Regulation is behind the wave of companies relocating or deploying to the UAE. Country Regulatory framework introduced For decentralized autonomous organizations (DAOs), virtual asset providers, the metaverse, and other Web3-related entities.
By offering regulatory clarity and a clear path to compliance – amid a crackdown in the United States – the UAE is getting closer to fulfilling what it wants to become: an international financial center for digital assets.
While predictions vary about how this will affect the future of the UAE or the crypto sector, history shows how countries have used regulatory gaps to create new industries or curb existing ones.
This week’s Crypto Biz also explores Canaan’s revenue challenges, Wormhole’s massive fundraising, and Banco Sanchez’s crypto moves.
Iota launches $100 million Abu Dhabi Foundation for Middle East expansion
Open-source blockchain developer Iota Launch announced Iota Ecosystem DLT Foundation in Abu Dhabi, which is dedicated to expanding its distributed ledger technology (DLT) in the Middle East. The new foundation will be backed by $100 million in Iota (IOTA) digital tokens, which will be vested for four years. According to Dominic Schiener, co-founder of Iota, the main objective of the foundation is to convert real-world assets into digital format. The initiative involves tokenization of assets to advance technology development in the region. Hamad Sayah Al Mazrouei, CEO of the Registration Authority for Abu Dhabi Global Market, said the country wants to become “the leading jurisdiction for the blockchain industry.”
Iota launches Iota Ecosystem DLT Foundation in Abu Dhabi with $100M investment, a new step in expanding its DLT technology in the Middle East.https://t.co/6ePbeYFs30
– Cointelegraph (@Cointelegraph) 29 November 2023
Canaan receives new financing as revenue declines 55% in Q3
Bitcoin (B T cMiners Canaan looking for a new capital Between the decline in revenue and its bottom line. According to its Q3 2023 earnings report released on November 28, the company is looking to sell $148 million of equity through a market offering. A day earlier, Canaan announced that it had reached an agreement with an undisclosed institutional investor to issue 125,000 preferred stocks at $1,000 per share for total proceeds of $125 million. The company’s revenue fell 55% to $33.3 million compared to the third quarter of 2022 due to the decline in the price of Bitcoin. Many Bitcoin miners filed for bankruptcy in 2022 due to rising electricity costs and low BTC prices.
Wormhole raises $225 million at $2.5 billion valuation
Cross-chain protocol is in a wormhole Received investment of $225 million At a valuation of $2.5 billion, according to an announcement on November 29. The investment round was led by Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital and Arrington Capital. The Wormhole Foundation also announced the launch of Wormhole Labs, which the company said is an independent technology company focused on tools and services for cross-chain development. Currently, its blockchain-to-blockchain communication technology is used to bridge assets, power oracle data feeds, and transfer non-fungible tokens.
Wormhole has secured a massive investment of $225M, valuing the protocol at $2.5B. A strong sign of confidence in cross-chain technologies despite past challenges. https://t.co/9pY4amxfyu
– Cointelegraph (@Cointelegraph) 29 November 2023
Santander appoints crypto custodian Taurus to safeguard Bitcoin, Ether: Report
Spanish financial services giant Banco Santander has reportedly said Selected Digital Asset Management Firm Taurus To protect the Bitcoin and Ether of its Swiss customers (ETH, Centro’s private banking unit launched a new Bitcoin and Ether trading service for clients with Swiss accounts. A spokesperson for Symantec told Cointelegraph that customers will only get access to crypto investment services after making a request through relationship managers. In September, Taurus also partnered with German banking giant Deutsche Bank to offer cryptocurrency custody options to its clients.
Before you go: an archipelago in the middle of the atlantic Startups are looking for more tech talents To boost its economic growth. Web3 entrepreneurs are coming into this field.
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