UAE Blockchain startups among UAE’s Ministry of Economy choices for top 100 future enterprises

UAE Blockchain startups among UAE’s Ministry of Economy choices for top 100 future enterprises

The UAE Ministry of Economy in partnership with the Minister of State for Government Development and the future has commenced application for the top 100 future enterprises including blockchain startups.

The initiative which was launched in December 2022 aims to accelerate the growth of promising UAE ‘Future Economy’ SMEs, encourage investment in ‘Future Economy’ companies in the UAE, strengthen UAE’s position as the start-up and scale-up nation and support the continued sustainable growth of the ‘Future Economy’ ecosystem.

100 startups based out of the UAE and utilizing technologies such as Blockchain, AI, Web3, robotics, IoT, 3D printing, working in sectors such as renewable energy, agritech, space, advance manufacturing, biotech, creative industries, sustainability, healthtech and cybersecurity will be able to participate in the competitionad be awarded Future 100 Label with various perks and benefits.

The chosen startups will have fast Access to Investors, Regulators And Business Community, support – Funding, Legal, Commercial, and Capacity Building

Applicants for the Future 100 will be evaluated on the basis of their creative capacity, market potential, and environmental, social and corporate governance impact.

Startups andSMEs  that have offices or operations in the UAE that are eligible to apply can submit an online application on the Future 100 website.

UAE Cypher Capital funds Native, a DEX layer for Web3 applications for expansion in MENA

UAE Cypher Capital funds Native, a DEX layer for Web3 applications for expansion in MENA

DEX ( decentralized exchange) layer for retail Web3 applications has partnered and received funding from UAE based Cypher Capital VC fund to grow Native’s financial Web3 offering in the MENA region.

Native offers a game-changing solution that transforms exchanges into an integrated feature. With Native, any application can swiftly transform itself into a fully functioning exchange, seamlessly integrating top-tier liquidity providers and generating substantial trading fees.

This strategic partnership will provide Native with the necessary resources to advance its product development efforts, placing a strong emphasis on flexibility, modularity, and interoperability.

Bill Qian, Chairman of Cypher Capital, expressed his enthusiasm for the partnership, stating, “We are delighted to invest in Native, an innovative financial infrastructure layer. Native’s exceptional capability to empower applications to establish their own exchanges in minutes, seamlessly integrate top-tier liquidity providers, and generate trading fees is truly remarkable. This strategic partnership and funding agreement will further bolster Native’s product development, with a strong focus on flexibility, modularity, and interoperability. By providing projects with complete control over their swap experience, from the user interface to the pricing model, Native simplifies the complexity of underlying smart contracts and APIs. The result is an elevated user experience, increased capital efficiency, deeper liquidity, and a significant new revenue stream for applications. We firmly believe in Native’s vision and are excited to embark on this transformative journey together.”

Meina Zhou, Cofounder of Native, commented “We are thrilled to announce that Cypher Capital has invested in Native. This strategic investment will provide us with the necessary resources to advance our product development and expand our platform’s reach in the MENA region. Cypher Capital’s investment is a major step forward in realizing Native’s overall vision of building crypto’s modular DEX infrastructure. It also aligns with NativeX’s aspirations to establish itself as the leading DEX for Altcoins across DeFi. We look forward to the exciting opportunities that lie ahead as we revolutionize the world of DeFi.”

UAE Crypto Oasis ventures to support Dubai’s DIFC innovation hub and startups

UAE Crypto Oasis ventures to support Dubai’s DIFC innovation hub and startups

UAE based Crypto Oasis Ventures has signed a Memorandum of Understanding (MoU) with Dubai International Financial Centre (DIFC),  to support the DIFC Innovation Hub with subject matter expertise for their ongoing and upcoming start-up accelerator programmes.

This coincides with Crypto Oasis Ventures official opening of its second office in the DIFC Innovation Hub for its Venture Studio.

“We are thrilled to partner with Dubai International Financial Centre (DIFC), a renowned financial hub known for its regulatory excellence and commitment to fostering innovation,” said Faisal Zaidi, Co-Founder and CMO of Crypto Oasis Ventures. “By establishing our office within the DIFC Innovation Hub, we aim to leverage The Centre’s vibrant ecosystem, collaborate with like-minded organisations, and explore new opportunities for growth.”

