UAE to issue stablecoin for payments legislation soon and maybe even DeFi

UAE to issue stablecoin for payments legislation soon and maybe even DeFi

As per a recent PWC Crypto regulation report 2023, the UAE has finalized its crypto regulation, includes AML/ CTF Money laundering and counter terrorist financing rules as well as its travel rule and has already prepared the stablecoin regulation for payments which is awaiting final legislation. ( refer to graph page 8 of report).

For those not familiar with the travel rule, it is a Bank Secrecy Act (BSA) rule [31 CFR 103.33) which requires all financial institutions to pass on certain information to the next financial institution, in certain funds transmittals involving more than one financial institution.

This PwC Global Crypto Regulation 2023 report provides an overview of the crypto regulation landscape, with a focus on financial services. It offers insights into how the regulatory frameworks are developing across the world and seeks to identify how this may impact relevant industry participants and virtual service providers within the financial services sector.

The report notes that UAE authorities are assessing their approach to areas including stablecoins and wider DeFi.

In addition as per the report, the Central Bank of UAE is establishing its position in communicating permissible virtual asset activities to local banks. These include opening accounts for Virtual Asset Service Providers (VASPs) better known as crypto exchanges. 

 UAE Securities Commodities Authority with its Decision on Crypto Assets Activities Regulation (CAAR), regulates the offering, issuing, listing and trading of crypto assets in onshore UAE. This includes the initial coin offering exchanges, marketplaces, crowdfunding platforms, custodian services and related financial services based upon or leveraging crypto assets.

In December 2022 the UAE Cabinet updates some of its legislations including those pertaining to virtual business and virtual assets allowing them to be regulated onshore.

As for the rest of the GCC and Arab countries, the report notes that Bahrain has implemented crypto regulations and AML/CTF  yet has not implemented neither the travel rule nor stablecoin regulations for payments.

Jordan, Kuwait, and Oman have not initiated a crypto regulation process, while KSA and Qatar have prohibited cryptocurrencies.

It is interesting that while the report for example considers that Oman has not initiated the crypto regulation process, Oman had announced in 2021 that it was launching through the Central Bank a high level Oman cryptocurrency task force to study the economic advantages and disadvantages of authorizing the use of cryptocurrencies in the country.

In January 2022 Oman capital markets Authority announced a tender for specialized companies to assist in setting up a legislative and regulatory framework for virtual assets and licensing supervision and regulations of Virtual assets service providers within the Sultanate of Oman. Since then no other announcements have been made.

Both Bahrain and Oman have allowed crypto payments to be made in the country through virtual asset providers. Oman based, cryptocurrency broker, Easy Coins launched its trial of Tether USDT on the Tron Blockchain. Accordingly Easy Coin users in Oman can now purchase TRC20 USDT. At the end of 2021 there were 43 thousand registered crypto wallet addresses in Oman.

In the meantime even stablecoins are being trialled in Oman. The Oman Water and Waste Water Services Company (OWWSC), member of Nama Group, to trial a stablecoin linked to the Oman Riyal. The company signed an MOU with Oman based Digital Digits, the creators of Easy coins and Connected Chains to trial “ Hasalah” a stablecoin Wallet.

While in Bahrain EazyPay, a payments solution provider partnered with Binance’s Binance Pay to launch a regulated and approved crypto payments service offering in the Kingdom.

The Kingdom of Saudi Arabia crypto traders and investors are growing despite the ban on cryptocurrencies and the Central Bank of Saudi Arabia has created a division to study implementation of virtual assets and CBDCs. In 2022, Qatar announced the introduction of its blockchain blueprint for the country.

So while regulations are essential for the growth of crypto ecosystem, and the UAE is leading in this regards, it doesn’t mean that crypto is not being utilized in other countries regardless of their regulatory status. 

ChainUp Blockchain solutions provider sets up in UAE offering digital asset solutions

ChainUp Blockchain solutions provider sets up in UAE offering digital asset solutions

Singaporean ChainUp Group, a global blockchain technology solutions provider, has expanded its operations into the UAE and MENA region with a sales office in Dubai. The company aims to provide blockchain solutions to businesses across the Middle East region.

