UPYO News

Abu Dhabi Global Market (ADGM) has partnered with Hacken, a global leader in blockchain security auditing, to set new standards for security and compliance in the blockchain industry. 

This is a unique collaboration between a regulatory body and a security auditor to create a world-leading security assessment standard. 

ADGM’s Registration Authority (RA) will work with Hacken to develop advanced security standards and on-chain monitoring solutions for ADGM’s DLT Foundations framework through a signed Memorandum of Understanding (MoU).

This collaboration positions both organizations at the forefront of fostering a secure and trusted blockchain ecosystem. Hamad Sayah Al Mazrouei, CEO of ADGMRA, said: “This partnership with Hacken underscores our commitment to setting global benchmarks in blockchain security and regulatory compliance. By leveraging AI and fostering a collaborative approach, we are pioneering a new model for SupTech that promotes transparency, security, and trust in the digital landscape.”

This partnership’s main objectives are to develop industry-leading security and compliance standards for blockchain projects in the ADGM jurisdiction. 

ADGM and Hacken will collaborate to create robust security and compliance standards. They will focus on implementing advanced monitoring solutions to identify and mitigate potential security risks within the DLT Foundations framework. Furthermore, the partnership will explore integrating AI-powered solutions to enhance blockchain security and monitoring capabilities.

Meanwhile, Dyma Budorin, Co-Founder and CEO of Hacken echoed this sentiment, saying: “We are honored to support ADGM in this groundbreaking initiative. Our proven track record in working with public sectors positions us well for this partnership. Together, we will set a new global standard for blockchain security and compliance.”

In collaboration with Energy Web and DMG Blockchain Solutions, PayPal’s Blockchain Research Group has taken a groundbreaking step towards promoting sustainability in the blockchain industry. 

They are offering incentives to Bitcoin miners to adopt environmentally friendly practices. The initiative uses cryptoeconomic incentives to encourage the use of low-carbon energy sources, which is a crucial step given the significant environmental impact of Bitcoin mining. 

According to estimates, Bitcoin mining produces 85 million metric tons of carbon dioxide annually, highlighting the need for sustainable practices in Proof-of-Work (PoW) networks.

The new proposal suggests rewarding “green miners” with additional Bitcoin to verify renewable energy transactions. These miners, identified by their public keys, will receive transaction fees and locked BTC rewards, promoting greener mining practices and improving the efficiency and security of the Bitcoin network. 

In other news, PayPal has recently announced changes to its handling of non-fungible tokens (NFTs). Starting May 20th, PayPal will withdraw buyer and seller protections for NFT transactions over $10,000 due to concerns about order fulfillment verification and high market volatility. Transactions under $10,000 will still be protected if they meet certain conditions. 

Additionally, PayPal is collaborating with Singapore-based Triple-A to integrate its stablecoin, PYUSD, into Triple-A’s offerings. This integration, set to launch by the end of June, aims to increase PayPal’s presence in the cryptocurrency market and enhance digital payment diversity, especially since Triple-A’s payment volumes are on the rise.

“PayPal has the firepower to make it available to a lot consumers at one go. Nobody has this power today,” Triple-A CEO Eric Barbier said.

This set of initiatives by PayPal represents a strategic approach to tackle the environmental impacts of cryptocurrency mining and to adjust policies for responsibility and innovation in the blockchain industry.

A recent report by Bitget Research revealed that the adoption of cryptocurrencies in the Middle East region is on the rise.

According to the study, there were an average of 500,000 active crypto traders in the region in 2024, a 166% increase from the previous year. This number is expected to increase further to 700,000 by the end of the year.

The growth in the number of crypto traders is attributed to several factors, including favorable local cryptocurrency regulations, the approval of Bitcoin (BTC) ETFs, and the growing appeal of digital assets amid a market rally. Among the countries in the region, the UAE is leading in implementing cryptocurrencies, as 72% of local users invest in Bitcoin.

“Users in the UAE have also expressed the highest willingness to invest in BTC and ETH, BTC being referred to as “digital gold” by UAE users.”
Bitget Research said in the report.

It is worth noting that Middle Eastern countries heavily rely on centralized global exchanges, with local exchange platforms such as Rain and M2 not being in the top 10 in terms of absolute traffic. This is due to the lower variety and liquidity of tradable assets on local exchanges compared to global exchanges and the convenience of deposit and withdrawal channels in local currencies.

In mid-April, the Middle East caused a sharp collapse in the cryptocurrency market. All cryptocurrencies sharply sank in price between April 13 and April 14 against the backdrop of the worsening situation in the region. Bitcoin fell by about 10% in just two hours, dropping to the $60,000 range. At the same time, dominance increased sharply, and most altcoins sank much more.

Boxing icon Mike Tyson has teamed up with the blockchain project Ready To Fight to revolutionize the boxing ecosystem. 

Ready To Fight (RTF) is set to list its own RTF token on four cryptocurrency exchanges, and Tyson has joined the platform as a brand ambassador. This strategic partnership was announced in a press release.

“In a significant endorsement of RTF’s mission to revolutionize the sport, boxing legend Mike Tyson has joined the platform as a brand ambassador. Tyson’s legendary status and global appeal are expected to significantly extend RTF’s reach, captivating and inspiring an international audience of boxing enthusiasts.” Ready To Fight team said in a statement. 

The RTF project is spearheaded by heavyweight champion Oleksandr Usyk and a team of advisors and ambassadors who are committed to revolutionizing the future of boxing. The project claims to be a blockchain-based social network that effortlessly links fighters of all levels with important industry stakeholders. 

Mike Tyson has been involved in the blockchain field before. In August 2021, the renowned boxer offered a collection of non-fungible tokens (NFTs) for sale on the OpenSea marketplace. Emerging digital artist Corey Van Lew created a limited edition NFT token in collaboration with Tyson. 

Furthermore, in April 2022, the former heavyweight champion listed his Mystery Box NFT collection on Binance’s NFT marketplace. By participating in the sale, fans of the boxer could acquire ownership of autographed Tyson merchandise, including gloves, shorts, T-shirts, warm-up gear, and other signed items.