Digital Bank Ibanera joins UAE’s RAK digital assets oasis

Digital Bank Ibanera joins UAE’s RAK digital assets oasis

Ibanera, digital banking entity, has joined RAK Digital Assets Oasis (RAK DAO), a UAE Free Zone dedicated to digital assets. Ibanera wants to tap into the Web3 and fintech landscape in the Middle East.

According to the press release, by aligning with RAK DAO, Ibanera gains access to an array of resources designed to propel growth and innovation. This includes a robust ecosystem of Web3 companies, funding avenues, and cutting-edge blockchain technology.

Dr. Sameer Al Ansari, CEO of RAK DAO, expressed enthusiasm about the partnership, “Our mission is to be the future-centric free zone for tomorrow’s leading companies. Ibanera’s presence aligns seamlessly with our vision of fostering groundbreaking innovation and next-gen banking solutions. This partnership not only elevates Ibanera’s role in this vibrant market but also enriches our ecosystem with advanced financial services.”

The partnership will enable Ibanera to integrate its advanced financial solutions, including its PORTL API and other services, within RAK DAO’s network. This integration aims to enhance the accessibility and functionality of Web3 solutions and digital asset management for businesses ranging from startups to large enterprises.

Michael Carbonara, CEO of Ibanera, emphasized the strategic fit of the collaboration, “Joining RAK DAO’s ecosystem is a thrilling opportunity for us. Ras Al Khaimah’s progressive regulatory environment and business-friendly policies provide an ideal foundation for our growth. We look forward to contributing to and benefiting from the innovative community RAK DAO supports.”

Ibanera’s platform, known for its secure and innovative financial services, will now offer RAK DAO’s Web3 businesses a seamless experience, from NFT tokenization to advanced digital banking. This partnership is set to drive significant advancements in the fintech and digital asset spaces, reflecting both companies’ commitment to innovation and excellence.

Stc Bahrain launches Web3 infrastructure with Avalanche Blockchain

Stc Bahrain launches Web3 infrastructure with Avalanche Blockchain

Stc Bahrain recently announced the launch of “Intersect the Network” on Avalanche Blockchain. As per the press release, the initiative aims to advance Web3 innovation, promote digital transformation for decentralized applications (dapps). In April 2024, stc Bahrain announced its partnership with Avalanche Blockchain to build Web3 in the MENA region.

Intersect aims to be the entry point for new users and organization to transition from the world into the Web3.

The infrastructure for this network has been provided through a joint collaboration between stc Bahrain and their Qal’at Path partner Avalanche.

To commemorate the launch of ‘Intersect the Network’, a 30-day virtual Web3 Makeathon + Hackathon will be held starting August 12. stc Bahrain, along with Avalanche, is proud to announce their title sponsorship for this event. Additionally, Nirvana labs, Chainlink, Lionscraft, OneKey, K3 Labs and Candide Labs will be event partners, sponsoring exciting prizes for the participants. The event aims to bridge the gap between the real world and the world of Web3, fostering creativity and innovation through both coding and non-coding tracks.

No-code tracks will invite artists to design unique artwork and profile pictures, while coding tracks will challenge developers to build solutions in Gaming, Music, Media, Interoperability, and Security on ‘Intersect the Network’. Registrations for the Intersect Makeathon + Hackathon are now open at intersect.to

“We are thrilled to unveil Intersect, a new blockchain network on Avalanche that opens up new possibilities for Web3 innovation. We hope this platform will serve as a catalyst for Web3 development, providing a space for groundbreaking applications and services globally. This initiative also underscores our dedication to empowering the people of Bahrain with innovative solutions and new technologies in line with Bahrain’s Vision 2030 goals. The upcoming Intersect Makeathon + Hackathon is an exciting opportunity for creative minds from all over the world to showcase their talent and bring innovative ideas to life. We can’t wait to see how participants will leverage this platform to intersect the real world and the world of Web3.”

