Dubai Customs uses blockchain platform to expedite customs clearance

Dubai Customs uses blockchain platform to expedite customs clearance

Dubai Customs has launched a blockchain platform that will expedite customs clearance and commercial transactions. The Blockchain platform will save time and effort for all parties involved. It facilitates secure and tamper-proof data sharing to enhance trust and visibility across the supply chain, thereby contributing to building more transparent and reliable business relationships. It will also reduce paperwork and streamline processes leading to substantial cost savings.

According to the press release, the launch of its blockchain platform in a pioneering step aimed at enhancing efficiency and transparency in commercial operations within Dubai and across borders.

His Excellency Sultan Ahmed bin Sulayem, Chairman of the Ports, Customs, and Free Zone Corporation, stated that the launch of the platform is part of Dubai’s blockchain strategy for digital transactions initiated by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai. The aim is to explore and evaluate the latest technological innovations that help provide secure, efficient, and effective services, thereby enhancing Dubai’s position as a leading global city in advancing technology and smart economy initiatives. The platform also helps consolidate Dubai’s entrepreneurship and global competitiveness capabilities.

Bin Sulayem said, “We are proud to launch the new blockchain platform, which represents a quantum leap in enhancing the efficiency of business operations in Dubai. This innovation reflects our vision to make Dubai a global hub for trade and logistics. We believe that adopting modern technologies like blockchain will significantly contribute to improving the business environment and enhancing Dubai’s position as a major center for global trade. We are committed to supporting all efforts aimed at improving and simplifying business operations in Dubai and supporting its digital strategy.”

Dr. Abdullah Busnad, Director General of Dubai Customs, highlighted that the blockchain platform launch is a crucial step in facilitating trade movement and enhancing Dubai’s position as a global logistics hub. He underscored that the platform will not only benefit Dubai Customs but also serve as a valuable tool for collaboration with other government entities, The goal is to make the business environment in Dubai smoother, more streamlined, and transparent.

Dr. Busnad said, “We always strive to contribute to achieving the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in enhancing Dubai’s sustainable business environment through digital initiatives. This initiative represents a vital step towards a bright and spectacular future for trade and government services, ensuring the emirate’s innovation and global leadership journey continues.”

Atiq Almehairi, Executive Director of Customs Development Division at Dubai Customs, emphasized the importance of the blockchain platform in improving service efficiency through simplified data exchange and automated processes, speeding up customs clearance procedures, and reducing overall transaction times.

This is not the first time that Dubai Customs uses blockchain, In May 2023 Dubai Customs 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 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.

In September 2023, Dubai South, property developer and free zone, completed a blockchain integration with Dubai Customs, making it the first free zone in Dubai to achieve this milestone. As part of Dubai’s ecommerce strategy, Dubai South will utilize blockchain integration to enhance its ecommerce operations reducing time and costs by auto generating declarations and streamlining the tracking and processing of orders.

Indian crypto exchange expands into MENA with acquisition of BitOasis in UAE

Indian crypto exchange expands into MENA with acquisition of BitOasis in UAE

CoinDCX, India’s cryptocurrency exchange, has acquired UAE based BitOasis, which according to Bloomberg could add $50 million in revenues to Coin DCX as it expands into the MENA region with the acquisition.

Established in 2018, CoinDCX has a user base of over 15 million, offers access to over 500 crypto assets, and facilitates average quarterly trading volumes exceeding $840 million in spot in 2024 while BitOasis established in 2016, holds over 60 tokens with fiat currencies such as AED, SAR, and USD and has processed over $6 billion in trading volume.

Additonally while BitOasis had raised more than $40 million in funding from regional and global investors since it was incepted, In April 2022, CoinDCX raised $135.9 million from investors led by Pantera Capital and Steadview Capital, doubling its valuation to $2.15 billion becoming the most valued crypto trading platform in India.

The two companies announced this in a joint statement. While the firms did not disclose the transaction value, a Reuters piece noted that BitOasis said in a separate statement that CoinDCX, which had already acquired a stake in the business last year, now owns the full share capital of the Dubai-based company.

The Bengaluru-based startup said BitOasis’s team is joining CoinDCX, with the original leadership continuing to manage the exchange. BitOasis will also retain its branding, CoinDCX told TechCrunch.