The new sales office in Dubai has since begun operations and seeks to form new partnerships with enterprises in the region. The team will work to curate blockchain solutions to fulfill the needs of prospective clients for them to operate more efficiently and securely.

ChainUp Group has a foothold across multiple locations around the world including Hong Kong, Japan, Korea, and the United States.

The company  offers a suite of blockchain solutions covering infrastructure development and ecosystem support including digital asset trading systems, NFT trading systems, wallet solutions, liquidity solutions, Web3 infrastructure, digital assets custody, and more.

Ms. Tan Bin Ru, Deputy CEO & COO of ChainUp Group commented, “The United Arab Emirates (UAE) has one of the fastest growing cryptocurrency ecosystems in the world and is a key strategic region of our global expansion plan. We are excited as ChainUp has a complete suite of Digital Assets Exchange Solutions to support the needs of these business requirements.”

The company has served more than 1,000 clients in 30 countries, reaching over 60 million end-users.

1,650 Blockchain crypto entities in the UAE a 13.8 percent growth YOY

1,650 Blockchain crypto entities in the UAE a 13.8 percent growth YOY

According to a Crypto Oasis at the end of 2022 there were 1,650 blockchain and crypto entities in the UAE. Crypto Oasis notes that the ecosystem has been growing faster than previously anticipated.

As per the release, the Ecosystem has witnessed a sturdy 13.8% growth that proves that the Crypto Oasis is expected to continue its robust growth in the coming months as regulators in the region welcome innovation and disruption, making it easier for blockchain-related companies to secure licenses and operate.

At the forefront of this is Dubai Multi Commodities Centre(DMCC) which is home to over 500 of these native Blockchain organizations, representing the largest concentration of crypto and blockchain companies in the Middle East and North Africa (MENA) region.

Crypto Oasis has added 200+ new organizations in Q4 2022 that have brought in 1,300+ new professionals to the burgeoning Ecosystem, bringing the total number of individuals working in this industry to 8,300+. This 19% growth in employment numbers can be attributed to the UAE being a force to reckon with in the global Blockchain landscape. 78.2 percent (approx. 6,500) of these individuals work in native blockchain organizations, i.e. those which are focused on blockchain and related decentralized technologies. 21.8 (approx. 1,800) percent work for non-native companies, i.e. those that offer blockchain related services or products but do not have blockchain as their primary focus.

Ralf Glabischnig, Founder of Crypto Oasis, stated, “We’re thrilled to have identified these new organizations in our ecosystem that are contributing to a diverse community of stakeholders. The possibilities for Web3 technology are vast, from finance and supply chain management to gaming and social media. However, as it’s a relatively new and emerging technology, its full potential hasn’t been reached yet and the industry is facing challenges such as scalability, security, and user adoption. It’s an exciting and rapidly evolving field to watch and we’re eager to collaborate and learn from each other as we work to improve Web3 and decentralized technologies.”

“The UAE is the perfect amalgamation of Talent and Capital built on a world class Infrastructure,” said Saqr Ereiqat, Co-Founder of Crypto Oasis. “The Ministry of Economy (MoE) has become one of the first Government entities in the world to be active in the metaverse. In 2022 the MoE published its Digital Economy Strategy which aims to double the contribution of digital economy from 9.7% to 19.4% in the next decade. The inception of regulators like VARA and various industry events like the Abu Dhabi Finance Week and Dubai Fintech Week, as well as the launch of the Dubai Economic Agenda “D33″, demonstrate UAE’s commitment in taking an active step to becoming the center of digital economy globally.”

UAE Restaurant pilots Blockchain Halal food traceability with DNA verification

UAE Restaurant pilots Blockchain Halal food traceability with DNA verification

A UAE restaurant is piloting Blockchain enabled halal food traceability with DNA verification with OneAgrix and its partner Blockchain OriginTrail, and Inexto.

