Crypto Moves – Bitcoin and Ethereum fall; Voyager Digital files for bankruptcy; Crypto credit card with no spending cap launches in UAE

Crypto Moves – Bitcoin and Ethereum fall; Voyager Digital files for bankruptcy; Crypto credit card with no spending cap launches in UAE
Bitcoin traded lower on Wednesday, falling by 2.15 percent (Shutterstock)
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Updated 06 July 2022

Crypto Moves – Bitcoin and Ethereum fall; Voyager Digital files for bankruptcy; Crypto credit card with no spending cap launches in UAE

Crypto Moves – Bitcoin and Ethereum fall; Voyager Digital files for bankruptcy; Crypto credit card with no spending cap launches in UAE

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Wednesday, falling by 2.15 percent to $19,887.74 as of 9:40 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,121.72 falling by 3.54 percent, according to data from Coindesk.

Voyager Digital files for bankruptcy

Cryptocurrency lender Voyager Digital filed for bankruptcy on Wednesday, a week after it halted operations on its platform to give itself more time to consider strategic alternatives, according to Reuters.

Voyager, based in New Jersey, stated in its bankruptcy filing on Tuesday that it has more than 100,000 creditors, assets worth between $1 billion and $10 billion, and liabilities of the same amount.

All civil legal cases are suspended during a Chapter 11 bankruptcy, which also enables businesses to develop turnaround strategies while continuing to operate.

“The prolonged volatility and contagion in the crypto markets over the past few months, and the default of Three Arrows Capital on a loan from the company’s subsidiary, Voyager Digital, LLC, require us to take deliberate and decisive action now,” Voyager CEO Stephen Ehrlich said in a statement.

Voyager announced last week that it has sent a notice of default to Singapore-based cryptocurrency hedge fund Three Arrows Capital for failing to make due repayments on a loan for 15,250 bitcoin (about $324 million) and $350 million worth of USDC, a stablecoin.

Later that week, 3AC filed for chapter 15 bankruptcy, which enables foreign debtors to protect US assets.

Crypto credit card with no spending cap launches in UAE

The largest payment network in the world — crypto-powered Visa’s black card, bitcoinblack — has been introduced in the UAE.

Only 10,000 members worldwide can access bitcoinblack via invitation from VISA’s official website in order to become cardholders, according to a statement.

 The crypto-powered premium credit card was introduced in 2021 and is accepted anywhere. Its users can earn rewards of up to 10 percent back in unique ‘$SPND’ tokens.

“Bitcoinblack is perfectly suited for high net worth individuals who want to use their crypto for business or pleasure wherever they are in the world, including the 140+ countries where Visa is accepted,” CEO Prakash Chand said.

 


‘Saudization’ in the insurance sector at 77 percent, says Bupa Arabia chairman

‘Saudization’ in the insurance sector at 77 percent, says Bupa Arabia chairman
Updated 14 sec ago

‘Saudization’ in the insurance sector at 77 percent, says Bupa Arabia chairman

‘Saudization’ in the insurance sector at 77 percent, says Bupa Arabia chairman

RIYADH: The share of Saudi employees in the Kingdom’s insurance sector has hit 77 percent, according to Loay Nazer, chairman of Bupa Arabia.

Speaking at the Saudi Insurance Symposium in Riyadh on Sept. 28, Nazer said the insurance sector has created 17,000 jobs in the Kingdom, while Bupa’s market size has reached SR42 billion ($11.16 billion) since its launch 18 years back.

Saudi Arabia launched the ‘Saudization’ labor market strategy to enhance the “economic participation” of its citizens, with the aim to reach 60 percent by 2030.

Naser pointed out that Saudi Central Bank’s cooperation has helped elevate Saudization in the executive category of the insurance sector to 90 to 95 percent.

Nazer added that Bupa was the first in the Kingdom to introduce a 24/7 call center for customers around 17 years ago.

The Saudi Insurance Symposium is one of the largest forums for insurance companies across the Middle East.

The event will be conducted from Sept. 28 to 29, with more than 1,000 insurance specialists, local officials, international managers and executives gathering to discuss developments in the sector.

 


Saudi Maharah’s unit acquires 41% of Care Shield for $90m

Saudi Maharah’s unit acquires 41% of Care Shield for $90m
Updated 37 min 20 sec ago

Saudi Maharah’s unit acquires 41% of Care Shield for $90m

Saudi Maharah’s unit acquires 41% of Care Shield for $90m

RIYADH: Growth Avenue Investment Co., a unit of Maharah Human Resources Co., closed the acquisition of a 41 percent stake in Care Shield Holding Co. in a deal valued at SR307 million ($90 million).

