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Silicon Valley backs UAE fractional gold
Emirati fractional gold firm secures Silicon Valley money: The regional conflict has seen investors look to traditional safe-haven assets like gold. Silicon Valley money now seems to be following that trend, with California-based Plug and Play Ventures investing an undisclosed amount into UAE-based fractional gold and silver ownership app O Gold, according to a press release. Funds will be used to scale infrastructure, expand into new markets outside the UAE, and roll out new products.
Background: O Gold was integrated into fintech and communications app Botim last year, in a move that made Botim the first regional fintech to offer in-app gold trading at the time. The move comes as part of a wider tokenization drive, with Dubai Multi Commodities Center and Dubai’s Virtual Assets Regulatory Authority also developing infrastructure to tokenize physical commodities including gold as of last year, and Dubai-based Fasset launching an app to offer fractional ownership of gold via tokenization.
Apex launches tokenization fund
Financial services provider Apex Group is launching a tokenized fund in DIFC, the firm said in a statement. Apex is teaming up with Dubai-headquartered fintech Truleum Venture Partners on the DIFC-based Truleum Fund I, the size of which hasn’t been disclosed yet.
ICYMI- Dubai gave the green light to its first tokenized money fund last year. Financial regulators have also been laying more groundwork for tokenized finance, including for assets like stablecoins and real estate units.
e& wraps up takeover in Slovakia
Telecom giant e& has completed its EUR 95 mn takeover of broadband operator UPC Slovakia via its subsidiary O2 Slovakia, according to a disclosure. e& agreed to buy the firm from its owner, Liberty Global, at the end of last year. The move comes as the telecom player continues to scale up its international presence, having recently taken over Telenor Pakistan and launched a wholesale connectivity hub in Miami.
