Abu Dhabi news

Capital and the second most populous city of the United Arab Emirates.

World latest news

Bitcoin’s Disruptive Power Not Lost on UAE Banks Federation and Abu Dhabi Global Market

UAE Banks Federation (UBF) and Abu Dhabi Global Market (ADGM) have joined forces to host a fintech forum with a focus on discussing how cryptoassets are changing the global financial services sector.  Judging by an article from Emirates News Agency, it seems as though the forum was absolutely brimming with enough blockchain and banking-related buzzwords to make anyone in the financial services sector salivate — including enough discussion on regulations, compliance, big data, machine learning, and financial surveillance to make everyone feel like they truly got their money’s worth. Also discussed was “how financial regulators and banks can collaborate to develop processes and procedures to address regulatory risks in serving market participants operating crypto assets businesses” — despite the fact that Bitcoin (BTC), the first and foremost cryptocurrency, was created to eliminate the need for collaboration from regulators and banks. This fact is not lost on the forum’s participants, however, as the report claims that “fast-evolving market dynamics mean that banks, financial institutions as well as financial regulators have an important part to play to diligently monitor and keep abreast of such developments, and ensure financial services continue to operate in a robust and trusted way in an increasingly digital environment.” In layman’s terms, legacy financial institutions don’t want to be rendered useless. AbdulAziz Al-Ghurair, Chairman of UAE Banks Federation, stated: Given the rapid emergence of new FinTech such as cryptocurrencies and other crypto assets, it is essential that we develop frameworks and regulations that govern these technologies and developments. He also added: With aspirations to become one of the foremost international hubs for finance, we must keep up with the rapid technological changes taking place across the sector. Ensuring a robust monetary and financial market environment is critical to this, and can only be achieved by protecting consumer rights and safeguarding market integrity. Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM, also added his two cents by stating: This event highlighted the importance and power of collaboration between regulatory authorities and financial institutions in building the trust and commitment needed to introduce FinTech activities securely into the financial services sector. Notice a theme, here? What do you think about legacy financial institutions feeling the need to ‘collaborate’ in regulating the cryptocurrency industry? Let us know your thoughts in the comments below!  Images courtesy of Shutterstock. The post Bitcoin’s Disruptive Power Not Lost on UAE Banks Federation and Abu Dhabi Global Market appeared first on Bitcoinist.com.

$225 Billion Abu Dhabi State Fund Dumps 35 Million AMD Shares for Cash – Has the Chipmaker Hit a Market Top?

Sovereign wealth fund Mubadala Investment Co has announced the sale of nearly 35 million shares in semiconductor firm Advanced Micro Devices (AMD). According to Reuters, the state fund of Abu Dhabi disposed of 34.9 million common equity shares in AMD. Mubadala also intends to convert 75 million warrants in the chipmaker into common equity shares. After the conversion Mubadala will have an ownership stake of around 6.9%. The chipmaker will benefit from the conversion to the tune of $448.5 million. Per a spokesperson, Mubadala’s decision to sell part of its stake in AMD was driven by its investment strategy. This The post $225 Billion Abu Dhabi State Fund Dumps 35 Million AMD Shares for Cash – Has the Chipmaker Hit a Market Top? appeared first on CCN

Abu Dhabi National Oil Firm Adopts IBM’s Blockchain Solution

The Abu Dhabi National Oil Company (ADNOC), a leading diversified energy and petrochemicals group that claims to produce roughly 3 million barrels of oil and 10.5 cubic feet of natural gas daily, has joined forces with IBM  to enable it integrate distributed ledger technology (DLT) into its operations and reduce risks while fostering transparency and efficiency, according to a press...Read More. The post by Ogwu Osaemezu Emmanuel appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
BTC Manager

