Hazam (HZM), the Arabic cryptocurrency project from Bahrain, has signed a strategic partnership with ChicMic, one of India’s leading software development companies, to launch its own metaverse world and Web3-based communication applications.
HZM, one of the first Arab cryptocurrencies founded by Bahrainis, partnered with ChicMic to be its technological arm. ChicMic will oversee the completion, and the launch of the remaining phases of the Nemo Land Kingdom project claimed to be the first Arab metaverse, an anonymous communications project, Crypto Souq, the HZM Sports Project, and others.
ChicMic co-founder and CEO Manish Gulati believes that the metaverse is the future of how people will interact, socialize, and collaborate all from their homes. In his words, decentralization and Web3 are the ways moving forward with increased data security, privacy, and scalability for users, no single point of failure, and no centralized control which could be corrupted.
ChicMic is one of the leading technology companies in the Indian market with significant experience in the field of app and game development, NFT creating, and Web3. Founded in 2012 and based in Mohali, Punjab, ChicMic worked for hundreds of organizations, startups, and Fortune 500 companies.
Gulati said that ChicMic aims to lead this revolution and provide high-end solutions to its customers due to a seasoned blockchain team of experts with 10 years of experience in technologies including AR/VR, AI, machine learning, Internet of Things (IoT), etc.
In addition, Hazam’s founder Fahad Faqeeh said that this step comes in the context of developing HZM projects as the first Arab cryptocurrency with unique technological projects in light of Arab openness, especially in the Gulf, on the culture of digital currencies, NFT, and metaverses. The Kingdom of Bahrain is the first Arab country to allow digital platforms to operate and has a very active digital society, which prompted large projects to make Bahrain a base for its operations, Faqeeh added. The choice of Binance, the world’s largest crypto exchange, to operate in Bahrain is likely the best evidence of that, pushing a Bahraini project to launch with a well-thought-out plan and big goals, he said.
Regarding the Nemo Land Kingdom metaverse project, Faqeeh said: “I don’t want to burn the surprise, but it can be said that it is a developed metaverse with an Arab Bahraini fingerprint. It will change the culture of communication because of its technical and revolutionary technological features.”
As reported earlier, Dubai’s Virtual Assets Regulatory Authority (VARA) in May announced plans to establish its metaverse headquarters in The Sandbox virtual world. Thus, VARA would become the world’s first regulator to enter the metaverse, showcasing the government’s attempts to turn Dubai into a hub for the digital economy.