The Finance World Magazine| Edition: April 2023

UAE’s Cryptocurrency Landscape achieves Major
Milestones
The Cryptoverse, based in
Dubai, is a cryptocurrency
exchange where individuals
and businesses can buy and
sell cryptocurrency within minutes. It
has achieved new heights in the UAE
and has successfully completed over
15,000 client exchanges, making it a
trusted and well-known exchange in
Dubai for buying and selling Bitcoin,
Ethereum, Binance, and Tether,
according to reports. The Cryptoverse
offers instant transactions, ensuring
clients receive their crypto or fiat
(AED) immediately after payment. It
has facilitated significant payments for
real estate purchases and worked with
luxury car dealerships, watch brands,
and hotels. The Cryptoverse aims
to become one of the leading global
cryptocurrency exchanges, offering
reliable and hassle-free services.
DMCC Crypto Centre
and DWF Labs Partner
to Attract Crypto Companies
to Dubai
DMCC, the Dubai-based free
zone and commodities trade
authority, has teamed up with
Digital Wave Finance (DWF)
Labs to offer a $5M growth platform for
blockchain and web3 firms at the DMCC
Crypto Centre. DWF will establish
the DWF Ventures Studio to support
start-ups using the Crypto Centre and
Dubai as a hub for scaling operations
locally, regionally and globally. The
DWF Venture Studio will offer services
including consultancy, venture capital
connections, workshops, market
making services and direct investments.
DWF aims to invest in 50 web3 start-ups,
with additional investments for best
performers and a $500,000 investment
for the cohort’s most prominent firm.
ABO Digital to Introduce
Alternative Financing
Structures to Regional
Crypto Market
ABO Digital, a new investment
company, has been launched
by Alpha Blue Ocean, which
operates in the Bahamas
and Dubai. ABO Digital will use
Alpha Blue Ocean’s experience as
a structured Private Investments in
Public Equity (PIPE) investor, which
has executed more than $2B in financing
commitments globally over the past five
years. The company will offer innovative
and flexible funding solutions to give
blockchain projects greater access
to capital. The move comes at a time
when many venture capitalists will
have suffered losses due to the recent
crypto credit contagion, reducing the
pool of available growth capital.
Crypto.com chief praises UAE as ideal
environment for digital assets
Eric Anziani, President and
COO of Crypto.com, has stated
that the UAE has a conducive
environment for cryptocurrencies
due to a fit-for-purpose regulatory
framework, strong government
willingness to invest in blockchain and
Web3, and a fertile environment for
digital assets. Speaking at Investopia,
a UAE-based investment conference,
Anziani noted that emerging markets
such as Latin America and Turkey are
actively pursuing stablecoins due to
hyperinflation. He added that these
assets are playing a critical role in preserving
value in such markets. FinTech
startups led in both funding and number
of deals in the Middle East, Africa,
Pakistan, and Turkey region in 2022,
with $2.25B raised across 351 deals.
April 2023 www.thefinanceworld.com 59