Polaris Office marks 10th anniversary, POLA rises 14%

Internal Dispute Sees Co-Founder Depart 5ire5ire, the Dubai-based blockchain platform, is facing a departure of one of its co-founders, Vilma Mattila, due to an internal dispute with her fellow co-founders.In discussion with Tech in Asia, Mattila confirmed her upcoming resignation, stating that she disagreed with the management and financial decisions made by the other co-founders without her consent. The exact timeline of her departure was not disclosed.Photo by bady abbas on UnsplashIndian originsMattila, who was already recognized as an angel investor, co-founded 5ire alongside Indian nationals, CEO Pratik Gauri and CTO Prateek Dwivedi. The company gained attention last year after a successful series A funding round that valued it at a remarkable $1.5 billion, establishing its status as a blockchain unicorn.While the start-up project has established itself in Dubai, its origin story leads back to India. In 2022, 5ire entered into a partnership with the Indian government via Atal Tinkering Labs (ATL). ATL is running an initiative to create and promote a culture of innovation and entrepreneurship in India. As part of that program which is being run in more than 10,000 Indian schools, 5ire collaborated with ATL to provide a blockchain module.Although headquartered in Dubai, the project still maintains that it is “a network of local developer communities established in various cities across India.” It has also been active in the country that makes for its administrative home. Last month, Abu Dhabi University in the United Arab Emirates hosted its first 5ire Web3 and blockchain hackathon.The university had signed a Memorandum of Understanding (MoU) with 5ire in February, with a view towards strengthening blockchain education, research and entrepreneurship, while maintaining a focus on sustainability and accessibility.$100 million raiseIn July 2022, it emerged that 5ire had raised $100 million from the UK-based Sram & Mram Group, an international conglomerate that concerns itself with projects in South and Southeast Asia. It got $10 million on signing the deal, with other tranches to follow. As of January, it had called off $20 million of that funding.5ire is positioning itself as “the world’s first blockchain unicorn with sustainability at its core.” The project seeks to align itself with the Sustainable Development Goals (SDGs) set out by the United Nations. It’s a layer one EVM-compatible smart contract platform that focuses on the development of a for-benefit blockchain ecosystem, aligned with the United Nations SDGs.Working towards mainnet releaseThe company has been diligently working on the development of 5irechain, a blockchain designed around the principles of the “Fifth Industrial Revolution,” from which the company derives its name. The launch of its mainnet is anticipated to take place in the coming quarters. In November 2022, it launched its Thunder (Alpha) testnet. Testnet Thunder (Beta) went live in February of this year.As the departure of Vilma Mattila unfolds, the future direction and leadership of 5ire will come under scrutiny. It remains to be seen how this internal dispute will impact the company’s progress and reputation in the blockchain industry.

Crypto infrastructure, mining and investment firm Phoenix Group, a company based in the United Arab Emirates (UAE) and publicly listed on the Abu Dhabi Securities Exchange (ADX), has established a $150 million crypto treasury.Photo by Jievani Weerasinghe on UnsplashFirst ADX-listed firm to establish crypto treasuryThe development emerged as the company released its results for Q2 2025. Phoenix Group explained in a press release that its activities in Q2 led to it becoming the first ADX-listed company to establish a strategic crypto treasury with Bitcoin (BTC) and Solana (SOL) holdings valued at $150 million. Phoenix asserted that unlike its competitors which are burdened by debt, it has a healthy balance sheet, with debt of just $16 million. This has enabled it to pursue the establishment of a strategic crypto reserve. The company is also expanding into AI-related activities, with plans to repurpose part of its U.S. infrastructure. That adjustment will allow the firm to establish a multi-use compute facility, enabling it to build out its AI vertical. Phoenix Group Co-Founder and CEO Munaf Ali said that Phoenix is working towards building out one gigawatt of hybrid infrastructure by 2027. Ali also commented on the pursuit of a crypto treasury, stating:“Holding Bitcoin and other strategic digital assets isn’t just about exposure. It’s about alignment. We believe in the long-term value these networks represent, and our treasury strategy reflects that belief.”DWF Ventures, the ventures arm of crypto market maker DWF Labs that relocated its headquarters from Singapore to Abu Dhabi earlier this year, released a report in June revealing that publicly-listed companies that have adopted a crypto treasury strategy have amassed holdings of $76 billion in crypto. Phoenix Group has disclosed that to date, it has accumulated 514 Bitcoin and over 630,000 Solana with a view towards holding these digital assets in the long term. Earlier this year, American digital asset investment firm Sarson Funds outlined that the UAE is playing a significant role in advancing Bitcoin adoption at a corporate level in the context of the ongoing trend towards the pursuit of a Bitcoin corporate treasury strategy. Miners accumulatingPhoenix Group isn’t the only company involved in crypto mining to establish a crypto corporate treasury recently. In June, American miner BitMine Immersion Technologies disclosed that it was raising $18 million through a public share offering to buy Bitcoin. Since then, it has been accumulating Ether (ETH). As of July 24, the firm held over 300,000 ETH, with plans to raise $4.5 billion to fuel further ETH purchases. MARA Holdings, a publicly-listed American Bitcoin miner, has also confirmed that its treasury now extends beyond Bitcoin that it mined itself. Phoenix Group confirmed that it mined 336 BTC in Q2, with 689 BTC mined over the course of H1 2025. Founded in 2017, the firm debuted on the ADX in December 2023 with its stock immediately surging by 50% from its initial public offering (IPO) launch price. The firm’s share price has also performed well in 2025, surging 72% from April to June.

