UAE based Cypher Capital invests $60 million of its $100 million Blockchain Fund in 40 blockchain startups

UAE based Cypher Capital invests $60 million of its $100 million Blockchain Fund in 40 blockchain startups

In a recent LinkedIn post for Vineet Budki, Managing Partner and CEO for Cypher Capital he announced that in one year since the launch of Cypher Capital the $100 million fund has invested $60 million in 40 + blockchain startups.

According to Vineet the first fund had invested in over 100+ blockchain startups that included KILT Protocol, Casper Labs, Cross the ages and others. As for the $60 million, part of the $100 million fund, it was invested in blockchain startups that included Mysten Labs, zkLink, Karate Combat Revolving games, bitsCrunch Cymbal and many others.

As per Budki, Cypher Capital invests in 4-5 startups each month as they continue to support the Web3 ecosystem with capital, knowledge and the CyberHub in Dubai UAE.

This comes as Cypher Capital announced that it was part of the strategic funding round for zkLink, a pioneering multi-chain ZK-Rollup trading infrastructure. The startup raised $10 million  from a group of high-profile investors, including Coinbase Ventures, UAE Cypher Capital, Ascensive Assets, SIG DTI, BigBrain Holdings, Efficient Frontier, Csquared Ventures, and others.

This latest round brings the total funding to $18.5 million. The funds raised will be used to further the zkLink mission of providing crypto traders with a seamless multi-chain experience through our cutting-edge decentralized trading layer.

This technology is based on a multi-chain ZK-Rollup, a cryptographic technique that enables scalable, cost-effective, and secure transactions across multiple blockchains. This technology has the potential to revolutionize the way traders execute transactions.

Prior to this Cypher Capital also announced its partnership and $1 million seed investment with Saudi and Singapore based AI Avatar company BuzzAR to create disruptive AI+LBS Web3 location-based game projects, the BuzzAR LBS metaverse project DSpace.

The partnership will allow the companies to leverage proprietary generative AI technologies on its Metaport, a portal that turns human faces to avatars in real-time, to create a decentralized social graph. With leading retail holdings, hospitality partners, and tourism government collaborations in Singapore and Saudi Arabia, BuzzAR is poised to reshape the gaming landscape.

Bill Qian, Chairman of Cypher Capital Group: the lead investor on ‘DSpace’ said: “We are thrilled to support this ground-breaking joint initiative by BuzzAR and some of our gaming portfolios. As the lead investor in this project, we believe that ‘DSpace’ has the potential to revolutionize the gaming industry and pave the way for new opportunities in the AI+LBS Web3 Metaverse. I am more confident than ever before that our commitment to creating an immersive and culturally diverse Metaverse will not only bolster tourism and economic growth in the Middle East but also foster global connectivity and collaboration. We stand at the forefront of this exciting new era, and I eagerly anticipate the transformative impact Dspace will have on our world.”

UAE Securities and Commodities Authority issues two new virtual asset regulations for rulebook

UAE Securities and Commodities Authority issues two new virtual asset regulations for rulebook

According to a recent Baker McKenzie client alert, the UAE Security and Commodities Authority has issued two new regulations pertaining to virtual assets. UAE SCA will be creating a list of accepted virtual assets as well as regulations allowing already regulated financial institutions to offer virtual asset services while amending capitalization requirements for virtual asset exchanges, custodians, and brokers.

These regulations while published in Arabic were translated by Baker Mckenzie in their client  report.

As per the report, the SCA has issued two new decisions,  (26/RM) of 2023 in relation to Virtual Assets Platform Operators (the “SCA VA Exchange Regulations“); and  Decision No. (27/RM) of 2023 amending SCA Chairman of the Board of Director’s Decision No. (13/RM) of 2021 in relation to the SCA Rulebook (the “SCA Rulebook Amendments Regulations“).

The SCA VA Exchange Regulations define VAs as a “digital representation of a value that can be traded or digitally transferred and can be used for investment purposes, and does not include digital representations of fiat currencies, securities, or other funds”.

The SCA VA Exchange Regulations clarify that VA Exchange Platform Operators will be subject to certain provisions of: the SCA Board of Director’s Decision No. (2/R) of 2001 concerning the Regulations as to Trading, Clearing, Settlement, Transfer of Ownership and Custody of Securities, as amended (the “SCA Trading & Settlement Regulations“); and the SCA Rulebook (SCA Chairman of the Board of Director’s Decision No. (13/RM) of 2021).

