Paxful’s Ray Youssef heads up Noones financial app startup

Fair Weather Day for Rain With Abu Dhabi License ApprovalRain, the cryptocurrency exchange that serves the Middle East and North Africa (MENA), Turkey, and Pakistan, has scored a significant regulatory win in the United Arab Emirates (UAE). On Tuesday, the Abu Dhabi unit of Rain secured a license to operate as a virtual assets brokerage and custody service within the country.Photo by Agnieszka Kowalczyk on UnsplashCoinbase backingHeadquartered in Bahrain and backed by Coinbase, Rain’s Abu Dhabi Global Market financial free zone entity will now have the authority to offer virtual asset services to institutional and select retail clients in the UAE. This includes the ability to facilitate the buying, selling, and custody of cryptocurrencies.According to Co-Founder Yehia Badawy, the newly acquired license brings additional advantages to Rain. Notably, the exchange will be able to open a bank account in the UAE, simplifying fund management for its clients who can now utilize the local payment network.For Rain, this regulatory approval holds particular significance, as it addresses the hesitancy among local asset managers to engage with crypto firms lacking a domestic license. With this stamp of approval, these managers are expected to feel more at ease collaborating with Rain, thus expanding the potential demand from institutional investors.$500 million valuationRain has been gaining traction since its establishment in 2017 by Badawy and three other co-founders. Kleiner Perkins and Coinbase Ventures, two prominent investors from Silicon Valley, have backed the exchange. Both participated via a Series B funding round in January 2022 that saw Rain raise $110 million. Interestingly, Rain’s leading investor, Coinbase, also expressed an interest in developing a base in Abu Dhabi in recent months.There has been a lot of speculation in recent times with regard to where Binance, the world’s largest cryptocurrency exchange, is headquartered. Although still not certain, many believe that Abu Dhabi provided that base for the company. Meanwhile, US-headquartered cryptocurrency exchange Gemini, is working towards establishing a base in the UAE.Overcoming challenging market conditionsLast year’s Series B fundraise resulted in the company achieving a valuation of $500 million. The funds from that round were earmarked for the expansion of Rain’s operations throughout the region. Later that same year, the company laid off dozens of employees as bear market conditions within the digital assets space began to bite. As market conditions worsened later that year, the firm announced a fresh round of job cuts in September.The UAE has been positioning itself as a crypto-friendly destination, aiming to attract major players in the cryptocurrency industry. By enabling cryptocurrency payments in sectors like real estate and education, the UAE has spurred adoption rates and transaction volumes. Additionally, the country has been actively working on developing virtual asset regulations to accommodate new business opportunities in a highly competitive Gulf region.Rain’s recent licensing achievement signifies a significant milestone for the exchange and contributes to the UAE’s ongoing efforts to establish itself as a leading hub for the cryptocurrency sector.

NiceHash targets Asian market through EasyMining platform launchNiceHash, a Slovenian bitcoin mining and hashpower marketplace, has launched its crypto mining platform in Asia, known as EasyMining.Cloud-based crypto miningEstablished in 2014 by two Slovenian university students, NiceHash stands as the largest cloud-based crypto-mining hashpower marketplace globally. Boasting over 250,000 daily active miners and a user base spanning 190 countries, the platform serves as a link between hashing power suppliers and consumers, operating within the framework of the sharing economy.NiceHash published a press release from Singapore on Tuesday to announce the Asian product launch. The company has already established collaborations in the region, with Singaporean mining equipment designer iPollo appearing as a featured partner on the firm’s website.Photo by Traxer on UnsplashProduct offeringAt the core of NiceHash’s offerings is the facilitation of crypto trading and global hashpower. It claims to provide an innovative and seamless connection between miners and hashpower providers. Whether it’s mining with CPU, GPU or ASIC equipment, platform users can engage in the process to earn cryptocurrencies or sell surplus computing power, presenting an opportunity for profit without the need for an extensive data center.NiceHash employs various security measures to ensure the validity and safety of transactions. These include SSL encryption, 2-factor authentication and email notifications, enhancing the security of accounts and payments. The cost of NiceHash mining is set at 0.001 BTC, offering a range of 34 mining algorithms and supporting various coins to cater to the interests of a broad user base.The firm offers a QuickMiner service, an automatic mining program that simplifies the mining process for subscribers. Through the use of this application, miners and hashpower renters can kick-start their operations immediately.Miners and providers have the ability to trade hashpower on the platform, with dynamic pricing adjusting every 10 seconds based on cryptocurrency values, hashpower availability and miner demand.For hashpower sellers, NiceHash offers the Profitability Calculator, a tool that enables users to calculate daily mining earnings by inputting their mining rig specifications and power costs. The platform supports CPU, GPU and ASIC mining, allowing miners to focus on the most profitable algorithm and token pairings.EasyMining, the latest addition to NiceHash’s repertoire and the product it is now offering in the Asian region, represents a significant step forward for the firm in simplifying cryptocurrency mining. The company claims that users can select their preferred cryptocurrency, letting the platform handle the mining process securely and effortlessly.Changing market conditionsCrypto platforms have had to be agile in 2023, as the underlying environment for crypto-centric offerings has been subject to rapid change in many jurisdictions. While NiceHash is making a concerted effort to etch out a market share within the Asian market through this product launch, it’s also had to withdraw its services from another market in recent months.On Sept. 27, the company informed its customers that it was withdrawing from the UK market. In a letter to users, it stated:”Due to the recent regulation changes in the United Kingdom we are no longer able to provide services to those residing in the United Kingdom.” . . . “We are working hard to be able to resume our services to UK residents as soon as possible.”The company withdrew all services from the UK market, including the exchange, mining, hashpower marketplace and wallets.

