to our services and we are excited about the continued work in this space.”

VARA’s website has updated that status of Binance to an MVP operational license. In the meantime Binance has been retreating from various countries, includig Germany, France, Canada, Cyprus, Austria and the Netherlands as it also faces legal battles in the USA and UK. 

This is the third license Binance receives in the GCC region. The first license granted to Binance was in Bahrain, as well as in Abu Dhabi UAE through ADGM ( Abu Dhabi Global Market).

Swiss Private Bank Julius Baer to offer digital asset wealth management services from Dubai UAE

Swiss Private Bank Julius Baer to offer digital asset wealth management services from Dubai UAE

Swiss private Bank Julius Baer in a recent Bloomberg article announced that it will be expanding its crypto wealth management services in Dubai UAE. This will be the first digital assets service offering outside of Swtizerland by the bank.

As per the article, Julius Baer’s subsidiary JBME will apply for a digital assets license variation on top of its existing permissions in the Dubai Financial Services Authority (DIFC). This would allow the entity to arrange and provide advice and custodial services on digital assets such as Bitcoin, Ethereum and other cryptocurrencies.

This is not surprising given that in Julius Baer’s recent global wealth and Lifestyle report, it published that Dubai had risen to the seventh position demonstrating its remarkable success a a destination for the wealthy.

The city has emerged as the preferred choice for companies and entrepreneurs seeking a foothold in the Middle East and is highly favoured by expatriates. By providing an attractive tax framework, investment incentives, superior living standards, robust safety measures, excellent global connectivity, and top-notch infrastructure, Dubai is poised to maintain its position among the top cities in these rankings.

In addition in 2023, Julius Baer participated in the Dubai Fintech Summit, where Jonathan Hayes Head of Digital assets development at Julias Baer spoke on the bank’s digital asset strategy.

In its 2023 strategy report Julius Baer noted that in its strategic cycle 2023-2025 the bank would focus on scaling its business in key markets through organize and inorganiz growth as well an innovate wealth management through digital advancements.

In their stategy report the bank notes, “Over the next strategic cycle 2023-2025, Julius Baer forsaw an additional investment into technology of about CHF 400 million in total, on top of today’s investment budget, to be achieved incrementally and largely capitalised. Further to current investments in its alternative assets offering, such as private markets and real estate, the Group will explore the emerging, albeit volatile, class of digital assets, keeping a close eye on how it evolves and the opportunities it presents. Integrating digital assets into its holistic wealth management proposition will position Julius Baer firmly at the interface of digital assets and the fiat world. The Group is well-prepared to successfully navigate both its clients and its business through the disruptions decentralised finance will inevitably pose.”

This comes as the UAE and Dubai become a destination of choice for global crypto exchanges seeking licenses. Dubai earlier this year launched the first virtual asset regulatory authority in the world, and has witnessed the creation of a digital assets framework on a federal level through its Security and Commodities Authority.

DIFC has also been working heavily on its digital assets framework. In April 2023, The Dubai Financial Services Authority, the regulator of Dubai International Financial Centre,noted that it has a strong pipeline of digital asset companies and global hedge funds that are looking to set up in the emirate’s financial centre. The DFSA has yet to issue a licence in the cryptocurrency space and it may take longer for companies looking to set up a new business than for those already licensed by the regulator.

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

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

In a recent blog post by CoinW, a crypto exchange, the company unilaterally announced that it has received an initial approval from Dubai Virtual Asset regulatory Authority. According to CoinW this is a significant step in their global expansion which will lead to substantial investments in the UAE market and MENA region.

As per the post the initial approval from VARA means that CoinW will be able to operate its regional business in Dubai within the newly announced regulatory framework and serve as its foundation for operation in the region.

Sonia Shaw the Global Cooperation Director of CoinW based out of UAE, commented that the UAE is growing into an important global cryptocurrency hub, with Dubai being the first global economy to establish a dedicated regulatory authority for the virtual asset industry. It is foreseeable that the cryptocurrency business in the Middle East will thrive in the coming years.