DIFC is a leading global international financial centre that plays a pivotal role in driving economic diversification and innovation in the region. As a strategic partner, DIFC will provide the Crypto Oasis Ventures ecosystem with access to a network of global investors, industry experts, and regulatory resources. This collaboration will facilitate the development of cutting-edge blockchain solutions, positioning Crypto Oasis Ventures at the forefront of the digital transformation in the financial sector.

Mohammad Alblooshi, Chief Executive Officer of DIFC Innovation Hub commented: “The DIFC Innovation Hub has a long history of partnering with leading and visionary institutions to enable business growth for our start-up ecosystem. This partnership will bring immense value to start-ups participating in our various accelerator programmes this year who will be able to leverage on Crypto Oasis’s expertise to amplify their existing business models.” 

“We are pleased to see Crypto Oasis expand their presence here in Dubai at the DIFC Innovation hub as they continue to innovate and drive growth in collaboration with our vibrant community of tech and innovation disruptors”, he added.

Crypto Oasis Ventures has spearheaded several successful ventures, including Crypto Oasis Labs, Crypto Oasis Sentio, arte, Crypto Oasis Games Guild, Inacta Communications, and The Green Block. These ventures showcase the company’s commitment to innovation, collaboration, and sustainable development within the Web3 space.

Brinc launches its 2023 startup Web3 cohort with two startups from GCC

Brinc launches its 2023 startup Web3 cohort with two startups from GCC

Brinc, a leading global venture accelerator, with operations in the UAE has selected 25 promising global startups, launched by a total of 66 founders, for its Summer 2023 cohort under its host of Web3 accelerator programs. Two startups from the GCC region have been selected. The first is UAE AI NFT BentleyRecords.io , an AI-powered music development program dedicated to helping artists grow their career online, offering 35+ tools for music production and distribution was chosen among startups and the second one is Bahrain based Eye Labs, a pioneering platform dedicated to guiding brands into the Web3 realm, simplifying blockchain infrastructure while emphasizing storytelling and user journeying to make the transition more accessible to a wider audience.

Brinc’s Summer 2023 cohort represents a diverse range of innovative ventures at the forefront of cutting-edge technologies in blockchain, decentralized applications, and peer-to-peer networks. This round is Brinc’s third cohort in Web3-startup acceleration, confirming its commitment to the incredible potential that blockchain technology and online ecosystems offer to all areas of decentralized business.

From more than 700 applications from across 27 countries received for its various Web3 accelerator programs, Brinc’s rigorous selection process identified 25 startups poised to make significant advancements in their respective industries. The cohort, of startups at pre-seed or seed stage, is grouped under five Web3 verticals: DeFi (4), Entertainment & Loyalty Platforms (2), Gaming (8), Healthcare (5), Technology & Infrastructure (6).

The chosen startups will virtually join Brinc’s 12-week accelerator program, receiving comprehensive support, mentorship, as well as access to resources to scale their growth, elevate strategies, expand their network, and contribute to the advancement of technology-driven solutions. Aligned with Brinc’s company vision to support and maximize positive impact, the Web3 cohort will also be guided on diversity and inclusivity strategies.

The cohort’s Summer 2023 program will feature mentorship and sessions hosted by high-profile industry leaders — including Brinc’s Manav Gupta as well as Animoca Brands’ Robbie Yung and Animoca Ventures’ James Ho. Other program mentors and collaborators include:prominent investors (including Babu SK of True Global Ventures, Prashanth Swaminathan of Woodstock Fund, Sidd Gandhi of Growx); Web3 partners (including Anthony Diaz of Health Hero, Dario Heymann of Galen Growth, Douglas Corley of Alaunius Labs, Ryan Horn of N3ON, Vikash Suresh of Recorem, Yassamin Issapour of Agora Digital Capital Markets); specialized field consultants (including Andy Liu of Basebit Technologies, Robbie Nakarmi of Simmons & Simmons).

Manav Gupta, founder and CEO of Brinc, said: “Our third cohort in the Web3 realm welcomes the 25 selected startups, who bring exciting ideas and breakthrough perspectives to the blockchain space, which continues to evolve and shape our future. We are excited to work with these forward-thinking entrepreneurs to build new business models, propel creative innovation and advance incredible technologies, as well as promote diversity and inclusivity for a decentralized future.”

Brinc’s Web3 program is supported by key industry partners including Animoca Brands, DMCC, Fusang, Zilliqa, Protocol Labs, OliveX, and Prenetics.