OneAgrix, Inexto, OriginTrail and their ecosystem partners are pioneering and comprehensive halal digitalization solution, tracing beef from the DNA to QR code. With just a smartphone, food consumers can now verify the origins of their food, trace it through the supply chain, verify the authenticity of the halal certificate, and confirm that the product is genuine.

This end-to-end food traceability technology was showcased at a high-end restaurant in Dubai as a joint effort by OneAgrix, Inexto, OriginTrail, and their ecosystem partners for the launch of the traceability technology.

Technology that enables buyers to trace the supply chain journey of the food is important to build consumer trust and ensure food safety by the retailers selling their products, also enabling fast product recall. OneAgrix and eight ecosystem partners have developed an end-to-end supply chain traceability and transparency solution that is commercially viable. The solution will enable consumers and food distributors to provide consumers with clear information on the origin of their food and verify that their food is genuine.

The comprehensive food traceability solution connects the serving on the plate to the farm from which it came. Identification technology, provided by Inexto, traces the product through the supply chain, and DNA traceability verifying the connection to the animal itself. Together, they identify the type and origin of the meat, the identity of the farm and the meat processor, the authenticity of the halal certifications, and the health certificates required for processing and export.

Certificates are stored in OriginTrail’s network operating system, built on blockchain technology to maintain their integrity and all stored on OneAgrix’s platform.

Mr Philippe Chatelain, CEO of Inexto explained, “INEXTO Solutions are yearly securing over 100 Billion products across their global supply chains and delivers the highest degree of trust and security to consumers, customers, and governments. INEXTO is excited to be part of the Halal End-to-End traceability project with OneAgrix, thus providing halal food product consumers with a demonstrated proof of origin and authenticity.”

Žiga Drev, Founder and Managing Director at Trace Labs, the core developers of OriginTrail highlighted, “At Trace Labs, we are committed to building a more transparent, collaborative and trusted global economy with the OriginTrail Decentralized Knowledge Graph.This pilot is a comprehensive exercise following a multi-year integration of OneAgrix platform, focused on bringing the benefits of blockchain-based technologies closer to stakeholders within faith-based food supply chains around the world to advance transparency and trust.”

According to the ecosystem partners, Dubai was chosen as the city to launch this pioneering and comprehensive technology as the city is known as the ‘city of the future’, famous for its innovation as well as being a global halal hub. 

“We are delighted that Dubai is the destination to launch the world’s first comprehensive food traceability solution, which is in line with His Highness Sheikh Mohammed bin Rashid Al Maktoum’s national vision for UAE 2031, on the importance of food security by utilizing the latest in technology and innovative approaches,” said Ms Diana Sabrain, CEO of OneAgrix.

UK Agriculture and Horticulture Development Board (AHDB) s Halal Sector Manager, Dr Awal Fuseini said, “OneAgrix’s halal digitalization project would improve traceability and transparency in the halal sector. The UK meat industry is well positioned to continue to supply premium halal meat products to the growing halal market, this digitalization project is expected to increase consumer confidence in our products”.

OneAgrix, Inexto, OriginTrail and their ecosystem partners announce a pioneering and comprehensive farm-to-retail solution, tracing beef from the DNA to QR code.

Blockchain gaming platform WEMIX expands to MENA with UAE presence

Blockchain gaming platform WEMIX expands to MENA with UAE presence

WEMIX a South Korean blockchain gaming platform part of WEMADE blockchain firm, is developing and delivering various games and has launched its MENA presence with its foothold out of UAE, Abu Dhabi in specific.

Wemade’s blockbuster Legend of Mir IP boasts its 500 million accumulated users in China. Wemade has over 10 subsidiaries, including Joymax (developer of Wind runner) and Flero Games(developer of Every Town) and shares in some of Korea’s most promising game developing companies, including 4:33 Creative Lab, IMC Games, XL Games, Hound 13, Raidmob, and Pulsar Creative.

According to the announcement, WEMIX MENA will also open another branch in the region as well possibly KSA and other areas of UAE.

