Switching to the Satoshi standard and Lightning Network connectivity makes Bitcoin more tangible and easy to use. AAX has made the first move in the crypto space, already providing BTC to SAT
Nasdaq Establishes New Digital Assets Business
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Nasdaq (Nasdaq: NDAQ) today announced the launch of “Nasdaq Digital Assets,” a new business that will power the digital asset ecosystem. The launch underpins Nasdaq’s ambition to advance and help facilitate broader institutional participation in digital assets by providing trusted and institutional-grade solutions, focused on enhanced custody, liquidity and integrity.
“Nasdaq Digital Assets builds upon the successful solutions we have introduced in recent years to serve the digital assets ecosystem, including marketplace technology for digital asset exchanges, crypto-native anti-financial crime offerings, and crypto-related index solutions for tradable products,” said Adena Friedman, President and Chief Executive Officer, Nasdaq. “The technology that underpins the digital asset ecosystem has the potential to transform markets over the long-term. To deliver on that opportunity, our focus will be to provide institutional-grade solutions that bring greater liquidity, integrity, and transparency to support the evolution.”
Nasdaq Digital Assets will initially develop an advanced custody solution that will incorporate liquidity and execution services to address industry challenges around connectivity, availability, and efficiency. Nasdaq’s custody solution will bring together the best attributes of hot and cold crypto wallets through an innovative technology offering, which will provide a high degree of accessibility and scalability without compromising security. Nasdaq’s offering is subject to regulatory approval in applicable jurisdictions.
“Demand among institutional investors for engaging in digital assets has increased in recent years, and Nasdaq is well-positioned to accelerate broader adoption and drive sustainable growth,” said Tal Cohen, Executive Vice President and Head of North American Markets, Nasdaq. “With our trusted brand and strong track record as a technology provider for the global capital markets, Nasdaq is uniquely placed to address industry pain points by improving liquidity, scalability, and resiliency, with the goal to engender greater trust and confidence in the digital assets ecosystem.”
Nasdaq Digital Assets will be led by Ira Auerbach, Senior Vice President, Head of Digital Assets, who will oversee the team’s strategic roadmap, growth targets, and product development. Auerbach brings over a decade of leadership experience in building institutional-grade solutions and innovative services across digital assets and traditional finance. Auerbach joined Nasdaq from Gemini, where he held several executive positions across product, business development, and trading. Most recently he was the Global Head of Gemini Prime, the crypto platform’s prime brokerage services. He reports to Tal Cohen, Executive Vice President, North American Markets.
Nasdaq Expands Anti-Financial Crime Technology Capabilities for Digital Assets
The integrity of the digital landscape is key to realizing the full potential of digital assets. Yet, cryptocurrency-based money laundering activity reached $8.6 billion in 2021, a 30% increase from 2020.1
To play a central role in combatting the rising threat of financial crime across the digital assets financial landscape, Nasdaq has expanded its anti-financial crime technology with new capabilities and coverage for the cryptocurrency ecosystem. Through its Verafin and Surveillance product offerings, Nasdaq has launched a comprehensive suite of crypto-specific detection capabilities to effectively mitigate risks and provide continuous monitoring of anti-money laundering, fraud detection, and market abuse across traditional and digital assets, fiat and crypto, and on- and off-chain activities.
“Our expanded suite of anti-financial crime solutions reinforces our commitment to protecting the integrity of the financial system,” said Jamie King, Executive Vice President, Head of Anti-Financial Crime, Nasdaq. “As the world of digital assets evolves and converges with traditional finance, it is crucial to provide the necessary portfolio of technology solutions designed to safeguard participants across the financial ecosystem.”
AI-Fintech QFIL Wins Fintech ‘Startup of the Year’ at Middle East’s Leaders in Fintech Awards
AI driven fintech startup – QFIL Solutions was named ‘Fintech Startup of the Year’ at this year’s Entrepreneur Middle East’s Leaders in Fintech Awards.
The award is in recognition of QFIL’s efforts and contribution to identifying the needs of an unmet financial investment gap within the ecosystem, by providing disruptive fintech solutions to a wide underserved market of millennials and Gen-Z known to lose as close to 80% of their trading investments.
