Gulf Crypto Insight: Hot crypto news from the MENA region – August 10

Blockchain Economy Summit: Dubai to host the world’s largest blockchain and crypto event in October

The world’s largest blockchain and crypto conference network, Blockchain Economy Summit, has just closed the previous chapter in Istanbul,  Türkiye, with more than 3,000 participants from 82 countries all over the world. The next edition of the world’s flagship blockchain and crypto event is scheduled for October 4-5, 2022 in Dubai, UAE. The event will take place in Le Meridien Dubai Hotel & Conference Centre.

“Dubai has a great potential in terms of regulating crypto platforms, crypto assets, and its usage. This is precisely why we want to attract global players and new startups to Dubai.” says Event’s Project Manager Servi Aman.

The hot topics of the upcoming Blockchain Economy Dubai Summit will be Bitcoin, Web3, NFTs, Metaverse, DeFi, mining, regulation of cryptocurrencies, investing and trading on cryptocurrencies, as well as the implementation of blockchain technology in businesses and government, and much more.

LykaCoin ecosystem enters the crypto market

On August 10, LykaCoin announced in Dubai, UAE, its entrance into the blockchain market.

LykaCoin is a UAE-based innovative token project that also offers a variety of products, including a swap service, yield farming platform, staking dApps, Move-2-Earn, Play-2-Earn, launchpad, cryptocurrency exchange, and NFT cards. Together, they form a comprehensive ecosystem that makes it easy for users to enter the crypto world and earn rewards.

Due to its LKC20 Ethereum-compatible blockchain, which runs on the BSC Chain network, LykaChain offers a highly-scalable system with the world’s lowest gas fees and is faster than rival solutions.

LykaCoin’s public launch debuted on PinkSale on August 10.

Everdome secures a $10 million investment from GEM Digital Limited

Everdome, the UAE-based мetaverse company, has announced that GEM Digital Limited (GEM), a Bahamas-based digital asset investment firm that sources, structures, and invests in utility tokens listed on over 30 exchanges globally, has agreed to invest $10 million into Everdome through a structured token subscription agreement.

The announcement comes in a time of heightened activity for Everdome, particularly in terms of its product roll-out and the company’s auction of Metaverse land plots. Built on Unreal Engine 5, Everdome is creating the most hyper-realistic metaverse, bringing brands and users together, where a digital-life meets real-world experience, seamlessly interconnecting the digital and physical worlds.

According to Everdome’s CEO and founder Rob Gryn, the commitment from GEM will be used to strengthen Everdome’s offering and ensure future sustainability in the business. GEM’s investment will be focused on team growth and metaverse technological expansion and will see the game’s VR capabilities set on a fast track. Funds will also go towards boosting marketing efforts, partnership enablement, and investments that will aid Everdome’s sustainable growth.

AlphaCard issues its crypto debit card for the Gulf region

Dubai’s blockchain startup AlphaCard has introduced its crypto debit card linked to a cryptocurrency wallet. Aiming at UAE’s crypto community, the company plans to offer a prepaid card that allows users to spend their digital money at any Visa or Mastercard POS terminal. The payment terminal is also available as an app for Android and iOS devices.

AlphaCard is a blockchain-focused fintech startup that aims to serve peoples who do not have access to traditional banking services or credit cards.

The company will present its crypto debit card at the Blockchain 360 conference in Dubai on November 29, 2022.

UAE’s DayToDay Hypermarket to accept crypto for online and in-store payments

DayToDay Hypermarket, a well-established discount store in the UAE, has rolled out a new option of payment in crypto. The payment method shall be accepted for both physical branches as well as their online shopping website, with most cryptocurrencies accepted. The payment process would require your mobile phone or a POS terminal for in-store payments. For online shopping payments, click on the option of cryptocurrency payments.

DayToDay Hypermarket will accept crypto payments at Al Fahidi Branch, Baniyas Square Branch, Al Safa Sharjah Branch, Al Quoz Branch, Ajman Branch, and opening soon Abu Dhabi Branch.

RAKBANK to allow crypto trading in dirhams

RAKBANK, an online bank in Dubai, UAE, partnered with crypto exchange Kraken to allow UAE residents to trade digital assets using a local Emirati bank account and dirhams soon. The move will enable people in the Gulf state to avoid relying on foreign bank accounts and the accompanying foreign exchange costs, the bank said in a press release. The bank did not specify the exact date when the trading feature would become available.