Samir Safar-Aly, MENA FinTech & AI Lead at the international law firm, Baker McKenzie, told Lara On the Block, “SCA is fulfilling its role as the federal level VASP regulator in the UAE. Following Cabinet Resolution No. 111 of 2022, in addition to being the UAE’s federal-level securities, commodities and capital markets regulator, SCA became the federal VASP regulator. This is a positive step towards making the UAE, as a whole, a jurisdiction with a supportive legal and regulatory framework for Virtual Assets and Crypto-related services. There are significant consumer protection and financial crime related concerns within the Virtual Assets and Crypto sector, and having a regulatory framework to support growth is what many major players in this space are often struggling to find in other jurisdictions.”

Baker Mckenzie  states that the SCA have taken a similar approach to that of the DIFC’s DFSA and the ADGM’s FSRA (both of which have taken a ‘Recognized Crypto Token’ / ‘Accepted Virtual Asset’ approach) in that no VAs may be traded on such platforms unless approved on the SCA’s Official List of Virtual Assets.

UAE Cabinet Resolution 112 outlines that VARA’s decisions shall be consistent with the decisions issued by the SCA.

As for the relationship between SCA and other regulatory authorities, Samir, explains to Lara on the Block, “Under both Cabinet Resolution No. 111 and No. 112 of 2022, the relationship between SCA and other “Local Licensing Authorities” (which only includes VARA at the moment), makes it clear that the SCA would retain sole regulatory remit over “digital securities” and “digital commodities” in Onshore UAE. Separately, UAE Cabinet Resolution 112 outlined the relationship between the SCA and VARA in particular, whereby there will be joint regulatory roles between the two authorities through delegated authorities (granted to the SCA under UAE Cabinet Resolution 111) to VARA accordingly.”

As per Baker McKenzi, the second of the New SCA Regulations, amends certain provisions of the SCA Rulebook in relation to VAs and includes VAs to the list of products that may be dealt or brokered by SCA-regulated financial institutions.

The definition of ‘Brokers’, ‘Dealers of Financial Products’, ‘Financial Consultation’, ‘Portfolio Management’ and ‘Custody’ services, all now extend to and cover VAs, with relevant compliance-related obligations.

Samir explains, “Under the new SCA regulations, existing SCA-regulated financial institutions can extend their activities to Virtual Assets. However, this will need to be in collaboration with discussions with SCA to ensure that adequate systems, controls, expertise and disclosures are in place, including relevant amendments to regulatory business plans and compliance / AML policies”

Finally a new Category 7 License in relation to VASPs has been added to the SCA Rulebook, outlining the following capital requirements, a capitalization of AED 1 million plus six months of operating expenses if the activity is operating a VA Exchange Platform only; a capitalization of AED 2 million if the activity is the Brokerage of VAs; a capitalization of AED 4 million plus six months of operating expenses if the activity is the Custody of VAs; and a capitalization of AED 5 million plus six months of operating expenses if the operator of a VA Exchange Platform provides any other VA service.

As for the future, Samir expressed that both digital Securities and digital Commodities, under Cabinet Resolution No. 111 of 2022 remain in the regulatory purview of SCA in Onshore UAE including the ‘Onshore’ Dubai territory that VARA covers. He expects SCA to issue guidance relevant to such products in the near future.

As for payment tokens, Samir clarifies that this is the regulatory remit of the Central Bank of the UAE (CBUAE). When VARA issued its Rulebooks in February this year, it noticeably did not issue its Payments & Remittances Services Rulebook. He states,” I would expect this to be issued in due course once similar arrangement to those that have taken place between VARA and SCA, take place between VARA and the CBUAE.”

Dubai Customs receives IP certification for its blockchain IP management solution

Dubai Customs receives IP certification for its blockchain IP management solution

UAE Dubai Customs have secured a second intellectual property certificate from the UAE’s Ministry of Economy for their groundbreaking “Blockchain System for Managing Intellectual Property and Knowledge Assets”.

Engineer Saeed bin Faris, Manager of the Awareness and Education Section in Dubai Customs, has developed a smart system based on blockchain technology for managing intellectual property and knowledge assets.

The system provides strong and transparent protection for intellectual property rights, ensuring the protection of the creations of inventors, authors, and rights holders. The system will also enhance cooperation between government agencies and international organizations, contributing to the unification of efforts to protect intellectual property worldwide.

