UAE based WadzPay chosen as finalist at Currency Research Awards for its Blockchain enabled Saudi Hajj Payment solution

UAE based WadzPay chosen as finalist at Currency Research Awards for its Blockchain enabled Saudi Hajj Payment solution

UAE based WadzPay Blockchain enabled Hajj Pilgrim Digital payments solution has been chosen as a finalist at Currency Research’s second annual Advancement in Digital Currency Awards, being presented at the Digital Currency Conference in Mexico City, on May 18th, 2023. WadzPay’s solution was chosen under the category for Best Innovation in Digital Currency. WadzPay is competing against top international blockchain fintech providers such as Stellar.

According to Parv Aggarwal, Vice President for CBDCs and Partnerships, “We are super excited to represent WadzPay and our novel cross border Hajj Pilgrimage token.”

Currency Research awards are presented to digital currency initiatives that advance the platform as a payment instrument. Currency Research chooses entities who are working on all types of digital currencies at all stages of developments.

The award categories include “Outstanding Advancement in Digital Currency” whose category finalist for this year include, Crunchfish,  eCurrency,  and FNA.

The second award category is “Best Innovation in Digital Currency” which recognizes outstanding innovations in the digital currency space, including new platforms, products, or apps that have the potential to transform the way we use and interact with digital currencies, including central bank digital currencies (CBDCs).

The category is open to innovations that have launched and have customers, and that offer users a unique and valuable way to access digital assets, crypto, DeFi, or other related financial      services, including CBDCs. Innovations that offer greater security, transparency, and scalability in the digital currency space, or that leverage emerging technologies such as AI, will be given special consideration. The judges will consider factors such as the level of innovation, the potential impact on the industry, and the ability of the innovation to scale and reach a wider audience.

WadzPay, Currency Network, and Stellar will be competing as finalists for this category.

Other award categories include Best Financial Inclusion Initiative in Digital Currency. This award recognizes initiatives that have been developed to promote financial inclusion in the digital currency space. This category is open to projects that have demonstrated success in providing access to digital currency and related financial services to traditionally underserved or unbanked populations. This includes initiatives that aim to reduce barriers to entry for low-income individuals, women, and other marginalized communities. 

Jordanian headquartered Fintech solution provider ProgressSoft will be competing against eCurrency, and IDEMIA.

The Best Sustainability Initiative in Digital Currency category will see competition between Andrei Lipkin, Ripple and Stellar

As for the final award category” Digital Currency Leader of the Year” which recognizes outstanding individual who has consistently contributed to the advancement of the digital currency sector, finalists includes Jonathan Dharmapalan, eCurrency, James Wallis from Ripple, and Shiva Bissessar from Pinaka Consulting Ltd.

UAE Climate COP28 Edition to include Digital art and Blockchain

UAE Climate COP28 Edition to include Digital art and Blockchain

The Climate COP28 UAE Edition will have the first DigitalArt4Climate & Blockchain4Climate edition. The roadmap for the edition will be discussed on May 2nd 2023 side event which aims to shed light on the game changing potentials of digital innovation especially blockchain as an enabler of societal action for climate empowerment and local SDGs implementation.

The virtual side event will focus on edutainment and youth in an effort to help the UN Climate Conference COP28 in Dubai UAE in December 2023.  The side event is being organized by IAAI GloCha.

The IAAI association is a UNFCCC accredited non-profit organization based in Austria that promotes sustainable development and climate action through the use of innovative technologies, such as blockchain, artificial intelligence, and the Internet of Things (IoT). IAAI is a member of the Global Challenges Action Empowerment Consortium (GloCha), which is a network of organizations working together to tackle the world’s most pressing challenges, including poverty, climate change, and inequality with a systemic innovation approach, including culture/education, (blockchain focused) digital innovation and social/organizational innovation.

