Blockchain news

Chainalysis, a blockchain data and analytics company, has recently announced the opening of its regional headquarters in Dubai in Southern Europe, the Middle East, Central Asia, and Africa. 

The company has been working closely with the local government to offer advice on best practices for regulatory development in the crypto industry, which would promote innovation. Chainalysis has partnered with the United Arab Emirates’ Ministry of Artificial Intelligence, Digital Economy, and Remote Work Applications to establish an excellence center for government employees to enhance their understanding and expertise in blockchain technology. 

Additionally, the company has set up a Centre of Excellence to train government employees in blockchain technologies. In another development, Chainalysis signed a memorandum of understanding with Emirates NBD, which would support the banking leader’s Digital Asset Lab program.

Michael Gronager, CEO of Chainalysis, said that the UAE government has “spearheaded the crypto revolution” with its crypto-related policies, noting: “The true potential and value of cryptocurrencies lies in their ability to transfer value, and we’re seeing an upward trend of overall transfer activity… the UAE is strongly positioned to lead innovation with novel use cases that deliver tangible value to consumers and businesses.”

An increasing number of crypto and Web3-related companies have chosen Dubai as their home in the last year. One of these companies is Chainalysis. Nicola Buonanno, Chainalysis’ vice president of Southern EMEA, said that the market in the UAE is at a “tipping point,” with institutional-sized transfers now accounting for the majority of the country’s crypto activity. As a result, the need to investigate the local industry for better compliance, market intelligence, and data solutions is “greater than ever.” 

Binance reportedly received its long-awaited license to operate as a cryptocurrency exchange in Dubai on April 18. Additionally, on May 7, in Abu Dhabi, QCP Capital, a crypto options desk, received its in-principle approval to offer regulated digital asset activities in the region.

Germany’s state-owned bank, Kreditanstalt fuer Wiederaufbau (KfW), is set to launch its first-ever digital bonds based on blockchain technology.

The move aims to promote the adoption of blockchain technology within traditional financial institutions in Germany. According to a Bloomberg report, KfW treasurer Tim Armbruster said that the bank is taking a significant step with the issuance of a blockchain-based bond and aims to attract as many investors as possible. 

Before launching the bond, KfW plans to hold discussions with European institutional investors over a few weeks. Union Investment, the investment arm of the DZ Bank Group, is expected to be an anchor investor.

Despite the new approach, KfW will reportedly maintain traditional payment processes for the bond. The transaction is expected to be completed in the summer months. However, it’s still being determined whether the bank will use public blockchain networks for digitization or if it’s developing its private solution. 

The joint bookrunners for the bond are DZ Bank, Deutsche Bank, LBBW, and Bankhaus Metzler. Meanwhile, Cashlink Technologies, a German fintech firm, will act as the crypto securities registrar. According to sources familiar with the matter, the bond will have a minimum size of €100 million ($108 million) and an expected maturity date in December 2025.

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.”

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.”