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.

Crypto Oasis launches the Green Block initiative in commitment to Cop28 in UAE

Crypto Oasis launches the Green Block initiative in commitment to Cop28 in UAE

Crypto Oasis launched its crypto Oasis report for Q2 of 2023 announcing the Green Block initiative as part of its commitment to the UAE’s Environmentally Sustainable goals. This comes as the UAE hosts the COP28 in December 2023.

Crypto Oasis, a blockchain ecosystem fostering innovation in the UAE, has witnessed a significant growth in the blockchain crypto ecosystem in the UAE.

In its second edition of the Crypto Oasis Ecosystem report for Q2 2023, it noted that there were now over 1,800 organizations in the blockchain and crypto industry within the country with over 8,650 employees working in crypto blockchain, metaverse, and Web3 ecosystem.

The numbers are up from the ones shared in Crypto Oasis’s annual report of 2022 published in October. At that time there were 1,400 blockchain and crypto entities in the country employing 7000 people. This shows that 400 new entities registered their companies in the UAE over the past 8 months employing an extra 1,650 people in the sector.

In Crypto Oasis Q2 2023 report, native organizations made up 70.5% of total blockchain crypto entities, while in October 2022 report they stood at 66%. There has been an increase of 4.5% of native entities in just 8 months. Dubai’s DMCC is still home to the majority of blockchain and crypto entities with 600 registered companies, followed by Dubai Economic Department with 420 plus, and IFZA freezone with 200 and DIFC with 110. 

The Crypto Oasis report was published in partnership with DLT Science Foundation and Roland Berger.

To build on the successes of the past years, Crypto Oasis announced in their report the launch of a new initiative, the “Green Block”, an ecosystem for the ESG (Economic Sustainable Goals) part of Web3 to foster a sustainable future by bringing together innovators and entrepreneurs to develop and implement solutions that promote environmental sustainability and social responsibility.

The Green Block focuses on promoting, leading, and connecting this part of the industry to align with the goals of the UAE.

Saqr Ereiqat, Co-Founder of Crypto Oasis told LaraontheBlock, “We will be launching the Green Block initiative formally during the Future Blockchain Summit in Dubai being held in October. Since this is a UAE centric report and one of the primary themes of the country this year is ESG we follow suit in our report and are currently working on the Green Block initiative in Web3 for COP28.”

Blockchain technology holds particular promise in the fight against climate change for three key reasons: it can amplify voluntary carbon markets to channel billions of dollars towards green investments, facilitate the widespread adoption of parametric insurance for climate events and accelerate development of open data infrastructure necessary to help coordinate global actors.

Blockchain crypto veteren James Bernard appointed as Chief Commercial Officer at UAE’s RAK Digital Assets Oasis

Blockchain crypto veteren James Bernard appointed as Chief Commercial Officer at UAE’s RAK Digital Assets Oasis

UAE’s latest digital asset and Web3 free zone in Ras Al Khaimah, RAK DAO, has appointed James Bernard at its Chief Commercial Officer. Bernard has been working in the digital asset blockchain sector since 2015. In the UAE he worked within Dubai’s DMCC and later on as an advisor to several Web3 blockchain entities within the UAE.

James will be responsible for all commercial activities, the implementation of business strategies and the development of partnerships, supporting entrepreneurs, innovators, and businesses across new and emerging tech sectors, digital assets, and web3, metaverse, AI, NFT, DApp, AI, blockchain, tokenization as well as many others. 

He was a founding member in 2015 of the Global Blockchain Council in Dubai, and leading DMCC’s Crypto strategy, developing early proof of concepts for various Web 3.0-powered ventures including Diamond Track and Trace, and property leasing applications, while also launching crypto asset licenses and making significant contributions to regional regulatory environment.

Commenting on James’ appointment, Dr. Sameer Al Ansari, CEO of RAK Digital Assets Oasis, said: “James brings with him a wealth of experience across the web3, digital assets and future tech landscape, enabling us to develop truly ground-breaking, strategically positioned models to support these sectors and tap into the growing global tech-enabled markets. We aim to open our doors to the companies of the future in the second quarter of 2023 and at such a crucial point in our emergence as innovation-enablers, we have no doubt that James’ formidable knowledge and experience will help us reach our ambitious targets.”

James Bernard, CCO of RAK Digital Assets Oasis, said: “I am thrilled to be part of RAK Digital Assets Oasis. With our forward-leaning approach to maximizing opportunities in disruptive technologies, the free zone is committed to supporting, empowering, and partnering with global leaders, entrepreneurial talent and innovators, building transformative solutions and creating impact.”