IAAI is a founding member of the Climate Chain Coalition (CCC) (https://climatechaincoalition.org/), the world’s oldest and largest network of organizations which work towards harnessing the potentials of blockchain technology for climate action empowerment.

At the virtual side event IAAI GloCha, the UN Habitat Youth program, the Climate Chain Coalition and partners from the UAE and other parts of the world will present the roadmap towards the DigitalArt4Climate COP28 edition, the Data and digital innovation for citizens and youth climate action empowerment partnership of GloCha and the Climate Chain Coalition (incl. activities in relation to the development of a citizens climate action app), plans for the COP28 Blue zone Digital Innovation/ Blockchain4Climate pavilion in the context of broader networking and capacity building efforts of the global Blockchain4Climate community, etc.

The side event will entail a live web-broadcast on the IAAI GloCha Facebook page & UN Habitat Youth Program Youtube Channel & live and on-demand broadcast coverage on UN WebTV https://media.un.org/en/webtv/.

Irina Karagyaur, Co-coordinator of DA4C & Miroslav Polzer will present the DigitalArt4Climate concept

Presentations will also be made on  DA4C plans for COP28 (DA4C COP28 competition launch at the UNFCCC Bonn Climate Conference June 2023 (innovations: music video award category, artists with special needs award (in collaboration with Art for All Center Sharjah, as well as DA4C Edutainment hub @ GITEX Impact in Dubai UAE 16-20 October 2023.

DA4C COP28 edition partners will include Mo Ghoneim, Founder at ArtsHelp, Conscious Crypto Creators program, Ruba Hussain, Art for All Center Sharjah, Dubai Care, Mari Asada, NFT artist & Makoto Okubo, Music4SDGs program & Earth Day Japan Network and Lisa Lang, Climate KIC

UAE Blockchain firm partners with Cloud based AI gaming entity the Game Company for esports

UAE Blockchain firm partners with Cloud based AI gaming entity the Game Company for esports

UAE Blockchain firm, O1X, and cloud based AI gaming entity, The Game Company has partnered to create a decentralized economy within the Game Company’s cloud-based AI platform, transforming the way users are rewarded for their active participation and engagement on the platform.

The collaboration brings forth player-driven curation for esports tournaments, restructuring the competitive gaming industry. Players take an active role in creating the gaming experience when they have the ability to design and manage tournaments.

According to the news,this taps into a booming business, taking advantage of the enormous expansion of the global esports market, which is projected to reach USD 6.75 billion by 2030. Through the decentralized nature of the platform, tournament hosts can establish their own rules, formats, and reward structures, creating a dynamic and diverse competitive environment.

Osman Masud, CEO of The Game Company, shared his excitement, stating, “Our collaboration with 01X is a turning point for the esports sector. By integrating blockchain and decentralized economies, we are putting the power back into the hands of esports players. They can now create competitions, take control of their gaming experiences, and alter the competitive landscape. We’re dedicated to building a player-centric ecosystem where their voices are heard, and their contributions are celebrated.”

Joachim Godet, Managing Director of 01X, added,  “Our collaboration with The Game Company signifies a pivotal moment in the gaming industry. By merging our expertise in blockchain and game economics, we’re paving the way for a future where players have unprecedented control over their gaming experiences and reap tangible rewards for their engagement.”

BitOasis receives MVP Operational License from Dubai Virtual asset regulator

BitOasis receives MVP Operational License from Dubai Virtual asset regulator

As per Dubai VARA website, BitOasis, the crypto broker exchange has moved one step forward in its licensing process. It has become the first among VARA’s crypto broker dealers to receive MVP (Minimum Viable Product). operational license one step before the FMP ( Full Minimum Product) Operational License.  

CoinMENA, Scallops, and MidChains are still in the first stage as MVP provisional while GCEX has received an MVP preparatory license one step before MVP operational license.

