Latest news with #KamalYoussefi
Khaleej Times
6 days ago
- Business
- Khaleej Times
Code, coin and confidence: Can digital currency earn consumer trust?
Imagine a future where your paycheck arrives in your wallet before your coffee order finishes brewing, where remittances skip borders like emails, and where the value you hold isn't printed on paper but encrypted in trust. Welcome to the era where money loses its face but hopefully not your faith. In the UAE, a land of hyper-modern skylines and forward-thinking regulation, this future is quietly becoming the present. But even here, where the appetite for innovation is insatiable, digital currency isn't advancing without caution. The challenge isn't whether the technology works. It's whether people believe it will work for them. Let's dives deep into how fintech pioneers and visionaries are earning consumer confidence; not just with code, but with clarity, consistency, and community. The trust gap in a digital economy Ask any consumer what's stopping them from using crypto or blockchain-based payment systems, and you'll hear a common refrain: 'Is it safe?' According to Kamal Youssefi, Co-founder and Executive Chairman of The Hashgraph Group, 'UAE users are no different from global ones who store or utilise digital currencies. Their greatest concerns are security, safe custody, and asset volatility.' These are not merely abstract concerns. They're grounded in real-world risks - phishing scams, loss of private keys, price swings, and the perception that digital assets exist in an unregulated Wild West. To bridge this gap, The Hashgraph Association has launched several enterprise-grade applications aimed at mitigating these pain points. One such initiative is their partnership with Dubai International Financial Centre (DIFC) on a Digital Assets Wills project. This platform allows users to manage and pass on digital assets - ranging from Bitcoin and Ethereum to NFTs - through a non-custodial, court-backed wallet, granting users both flexibility and security. The platform supports a variety of assets, including ETH, BTC, MATIC, USDC, USDT, and Hedera (HBAR), with plans to expand to NFT standards such as ERC-721, ERC-115, and Ordinals. According to Youssefi, 'Future enhancements will deepen user control and transparency, while maintaining ironclad safeguards for asset transfer.' In parallel, a partnership between The Hashgraph Association and Taurus is offering enhanced digital asset custody solutions. With staking, tokenisation, and regulatory-grade protection, such initiatives are setting new benchmarks in trust and credibility. Blockchain: Security by design Transparency has long been touted as blockchain's biggest value proposition - and for good reason. With every transaction verifiable and immutable, blockchain-based systems make fraud nearly impossible, provided best practices are followed. Youssefi points to Hedera's infrastructure as an example. 'Hedera processes over 10,000 transactions per second with three-second finality and an average cost of just $0.0001 - using far less energy than traditional blockchains. Every transaction is transparent and permanent.' This technical foundation is now fueling futuristic applications. Case in point: Hashgraph's investment in SEALCOIN, an IoT-focused platform enabling devices to conduct autonomous, verifiable transactions. 'In tomorrow's world,' Youssefi explains, 'devices will transact without humans. Blockchain ensures these exchanges remain secure and auditable.' This kind of trustless system, paradoxically, builds trust; particularly among enterprise and governmental stakeholders who require both scalability and accountability. Blockchain also enhances traceability, a critical factor in sectors like supply chain, healthcare, and environmental governance. When every data point is timestamped and tamper-proof, organisations are more likely to integrate blockchain into core operations - an evolution that boosts consumer confidence indirectly. Tokenisation: Making the intangible tangible Another powerful tool in the trust arsenal is tokenisation - the conversion of real-world assets into digital tokens on the blockchain. From real estate and bonds to art and intellectual property, tokenisation enables fractional ownership, faster transfers, and simplified access. 'The future of fintech lies in the tokenisation of financial products,' says Youssefi. 'It's not just about efficiency - it's about making investments accessible, traceable, and trustworthy.' One of Hashgraph's standout projects is the tokenisation of Sukuk, Islamic financial certificates akin to bonds. The project's goal is to bring Shariah-compliant investments onto the blockchain, opening them up to a global Muslim investor base. Additional projects in carbon credit and real-world asset tokenisation are also in development. For consumers, these innovations offer a more transparent financial experience - where every token has a trail, and every transaction a timestamp. It also simplifies compliance and auditability, making digital assets more appealing to institutional investors. Tokenisation also has the potential to bring liquidity to traditionally illiquid markets. Properties, antiques, or even music royalties can be broken into digital shares, traded seamlessly, and accessed globally - a revolution in asset democratisation. Code without a face: Can you trust it? In traditional finance, currencies bear the faces of presidents and monarchs - symbols of state-backed stability. But what does trust look like when your money has no face? 'The face of trust on a currency is a symbol of common belief in value,' Youssefi says. 