Ripple scores DFSA license approval in Dubai

Bybit Extends UAE Tendrils via Blockchain ScholarshipDubai-headquartered crypto spot and derivatives trading platform Bybit, the third most popular cryptocurrency exchange globally, has announced a new partnership with the American University of Sharjah (AUS) as part of its ongoing commitment to promote crypto adoption in the United Arab Emirates (UAE).The collaboration was solidified through the signing of a Memorandum of Understanding in Sharjah, the UAE's third largest city. As a testament to this partnership, Bybit has contributed AED 1,000,000 ($272,000) to establish a scholarship fund, facilitating the academic and research endeavors of 20 students pursuing fintech and blockchain studies at AUS. Eligible students enrolled in computer science and computer engineering programs will be able to benefit from the Bybit Scholarship starting from the upcoming fall semester.Photo by Ainur Kamaev on UnsplashHackathon sponsorshipIn addition to the scholarship initiative, Bybit is dedicated to broader industry endeavors and will contribute an extra AED 100,000 ($27,200) to sponsor a hackathon for the UAE blockchain community. The inaugural AUS-Bybit Inter-College Hackathon is scheduled to take place during the 2023–2024 academic year at the AUS College of Engineering.The UAE has recognized the significant role of cryptocurrencies in its trade activities, and the thriving crypto and blockchain industry in the country serves as a testament to the government’s visionary approach. Dubai alone is home to more than 772 crypto companies, solidifying the UAE’s position as a hub for digital asset innovation. Consequently, the demand for blockchain talent is expected to rise in the region.Industry partnershipsDr. Susan Mumm, Chancellor of AUS, emphasized the university’s commitment to excellence in education, attributing its reputation to strong industry partnerships that bridge the gap between academia and the corporate world. Through the collaboration with Bybit, AUS students will gain access to the technical knowledge necessary to stay abreast of the latest developments in the crypto and blockchain industry.The establishment of the Bybit Scholarship further supports students’ education and skill enhancement. Dr. Mumm expressed the university’s goal of producing professionals and lifelong learners who can make a positive impact in a rapidly evolving world.Ben Zhou, co-founder and CEO of Bybit, highlighted the pivotal role of younger generations in propelling the blockchain revolution forward. Zhou expressed his pleasure in establishing the Bybit Scholarship at AUS, enabling talented students to future-proof their knowledge and skills. He extended his gratitude to AUS for providing opportunities to raise awareness about cryptocurrencies and sharing first-hand industry insights with students from one of the most esteemed universities in the region. Zhou eagerly anticipated being inspired by future engineers, blockchain scientists, and Web3 startup founders.Bybit, a prominent player in the crypto space, unveiled its Dubai headquarters in April, solidifying its commitment to the region and its aspiration to contribute to the growth of the digital asset ecosystem. In May the company gained outline approval to operate in Kazakhstan. Demonstrating further progress still, last month the firm confirmed that it was extending its service offering to include crypto lending.

