Liminal partners with Encryptus to bridge between crypto and fiat

Dubai: Liminal, the fastest-growing digital asset custody and wallet infrastructure provider, has announced a strategic partnership with Dubai-based Encryptus, a pioneer in providing comprehensive fiat off-ramp solutions. This collaboration aims to transform the digital asset space by offering a compliant and consolidated pathway for institutions to convert crypto to local currencies seamlessly. The partnership aligns seamlessly with both companies' goals. Liminal's expertise in secure custody solutions, supporting over 50+ businesses and 20+ chains, perfectly complements Encryptus's robust crypto-to-fiat off-ramp capabilities. This collaboration will enable Liminal users to seamlessly convert their digital asset treasury into fiat currencies, facilitating business payments in 54 countries and individual payments in 80+ countries to bank wires and mobile wallets (e-wallets)In 2023, Liminal announced the grant of an In-Principle Approval (IPA) by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a custody provider for Virtual Assets. This partnership can be considered as a step forward in expanding its base in the middle east region.This collaboration is poised to yield several key benefits:Enhanced Clientele Access for Encryptus: By partnering with Liminal, Encryptus gains access to a diverse client base seeking secure and compliant crypto-to-fiat solutions. This expands their market reach and allows them to cater to the specific needs of Liminal's clients.Expanded Business Opportunities for Liminal: Liminal can now offer extended service to its existing clients by integrating Encryptus’s off-ramp solutions, enabling direct crypto-to-fiat transfer right from their Vaults app. Simplifying Crypto Transactions: By simplifying complex compliance challenges and streamlining digital to fiat asset conversions, this collaboration makes crypto a more accessible and user-friendly asset for businesses worldwide in a more regulated and in a compliant way. Manhar Garegrat, Country Head India & Global Partnerships at Liminal said, “We are delighted to partner with Encryptus, a company that shares our commitment to security, compliance, and innovation. This collaboration will undoubtedly enhance our ability to provide cutting-edge solutions to our clients globally."Encryptus CEO Shantnoo Saxsena said: "The partnership with Liminal marks a strategic move towards offering a comprehensive fiat off-ramp solution to Liminal's customers. Encryptus is committed to empower their partners to offer Crypto <> Fiat services in a secure and in a compliant way. We are really excited to be a part of Liminal’s ecosystem"This strategic alliance signifies a major leap forward in bridging the gap between traditional and crypto finance. Liminal and Encryptus are committed to revolutionizing the industry by delivering innovative solutions that meet the evolving needs of the digital asset landscape. By joining forces, they pave the way for a future where crypto becomes a readily accessible and valuable tool for businesses worldwide.

eToro gets ADGM approval to operate in the UAE

Abu Dhabi Financial Markets Authority (ADGM), the international financial centre in the capital of the United Arab Emirates, and eToro, the global trading and investing platform, are pleased to announce today that eToro has received approval for a Financial Services Permission (FSP) from the Financial Services Regulatory Authority of ADGM to operate as a broker for securities, derivatives, and cryptoassets in the United Arab Emirates.Yoni Assia, Founder and CEO of eToro, commented: “The approval of our operating licence by ADGM is a key milestone in our continued global expansion. Abu Dhabi is increasingly recognised as a growing fintech hub, and we are excited to become part of this flourishing ecosystem.“With our team in Abu Dhabi led by Jason Hughes, Senior Executive Officer for eToro Middle East and George Naddaf, GCC & MENA Regional Manager, we are looking forward to deepening our relationships in this dynamic market and to helping our UAE clients grow their financial knowledge and wealth as part of a global community of investors.”Arvind Ramamurthy, Chief of Market Development at ADGM, said: “We are delighted to welcome eToro to ADGM. We are confident that ADGM’s dynamic ecosystem and progressive regulations will enable eToro's vision, ADGM is the largest regulated jurisdiction of virtual assets in the MENA region and eToro’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers, and reinforce the UAE’s strategic value to global finance.”Founded in 2007, eToro has over 34 million registered users, operates in over 100 countries and is localised in more than 20 languages. With the commitment to give you the tools you need to grow your knowledge and wealth, on eToro, users can view other investors’ portfolios and statistics, and interact with them to exchange ideas and discuss strategies.On eToro, users can hold traditional assets such as equities, currencies or commodities alongside ‘new’ assets such as crypto. eToro also offers its users a choice of how to invest, as users can trade directly themselves, invest in a Smart Portfolios, or copy the investment strategy of other investors on eToro’s platform.