GEM Digital investment adds $50 million to its $10 million investment in UAE metaverse project

GEM Digital investment adds $50 million to its $10 million investment in UAE metaverse project

Bahamas based digital asset investment firm GEM Digital, which invests in tokens, has added $50 million to its $10 million investment in UAE Everdome Everdome a hyper-realistic metaverse that will bring brands and people together.Everdome had also received investment from BNBChain, OKx, and Unreal engine.

Everdome will use the proceeds of the investment to boost infrastructure and allow heavy traffic loads in a high-fidelity environment. As per Everdome announcement the first $10 million received from GEM Digital has already been drawn down by Everdome for the development of the metaverse project.

GEM’s increased investment commitment follows Everdome’s recent change of management in appointing Jeremy Lopez as CEO, and clearly demonstrates their strongest support of the new management’s previous track record and commitment to the vision of our project moving forward.

Jeremy developed the relationship with GEM during his previous role as COO, while also assisting in the partnership with Alfa Romeo F1 Team and securing OKX as a key strategic partner.

Investment will be completely focused on the fundamentals necessary to take Everdome to the next level of success, including product development, scalability and growth. These fundamentals include core product delivery, to ensure Everdome opens to the public as soon as possible, infrastructure boosting to allow heavy traffic loads in a high-fidelity environment, tools for users to create and build inside Everdome as well as growth in users and partners.

GEM‘s investment comes in the form of a further structured token subscription agreement. Everdome will control the timing and the number of drawdowns under this facility, and has no minimum drawdown obligation.

At its discretion, Everdome has the ability to sell up to 200% of their average daily volume, in tokens across multiple exchanges to GEM Digital.

Everdome CEO, Jeremy Lopez stated, ‘’The expansion of the investment commitment from GEM Digital is a huge show of faith in Everdome’s concept, our growth to date, and the capacity of the management team to quickly scale the company across multiple fronts, in marketing, infrastructure, product releases and partnership acquisitions, taking Everdome from concept to a business with real ROI and a vibrantly active metaverse community on a global scale. GEM has been much more than a financial partner; they have been supportive throughout our partnership discussions and have helped open doors with new partners and exchanges.’’

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 sovereign wealth fund launches its digital asset entity as part of its Web3 strategy

UAE sovereign wealth fund launches its digital asset entity as part of its Web3 strategy

Zero Two, an ADQ sovereign wealth fund  entity, has launched its digital assets business in Abu Dhabi UAE to offer latest generation technologies. Zero Two will build and operate data center and offer digital asset management services as part of ADQ’s digital asset strategy. The name “Zero Two” is derived from the significance of the numerals 0 and 2 in Web3 technology.

Zero Two aims to become a trusted partner to companies seeking to capitalize on the broad innovative scope and transformative potential the technology offers. The company’s services range from developing power infrastructure to sourcing and testing latest generation technologies, to building and operating data centers, and providing digital assets management services.

Zero Two was created to develop, operate and invest in best-in-class technologies accelerating and supporting the digital asset and Web3 ecosystem in the region, which comprises concepts such as decentralization and token-based economics.

Commenting on the start of the company’s operations, Ahmed Al Hameli, Chief Executive Officer at Zero Two, said: “Digital assets hold vast potential that is only beginning to be explored and leveraged. Zero Two enters the market with a robust and broad business model catering to rapidly emerging demand and a demonstrated commitment to meeting the highest standards of security and compliance. We are confident that our offering that utilizes excess power from the local power grid, which is the first of its kind in the UAE and the wider region, will not only meet the needs of our clients but also exceed their expectations with regards to the various benefits that can be derived from deploying distributed ledger technologies.”

This is not the first digital assets entity to be owned by ADQ. ADQ also registered FSI ( FS Innovation) which entered into an agreement with USA based Marathon digital holdings, a digital asset mining entities to establish and operate one or more mining facilities for digital assets. The business entity will be in the field of digital asset/crypto mining. The initial phase will consist of two digital asset mining sites comprising 250 MW (megawatts) in Abu Dhabi UAE. Marathon Holdings will own 20% of the joint company in UAE only. The cost of the project will be $406 million.

In September 2022, Abu Dhabi’s ADQ and Further Ventures, an investment firm back by ADQ launched a $200 million fund focused on Fintech, digital assets and supplychain.  As per the news, entrepreneurs and experienced executives who choose to launch their next venture with Further will have access to product and engineering resources for concept development; seed capital required to take the business to Series A; and reserved capital for following on through multiple rounds of funding beyond capital investment.