The announcement states, “The UAE with its pro-blockchain policies, governments are focusing on digital innovation business. The region is proactively supporting blockchain-based business ecosystems and digital assets services. Launching of WEMIX MENA means WEMIX will actively seek to expand its ecosystem in the MENA.”

It adds, “Abu Dhabi, the capital of the United Arab Emirates, has been actively focusing on expanding global blockchain business by implementing digital asset regulations in 2018 and introducing Abu Dhabi Global Market (ADGM). The rapid growth in the game industry and positivity from the government toward blockchain business has made the city the base for many global IT companies to begin business in the MENA region.

UAE HAYVN Subsidiary, HAYVN Asset Management launches crypto Index Fund

UAE HAYVN Subsidiary, HAYVN Asset Management launches crypto Index Fund

HAYVN, regulated by UAE Abu Dhabi Global Markets, CIMA, and AUSTRAC has launched its first HAYVN 20 Index Fund a high risk fund that includes crypto assets.

According to their website the fund will include the top 20 digital assets by market capitalization with a maximum weighting of 10% for any asset to increase diversification. It is a broad based index strategy with monthly rebalancing.

The Fund will be managed by HAYVN Asset Management, a British Virgin Island Approved Manager, 100% subsidiary of the HAYVN group.

The primary objective of the HAYVN 20 Segregated Portfolio is to deliver long term capital growth by investing 100% of fund assets within the crypto asset class. The fund is suitable for medium to long-term investors seeking diversified exposure to the broader crypto asset market, obtained through holding the top 20 crypto assets by market capitalisation. The fund aims to provide investors with enhanced returns relative to a pure market-cap weighted top 20 strategy. Investors should expect high levels of volatility and potential drawdown of their investment.

The fund follows a passive rebalancing strategy. The fund is invested in the top 20 crypto assets by market capitalisation, with monthly rebalancing. A maximum component weighting of 10% is utilised to prevent any single asset, and thus single source of risk, from dominating the portfolio. As such, the fund is relatively overexposed to lower market cap assets in the top 20, and less exposed to assets where the 10% asset cap is binding, such as Bitcoin.

According to HAYVN CEO, Christopher Flinos, ” With HAYVN20 we are providing investors with a diversified, low cost and regulated solution to invest in one of the biggest investment trends since the inception of the internet. We believe that risk is fully priced into currenct market conditions, and we want our customers to be able to participate in what we expect will be a positive long-term trend”

A broad based index strategy with monthly rebalancing is a low cost way to capture the long-term growth in digital assets and gain exposure to emerging trends without the inherent manager biases of active asset management.

In addition HAYVN Founder in an interview recently announced that they were preparing for a Series B Funding round in mid-2023 to raise up to $20 million to further scale the business and spin off HAYVN Pay.

HAYVN Co-Founder Christopher Flinos in a recent interview stated that HAYVN is preparing for a series B funding round in the second half of this year and aims to raise up to $20 million, which it will use to further scale the business and potentially spin off Hayvn Pay.

“We are working through that at the moment and are hopeful that we will be able to spin off Hayvn Pay quite quickly, have it on its own and then potentially look at whether the series B is done at the Hayvn level, or whether it is done at the Hayvn Pay [level],” Mr Flinos says.

Egyptian Blockchain Pravica messaging startup receives investment from Cardano’s Blockchain accelerator

Egyptian Blockchain Pravica messaging startup receives investment from Cardano’s Blockchain accelerator

Egyptian founded and UAE based Pravica, a blockchain company offering decentralized private messaging and community group solutions, has secured a funding investment from Adaverse Cardano Ecosystem Accelerator and venture capitalist. Adaverse aggregates entrepreneurs, strategists and mentors building its most robust foundation in Africa and Asia.

The investment will be used to support the company’s growth and development, including its efforts to expand its chain-agnostic web3 messaging platform that enables users from different blockchains to communicate in a truly end-to-end encrypted (E2EE), open source and decentralized environment.

“Pravica empowers users to take control of their own encryption keys and protect their privacy on the new user-owned Internet” said Mohamed Abdou, CEO of Pravica. “This investment from Adaverse will help us bring our unique approach to secure communication to a wider audience.”

