BlockByBlock | From Binance To Cypher
A Binance veteran joins Dubai's Web3 VC community. A local blockchain startup raises $5 million. Dubai gains an accelerator and a partnership between 2 billion-dollar funds.
In This Week’s Issue
⚡ Former VC chief at Binance seeks a $100 million raise to inject into Web3 projects after joining Dubai’s Cypher Capital.
💸 iBLOXX Studio, a UAE-based blockchain gaming entity, raises $5 million in a funding round led by PrimeXM.
🚀 Jordan edges closer to releasing a retail central bank digital currency (rCBDC) with the completion of an International Monetary Fund report.
💥 A report by Triple A, a licensed crypto payment solutions platform, reveals that crypto ownership has more than doubled in Lebanon, Morocco and Tunisia.
Local Developments
Blockchain Movements In The GCC 👇
The DMCC, a primary free zone in the UAE previously covered on BlockByBlock, partners with TDeFi, a global Web3 incubator, to introduce a new accelerator program for Web3 and blockchain firms.
Venom Foundation and Hub71, two of the UAE’s recently launched billion-dollar Web3 funds, partner to provide startups enterprise-grade solutions and simplify blockchain adoption for businesses.
Former VC chief at Binance seeks a $100 million raise to inject into Web3 projects after joining Dubai’s Cypher Capital.
“We are pleased with this promising partnership between the Venom Foundation and Hub71, and we are confident that this partnership shall be very beneficial for the development of Web3 technologies throughout the region,” said Mustafa Kheriba, executive chairman of Iceberg Capital.
Startup Action
Updates From The Startup Ecosystem 💸
iBLOXX Studio, a UAE-based blockchain gaming entity, raises $5 million in a funding round led by PrimeXM.
Hex Trust, an institutional digital asset custodian previously covered on BlockByBlock, receives a fully operational license from VARA.
WEMADE, a South Korean game developer shifting into Web3, signs a memorandum of understanding (MOU) with Saudi-based Nine66 to drive the development of the gaming industry in Saudi Arabia.
Startup Spotlight 💡
iBloxx is one of those companies that appears to have a hand in everything-Web3.
The company is categorized as a proprietary crypto trading company on LinkedIn, but a delve into their website shows that their services extend beyond just trading. iBloxx renders advisory, marketing and fund raising services to blockchain and Web3 startups all the while maintaining its specialty in crypto trading (via algos) and market-making.
Its corporates structures are divided into six separate departments each of which specialize in one or more of the functions mentioned earlier. iBloxx’s Capital AD division, for example, is responsible for market-making, while the iBloxx Capital AG division provides advisory and consulting services in algo trading. iBloxx’s proprietary trading division is based in the DMCC free zone in Dubai.
iBloxx’s recent investment round ($5 million) represents a foray into a new area of blockchain: game design and development. According to Zawya, “The funds will be primarily used to develop iBLOXX Studios, the group’s Web3 gaming arm. iBLOXX Studios is focused on building blockchain games using Unreal Engine and Unity, developing GameFi economy health and monitoring solutions, as well as creating trading-related blockchain applications.”
Keep an eye on iBloxx here.
Blockchain Trends
Global Trends 📉
Galaxy acquires institutional crypto custody firm GK8 for $44 million.
Adidas considers releasing tokens that grant customers exclusive access to physical goods like sneakers and exclusive merchandise.
Jordan edges closer to releasing a retail central bank digital currency (rCBDC) with the completion of an International Monetary Fund report.
Local Trends 📈
A report by Triple A, a licensed crypto payment solutions platform, reveals that crypto ownership has more than doubled in Lebanon, Morocco and Tunisia.
The Abu Dhabi Global Market (ADGM) and Zand Bank ink a memorandum of understanding (MOU) to offer preferential banking services and efficient bank account opening for ADGM-licensed entities, including virtual assets companies and funds.
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 🔵
Crypto Expo Dubai will be hosted on March 8th and 9th in Dubai, the UAE.
The Future Blockchain Summit will be hosted between October 17th and October 20th in Dubai, the UAE.
Blockchain Life will be hosted between Feb 27th and Feb 28th in Dubai, the UAE.
Blockchain Economy will be hosted between October 2nd to October 5th in Dubai, the UAE.
AIBC will be hosted between March 13th and 16th in Dubai, the UAE.