B. Riley Financial Agrees Strategic Bitdeer Share Purchase

Abu Dhabi’s Venom Ventures Fund faces market challengesA report by The Block on Friday suggests that Abu Dhabi’s ambitious Venom Ventures Fund, heralded earlier this year with promises of $1 billion investment in Web3 startups, is facing challenges in following through on its mission.Photo by Nazar Skalatsky on UnsplashWhat is Venom?Venom is a collaboration between the Venom Foundation and Iceberg Capital, an alternative asset management company also based in Abu Dhabi. The venture was conceived by Peter Knez, former Co-Chief Investment Officer of BlackRock’s fixed income division and Mustafa Kheriba, Iceberg’s Executive Chairman.In a tweet thread published back in August, the firm described the fund as “old money meets new, the perfect platform for leading the next iteration of blockchain development.” The fund outlined that its approach incorporated venture capital, the offering of a project incubator and a specialist advisory service.Knez has set out lofty ambitions for the fund, stating:“The vision is to drive billions of users into our layer one Blockchain technology by being institutional quality and regulated, and by being such we can actually partner with the government and institutions to help them develop framework for stable coins, for cross-border payment system for tokenization of real world assets and thereby help web2 businesses and citizens move to web3.”At the time of its announcement, Venom Ventures boasted a $20 million investment in Nümi Metaverse and a $5 million strategic investment in Layer 1 blockchain Everscale.Unexpected silenceFurther details on deals struck since January have been scarce, although the fund was reported back in August to have been involved in a blockchain-based carbon credits project, backed by the United Arab Emirates (UAE) Ministry of Climate Change and Environment (MOCCAE).According to The Block, there has been an unexpected silence from the venture as its first year in business comes to a close, despite the initial buzz in the crypto community that greeted the launch of the fund.Venom Ventures positioned itself to cover the entire venture spectrum, from seed to late-stage investments, even offering grants ranging from $25,000 to $200,000. However, a closer look reveals a stark contrast between the fund’s ambitious promises and its current progress. The fund’s website lacks a portfolio section, displaying only a “coming soon” notice.Blockchain mainnet yet to launchThe venture fund has yet to launch its Venom blockchain mainnet, according to Christopher Louis Tsu, CEO of the Venom Foundation. The lack of updates and communication has raised concerns among industry observers about the fund’s overall progress and its ability to fulfill its investment commitments.The broader context of the crypto market adds to the challenges faced by Venom Ventures. Q4 2023 is expected to see a significant drop in venture funding for Web3, down to approximately $2.7 billion from the peak of $13.5 billion in Q1 2022. Market events have left VCs cautious, with notable instances of significant investments being marked down to zero.Amidst these challenges, crypto startups have turned to the Middle East for capital. However, some industry insiders caution that the perceived ease of accessing capital in the Middle East might be a mirage. With that, it remains to be seen whether the fund can revive its initial momentum and deliver on its promise to fuel the growth of Web3 startups in the ever-evolving crypto landscape.

Incheon City to Host Blockchain Conference Showcasing its VisionIncheon City will host a blockchain conference, Incheon Metanomics 2023, to showcase its vision at the Songdo Convensia Convention Center on May 9.The event will present the city’s goal of building a blockchain ecosystem and fostering digital economy growth. About 150 blockchain experts from around the world are expected to attend, according to Block Media.Insightful talksProminent industry figures, including Leon Sing Foong, the head of Asia-Pacific operations at cryptocurrency exchange Binance; Steve Park, Asia-Pacific head of public policy at online game platform Roblox; and Justin Kim, a solutions architect at semiconductor company AMD, will speak at the event. Foong will talk about the collaboration between crypto exchanges and governments, Park will provide insights into the future of the metaverse, and Kim will address upcoming trends in decentralized storage systems.Registration for the conference is free and open until May 4 through Event Us, with a live stream of the event available on YouTube.Incheon and DubaiIncheon has been working towards establishing a special digital economy zone within the city by utilizing blockchain technology. In March, Incheon Mayor Yoo Jeong-bok met with Ahmed Bin Sulayem, the executive chairman of the UAE’s Dubai Multi Commodities Centre (DMCC), to discuss cooperation in the blockchain industry and digital economy.The DMCC, a free trade zone in Dubai, hosts over 65,000 workers from more than 21,000 companies across 180 countries. Notably, the DMCC crypto center is home to a community of over 500 crypto firms, fostering the Web3 and blockchain economy.Similarly, Incheon operates a free trade zone that connects 147 cities with populations exceeding 1 million within a three-hour flight radius. The Incheon Free Economic Zone is appealing to global blockchain companies as it offers flexible business operations for foreign entrepreneurs.© Pexels/joon young, Park

UAE Emirate Launches Digital Asset Oasis Free ZoneRas Al Khaimah (RAK), one of the seven Emirates of the United Arab Emirates (UAE), has launched the RAK Digital Assets Oasis (RAK DAO), a free zone tailored exclusively for digital and virtual asset enterprises.Photo by Mostafa Ashraf Mostafa on UnsplashFrom conception to launchThe Emirate has been working on the RAK DAO project for some time, having enacted a law to establish the free zone in March of this year. In July it emerged that RAK Digital Assets Oasis had partnered with the HBAR Foundation, the project team behind the Hedera public ledger, with HBAR extending funding and resources to fuel the growth of free zone members.Having put in the hard yards to establish the free zone, RAK DAO, under the patronage of RAK Emirate ruler His Highness Sheikh Saud Bin Saqr Al Qasimi, had its launch event on Thursday. The event included a range of industry speakers including Ledger Chairman and CEO Pascal Gauthier, Animoca Brands Co-Founder and Executive Chairman Yat Siu, DFINITY Founder Dominic Williams, and TON Foundation President Steve Yun, among others.During the event, DAO creation and governance platform DeXe DAO Studio announced its partnership with RAK DAO.With an eye towards keeping the RAK Emirate ahead of the technological curve, RAK DAO aims for the digital assets oasis to become the world’s first free zone dedicated solely to digital and virtual asset companies. While RAK DAO is initially expected to focus on non-financial activities, it holds the potential to introduce financial activities at a later stage.Nurturing Web3 innovationThe mandate of RAK DAO is to provide robust support to companies engaged in cutting-edge technologies. This includes but is not limited to ventures in the metaverse, blockchain, utility tokens, virtual asset wallets, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps), and various other Web3-related businesses.Entrepreneurs who establish their presence within the confines of this free zone will be granted the privilege of retaining 100% ownership of their enterprises. Moreover, they will benefit from innovative tax schemes and a regulatory framework that is tailored to the unique demands of the digital asset industry.Progressive approach to Web3The UAE, as a nation, has actively pursued and courted crypto and blockchain firms by cultivating a progressive regulatory environment. Dubai led the charge by introducing a virtual assets law and establishing the Virtual Asset Regulatory Authority.RAK is not the first Emirate to establish a free zone that caters to crypto and Web3 business within the UAE. The Emirate of Abu Dhabi has established the Abu Dhabi Global Market (ADGM) while the Dubai International Financial Centre (DIFC) established its own financial regulator in Dubai, paving the way for attractive free zones for digital asset businesses. The Dubai Virtual Assets Regulatory Authority (VARA) even took its commitment a step further by inaugurating its headquarters in The Sandbox in May 2022.Dubai has issued operational licenses to several crypto firms, including prominent names like Binance, Crypto.com, and Nomura’s Laser Digital and digital asset custodian Komainu. These licenses have further solidified the UAE’s position as a preferred destination for crypto, blockchain, and Web3 enterprises.