In September 2022, Pravica launched the first DcFi ( Decentralized Communications and Finance platform) under the name Pravica Club. 

Adaverse, a leading investor in blockchain technology, sees the potential for Pravica’s chain-agnostic platform in the market. 

Adaverse is a collaborative initiative between EMURGO and Everest Ventures Group to support blockchain founders with funds, mentorship, and tech infrastructure to scale Web3 Solutions. 

Shogo Ishida, Co-CEO for the Middle East & Africa at EMURGO Africa, commented “Adaverse and EMURGO are excited to support Pravica’s vision of a decentralized, secure communications system built on the blockchain. Both in Africa and across the world, recent market events have highlighted the importance of security and confidentiality in the Web3 space. Pravica provides one of the first tangible solutions to this issue, and Adaverse is glad to be joining their journey with strategic mentorship and tools for growth on the Cardano blockchain.”

The funding from Adaverse will enable Pravica to continue to develop and expand its chain-agnostic messaging platform, enabling secure communication for users across different blockchains.

Prior to the investment from both EMURGO Africa and Adaverse Pravica had received investment from 500 Startups fund. 

In addition Pravica had made some impressive new hiring announcements. Bedie Moran has joined as the Chief Operating Officer of Pravica. Bedie brings a wealth of experience in Fintech working as a management consultant for KPMG Consulting and as head of the strategy team for E-trade Financial. More recently Bedie has focused his attention on supporting digital startups in Africa and the Middle East.

Pravica also announced the appointment of Alejandro Criado-Pérez as their new Chief Technology Officer. Alejandro Criado-Pérez brings a wealth of experience and expertise in the field of blockchain, having previously worked as Tech lead at Stacks Foundation.

One of the key projects that Alejandro will be working on is Pravica Club. 

Japanese Fintech Blockchain firm and Al Fardan Ventures join hands to digitize real estate investment in MENA

Japanese Fintech Blockchain firm and Al Fardan Ventures join hands to digitize real estate investment in MENA

Japanese Fintech firm and UAE Al Fardan ventures have partnered to launch a blockchain real estate investment platform.  Japanese Fintech startup, Canaan Advisors and UAE Al Fardan Ventures have partnered to introduce Canaan Advisors’ Zenihub platform, a blockchain blockchain-based real estate investment platform that focuses on fractionalizing properties in emerging markets to the UAE. 

The venture will be led by Mr. Mohammed Ebrahim Al Fardan, a global technology leader from the Arab world with more than 33 years of experience, spanning from major multinational technology firms to investment firms, and with a strong and solid global network in gaming, artificial intelligence, Mixed Reality, FinTech, Blockchain, Internet-of-Things, and metaverse.

Tokumasa Yamashita, Founder of Canaan Advisors, stated, “There are lots of attractive real estate investment opportunities in the MENA region that are only accessible by a small group of extremely wealthy investors. We look forward to unlocking these investment opportunities and making them accessible to people of all income levels!” said Yamashita.

Yamashita adds, “Our vision is to make high-yielding real estate investment opportunities in emerging markets easily accessible to anyone. Our partnership with Mohammed E. Al Fardan enables us to enter the MENA market and expand our global footprint, and we are very excited about this opportunity

Said Mohammed E. Al Fardan explained, “Digitizing Real Estate assets has always been an important element in my plans, those who read my articles will remember that. It is time to make the MENA region a major global player in the industry. We will be revolutionizing the real estate investment market enabling everyone to invest in real estate project by digitizing the assets.”

The UAE enacts new commercial law allowing virtual asset businesses to set up onshore

The UAE enacts new commercial law allowing virtual asset businesses to set up onshore

The UAE Cabinet recently updated some of its legislation which  included those pertaining to virtual businesses and virtual assets. The UAE is considering the provision of services and the conduct of business and activities related to virtual assets and virtual businesses based on its new commercial law.  As such businesses dealing either virtually or with virtual assets are considered commercial businesses within the UAE as on shore businesses. This comes after the UAE Cabinet of Ministers issued its decision on virtual assets regulation in December 2022 and which will come into effect in January.

