MENA Project Tracker: SEC Extends Bid Submission Date for KSA-Jordan Power Grid

Crypto Moves – DAMAC Makes $50M in Crypto Trades; Crypto.com will operate in Dubai

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Sunday, rising 0.47% 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 1.68%, according to data from Coindesk.

DAMAC closes $50 million in crypto deals

A Dubai-based property developer, DAMAC Properties, has completed cryptocurrency deals worth SAR 1.8 billion ($50 million) since the start of the year, according to its managing director, Ali Sajwani. .
Damac properties struggle to convince older generations to embrace cryptocurrencies, non-fungible tokens and the metaverse, Sajwani says, according to Bitcoin.com
By accepting Bitcoin or Ethereum as a means of payment, Sajwani noted that DAMAC has demonstrated its willingness to go the extra mile to “benefit from the most advanced technological solutions,” according to the article.

VC Cypher Capital invests in blockchain company Iomob
Dubai-based blockchain-focused investment firm Cypher Capital invested in Iomob on June 3, according to a statement.
The blockchain company, which developed the world’s first network and mobility market token, will use this investment to improve its blockchain architecture.
Cypher Capital’s support, according to Iomob CEO Boyd Cohen, is helping to fuel the development of new decentralized and interoperable global mobility networks, which will be the cornerstone of the company’s new “Internet of Mobility” philosophy. , which is beginning to reshape the way the company views global transportation.
Since its incorporation in 2018 by three doctoral students. co-founders based in Barcelona, ​​Spain, Iomob’s has rolled out trials with large enterprise customers in New Zealand, Spain and Scandinavia, and is currently rolling out commercially in the UK, US and Portugal.
According to the release, Iomob is delivering multimodal and shared mobility access to millions of travelers this year with several more rollouts planned.
Additionally, A100x and Creas have co-invested in the blockchain company with True Global Ventures.
With the Iomob app and the world-class “Journey Planner”, users can access 7,000 taxi fleets and micro-mobility in over 270 cities, as well as thousands of parking spaces and more of 480 public transport flows.

Crypto.com receives tentative approval to open a crypto exchange in Dubai
Crypto.com, the world’s fastest growing cryptocurrency platform, is bringing digital asset services to Dubai, following in the footsteps of Binance, FTX and Bybit
The Dubai Virtual Assets Regulatory Authority has provisionally approved Crypto.com’s Virtual Assets MVP license, allowing the company to offer a full range of crypto exchange products and services, according to a statement.
The Managing Director of the Dubai World Trade Center Authority which houses VARA, Helal Saeed Almarri, said in a statement: “As an Approved Participant, Crypto.com will be one of the pillars of the partnership with VARA in the development of a future-oriented global regulatory framework. ”
Crypto.com has submitted required documentation detailing its assurances of compliance checks in exchange for the interim 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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