Crypto Biz: UAE’s regulatory structure draws crypto corporations, Canaan’s revenue slumps, and more

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Behind the wave of corporations shifting or deploying initiatives within the UAE is regulation. The nation has introduced regulatory frameworks for decentralized autonomous organizations (DAOs), digital asset suppliers, metaverses and different Web3-related entities.

By providing regulatory readability and a transparent path to compliance — amid a crackdown within the United States — the UAE is shifting nearer to fulfilling what it desires to be: a world monetary hub for digital property.

While predictions about the way it will have an effect on the way forward for the UAE or the crypto house itself fluctuate, historical past exhibits how international locations have used regulatory gaps to construct new industries or curb present ones.

This week’s Crypto Biz additionally explores Canaan’s revenue challenges, Wormhole’s large fundraising and Banco Santander’s crypto strikes.

Iota launches $100 million Abu Dhabi basis for Middle East growth

Open-source blockchain developer Iota announced the launch of the Iota Ecosystem DLT Foundation in Abu Dhabi, which is devoted to increasing its distributed ledger know-how (DLT) within the Middle East. The new basis can be supported by $100 million in Iota (IOTA) digital tokens, to be vested over 4 years. According to Iota’s co-founder, Dominik Schiener, the inspiration’s foremost goal is to transform real-world property into digital codecs. The initiative consists of the tokenization of property to advance know-how growth within the area. Hamad Sayah Al Mazrouei, CEO of the Registration Authority of the Abu Dhabi Global Market, mentioned the nation desires to be “the leading jurisdiction for the blockchain industry.”

Canaan secures new financing as revenue falls 55% in Q3

Bitcoin (BTC) miner Canaan is seeking new capital amid a droop in revenue and its backside line. According to its Q3 2023 earnings report launched on Nov. 28, the corporate seeks to promote $148 million in fairness via an at-the-market providing. The day earlier than, Canaan introduced that it had reached an settlement with an undisclosed institutional investor to situation as much as 125,000 most popular inventory at $1,000 apiece for complete proceeds of $125 million. Compared to the third quarter of 2022, the corporate’s revenue fell 55% to $33.3 million resulting from a lower within the worth of Bitcoin. Several Bitcoin miners filed for chapter in 2022 resulting from hovering electrical energy prices and decrease BTC costs. 

Wormhole raises $225 million at $2.5 billion valuation

Cross-chain protocol Wormhole has secured a $225-million investment at a valuation of $2.5 billion, in line with an announcement on Nov. 29. The funding spherical was led by Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital and Arrington Capital. The Wormhole Foundation additionally introduced the launch of Wormhole Labs, which the corporate mentioned to be an unbiased know-how firm targeted on instruments and providers for cross-chain growth. Currently, its blockchain-to-blockchain communications know-how is used to bridge property, energy oracle knowledge feeds and switch nonfungible tokens.

Santander appoints crypto custodian Taurus to safeguard Bitcoin, Ether: Report

Spanish monetary providers big Banco Santander has reportedly selected digital asset management firm Taurus to safeguard its Swiss shoppers’ Bitcoin and Ether (ETH). Santander’s non-public banking unit rolled out a brand new Bitcoin and Ether buying and selling service for shoppers with Swiss accounts. A Santander spokesperson informed Cointelegraph that shoppers will get entry to crypto funding providers solely after requesting it via relationship managers. In September, Taurus additionally partnered with German banking big Deutsche Bank to offer cryptocurrency custody choices to its prospects.

Before you go: An archipelago in the midst of the Atlantic is seeking startups and tech talents to spice up its financial progress. Web3 entrepreneurs are flocking to this area.

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