E& launches "I Speak Code&" Bootcamp to prepare the next generation for future

e& announced the launch of "I Speak Code&" Bootcamp, a distinctive eight-week coding programme, underscoring its dedication to elevating computer science education in the UAE.The bootcamp is the nation’s inaugural programme in collaboration with, an organisation focused on expanding computer science education in schools and facilitated with the support of Abu Dhabi Global Market (ADGM) Academy, which provided state-of-the-art facilities for the initiative.The “I Speak Code&” Bootcamp teaches children aged 5 to 12 the basics of coding using the curriculum. Held on Saturdays for four hours, each lesson builds on the previous, culminating in a student-led project showcase at the graduation ceremony on 18th November. Notably, older students, aged 11 and 12, will advance to the cutting-edge Artificial Intelligence curriculum.The bootcamp is being conducted by selected computer science teachers from across the Emirates, who underwent intensive training from to enhance their skills and ensure they deliver the curriculum effectively to young learners.Dena AlMansoori, e& Group Chief HR Officer said: “As the digital landscape continues to evolve, it's crucial we prepare and empower our youth to define, navigate, and shape it. Coding isn't just a skill; it's the language of tomorrow. Together with, we aim for every child in the UAE and region to be fluent in it. “Learning how to code taps into multiple key skills such as problem solving, teamwork, critical thinking, creativity, resilience, and self-confidence. It is imperative to nurture these skills in our future leaders irrespective of the career path they choose.”In line with the Ministry of Education’s vision, the bootcamp exemplifies the nation’s ambition to lead in the digital realm. e& is deeply committed to advancing STEM education in the UAE, emphasising that coding is vital for all children.Following the notable success of this year’s pilot, "I Speak Code" Bootcamp being held for the children of e& employees, plans are underway for its broader roll-out next year. The programme is targeting to expand locations, increase student participants, and train more teachers in the coming years.As the anchor partner for in the region, e& will be actively involved with similar initiatives, beginning with the Hour of Code campaign. The ambitious initiative, supported by the Office of AI and the Ministry of Education, aims to encourage all children in the UAE to take their first step into the world of coding.

Azimut Middle East appoints Vijay Sekhar as Head of Wholesale Distribution

 Dubai, UAE : Vijay Sekhar joins Azimut Middle East as Head of Wholesale Distribution Middle East reporting in to Maroun Jalkh, CEO of Azimut (ME) Limited and Head of Institutional Sales Middle East & Asia. Vijay brings over 20 years of experience in the investment management and wealth management industry, covering the Middle East, Africa and India.In his new role, Vijay will work towards strengthening and expanding Azimut’s presence in the region on both the conventional and Islamic segment. In addition to Maroun and Vijay, the team currently comprises Stephane Masini, Head of Key Clients. Prior to joining Azimut, Vijay has worked in the UAE with Natixis Investment Managers, Columbia Threadneedle and Citi Bank.Azimut Middle East now employs more than 30 people within the UAE and is the only global investment management company to be licensed and regulated by both DFSA and ADGM.

