Top crypto news from the Middle East region over the last week (Oct. 29 – Nov. 4, 2022):
Visa announces World Cup NFT auction
In partnership with the exchange giant Crypto.com, payments giant Visa has launched a new NFT initiative dubbed “Visa Masters of Movement” to celebrate the FIFA World Cup 2022 in Qatar. The campaign is set to kick off with an NFT auction ahead of the tournament, and during the World Cup, attending fans will be given an opportunity to create their own digital art.
The Visa Masters of Movement will feature digital artworks, avatars, and other collectibles curated from past FIFA World Cup and FIFA Women’s World Cup competitions. Set to be minted into NFTs by Crypto.com, the digital artworks are inspired by goals scored by five popular football stars. The collection will debut at the FIFA Fan Festival in Doha, Qatar, from November 19 to December 18.
KogoPAY returns to Dubai with ‘Re-inventing Business with Blockchain Forum’
Fintech start-up KogoPAY staged a triumphant return to Dubai with its tech forum focused upon “Re-inventing Business with Blockchain” this October.
The second “TechKogo” forum aimed to educate business leaders on the benefits of novel technology, such as blockchain while supporting the global initiative: “Tech World of Good” which aims to bridge the digital knowledge gap in society championed by KogoPAY as part of its socially conscious ethos.
The event follows the incorporation of Kogo Global Technology, a company built to give the parent firm a stronghold to bolster ties with members of the Gulf Cooperation Council who are leading the way in adopting innovative technologies to unlock rapid growth.
Indian blockchain unicorn 5ire.org opens office in the UAE
Indian blockchain giant 5ire.org has secured a further $100 million of funding, making it one of the world’s fastest-growing unicorns with a valuation of $1.5 billion. The company says it has also set up an office in UAE “because of its forward-looking policies, thriving ecosystem of technical and business professionals, world-class academic institutions, and close proximity to countries with a young population eager to make a difference.”
The company, led by 32-year-old Pratik Gauri, was founded only a year ago. It is planning a testnet launch on November 30 followed soon after by a Token Launch. 5ire has built its own Proof-of-Benefit (PoB) protocol following the principles of the so-called “fifth industrial revolution.” It is believed to be the world’s first mathematical model that measures sustainability.
ADNOC and Siemens Energy to co-develop CO2 certificates on blockchain
Abu Dhabi National Oil Company (ADNOC) and Siemens Energy have announced plans to pilot blockchain technology to certify the carbon intensity of a range of products.
Using smart sensor data gathered from across ADNOC’s operational chain – from the oil well right to the customer – the pilot will show how much CO2 was used to make products such as Murban crude, ammonia, and aviation fuels. This information will be automatically recorded onto a decentralized blockchain ledger.
Such transparency will allow independent regulators to certify the carbon intensity of products. It will also give customers greater confidence and clarity over the carbon footprint of their purchases, said ADNOC.
The missing CryptoQueen has friends in high places
An ongoing BBC investigation has discovered new details about one of the biggest Ponzi schemes of all time. OneCoin, which fraudulently branded itself as a cryptocurrency, appears to have received support from high-ranking government leaders in the UAE and Bulgaria. Evidence suggests that included leaking details of an international police search to the fugitives who launched the scam.
The crypto-inflected Ponzi scheme was launched in 2014 and was largely brought down by mid-2017 – before the s crypto boom in late 2017. Founder Ruja Ignatova disappeared on Oct. 25, 2017, and has not been seen since.
Project NEXUS, a leap for traditional finance through blockchain technology
Dubai-based Project NEXUS launched its private sale on October 31. The project is also offering a giveaway of $100,000 in the NEXUS Token.
Project NEXUS offers real estate tokens for $5 and stock derivatives for only $1. Real estate, stock derivatives, and crypto are linked through blockchain technology, tokenization, and fractionalization, and all are made available, collateralizable, and tradable in one app – the Project NEXUS App.