“We are proud to announce a significant milestone in our partnership with stc Bahrain through the unveiling of the Intersect Avalanche L1. We hope this initiative will help enhance the Avalanche ecosystem both in the Middle East and worldwide, fostering a thriving environment for decentralized applications. In addition, we’re excited to support the upcoming Makeathon + Hackathon, a great opportunity for developers and artists alike. We look forward to seeing some amazing applications and innovations come to life.”

For more information and to participate in the Intersect Makeathon + Hackathon, visit the website at intersect.to   
 

Saudi Arabia Web3 sector grows amidst challenges

Saudi Arabia Web3 sector grows amidst challenges

Cardano Blockchain accelerator, Adaverse published its first Web3 ecosystem report for the Kingdom of Saudi Arabia showcasing growth, opportunities, as well as challenges. Since its inception, Adaverse has funded 54+ startups across Asia, the Middle East and Africa.

Web3 Growth

According to the Adaverse report, Saudi Arabia is well positioned to witness growth in the Web3 ecosystem. One of the main reasons is that is it the largest market in GCC with a youthful and tech savvy population. Already 63% of its 36 million residents are under 30, and 99% of Saudi residents are connected to the internet.

In addition, the ambitious Vision 2030 initiative further strengthens this by fostering a robust tech and innovation ecosystem. Saudi Arabia has also seen growth in funding for startups and Web3 ventures.

In 2024, according to Digital Digest, MENA based startups secured $429 million across 163 deals, with Saudi startups receiving 515 of the funding across 36.2% of the deals.

The Web3 startup ecosystems has four layers, the use case layer, the tooling and developer layer, the infrastructure layer, and the protocol layer.

According to the Adaverse report, the notable concentration in the user-facing application layer, indicates growing Saudi consumer interest in DeFi, GameFi, and SocialFi. Meanwhile, the scarcity of foundational infrastructure and protocol startups, presents a unique opportunity for entrepreneurs and investors to fill crucial ecosystem gaps.

Web3 startups in KSA includes names such as Umrah Cash, Verofax, TakaDAO, Ticket Souq, Dropp, TGE, MRHB, IR4LAB, Mithu, Nuqta, and others.

For example, Oumla, is a blockchain infrastructure provider that offers secure custody solutions and comprehensive infrastructure services for governments and businesses alike. With a suite of SDKs, Oumla enables developers to seamlessly build on various blockchains without the need to master blockchain.

Mohammed Aljasser, Founder and CEO of Oumla noted in the report, “Oumla’s journey began in 2022, when we laid the foundation for an exceptional blockchain infrastructure. In 2023, we officially launched our product, receiving overwhelmingly positive feedback from our customers. Building on this momentum, we are now preparing to introduce additional blockchain networks, along with a range of new features and products designed specifically for the MENA region.

He adds, “Notably, Saudi Arabia is making significant strides in embracing blockchain, evidenced by the burgeoning emergence of applications and experimental initiatives. It’s clear that blockchain is more than just a passing trend; it represents a seismic shift in digital infrastructure.”

According to him dealing with regulations has been one of the biggest hurdles in the blockchain world. But despite these challenges, he is convinced that blockchain is here to stay.

Another startup, Tharawat Green Exchange (TGE) is a blockchain-powered marketplace connecting carbon off setters with tree planting projects to achieve sustainability goals. TGE transparently tracks tree planting and maintenance, aiming to plant 10 million trees by 2030. This enhances Saudi Arabia’s Trade for a Greener Tomorrow green economy and supports local nurseries, ensuring transparency and security.

Opportunities

As per the report, key opportunities in Saudi’s Web3 space include fintech, where DeFi solutions promise enhanced financial transparency and efficiency. Blockchain integration in supply chain management, real estate, and digital identities offers transformative potential.

In addition to fintech, the entertainment and gaming sectors are also ripe for growth, with blockchain-based platforms opening new avenues for engagement and monetization.

Saudi Arabia is the largest gaming market in MENA with the gaming sector value proposed to reach $6 billion by 2027. MENA region contributes already 15% of the global gaming population.