As a startup igniting a disruptive movement in the finance and technology landscape, modern day investors can leverage cutting-edge AI driven solutions offered via QFIL’s products to make more successful investment choices
The invitation-only event was held to give prominence to the MENA region’s fast growing fintech industry predicted to be worth over $3 billion by 2026. The ceremony also highlighted individuals and enterprises that are shaping the future of the actively developing fintech ecosystem, in sectors such as digital lending, blockchain/crypto based assets, and digital wealth management for B2B and B2C segments.
The who of who’s in the MENA’s fintech sector also showed up at the event; with award winners in keenly contested categories inclusive of Mashreq Business Banking, Illumishare, Beehive, Inery and many more.
Founder and CEO of QFIL Solution, Hani AlAita who received the award on behalf of the team said: “It is a great honor for me and the dedicated team for QFIL to be named the ‘Fintech Startup of the Year’ at the prestigious Entrepreneur Middle East’s Leaders in Fintech Awards. To be standing on the same stage with revolutionary startups who are already movers and shakers in MENA’s fintech space makes our contribution so far to the evolution of the ecosystem worth the while.”
“QFIL identified a gap in the industry where financial investors could not access real-time accurate guidance in order to make the best investment choices. We are happy to have bridged this gap with our AI-driven solutions; and will continue to create products via cutting-edge technology to address the financial investment needs of our clients while contributing to building the Fintech industry”, he added, speaking about how this award will spur the team at QFIL Solutions on.
The second edition of the Entrepreneur Middle East’s Leaders in Fintech Awards was staged at Sofitel Dubai The Palm on 15 September 2022.
Entrepreneur Middle East, the organizer of the awards is an absolute media authority and dedicated platform for empowering entrepreneurship and innovation catering to SME’s, innovative companies, and the public sector.
In 2022 alone, QFIL Solutions has won the “Best Fintech AI Solution” at the 2022 UF Awards; and have also been shortlisted for various categories at the Fazzaco Business Awards 2022.
Bahrain Commercial Facilities Selects Codebase Technologies and Atyaf eSolutions as Digital Transformation Partners
Bahrain Commercial Facilities Company ‘BCFC’ has signed a strategic partnership with key technology partners Codebase Technologies and Atyaf eSolutions to accelerate its digital transformation, focusing on the infrastructural development of their mobile and web customer channels. As companies focus on digitization to enhance their market offering, BCFC aims to reinforce its market leadership by introducing enhanced digital customer journeys and innovative experiences to the market.
Through this partnership, Codebase Technologies will support Bahrain Commercial Facilities Company in introducing customer-centric offerings by implementing digital customer onboarding, eKYC, instant credit card issuance, and instant personal finance propositions. Leveraging the award-winning Digibanc fintech and digital banking platform, the global open banking API solutions provider Codebase Technologies will deploy multiple market-ready Digibanc components on top of BCFC’s existing core system. Integrating these components will accelerate BCFC’s capability to provide innovative financial solutions at speed and scale.
Atyaf eSolutions, Codebase Technologies’ channel partner in Bahrain, has been the bridge between the two companies. Atyaf eSolutions will provide AWS Cloud Services and their own infrastructure-managed services to Bahrain Commercial Facilities, on which the Digibanc platform will run. The digital project will help BCFC fast-track their digital-first agenda, increase its speed of innovation, grow market share, enhance cost-efficiency, as well as improve customer acquisition and retention by leveraging digital channels.
Commenting on the partnership Abdulla Bukhowa, Chief Executive Officer, Bahrain Commercial Facilities Company commented on the initiative, “Partnering with Codebase Technologies and Atyaf eSolutions is a tremendous opportunity for the company. We are confident in our partner’s expertise in the space of finance, banking, and technology; and the accomplishments they’ve achieved in the past. We are experiencing a period of rapid digital transformation, globally and regionally, and through this partnership we will be able to improve our market offering and our speed of innovation to reflect the changing needs of customers.”