'In the age of crypto, the face is no longer a person - it's the protocol.' This sentiment is echoed by Talal Tabbaa, CEO of CoinMENA, a UAE-licensed crypto exchange. 'Trust in Bitcoin comes from transparency and code - not from central banks or printed faces. Bitcoin runs on rules, not rulers.' CoinMENA's formula for earning consumer confidence? Licensing, transparency, and time. 'Consistent delivery of top-tier service and education builds organic, word-of-mouth trust,' says Tabbaa. This principle - trust in the protocol - underscores a major shift in financial culture. In decentralised systems, assurance comes from open-source code, verifiable consensus, and public ledgers. The role of intermediaries diminishes, and power returns to the individual user. Decoding UAE's appetite for crypto According to the 2024 Chainalysis report, over 34 per cent of UAE citizens now hold digital assets - a sharp contrast to the global average of just four per cent. This surge is directly tied to the UAE's regulatory foresight. 'Mass adoption of digital currencies will only follow the establishment of trust frameworks,' says Youssefi. 'The UAE has taken a global leadership role in regulating this space, creating fertile ground for innovation and adoption.' The UAE's Virtual Assets Regulatory Authority (VARA) has rolled out detailed guidelines for exchanges, custodians, and token issuers. This proactive approach balances consumer protection with room for innovation; creating a sandbox for secure experimentation. For users, that trust is multi-layered. It's about knowing their platform is licensed. It's about believing that, even in volatility, systems are in place to protect their interests. Regulatory clarity, in turn, attracts international players and investment. From speculation to application Is crypto still a speculative asset, or has it become a utility? For Tabbaa, the answer is both. 'Some buy Bitcoin to hedge inflation, others use stablecoins for B2B transfers. And yes, some are still chasing memecoins. The use-cases are evolving.' But increasingly, practical utility is emerging - especially in remittances and merchant payments. That's where companies like Bitget come in. According to Vugar Usi Zade, Chief Operating Officer of Bitget, 'We're witnessing a shift. In the UAE, where digital literacy is high, crypto is being used for more than speculation. It's being integrated into e-commerce, cross-border payments, and everyday transactions.' Platforms like PayFi, which bridge Web2 and Web3 ecosystems, are making blockchain benefits accessible to users without technical know-how. Integration into point-of-sale systems, payroll, and government disbursements may be next. As utility deepens, volatility becomes a smaller piece of the picture. Building credibility brick by brick In an industry known for flash and volatility, how do you build long-term credibility? For Bitget, the answer lies in radical transparency. 'We were among the first to implement real-time Proof of Reserves - users can verify, at any time, that their assets are fully backed,' says Zade. The company has also launched a $300 million Protection Fund, acting as a user safety net. 'These aren't marketing gimmicks,' Zade insists. 'They're infrastructure-level assurances.' Education is another pillar. 'In this space, self-responsibility is key. We focus on making users aware of scams, phishing, and safe wallet practices.' Partnerships with cybersecurity firms and constant audits further reinforce user confidence. As regulatory expectations rise, only platforms committed to full compliance will thrive. In a digital world where a wrong click can mean irreversible loss, these preventive steps go a long way in building - and sustaining - trust. A new financial order built on code We are on the cusp of a financial transformation. Digital assets are evolving from speculative tools to foundational pillars of tomorrow's economy. But for that transformation to be complete, fintechs must continue investing in infrastructure that's not just scalable, but scrupulous. Regulation must keep pace with innovation. And above all, the conversation around trust must be as dynamic as the technologies it underpins. As Zade puts it, 'Credibility isn't declared; it's proven. And platforms that prioritise transparency over hype will win the long game.' The financial institutions of the future may not have grand lobbies or bank tellers but they'll have lines of code and transparent protocols working at the speed of trust. Rewriting the ledger of trust There was a time when trust was carved in stone, stamped in wax, or printed on banknotes bearing royal signatures. But in this era of digital flows and decentralised networks, trust is becoming invisible, yet no less powerful. The UAE's fintech revolution is not about replacing money with code. It's about replacing uncertainty with confidence - built not on blind faith, but on cryptographic proof, transparent systems, and shared belief in a better financial future. So, can a currency with no face earn your trust? Maybe not overnight. But block by block, byte by byte, and choice by choice, the future of money is earning more than just value, it's earning something far rarer in today's digital age: credibility. Digital currency doesn't just ask you to rethink money. It asks you to rethink who you trust and why. Not a face. Not a building. But a line of code. A timestamp. A consensus. In the UAE, fintech isn't waiting for trust to appear. It's architecting it, line by line, law by law. From high-rise regulators to hashgraph innovators, the movement isn't about hyp. Because the future of finance isn't faceless. It's fearless. And it's already here wallet-ready and waiting. And in this new economy, that might just be the most valuable currency of all.