In KSA, it is estimated that there are 21 million active gamers, constituting a remarkable 58% of the country’s population [22]. This substantial player base provides a strong foundation for the industry’s expansion.

Recognizing the potential of the gaming industry, Saudi Arabia established a comprehensive National Gaming and Esports Strategy (NGES). Aligned with broader economic objectives, the NGES aims to create 39,000 job opportunities and contribute $12 billion to the economy by 2030 [23].

However, despite this dominance, the adoption of Web3 gaming progresses at a measured pace. As per the Adaverse report, this gap presents a prime opportunity for young Saudi founders to lead the development of blockchain-based games and integrate advanced technologies such as NFTs, AI, and play-to-earn mechanisms into the existing Web2 gaming market.

The same goes for the Saudi Fintech sector which has attracted substantial funding, totalling $552 between 2020 and 2021.

The report also notes that the country’s tech landscape is uniquely characterized by its focus on recreational

and entertainment-based Web3 projects, particularly in gaming, NFTs, and GameFi, positioning Saudi Arabia as a regional hub for these emerging sectors.

The Challenges

According to the Adaverse report, regulatory uncertainty, the need for greater awareness and education around Web3 technologies and concerns about technological infrastructure  and cybersecurity are key hurdles.

Future of Web3 in KSA

In conclusion the report recommends that for Saudi Arabia to fully realize its potential, it must address challenges, such as establishing regulatory clarity to create a stable business environment in the Web3 space.

Also, Saudi Arabia needs to overcome technical hurdles, such as improving user interfaces, which will be essential for enhancing adoption and user experience.

In conclusion, the report believes that by leveraging its favorable market conditions, government support, and growing investor interest, while addressing regulatory and technical challenges, the country can establish itself as a regional powerhouse in Web3 technologies. Nurturing local talent and fostering collaboration between stakeholders will be key to shaping the future of innovation and investment in Saudi Arabia’s Web3 sector.

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Dubai AI & Web3 Festival Launch FutureTech World Cup for startups

Dubai AI & Web3 Festival Launch FutureTech World Cup for startups

The first Qualifier round of FutureTech World Cup, one of the new initiatives launched by Dubai AI & Web3 Festival & Trescon to recognize and support the most promising emerging tech start-ups from around the world, was hosted successfully by the Dubai AI Campus on July 10, 2024. Ten pre-qualified global startups pitched their groundbreaking ideas to a panel of five esteemed jury members with three startups – Momint, Nettle and Orbii – advancing to the grand finale set to be held during the Dubai AI & Web3 Festival on September 11 & 12, 2024.

  • Momint: Recognised for its innovative approach and impactful solutions for accelerating clean energy.
  • Nettle, s.r.o.: Praised for its goal of redefining customer engagement with AI-Powered Digital Humans for the omnichannel age
  • Orbii AI: Honoured for its model of harnessing better data and intelligent AI models to help lenders make faster and more accurate credit decisions.

“The competition provides a platform for innovators to showcase ideas, gain exposure, connect with stakeholders, collaborate with peers, and access capital, while also driving advancements in AI, Web3, and global digital economies.”, said Naveen Bharadwaj, Group CEO, Trescon.

The distinguished panel of jury for the first qualifier included:

  • Hasan Fardan Al Fardan, CEO, Al Fardan Exchange
  • Ian Arden, General Partner, Mempool Ventures
  • Dr. Jonathan Doerr, Partner MENAP, Antler
  • Ahmed Refaie, CEO & Global CIO, G.P.J. Global Partners Investments
  • Sarah Abuagela, Partner & Head of Investment, Ceras Ventures

Serial Angel Investor & Chairman of Trescon, Mohammed Saleem said, “The FutureTech World Cup is designed to celebrate and elevate those who dare to believe they can transform the world of AI and Web3. Our goal is to support competent startups and founders from around the world with access to connections and investments that will help scale their businesses while ensuring they are solving real-world challenges”.

