One of the financial hubs of the Middle East, the United Arab Emirates (UAE), is continuing to expand blockchain-driven developments. The Department of Economic Development (DED) of Dubai has established a Know Your Customer (KYC) blockchain consortium with six major banks. Dubbed “KYC Blockchain Consortium,” the new blockchain-powered regulatory platform is designed to accelerate processes like exchange of digital customer data and documents while ensuring security. The project also intends to bring a unified platform of KYC efforts among existing and future ecosystem members like qualified financial institutions and licensing authorities. UAE’s first KYC blockchain platform to launch in Q1 …
A DAG blockchain platform that can operate as the IT infrastructure for smart cities has announced a partnership with the private office of Sheikh Saeed bin Ahmed Al Maktoum — paving the way for an operational presence in Dubai. The Fantom Foundation says its protocol is designed to operate as the information technology infrastructure for smart cities that will make the lives of people living in urban areas easier — enhancing everything from health care and education to traffic management and environmental sustainability. Recently, the Unites Arab Emirates unveiled its “Smart Dubai” initiative, which aims to make the metropolis a …
The blockchain platform built by one of the United Arab Emirates’ (UAE) two telecoms operators has received an official endorsement from the government as part of the country’s blockchain integration, executives confirmed in a press release on April 3. Du, formerly known officially as Emirates Integrated Telecommunications Company, created its Blockchain-Platform-as-a-Service (BPaas) to offer cloud-based private blockchain hosting compatible with both Ethereum (ETH) and the Hyperledger Fabric. Now, the platform has received the seal of approval from Smart Dubai, the government organization in charge of transforming state-level services with the leveraging of disruptive technologies by 2021. “The Dubai blockchain agenda …
The article has been updated to reflect a mistake in the name of the Sheikh involved in the funding, who is Sheikh Saeed bin Ahmed Al Maktoum, not Sheikh Ahmed bin Al Maktoum. Dubai royal Sheikh Saeed bin Ahmed Al Maktoum is backing Lichtenstein-based cryptocurrency fund manager Invao, according to a report from Bloomberg on Feb 5. The fund management firm purportedly aims to secure more investors in the United Arab Emirates (UAE). The Sheikh’s private office, known simply as The Private Office, will reportedly help Invao to secure funding in the UAE. The Private Office also invests in cryptocurrencies …
The city of Dubai has been very welcoming to the crypto space, providing the much-needed regulatory clarity to help the industry thrive. While this attracts native Web3 and crypto businesses to the emirate, even non-crypto businesses started integrating technologies like crypto, nonfungible tokens (NFTs) and even the metaverse into their operations. Cointelegraph went to explore various parts of Dubai to find out how crypto and Web3 technologies have been integrated within some businesses in the emirate. Ordering groceries with cryptocurrencies Day To Day, one of the popular and most affordable grocery chains in Dubai, announced that it started to accept …