Managing Director – MENA for Codebase Technologies, Tamer Al Mauge, said, “BCFC has been an integral player in Bahrain’s market, and we are proud to be part of the next phase of their journey towards digitalization. With the support of Atyaf eSolutions, we look forward to enhancing BCFC’s customer experience and digital offering by creating seamless, fast, intuitive, and robust solutions in the coming months. We are glad that our Digibanc platform will play a key role in helping BCFC achieve their vision and we look forward to a fruitful collaboration with Atyaf eSolutions and Bahrain Commercial Facilities Company.”
Mr. Ubaydli Ubaydli, Chairman of Atyaf eSolutions, added, “One of our key drivers at Atyaf eSolutions is embracing challenges for success. Seeing Bahrain Commercial Facilities Company take the same course to build innovative solutions for their customers is as fulfilling as it is promising. We are also excited to collaborate on this initiative with a globally respected FinTech Codebase Technologies. We look forward to collectively helping Bahrain Commercial Facilities Company better position their digital offerings and grow their market share. “In the same context, Mr. Ubaydli stressed that such an achievement comes in line with what Vision 2030 seeks to achieve in diversifying national GDP and transforming Bahrain into a digital financial Hub in the Middle East. “
UAE-based FinaMaze unveils new Smartfolio to protect investors from US rate hikes
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Against the backdrop of the recent rising inflation and interest rate hikes as confirmed by the US Federal Reserve, ADGM-based innovative digital wealth manager, FinaMaze, has introduced its latest product, US Rates Protect Smartfolio, available for all investors.
To fight decades-high inflation, it is estimated that global Central Banks will require a continued aggressive interest rate hike policy.
Large real estate institutional funds typically enter into hedges that can compensate for the impact of the interest rate rise. However, individual buyers with a variable mortgage rate are unprotected: as the rates keep on increasing, their mortgage payments would also increase. Worse, this happens at a time many other assets in their financial portfolios are also decreasing in value.
The US Rates Protect Smartfolio is accessible by individual investors who may already own a property and are paying a monthly mortgage: in case the interest rates keep on increasing, this Smartfolio will generate a positive performance. Conversely, if rates fall back, its performance would turn negative, while variable rate mortgages payments may not necessarily fall.
FinaMaze App allows clients to track the performance of their US Rates Protect Smartfolio in real time. They may also exit for zero fees, at any time and in two clicks from the App, as it is the case for all FinaMaze Smartfolios.
CEO and Founder of FinaMaze, Mehdi Fichtali speaking briefly on how investors can see value in the latest product: “The FinaMaze’s US Rates Protect Smartfolio delivers a positive performance when long term interest rates go up and impact variable mortgage payments. ”
FinaMaze is now well known in the market for its use of revolutionary technology to create innovative investment products for their clients. In 2022 alone, the digital wealth manager timely launched a number of AI-powered products such as the “Contrarian Bitcoin”, “Flight-to-Safety” and “Black Swan” all with the AI Autopilot personalized rebalancing, offering relevant investment solutions to its clients.
Argentem Creek Partners establishes MENA and Asia HQ in Abu Dhabi in partnership with ADIO
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Argentem Creek Partners (Argentem Creek), in partnership with the Abu Dhabi Investment Office (ADIO), will establish a new regional hub in Abu Dhabi Global Market (ADGM), the region’s leading international financial centre. The partnership is part of ADIO’s AED 2 billion (USD 545 million) Innovation Programme that supports innovative companies in high-growth areas, including financial services. Argentem Creek’s new hub aims to increase access to investment opportunities across the Middle East and North Africa (MENA) and Asia.
The US-based firm is an emerging market credit specialist firm investing across special situations, private credit, high yield and trade finance. Under the agreement, ADIO will provide financial and non-financial incentives to support the establishment of Argentem Creek’s regional hub in Abu Dhabi.
Eng. Abdulla Abdul Aziz AlShamsi, Acting Director General of ADIO, said, “Abu Dhabi’s banking, insurance and asset management sectors are driving the region’s tremendous growth. ADIO’s partnership with Argentem Creek will benefit a range of sectors in the region, including manufacturing, logistics, trade finance and food security, by providing access to the firm’s emerging market and credit expertise to support existing and future opportunities. The partnership will also help to develop local talent and support the continued growth of Abu Dhabi’s financial services infrastructure with emerging markets knowledge and deal flow. The partnership through ADIO’s Innovation Programme illustrates our continued commitment to accelerating innovation in high-growth areas that will create impactful progress in the UAE and the wider region.”