Biz Bahrain
27-05-2025
- Business
- Biz Bahrain
Hedera Africa Hackathon Launches with $1M Prize Pool to Accelerate Africa's Digital Future
The Hashgraph Association, a Swiss non-profit organisation driving global adoption of Hedera-powered solutions by funding innovation, training, certification, and venture building programs, in collaboration with Exponential Science Foundation, a not-for-profit foundation accelerating responsible tech adoption, via research, education, and innovation activities, today announces the launch of the Hedera Africa Hackathon 2025 to enable the next generation of Web developers and empower economic inclusion in Africa with a digital future for all. This biggest Web3 Hackathon initiative combines online participation with onsite events in over 20 African cities, with a goal of attracting over 10,000 participants across more than 15 countries on the African continent. Developers, students, and entrepreneurs are invited to collaborate to build decentralized solutions on Hedera across industries such as Finance, Healthcare, Telecoms, Sustainability, Agriculture, and Manufacturing, while leveraging the convergence of other deep technologies such as AI, IoT, Robotics, and Quantum Computing, with a prize pool of more than $1 million on offer for the winning teams and projects. With global participation officially open from August 1 to September 30, 2025, the hackathon tasks applicants to develop blockchain/distributed ledger technology (DLT)-based, scalable solutions tailored to the continent's most urgent challenges and needs. All solutions will be built on the Hedera network – the world's most energy-efficient and cost-effective DLT, which offers cost predictability, the highest levels of security, and the ability to support reliable, scalable, and enterprise-grade applications. Already having secured the backing and participation of more than 50 global and regional partners to be announced over the next few weeks, as well as over 100 universities and tech hubs, the hackathon is designed to be the largest of its kind on the African continent. The event will offer extensive technical education, certification, and hands-on support from Hedera-Certified engineers, with hacking stations to be established in cities such as Lagos, Cairo, Nairobi, Kinshasa, Cape Town, Casablanca, and Tunis for in-person collaboration, alongside a fully virtual Hackathon track accessible worldwide. 'Africa is home to one of the youngest, most enthusiastic and dynamic tech communities in the world; its future will depend on digitization,' said Kamal Youssefi, President of The Hashgraph Association. 'By equipping developers and entrepreneurs with Web3 skills and next generation toolkits, we're not just solving today's problems, we're shaping the future of decentralized innovation in one of the world's most significant growth markets, fostering a digital future for all through financial, identity, and communication inclusion.' The hackathon aims to catalyze continuous innovation across four key tracks: On-Chain Finance and Real-World Asset (RWA) Tokenisation; ESG Sustainability and Traceability; Self-Sovereign Identity (SSI) and AI; and Gaming, Metaverse, & NFTs. Developers of all skill levels and backgrounds are encouraged to participate — no prior blockchain experience is required. Extensive training resources will be provided through the Hedera Academy, with access to a thriving developer community. The Hashgraph Association and the Exponential Science Foundation will be carrying out awareness and training campaigns to prepare participants for the hackathon before the official start date on August 1st 2025. 'Initiatives such as the Hedera Africa Hackathon encourage the next generation of tech builders, researchers, and entrepreneurs. As well as driving blockchain education and innovation within a continent that is showing incredible growth potential. We encourage anyone with an interest in blockchain technology to sign up and start developing the next wave of practical solutions across multiple industries to gain valuable experience and a chance to claim the prize pool. Our hope is that participants will go on to launch their own ventures and share their learnings,' said Paolo Tasca, Co-Founder & Executive Chairman of Exponential Science Foundation. The Hedera Africa Hackathon 2025 is operated and supported by a strong network of partners, under the experienced leadership of DAR Blockchain, a Tunisian-based Web3 Hub that has been operating in the Web3 industry since 2017. DAR Blockchain plays a significant role in magnifying the impact of this hackathon initiative across the continent and builds on THA's previous efforts to support blockchain innovation in Africa.