Abu Dhabi Oil Giant Joins IBM to Apply Blockchain for Value Chain Management

CoinSpeaker Abu Dhabi Oil Giant Joins IBM to Apply Blockchain for Value Chain Management The Abu Dhabi National Oil Company (ADNOC) joined IBM to pilot a much-anticipated supply chain system. The company made this announcement through a press release published on Dec. 9. ADNOC is a state-owned oil company operating in the United Arab Emirates. The company is also a world leader producing 10.5 cubic feet of natural gas and about 3 million barrels of oil daily. According to the press release, the projected has successfully: “Provided a single platform that tracks the quantities and financial values of each bilateral transaction between the involved companies automating the accounting process” Official Announcement Abdul Nasser Al Mughairbi, the ADNOC Digital Unit Manager, made the project announcement recently in London. He was speaking at the World Energy Capital Assembly. Al Mughairbi illustrated his perception of the fundamental technology terming it as the first blockchain application in the oil and gas industry. He said blockchain is a game-changer. It is set to significantly reduce the company’s operating costs through elimination of labor-intensive and time-consuming processes. The technology will strengthen the trading and marketing of ADNOC’s products simultaneously creating long-term sustainable values. According to an IBM representative, Zahid Habib, the system will enhance the traceability of every oil molecule. Thus, the companies will determine the precise value of the oil from well to the consumer. Investors and customers will also have access to the data in future as reported by ArabianGazette. The transparency will eventually develop seamless integration among all stakeholders. Benefits of the New System There are other benefits that this system will bring to the operation of the company. According to the same press release: “The system will reduce the time it takes to execute transactions between its operating companies and significantly increase operational efficiencies across its full value chain. It will also improve the reliability of production data by enabling greater transparency in transactions.” The oil and gas sector is slowly embracing blockchain technology. Recently, there was a launch of a blockchain-based processing tool from VAKT in late November. The tool is designed for crude oil industry players including Shell, Equinor, Gunvor, BP, and Mercuria. The Abu Dhabi Global Market also successfully tested the blockchain-based system earlier in the week. First Application Accounting Although Microsoft replaced IBM as the biggest Blockchain-as-a-Service Platform, IBM has turned its attention to the oil sector. The ADNOC project is regarded as the first application of blockchain-based oil and gas accounting platform. The regular price fluctuations and limited capacity for the natural resources prompted the UAE government to seek sustainable solutions. The announcement is definitely excellent news for the entire crypto industry. It also unlocks the potential to digitally reinvent the ADNOC’s state-owned hydrocarbon value chain. Moreover, it adds a unique dimension to the company’s data visualization in their state-of-the-art Panorama Digital Command Center. The system undisputedly accelerates ADNOC towards their vision 2030. Abu Dhabi Oil Giant Joins IBM to Apply Blockchain for Value Chain Management
More news sources

Abu Dhabi news by Finrazor


Hot news

Hot world news

Ravencoin Grows 20% And Continues to See RVN Token Surge in the Crypto Market

There are several altcoins that are registering interesting growth rates in the last weeks. This time, Ravencoin (RVN) was able to pump once again over 20% in just 24 hours. Although Bitcoin keeps being traded sideways, there are some altcoins that are behaving very positively. Ravencoin Spikes 20% Ravencoin was able to grow 20% and […]
Bitcoin Exchange Guide

Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report

Bitcoin [BTC] Futures were thought to be a snippet of the overarching cryptocurrency market, though meager in comparison to the larger spot market. A recent report from Bitwise Asset Management, the crypto-centric investment firm has stated otherwise. In a March 20 report presented to the United States’ Securities and Exchange Commission [SEC], Bitwise analyzed the Chicago Mercantile Exchange [CME], and the Chicago Board Options Exchange, with ten prominent cryptocurrency exchanges’ in terms of their trade volume. Prior to shedding light on their Futures versus Spot findings, it must be noted that the report revealed that 95 percent of the trading volume of unregulated exchanges were seemingly “fake and/or non-economic wash trading”. Taking into account this disparity, the percentage of futures volume to their spot equivalent increases from 1.51 percent to 33.33 percent. Reported Spot volume totaled $6 billion, but after removing the “suspicious exchanges”, the actual volume recorded dropped to $273 million, in comparison to the futures market volume of $91 million. Furthermore, the increase in futures’ volume as a percentage of the spot market has been steadily increasing. From November 2018 to January 2019, the futures market was just over 15 percent, and almost doubled in February 2019 to 33 percent. Since the Futures contracts were approved in December 2017, only on two occasions did the Futures volume, in comparison to the Spot market, shoot above 20 percent; this was in May and August 2018. Futures Volume expressed as a percentage of their Spot Equivalent In terms of their stand-alone trade volume, the CME and the CBOE are in good stead against the world’s top cryptocurrency exchanges. The daily volume the CME, which brings in $84.82 million, ranks second behind Binance’s $110.5 million and ahead of Bitfinex, which records $38.06 million in daily trade volume. The CBOE also fairs well, taking the ninth spot on the ladder, ringing in $6.12 million in daily trade volume. Gemini takes the eight spot with $8.11 million and itBit caps off the top-10 with $5.58 million in daily volume. Notable, among the top-12, eight exchanges are registered within the United States. Despite the CBOE’s comparative success against the spot exchanges’, it has not been performing well against its cross-town rival, the CME. This slump forced the CBOE to delist their Bitcoin Futures [XBT] for March 2019. However, the XBT futures that are yet to expire later in the year will not be off-loaded prematurely. Bitwise also points out that the CME Futures Price tracks the Global Spot Price based on an arbitrage model. Given below is a chart attesting the same: Arbitrage between the CME Futures price and the global Spot price The post Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report appeared first on AMBCrypto.

How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval

The SEC has held the ETF approval for Bitcoin and Cryptocurrency for a couple of reasons. The most significant reason for the same has been the unregulated marketplace. While decentralization in Bitcoin is an attribute that makes it an ideal asset class, the market places or Exchanges that provide for conversion of FIAT to Cryptocurrency is still controlled by independent entities. A recent report by Bitwise Asset Management published by the SEC inferred that more than 95% of the cryptocurrency volume is being faked. Hence, according to that, the ‘actual spot volume’ on cryptocurrency exchanges is a little above $270 million. Moreover, the reported volume of CME and Cboe Bitcoin Futures is more than one-third of the ‘actual spot volume’ estimated by Bitwise. According to Bitwise Asset Management, This is good news because it means CME— a regulated, surveilled market— is of material size, which important for an ETF. The case of a Bitcoin ETF Approval Now CME Bitcoin Futures reported a spot trading volume of $85 million. Moreover, according to Bitwise Asset Management, the actual trading volume of the Crypto-to-FIAT Exchanges is around $273 million. Hence, according to this statistic the Futures Trading Volume of CME alone accounted for 31.1% of the ‘Actual Exchange Volume.’ Moreover, there are other Bitcoin Futures market active in Europe and Japan as well. Hence, going by the above statistic, it can be said that the institutional investment might be in parity with the unregulated investment in Bitcoin. However, the Exchanges have reported total spot volumes total to the tune of $6 billion. This can necessarily raise doubts on its demand being higher than $100 billion. However, it does not directly affect the total market capitalization of a cryptocurrency.   Parity Between Spot Trading of Bitcoin and Gold The spot trading volume of Gold is 0.55% of its total market capitalization, while according to Bitwise statistics spot ‘actual spot trading on Bitcoin is 0.39%. If the CME Futures volume is included in this data, the percentage will increase to 0.51%. The OTC trading volume on most exchanges is also not added in the Exchange Data. All this suggest that the institutional investment in Bitcoin is considerably more significant than one expects. It is not only healthy in volume but also agrees statistically with the closest relatable asset class, i.e., Gold. Hence, a new form of informational mechanics for the trading of Bitcoin and Cryptocurrency in regulated Exchanges could alleviate the doubts around the Bitcoin ETF approval.   The post How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval appeared first on Coingape.

Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA

Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. […] Cet article Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA est apparu en premier sur Bitcoin Central.
Bitcoin Central
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.