All start-ups qualifying to the grand finale are offered fully sponsored Start-up Pods at the Dubai AI & Web3 Festival and the penultimate winner receives fully sponsored one-year Dubai AI Campus License, Trescon credits worth USD 10,000 to be used for future events, access to mentorship by the Jury members, and networking opportunities with the industry’s finest, in addition to the coveted title of ‘FutureTech World Cup Champion’, which will help elevate their start-up’s overall journey.

The FutureTech World Cup aims to reshape the world of AI & Web3. This event kicks off with a qualifier round, spotlighting start-ups from around the globe. Held in partnership with leading organizations, these competitions provide a launching pad for revolutionary AI and Web3 concepts. Standout start-ups advance to the grand finale hosted at the Dubai AI & Web3 Festival.

The second qualifier round is expected to take place in August and the pre-qualification has already begun. Interested startups can apply for free on https://dubaiaiweb3festival.com/future-tech-world-cup/

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. 

Bybit and Blockchain for Good Alliance launch socialPlus Hackathon

Bybit and Blockchain for Good Alliance launch socialPlus Hackathon

Blockchain for Good Alliance and Bybit Web3 affiliated to Bybit crypto exchange  have partnered to launch the SocialPlus Hackathon. This collaboration aims to foster innovation, knowledge sharing, and collaboration within the DeBox and Web3 ecosystem, leveraging the power of Blockchain and AI technology.

Bybit Web3 provides a suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Its wallets, marketplaces and platforms are all backed by the security and expertise of Bybit a top three global crypto exchange,with 30 million users globally.

The SocialPlus Hackathon, a virtual event running from now until September, will provide a platform for participants to showcase their talent and actively contribute to the development of the Web3 ecosystem.

Participants can work on three tracks, including the DeBox Open Platform — Bot Market Track, DeBox Open Platform — DAPP Market Track, and the Blockchain for Good Track (BGA), and will have the chance to compete for a prize pool of up to $30,000. In addition, all finalists will receive an exclusive NFT and points rewards provided by BGA.

“As an industry leader, Bybit is committed to empowering the next generation of projects through the Blockchain for Good Alliance. Our collaboration with the SocialPlus Hackathon exemplifies our dedication to pushing boundaries and driving innovation in the Web3 ecosystem. Together with the SocialPlus Hackathon, we anticipate witnessing the creative and transformative projects that will shape the future of Web3 and contribute to a decentralized and inclusive world.” said Emily Bao, Bybit Web3 Evangelist.

For more information about the SocialPlus Hackathon and to register, visit this page.

Web3 sustainability venture studio jointly launched by UAE Inacta ventures and The Hashgraph Association

Web3 sustainability venture studio jointly launched by UAE Inacta ventures and The Hashgraph Association

The Hashgraph Association, a Swiss-based association and leader at the forefront of digital enablement on the Hedera network, today announces the launch of a groundbreaking Sustainability Venture Studio for Enterprises, in collaboration with Inacta Ventures, a renowned Swiss and UAE Web3 venture builder. 

Under “The Green Block” Iinitiative, a global think tank and launchpad for sustainability projects launched during COP28 in UAE, the joint Sustainability Venture Studio aims at empowering sustainable projects around the globe, leveraging the Hedera Guardian as the balance sheet of the planet that enables fair carbon markets with industry leading trust and transparency. 

The Hedera Guardian is an open-source platform that uses the Hedera distributed ledger technology (DLT) network to enable digital sustainability policies and requirements-based dMRV (Digital Measurement, Reporting, and Verification) tokenization for carbon credits and reduces fraud in the ESG market. 

The $50 million Sustainability Venture Studio will focus on enabling auditable climate finance transactions that are easily verifiable, publicly transparent, and accurate. This global co-investment sustainability program will span over the next five years, with The Hashgraph Association investing $25 million, contributing to 50%, while the remaining $25m co-investment reserved for enterprises interested in developing sustainability use cases on the Hedera Guardian.

