Crypto Moves – DAMAC completes $50m in crypto deals; to operate in Dubai

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RIYADH: Bit­coin, the lead­ing cryp­tocur­ren­cy inter­na­tion­al­ly, trad­ed high­er on Sun­day, ris­ing by 0.47 per­cent to $29,785.28 as of 9:00 a.m. Riyadh time.

Ethereum, the sec­ond most trad­ed cryp­tocur­ren­cy, was priced at $1,794.73 up by 1.68 per­cent, accord­ing to data from Coindesk.

DAMAC com­pletes $50m in cryp­to deals

A Dubai-based real estate devel­op­er, DAMAC Prop­er­ties, has com­plet­ed cryp­tocur­ren­cy deals worth SAR1.8 bil­lion ($50 mil­lion) since the begin­ning of the year, accord­ing to its Chief Oper­at­ing Offi­cer, Ali Sajwani.
Damac prop­er­ties is hav­ing a hard time con­vinc­ing old­er gen­er­a­tions to embrace cryp­tocur­ren­cies, non-fun­gi­ble tokens, and the meta­verse, Sajwani said, accord­ing to
In accept­ing either Bit­coin or Ethereum as pay­ment, Sajwani not­ed that DAMAC has demon­strat­ed its will­ing­ness to go the extra mile to “ben­e­fit from the most advanced tech­nol­o­gy solu­tions,” the arti­cle said.

VC Cypher Cap­i­tal invests in blockchain com­pa­ny Iomob
The blockchain-focused invest­ment firm Cypher Cap­i­tal, based in Dubai, invest­ed in Iomob on June 3, accord­ing to a state­ment.
The blockchain com­pa­ny, which devel­oped the world’s first mobil­i­ty mar­ket­place net­work and token, will use the invest­ment to improve its blockchain archi­tec­ture.
Cypher Capital’s sup­port, accord­ing to Iomob CEO Boyd Cohen, helps fuel the devel­op­ment of new, decen­tral­ized, inter­op­er­a­ble glob­al mobil­i­ty net­works, which will be the cor­ner­stone of the company’s new ‘inter­net of mobil­i­ty’ phi­los­o­phy, which is begin­ning to reshape how the com­pa­ny views glob­al trans­porta­tion.
Since its incor­po­ra­tion in 2018 by three Ph.D. co-founders based in Barcelona, Spain, Iomob’s has deployed tri­als with major enter­prise cus­tomers in New Zealand, Spain, and Scan­di­navia, and is now deploy­ing com­mer­cial­ly in the UK, US, and Por­tu­gal.
Accord­ing to the state­ment, Iomob deliv­ers mul­ti­modal, shared mobil­i­ty access to mil­lions of trav­el­ers this year with sev­er­al more deploy­ments planned.
Addi­tion­al­ly, A100x and Creas have co-invest­ed in the blockchain com­pa­ny with True Glob­al Ven­tures.
With Iomob’s appli­ca­tion and world-class “Jour­ney Plan­ner,” users can access 7,000 taxi fleets, and micro mobil­i­ty in more than 270 cities, along with thou­sands of park­ing spaces and over 480 pub­lic tran­sit feeds. receives pro­vi­sion­al approval to open a cryp­to exchange in Dubai, the world’s fastest grow­ing cryp­tocur­ren­cy plat­form, is in the process of offer­ing dig­i­tal asset ser­vices in Dubai, fol­low­ing in the foot­steps of Binance, FTX, and Bybit
Dubai’s Vir­tu­al Assets Reg­u­la­to­ry Author­i­ty has pro­vi­sion­al­ly approved’s Vir­tu­al Asset MVP License, allow­ing the com­pa­ny to offer a full range of cryp­to exchange prod­ucts and ser­vices, accord­ing to a state­ment.
Direc­tor Gen­er­al of Dubai World Trade Cen­ter Author­i­ty that hous­es VARA, Helal Saeed Almar­ri, said in a state­ment: “As a licensed par­tic­i­pant, will be one of the anchors part­ner­ing with VARA in the devel­op­ment of a glob­al future focused reg­u­la­to­ry frame­work.” sub­mit­ted required doc­u­men­ta­tion detail­ing its assur­ances of com­pli­ance checks in return for the pro­vi­sion­al license. After VARA issues its final Vir­tu­al Asset MVP license, the com­pa­ny will offer addi­tion­al prod­ucts and ser­vices to insti­tu­tion­al investors and con­sumers, the state­ment said. announced plans to open a region­al hub in Dubai in March. The UAE gov­ern­ment and are also part­ner­ing through Investopia to advance glob­al finan­cial inno­va­tion both domes­ti­cal­ly and internationally.

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