UPYO News

UK-based telecommunications giant Vodafone is exploring integrating crypto wallets directly into mobile phone SIM cards. 

David Palmer, who is the Chief Product Officer of Pairpoint by Vodafone, recently discussed this move in an interview with Yahoo Finance Future Focus. Palmer highlighted the company’s plans to promote the adoption of blockchain technology in managing crypto transactions on mobile devices.  

Palmer explained that Vodafone is dedicated to linking SIM cards to crypto wallets, aiming to utilize the cryptographic capabilities in SIM cards for effortless blockchain integration. The Pairpoint CPO elaborated on how the Vodafone subsidiary is driving the advancement of Web3 and Internet of Things (IoT) services by leveraging SIM card technology for blockchain-based digital wallets on mobile devices.

He shared his belief that by 2030, there will be around 5.6 billion digital wallets based on blockchain technology, which will act as gateways to financial services. 

Additionally, he estimated that around eight billion cell phones would be in use globally by the same year, providing access to this technology to at least 70% of the world’s population. These revelations came a few months after reports surfaced that Vodafone had partnered with Microsoft for a decade to offer AI services to its customers. 

Moreover, the telecommunications giant had previously shown interest in web3 and blockchain technology. Pairpoint, then known as Digital Asset Broker (DAB), had unveiled a proof of concept in collaboration with Sumitomo Corporation and Chainlink Labs. 

The proof of concept aimed to simplify the exchange of trade documents across different platforms and blockchains, addressing the inefficiencies that plague the global trade ecosystem, which is worth an estimated $32 trillion. It demonstrated the ability to exchange crucial trade documents seamlessly across various platforms and blockchains, a process often hindered by fragmented and incompatible systems.

The Cardano Foundation has announced a significant partnership with the Dubai Blockchain Center (DBCC), a leader in technological innovation. This collaboration aims to strengthen and expand the Cardano community, inviting both existing enthusiasts and newcomers to explore the unique features of Cardano’s technology. 

This alliance will introduce a specialized certification program designed for Cardano enthusiasts. The program will feature educational seminars aimed at providing individuals and organizations with comprehensive knowledge of the advanced functionalities and practical applications of the Cardano blockchain. 

The Cardano Foundation and the Dubai Blockchain Center deeply commit to promoting blockchain education and awareness. Leveraging the expertise of subject matter specialists from the Cardano Foundation, this partnership will integrate content from the Cardano Academy into customized, face-to-face training sessions. This long-term collaboration aims to significantly enhance blockchain literacy and adoption throughout the MENA region, with plans to offer certified courses.

In this regard, Frederik Gregaard, CEO of the Cardano Foundation, said: “Today, we’re thrilled to announce our partnership with the Dubai Blockchain Center. Blockchain is a pivotal technology with the potential to reshape societal norms for the better. Education is the cornerstone to realizing this change. Through partnerships with esteemed leaders like the Dubai Blockchain Center, we aim to broaden the scope and impact of our educational endeavors.”

Marwan Alzarouni, the CEO of Dubai Blockchain Center and Senior Advisor to Dubai’s Department of Economy and Tourism, has emphasized the importance of collaboration with the Cardano Foundation. This partnership aligns with DBCC’s mission to advance education, training, and research in blockchain technology. Together, they aim to provide tailored educational programs and innovative technology solutions to support the application and understanding of Cardano’s advanced blockchain technology among a new generation of blockchain enthusiasts. 

This partnership also strengthens the ties between the Cardano Foundation and key institutions in Dubai and the Middle East. Following the successful hosting of the Cardano Summit in Dubai in 2023, the Foundation will once again host the summit from October 23rd to 24th this year.

Meanwhile, Gregaard emphasized: “Dubai is increasingly recognized as a hub for blockchain technology, with ongoing investments and commitments to its advancement. By deepening our engagement in Dubai and the wider region, the Cardano Foundation remains steadfast in propelling the adoption and operational resilience of this pivotal technology.”

Animoca Brands, a Hong Kong-based game software and venture capital company, has announced strategic partnerships with the Opal Foundation and Saakuru Labs to advance the Web3 sector and expand Web3 gaming.

The collaborations with the Opal Foundation aim to integrate BLIF tokens, the essence of the OPAL Protocol, into Animoca Brands’ Bitcoin-based projects. This initiative, powered by the collaboration between Darewise and Animoca, aims to establish a Web3 ecosystem atop Bitcoin’s network.