The title to the shares was transferred to the buyer, Maharah said in a bourse filing.

The deal was financed in part by the company’s own resources and in part by a loan from Al Rajhi Bank.

Growth Avenue Investment qualifies for a profit share from the acquired stake as of Jan. 1, 2022.

In August, Maharah announced that Growth Avenue had received the General Authority of Competition’s nod to proceed with acquiring Care Shield Holding.


LinkedIn reveals Saudi Arabia’s top 10 startups for 2022

LinkedIn reveals Saudi Arabia’s top 10 startups for 2022
Updated 52 min 29 sec ago

LinkedIn reveals Saudi Arabia’s top 10 startups for 2022

LinkedIn reveals Saudi Arabia’s top 10 startups for 2022

RIYADH: Professional networking solution provider LinkedIn has revealed the annual ranking of the top 10 startups based in Saudi Arabia that have demonstrated growth in 2022.

The annual ranking has been analyzed on the basis of the companies’ interactions with LinkedIn members. They are measured through employment growth, company and employee engagement, job interests, and talent attraction.

The top startups in Saudi Arabia for 2022: 

  1. Tamara
  2. Sary
  3. Nana
  4. Zid
  5. Tweeq
  6. Gathern
  7. Lendo
  8. Qawafel
  9. Resal
  10. Shgardi

“KSA’s Top Startups List 2022 reflects the current state of the startups and VC space in the country while also offering insights into the prevailing market trends influencing the community,” said Salma Altantawy, senior news editor at LinkedIn.

The announcement also indicated that fintech witnessed huge traction in the Kingdom with three startups — Tamara, Tweeq, and Lendo — in the sector making to the list.

Delivery services have also grown in popularity with platforms like Nana and Shgardi recording good traction. This is in addition to a rise in B2B solutions as companies like Sary and Qawafel found second and eighth positions, respectively.

“This year’s list sees the emergence of many startups from financial backgrounds. This signifies the increased popularity and growing need for simplified and innovative fintech solutions by consumers in Saudi Arabia,” she added.

To be eligible, LinkedIn said, companies must be independent and privately held, have 50 or more country-based employees, be seven years old or younger, and be headquartered in the country on whose list they appear.


TASI sees gains as global economic fears ease: Opening bell

TASI sees gains as global economic fears ease: Opening bell
Updated 28 September 2022

TASI sees gains as global economic fears ease: Opening bell

TASI sees gains as global economic fears ease: Opening bell

RIYADH: Saudi Arabia’s main index has continued to recover from a sharp drop that was caused by concerns about economic growth.

The Tadawul All Share Index gained 0.94 percent to reach 11,120 Wednesday morning, while the parallel market Nomu started 0.34 percent higher at 19,786, as of 10:08 a.m. Saudi time.

Saudi oil giant Aramco started with a 1.02 percent gain, while Rabigh Refining and Petrochemical Co. added 0.3 percent.

The Saudi National Bank, the Kingdom’s largest lender, increased by 0.98 percent, while Saudi British Bank increased by 0.95 percent.

The Kingdom’s highest valued bank, Al Rajhi, rose 0.5 percent, while Alinma Bank gained 0.86 percent.

Anaam International Holding Group continued to lead the gainers for a third session with a 5.42 percent gain, after it turned into profits of SR1.6 million ($425,599) in the first half of 2022.

The Saudi Public Transport Co. gained 1.77 percent, after winning an SR88 million public bus transport project with Taif Municipality.

Maharah Human Resources Co. added 0.83 percent, after securing a long-term Murabaha loan worth SR200 million from Al Rajhi Bank.

 


Arabian Drilling opens IPO at up to $24 per share

Arabian Drilling opens IPO at up to $24 per share
Updated 28 September 2022

Arabian Drilling opens IPO at up to $24 per share

Arabian Drilling opens IPO at up to $24 per share

RIYADH: Arabian Drilling Co. has set its price range for its initial public offering at SR90-100 ($24-$27) per share, as it kicks off the book-building period on Wednesday.

The process for institutional investors, which will end on Oct. 5, will be led by HSBC Saudi Arabia, Goldman Sachs Saudi Arabia, and SNB Capital, according to a bourse filing.

ADC is offering 30 percent of its capital, representing 26.7 million, in an attempt to join Nomu’s parallel market.

The retail subscription to 2.76 million shares, or 10 percent of the shares offered, will run from Oct. 18 to Oct. 19.