150 Web3 Firms Emerge via Cyberport Within 12 MonthsHong Kong’s Cyberport, the flagship technology hub of the Chinese autonomous territory, has experienced exceptional growth over the past year, attracting more than 150 companies operating in the Web3 space.Photo by Ruslan Bardash on UnsplashA hotbed of innovationThe latest blog post by Hong Kong Financial Secretary Paul Chan, published on Sunday, sheds light on the remarkable success of Cyberport. It currently houses over 1,900 community enterprises, with a cumulative financing figure surpassing 35.7 billion yuan ($4.98 billion).One of the notable achievements of Cyberport is its portfolio of over 480 intellectual property projects, showcasing its commitment to fostering innovation. Moreover, Cyberport has played a pivotal role in nurturing the growth of several successful ventures, including six “unicorns” that have emerged from within its vibrant community.The Web3 space at Cyberport boasts prominent firms such as Hashkey Group, a licensed cryptocurrency exchange; Animoca Brands, a Web3 venture capital and game developer; and Consensys, the renowned Ethereum software company responsible for the widely-used crypto wallet MetaMask. The presence of these industry leaders further cements Cyberport’s status as a hub for cutting-edge technologies and groundbreaking ideas.Funding allocationRecognizing the immense potential of Web3 technologies, the Hong Kong government has allocated 50 million yuan ($6.9 million) from its financial budget to support Cyberport’s initiatives. This funding injection aims to expedite research and development efforts and foster the creation of innovative applications within the third-generation internet powered by blockchain technology.In addition to its achievements in the Web3 space, Cyberport has made significant strides in virtual asset trading and other sectors. Notably, in 2022, one of Cyberport’s companies became the second licensed virtual asset trading platform approved by the Securities and Futures Commission (SFC) in Hong Kong. This milestone solidifies Cyberport’s position as a driving force in the advancement of the digital asset ecosystem within the city.Emerging start-up successFurthermore, several technology-driven startups incubated by Cyberport have successfully launched initial public offerings (IPOs), showcasing the hub’s effectiveness in propelling ventures towards public market success. Notable examples include a smart logistics company and a travel platform.Hong Kong’s Web3 industry is witnessing a surge in blockchain-based security products, signaling a growing interest among investors. UBS and the Bank of China’s Hong Kong-based investment arm recently unveiled a groundbreaking blockchain-based structured note, marking the city’s first private security product on a public blockchain.The development team behind layer one blockchain, the Internet Computer Protocol (ICP), indicated in April that it planned to develop a hub within Cyberport, following its participation at Hong Kong’s Web3 Festival that month. The event was a success, attracting over 10,000 attendees.This achievement follows the successful launch of a government-backed green bond in February, which utilized a private blockchain platform provided by Goldman Sachs. These developments showcase Hong Kong’s commitment to developing its Web3 industry beyond cryptocurrencies, expanding into new realms of finance and technology.To ensure a regulated and secure environment for investors to participate in the growing sector, Hong Kong introduced licensing regulations on June 1 for cryptocurrency trading platforms catering to retail investors. These regulations demonstrate the city’s proactive approach to embracing innovation while prioritizing investor protection.