As per UAE’s Undersecretary of the Ministry of Economy, Abdullah Al Saleh, developing the business sector is a strategic goal for the state, and providing a legislative environment that stimulates its growth is a top priority.

His comments were made during a media briefing, organized by the Ministry of Economy, to introduce Federal Decree Law No. 50 of 2022 regarding commercial transactions in the country, with the participation of Ibrahim Al Zaabi, Assistant Governor of the Central Bank for Monetary Policy and Financial Stability, and Dr. Maryam Al Suwaidi, CEO of the Securities and Commodities Authority.

As such the UAE Ministry of Economy has issued a new commercial transactions where the most prominent features include reduction of the age of legal capacity to practice business to 18 years, establishment of a legal  reference for commercial transactions for banking institutions to stimulate investment,  support to Islamic banking, amends the provisions related to establishment, regulation of financial markets, and finally support to businesses in tech sector especially digital field.

Al Saleh stated, “ The new law aims to support the commercial interests of the state and comply more with international trade,  strengthen the position of the UAE on the global trade map, keep abreast of international best practices in commercial transactions, and ensure the principles of transparency and clarity in them, as well as raise the country’s classification on relevant economic competitiveness indicators, including the Global Competitiveness Report, and the Ease of Doing Business Report. In addition the new law aims at accelerating the transformation of digital applications further in the business sector in the country, and strengthening the position of the UAE as a center for business activities in the areas of technology, innovation and sectors of the new economy, and reviewed the most prominent provisions and outputs of the new law, which confirms State’s proactive approach.”

The UAE will be creating a virtual business system, the commercial store and commercial transactions, through the means of modern technology, and those that take place in virtual environments, in addition to those provided in realistic standard ways, as well as considering the provision of services and the conduct of business and activities related to virtual assets as virtual businesses in accordance to UAE’s Council of Ministers Legislation regulating virtual assets and their service providers.

This includes

• Giving authenticity to the virtual business so that the same provisions applied to it with respect to similar ones presented realistically.

• Giving legitimacy and authenticity to real and virtual commercial books.

• Selling by public auction of movables instead of used movables and making bids available through a licensed electronic platform or hall or through various modern technology means.

 Dr. Mariam Al-Suwaidi, CEO of the Securities and Commodities Authority, added, “The most noteworthy provisions presented by the new law deal with the securities sector in addition to the fact that the Authority is to consider the business of virtual assets as a commercial business, and this provision gives a privilege to the virtual assets sector. With the issuance of the new law it has been confirmed that businesses related to virtual assets are considered commercial businesses. Therefore, the provisions of this law and other related laws will apply to those who will deal in the activities of this sector, and benefit from the privileges included in the new law, such as the provisions regulating the trader and allowing new age groups to practice business, noting that the Cabinet of Ministers already issued its regulating decision last December for virtual assets, and will enter into force mid-January.” ( Note no public information is available on the Cabinet of Ministers decision for virtual assets.)

The announcement comes in parallel with the recent announcement by the Abu Dhabi based crypto and Blockchain associate to set up a Regulators Committee to help drive change and learn lessons in the wake of last year’s FTX exchange collapse. Jehanzeb Awan of the Middle East, Africa and Asia CBA (MEAACBA) states, “It is pivotal for the industry to help the investing public understand the opportunity and corresponding risks that come with investing in cryptocurrencies. The importance of holistic regulation to minimize regulatory arbitrage is key to reducing the impact of the recent events as well as bringing confidence back to the industry.”

The MEAACBS said its board is setting up a Regulators Committee which aims to bring together the key regulators in the regions covered by the association, to work together in building regulatory regimes that allow for effective oversight of the crypto industry.

The First MENA grown $1 billion fund for Web3 and Blockchain launches

The First MENA grown $1 billion fund for Web3 and Blockchain launches

In what seems to be a great start for Blockchain and Web3 ecosystem in the MENA region, the first $1 billion fund was announced by UAE based Venom Foundation and Iceberg Capital under Venom Ventures Fund.

