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UAE’s regulatory construction attracts crypto companies, Canaan’s income slumps, and extra

03 Dec 2023
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Behind the wave of corporations transferring or deploying initiatives within the UAE is regulation. The nation has introduced regulatory frameworks for decentralized autonomous organizations (DAOs), digital asset suppliers, metaverses and different Web3-related entities.

By providing regulatory readability and a transparent path to compliance — amid a crackdown in the US — the UAE is transferring nearer to fulfilling what it needs to be: a global monetary hub for digital belongings.

Whereas predictions about the way it will have an effect on the way forward for the UAE or the crypto area itself differ, historical past exhibits how international locations have used regulatory gaps to construct new industries or curb present ones.

This week’s Crypto Biz additionally explores Canaan’s income challenges, Wormhole’s large fundraising and Banco Santander’s crypto strikes.

Iota launches $100 million Abu Dhabi basis for Center East growth

Open-source blockchain developer Iota announced the launch of the Iota Ecosystem DLT Basis in Abu Dhabi, which is devoted to increasing its distributed ledger expertise (DLT) within the Center East. The brand new basis will probably be supported by $100 million in Iota (IOTA) digital tokens, to be vested over 4 years. In keeping with Iota’s co-founder, Dominik Schiener, the muse’s most important goal is to transform real-world belongings into digital codecs. The initiative consists of the tokenization of belongings to advance expertise growth within the area. Hamad Sayah Al Mazrouei, CEO of the Registration Authority of the Abu Dhabi International Market, mentioned the nation needs to be “the main jurisdiction for the blockchain business.”

Canaan secures new financing as income falls 55% in Q3

Bitcoin (BTC) miner Canaan is seeking new capital amid a stoop in income and its backside line. In keeping with its Q3 2023 earnings report launched on Nov. 28, the corporate seeks to promote $148 million in fairness via an at-the-market providing. The day earlier than, Canaan introduced that it had reached an settlement with an undisclosed institutional investor to situation as much as 125,000 most well-liked inventory at $1,000 apiece for complete proceeds of $125 million. In comparison with the third quarter of 2022, the corporate’s income fell 55% to $33.3 million as a result of a lower within the worth of Bitcoin. A number of Bitcoin miners filed for chapter in 2022 as a result of hovering electrical energy prices and decrease BTC costs. 

Wormhole raises $225 million at $2.5 billion valuation

Cross-chain protocol Wormhole has secured a $225-million investment at a valuation of $2.5 billion, based on an announcement on Nov. 29. The funding spherical was led by Brevan Howard, Coinbase Ventures, Multicoin Capital, Bounce Buying and selling, ParaFi, Dialectic, Borderless Capital and Arrington Capital. The Wormhole Basis additionally introduced the launch of Wormhole Labs, which the corporate mentioned to be an unbiased expertise firm targeted on instruments and companies for cross-chain growth. Presently, its blockchain-to-blockchain communications expertise is used to bridge belongings, energy oracle information feeds and switch nonfungible tokens.

Santander appoints crypto custodian Taurus to safeguard Bitcoin, Ether: Report

Spanish monetary companies large Banco Santander has reportedly selected digital asset management firm Taurus to safeguard its Swiss purchasers’ Bitcoin and Ether (ETH). Santander’s personal banking unit rolled out a brand new Bitcoin and Ether buying and selling service for purchasers with Swiss accounts. A Santander spokesperson instructed Cointelegraph that purchasers will get entry to crypto funding companies solely after requesting it via relationship managers. In September, Taurus additionally partnered with German banking large Deutsche Financial institution to supply cryptocurrency custody choices to its clients.

Earlier than you go: An archipelago in the course of the Atlantic is seeking startups and tech talents to spice up its financial development. Web3 entrepreneurs are flocking to this area.

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