By combining resources and specialist expertise in sustainability and Web3, this unique partnership is set to revolutionize the way sustainability projects are funded and executed around the world, ensuring a long-term positive environmental, social, and governance (ESG) impact.

Kamal Youssefi, President of The Hashgraph Association stated, “With The Green Block Sustainability Venture Studio, we are creating standards for reporting sustainability assets to ensure credibility and accuracy using the Hedera Guardian platform as the balance sheet of the planet, while leveraging the Hedera network as the world’s most greenest distributed ledger network.” 

He added, “We look forward to further growing the global ESG ecosystem that is being built on the Hedera Guardian, introducing certainty, credibility, and comparability of data.”

Ralf Glabischnig, Founder of Inacta Ventures, noted, “We are thrilled to integrate the Sustainability Venture Studio into The Green Block Initiative. This collaboration with The Hashgraph Association will accelerate the development and implementation of sustainable projects in The Green Block ecosystem worldwide.”

Hedera, known and proven as the greenest DLT in the market, according to the UCL Centre for Blockchain Technologies research paper, continues to uphold its promise of sustainability. This new venture studio focused entirely on sustainability use cases not only reflects its commitment through developing various projects but also paves the way for innovative solutions in the sustainability sector. 

Over the past months The Hashgraph Association has announced two major venture studios one in KSA, and one in Qatar. The venture studio in KSA is aimed for deep tech development, while the one in Qatar is for digital assets.

Uniramp crypto aggregator enters MENA with TDeFi and DMCC

Uniramp crypto aggregator enters MENA with TDeFi and DMCC

Uniramp a fiat-to-crypto aggregator, has been selected by TDeFi accelerator program, a premier Web3 incubator and accelerator in collaboration with the Dubai Multi Commodities Centre (DMCC) and Elysium Chain, marking Uniramp’s strategic entry into the Middle East market.

The TDeFi accelerator program is renowned for supporting innovative Web3 startups and providing them with the resources, mentorship, and networking opportunities needed to scale. Being part of this program will enable Uniramp to leverage the extensive network and expertise of DMCC and Elysium Chain, further enhancing its growth and impact in the region.

Uniramp’s entry into the Middle East represents a significant milestone in its mission to simplify Web3 access and fiat-crypto conversions. The region’s forward-thinking approach to blockchain technology and rapidly growing market make it an ideal environment for Uniramp’s innovative solutions.

“We are incredibly excited to join the TDeFi accelerator program and begin our journey in the Middle East,” said Salman Aljohar, CEO, Uniramp. “This opportunity allows us to tap into a vibrant ecosystem of innovation and collaboration, aligning perfectly with our vision to make Web3 accessible to all.”

Through its participation in the accelerator, Uniramp aims to forge meaningful connections with key stakeholders in the Middle East’s crypto and blockchain sectors. These collaborations are expected to enhance the liquidity and accessibility of crypto assets, providing users with a seamless and user-friendly experience.

“We believe that collaboration is at the heart of growth in the blockchain industry,” Salman Aljohar continued. “By engaging with the local ecosystem, we look forward to bringing more value to our users and contributing to the region’s blockchain advancements.”

Saudi BIM Ventures partners with SBI Holdings to create $100 million joint investment fund

Saudi BIM Ventures partners with SBI Holdings to create $100 million joint investment fund

BIM Ventures, the Saudi Venture Studio, which has invested in Saudi Web3 startups such as TakaDAO has signed a Memorandum of Understanding with SBI Holdings to establish a $100 million joint investment fund dedicated to nurting startups and investing in the Saudi market. The collaboration was facilitated in partnership with the Ministry of Investment of Saudi Arabia (MISA).

The MoU was officially signed during the Saudi Japan Vision 2030 Business Forum in the presence of their excellencies from Saudi Arabia; the Minister of Energy, HRH Abdulaziz bin Salman bin Abdulaziz, the Minister of Culture, HH Prince Badr bin Abdullah bin Farhan, the Minister of Investment, HE Eng. Khalid Al-Falih, the Minister of Communications and Information Technology, HE Eng. Abdullah Alswaha and from Japan, Ken Saito, the Minister of Economy, Trade and Industry. In addition to representatives from the Ministry of Investment and both companies.

