DeFi investment platform Allbit.com adds portfolio and analytics services

RAK Properties has signed a strategic agreement with Hubpay that will allow international buyers to pay for homes in the United Arab Emirates (UAE) using digital assets, the real estate developer said in a Sept. 1 statement on its website. Under the arrangement, customers can settle property purchases with major cryptocurrencies, including USDT, Bitcoin (BTC), and Ethereum (ETH). Payments will be processed on Hubpay’s regulated platform, converted into UAE dirhams, and transferred directly to RAK Properties’ account. The company said it will not handle digital assets directly. Instead, all transactions will be processed by Hubpay and its partners, who are licensed by Dubai’s Virtual Assets Regulatory Authority (VARA), to ensure compliance and transparency. The initiative is aimed at drawing new categories of overseas investors to Ras Al Khaimah, the UAE’s sixth-most populous city, including the developer’s Mina waterfront community.Photo by Precondo CA on UnsplashUAE’s crypto market expands amid rising risksThe move comes amid growing crypto activity in the UAE. A Chainalysis report last year ranked the Middle East & North Africa as the seventh-largest crypto market and noted that the UAE’s decentralized finance adoption was above the global average, citing regulatory clarity. From July 2023 to June 2024, crypto inflows to the UAE leaned heavily toward stablecoins, which represented 51.3% of value received, compared with 44.7% worldwide. Bitcoin’s share was smaller than the global average at 16.5% versus 22.3%, while altcoins and Ethereum showed little difference at 24.4% and 7.8%, respectively. At the state level, the UAE itself has emerged as a significant player. Based on Arkham’s tracking, it is the world’s fourth-largest government Bitcoin holder, with about 6,352 BTC ($703 million). In contrast to the U.S. and U.K., whose holdings largely stem from law enforcement seizures, the UAE’s reserves come from mining through Citadel Mining. The firm is majority-owned by 2PointZero under the International Holding Company (IHC), which is chaired by Sheikh Tahnoun bin Zayed al-Nahyan, the UAE’s national security adviser and a prominent member of the ruling family in Abu Dhabi. As crypto use has grown, so too have the risks. In the first half of this year, the UAE recorded the world’s largest average per-victim losses from crypto crime, with nearly $80,000 stolen per individual, according to Chainalysis. Only the U.S. came close to that figure, while Chile, India, Lithuania, Japan, Iran, Israel, Norway, and Germany rounded out the global top ten. Harmonizing crypto rulesAmid a shifting crypto landscape, regulatory structures in the UAE are continuing to evolve. At the federal level, the Securities and Commodities Authority (SCA) supervises virtual asset services, while the Central Bank of the UAE (CBUAE) oversees payment tokens. The Dubai International Financial Centre and the Abu Dhabi Global Market operate their own frameworks. Last month, the SCA and VARA introduced a cooperation framework to harmonize oversight and allow mutual recognition of licenses, though the system stops short of automatic passporting in order to preserve national security controls. In related developments, the National Bank of Ras Al Khaimah (RAKBANK) became the first bank in the UAE to partner with Bitpanda Technology Solutions, a Vienna-based crypto exchange and digital assets infrastructure provider. The partnership, which builds on earlier work exploring the issuance of digital payment tokens, is expected to give RAKBANK customers access to a variety of crypto use cases. 

dtcpay, a regulated and licensed digital payment services provider headquartered in Singapore, has announced that it is changing direction, and adopting a stablecoin-only digital payments model. Phasing out Bitcoin, EtherThe company set out details of its new stablecoin-only approach in a series of posts on X on Dec. 3. dtcpay will phase out support for other cryptocurrencies such as Bitcoin and Ether by the end of 2024. It will then transition to the exclusive use of stablecoins, starting with Tether (USDT) and Circle’s USD Coin (USDC). Additionally, FDUSD, a U.S. dollar stablecoin issued by Hong Kong’s First Digital, and Worldwide USD (WUSD), a stablecoin which was developed by the Worldwide Stablecoin Payment Network (WSPN), a Singapore-based project, will be supported.Photo by CoinWire Japan on UnsplashVolatility issuesdtcpay cited the volatility of non-stablecoin cryptos as being an issue for payments. Volatility is driving the company’s plan to concentrate solely on stablecoins. Outlining its rationale further, the company stated: “By transitioning to focus dtcpay’s #DPT services purely on #stablecoins, we are setting the stage for the future of global, digital payments. This move is designed to provide our customers with a more reliable, scalable, & secure payment experience.” A significant portion of the firm’s transaction volume is already stablecoin-based. On that basis, the move can be viewed as aligning with the preferences of its current user base to a large extent. Originally established in 2019 by Alice Liu, Band Zhao and Sam Lin as Digital Treasures Center Pte. Ltd., the company later rebranded as dtcpay. In August 2022, the firm was awarded a full Major Payment Institution (MPI) license by the Monetary Authority of Singapore. In 2023, the company collaborated with Singaporean data-sharing platform PlatON and Chinese payments firm Allinpay, to launch a payments system using point-of-sale terminals which accepted Bitcoin, Ethereum and USDT. Asian expansiondtcpay has set out its objective as aiming to unify payment methods across Asia for the benefit of merchants and consumers alike. Last year, it identified Hong Kong and Dubai as locations of particular interest relative to the company’s expansion plans. In October, it furthered its international presence with the opening of an office in Kuala Lumpur. In an effort to make further in-roads into the payments sector, dtcpay announced a strategic partnership with Visa in September. The integration allows dtcpay to gain access to Visa’s global network of 130 million merchants across 200 countries. As part of the partnership, the company is rolling out its dtcpay Visa Infinite card, enabling users to convert digital currencies to fiat at competitive rates. In 2023, the company raised $16.5 million in a pre-series A funding round led by real estate development company Pontiac Land Group, which is controlled by Singaporean billionaire Kwee Liong Tek.

Wemade Expands Blockchain Game Platform with Lithuanian and Japanese DevelopersSouth Korean gaming company Wemade has taken strides in expanding its global blockchain game platform, WEMIX PLAY, by signing onboarding contracts with two gaming firms: Lithuania-based game publisher Skyjet Software and Japan-headquartered game developer MetaTokyo Studio. Each of the two firms will present a blockchain game on WEMIX PLAY.Photo by Karol D on Pexels3D helicopter shooting gameUnder the agreement, Skyjet Software is gearing up to introduce Skybreakers, a 3D helicopter shooting game, on WEMIX PLAY. The game offers players the opportunity to customize helicopters and weapons, enabling them to engage in thrilling player-versus-player (PvP) battles.First-person, role-playing shooterMeanwhile, MetaTokyo Studio is currently in the development phase of Chromata, a science fiction game that combines elements from both first-person shooter and role-playing genres. Utilizing Unreal Engine 5, a software framework designed by Epic Games for game development, Chromata boasts a futuristic universe with over 120 characters.Global expansionWemade has been actively establishing partnerships with various game developers worldwide, inviting them to leverage its blockchain platform. In its pursuit of diversification, the Korean game publisher aims to add more games of different types and genres.Web3 event in JapanTo showcase its commitment to the blockchain gaming industry, Wemade CEO Jang Hyun-kook will deliver a presentation on blockchain games next month at the highly anticipated annual international Web3 conference, WebX, in Tokyo. As part of this event, Wemade will also organize a networking session aimed at fostering connections with influential figures and major companies in order to strengthen its foothold in the blockchain sector.