Government departments will be able to register IP (Intellectual Property) assets which comes after four innovations and inventions developed by Dubai Customs employees in 2022.

First of its kind in UAE, the system provides an impregnable and transparent defense for intellectual property rights, ensuring the protection of creators, authors, inventors, and all rights holders. Furthermore, this game-changing system will boost collaboration between government agencies and international organizations, solidifying efforts to shield intellectual property on a global scale. This exceptional achievement will forge new avenues towards an even brighter future, and it will mark a significant milestone in the annals of innovation and technology.

 Engineer Saeed bin Fares, Manager of the Awareness and Education Section, stated, “The advanced capabilities of this technology now serve to protect the rights of inventors, innovators, and trademark owners, enabling them to improve their mechanisms for monetizing their innovations and trademarks”.

He added, “This achievement crowns the efforts of Dubai Customs in protecting intellectual property rights, where the department works to combat counterfeit goods at Dubai’s border crossings, supported by the recycling of seized counterfeit goods to preserve the environment and promote local and global sustainability efforts.”

UAE’s DMCC crypto center partners with US enterprise Blockchain service provider Ankr

UAE’s DMCC crypto center partners with US enterprise Blockchain service provider Ankr

In a recent announcement, UAE’s DMCC (Dubai Multi Commodities Center), partnered with USA based ANKR, an enterprise blockchain infrastructure and services provider. As per the partnership, they will provide support for over 550 Web3 member businesses in DMCC crypto center through development of innovative products, infrastructure and advisory incubation.

 

Ankr’s solutions will be made available to businesses within the DMCC Crypto Center, empowering them with access to a wide variety of products and services, such as application-specific blockchain engineering, node infrastructure, Web3 gaming solutions, NFT marketplace solutions, staking, and decentralized finance products. These offerings will enable businesses to fast-track their development and go to market with every resource they need to thrive in emerging Web3 ecosystems.

 

“The partnership with the Dubai Multi Commodities Center is a testament to our commitment to drive the global proliferation of blockchain technology,” said Chandler Song, Ankr’s CEO. “Dubai is a critical hub for Web3 innovation, and by providing DMCC Crypto Center member businesses with industry-leading solutions, we can cultivate the next generation of Web3 businesses, applications, and experiences that have the capacity to take industry adoption to the next billion users.”

 

DMCC Executive Chairman and CEO, Ahmed Bin Sulayem, added, “By offering a comprehensive ecosystem that enables Web3 businesses to scale efficiently and with confidence, the DMCC Crypto Centre has become home to the highest concentration of crypto and Web3 firms in the MENA region. In expanding our platform through this key collaboration with Ankr, we are further enhancing our capabilities and the value we add to Web3 entrepreneurs and multinationals alike. We look forward to working with Ankr and activating their expertise and suite of services to continue to reinforce Dubai’s status as a global Web3 hub.”

UAE Emirates NBD bank partners with PWC and digital asset custodian FireBlocks

UAE Emirates NBD bank partners with PWC and digital asset custodian FireBlocks

UAE Emirates NBD Bank announced on LinkedIn that it has partnered with PWC and digital asset custodian and settlement provider FireBlocks to launch its Digital Asset Lab. PWC Middle East and Fireblocks will be founding council members.

According to Emirates NBD, “This marks a new milestone in our innovation journey, and together, we look forward to shaping the Digital Asset space in the region.”

Fireblocks is an enterprise-grade platform delivering secure infrastructure for moving, storing, and issuing digital assets. The company enables businesses to easily and securely support digital assets and cryptocurrencies.

In February of 2023, Fireblocks acquired First Digital, a stablecoin and digital asset payments technology platform for $100 million.

UAE based Emirates NBD has been a strong proponent for Blockchain and digitization. Emirates NBD was one of the first banks to join the UAE blockchain enabled KYC platform.

In 2022 UAE Emirates NBD Group Chief Operating Officer Abdulla Qassem, stated, “It is only a matter of time before Blockchain technology rises to the forefront in the UAE and we begin to acknowledge crypto and digital assets as valid currencies. He made this statement during a panel session at the Global Business Forum Latin America (GBF LATAM 2022).

Could this be the beginning of crypto transactions and wallets at Emirates NBD, we will just have to wait and see.

