UAE blockchain startup Utexo bags USD 7.5 mn in seed round

Blockchain platform Tether led a USD 7.5 mn seed round for UAE blockchain infrastructure startupUtexo, which is building the APIs and software that let digital wallets and payment companies process stablecoin transactions without overhauling legacy systems, according to a press release. Franklin Templeton, Big Brain Holdings, Portal Ventures, Maven 11 Capital, and Fulgur Ventures also participated.

The timing tracks: The CBUAE recently approved its first licensed stablecoin as a payment method across federal entities, IHC / ADQ / FAB are developing a regulated AED token, and Tether itself has an AED-pegged stablecoin in the pipeline through a partnership with Phoenix Group.

Syria-based proptech startup Miftah secured an undisclosed sum in a pre-seed funding round ahead of its official market launch. The startup is building a digital real estate marketplace focused on identity verification and will use the capital to accelerate product development and rollout.