UAE's Digital Asset Push, IOTA’s New Foundation, Canaan's Revenue Drop, Wormhole's Investment Boom, and Santander's Crypto Custody Services
Summary:
The UAE aims to be a global financial hub for digital assets and has introduced regulations to attract businesses. IOTA launches a new foundation in Abu Dhabi to expand blockchain technology, funded by a $100M investment. Bitcoin miner, Canaan, plans to raise new capital as it faces a 55% revenue drop. Wormhole, a cross-chain protocol firm, secures a $225M investment valuation of $2.5B. Lastly, Banco Santander chooses Taurus for custodial services for Swiss clients' digital assets.
The UAE is paving the way to becoming a global financial hub for digital assets, through introducing regulations for decentralized autonomous organizations (DAOs), virtual asset providers, metaverses, and other Web3 entities. By establishing a clear path to compliance, the UAE attracts businesses in a time where US regulations are tightening. Echoes of the past hint at the possibility that the absence of such regulations may lead to industries' success or failures. Canaan faces revenue issues; Wormhole raises fund; and Banco Santander ventures into crypto.
A new foundation is being set up by Iota in Abu Dhabi with a $100 million investment aim at expanding its distributed ledger technology (DLT) within the Middle East. The main goal of the Iota Ecosystem DLT Foundation is to transform tangible assets into digital formats through the tokenization of assets, promoting technology advancement in the region. The Abu Dhabi Global Market's Registration Authority stated that the country's objective is to become the top jurisdiction in the blockchain field.
Bitcoin miner Canaan is focusing on raising new capital following a 55% decrease in its Q3 revenue, as mentioned in its Q3 2023 earnings report. The firm intends to raise $148 million from selling equity as an at-the-market offer and then raise another $125 million from the sale of 125,000 preferred stocks to an undisclosed institution. The steep drop in Bitcoin prices and increased power costs led to several Bitcoin miner bankruptcies in the previous quarter.
Cross-chain protocol company, Wormhole, secured a $225 million investment at a $2.5 billion valuation. The funding round was led by companies like Coinbase Ventures, Brevan Howard, and others. Alongside this news, the launch of Wormhole Labs was announced, a tech firm dedicated to cross-chain development tools and services.
Banco Santander has reportedly chosen Taurus to maintain the digital security of its Swiss clients' Bitcoin and Ether (ETH). This comes after its private banking sector launched a Bitcoin and Ether trading service for its Swiss clients.
In conclusion, an Atlantic archipelago is inviting technology talents and startups to bolster its economic growth. This area is attracting entrepreneurs involved in Web3. Get your weekly update on crypto and blockchain business from Crypto Biz.
Published At
12/3/2023 4:00:00 PM
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