She states, “CoinW is optimistic about the potential of this city and the future opportunities it offers. We look forward to working with VARA and other local authorities to further invest in Dubai and promote the development of the virtual asset industry in the Middle East.”

CoinW has been dedicated to compliant operation since its inauguration in 2017. To date, CoinW has obtained various crypto-related compliant licenses in multiple countries and regions, including the US MSB financial license, Canadian MAB license, Lithuanian financial regulatory license, SVGFSA license, and others. This preliminary approval from VARA marks another important milestone for CoinW in terms of regulatory compliance and accelerates its strategic positioning for global expansion.

Swiss Blockchain Web3 Infrastructure provider Buildrs opens office in UAE and onboards first project

Swiss Blockchain Web3 Infrastructure provider Buildrs opens office in UAE and onboards first project

Swiss based Buildrs, a blockchain, metaverse and Web3 infrastructure provider has announced that it has opened a location in the UAE and is embarking on its first project with its first customers.

Buildrs is specialized in the virtual economy, blockchain, and gamification. Buildrs mission is to accelerate the adoption of Web3. Virtual assets, digital ownership, co-creation, and transparency are at the core of the experiences we build.

The company develops a portfolio of products and use cases across various industries as real estate, hospitality, entertainment, and gaming. Buildrs empower them using the original platform, which covers all aspects of virtual assets, the virtual economy, and the Metaverse.

Viktor Andreas, Founder and CEO of Buildrs stated in a LinkedIN video, “ We are very excited to be here in Dubai and continue our journey providing Web3 infrastructure which we have started three years ago in Swtizerland. UAE has created one of the most innovative and best envionments for Web3 innovation. We are happy to announce that we are setting up our location in the UAE. We have met wonderful people, in Hub71 in Abu Dhabi, and Dubai and we believe this is one th best locations now and in the future to innovate to collaborate and create the future by leveraging Web3 technology, New project and onboarding new customers, engaged in Web3 ecosystem.. we are here to stay.”

In their LinkedIn post Buildrs states, “Our commitment to providing exceptional service and innovative solutions remains as strong as ever. Our team is working tirelessly to understand the unique needs and challenges of businesses in the UAE. We are collaborating with local partners, participating in regional events, and leveraging digital tools to ensure we are as present and active as possible.”

Prior to the move to the UAE, Buildrs had visited and participated in various events in the UAE. The company was impressed with UAE’s unwavering government support expecially initiatives like Hub71 and the crypto ecosystem in Dubai with Crypto Oasis.

The were also impressed with the favourable regulatory landscape and it is their visit that reinforced their belief in the potential of the UAE to becoming a center of Web3 innovation.

UAE Trade Finance provider partners with InvoiceMate for AI Blockchain invoice financing

UAE Trade Finance provider partners with InvoiceMate for AI Blockchain invoice financing

UAE Halliday Growth, a non-bank trade finance provider has partnered with Blockchain entity InvoiceMate to offer Blockchain AI powered invoice financing in the UAE. The agreement was signed during the World Token Summit 2023 held in Dubai UAE.

UAE based, InvoiceMate is a blockchain powered platform for trusted & efficient invoice processing, payments & financing.

Speaking to LaraontheBlock Muhammad Salman Anjum, Founder of InvoiceMate, stated, “For us at InvoiceMate, this partnership is very valuable as it brings diversification of experiences to a real venture.”

He adds, “Halliday Growth is an established brand with extensive experience in the UAE market. InvoiceMate is eager to share its tech competency to reach the common goal of financial inclusion for MSMEs in the region. Blockchain and AI powered InvoiceMate offers a sustainable solution for working capital problems of the businesses.  We are looking forward to serve UAE together.”

Prior to this InvoiceMate and Mentor Health in Pakistan partnered to introduce Health Invoice Financing.

UAE Ministry of Education utilizes Blockchain UAE Pass app to attest certificates automatically

UAE Ministry of Education utilizes Blockchain UAE Pass app to attest certificates automatically

UAE Ministry of Education (MoE) has launched the blockchain enabled “automated attestation” service to make it easier for university graduates to get their certificates verified quickly.