Six Animoca Brands portfolio companies have already become genesis members of the OPAL Protocol, and all of the company’s Bitcoin-based projects will align with Opal. Key industry players like Magic Eden, Xverse, ALEX, and HorizenLabs have already pledged their participation in the project, and Opal will announce additional core members in the coming days.

Vincent Marty, Chief Product Officer at Darewise, said: “Opal is not just about linking non-native Bitcoin applications to the Bitcoin community. It’s also about empowering native Bitcoin Web3 applications to thrive. BLIF serves as a universal incentive, fostering collaboration and innovation across the ecosystem.”

BLIF token offers a digital experience that goes beyond traditional gaming and entertainment. According to the litepaper, Opal explains that BLIF is built on the foundational layer, allowing access to higher levels of the ecosystem. In addition, Animoca Brands has formed a strategic partnership with Saakuru Labs, the developers behind the L2 Saakuru Protocol. This partnership aims to increase the adoption of Web3 gaming by integrating Saakuru’s blockchain technology while also strengthening Animoca Brands’ presence in Southeast Asia.

Yat Siu, the co-founder and executive chairman of Animoca Brands, emphasized the importance of this collaboration. “The Southeast Asian market, with its growing tech-savvy population, is poised to lead the Web3 revolution. Our partnership with Saakuru Labs is crucial in catalyzing this shift, making the open metaverse a reality through gaming,” Siu said.

This move also aligns with the significant growth of the Web3 market. According to Research and Markets, the Web3 market is projected to grow from $3.19 billion in 2023 to $4.43 billion in 2024, with a CAGR of 38.8%. The potential for further growth is immense, with the market expected to reach $16.3 billion by 2028.

Professionals working in licensing in Dubai believe that the Virtual Assets Regulatory Authority (VARA) has deployed comprehensive requirements for the cryptocurrency space. Although the licensing process can be lengthy, executives in the field say it is worth it. 

Cointelegraph interviewed several crypto licensing experts in Dubai to get their thoughts on the local licensing process and laws. One of the experts, Tao Xiao, the managing partner of business consulting firm NH Management, said that the VARA’s crypto licensing process can take up to a year. 

Xiao, who had previously worked at Dubai’s Chamber of Commerce, noted that the application process demands meticulous attention to detail and strong compliance measures.

Xiao said: “It’s an intricate and lengthy process. The process of obtaining the necessary licenses demands diligence and patience, as each aspect of the business undergoes scrutiny to ensure compliance with Anti-Money Laundering and Know Your Customer regulations.”

Xiao has emphasized that Dubai’s strict regulatory framework reflects its commitment to maintaining market integrity and safeguarding investor interests. By adhering to Anti-Money Laundering (AML) and Know Your Customer (KYC) standards, VARA ensures robust protocols to mitigate risks and prevent illicit activities in the crypto market. 

The United Arab Emirates (UAE) was placed on the Financial Action Task Force’s (FATF) “gray list” of jurisdictions under increased monitoring in 2022. However, the UAE introduced more comprehensive guidelines and laws to combat money laundering, removing the jurisdiction from the FATF’s gray list in February 2024. This means the country is not subject to additional scrutiny from the Paris-based financial watchdog, FATF.  

Xiao believed that despite the difficulty of compliance, there are many benefits to obtaining a license in Dubai. The executive emphasized that the requirements are not impossible to complete. Many projects are waiting for VARA licensing, indicating that meeting the requirements does not guarantee approval. However, it is essential to recognize that VARA’s objective is to ensure the safety and security of investors and the broader market, not to hinder progress. 

Xiao also highlighted Dubai companies’ benefits, including access to global markets, favorable tax policies, and a safe environment for financial technology innovation. 

Sam Blatteis, the CEO and co-founder of government affairs firm The MENA Catalysts, shared this sentiment and explained why it is worth it for companies to set up shop in Dubai. 

Blatteis stated, “The government is gradually doing for crypto what Silicon Valley did for tech. The country is quickly becoming the Coachella of the crypto world.” Blatteis also advised firms looking to expand into the UAE to implement a “strategic recalibration” and to seek the guidance of those who have gone through the process before, including those who have “cut the metaphorical ribbon” with officials and have gotten results.