Argentem Creek will seek to cultivate local and regional partnerships to expand the region’s access to investment opportunities across industry sectors by leveraging its expertise in emerging markets, restructuring and governance best practices. In addition to its emerging markets special situations flagship strategy, specific areas of focus for the office include Asia-focused assets, trade finance in energy transition materials and the firm’s other strategies across the MENA region.
Daniel Chapman, Argentem Creek CEO & CIO, said, “I am excited about our partnership with ADIO and grateful for their commitment, support and guidance that has been integral in accelerating our expansion into the region. Our Abu Dhabi regional office marks an important milestone in the firm’s strategic expansion to support the Middle East, Asia and Africa with greater proximity to clients, deal flow and investors in existing and future opportunities. Strong government support has established Abu Dhabi as a fast-developing, inclusive financial centre that fosters innovation. Abu Dhabi offers the infrastructure, business opportunities and highly skilled local talent that will enhance our existing global relationships and investment expertise. We are committed to creating value across strategic industry verticals and are thrilled to be part of the next chapter in Abu Dhabi’s development vision and growth.”
Argentem Creek will benefit from Abu Dhabi’s access to global markets and talent, and a favourable time zone that overlaps with key international markets. Moreover, ADGM’s strong framework for asset management companies and funds, fosters a business-friendly environment for industry practitioners while retaining appropriate levels of investor protection. Being established in Abu Dhabi’s international financial centre, Argentem Creek will benefit from the local footprint and gain access to some of the world’s largest sovereign wealth funds.
Crypto hardware wallet maker Ballet announced the public launch of its NFT Services
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Ballet Crypto steps into the world of NFTs by announcing the launch of the NFT Consulting and Development Services for enterprises. Ballet created this consulting service to empower organizations of every kind to integrate non-monetary crypto assets into their business strategies. From concept design to launch, Ballet’s full-spectrum NFT Services will guide clients through the process of developing and marketing NFTs that have real utility and value.
The most popular way NFTs are used today is to represent exclusive ownership of digital content. That digital content could be graphic art, music, or even just text. The text of Jack Dorsey’s first-ever tweet was made into an NFT that sold for $2.9 million. The highest price ever paid for a single NFT is $91.8 million. According to NFTGo.io, the total market value of all NFTs exceeded $35 billion in March 2022.
Although much of the attention on the NFT (non-fungible token) asset class is due to the breathtaking price performance of the most popular NFTs, financial speculation is not the reason why Ballet is offering NFT Services. NFTs could potentially have utility and value in a variety of non-monetary applications. Proof of authenticity, proof of ownership, intellectual property, academic and professional credentials, tickets, memberships, voter registration, and “metaverse” are a few of the areas that non-monetary crypto assets could transform.
According to Ballet founder and CEO Bobby Lee, “NFTs have a much different value proposition than monetary crypto assets like Bitcoin, but the need for easy and safe cold storage is just as important. From our perspective as a maker of offline cold storage wallets, the rising popularity of NFTs in mainstream society is an opportunity that is too good to ignore.”
Ballet NFT Services can add value to any organization: business or non-profit, large or small, with a physical presence or digital-only. It can also serve individual entrepreneurs, entertainers, authors, and influencers. Based on Ballet’s proven expertise in blockchain technology and its existing customized wallet and crypto gift card offerings, NFT Services is a natural extension of the business. For all those who have brilliant ideas involving non-monetary crypto assets but lack advanced computer programming skills, Ballet NFT Services is an effective and affordable solution to turn a vision into reality.
Ballet will host a Twitter Space on July 14 to introduce the new NFT Services and answer any questions from the audience. To learn more about how Ballet NFT Services can create value for your organization, please visit nft.ballet.com.
Blue Chip Launches Their Real Estate Industry Backed Token
While the adoption of cryptocurrencies continues to grow, as evidenced by last year’s bull market, there is still an abundant need to integrate real-world assets onto the blockchain.
The goal of BlueChip Token is to close this gap by connecting blockchain technology and the real world. BlueChip Token will make it simple and quick to tokenize and fractionalize real estate through many channels, including Metaverse, by using a set of smart contracts.
