BlockByBlock | Crypto Credit Cards Coming Soon?
Local Developments
Movements In The GCC ๐
BitOasis partners with Mastercard to launch first-ever, crypto-linked cards in the GCC region.
Binance launches in Bahrain with approval from the country's Central Bank.
Saudi Arabia launches blockchain SMS tracking system to reduce fraud.
Abu Dhabi-based global tech ecosystem Hub71 launches a new platform that seeks to facilitate access to regional-family-office capital for startups.
"Currently, cryptocurrency payments and cash-outs are considered cumbersome, with the overwhelming majority of merchants not accepting such payments directly. The partnership will address these pain points and further drive customer awareness and crypto adoption in the region," said BitOasis and Binance in a joint statement.
Key Industry Development
What Will Crypto Credit Cards Mean For The GCC? ๐ณ
One of the leading roadblocks to mainstream crypto adoption is its lack of integration with traditional financial systems.
This is neither a secret nor difficult to spot. Have you ever bought a loaf of bread with crypto? Not likely. Until the ability to easily purchase items becomes widespread, fiat currencies will always have an edge over their cryptographic counterparts in terms of utility.
To narrow this gap requires a unique mix of entrepreneurial ingenuity and a pro-crypto government. Luckily, this serendipitous crossover is occurring right now in the GCC with BitOasis and MasterCard leading the line.
BitOasis, the leading cryptocurrency platform for the Middle East & North Africa (MENA) and Mastercard, have partnered to launch a series of crypto card programs in the region that will facilitate day-to-day usage of cryptocurrencies at points of sale and across e-commerce platforms.ย
According to the Wamda press report, "BitOasis customers will be able to convert their cryptocurrency holdings to fiat currency, allowing the consumer to easily shop and pay at more than 90 million merchant locations globally. The first BitOasis cards are expected to launch in early 2023 in markets with regulatory approvals."
There are no two-ways about it: This is a huge development.
BitOasis, who last year raised $30 million in a Series B roundย co-led by Wamda and US-based VC Jump Capital, is slowly bridging the gap between crypto and fiat utility, allowing customers to actually USE cryptocurrency as a convenient medium of transfer.
The government sponsoring this partnership?
You guessed it: the UAE.
Startup Action
Updates From The Startup Ecosystemย ๐ธ
Phoenix Technology, a leading retailer of crypto mining hardware in the Middle East, invests $300 million into expansion efforts in 2023.
UAE-based alternative investment firm Aliph Capital receives $125 million and aims to inject the cash into promising GCC companies.
Q9, a leading crypto investment platform, wins a provisional license from VARA to operate in the UAE.
Startup Spotlight ๐ก
Based in Abu Dhabi Global Market (ADGM), Aliph Capital is an alternative investment manager founded by Huda Al-Lawati, a leading private equity professional with over 20 years of experience in emerging markets.ย
After receiving $125 million from its maiden fund, Aliph Fund I (LP), Aliph Capital now intends to seek to acquire sizeable, active positions in privately owned mid-market companies across the GCC.
These companies must possess robust business fundamentals to realize attractive returns, through active ownership combined with strong value creation opportunities, institutional governance standards and digitalization.
Contrary to the norm in finance and entrepreneurship in the Arab world, Aliph Capital is run by a women-majority workforce. Huda Al-Lawati, the firm's founder, is a leading private equity professional with over 20 years of experience in emerging markets (pictured above).
Click here to learn more about Huda and Aliph Capital.
Blockchain Trends
Global Trends ๐
The UK moves forward on a bill that proposes a "range of measures to maintain and enhance the U.K.โs position as a global leader in financial services," with an emphasis on cryptocurrency regulation and adoption.
Dogecoin replaces Cardano as 6th largest cryptocurrency and DogeChain Token triples in 7 days.
Visa, PayPal and Western Union file trademark applications for crypto and Web3 products.
Local Trends ๐
The Central Bank of the UAE completes the first real-value cross-border transaction with central bank digital currencies (CBDC), a project emulated by 20 other banks around the world.
All women luxury jet charter, ME Jets, partners with UAE digital asset service provider Hayvn to offer crypto payment services.
Bahrain International Circuit, Formula-1 race host, announces it will be accepting crypto payments via Eazy Financial Services.
Upcoming Events
AgoraGroupย ๐ด
Theย Global Blockchain Congressย is undergoing its 10th iteration in Dubai on November 23rd and 24th of 2022.
Events Across The UAEย ๐ต
Theย World Blockchain Summitย will be hosted on Oct. 17th and 19th of 2022 in Dubai, UAE.
The Blockchain Life Event will be hosted on November 28th and 29th of 2022, in Dubai, UAE.
The International Crypto Summit will be hosted from November 14th till November 16th, 2022, in Dubai, UAE.