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0 CommentsTop crypto news from the Middle East region over the last week (Nov. 18 –24, 2022):
Abu Dhabi-based crypto firm plans to acquire FTX
Crypto trading firm Hayvn based in Abu Dhabi, the UAE considering a bid for collapsed FTX’s payments business FTX Pay, the company said on Friday. Hayvn executives consider FTX Pay as a well-suited business, matching the Hayvn Pay infrastructure. Crypto exchange FTX is reportedly planning to sell or reorganize its subsidiaries, including the payments business, reported The National on Nov. 25.
Binance CEO reportedly seeks the Middle East cash for the crypto recovery fund
Binance CEO Changpeng “CZ” Zhao and several deputies met with investors in Abu Dhabi last week in an effort to raise cash for a crypto industry recovery fund, Bloomberg reported on Nov. 21. The fund will backstop crypto projects in wake of FTX demise.
Zhao and his team held meetings with potential backers last week, including with entities affiliated with United Arab Emirates National Security Adviser Sheikh Tahnoon Bin Zayed, who oversees a large financial empire, said the people, who spoke on the condition of anonymity because the talks were private.
Later, CZ has denied the Bloomberg report that he was seeking investment for an industry recovery fund in the Middle East. He succinctly said on Twitter that the report was “false.”
UAE crypto regulator revokes FTX license amid the exchange’s collapse
On Nov. 24, the Dubai Virtual Assets Regulatory Authority (VARA) has suspended the license that allows FTX to make preparations to service the local market. VARA mentioned that it has revoked the approval of FTX MENA’s Minimum Viable Product (MVP) license. Citing the bankruptcy filing of FTX-related entities, including FTX exchange and Alameda Research, VARA confirmed that FTX MENA’s license had been suspended before any clients were exposed.
DMCC to issue gold-backed tokens using the Xinfin blockchain protocol
The Dubai Multi Commodities Centre (DMCC) has announced a new partnership with the firm Comtech Gold in order to digitize gold trading. The DMCC said the tokenized precious metals are backed by DMCC Tradeflow-registered gold bars, and each tokenized gold bar “will be backed by a Tradeflow warrant.” The announcement says that a crypto coin called the Commtech Gold Token (CGO) will be minted using the Xinfin Protocol (XDC) blockchain network.
Saudi Arabia’s NFT collection soars after unexpected soccer win against Argentina
Sales for the Saudi Arabia-themed NFT collection called “The Saudis” increased 387% on Nov. 22 following the country’s surprise 2-1 win against Argentina, which is considered one of the best soccer teams in the world.
In contrast, Argentina’s fan token (ARG) dropped 31% over the following 24 hours and is trading at $5.44 as of press time, according to CoinMarketCap. The South American team, led by Lionel Messi, was the clear favorite going into Monday’s match.
Sygnum awarded Abu Dhabi in-principle approval
Sygnum, the world’s first digital asset bank and first Swiss bank to open a hub in the metaverse, leverages its oversubscribed $90 million Series B to expand internationally into Abu Dhabi’s high-growth crypto-hub.
Sygnum’s roots in Swiss and Singapore heritage have empowered its clients and partners with global reach from day one. Since Sygnum’s $90 million Series B round earlier this year, and despite a challenging market, Sygnum has continued to grow its global client base to nearly 1,500 and team to over 200. Key to expanding this global reach is accessing high-growth global crypto-hubs like the UAE that offer clear regulatory frameworks, growing adoption, and strong demand for trusted, institutional-grade crypto services.
Al Maryah Community Bank partners with MidChains
Al Maryah Community Bank, a digital bank in the UAE signed an agreement with MidChains Limited, a digital asset trading platform based in Abu Dhabi. The partnership aims to provide a secure channel for investing and trading cryptocurrencies and digital assets through the bank’s offering of escrow accounts in UAE dirhams to protect investors’ funds on cryptocurrency trading platforms.
Within the framework of this cooperation, Al Maryah Community Bank seeks to support cryptocurrency trading platforms by using artificial intelligence to automate Escrow accounts and trading platform transfers according to the highest standards of safety and accommodate the needs of investors, and enhance the trust in the cryptocurrency market. This will be monitored by the Central Bank of the UAE and will be facilitated according to its regulations and laws to protect investors and protect investors’ escrow accounts by separating them from the accounts of trading companies.
DxTalks launches its head office in UAE
DxTalks has concluded plans to launch its head office in the UAE to build closer ties and relationships with its community as well as improve effectiveness in operation delivery. Platform DxTalks is providing education, digital literacy, and expertise in Blockchain, cryptocurrency, NFTs, Web 3.0, and the Metaverse over the last three years.
Phoenix Group and Cypher Capital announce new ventures, partnerships, and investments
Cypher Capital Group Chairman Bill Qian and Canadian businessman Kevin O’Leary announced a new $200 million fund focused on infrastructure and middleware investments in Web3. On Nov. 25, Phoenix Group and Cypher Capital, VC firms located in the UAE, announced new partnerships, ventures, and investments this evening. Cypher Capital is a UAE-based multi-strategy crypto investment firm covering venture capital, public markets, nodes, mining, etc.
Munaf Ali, CEO of Phoenix Group, announced a new partnership with Kevin O’Leary and O’Leary Financial Group for Cypher Capital, along with plans to launch Fenix Games—a Web3-based gaming platform. He also announced the group’s latest $1.5 million investment in Rekt Studios. He affirmed that despite the recent challenges in the crypto sphere, Cypher Capital Group remained optimistic and bullish about the future of Web3 and blockchain projects.