Dubai Virtual Asset regulator CEO speaks on the current and future status of regulations at VARA

Dubai Virtual Asset regulator CEO speaks on the current and future status of regulations at VARA

During DACOM (The Digital Asset Compliance and Market Integrity Summit) hosted by Solidus Labs, a crypto-native market surveillance and risk monitoring hub tailored for digital assets, in Abu Dhabi on May 4th 2023, Dubai’s virtual asset regulator CEO stated that only 50 percent of Dubai’s legacy VASPs (those who were operating before VARA was set up) applying for license at VARA will need to be regulated. He also talked about the opportunity to launch regulation and compliance as a service for small business and entrepreneurs.

Henson Orser, CEO of Dubai’s Virtual Asset Regulatory Authority, VARA, discussing VARA’s licensing journey with strong legal risk compliance, stated, “Currently we have three cohorts that are passing through several processes and routes to being fully licensed, the Minimum Viable product cohort that includes global operators who were with us from day one.  There are also legacy VASPs (Virtual Asset Service Providers), several hundred of them who have been performing virtual asset activities in Dubai before VARA came along. We are in the process of registering them and believe half of them will need regulatory licenses.” He mentions that there are also new applicants who will join the regulatory process going forward.

Orser added, “VARA is offering a nuanced approach to virtual asset regulation that does not need to define a token or coin as a security or commodity to fall into an existing framework but covers any activity in a way that affords investor protection and have compliance in such a way that we hope other global regulators would be comfortable with by design and principle.”

According to Orser, VARA is currently looking at several hundred VASPs within their ecosystem which entails a lot of compliance and risk officers, as well as general counsels and legal advisors. He mentions given the fact that there are many micro businesses and entrepreneurs there is a great opportunity for regulation and compliance as a service offering. As he states, “Regulation and compliance as a service offering will mutualize cost and leverage expertise.” 

Orser believes the most important thing is that VARA is building a hub of global financial services with innovation and technology at the cross roads of the world including within it a strong compliance risk management and legal framework which he says “ VARA will stand out as a foundational principle and will be a thriving fixture of the community.”

As for the future, Orser states that from a regulatory standpoint once there is a steady state on licensing, supervision, and enforcement for the three existing cohorts today, VARA given it is technology agnostic and a promoter of innovation, will launch a regulatory sandbox to have a framework for product development of the future.

He states that the future will include tokenization of real world assets, including real estate, as well as micro financing, royalty rights for creators and publishers, with smart contracts for movies /music, permissioned DeFi (Decentralized Finance), gaming and the metaverse. Here he sees, “A billion users will start to challenge the boundaries of title and value” and finally interoperability, transfers identity and more.

In his final words he believes that many innovators and developers are coming to Dubai because of the growth oriented environment and open minded regulator which encourages compliant operators without sacrificing core principle of investor protection, FATF Compliance and risk. Accordingly he believes, “Blockchain technology is here to stay and its applications will infiltrate more than we can imagine same goes for gaming metaverse and all things Web3.”

Abu Dhabi Masdar City and Mina Zayed Port locations for 250 Megawatt Bitcoin mining facility

Abu Dhabi Masdar City and Mina Zayed Port locations for 250 Megawatt Bitcoin mining facility

Marathon Digital Holdings in a recent press release has confirmed 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.

The joint entity registered in ADGM will work to accelerate the global digital economy while supporting the power grid of Abu Dhabi, JV) with the first large-scale immersion Bitcoin mining operations in the Middle East. To power the sites, Marathon and Zero Two intend to leverage excess energy in Abu Dhabi, increasing the base load and sustainability of the Abu Dhabi grid. Marathon and Zero Two will offset any non-sustainably produced electricity with clean energy certificates.

As per previous articles the equity ownership in the ADGM Entity will be 80% for Zero Two and 20% for Marathon.

To overcome desert climate environmental challenges, Marathon and Zero Two developed a custom-built immersion solution to cool the ASIC miners and implemented proprietary software to optimize their performance. The initial results of the pilot project, which include a significant reduction in the amount of maintenance required for the ASIC miners to effectively produce hash rate, indicate that operating immersion digital asset mining sites in Abu Dhabi is now feasible with the implementation of Marathon’s and Zero Two’s technological advancements.

The mining equipment and infrastructure required to build each site has already been ordered, and construction of both digital asset mining sites is currently underway. Once operational, these sites are expected to be among the most technologically advanced and energy-efficient digital asset mining operations globally. Based on the current construction schedules, both sites are expected to come online before the end of 2023, with a combined hash rate of approximately 7 EH/s.