A CoinDCX spokesperson told TechCrunch that BitOasis investors would receive equity in CoinDCX, adding that the deal was profitable for BitOasis backers.

Ola Doudin, Co-Founder & CEO of BitOasis, said, “CoinDCX’s acquisition marks an exciting new chapter for BitOasis, one that propels us forward on a much stronger ground.” (Gulf News) She also said that users can expect a broader product portfolio, enhanced crypto services offering, broader access to an expanded range of tokens, increased liquidity, improved trading options, and an enhanced user experience.

CoinDCX Co-Founder Sumit Gupta assured that the company’s principles will continue to guide its actions in new markets and opportunities. “Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population’s keen interest in crypto investment,” explained Gupta.

CoinDCX launched a decentralized exchange in 2022 and has been aggressively working to expand it.

BitOasis recently secured an operational license in Bahrain just two months after Dubai regulators lifted a suspension on its activities.

UAE Mag group to tokenize $500 million of real estate assets with Mantra Blockchain

UAE Mag group to tokenize $500 million of real estate assets with Mantra Blockchain

UAE based MAG Group Holding a multinational consolidation of different companies and sectors, the group’s portfolio includes real estate, contracting & engineering, industrial & commercial trading, freight services, and hospitality will tokenize $500 million worth of real estate assets with UAE based Mantra a Blockchain Layer 1 RWA ( Real world assets) tokenization platform.

As per a press release, Mantra will tokenize real estate assets in several tranches, while investors will earn yields through stablecoin and OM Tokens. The first tranche will include a residential project, Keturah Reserve, which is being built by MAG in Meydan, Dubai.

The tranche will also package a $75 million mega-mansion at ‘The Ritz-Carlton Residences, Dubai, Creekside’ development.
Investors will earn yield through stablecoins and Mantra’s OM token.

They are expected to have receive yields of 8% from the stablecoins and be granted additional OM tokens.

In June, Zand Bank PJSC, the digital bank licensed by the Central Bank of the UAE, and MANTRA, signed a Memorandum of Understanding (MOU) to streamline the process of real-world asset tokenization, including the identification, listing and distribution of RWAs.

UAE regulated Laser Digital, Nomura’s digital asset subsidiary strategically invested in MANTRA Chain, and prior to that Mantra raised $11 million for real-world tokenization. While the firm is said to be in the final stages of securing licenses from Dubai’s crypto regulator VARA.

Tokinvest receives provisional crypto broker license from Dubai regulator

Tokinvest receives provisional crypto broker license from Dubai regulator

Tokinvest marketplace for real-world asset tokenization, has been granted a provisional broker-dealer license by Dubai’s Virtual Assets Regulatory Authority (VARA).

As per the press release this license underscores Tokinvest’s commitment to compliance and innovation in the real-world asset tokenization industry.

The company will continue to build its scalable and regulated platform that simplifies buying, selling, and managing real-world asset investments. It offers comprehensive services that cover every aspect of the digital token lifecycle, from ideation to trading to asset servicing.

Scott Thiel, CEO of Tokinvest, says, “Obtaining regulated status in the region is crucial for us. It shows our dedication to complying with international standards and establishing robust, transparent processes prioritizing investor protection. Receiving the provisional broker-dealer license from VARA is a significant validation of our mission to create the leading regulated marketplace that connects real-world asset issuers with investors on a global scale. This provisional license sets us on the path to serving our clients with the highest standards of regulatory assurance.”

Tokinvest advisory board includes Ralf Glabischnig Founder of Inacta Ventures, and founder of UAE based Crypto Oasis and Swiss based Crypto Valley. 

He says: “Tokinvest is leading the charge in real-world asset tokenization with a first focus on Middle East. I’m excited to offer my expertise to support their ambitious goals and connect it with our other securitization and tokenization portfolio companies in Europe and beyond.”

Web3 SocialFi platform receives license from RAK digital asset oasis

Web3 SocialFi platform receives license from RAK digital asset oasis

Lyvely, UAE-based social monetization platform, today announced that it has been awarded a full operational license from Ras Al Khaimah Digital Assets Oasis (RAK DAO), the Free Zone with Common Law features established to support digital assets companies. The license allows Lyvely to undertake any non-regulated activities that fall under the SocialFi category.   

