DAMAC completes $50m in crypto deals; Crypto.com to operate in Dubai

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.

07/06/2022 by Arab News

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 Bitcoin.com.

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.

Crypto.com receives provisional approval to open a crypto exchange in Dubai
Crypto.com, 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 Crypto.com’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, Crypto.com will be one of the anchors partnering with VARA in the development of a global future focused regulatory framework.”

Crypto.com 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.

Crypto.com announced plans to open a regional hub in Dubai in March. The UAE government and Crypto.com are also partnering through Investopia to advance global financial innovation both domestically and internationally.

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