HUB71 launches new innovation ecosystem

Hub71, Abu Dhabi’s global tech ecosystem, has announced the launch of Hub71+ Digital Assets, a dedicated Web3 specialist ecosystem, with more than AED7bn+ ($2 billion) of capital committed to fund Web3 startups and blockchain technologies from Abu Dhabi.Hub71+ is a specialist ecosystem dedicated to advancing specific technology sectors. The first Hub71+ to launch is Hub71+ Digital Assets, focussing on unleashing the disruptive potential of Web3 and the growth of digital assets.Web3 describes the evolution of the internet into a decentralised online space increasingly built on innovations such as blockchain technology and metaverse applications. Web3 startups, from seed to unicorn stage, will benefit from the ability to scale globally through Hub71+ Digital Assets, unlocking access to a host of programmes, initiatives, and its extensive range of Web3 focused corporate, government and investment partners in the UAE and global markets. Hub71+ Digital Assets will be based at Hub71 in Abu Dhabi Global Market (ADGM) where Web3 startups can operate in a progressive regulatory environment, which offers world-class blockchain and virtual asset infrastructure.First Abu Dhabi Bank (FAB), the UAE's largest bank and one of the world's largest and safest financial institutions, and its research and innovation center, FABRIC, join Hub71 as the anchor partner of Hub71+ Digital Assets. FAB will identify leading Web3 startups, entrepreneurs, and breakthrough technologies to help the UAE’s largest bank reimagine financial services in the metaverse.Hub71 has also onboarded a diverse range of partners and Web3 players that form part of Hub71+ Digital Assets including digital asset exchanges and service providers Binance and MidChains, that will facilitate the discovery, trading and custody of digital assets.Technology Providers Amazon Web Services (AWS) and Mastercard will also help to bridge the gap between Web2 and Web3 and providing effective infrastructure platforms, and venture studio DAO will assist in facilitating the build and acceleration of new Web3 and digital assets startups.Providing access to capital and investment opportunities, a number of venture capital funds will be available including Binance Labs’ $500 million Investment Fund to invest in Web3, Venom Foundation through its USD 1 billion venture fund, Venom Venture Funds (VVF) in partnership with ICEBERG Capital an ADGM regulated investment manager, Ton Foundations’ $250 million TONcoin.Fund, as well as existing venture capital partners from Hub71 that are set to invest in Web3 companies.In addition, blockchain platforms Algorand, Polygon, SUI Blockchain, Ton Foundation and Venom Foundation, will enable transparent recording, tracking, and sharing of assets.The combination of these elements aims to support participating startups to launch tokens and promote tokenisation, as part of the fundraising journey.Ahmad Ali Alwan, Deputy Chief Executive Officer of Hub71, said: “Hub71+ Digital Assets signifies that Abu Dhabi is open to disruptive businesses driving forward change and transformation on a global level. Decentralisation is the future of a blockchain-based internet, and Web3 startups will play an immense role in accelerating this transition. Teaming up with ADGM, FAB and its research and innovation center, FABRIC, alongside the world’s leading Web3 companies and enablers under one roof will provide founders with an opportunity to fundraise, develop and commercialize innovations safely while operating within the largest regulated jurisdiction of virtual assets in the MENA region.”Dhaher bin Dhaher Al Mheiri, CEO of ADGM, said: “We are pleased to strengthen our association with Hub71 on the launch of Hub71+ Digital Assets. In today’s rapidly evolving digital landscape, we have seen the rise of new technologies, and ecosystems such as Web3 that have the potential to transform the world. At ADGM, we are dedicated to providing a holistic environment that facilitates a seamless and secure adoption of digital assets to foster the growth of this new digital landscape. This alliance will help start-ups and digital assets to benefit from ADGM's diverse ecosystem and progressive regulatory environment by accessing world-class and innovative infrastructure. This further reinforces ADGM’s commitment to developing the UAE economy and keeping pace with global trends with a risk-based approach. We are delighted to be at the forefront of this revolution by empowering the next generation of businesses and look forward to the long-term growth it will present to the start-ups of the UAE and beyond.”Suhail Bin Tarraf, Group Chief Operating Officer at First Abu Dhabi Bank (FAB), said: “FAB is trusted as a financial partner to our customers in the real world, and those same customers are now increasingly active in the Web3 space as well. Staying ahead of the curve when it comes to innovations such as blockchain, NFTs and the metaverse, is yet another way we fulfill our Customer First promise as we leverage new opportunities at the intersection of digital identity, ownership, and value. Through this partnership, it is our intent to meet our customers in this emerging digital space and keep them ahead with their financial needs.”Web3 startups at the unicorn stage (valued at more than $1 billion) will also benefit from Hub71’s value creation programme to support business relocation to Abu Dhabi and growth in the Middle East and global markets.Hub71+ Digital Assets will contribute to supporting the UAE Digital Economy Strategy, which aims to double the contribution of the digital economy to non-oil GDP to more than 20 per cent within 10 years.