“Our strategic alliance with Marathon marks a significant milestone for the blockchain and digital assets industry in Abu Dhabi,” said Ahmed Al Hameli, Chief Executive Officer of Zero Two. “This alliance leverages Zero Two’s regional expertise, expansive relationships, and growing blockchain infrastructure development and operational capabilities, with Marathon’s technical prowess in developing digital asset sites and innovative mining technologies. These synergies create a powerful combination and lay the groundwork for the success of this pioneering project in the Middle East. Marathon shares our commitment to actively supporting Abu Dhabi’s power grid and developing global digital assets infrastructure. We look forward to working with them on this venture.”

 

Fred Thiel, Marathon’s chairman and CEO, commented, “Our collaboration with Zero Two is a pivotal moment for Marathon and one that is consistent with our ethos of operating at the forefront of the technology curve and developing innovative technology solutions to advance the Bitcoin mining industry. For this project, our team successfully co-developed and implemented a full immersion solution, as well as developed proprietary mining software from the ground up to provide flexibility, resilience, and optimization. In Zero Two, we have found a valuable collaborator whose expertise in digital asset infrastructure development, and whose relationships in the region are an optimal complement to our team’s unique ability to build and implement innovative technologies. We look forward to working together to build the next-generation Bitcoin mining facilities in Abu Dhabi.”

Crypto exchange MaskEX to set up headquarters in UAE after receiving initial approval from UAE regulator

Crypto exchange MaskEX to set up headquarters in UAE after receiving initial approval from UAE regulator

Crypto exchange, MaskEX has unilaterally announced receiving an initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA) to begin making preparations for its launch in the United Arab Emirates (UAE). It also will be opening its headquarters in Dubai and hiring. 

As per the announcement, the approval represents a major milestone for MaskEX, which has been working tirelessly to expand its presence in the Middle East and bring the benefits of virtual assets to a wider audience.

MaskEX will begin finalizing its entity incorporation, engage banking services, hire more staff in Dubai for its soon-to-be-opened headquarters office, and take the necessary steps to become the first regulated exchange in the UAE.

The services and activities MaskEX has applied for include exchange, lending and borrowing, broker-dealer, and virtual asset management and investment services, with the aim of obtaining VARA’s highly acclaimed FMP license. This license will enable MaskEX to operate in and from Dubai while upholding its commitment to regulatory compliance, customer protection, and innovation. 

“We are extremely proud and grateful to have received initial approval from VARA, which is a testament to our commitment to meeting the highest regulatory standards,” said Eric Yang, CEO of MaskEX. “We believe that our platform will provide users in the UAE with a safe, reliable, and efficient way to access the world of virtual assets, and we look forward to launching as soon as possible, while strictly adhering to the requirements laid out by VARA.”

“The initial approval from VARA is a major milestone for us, and is of great significance not just for the UAE but for the entire MENA region,” said Ben Caselin, Vice President and Chief Strategy Officer of MaskEX. “We look forward to working closely with the regulatory authorities to ensure that our platform meets all necessary requirements and provides a secure and transparent environment for our users.”

CoinBase, Circle, and Bittrex leaving USA and heading to the MENA region

CoinBase, Circle, and Bittrex leaving USA and heading to the MENA region

The exodus of Crypto and Blockchain startups from the United States seems to be intensifying and it looks like the MENA region, and UAE are the new preferred destinations for CoinBase, Circle and Bittrex. 

Tim Draper, Founder of DFJ VC tweeted recently that Silicon Valley startups are relocating to Middle East, Asia, and Europe.

He states, “CoinBase and Gemini are moving out of the US for regulatory reasons. Dubai, London and Singapore are eating into New York’s blockchain leadership. This exodus is not good for US jobs, economy, and homelessness.”

Additionally, in the last 24 hours CoinBase announced that its CEO and Co-Founder Brian Armstrong is currently in the UAE for a series of engagements with policymakers, regulators, partners, Web3 and crypto founders as well as clients.

Armstrong is delivering a keynote address at the inaugural Dubai Fintech Summit, under the patronage of His Royal Highness, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance.

As per CoinBase blog, “Crypto and Web3 serve as enormous opportunities for economic and technological diversification for the UAE, and the region has the potential to be a strategic hub for CoinBase, amplifying our efforts across the world.”

The blog adds, “It further serves as a particularly strategic bridge between Asia and Europe – two of our existing focus international regions to date.”