All attested university certificates will be provided through the blockchain-powered UAE Pass app, in cooperation with the Telecommunications and Digital Government Regulatory Authority (TDRA), enabling students to access their attested certificates in a faster and more reliable manner.

During the first phase, six licensed universities, comprising almost 11,000 students, will benefit from the new service.

According to WAM news agency the  announcement was made during a press conference attended by Dr. Ahmad Belhoul Al Falasi, Minister of Education; Dr. Mohammed Al Mualla, Under-Secretary for Academic Affairs of Higher Education at Ministry of Education, and representatives from UAE-based media outlets.

Certificates issued by UAE-based higher education institutions (HEIs) can now be attested in less than an hour. The service will facilitate graduates’ transition to the workforce or help them complete their education locally or abroad.

Dr. Al Falasi noted the “automated attestation” service is a proactive digital service that aims to make the attestation process faster and simpler for students. It ensures that the final outcome meets the quality standards set by the UAE Digital Government Strategy. This initiative aligns with the Ministry’s goal to improve the higher education system, which plays a crucial role in creating a knowledgeable society with global competence.

He said, “We, at the Ministry of Education, seek to harness cutting-edge technological solutions to boost the efficiency of our services, to help students contribute to the UAE’s comprehensive and sustainable development. We will keep using technology to enhance different parts of the education system, establishing the UAE as a top educational destination for students and the home to excellent educational institutions.”

The six licensed Universities included in first phase are  the United Arab Emirates University; Mohammed Bin Rashid University Of Medicine and Health Sciences; Khalifa University of Science and Technology; the University of Sharjah; Zayed University; and the American University of Sharjah. In the second and third phases, the service will be made available to all licensed HEIs in the country by 2024.

Digital assets infrastructure provider one of 15 startups accepted into Abu Dhabi Hub71 2023 cohort

Digital assets infrastructure provider one of 15 startups accepted into Abu Dhabi Hub71 2023 cohort

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

As per the website of Fuze Finance, the company was purpose built for the Middle East because the company believes the Middle East will be the epicentre of digital asset innovation.

The MENA market, is seeing rapid growth in digital assets. Digital asset transactions of over $566 billion from June 2021 to June 20 22, 48% more than the year prior.

Fuze was among 15 startups chosen because it is aligned to Abu Dhabi’s strategic ambitions, including  healthtech, fintech and edtech firms. The addition of the latest cohort has increased the size of Hub71’s ecosystem to more than 240 startups.

In the latest cohort, 67 per cent of the selected startups are headquartered outside the UAE, reinforcing the increasing the status of Abu Dhabi as a global innovation and business hub.

The 15 startups originate from the UAE, US, New Zealand, Egypt, the Netherlands, and the UK.

The full list of startups joining Hub71 include: 

Cypherleak is a cost-effective risk monitoring solution that allows companies to gain visibility on their leaked data and provides attack surface management, vulnerability scanning, and risk scoring solutions.

Elmawkaa is a marketplace for building materials. An automated process provides contractors and engineers access to competitive and accurate quotations for their materials from vetted suppliers in a few minutes.

Exsurgo uses neuroscience and data analytics to develop treatments for neurological conditions without using pharmaceutical drugs.

Fuze is a full-stack digital assets infrastructure platform, enabling MENA businesses to integrate embedded experiences for their customers in a regulatory and compliant way.

Inovat is a digital VAT refund solution that allows travellers to save more than 20 per cent in tax refunds on shopping without the need to complete any paperwork or stand in airport queues.

LivLyt is democratising access to the latest tech devices through subscriptions, which provides a more affordable, flexible, and convenient solution than alternative options.

Mashvisor is a platform that combines all services needed for real estate investing, cutting three months’ worth of research down to only 15 minutes.

MediJobs is a platform that enables highly skilled healthcare professionals to connect with an exclusive network of top-tier practices hiring in their area.

Ovasave is a tech platform that leverages innovative solutions to provide women access to seamless, integrated, digitally enabled fertility and egg-freezing services across a vetted network.

Rabbit Mart is a grocery service with tech-enabled, hyper-local fulfillment centres.