UAE based Global Millennial Capital launches investment program for Web3, DeFi, Blockchain startups

UAE based Global Millennial Capital launches investment program for Web3, DeFi, Blockchain startups

UAE based Global Millennial Capital Ltd (“Global”), an emerging technology and digital assets investment manager, and  venture capital firm has launched its Global Millennial Web3 Investment Program, out of UAE which aims to accelerate emerging companies to their full potential in the realm of Web3, DeFi, and Blockchain. 

Andreea Danila,  Founder, and General Partner at Global Millennial Capital Ltd., stated, “We are thrilled to announce the launch of our investment program aimed at investing and accelerating visionary technology companies operating in the Web3, Defi, and blockchain verticals, with a specific emphasis on financial services applications, among others. In addition to the typical acceleration program benefits, which include mentorship, hackathons, regulatory sandbox conversations, and strategic ecosystem connections, Global will deploy its resources to enable Series A companies to access various markets across the Middle East and Africa, from the United Arab Emirates.”

Global Millennial Capital Web3 Acceleration Program is designed to accelerate technology companies in defining and reshaping business models and economics and creating a network of global ecosystem relationships in the United Arab Emirates. The program will provide one-on-one mentorship, organize hackathons, explore testing and security, and connect with regulators, ecosystem participants, and investors. Global will invest up to $250,000 per company; ten companies are expected to be selected during the program.

Global is looking to partner with early-stage technology companies operating in data ownership, Web3 privacy tools, NFTs, cryptocurrency platforms, blockchain technology, digital entertainment, and DeFi, among other opportunistic verticals.

Global Millennial Capital Ltd is the first venture capital investor to introduce the concept of data science in the traditional investment process to create thematic investment themes and artificial intelligence-led investment recommendations. As an active investor in the global fintech sector, which comprises companies operating in the fintech, web3, blockchain, and AI verticals referred to as the “new economy technologies,” Global Millennial Capital Ltd is investing from Fund I ($25 million) in early and growth stages, using a diversified investment strategy targeting risk-adjusted returns while seeking alpha returns with downside protections. As a long-term partner of the entrepreneurs, we deploy value-creation strategies across cycles for our portfolio companies to enhance critical drivers of scalability and profitability, such as access to capital and global markets. Our mission is to generate venture capital returns along with social capital.

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.”

Swiss Blockchain Web3 Infrastructure provider Buildrs opens office in UAE and onboards first project

Swiss Blockchain Web3 Infrastructure provider Buildrs opens office in UAE and onboards first project

Swiss based Buildrs, a blockchain, metaverse and Web3 infrastructure provider has announced that it has opened a location in the UAE and is embarking on its first project with its first customers.

Buildrs is specialized in the virtual economy, blockchain, and gamification. Buildrs mission is to accelerate the adoption of Web3. Virtual assets, digital ownership, co-creation, and transparency are at the core of the experiences we build.

The company develops a portfolio of products and use cases across various industries as real estate, hospitality, entertainment, and gaming. Buildrs empower them using the original platform, which covers all aspects of virtual assets, the virtual economy, and the Metaverse.

Viktor Andreas, Founder and CEO of Buildrs stated in a LinkedIN video, “ We are very excited to be here in Dubai and continue our journey providing Web3 infrastructure which we have started three years ago in Swtizerland. UAE has created one of the most innovative and best envionments for Web3 innovation. We are happy to announce that we are setting up our location in the UAE. We have met wonderful people, in Hub71 in Abu Dhabi, and Dubai and we believe this is one th best locations now and in the future to innovate to collaborate and create the future by leveraging Web3 technology, New project and onboarding new customers, engaged in Web3 ecosystem.. we are here to stay.”

In their LinkedIn post Buildrs states, “Our commitment to providing exceptional service and innovative solutions remains as strong as ever. Our team is working tirelessly to understand the unique needs and challenges of businesses in the UAE. We are collaborating with local partners, participating in regional events, and leveraging digital tools to ensure we are as present and active as possible.”

Prior to the move to the UAE, Buildrs had visited and participated in various events in the UAE. The company was impressed with UAE’s unwavering government support expecially initiatives like Hub71 and the crypto ecosystem in Dubai with Crypto Oasis.

The were also impressed with the favourable regulatory landscape and it is their visit that reinforced their belief in the potential of the UAE to becoming a center of Web3 innovation.

