BlockByBlock | $100 Million Web3 Fund Launches In The UAE
Good morning, subscribers, and a happy new year to you all. It's been a tumultuous year for blockchain, but there's much still to look forward to. May 2023 be a year of growth, health and learning.
In This Week’s Issue
⚡ The Central Bank of Egypt forms a committee to study the use cases of a central bank digital currency (CBDC) following years of prosecution of crypto users.
💰 TD Group, parent company of Web3 fund TD VC, launches a $100 million Web3 “special situation” fund.
✔️ SmartLedger, the world’s leading blockchain distribution channel, opens a new subsidiary, Blockchain Smart Technologies, in Dubai, the UAE.
💥 Mastercard partners with Polygon to create an accelerator program for artists.
Local Developments
Blockchain Movements In The GCC 👇
The Central Bank of Egypt forms a committee to study the use cases of a central bank digital currency (CBDC) following years of prosecution of crypto users.
Morocco’s central bank completes a legislation draft for the regulated use of cryptocurrency.
TD Group, parent company of Web3 fund TD VC, launches a $100 million Web3 “special situation” fund.
“We aim to be a catalyst for innovation and believe our funding models will empower creators and disruptors in the web3 space to revolutionize the existing multi-layered blockchain ecosystem,” said Rupesh Pednekar, leading operator of the new fund.
Startup Action
Updates From The Startup Ecosystem 💸
SmartLedger, the world’s leading blockchain distribution channel, opens a new subsidiary, Blockchain Smart Technologies, in Dubai, the UAE.
Creta, a Web3 game developer with offices in Dubai, releases visuals of its new Web3 game, Kingdom Under Fire: The Rise, in Japan, showcasing the rising standard of quality in Web3 games.
Petra Mobile Payment Services, a Jordanian payment infrastructure company, signs a memorandum of understanding (MoU) with LivaatVerse, an Arab metaverse platform, to provide a mobile wallet for LivaatVerse attendees.
Blockchain Trends
Global Trends 📉
Sam Bankman-Fried pleads ‘not guilty’ to all accounts in federal court, including wire fraud and securities fraud.
McKinsey estimates that the metaverse could create up to $5 trillion in value by 2030.
Mastercard partners with Polygon to create an accelerator program for artists.
Huobi, a world-leading cryptocurrency trading exchange, confirms it will cut 20% of its staff.
Local Trends 📈
MENA startups raise $125 million in December, pushing 2022 total to $3.6 billion.
Emirates Health Services launches a metaverse-based, virtual telemedicine solution in the UAE.
Upcoming Events
Events By AgoraGroup 🔴
AgoraGroup will host the Global Blockchain Congress (11th Edition) on March 6th and 7th in Dubai, the UAE.
Events Across The UAE 🔵
The Future Blockchain Summit will be hosted between May 10th and May 12th in Dubai, the UAE.
Crypto Expo Dubai will be hosted on March 8th and 9th in Dubai, the UAE.