Ravinder Soni, CEO BlueChip Token says “ BlueChip token aims to help maximise the investors’ steady and fast growth in the market. As they also have a staking program”
Their premium staking program allows you to invest and earn high returns from multiple industries, all on a single platform. This makes BlueChip Token one of the world’s most powerful staking programs to offer such high returns.
The launch event of the BlueChip token witnessed Sonu Sood, an Indian actor, as chief guest along with Indian wrestler- The Great Khali, former Indian cricketer – Mohd. Azharuddin, Indian comedian- Sanket Bhosale, and Sugandha Mishra with other VIPs from various industries in Middle East like Dr. BU Abdullah, Mr. Mohd. Siddiq Khan, Mr. Butti Mohammed Khalifa,
Chief Executive Of Al Ali Yachts LLC & Sea Riders LLC – Mr. Yaqoob Al Ali and Father of the Middle East Cinema – Mr. Ahmad Golchin.
Sonu Sood said “ He is honoured to be a part of the Blue Chip Family. BlueChip is a terrific investment opportunity supported by real estate. BlueChip is a trusted name for a brighter future for you and your loved ones,” Sonu Sood said in his address to the gathering at the inauguration ceremony.
Blue Chip is bringing real estate to Metaverse, where people can own lands, homes and clubs. Blue Chip is elevating real estate investment to a new level.
Filecoin Takes First Step Towards Enabling On-Chain Smart Contracts Through Filecoin Virtual Machine Milestone
Filecoin, a decentralized storage network designed to store humanity’s most important information, has achieved its first milestone in introducing its Filecoin Virtual Machine (FVM) by introducing a non-programmable WASM-based FVM.
Now, any node operator can sync the Filecoin Mainnet using the FVM and Rust built-in actors, integrated in lotus, venus, forest, and fuhon implementations. Mainnet has switched from the legacy VMs to the WASM-based reference FVM.
The Filecoin Virtual Machine is being introduced incrementally. This minimizes the risk of disruption to the network and gives developers plenty of opportunities to engage early on. Upon completion, it will unlock a host of possibilities, ranging from programmable storage primitives (such as storage bounties, auctions, and more), to cross-chain interoperability bridges (such as, trustlessly connecting Filecoin with Ethereum, Solana, NEAR, and more), to data-centric Decentralized Autonomous Organizations (DAOs), to Layer 2 solutions (such as reputation systems, data availability sampling, computation fabrics, and incentive-aligned Content Delivery Networks), and more.
FT: Deutsche Bank puts app on staffers’ phones to monitor messages
Deutsche Bank is installing an app on some of its employees’ phones that lets it monitor their calls, texts and WhatsApp messages, according to the Financial Times.
The bank has spent the last few weeks installing the app from US firm Movius on work phones so that its compliance teams can keep an eye on communications with clients, says the FT, citing sources. Deutsche Bank has not commented.
The move comes as regulators in the US, UK and Germany all step up their interest in client communications.
The FT has previously reported that a former executive at Deutsche Bank’s asset management unit has cited WhatsApp use in a whistleblower complaint to Germany’s BaFin, which has recently asked the bank for details on how employees use messaging apps.
In December, the SEC and CFTC fined JPMorgan Chase a total of $200 million for allowing Wall Street employees to use apps including WhatsApp to get around US federal record-keeping laws.
Meanwhile, both HSBC and Credit Suisse have dismissed staffers over inappropriate messaging.
The Wealth Today Summit highlights that UAE Leads the Way in the Regulated Adoption of Digital Assets
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The wealth and investment landscape has seen its fair share of changes over the last few years. While that happened, technology has emerged as the best bet to a better future. As the ecosystem matures, it presented opportunities and concerns in areas like DeFi and digital assets.
The Wealth Today Summit held on June 21, 2022, at the Address Dubai Mall Hotel, looked into emerging trends and factors that that affect the investment ecosystem, especially in the UAE. The Wealth Today Summit is an industry-driven event attended by over 200 professionals from the wealth and investment industry.