UAE’s Abu Dhabi University hosts 5ire Web3 Blokchain hackathon

UAE’s Abu Dhabi University hosts 5ire Web3 Blokchain hackathon

UAE Abu Dhabi University’s department of computer science and IT has hosted the first 5ire Web3 Blockchain hackathon in collaboration with 5ire and MetaDecrypt. Over 50 teams representing nine universities acros shte UAE participated in a bid to further enhance students’ knowledge of blockchain technology and innovation and to strengthen blockchain education, research and entrepreneurship.

ADU’s faculty members and 5ire trainers introduced students and academics to Web3 and blockchain technology, fostering innovation in the next generation of developers through the utilisation of several technologies such as Metamask, NFT, 5irechain, Ethereum and IPFS. In addition, participants from all coding and programming levels received expert guidance, valuable resources and networking opportunities to ignite their critical thinking and problem-solving skills.

As part of the event, students attended a workshop focused on Web3 and blockchain technologies, as well as entrepreneurship. Following the workshop, the students worked together and were encouraged to apply their creativity to competitive and groundbreaking ideas that utilised Web3 and blockchain technologies as well as developing innovative solutions for real-world challenges. 

Professor Mourad Elhadef, Computer Science and IT Professor at Abu Dhabi University (ADU), said: “We are delighted to host the first 5ire Blockchain Hackathon in partnership with our strategic partner 5ire. Together, we aim to boost critical thinking and empower the next generation of Web3 and Blockchain developers. This hackathon serves as a dynamic platform where creativity meets sustainability, showcasing how technology can drive positive change in alignment with the UAE’s strategic vision for sustainability. We are inspired by the pioneering and creative ideas we have witnessed from the bright tech-savvy leaders of the future.”

Dr. Murad Al Rajab, Assistant Professor of Computer Science at Abu Dhabi University, said:”Web3 and Blockchain stand at the forefront of innovation, offering unprecedented opportunities for sustainability. By harnessing the power of these transformative technologies, we can forge a path towards a greener and more sustainable future. The recent hackathon, organised by Abu Dhabi University and 5ire.org, showcased how Web3 and Blockchain can revolutionise areas like supply chain transparency, renewable energy trading, and beyond, driving us closer to a world where technology becomes a catalyst for sustainable development.”

Pratik Gauri, Founder and CEO of 5ireChain, said: “We firmly believe in empowering the next generation of Web3 pioneers, and it is not just a vision, but a commitment we hold. By fostering local talent in the UAE and embracing decentralised learning, we strive to equip children and youth with the necessary tools to construct a transformative future.”

The competition concluded with an award ceremony, where the winners were recognised for their outstanding innovative ideas. The top three winners were recognised from different universities within the UAE where ADU came in second place. The winning teams’ projects focused on Cryptocurrency and Sustainability.

UAE Cypher capital leading investor in multi chain DeFi protocol Concordia

UAE Cypher capital leading investor in multi chain DeFi protocol Concordia

UAE Cypher Capital is one of the investors in Concordia, a multi-chain risk and collateral management protocol for digital assets. Concordia closed a successful $4 million seed round in June, attracting significant investments from Tribe Capital, Kraken Ventures and UAE based Cypher Capital among other investors including Saison Capital. 

Concordia’s vision is to create an interconnected, permissionless, and optimized DeFi ecosystem that promotes accessibility, affordability, and developer-friendly environments, ultimately unlocking the true transformative potential of DeFi.

Concordia’s ground-breaking solution attracted the attention of leading Dubai VC Cypher Capital, who are building their portfolio into one of the leading web3 centric portfolios globally.

Bill Qian, Chairman of Cypher Capital said “Concordia represents a significant milestone in the evolution of decentralized finance. As Chairman of Cypher Capital, I am thrilled to be part of this ground-breaking initiative that is bridging the gap between traditional finance and the fast-emerging digital asset ecosystem. Concordia’s innovative collateral management protocol and commitment to interoperability are poised to unlock new opportunities and drive greater efficiency in the global financial landscape. We firmly believe in Concordia’s vision and are excited to support their journey towards creating an interconnected and optimized DeFi ecosystem.”

