GCC sees effects of the crypto hype

Big conglomerates like Emaar have embraced the digital asset scene

2019 seems to be the year that the MENA region starts to embrace Blockchain, cryptocurrencies, Security token offerings and even Bitcoin luxury watches.

Since May for example ADGM, (Abu Dhabi Global Market) has provided three crypto exchanges with preliminary approvals to operate. Bitoasis was the first to announce its approval in May, followed by ABX Crypto early June and yesterday DEX crypto asset exchange also received approval. It also seems that KRAKEN one of the first crypto exchanges to be launched globally is setting up office in UAE. These are all interesting developments that reflect the

We also have seen big conglomerates like Emaar embrace the digital asset scene. News came out that Emaar is preparing to launch its Security token offering. Tzero was in discussion with them. Even UAE Based Locuschain announced that it would be listing its token on Latoken soon. While ME azfundchain held its first Initial Exchange offering on Stexcom and UAE Emal raised 185 million from its token sale.

We also see more telco operators embrace blockchain by providing Blockchain as a service solutions to enterprises and governmental entities. Etisalat announced UAE Trade Connect project with

UAE banks as well as its partnership with Dubai Land Department to offer Blockchain Tejari platform as a service. In addition Dutelecom is building two blockchain as service offerings in collaboration with ConsenSys.

The same momentum is growing in KSA ad Turkey. Saudi Aramco investment subsidiary has invested in a Blockchain company that works with oil and gas industry. Turkey has launched its national Blockchain platform.

Even the luxury scene in the GCC region is seeing the effects of the crypto hype with Franck Muller launching the first Bitcoin watch in the UAE.

Most importantly UNLOCK is inviting startups from around the globe and the region to participate in the UNLOCK Blockchain Challenge that will be held in our UNLOCK Blockchain forum 2020 on Jan 28th -29th 2020. If interested in being part of the challenge please send an email to lara@unlock-bc.com – SG