Leading cryptocurrency exchange OKX has acquired an in-principle approval from Singapore’s financial regulatory authority for a Major Payment Institution (MPI) license through its local arm, OKX SG.Photo by Mark Stoop on UnsplashEnabling broader service offeringAccording to a blog post published by the company on March 12, OKX confirmed the receipt of in-principle approval for the coveted license. The MPI license, issued by the Monetary Authority of Singapore (MAS), Singapore's primary financial regulatory body, represents an important step forward for the company. Once granted the full license, OKX will be empowered to offer digital payment token services and facilitate cross-border transfers within Singapore. A plethora of OKX executives took to social media to comment on the achievement. Hong Fang, President of OKX, expressed the company's long-standing interest in Singapore, describing it as a cornerstone of its global strategy. Fang emphasized Singapore's appeal to entrepreneurial ventures, citing its tech-savvy populace as early adopters. She praised the country's regulatory framework as "clear and thoughtful," enabling businesses like OKX to cultivate sustainable growth over the long term. With this regulatory approval, OKX intends to concentrate on bolstering its spot product offerings in the Singaporean market. Fang outlined plans to forge local banking partnerships to enhance customer experiences and expand service offerings in the future. In summarizing the company’s outlook, Fang wrote that OKX is looking to “build locally. Be compliant. Invest long-term.” OKX CEO Star Xu suggested that the firm intends to be a “long-term member of the Singapore fintech community” as a consequence of the approval. Global market expansionThe company’s CMO, Haider Rafique, pointed out that this latest license approval follows hot on the heels of further expansion in venues like Dubai, Argentina and Turkey. The in-principle license approval follows OKX's recent acquisition of a conditional license from Dubai’s cryptocurrency regulatory authority. On Jan. 16, the Virtual Assets Regulatory Authority (VARA) of Dubai granted OKX a license, enabling the exchange to provide regulated services as a virtual asset service provider within the region.On Feb. 27 the firm launched OKX TR, catering to the needs of crypto users in Turkey. In the same month, the company launched its services within the Argentinian market. MPI-licensed entities like OKX enjoy the privilege of facilitating multiple payment services, surpassing volume limitations prescribed for standard payment firms. This flexibility allows OKX to transcend the prescribed limits of three million Singapore dollars ($2.2 million) for individual payment services and a monthly cap of SG$6 million ($4.4 million) for multiple services. Joining OKX in the pursuit of regulatory compliance, BitGo, a prominent crypto custody business, also received an in-principle approval from MAS. BitGo announced on Jan. 10 that it had secured initial approval, subject to fulfilling additional requirements stipulated by the regulator. Several other notable cryptocurrency entities, including Crypto.com, Coinbase and Ripple, have already obtained complete payment institution licenses in Singapore. OKX's attainment of in-principle approval underscores the ongoing drive among market participants towards regulatory compliance and expansion into key markets. The move should help the firm to position itself well for further market growth as the digital assets space continues to progress.