Concordia addresses this critical pain point within the Web3 ecosystem by leveraging its collateral management capabilities to enable seamless value transfer across previously segregated pools of liquidity, ultimately fostering interoperability across chains. Concordia users gain access to a unified account that allows efficient management of all their assets, opening doors to new opportunities in the rapidly evolving digital economy. By seamlessly integrating multiple blockchains, Concordia pioneers the concept of a cross-chain, cross-protocol margin account in the cryptocurrency space.

The integration of Concordia’s multichain account platform by several prominent Web3 companies enables their users to seamlessly execute margin-related actions.

Concordia is designed as a modular Infrastructure-as-a-Service solution for collateral management, offering a range of products addressing risk, pricing, brokering, rebalancing, non-custodial wallets, and cross-chain synchronization. This architectural flexibility allows Concordia to continuously adapt to the rapidly evolving digital asset landscape.

Tribe Capital’s Managing Partner, Boris Revsin, stated, “I’ve known the team behind Concordia for quite some time, and I am confident they have the grit, technical skills, and go-to-market understanding to make Concordia a market leader in DeFi.”

Laurens De Poorter, Partner at Kraken Ventures, said, “The fragmentation of liquidity across an increasing number of blockchains is a known core issue for those that believe in a multi-chain future. Solving it requires not only superior technology but also best-in-class business development and a deep experience in risk management & compliance. We believe Concordia’s founding team is one of those rare teams that makes all stars align to have a real lasting impact on the overall crypto industry. We could not be more excited to partner up with them!”

Uri Ferruccio, CEO of Concordia, highlights the company’s mission, stating, “Concordia is solving the value convertibility problem for digital assets. There are many different digital assets and distributed ledgers. This has pros and cons. You can create a micro-economy tailored for the fans of a specific company, for example, but value also gets trapped in a multitude of different pockets. Concordia’s unique combination of interoperability technology and institutional-grade risk and collateral management creates a better and safer solution for cross-chain value transfer.”

Saudi Venture Capital invests in Web3 digital asset fund by UAE Shorooq Partners

Saudi Venture Capital invests in Web3 digital asset fund by UAE Shorooq Partners

The Saudi Venture Capital (SVC) has invested $30 million in the $150 million Bedaya Fund II, managed by UAE Shorooq Partners to back early-stage startups with a focus on fintech, digital assets, Web3, Metaverse, DeFi, and other areas.

At the launch of Bedaya Fund II, in a press release Shane Shin founding partner at Shorooq Partners stated,  “We have always been early movers, be that robo-advisory, crowdfunding, SME lending, open banking, card issuer processing, and so forth. We believe Web 3.0 models like DeFi, NFT, Metaverse are going to be the key players in the next iteration of online business.”

Bedaya Fund II is an early stage venture capital fund managed by Shorooq Partners. The fund is located in Abu Dhabi, United Arab Emirates and invests in Northern Africa, Jordan, Saudi Arabia, Turkey, United Arab Emirates, Pakistan. The fund targets investments in the fintech and software sectors.

On Pitchbook they benchmark the Bedaya II fund against EchoVC Chain Blockchain Fund,  an early-stage venture capital fund managed by EchoVC Partners, located in Lagos, Nigeria which invests in Africa. The fund targets cryptocurrency/blockchain sectors.

The subscription agreement between Saudi Venture Capital and Shorooq Partners was signed by Dr. Nabeel Koshak, CEO and Board Member at SVC, and Mahmoud Adi, Founding Partner at Shorooq Partners.

Dr. Koshak commented: “The investment in Bedaya Fund II by Shorooq Partners is part of SVC’s Investment in Funds Program to support the growth of the VC ecosystem in Saudi Arabia for all stages and to fill financing gaps for early stages. SVC’s expansion in investing in early-stage funds comes as a result of the recent support from the SME Bank to increase the investment capital of SVC, leading to a total investment capital of $1.6 billion.”

Mahmoud Adi added: “We are privileged to have SVC as a strategic investor to Bedaya Fund II, again after our partnership in the prior fund (Bedaya Fund I). This commitment highlights the increasing confidence in Saudi Arabia’s thriving startup ecosystem. With our persistent focus in Saudi Arabia and leadership position across the Middle East, Bedaya Fund II is well-positioned to support the growth and innovation of early-stage startups.

SVC is a government investment company established in 2018 and is a subsidiary of the SME Bank, one the development banks affiliated to the National Development Fund. SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO by investing $1.6 billion through investment in funds and co-investment in startups. SVC invested in 38 funds that have invested in 674 companies through 1,257 deals.