Zawya
04-03-2025
- Business
- Zawya
‘Qatar well-placed to be global leader in decentralised technologies'
Doha, Qatar: Qatar is strategically positioning itself as a global leader in the realm of digital assets and decentralised technologies in the rapidly evolving digital landscape, Kamal Youssefi, President of The Hashgraph Association (THA), has said. THA is a Swiss non-profit that drives global adoption of Hedera-powered solutions by funding innovation, training, and venture programmes. It promotes economic inclusion and a digital future with a positive ESG impact. Speaking to The Peninsula recently, Youssefi asserted that Qatar has all the ingredients to replicate and even surpass the success stories of financial hubs like Singapore and Hong Kong. 'With its forward-thinking policies, commitment to innovation, and alignment with Qatar Vision 2030, the nation is poised to elevate its financial infrastructure to new heights,' he said. To achieve this, Youssefi emphasises the importance of continuous collaboration with entities like the Qatar Financial Centre, banks, and other authorities. 'Together, they aim to build a robust IT infrastructure capable of meeting the demands of the global digital assets market,' he noted. He added that Qatar has continued to make noticeable strides in technology and tech investments either through direct investments or organising events such as the Web Summit, which has been a resounding success since its maiden edition last year. 'Qatar has announced investments of $2.4bn in AI, which could reel in $11bn for the economy. Qatar's ICT sector spending is also expected to amount to $9bn with investments in cloud services, the internet, and cybersecurity for data protection. The current Qatar 2030 strategy and the implementations across the board for blockchain solutions, AI solutions, and strategies to attract capital and innovative startups is a great opportunity for The Hashgraph Association because it aligns with our aims as well,' he noted. Last year, The Hashgraph Association signed a landmark strategic partnership with the Qatar Finance Centre (QFC) to establish a Digital Assets Venture Studio. This initiative aims to equip Qatari talent with the technical and functional expertise needed to design, develop, and deploy Web3 use cases and viable decentralised solutions tailored to the financial sector. The $50m digital asset venture studio is focused on investments in Hedera-powered Web3 startups and enterprises building bankable DeFi solutions. The program will span from 2024 to 2028, with THA contributing to 20% ($10m) of the investment. 'We believe that the MENA region and Qatar are well placed to lead in the Web3 era. That is one of the reasons we partnered with the QFC Digital Assets Lab to invest in startups, as well as help enterprises and governmental entities to offer solutions built on DLT/blockchain technology,' Youssefi added. According to him, with the partnership, THA aims to enable entrepreneurs at the local as well as regional level to develop innovative digital solutions based on the integration of emerging technologies such as artificial intelligence and blockchain into viable digital applications by building the necessary local capacities, developing a robust IT infrastructure, and helping to establish strategic partnerships at the international level in the digital assets space. Youssefi noted that THA aims to equip Qatari youth with the functional and technical knowledge to design and develop innovative applications and viable digital solutions in the field of digital assets, as well as providing dedicated resources and allocated investments to achieve short-term success and ensure business continuity in the space. 'Additionally, our strategic goals in Qatar also include designing qualification and empowerment programs in the digital assets space in line with international standards and requirements; establishing active partnerships with technology pioneers and venture capital firms specialising in digital assets around the world; and fostering business growth and catalysing collaboration between the local and international digital assets ecosystem,' he said. He added that the organisation has qualified three asset tokenisation projects, including Sukuk Tokenization, whose strategic goal is to launch on-chain sukuk to be the tool to take Islamic finance to a new level. 'This will provide Muslims from around the world with the opportunity to invest in accessible Islamic bonds in a Shariah-compliant way. There is also the Carbon Credit Tokenization and the Real World Asset Tokenization,' he said. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
