Masary Capital ("Masary"), a prominent Dubai-based company that offers a joint venture and consulting platform for corporations around the world looking to contribute to the region's blockchain/metaverse strategy and successfully scale, and Spirit Blockchain Capital Inc., a Canadian company that offers shareholders diversified exposure to the blockchain and digital asset industry, have signed a non-binding memorandum of understanding. According to the MOU, the parties may work with Masary Capital in a strategic and consultative capacity.
Masary Capital is at the vanguard of the UAE's National Blockchain Strategy and the National Artificial Intelligence Strategy 2031 as a prominent partner in the MENA region. Spirit is able to offer the best environment for international Blockchain businesses and growth for Spirit's shareholders because to its presence and in-depth knowledge of Digital Assets, Web3, and payment solutions, among other things. In accordance with the strategic partnership agreement, Spirit will make use of its connection to Masary Capital to expand its market share in the Middle East and will use Masary Capital as an advise source for any future expansion plans in the region.
Spirit will assist with key Web3 infrastructure projects, such as public blockchain, scaling solutions, and decentralised apps like DeFi and GameFi, in order to support Masary Capital's Dubai Blockchain and Metaverse Strategy. Spirit will open a branch office in Dubai as part of the collaboration. By making this change, Spirit will be able to collaborate with its strategic partner more closely and better coordinate its efforts in order to realise the goal of the Dubai Digital Asset Strategy, which aims to use blockchain technology for both commercial and social gains.
The blockchain industry has seen the greatest growth in the United Arab Emirates, and Dubai is a hub for the global metaverse and digital asset communities, with a robust ecosystem that fosters innovation and growth in these areas. It is the location of many of the biggest cryptocurrency exchanges and a fervent advocate of blockchain gaming and the Metaverse. This is as a result of its advantageous regulatory environment, which has laid a solid foundation for the digital economy.
The Dubai government has adopted a licencing system and created the Virtual Asset Regulatory Authority (VARA) to regulate the sector in an effort to support the expansion of the virtual asset business. Dubai has established itself as a key player in the developing global digital economy because to a combination of entrepreneurial prowess, helpful regulations, and a thriving business community.
Khalil Abdulla, Chief Executive Officer of Masary Capital, expressed his excitement about Spirit Blockchain Capital being its Swiss-Canadian based public company partner commenting: "We are thrilled to work with Spirit Blockchain. We strive to work with companies that intend to contribute to the region’s immense ecosystem. We know that having a local partnership is the only way to create significant inroads and allocate capital appropriately.”
Spirit and Masary shall become the preeminent strategic partnership for Decentralized Finance, Web3 and asset management companies in MENA. "This relationship exemplifies strategic opportunities in the Digital Assets and Blockchain space and the commitment that Spirit Blockchain Capital is able to provide. We couldn’t get to where we want to go without Masary as a key local partner,” CEO Lewis Bateman CEO said. “Masary is the best partner in the region and the partnership will be the foundation of great opportunities and growth for both companies. This is only the beginning and soon we intend to list on the Nasdaq Dubai."