BitOasis applied for VARA licensing in March 2022. At the time BitOasis had carried out crypto trades worth $4 billion. Ola Doudin Co-Founder and CEO of BitOasis has stated at the time, “  “We will continue to strive to offer our customers the most customized platform for their local needs in accordance with regulations that will best protect them both now and as the industry evolves.”

In April of 2021, BitOasis announced that it had been granted a a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) in the United Arab Emirates (UAE), but is still awaiting additional launch approvals as well.

BitOasis has raised a total of $30 million in funding from investors such as Alameda Research, Digital Currency Group, Global Founders Capital, Jump Capital, NXMH, Pantera Capital, Wamda Capital and others.

In October 2022 UAE based crypto exchange BitOasis, and MasterCard launched crypto card programs across the MENA region to facilitate day to day usage of cryptocurrencies at points of sale and ecommerce websites.

On Monday May 1st, Bitoasis in its official announcement and VARA made the following statements,

 Henson Orser, Chief Executive Office, VARA stated “We are pleased to welcome BitOasis to the MVP Programme phase. The VARA ecosystem aims to strike a balance between value creation, risk mitigation and enhanced investment opportunities with consumer protection at its core. BitOasis has demonstrated a strong commitment to operating with a firm bias for regulation throughout the licensing process. One of VARA’s founding principles is creating an equal opportunity regime for responsible VASPs and being able to onboard credible home-grown companies, like BitOasis, in addition to leading global platforms, allowing us to bring the shared learnings of our licensees to build the foundation for our global future economy.”

Ola Doudin, co-founder and CEO of BitOasis added, “We are extremely proud to receive VARA’s MVP Operational License. Becoming the first virtual asset trading platform in the MVP programme to attain an operating license is an important milestone for us and the Emirate of Dubai.”

 Samir Satchu, Senior Vice-President of Public Policy & Expansion at BitOasis noted, “Our commitment and ambition at BitOasis is to serve the GCC and MENA region through a network of regulated platforms and on the ground infrastructure. VARA’s MVP Operational License, as well as our in-principle approval in Bahrain, are important building blocks for that strategy. “

BitOasis is following in the footsteps of HexTrust crypto custodian who also received MVP operational license earlier this year.

VARA and UAE’s Security Commodities Authority both announced the commencement of licensing of already existing and new crypto entities. 

Article was updated on May 1st 2023 with quotes from VARA and BitOasis

The second biggest global crypto exchange Coinbase intends to set up regulated entity in UAE

The second biggest global crypto exchange Coinbase intends to set up regulated entity in UAE

According to a recent blog post published by CoinBase the second biggest global crypto currency exchange, the company revealed that is in talks with UAE’s regulator in Abu Dhabi, FSRA ( Financial Service Regulatory Authority)  part of ADGM (Abu Dhabi Global Market) to expand its regulated operations to the UAE.

The expansion is part of its global scale to go broad and deep. As part of its strategy, Coinbase will establish regulated entities and local operations in high-bar regulatory jurisdictions abroad to focus on international growth.

As per the blog post, “Coinbase is focused on international growth and is working with several high-bar international regulators to establish regulated entities abroad that safely facilitate trading solutions and provide products the crypto community demands. Coinbase will continue to launch foundational products that are a gateway to Web3 and crypto across the globe while launching localized infrastructure and public facing products with a full suite of services.”

The post adds, “We have accelerated our UAE plans with Abu Dhabi Global market regulator. We are in discussion with the Financial Services Regulatory Authority (FSRA) in Abu Dhabi Global Market (ADGM) regarding a potential license for a regulated exchange. ADGM is a renowned international financial services center. ADGM is known for having a well-regarded, comprehensive regulatory framework and is committed to operating a fair and efficient regulatory environment for global market participants. ADGM has developed and supported the regulation and trading of cryptocurrencies and Coinbase intends to help further their vision. “

This comes as Binance seeks to receive a regulated license from both ADGM and Dubai’s Virtual asset regulator. While others such as Kraken has closed its operations in UAE. 

