Phoenix Group Plans Dh1.36 Billion IPO on Abu Dhabi’s ADX, Opening November 16
Abu Dhabi’s ADX is set to witness consecutive IPO listings, as Phoenix Group, a data center and crypto mining company, plans to offer 17.64% in a Dh1.36 billion stock market float. The subscription period for both retail and institutional investors begins on November 16 and concludes in two days, as per a local media advertisement. […]
UAE-Based Laser Digital Introduces Fund to Support Ethereum Adoption
Laser Digital, a digital assets subsidiary of Nomura, is excited to announce the introduction of the Ethereum Adoption Fund today. This fund primarily focuses on long-only spot positions in Ethereum and employs a strategy for enhancing yields through staking the Ethereum assets within the fund. It represents the second installment in a series of digital […]
Standard Chartered and SBI Holdings Partner to Invest $100 Million in Crypto Startups in UAE
Standard Chartered’s investment arm, SC Ventures, and Japanese financial conglomerate SBI Holdings have joined forces to establish a $100 million cryptocurrency vehicle in the United Arab Emirates. This joint venture aims to invest in various crypto sectors, including decentralized finance, tokenization, infrastructure, payments, and the metaverse. Covering seed to Series C funding rounds, the vehicle […]
UDPN’s First Pilot Deemed a Success, Seeks Collaborators in UAE
On October 23rd, Standard Chartered Bank, through its innovation arm SC Ventures in Singapore, and Deutsche Bank in Germany successfully completed the first Universal Digital Payments Network (UDPN) proof-of-concept (PoC). This landmark accomplishment involved the real-time on-chain transfer and swap of USDC and EURS stablecoins, marking a significant step in advancing the capabilities of cross-border […]
Ripple and Onafriq Partner to Enhance Cross-Border Payments Between Africa, Middle East, UK, and Australia
Ripple, a leader in enterprise blockchain and cryptocurrency solutions, has joined forces with the payments fintech company, Onafriq, previously known as MFS Africa, in a groundbreaking collaboration. This partnership aims to facilitate digital asset-enabled cross-border payments connecting Africa with several new markets, including the Gulf Cooperation Council (GCC), the United Kingdom, and Australia. Onafriq is […]
Dubai’s VARA Sets Milestone as Over 1,000 Companies Apply for Registration Ahead of Final Deadline Extension
Dubai’s Virtual Assets Regulatory Authority (VARA) has achieved a significant landmark in its efforts to enhance security against international threats and prioritize safeguarding consumers within the rapidly expanding Virtual Assets sector. While Dubai strengthens its position in the global arena, over 1,000 well-established companies have submitted requests for registration under Dubai’s distinctive regulatory structure, underscoring […]
Kuwait Finance House and Ripple Join Forces to Redefine Cross-Border Banking in the Middle East
Kuwait is positioning itself as a digital hub within the Middle East, embracing web3 projects and international investments. At a recent conference in Kuwait focused on digital transformation, Tareq Al-Ajeel, Executive Manager of Digital Transformation at Kuwait Finance House (KFH), emphasized the steps taken by the bank to ensure a sustainable and compliant transition to […]
M2 and Phoenix Group Pioneer High-Yield Crypto Investment Collaboration
M2, a prominent cryptocurrency investment platform, has announced a new collaboration with Phoenix Group, an IPO-ready company, to provide investors with market-leading Bitcoin and Ethereum yields, offering returns of up to 10.5%. These returns are supported by one of the world’s largest Bitcoin mining operations, designed to reduce counterparty risk and minimize volatility for crypto […]
UAE’s NAMLCFTC Issues Guidelines to Tackle Unlicensed Virtual Asset Service Providers
The Central Bank of the United Arab Emirates, through the National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC), has taken a significant step to address unlicensed virtual asset service providers (VASPs) by issuing comprehensive guidelines. These guidelines not only serve as a valuable resource for combating financial crimes […]
ADX and HSBC Collaborate on Pioneering Digital Fixed-Income Securities Project in the Middle East
Abu Dhabi Securities Exchange (ADX) and HSBC Bank Middle East Limited have joined forces in a pioneering regional collaboration to develop digital fixed-income securities, setting the stage for the introduction of a wider spectrum of capital market applications in the Middle East. This groundbreaking initiative capitalizes on the investment product expertise of ADX, the fastest-growing […]