Backed by UAE based Phoenix Group, and leading Web3 investment firm, Cypher Capital, Lyvely aims to disrupt the $250 billion global creator economy. Lyvely was founded in 2023 by tech and wellness entrepreneurs Farah Zafar and Dave Catudal to empower all digital creators, ranging from celebrity influencers to digital creators and online brands.

Lyvely allows creators and brands to profit from their digital presence via monetization features such as content memberships, paid communities, and social commerce. 

According the press release, the license from RAK DAO marks a major milestone in Lyvely’s operational roadmap as a UAE born and bred tech startup. Lyvely’s SocialFi operational license will enable the company to operate within a secure and recognized environment. 

Dr. Sameer Al Ansari, CEO of RAK DAO, noted, “RAK DAO is thrilled to welcome Lyvely as a licensed SocialFi platform within our innovative ecosystem. This milestone underscores our commitment to nurturing cutting-edge digital assets companies in the MENA region. Lyvely’s vision to empower digital creators with advanced monetization tools aligns with our mission to drive technological advancement in the region.”

Farah Zafar, Co-founder and CEO of Lyvely, said, “We are proud to be a homegrown brand, building for the global creator and freelance economy from the shores of UAE. As a SocialFi platform licensed under RAK DAO, we envision adding immense value to the digital ecosystem by enabling web3-powered monetization avenues for under-represented digital creators and everyone who seeks to build a more profitable digital presence. Our strategic association with RAK DAO signals our intent to amplify our impact among the web3 community, while simultaneously adding to the massive economic potential of UAE and the wider MENA region. ”

Lyvely is set to release its mobile application in Q4 2024, followed by a much-awaited token launch. 

Blockchain firm Qila enters the UAE to offer tokenization solutions

Blockchain firm Qila enters the UAE to offer tokenization solutions

Qila, a blockchain cloud solution provider which offers Certified Data Authenticity and Privacy by Minting Non-Fungible Tokens for Real World Assets on a Private Blockchain Network, has announced its entrance into the UAE market.

The announcement was made in a LinkedIn post, where Qila wrote, ” Qila is thrilled to announce the launch of our Blockchain Cloud Services right here in the UAE! Now, Dubai enterprises can easily build, run, and manage dedicated blockchain networks. From tokenizing real-world assets to creating custom Smart Contracts and token protocols, Qila simplifies everything for you. Say goodbye to complex setups and hello to innovation!”

Qila offers its ARK+ blockchain platform for easy transition to blockchain and tokenization.

Sid Ugrankar, CEO & Co-Founder of Qila, said, “Our expansion into the UAE is a significant milestone for Qila. By establishing a private cloud infrastructure, we not only adhere to local data regulations but also provide enterprises with secure and efficient Web3 solutions. The introduction of ARK, ARK+, PrivaSea, and TreePye exemplifies our commitment to innovation and helping businesses optimize their operations.

Vishal Malhotra, CFO & Co-Founder of Qila, said, “We see immense potential in the UAE market, which is at the forefront of embracing new technologies. Our goal is to support enterprises in their Web3 journey by offering sector-agnostic solutions and innovative tools like ARK, ARK+, PrivaSea, and TreePye. This expansion is a testament to our growth strategy and our dedication to serving diverse markets with tailored solutions.”

Qila and various other blockchain and crypto entities have been flocking to the UAE, given the country’s stance on digital assets, its regulatory openness and its position at the center between Asia and the Middle East.

UAE based InvoiceMate tokenizes 100 K invoices worth $220 million with ICP Blockchain

UAE based InvoiceMate tokenizes 100 K invoices worth $220 million with ICP Blockchain

UAE based InvoiceMate in collaboration with The Internet Computer (ICP) blockchain has successfully tokenized over 100 K invoices worth more than $220 million. InvoiceMate, is a platform for invoice tokenization recognized by Deloitte.

As per the press release, this achievement marks a significant advancement in decentralized finance (DeFi) and highlights the transformative potential of ICP’s blockchain technology in real-world assets (RWAs).

ICP’s decentralized network, known for its scalability, security, and interoperability and its innovative architecture provides an ideal ecosystem for the tokenization of real-world assets, revolutionizing traditional finance. Over 1,850 businesses have benefited, with more than 101,000 invoices tokenized, demonstrating ICP’s capacity to handle large-scale financial processes efficiently and securely.

