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Investcorp Rolls out First Institutional Blockchain Fund in the Gulf

Investcorp, a global manager of alternative investment products, has launched the first institutional blockchain fund in the Gulf Cooperation Council (GCC) aimed at propelling a blockchain-powered digital evolution.

Dubbed Lydian Lion, the blockchain fund also has a global investment mandate. It will be mainly rolled out to early-stage companies within the blockchain ecosystem in areas like data analytics, decentralized finance, platforms and exchanges, and blockchain infrastructure.

Gilbert Kamieniecky, the head of Investcorp’s technology private equity business, noted that the fund would be a stepping stone towards more innovations in the blockchain space as the digital economy continues to gear up. He acknowledged:

“We believe that blockchain technology and the ecosystem around it, will transform every facet of our economy much like the internet did in the 2000s.”

Kamieniecky added:

“We have already seen the potential of blockchain to disrupt existing markets and create new ones, such as the meteoric rise of the non-fungible tokens market that in just a few years has grown from under a billion to more than $40 billion.”

As a fast-growing technology area, Hazem Ben-Gacem believes blockchain technology should be accorded more global reach and institutional expertise.

The Co-CEO at Investcorp added:

“Offering our clients innovative and bold investment ideas, backed by our disciplined and proven approach, has been a key element of our success over the last four decades.”

The GCC is a political and economic alliance of six Middle East nations: the United Arab Emirates (UAE), Kuwait, Oman, Saudi Arabia, Bahrain, and Qatar.

Meanwhile, a recent survey by Goldman Sachs, a leading global investment bank, noted that institutional interest in cryptocurrencies was witnessing strong growth because crypto exposure rose from 40% in 2021 to 51% in 2022.

Furthermore, inflows into crypto investment products reached $193 million, a scenario that was last seen in mid-December 2021, according to digital asset management firm Coinshares.

Hong Kong-based Grand Cru Cellar to Offer First Redeemable Wine NFT in Asia

Hong Kong-based wine importer and distributor Grand Cru Cellar (GCC) has announced plans to enter the non-fungible token (NFT) industry.

Following the completion of the plan, GCC will become the first wine distributor in Asia to offer a wine NFT. The move will also potentially revolutionise the wine industry in Asia through blockchain and NFT technologies.

The company announced that the wine NFTs would be developed in a strategic partnership with SOLARR, Asia’s first decentralised NFT-Fi platform.

Alex Lee, Founder and CEO of SOLARR, said, “SOLARR’s NFT-as-a-Service (NFTaaS) takes the complication out of NFT-commerce. Our one-stop, end-to-end NFT services offer a highly efficient way for GCC’s wine collections to be auctioned off, eliminating the need for buyers to attend physical auctions.”

The NFTs will include a collection of exclusively designed NFTs representing 360 bottles of Château Margaux fine wine spanning 30 vintages from 1978 to 2007 in the winery’s history.

According to GCC, NFT holders can exchange the NFTs for physical bottles of wines and once redeemed, the NFTs will be destroyed to mark their redemption. Meanwhile, the physical wine bottles will be safely stored until the wine NFT has been redeemed.

GCC further added that these wine NFTs can be traded can be freely traded on SOLARR’s NFT-commerce platform or even given as gifts to family and friends.

Mic Wong, the NFT project representative at Grand Cru Cellar, said, “NFTs will help to increase the liquidity and price discovery of high-end fine wines. The auction market for these fine wines has always existed, but if the bidding flow is low, the wine’s value will be locked up due to a lack of bids.”

Ripple and Onafriq Forge Alliance for Blockchain-Enabled Payments in Africa

Ripple, a frontrunner in blockchain and cryptocurrency solutions, has joined forces with Onafriq, a leading payments fintech, to revolutionize digital asset-enabled cross-border payments connecting Africa with the Gulf Cooperation Council (GCC), the UK, and Australia.

The partnership marks a new era of efficiency for remittances and business payments across these regions, as Onafriq integrates Ripple’s crypto-enabled payment technology to establish new payment corridors. This collaboration is set to address the longstanding hurdles in cross-border payments, such as high costs, slow transfer times, and reliability issues, thereby accelerating financial inclusion across the African continent.

Utilizing Ripple’s robust blockchain technology, Onafriq is poised to dismantle the barriers that have historically plagued cross-border financial transactions. The collaboration will connect PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia with Onafriq’s extensive pan-African network, encompassing 27 countries. This move is expected to vastly improve the speed and affordability of sending remittances and conducting business payments to Africa.

Onafriq boasts the largest mobile money footprint across Africa, a continent where mobile money has been transformative in enhancing financial services access. The fintech’s payment hub unites over 500 million mobile wallets across 40 countries, operating in more than 1300 payment corridors. This level of connectivity is pivotal for fostering regional payment interoperability and facilitating seamless cross-border transactions.

The announcement coincides with the appearance of Dare Okoudjou, Onafriq’s Founder & CEO, at Swell Global 2023 in Dubai. This event, Ripple’s annual customer conference, provides a platform to showcase the partnership’s potential to leverage blockchain technologies to amplify Onafriq’s impact on the African continent.

Aaron Sears, SVP of Global Customer Success at Ripple, expressed excitement over expanding their solutions into Africa. Meanwhile, Dare Okoudjou highlighted the partnership’s alignment with Onafriq’s mission to diminish the relevance of borders in African payments. Partner CEOs from PayAngel, Pyypl, and Zazi Transfer also shared their perspectives on the transformative potential of the collaboration for remittances and economic growth in Africa.