As per the press release, Venom Ventures Fund is allocating $1 billion to invest in Web3, blockchain and cryptocurrency projects and services. This is the first $1 billion fund for Web3 and Blockchain to originate from the MENA region. Prior to this UAE Cypher Capital had announced its allocation of $200 million for Blockchain, Web3 and Crypto at the end of 2022 and Shurooq Partners had allocated $150 million for the same.

Venom Foundation is the first Layer-1 blockchain licensed and regulated by the Abu Dhabi Global Market (ADGM). In October 2022, Venom Foundation added a regulated virtual asset exchange to its roster. The UAE based exchange formerly known as Yoshi Markets was re-names to Venomex. Venomex had received financial services permission from FSRA at ADGM allowing it to operate as a multilateral trading facility and custodian for virtual assets.

As for the blockchain-agnostic fund, it will invest in innovative protocols and Web3 dApps, focusing on long-term trends such as payments, asset management, DeFi, banking services, and GameFi. It aims to become the leading supporter of the next-generation digital technologies and entrepreneurs.

Venom Ventures Fund (VVF) will leverage Iceberg Capital’s network, expertise, and capabilities to offer incubation programs and access to an extensive industry network. Furthermore, it will assist the investee projects with marketing, exchange listing, technical, legal, and regulatory support.

The fund’s leadership team consists of experienced traditional finance and blockchain professionals; including Peter Knez, ex-CIO at BlackRock and Mustafa Kheriba, a seasoned and well-known investment professional with an impressive track record in the MENA region. Mustafa has served on the Board of Directors of several financial services and insurance companies in the Middle-east and Europe.

As per the announcement, the fund operated by Iceberg Capital, will be investing in projects and teams from pre-seed to Series A rounds. It will strive to accelerate the adoption of blockchain, DeFi, and Web3 while generating long-term value for investors.

Mustafa Kheriba, the Executive Chairman of Iceberg Capital, stated, “We are thrilled to partner with Venom Foundation, launching their new $1 billion fund. Even though the blockchain industry is witnessing a steep correction in prices, we believe that builders will continue to build and innovate. With Venom Ventures, we will be providing financial, technical, and marketing support to the most promising teams and projects in Web3 space to help them bring their visions to life.”

Peter Knez, Chairman of Venom Ventures, added, “I am delighted to be a part of the launch of our new Venture Capital fund here in Abu Dhabi. I am excited to work with a team of experienced investment professionals and talented people from the crypto industry, and we are ready to allocate strategic investments in the most innovative web3 start-ups that are poised for mass adoption. Our mission is to transform digital asset management and make a lasting impact on the industry. Venom is the ideal platform for us to achieve this goal.”

With regards to investments, already Venom Ventures Fund (VVF)  has led a $20 million funding in Nümi Metaverse.  Nümi Metaverse is a universal platform for creators, innovators, and followers. Nümi will launch its ‘Visual Novel’ in 2023, a mini-game experience with a range of special prizes for players.

Nümi will also launch VR metaverse by the end of this year, followed by a PC and mobile version in 2024. The Nümi investment showcases the fund’s investment strategy. Developers and builders working on innovative Web3 projects are invited to apply for funding through the Venom Ventures Fund website.

In an interview with Cointelegraph, Venom Ventures chairman Peter Knez noted that the Venom Foundation, its founders and regional institutional and private investors had seeded capital for the fund. The fund will support companies and projects with a global footprint and is not limited to Abu Dhabi-based firms.

The investment fund will look to attract startups and technology firms to use Venom’s scalable, proof-of-stake-based blockchain solution. Knez highlighted key services that could operate on top of its ADGM-regulated blockchain:

“Payment systems, central bank digital currencies (CBDC), stablecoins and remittance are core services that Venom can provide a solution for due to our unique blend of technology and enterprise.”Knez also believes that the platform could power a multitude of use cases, highlighting the potential for micropayment solutions driving Web3 business models and financial inclusion.