USA based Blockchain enterprise entity and UAE Blockchain Suvik tech to bring Web3 technologies to UAE

USA based Blockchain enterprise entity and UAE Blockchain Suvik tech to bring Web3 technologies to UAE

Blockedge Technologies Inc., an enterprise blockchain technology platform, and UAE based Suvik Technologies FZE, a public blockchain technology company, have signed an MOU ( Memorandum of Understanding) to form a joint venture out of Dubai UAE. The join venture will create tools that empower organization to migrate to Web3 technologies.

Blockedge brings its infrastructure automation platform, expertise to develop decentralized applications and interoperable blockchain solutions. At the same time, Suvik group brings its proprietary trading system for crypto assets and Plugin – a Decentralized Oracle Platform built on XDC Network.

“Web3 is all about building system-backed trust to facilitate trusted peer-to-peer transactions,” said Srinivas Mahankali, Chief Business Officer of Blockedge Technologies Inc. “To accelerate the adoption of Web3 technologies globally, we have come together to leverage each other’s strengths to create the required infrastructure layer to encourage and empower over 1000 organizations in the next three years,” he added.

Vinod Khurana, Co-Founder of Plugin Decentralized Oracle on XDC Network and CEO of Suvik Group added, “The creation of the joint venture between Blockedge and Suvik has come at the right time and place and has the potential to add immense value to the blockchain ecosystem. With this venture, we aim to launch decentralized applications across industries, with an initial focus on Agriculture, Healthcare, Supply chain, and E-commerce”.

The partnership will be converted into a 55:45 joint venture based in Dubai, specifically focusing on the Middle East, Asia Pacific, and North America.

UAE based Venom Blockchain to launch testnet at end of April 2023

UAE based Venom Blockchain to launch testnet at end of April 2023

UAE based Venom Blockchain announced that its testnet would be going live by the end of April 2023. Venom was the first blockchain foundation to be granted a license to operate in Abu Dhabi’s ADGM (Abu Dhabi Global Market).

The testnet is designed to suit both ecosystem users and developers and allows developers to test and debug dApps and blockchain protocols, while providing users with an immersive experience of these applications. As per the news, the Venom team believes that the testnet will encourage innovation and community building within its ecosystem, which is vital for growth and sustainability.

To engage with the Venom testnet, users will need to carry out two simple steps before being able to explore a variety of dApps built on Venom. Simply install the Venom wallet as a Google chrome browser extension or through either the app or Google play store. Secondly, users can jumpstart their journey of testing the Venom ecosystem by claiming testnet VENOM tokens.

The Venom testnet, will feature a diverse array of dApps. Some of these will be native to the Venom ecosystem, such as Venom Scan, while others have been developed by external projects and partners

For developers, Venom is offering the opportunity to try their hand at building on the asynchronous Venom blockchain which boasts ultra-fast speed at 100k TPS, and a dynamic Sharding feature that enhances scalability and network reliability. To kick things off, Venom has curated a repository of developer documentation to equip developers with the necessary tools and knowledge to start building.

Prior to this, UAE based Venom Ventures Fund, a Web3 and blockchain innovation fund managed by Abu Dhabi-based investment fund manager Iceberg Capital Limited, has invested $5 million in Everscale, a premier blockchain platform that aims to solve the scalability issues bogging down the Web3 industry.

The $5 million will be used by Everscale to expand its development teams and boost the number of projects.

The investment came after Venom Ventures Fund announced it was 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.

Finally Venom Foundation, announced it was cooperating with DAO Maker, a prominent blockchain growth solutions provider recognized for their Launchpad, to incubate innovative Web3 firms with an emphasis on providing real-world use cases.

Decentralized Autonomous Organizations will soon have a home in UAE ADGM

Decentralized Autonomous Organizations will soon have a home in UAE ADGM

UAE Abu Dhabi Global Market’s registration authority is seeking to develop regulations for DLT ( Distributed Ledger Technology) decentralized autonomous organizations and has started with the issuance of a consultation paper seeking replies before May 12th 2023.

