Moby Media

Tag: web3 adoption

  • OKX Ventures and Aptos Foundation Launch $10M Fund for Move-Based Layer-1 Ecosystem

    OKX Ventures and Aptos Foundation Launch $10M Fund for Move-Based Layer-1 Ecosystem

    OKX Ventures and the Aptos Foundation have joined forces to establish a $10 million fund aimed at accelerating the development of the Aptos ecosystem. This initiative will focus on fostering projects built on the Aptos blockchain, which utilizes Facebook’s Move programming language.

    Ankaa Accelerator Program: Driving Web3 Adoption

    The newly created fund, named Ankaa, is designed to develop an accelerator program for projects built on Aptos. This program will be managed collaboratively by Aptos, OKX Ventures, and Alcove, Aptos’ accelerator that was launched in November last year. The primary focus areas for the fund will be decentralized finance (DeFi), real-world assets (RWA), gaming, social, and AI projects.

    Aptos Blockchain: Bridging DeFi and Traditional Finance

    Aptos is a layer-1 blockchain leveraging the Move programming language developed by Facebook (META). This language is designed to facilitate secure and efficient on-chain transactions. One of the core objectives of Aptos is to bridge the gap between DeFi and traditional financial institutions, as well as businesses from various sectors.

    Strategic Partnerships and Institutional Engagement

    In pursuit of its goals, Aptos has formed strategic partnerships with notable entities such as Microsoft, Brevan Howard, and SK Telecom, a major South Korean telecommunications operator. These collaborations aim to provide institutions with a seamless entry point into the world of DeFi, thus promoting broader adoption of blockchain technology.

    OKX Ventures’ Commitment to Blockchain Innovation

    OKX Ventures, the venture arm of the cryptocurrency exchange OKX, has demonstrated a strong commitment to fostering innovation in the blockchain space. By partnering with the Aptos Foundation, OKX Ventures is taking a significant step towards supporting the growth and adoption of the Aptos ecosystem and the broader Web3 landscape.

     

    The $10 million Ankaa fund represents a substantial investment in the future of the Aptos blockchain and the Move-based layer-1 ecosystem. By supporting projects in key areas such as DeFi, gaming, and AI, this initiative aims to drive innovation and facilitate the integration of blockchain technology with traditional financial and business institutions.

  • Indian Crypto Firms Seek Refuge in Dubai’s Welcoming Arms

    Indian Crypto Firms Seek Refuge in Dubai’s Welcoming Arms

    Indian crypto enterprises are increasingly migrating to Dubai, seeking solace from India’s rigorous tax laws and uncertain digital currency regulations. The United Arab Emirates (UAE) offers a sanctuary with its open regulatory climate, contrasting sharply with the restrictive environment at home.

    The Remittance and Trade Connection

    This movement is fueled by a significant financial link between India and the UAE. The UAE’s sizeable Indian expatriate community plays a crucial role in India’s impressive global remittance inflow. In 2021, this accounted for 18% of the country’s $110 billion total. Additionally, the bilateral trade between these nations reached a staggering $85 billion last year, with a notable emphasis on blockchain and web3 technologies.

    India’s Taxation Drives Crypto Firms Away

    The Indian government’s recent imposition of a 30% tax on cryptocurrency trading profits, along with a 1% tax deducted at source on transactions over 10,000 rupees, has significantly dampened the local crypto market. This has led to a decline in crypto activity and prompted firms to look for friendlier jurisdictions.

    Indian crypto firms
    Dubai: A Blooming Crypto Hub

    Dubai, with its low taxes, ease of business setup, and dedicated digital asset framework, has emerged as a preferred destination for these firms. The DMCC, Dubai’s thriving commercial hub, is home to numerous Indian companies, underlining Dubai’s role as a global business nexus.

    The Wider Crypto Trend

    The shift to Dubai mirrors a broader trend in the crypto world, where the MENA region is becoming a pivotal player. The significant crypto transactions in the MENA region underline its rising importance in the digital currency space.

     

    As Indian crypto companies adapt to regulatory challenges, Dubai’s progressive stance offers them a nurturing environment for growth and innovation in the crypto sector.

BOOK NOW