CoinBase reiterated that it is not only working with Abu Dhabi Global Market (ADGM) regulators to further expand the licensing and availability for CoinBase International Exchange but is also engaging with Dubai’s Virtual Assets Regulatory Authority (VARA), a dedicated regulator for virtual assets, as they put forward a comprehensive retail framework built on the principles of economic sustainability and cross-border financial security. 

CoinBase believes that their presence in the UAE will not only expand their global footprint but also help to bring 1 billion users to crypto.  

The blog adds that the MENA region is out to be a leader in the development of a web3 ecosystem, making it an attractive location to consider investing in. The vacuum created by other notable jurisdictions means that international counterparts, such as the UAE, are racing to fill the regulatory gap.

CoinBase is not the only US Company that is looking at the UAE. It also seems Circle is interested in the region as well. The Circle team were recently present in Dubai UAE at a dinner hosted by Miriam Kiwan, the partner of Raiven Capital.

Jeremy Allaire, CEO of Circle Internet Financial, during an interview with Bloomberg, blamed the shrunken value of the company’s stablecoin, USD Coin, on regulatory challenges in the United States and concerns about its banking system.

In addition in March 2023 the SEC sued crypto exchange Bittrex shortly after it announced it was leaving the US markets. Bittrex, announced it would no longer do business with U.S. citizens because “it’s just not economically viable for us to continue to operate in the current U.S. regulatory and economic environment.”

Stephen Stonberg, CEO of Bittrex Global crypto exchange  has stated that the UAE and Dubai are among the friendliest jurisdictions for the cryptocurrency industry. He added in a Bloomberg interview Dubai is likely to benefit from the expanding crypto market in the Middle East as local regulators increasingly accept blockchain related technologies.

Finally in a recent LinkedIn post by Ali Jamal, CEO of UAE based Cryptos Consultancy, a crypto and Blockchain licensing firm, he noted, “We at Cryptos Consultancy have been getting lots of queries from crypto and tradfi businesses about setting up Virtual Asset practices in Dubai. There is a real buzz around Dubai’s virtual assets ecosystem now that the Virtual Assets Regulatory Authority (VARA) regulations are out.”

So as crypto and Blockchain businesses flee the USA, the tightening regulations in the USA continue with The New York State Attorney General (NYAG) Office announcing last week that Attorney General Letitia James has proposed “landmark legislation to tighten regulations on the cryptocurrency industry to protect investors, consumers, and the broader economy.” The announcement stated, ” Attorney General James’ program bill, which proposes the strongest and most comprehensive set of regulations on cryptocurrency in the nation, would increase transparency, eliminate conflicts of interest, and impose commonsense measures to protect investors, consistent with regulations imposed on other financial services.” 

It seems that this is only the beginning and the MENA region with UAE and Bahrain at the helm will become the new crypto Silicon Valley. 

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UAE Based Blockchain entity Web3Wed carries out first wedding on the Blockchain

UAE Based Blockchain entity Web3Wed carries out first wedding on the Blockchain

UAE Based Web3Wed has carried out the first wedding on the Polygon Blockchain with NFT rings that incorporate Bitcoin. According to the press release, Web3Wed allows couples to formalize their relationships using smart contracts on the blockchain which is then updated in case of divorce.

The Blockchain marriage is not considered legal obligation though.

The first blockchain wedding marked the official launch of the Web3Wed.io platform. “The world is changing so fast, but marriages are still the same as centuries ago,” said Yury Reut, the founder, and CEO of Web3Wed.io. “Why can’t we connect people using blockchain? Co-living defeated the old matrimony system; it is a fact.”

Couples choose NFT wedding rings that symbolize their participation in the marriage. Additionally, the service can add Bitcoin to the NFT wedding ring, making it an asset for the couple that would be returned in the case of divorce to the wallet of the ring owner.

“We’re excited to offer an innovative solution to couples who are looking for a new way to formalize their relationship,” said Reut. “Our platform offers a decentralized, secure, and transparent way to record and manage marriages, making it the ideal solution for modern couples.”

The first-ever NFT engagement rings collection by Web3Wed.io will be available in June. Couples can purchase NFT wedding rings and initiate their blockchain marriage with them, while NFT engagement rings will allow them to make a beautiful proposal.

The Blockchain marriage service, Web3Wed.io, hosted the first blockchain wedding on April 28, 2023, at Bali’s K-Club, Ubud. Ilya and Elizabeth tied the knot and recorded their union in a smart contract on the Polygon blockchain.

Could this be the future of all marriage arrangements without the hassle of lawyers.