SubsBase is a subscription management platform that empowers businesses with recurring payments to manage customers’ lifecycles seamlessly and efficiently.

Synapse Analytics is a data science, machine learning, and artificial intelligence company that offers services and products to help organisations better use and monetise their data.

The Editing is a compact gene editing system that uses endogenous proteins to cure life-threatening genetic disorders.

Qureos is a platform that makes mentorship, portfolio building, and matching jobs simple for graduates transitioning to the workplace.

Zest Equity is a platform for all venture investors that democratises access to venture transactions across emerging markets.

Substantial rise in applications from startups

Hub71 received a 70 per cent increase in applications to join the startup community compared to the previous cohort, including a significant increase in high-quality early-stage startups looking at setting up in Abu Dhabi.

Ahmad Ali Alwan, deputy CEO of Hub71, said,“Each startup has undergone a rigorous selection process, having been selected based on their unique capabilities and potential to grow as a global tech company out of Abu Dhabi. Our first cohort of 2023 is comprised of companies that have showcased a competitive edge in building differentiated tech platforms and products. By attracting and scaling startups with solutions that make a difference in people’s lives, we aim to make an impact on Abu Dhabi’s economy and society and continue bolstering its position as a leading global innovation hub.”

UAE’s Abu Dhabi University hosts 5ire Web3 Blokchain hackathon

UAE’s Abu Dhabi University hosts 5ire Web3 Blokchain hackathon

UAE Abu Dhabi University’s department of computer science and IT has hosted the first 5ire Web3 Blockchain hackathon in collaboration with 5ire and MetaDecrypt. Over 50 teams representing nine universities acros shte UAE participated in a bid to further enhance students’ knowledge of blockchain technology and innovation and to strengthen blockchain education, research and entrepreneurship.

ADU’s faculty members and 5ire trainers introduced students and academics to Web3 and blockchain technology, fostering innovation in the next generation of developers through the utilisation of several technologies such as Metamask, NFT, 5irechain, Ethereum and IPFS. In addition, participants from all coding and programming levels received expert guidance, valuable resources and networking opportunities to ignite their critical thinking and problem-solving skills.

As part of the event, students attended a workshop focused on Web3 and blockchain technologies, as well as entrepreneurship. Following the workshop, the students worked together and were encouraged to apply their creativity to competitive and groundbreaking ideas that utilised Web3 and blockchain technologies as well as developing innovative solutions for real-world challenges. 

Professor Mourad Elhadef, Computer Science and IT Professor at Abu Dhabi University (ADU), said: “We are delighted to host the first 5ire Blockchain Hackathon in partnership with our strategic partner 5ire. Together, we aim to boost critical thinking and empower the next generation of Web3 and Blockchain developers. This hackathon serves as a dynamic platform where creativity meets sustainability, showcasing how technology can drive positive change in alignment with the UAE’s strategic vision for sustainability. We are inspired by the pioneering and creative ideas we have witnessed from the bright tech-savvy leaders of the future.”

Dr. Murad Al Rajab, Assistant Professor of Computer Science at Abu Dhabi University, said:”Web3 and Blockchain stand at the forefront of innovation, offering unprecedented opportunities for sustainability. By harnessing the power of these transformative technologies, we can forge a path towards a greener and more sustainable future. The recent hackathon, organised by Abu Dhabi University and 5ire.org, showcased how Web3 and Blockchain can revolutionise areas like supply chain transparency, renewable energy trading, and beyond, driving us closer to a world where technology becomes a catalyst for sustainable development.”

Pratik Gauri, Founder and CEO of 5ireChain, said: “We firmly believe in empowering the next generation of Web3 pioneers, and it is not just a vision, but a commitment we hold. By fostering local talent in the UAE and embracing decentralised learning, we strive to equip children and youth with the necessary tools to construct a transformative future.”

The competition concluded with an award ceremony, where the winners were recognised for their outstanding innovative ideas. The top three winners were recognised from different universities within the UAE where ADU came in second place. The winning teams’ projects focused on Cryptocurrency and Sustainability.