Web3 Offers Potential for Japan to Rediscover its MojoEveryone recognizes that Japan has been at the forefront of innovation and the development of technology in the past but can it rediscover that cutting edge through Web3 and blockchain? In a recent interview with Forkast News, Yudai Suzuki, Co-Founder of a Tokyo-based Web3 incubator, suggested that it has that potential.©Pexels/邱 韬Re-establishing a competitive edgeSuzuki, who heads up Fracton Ventures, believes that such a pivot is possible for Japan in making Web3 the means through which it can rediscover the innovative edge it has been lacking in more recent years.Despite an historical strength and depth in technology and innovation, Japan has struggled when it comes to adopting and implementing new technology on a global scale more recently.Legacy techEarlier this year, it emerged that leading Japanese technology companies were collaborating with a view to creating a new open metaverse infrastructure called “Ryugukoku.” That project implicates the creation of a Japan Metaverse Economic Zone. Suzuki cites this project as demonstrative of a key issue relative to the overall development of Web3 in Japan.The project involves Japan’s legacy tech companies such as Fujitsu and Mitsubishi. He goes on to clarify that the majority of Web3 projects in Japan are being led by the existing technology behemoths despite the fact that Japan is seeing the emergence of a Web3-native generation.Suzuki identifies that one of the fundamental aspects of Web3 is that every decentralized autonomous organization (DAO) that’s created is immediately global in nature. Allied with that, most of that 18–25 year old Web3 native generation in Japan want to break through language barriers and communicate on a global basis.That outward looking characteristic is positive but it’s not how venture investment has traditionally worked in Japan. He explains that the conventional approach to investing in start-ups in Japan has been to first look to dominate the Japanese market before going global. The Fracton Ventures founder believes that this is a flawed approach in today’s world and that by the time they’ve gotten to number one in Japan, it’s already too late in trying to achieve that on a global basis.Government responsibilitySuzuki places much of the responsibility in affecting a more appropriate approach on the Japanese Government. “If they focus only on these huge Japanese companies, they will not succeed,” he says. He is also critical of the regulatory approach. Suzuki believes that “the government wants to change the laws and set new regulations at an early date,” and with that, such over-regulation has resulted in crypto entrepreneurs leaving the field. Regulation needs to be set on a more flexible basis so that it can be easily updated and upgraded as the technology develops.Global MindsetHe highlights the importance of having a global mindset and being open to different ideas and perspectives in order to succeed in the Web3 space. The entrepreneur points to that Web3-native demographic in Japan, explaining that their mindset has changed to a more global one as a consequence of dabbling in Web3. The same he believes is necessary on the part of the government if Japan is to become a leader in the tech industry once again.

Web3 entertainment platform Playbux is set to embark on a public token sale in a departure from the more established initial coin offering (ICO) model favored by many crypto and Web3 platforms in the past.Photo by Mackenzie Marco on UnsplashFair community offering (FCO)Aiming to raise $150,000 later this month Playbux, a blockchain-based e-commerce metaverse platform that runs on the BNB chain, has opted for a fair community offering (FCO). As part of the FCO, it will provide pre-listing access exclusively to engaged users through Dubai-headquartered crypto investing platform Raiser, backed by Visa. In a series of posts on social media platform X on Monday, Raiser set out what it plans to bring to market by way of the FCO model.  According to the startup, FCO involves ranking project users based on on-chain activity, referrals, participation in educational quizzes and following the platform's X profile.  As the company puts it, “engagement is the king. The more interactive challenges you complete - the higher you climb on the Raiser.co leaderboard.” Users, depending on their ranking, gain the opportunity to invest in the project's token before its official listing on centralized exchanges. Raiser is being supported in its FCO model offering by market maker Kairon Labs. An alternative to ICOsThis community fundraising mechanism emerges as an alternative to ICOs, which, in the earlier days of crypto, became associated with fraudulent activities. The surge in ICOs between 2017 and 2018 led to a mix of success stories, like Ethereum raising $18 million in 2014. However, the funding mechanism was sharply criticized as it also attracted unsavory actors due to the lack of reporting requirements and accounting standards. In the aftermath of the ICO era, centralized crypto exchanges now mandate projects to lock a portion of their token supply at launch and vest some supply to prevent excessive dumping by investors. Raiser co-founder Kori Leon, who previously worked on the listings team at Binance, notes that Raiser's FCO process aligns with these stricter listing requirements while offering community members pre-listing token access, potentially reducing the urge to sell tokens immediately upon listing. Leon stated:”Our goal is to effectively support both the community and centralized exchanges, who show belief in the potential success of new projects through initial listings. Our unique platform rewards active community members and so assists exchanges in their strategic decisions.” Playbux's PBUX token, part of Binance Labs' incubation program and included in Visa's Asia Pacific 2023 accelerator program, will undergo a public FCO in late January, according to Leon. The metaverse-focused platform is known for its shop-to-earn experiences and customizable avatars. Playbux was founded by Thai entrepreneurs Tay Sitthisaktanakul and CEO Sarun Vichayabhai in 2022. This move by the firm through the utilization of FCOs signifies a shift away from the tarnished ICO model, acknowledging the importance of community engagement and responsible token distribution.