The Middle East’s financial institutions and regulators have been a little more hesitant to adopt crypto than Europe and the United States. The cryptocurrency and blockchain market in the Middle East was in its inception prior to the outbreak. However, after two years of intensive progress, 2022 will be the year when the growing optimism about cryptocurrency’s prospects interprets into competitive success.
The MENA Region’s Nascent Strides in the Cryptocurrency & Blockchain Sector
We’ve witnessed rising signals throughout the Middle East that virtual currencies are moving from a nascent notion to a daily facet of life during the last year.
Yoshi Markets, BitOasis, and CoinMENA are among the crypto exchanges that have fundraised. The latest headlines out of Bahrain about Rain, the country’s first Sharia-compliant cryptocurrency exchange, is indeed one of the strongest signals that crypto is ready to take off.
Bahrain, particularly, is now a fintech pioneer in the GCC region. The industry is growing at a 30 per cent compound annual growth rate. Flexible regulatory measures and fast digitalisation, and high demand for financial sector development are some of the reasons leading to the region’s evolution as a fintech powerhouse, where innovations like open banking and bitcoin may flourish.
As nations acknowledge and have started to push the move to digital transactions, blockchain is attracting significant investments and backing from established businesses in the Middle East financial system. The current restrictions encourage the formation of crypto clusters, which might have a negative feedback loop on the use of digital currencies.
The government of the United Arab Emirates has set up a dedicated crypto zone at the Dubai World Trade Centre (DWTC) where cryptos and other digital assets are controlled. Binance also secured a partnership to build a new industry cluster devoted to technology transformation and cryptocurrencies in the UAE, while FTX Exchange, one of the world’s largest exchanges, was recently awarded an operating license in the UAE. The platform was also recognised by Bahrain’s national bank, signifying the first legal clearance for a Binance in the Middle East.
Stakeholders are now willing to bet on blockchain tech everywhere across the globe because it delivers a public, distributed ledger with the unique qualities of data integrity, authentication, traceability, and certainty. Furthermore, instead of each member keeping their own record of the network’s status, blockchain allows them to access and edit a single ledger. This implies minimal paperwork, minimal hours invested in attempting to reconcile opposing viewpoints, less time spent resolving disagreements, and less reliance on third parties to resolve issues.
Middle East’s Emerging Blockchain Firms that are Paradigm Changing
Since attempts to strengthen its digital economy are now actively underway, Dubai anticipates more than a thousand crypto or blockchain firms to be operating by 2022. So, let’s take a look at some of the MENA region’s emerging blockchain firms.
1. TrendLine
This firm is a pioneer in analysing, developing, marketing, consulting, and helping businesses develop with hands-on expertise in blockchain, artificial intelligence, and the commercial development of nascent entrepreneurship. TrendLine has a team of specialists who seek to promote and integrate the latest technological tools in upcoming and flourishing businesses. They assist huge corporations with digitising current goods and services as well as analysing, thinking through, developing, and supporting new solutions.
2. Timeline
Timeline Technology Solutions, situated in Dubai, UAE, is a prominent vendor of industry-specific software and services. Cybersecurity, Blockchain, Machine Learning, Artificial Intelligence, Experience Design, IoT, Extended Reality, and Cloud & DevOps are some of the technologies they use to create customised new technology solutions.
Also Read: Middle East’s Top Renewable Energy Startups
3. Hyperlink InfoSystem
For corporations in Dubai, UAE, and other Middle Eastern nations, Hyperlink InfoSystem is by far the most reputable IT and software development company. With more than a decade of expertise, the firm has served over 2,000 satisfied customers all over the world. And to date, the firm has developed over 200 Blockchain solutions and has the competence to cope with almost any sophisticated Blockchain specifications.
4. GDA Fund
GDA Fund (formerly Blockchain Partners Holdings) is a premier crypto research, financial engineering, and technology organisation with a six-year track record. Experienced professionals in the fields of finance, blockchain tech, data technology, and engineering from Sydney and San Francisco make up their team. They developed their entire firm from the ground up with no outside capital and will continue to operate as a startup. They’re also laying the groundwork for web 3.0 and are enthusiastic about creating open-source tools that let people invent new things.
5. Abra
Abra is on a path to building an open and transparent system that will allow multitudes of crypto investors to optimise the value of their holdings. Running a user-friendly programme that enables members to earn interest, buy, sell, and trade cryptos all in one spot. The goal is to create an integrated, global financial system that is available to everybody.
6. TOKHIT
An award-winning blockchain startup, TOKHIT, is the first gamified social network that allows for the cost-effective and quick development of native NFTs, allowing Digital Content Creators to generate a variety of Automated Income streams via the use of NFT and Blockchain Technologies. In the first quarter of 2022, the firm stated that it will make its formal Middle East launch in the United Arab Emirates.
7. Colexion
Colexion is Asia’s major licenced NFT marketplace, enabling digital artists to tap into their interest in art and creativity by entering the NFT and blockchain field. To encash and create long term value, artists can acquire and trade these digital artefacts or non-fungible tokens. They’re forming a community of digital artists to give them limitless options for development and a solid foundation to enter the metaverse via trump cards. Furthermore, people from all around the world will be able to communicate, discuss, and know more about the sector. Cryptographic tokens with unique attributes stored in the NFT issuing a smart contract or program as part of the NFT setup before issuance are known as non-fungible tokens.
8. ArabianChain
ArabianChain is a company formed by bright, young, and talented individuals who are actively working to make the use of blockchain technology in everyday life a reality. The organisation was established in February of 2016.
By leading the way in entrepreneurial thinking and innovation in blockchain technology, ArabianChain seeks to redefine the way, businesses, individuals, and governments view and interact with the economy, e-services, and digitalization.
9. Arab Bit Group
Arabbit.com is the world’s first Arab news site dedicated to digital currency and blockchain technology. Because of the extensive use of this technology by many nations in the past few years, Arabbit aspires to be the first Arab website to join this industry and keep up with the latest developments.
Their site claims to supplement Arabic material with the most up-to-date information about Blockchain companies, Blockchain technology, global conferences, and ICOs.
10. OneGram
OneGram is a cryptocurrency exchange and wallet with its own crypto asset that uses blockchain technology and is backed by one gram of gold upon launch. It is certified in compliance with Islamic Shari’ah rules. Each OneGram unit is backed by genuine gold housed in a vault, according to the business, which addresses speculation and price fluctuation.
Meta description: The Middle East is currently gearing up for a change in industrial perspective with emerging blockchain firms that are being supported by the UAE government and cryptocurrency regulatory authorities.