For the proposed Distributed Ledger Technology Foundations Regulations 2023, ADGM is seeking public feedback and comments on the proposed new legislative framework for foundations that facilitate Distributed Ledger Technology (DLT) and token issuance (DLT Foundations).

As per the announcement, the Consultation Paper is of interest to any persons operating or planning DLT projects, persons engaging in digital asset related activities and their legal advisors, as well as DLT industry participants, associations, and stakeholders.

The RA’s key proposals for the Distributed Ledger Technology Foundations Regulations cover: the structure of the DLT Foundations; governance and control; tokens; reporting, disclosures and publication; beneficial ownership; supervision; insolvency and liquidation / voluntary strike off.

This new legislative framework showcases ADGM RA’s recognition of the overall suitability of foundation structures for DLT projects, and the RA’s alignment with ADGM’s strategy to facilitate and support crypto initiatives.

ADGM had received interest concerning the use of ADGM foundations for DLT purposes and the issuance of non-regulated utility tokens. However, whilst foundations are inherently well suited to DLT projects, there are certain features and requirements within ADGM’s current foundations regimes that impose constraints that are not desirable for DLT projects.

The ADGM registration authority, recognizing the overall suitability of foundation structures for DLT projects, seeks to facilitate and support crypto initiatives, as such decided to prepare a new legislative framework to cater for DLT projects and token issuance.

Decentralization is a core principle of many DLT projects, which prizes the transfer of authority and control away from centralized entities or groups to a distributed network of project participants. The perceived advantages of decentralization are rooted in this idea of decentralized governance, which its advocates believe promises a number of benefits, including more equitable ownership and value distribution among stakeholders, insulation from the vested interests of particular individuals or groups, reduced risk of censorship, and greater diversity.

So for these kinds of DLT projects, the concept of the “decentralized autonomous organization” (DAO) has emerged as the ideal-type governance structure.

Qatar’s Financial Center Authority just signed a second MOU for blockchain and digital assets

Qatar’s Financial Center Authority just signed a second MOU for blockchain and digital assets

Once again the Qatar Financial Centre Authority (QFCA) financial business center is on a sprint run with Blockchain, first with its MOU signed with Blockchain solution provider R3 and now with its MOU signed Blockchain SettleMint platform. The agreement with Settlemint will also as with R3 work on Blockchain and digital asset initiatives in the financial sector. 

The MoU aims to explore potential synergies with industry participants, including financial institutions, fintech firms, and corporate organisations, to accelerate the adoption of blockchain and digital asset business models and solutions.

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, stated “We are delighted to collaborate with SettleMint Blockchain LTD to explore use cases of blockchain technology and digital assets in Qatar’s financial industry. This partnership reflects the QFC’s commitment to supporting innovation and identifying new opportunities that benefit our stakeholders and Qatar’s wider financial ecosystem. To that end, we look forward to future joint initiatives with SettleMint.”

Matthew Van Niekerk, Founder & CEO, SettleMint, added, “At SettleMint, we are passionate about empowering developers to easily build on web3 infrastructure and enabling companies to unleash the full potential of blockchain technology for their clients and the ecosystems in which they operate. SettleMint has been supporting the financial industry for several years from experimentation to production application. We are thrilled to partner with the QFC and leverage their expertise and network to drive blockchain adoption and innovation in Qatar’s financial sector.”

Settlemint was one of the first blockchain companies to set up shop in the GCC region back in 2016. By 2021, Settlemint was in discussions in Bahrain and UAE with government and private sectors alongside their partners in the region. 

Settlemint was collaborating on projects in supplychain, finance and banking sectors. 

At the end of 2022, SettleMint raised $18 million in Series A funding led by Molten Ventures. The raised funds were to be used to solidify their position in Europe, Middle East, India and Singapore as well as expand into the Japanese market.