256 Network signs an MoU with Abu Dhabi Global Market (ADGM)

The 256 Network, a leading invite-only network group bringing together global decision-makers investing in private markets, signed a memorandum of understanding with Abu Dhabi Global Market, the international financial centre of the UAE's capital Emirate, on the sidelines of Abu Dhabi Finance Week. The week-long event served as a platform for in-depth conversations around the MENA region's thriving financial sector, industry trends, developments and innovation involving financial markets and global banking.The signing ceremony was attended by Dhruv Sehra - Founder and CEO of 256 Network, Pankaj Gupta, Co-founder and Co-CEO of Gulf Islamic Investments and Founding Board Member of 256 Network GCC Chapter & Prashanth Prakash, Founding Board Member of 256 Network and Founding Partner of Accel Partners, Rajan Navani (virtually), Founding Board Member of the 256 Network, VC & MD, Jetline Group (JetSynthesys) as well as Rajiv Sehgal, Chief Strategy Officer of ADGM, Dhaher bin Dhaher, CEO of Registration Authority of ADGM, Hamad Al Mazrouei, COO of ADGM and Saeed Al Khoori, Director of Sovereign and Strategic Partnerships of ADGM and other senior members from both entities. Part of the visit was to launch their offices in Abu Dhabi in line with their expansion plans.As per the MoU, 256 Network and Abu Dhabi Global Market (ADGM) will jointly collaborate on developing the startup ecosystems of India and UAE and catalyze cross border innovation and collaboration.The Group also launched their Emerging Fund Manager Fellowship where 256 Network will facilitate access, fund them and help first and second time fund managers from across the world in launching their funds. The program is designed for fund managers working on investment vehicles in venture capital and private equity. They will be able to leverage ADGM's expertise and access to gain a competitive edge while launching their funds.To know more and apply for the 256 Network Emerging Fund Manager Fellowship, please visit their website - Abu Dhabi Finance Week, 256 Network invited 250 of their global members for a retreat that included different activities, one of which was visiting the Hindu Mandir temple, the first traditional Hindu Temple in the Middle East.The visit was accompanied by Dr. Sultan Karmostaji, Deputy Director General Education Training Development at Ministry of Interior Abu Dhabi, Founder and Chairman of UAE Angels Capital Investment, and His Holiness Brahmavihari Swami, as well as 256 Network founding board members, Pankaj Gupta, and Prashanth Prakash.Dhruv Sehra, Founder & CEO of 256 Network, said: "The MoU signifies a vital milestone in international cooperation between the two entities. It will facilitate mutual assistance to strengthen the supervision of cross-border operations of financial institutions under their purview. As we cross the threshold into our expansion, we are keen to fortify our footprint in Abu Dhabi, as the group will spare no effort in consolidating the prominence of the UAE's thriving market and aspiration to continue inviting investors and leveraging its full-scale capacity."Rajan Navani, Founding Board Member, 256 Network and VC & MD, Jetline Group, said: "The MoU with ADGM has resulted into the creation of a sizeable international partnership that will help both the organisations groom upcoming fund managers by providing guidance and support like no other - one with synergy and great experience. This is also a significant step towards ensuring greater ease of investing and doing business in the MENA region which is full of untapped potential. I am looking forward to seeing what we can achieve together in the coming future."Prashanth Prakash, Founding Board Member, 256 Network and Founding Partner of Accel Partners. said: "Both of our regions have had long standing business relationships spanning decades and this expansion marks a new association which will catalyse synergies between both our business and start-up communities. I am excited to see the ensuing innovation and startups that get built as a result of our collaboration. Both our startup communities are amongst the fastest growing in the world and this partnership will not only create more jobs but also generate cultural and financial capital which will compound both our economies in this decade."Arvind Ramamurthy, Chief of Markets of ADGM, said: "We are pleased to partner with 256 Network through the signing of this MoU. This step is especially important as we witness the continuous growth and expansion of the financial market in Abu Dhabi and the UAE. Strengthening ties with international industry leaders is at the forefront of our strategy and we are looking forward to working with our partners in India to create more investment opportunities and develop a robust business ecosystem.We will continue to work with our strategic partners, locally and internationally, to further Abu Dhabi and the UAE's economic development plans and achieve greater investor trust, accessibility and ease of doing business in Abu Dhabi and beyond."