InvoiceMate, in partnership with ICP, transforms traditional invoices into digital assets, empowering SMEs globally. “InvoiceMate is proud to collaborate with ICP in tokenizing over $220 million worth of invoices,” said Muhammad Ibrahim, head of Web3 and innovation at InvoiceMate. “This milestone underscores our commitment to driving innovation in finance and empowering businesses of all sizes.”

Supported by the Dfinity Foundation, ICP is a decentralized network protocol that revolutionizes the internet by providing a scalable, secure, and interoperable platform for blockchain-based applications. Its architecture allows for the seamless tokenization of real-world assets, unlocking new possibilities for DeFi and financial inclusion.

Blockchain Founders Fund and Skybridge Capital invest in UAE based TDMM

Blockchain Founders Fund and Skybridge Capital invest in UAE based TDMM

UAE and Indian based TradeDog Market Management (TDMM), a global leader in crypto trading with over $10 billion in trading volume, has secured investment from prominent venture capital firm Blockchain Founders Fund (BFF) and renowned Wall Street investor Anthony Scaramucci founder of SkyBridge Capital.

This strategic investment fuels TDMM’s ambitious growth and investment plans. The capital influx will be instrumental in securing strategic investments in Token Startups and Enterprises. The next round will seek to raise $75 million.

TDMM is acrypto market-making solutions provider, offering comprehensive yield and exit management services to institutional clients worldwide and liquidity, treasury, and inventory management to token companies. It is integrated with 60+ CEXs and DEXs and manages 100+ assets across 300+ pairs.

“At TDMM, we see our partnership not just as an investment, but as a shared vision for the future of crypto trading,” said Saqr Ereiqat, CEO of TDMM. “We are committed to redefining Token Market Making (MM) by engaging transparently with our clients, providing sophisticated financial services, and the execution, a token needs to thrive and succeed. Together, we aim to revolutionize the landscape of MM and set the golden standard of collaboration and mutual success.”

Ateeq Farooqui, Head of Trading and Co-Founder of TradeDog Group responded, “Gaurav and I started aggressive crypto trading alongside our mining operations in 2015 to mitigate our risk around the mined Coins. We’ve come a long way from there and we are working towards onboarding large institutional capital through our extensive suite of services.”

BFF is a prominent venture capital powerhouse that invests globally in top-tier, early-stage blockchain startups at the seed and pre-seed stages. The fund leverages its extensive industry knowledge and network to empower these companies and drive innovation within the blockchain space. BFF extends beyond traditional financial backing and cultivates a collaborative partnership with its portfolio companies, providing access to a curated network of leading figures in cryptocurrency and traditional finance sectors.

“TDMM is at the forefront of revolutionizing crypto trading with their pioneering solutions. Our investment in TDMM is a testament to our belief in their vision and capabilities. We are excited to support TDMM as they set new industry standards and drive the future of institutional engagement in the digital asset market.” – Aly Madhavji, Managing Partner, Blockchain Founders Fund.

Skybridge Capital is a Multi-Billion Dollar Alternative Investment Fund founded by Anthony Scaramucci, an Investor at Blackrock’s Bitcoin ETF, iShares. He also founded SALT, one of the world’s largest conferences for Fund Allocators and managers.

South Korean crypto investment firm expands to UAE with Hub 71

South Korean crypto investment firm expands to UAE with Hub 71

Hashed Ventures, a South Korean crypto investment firm has partnered with Abu Dhabi Hub 71 to introduce more Korean startups to the UAE. It has expanded its presence to the UAE.

As per the announcement on Bloomberg, Hashed Ventures views the UAE as having an advantageous regulatory environment making it one of the hottest global crypto hubs.

Hashed Ventures plans to bring over firms in Fintech and digital assets. The company will also look to open an office in Abu Dhabi and explore potential fund raising opportunities in the capital of the UAE, according to Simon Seo-Joon Kim, chief executive officer and managing partner of Hashed.

Founded in 2017, Hashed oversees about $700 million in assets, and already has offices around the globe, including San Francisco and Singapore. Kim said in an interview that the company is actively looking to expand overseas, as the environment for startups in South Korea became increasingly challenging due to several reasons, including the difficulty in expanding its domestic market.