The digital assets adoption, the way forward in institutional capital were some of the topics discussed at The Wealth Today Summit. The experts who spoke at the forum were a mix of industry leaders and regulatory authorities, including Wai-Lum Kwok, CFA, Senior Executive Director, Authorisation & Fintech, FSRA, ADGM; Benjamin Ampen, Managing Director MENA, Kraken Crypto Exchange; Dr. Ryan Lemand, Co-Founder & CEO, Neovision Wealth Management and Gaurav Dubey, CEO, TDeFi – Crypto Incubator and Advisory, among others. Topics covered various aspects of the digital asset spectrum such as DeFi for family offices, Tokenization of funds and virtual assets, investing alternative investments and hedge funds, Family offices navigating the Venture Capital space and Investing in offshore jurisdictions: themes and considerations.
“The number of people who attended The Wealth Today Summit reflects the current state of the market. At the event, we reflected upon why the traditional world should start considering digital assets as a part of their asset portfolio,” states Gaurav Dubey, CEO, TDeFi – Crypto Incubator and Advisory. He adds, “The last three years have been pivotal in mass adoption and acceptance of crypto as an asset class in average household. Factors such as tokenization of regulated securities like gold, carbon credits and even trees played a huge role in making this happen. Today, crypto has found its peg in the traditional finance market. We see that the cypto market is performing better than traditional assets currently. As a high-risk asset, crypto cannot form a majority of the asset portfolio but it has found its place in the wealth preservation funds.”
Everyone at the event agrees that the UAE is largely being recognized as a digital assets and digital hub globally. The UAE authorities have been aggressive in the digital asset space. Setting up a regulatory ecosystem with VARA, DMCC, ADGM and DWTC encourages players to license and authorize crypto assets, increases confidence among investors to trust regulated companies. The regulatory acceptance is a big influencer for the mass adoption of digital assets in the region.
DeFi and crypto assets are finding their way into family office portfolios and they become part of the diversification play. Dr. Ryan Lemand, Co-Founder & CEO, Neovision Wealth Management, comments, “Family offices, particularly in this region invested heavily in equities and real estate. Real estate takes a big portion of investment portfolio. However, it is tedious to register or exchange your property in the traditional manner. Besides, with the peak we observe in both these segments, it makes sense for family offices to consider alternative investments in the coming periods. At the sessions, we introduced DeFi to more traditional investors rather than specialized investors. With DeFi, a smart contract adds convenience and makes it accessible to investors.”
Benjamin Ampen, Managing Director MENA, Kraken Crypto Exchange, adds, “DeFi is in a very interesting space, and still in its infancy. It can address issues like inefficiency, opacity, lack of interoperability and centralized control. It comes with an attractive promise of removing intermediaries.”
Going forward, regulations will play a key part. ADGM’s Financial Services Regulatory Authority (FSRA) is at the forefront of issuing regulatory frameworks around DeFi. Wai-Lum Kwok, CFA, Senior Executive Director, Authorisation & Fintech, FSRA, ADGM reveals, “We released a whitepaper with reference points to encourage dialogue with the community. It is based on four concepts; DeFi does not change the nature of financial services; Equivalent risk, equivalent rules; No anonymous participants; and governance of defi protocols.”
During the panel “Family Offices Navigating the venture capital space: finding the right chemistry” moderated by Bhaskar Dasgupta, key speaker Arshad Khan highlighted that UAE becomes now the go-to hub for family offices to set up shop. Panelists added to the discussion that it is essential for family offices to take into consideration the digital assets approach and look at the ecosystem as a whole.
Breaking the myth about Bitcoins, Saqr Ereiqat, Co-Founder, Crypto Oasis, addressed, “There’s a big argument about the energy efficiency of Bitcoins. Bitcoin mining uses less than 1 per cent of global energy consumption for a multi-million-dollar economy. This created an entire new economy and that’s not bad. Moreover, 50 per cent of bitcoins are being mined by green energy.”
The Wealth Today Summit was sponsored by TDeFi, fasTToken, 21Shares, Kraken, Stockal, FRA, and Peregrine; with support from Crypto Oasis.
The Wealth Today is a vehicle of communication for professionals and organizations shaping the finance, wealth, banking, investment, trade, and business landscape.