UAE SEED group partners with two new Blockchain Web3 entities

UAE SEED group partners with two new Blockchain Web3 entities

Over the years, UAE SEED Group has partnered with several or more blockchain and crypto entities as part of its business development activities for the region. Recently SEED Group has partnered with Canadian Blockchain Web 3.0 metaverse company TerraZero technologies, as well as with Farm to Plate , a blockchain-powered SaaS platform built to empower the food supply chain with end-to-end transparency and trust.

 As part of the partnership with TerraZero, Seed Group will help bring its services to SMEs and businesses in the UAE and the Middle East and help them make inroads into the high-potential world of Metaverse.

In reflecting upon the partnership, Hisham Al Gurg, CEO of Seed Group and the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, states, “The Metaverse will become an integral part of all businesses sooner than we realize. The launch of the Dubai Metaverse Strategy was a major step in the direction of turning Dubai into one of the world’s top 10 Metaverse economies as well as a global hub for the Metaverse community. Our partnership with TerraZero seeks to further empower this aim of the emirate. I believe the association will prove fruitful to not just businesses in the UAE but to the regional economic ecosystem on the whole.”

“It is clear where innovation is taking place when it pertains to the future of the Internet and the Metaverse. This is a monumental moment for the industry, and TerraZero sees massive growth potential. Our partnership with the Seed Group will empower the next generation of enterprise businesses and brands to monetize and progress their ecommerce and omnichannel strategies, just as much as we can open the door for legacy corporations and government entities to meaningfully connect with their audiences–and create new ways to build equity in all forms,” says TerraZero CEO Dan Reitzik.

In addition Seed Group onboarded Farm to Plate as its new strategic partner, with an aim to help and guide it to bring its solutions to the UAE and the region. Seed Group will facilitate Farm to Plate’s growth with guidance on how to reach the right audience, access top decision-makers in the government as well as private sectors, and contribute to adding the latest technological innovations in the region.

Farm to Plate is transforming how the food and beverage industry operates through a digital platform that empowers stakeholders to better manage their food supply chain – with visibility from farm to plate. Built by global software developer Paramount Software Solutions, one of the top award-winning tech companies in Atlanta, the Farm To Plate platform uses emerging technologies like Blockchain to work with customers’ existing software assets and provide customisable, secure, web-based visibility of the food and beverage supply chain. With Farm to Plate, stakeholders now have one view of their entire chain of supply – eliminating any chances of data fudging or misalignment. At the same time, the use of blockchain ensures direct financial transactions, secure data management and access controls – creating a truly secure digital ecosystem.

Canadian Blockchain and Digital assets entity to enter MENA with UAE Masary Capital

Canadian Blockchain and Digital assets entity to enter MENA with UAE Masary Capital

Canadian, Spirit Blockchain Capital, an entity operating in the Blockchain and Digital Asset sectors with the primary goal of creating value in a rapidly growing environment through recurring cash flows and capital appreciation and UAE based Masary Capital, consulting platform for blockchain and metaverse, sign MOU to partner to bring DeFi, Web3, and crypto asset management services in UAE.

Masary Capital will allow Spirit Blockchain to provide an optimal environment for global Blockchain enterprises and growth for Spirit’s shareholders. Under the strategic partnership agreement, Spirit will leverage its relationship with Masary Capital to grow its presence in the Middle East and it will use Masary Capital as the advisory provider with respect to any potential growth within the region.

In addition, Spirit will support Masary Capital’s Dubai Blockchain and Metaverse Strategy by providing assistance for important Web3 infrastructure projects, including public blockchain, scaling solutions and decentralized applications such as DeFi and GameFi. As part of the partnership, Spirit will establish an office in Dubai.

Khalil Abdulla, Chief Executive Officer of Masary Capital, expressed his excitement about Spirit Blockchain Capital being its Swiss-Canadian based public company partner commenting: “We are thrilled to work with Spirit Blockchain. We strive to work with companies that intend to contribute to the region’s immense ecosystem. We know that having a local partnership is the only way to create significant inroads and allocate capital appropriately.”

Spirit and Masary shall become the preeminent strategic partnership for Decentralized Finance, Web3 and asset management companies in MENA.

Lewis Bateman, CEO of Spirit Blockchain said “This relationship exemplifies strategic opportunities in the Digital Assets and Blockchain space and the commitment that Spirit Blockchain Capital is able to provide. We couldn’t get to where we want to go without Masary as a key local partner,”. “Masary is the best partner in the region and the partnership will be the foundation of great opportunities and growth for both companies. This is only the beginning and soon we intend to list on the Nasdaq Dubai.”