“For the Korean startup, the mission to expand their business to abroad is quite mandatory because the biggest problem of Korea is our population is decreasing,” Kim said in an interview. “But I believe that the talent-wise, the Korean entrepreneur is one of the best in the world, so we have to expand our business to abroad.”

“We are excited about the prospect of welcoming more Korean startups to Abu Dhabi and attracting the most promising Web3 and digital asset technologies to the UAE capital,” Ahmad Ali Alwan, chief executive officer of Hub71, wrote in an email statement.

Kim said that Hashed is already helping some South Korea-based companies valued at more than $1 billion enter the Abu Dhabi market. He declined to disclose the names of the firms, saying the process is still ongoing.

“UAE is a very special market for us because the regulatory wise, Abu Dhabi has the most friendly and clear guidance for the web3 startups,” Kim said. “So these days, so many Web3 startups are opening Abu Dhabi offices.”

Kim also said that the global phenomenon of Korean content such as Korean pop music and drama, as well as South Korea’s long-existing relationship with UAE building nuclear power plants, are advantages for Korean startups looking to enter the Middle East.

A month prior to this announcement Simon Kim on LinkedIn wrote, ” Hashed is thrilled to host Hub71, an Abu Dhabi government-initiative startup accelerator, in South Korea, connecting vibrant startup ecosystems. Hub71 offered Korean startups opportunities to explore Abu Dhabi, gain international exposure, and connect with global investors. This event highlighted the importance of cross-border cooperation in driving innovation and growth.”

Blade Labs joins Qatar’s digital assets lab partnering with The Hashgraph Association

Blade Labs joins Qatar’s digital assets lab partnering with The Hashgraph Association

Blade Labs is a financial technology that tokenizes financial productions and services secure a fintech license at Qatar Financial Center, and admittance to the Digital Asset Lab, as it partners with The Hashgraph Association, a Swiss digital enabler of the Hedera Network, to utilize DLT ( distributed ledger technology) to foster and advance financial services to the masses of the MENA region.

In addition Blade Labs is registering for a Financial Services Regulatory Association (FSRA) license in Abu Dhabi Global Market (ADGM).

Kamal Youssefi, President of The Hashgraph Association, said, “The Hashgraph Association is actively invested in ensuring digital enablement and inclusion, particularly, in the Middle East. Our strategic investment in Blade Labs, which provides innovative fintech solutions in the region, is testimony to our commitment to empowering enterprises with Web3-compliant solutions.

The partnership comes at the heels of two major government-backed Venture Studio initiatives being undertaken by The Hashgraph Association in the region; together, these co-investment ventures are valued at $300 million over the next 5-years.

As part of the collaboration, Blade Labs will provide both a conventional and Shariah compliant Digital Securities Platform to support these investments. The strategic investment and partnership address the growing need for digital transformation solutions required by enterprises to participate in the digital economy, effectively.

Blade Labs is currently focused on providing non-custodial fintech APIs that distribute tokenized funds across multiple jurisdictions in a compliant and user-friendly manner. Tokenizing funds enhances liquidity with real-time settlement, reduces operational costs, and improves collateral management by allowing these funds to be used as collateral across various platforms. These benefits make tokenized funds an attractive option for both traditional and digital-native investors, offering better returns, capital efficiency, and advanced risk management.

“As an investor and strategic ecosystem partner of Blade Labs, The Hashgraph Association’s deep multi-level relationship will enable us to integrate our cutting-edge digital asset solutions with more businesses in the Middle East and beyond. We are also well placed to support the execution of strategic initiatives in the region to grow and empower ecosystems that will help us drive digital transformation.” said Sami Mian, CEO of Blade Labs.

The Hashgraph Association has been at the forefront of key ventures in the Middle East and GCC (Gulf Cooperation Council) region. The first in Saudi Arabia has already commenced this year to build a $250 million DeepTech Venture Studio in Riyadh, in close partnership with the Ministry of Investment Saudi Arabia (MISA), and the second in Qatar aims to build a $50 million Digital Assets Venture Studio in Doha, in collaboration with the Qatar Financial Centre (QFC), with both these partnerships considered long-term and spanning over the next five years.