SBI Holdings has set up in the region and has been investing in digital asset ventures and startups. SBI Holdings entered into a Memorandum of Understanding with Saudi Arabian Aramco, one of the leading energy and Chemicals Company, after SBI Holding established a digital asset venture in UAE with Standard Chartered.

In a statement to Argaam media, the company said this strategic partnership underscores the mutual commitment of Saudi Arabia and Japan to reinforce bilateral economic relations. The primary objective is to support innovative startups in the Saudi market by providing essential financial and logistical support to foster sustainable growth in this vital sector.

The fund is designed to assist startups by offering crucial funding during their establishment and growth phases. Additionally, it will provide expert guidance and mentoring to ensure the success of these emerging companies. The fund also aims to attract foreign investments into the Saudi market, creating a supportive and innovative investment environment.

Mohamed Amine Merah, Managing Partner and CEO of BIM Ventures, commented on the agreement, saying, “The partnership with SBI Holdings reflects our dedication to enhancing the entrepreneurial ecosystem in the Kingdom. We aim to provide opportunities for startups to achieve growth and innovation, fostering bilateral relationships between Saudi Arabia and Japan. Our primary goal is to work with the Ministry of Investment to attract local and international partnerships, thereby positively impacting the Kingdom’s economy.”

Yoshitaka Kitao, Representative Director, Chairman, President & CEO of SBI Holdings added, “SBI Group positions the Middle East as a strategically important region and plans to strengthen deployment of management resources in this region. Together with MISA and BIM, SBI Group is honored to support venture companies in Saudi Arabia and contribute to the economic growth of the Kingdom by leveraging the global network and experience in venture investment accumulated since its establishment in 1999.”

Cardano accelerator invests in KSA startup using USDC stablecoin for payments

Cardano accelerator invests in KSA startup using USDC stablecoin for payments

Singaporean Blockchain venture fund and Cardano accelerator, Adaverse, with offices in KSA, UAE, has strategically invested in Sorbet, a Saudi Arabian startup geared towards helping freelancers to manage and transact with clients. Sorbet uses Circle Payment services, better known as stablecoin USDC to help clients and freelancers carry out instant payments.

The investment, part of a $10 million initiative to foster venture-building in the region, aligns with the economic upswing projected for the region’s digital economy.

The MENA digital freelance market is currently values at $4 billion and while expected to grow it faces inefficient payments systems which according to the press release affects 40 million self employed workers.

Sorbet’s vision is to onboard all creatives onto web3 by removing the technical barriers traditionally associated with dApps. The tool leverages blockchain technology to provide a seamless payment solution using stablecoins.

Rami Djebari, co-founder of Sorbet, expressed enthusiasm about the partnership: “Receiving support from an experienced partner like Adaverse will accelerate our development and enhance our market strategy. This collaboration is a milestone in breaking down financial barriers and enabling limitless growth opportunities for professionals in the region.”

Sorbet Beta will further refine the freelancing experience by integrating project management tools and streamlined payment processes. As per Sorbet website, it charges 2.5% when clients send money to freelancers.

Vincent Li, founding partner at Adaverse, commented on the investment stating, “Sorbet exemplifies the potential of blockchain to enrich and enhance economic systems. We are excited about the potential Sorbet holds for economic upliftment in line with Saudi Vision 2030.”

The Sorbet Beta, launching this May, will introduce essential features to improve the freelancing experience. This suite of work tools will focus on streamlining project management, simplifying payment processes, and facilitating better client interactions, all designed to help freelancers transition smoothly into a more connected and efficient digital workspace.

In March 2024, Adaverse, signed an MOU with Saudi based ASFA Ventures to drive Web3 innovation in KSA and beyond. Adaverse has also invested in Saudi Arabian Blockchain Insurtech startup TAKADAO, in addition to Nuqtah NFT marketplace.