TripBtoz signs MOU to build Blockchain enabled travel platform in MENA

TripBtoz signs MOU to build Blockchain enabled travel platform in MENA

Web 3.0 travel TripBtoz to develop has signed an MOU with NEOPIN a CeDeFI wallet platform to build a Web 3.0 blockchain enabled based travel platform in the MENA region.

Tripbtoz is a travel platform based on user-created short-form video content. Beyond simple travel commerce, Tripbtoz offers features such as a “community” for sharing travel videos and a “reward system” in the form of “trip cash”. These features have formed a positive travel cycle, resulting in rapid growth in total revenue, monthly active users (MAUs) and user-generated content since the platform’s launch in 2017.

The two entities, NEOPIN, a CeDefi wallet solution and Tripbtoz, established a connection as officials of the business delegation that accompanied the Korean government’s economic summit in UAE, decided to collaborate on a Web3.0 project based in the Middle East.

This is the first incubation project in which NEOPIN supports the web3 transition of a web2 tech company. NEOPIN will help translate Tripbtoz’s existing travel platform into a Web 3.0 version that will showcase the “Travel Web3.0” ecosystem for young travellers to communicate. 

Jake Kim, the CEO of NEOPIN, stated that as NEOPIN participates in the incubation and supports Tripbtoz’s Web3.0 translation, we aim to turn the service into a successful Web3.0 travel platform by leveraging both companies’ experience in blockchain and the travel industry.

Jiha Jung, the CEO of Tripbtoz, stated, “The travel industry is in a big transition period, with lines blurring between the real world and metaverse. We want to create Tripbtoz to excite its customers with high-performing ‘Travel to Earn’ service that is perfectly suitable for Web 3.0.” He also added, “The combination of travel and future tech will disrupt the existing ecosystem, eventually creating a new form of industry.”

UAE Ghaf Labs and Blockchain firm Republic Crypto partner to offer investment accelerator services in MENA

UAE Ghaf Labs and Blockchain firm Republic Crypto partner to offer investment accelerator services in MENA

UAE Ghaf Labs, sister company of Ghaf Capital Partners, a premier blockchain consultancy and incubator firm based in the Middle East, focused on cultivating and fostering dynamic startups in the blockchain domain and Republic Crypto, a global blockchain firm that provides end-to-end white glove advisory services to accelerate the best crypto companies from seed to liquidity, have partnered in UAE to offer consulting, acceleration services to blockchain and Web3 entities in MENA.

Obtaining a license from the DIFC in 2022, Republic Crypto is now extending its tech advisory services to the UAE market. This is the first step towards its plan to deliver its full stack of products and services with an intention to enrich and further develop the local and regional web 3 landscape. The company is also committed to contributing to the regional regulatory framework by collaborating with all relevant governmental entities, starting within the UAE.

Republic Crypto is bringing its experience in advising companies and protocols on tokenization, smart contract development, marketing, fundraising, and more.  Republic Crypto will help the region’s startups and businesses tap into and leverage the web 3 industry to further realize their full potential. Avalanche, Dappradar, and Zed are a few of the company’s many successes thus far.

Ghaf Labs will help Republic Crypto identify and support exciting new projects as well as build a strong presence within the UAE. Together, the two firms aim to provide the highest quality service and support for the UAE’s web 3 needs.

Republic Crypto has signed an agreement with MyCo ( formerly MContent ), a Dubai-based web3 streaming platform, to help build their web 3 strategy, making MyCo the first advisory project from the region.  MyCo is the first-of-its-kind vertically integrated streaming platform that empowers creators and users alike and offers a diverse content slate, including film, tv shows, influencer content, live sports, and UGC.

Anwaar AlMahmeed, Managing Director of Republic Crypto in MENA, stated, “At Republic, we have been evaluating the MENA landscape, building our network, and having consistent conversations with investors, startups, and regulators for our various lines of business.  We determined early on that the UAE is a regional leader in the web 3 space. I am excited to finally announce Republic Crypto’s local presence and services, along with our partnership with the wonderful team at Ghaf Labs, a leader in the local UAE market, whom I trust will help build our vision for this market according to our shared values and dreams.  I am confident that this partnership will be able to foster a robust ecosystem of quality and innovation and help shape the future of the industry in the region.”

Feras Al Sadek, Founder and CEO at Ghaf Labs, commented on the partnership, stating that “The expansion of Republic Crypto into the UAE market and its partnership with Ghaf Labs is a significant step forward for the local blockchain industry. By leveraging each other’s networks and experiences, we shall create a very precise strategy based on growth, acceleration, advisory, and consultancy services. This will allow us to provide cutting-edge solutions to our clients and further enrich the blockchain ecosystem around us.”