UAE RAK Digital Assets Oasis partners with HBAR Foundation to fund and grow Blockchain Web3 members

UAE RAK Digital Assets Oasis partners with HBAR Foundation to fund and grow Blockchain Web3 members

UAE’s RAK Digital Assets Oasis (Ras Al Khaimah DAO), the world’s first and only free zone dedicated to global digital and virtual assets companies, and The HBAR Foundation have signed of a Memorandum of Understanding (MOU). The HBAR Foundation will support RAK DAO ecosystem members to leverage the power of blockchain and build economies and applications on Hedera, the most used enterprise-grade public network.

This marks RAK DAO’s first operational relationship, bringing together the expertise and resources of both companies to provide direct and streamlined access to benefits within the Hedera ecosystem. These include a comprehensive grant program, financial backing processes, specialized expert support across technology, marketing and business development, and support to scale adoption and innovation of new ideas in the Web3 space.

“By creating and enabling the world’s first licensed Web3 ecosystem, we are facilitating the seamless exchange of information, connecting businesses across sectors, and paving the way for synergistic relationships to flourish. Together, we are unlocking a world of new possibilities, empowering entrepreneurs, and propelling innovation forward,” says His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK DAO. “This collaboration is a testament to our shared commitment to driving sustainable growth and shaping a future where Ras Al Khaimah emerges as a global leader in the digital economy.”

Together, RAK DAO and The HBAR Foundation will spearhead various initiatives in the Digital Assets Oasis ecosystem, including regular startup and scale-up pitching sessions, opportunities to connect with partners and investors, and explore avenues to launch joint projects such as venture studios or accelerators.

The HBAR Foundation grantees will also benefit from discounted set-up and licensing packages to establish themselves in RAK DAO, as well as access to effective banking solutions available to all members of the ecosystem. Both companies will work together dynamically to foster collaboration, fuel innovation, overcome barriers, and empower entrepreneurs in their journey to build the future of Web3 and blockchain technology.

“The United Arab Emirates has established itself as a dynamic hub for Web3 innovation, magnetizing global enterprises and top-tier talent. We eagerly anticipate joining forces to pioneer the future of the emerging technologies landscape,” says Shayne Higdon, CEO of the HBAR Foundation. “Through this exclusive relationship between The HBAR Foundation grantees and RAK DAO, we’re honored to provide grantees with greater access to the UAE whilst working together to establish RAK DAO as a major hub for the Web3 and digital assets sector.”

UAE based Aquanow, digital assets infrastructure provider receives initial approval from Dubai’s VARA

UAE based Aquanow, digital assets infrastructure provider receives initial approval from Dubai’s VARA

Aquanow, a digital assets infrastructure provider has unilaterally announced that it has received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA), while it undertakes the in-depth process of applying for a license in accordance with VARA requirements.

Full approval to operate will be issued by VARA as soon as Aquanow completes all mandated requirements, which the firm is expected to complete in the near-term.

“At Aquanow, we believe that the UAE is a forward-thinking jurisdiction for digital assets regulation and we view Dubai as a key hub for our international growth efforts,” said Aquanow’s Chief Executive Officer, Phil Sham. “We’re excited to receive the initial approval from VARA and to be moving closer to powering a range of digital asset use cases in the region.”

Aquanow, which is privately-backed, is one of the largest digital asset liquidity providers and is a global leader serving financial services clients in 40 countries around the world. Aquanow is rapidly expanding in the Middle East, and the UAE is an emerging hub of Web 3.0 innovation with more than 500 crypto companies based in the country.

Established in 2018, Aquanow currently has 90+ team members with offices in Canada, Dubai, and Singapore.

UAE EnjinStarter first Web3 Launchpad globally to be initially licensed by regulator

UAE EnjinStarter first Web3 Launchpad globally to be initially licensed by regulator

UAE based EnjinStarter MENA, a web3 Launchpad and incubator, has become the first launchpad globally to receive initial approval by Dubai’s virtual asset regulatory authority.

According to the unilateral announcement, EnjinStarter will continue to undertake the in-depth process of applying for a licence, in accordance with VARA requirements.

With the Middle East and North Africa considered to be a booming Web3 market, Enjinstarter is seeking a foothold in the region as it aims to be the premier Launchpad and incubator for Web3 metaverse, gaming, and entertainment experiences.

Enjinstarter has ambitious plans to be the go-to provider for Web3 adoption in the region, including the addition of more portfolio projects focusing on impact and sustainability initiatives that complement the UAE’s commitment to climate action.

“This is an important step for Enjinstarter. Getting initial approval and continuing with our license application makes clear our commitment to achieving the highest standards of accountability and transparency in the Web3 space. We are committed to   conforming to VARA’s high standards and know this will only accelerate our growth in the Middle East and beyond,” said Prakash Somosundram, co-founder and CEO of Enjinstarter.

“Dubai has been laser-focused on establishing itself as a global hub for Web3. It continues to provide much-needed leadership in terms of regulation and innovation, especially with initiatives such as VARA’s own foray into The Sandbox. We are looking forward to getting started here and contributing to Dubai’s growing Web3 ecosystem,” added Vasseh Ahmed, Enjinstarter MENA’s managing director.

UAE based WadzPay blockchain payment provider launches its 2.0 version built on Algorand blockchain

UAE based WadzPay blockchain payment provider launches its 2.0 version built on Algorand blockchain

UAE based WadzPay, an interoperable blockchain-based technology provider, has launched the WadzPay 2.0 which it believes will redefine the landscape of virtual asset-based transactions. WadzPay 2.0 provides a unique new architecture primarily based on the Algorand blockchain with inbuilt support for several others such as Ethereum, Tron, Avalanche and several others to be added. WadzPay 2.0 construct is designed in line with evolving regulations and needs of banks, financial institutions, telcos and central banks.

Anish Jain, founder and group CEO of WadzPay, stated, “Blockchain is already disrupting global finance, and with WadzPay 2.0, we are bringing a slew of capabilities that will transform digital currency payments. This enhanced product line encompasses issuance, acquiring, remittance, central bank digital currency (CBDC) and tokenization, providing a true one-stop solution for the industry. This is a leap forward in the blockchain payments ecosystem. WadzPay customers can rest assured of an elevated experience for its end users.”

Designed with an API-first approach, a robust compliance framework and customer-friendly dashboards, it enables payments in the metaverse, point of sale, in-app, e-commerce, etc. It also serves as the foundation for the future launch of the WadzPay Chain. It leverages the Algorand blockchain for transaction processing, standard assets for on-chain storage of funds, and a ledger for wallet management and bookkeeping. The platform also incorporates Gap 600’s expertise to manage transaction finality for Bitcoin and Ether -based transactions, and Bosonic to convert funds at the point of sale (POS).

WadzPay 2.0 boasts several integration options and features such as:

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E-Know Your Customer (KYC) solution with biometric verification for seamless user onboarding

Real-time fraud detection, customer screening and transaction monitoring

Multisignature custodial wallet with multiple-level hierarchy and password management

Internal and external wallet transfers

Push/pull payment options with transaction notifications

Customized reports in various formats

Issuer and merchant dashboard with seven layers of hierarchy control

Multicurrency acceptance at POS terminals and e-commerce portals with QR code support

Settlement in digital or fiat currency of choice, based on market regulation

On-chain refunds, including multiple refunds on a single transaction

Inbuilt volatility management solutions

Improved transaction speeds on Ethereum and Bitcoin blockchains