stc Bahrain made waves by participating in Token2049 – the premier Web3 event.

At the TOKEN2049 Conference in Dubai, held on April 18-19, 2024, stc Bahrain, a world-class digital enabler, showcased its leadership in fostering Web3 collaborations, amidst a global gathering of over 10,000 attendees from 4,000 companies worldwide.
  • By stc Wholesale
  • May 09/05/2024
token2049
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Token2049 Conference in Dubai

TOKEN2049 Dubai, held for the first time in the Middle East on April 18-19, 2024, successfully attracted over 10,000 attendees from over 4,000 companies. This premier event underscored the robust interest and vitality in the Web3 space. The conference was a global gathering with 90% of its attendees coming from international backgrounds, representing over 160 countries worldwide. This diverse participation highlighted the global appeal and significance of the event. TOKEN2049 Dubai also featured more than 200 industry leaders who shared their insights and knowledge, further establishing the event as a pivotal platform for discussions and developments in the Web3 industry. During the event, stc Bahrain solidified its alliances and highlighted its leadership in fostering Web3 collaborations.

Numerous Web3 players expressed strong interest in supporting stc Bahrain’s Web3 Launchpad Program, indicating robust potential for future growth and partnerships.

Partnership: stc Bahrain and Avalanche

stc Bahrain deepened strategic partnerships during the conference. A key partnership that was announced at Token20409 is Avalanche – serving as the exclusive Qala’a Partner within stc Bahrain’s Web3 Launchpad Program. Avalanche, a prominent layer-1 blockchain, is celebrated for its scalability and near-instant transaction finality. Currently, it is the 12th largest blockchain protocol with a market capitalization of $12.4 billion and a robust user base of nearly 20 million addresses. Avalanche also collaborates with major entities such as Alibaba Cloud, SK Group, and AWS.

Saad Odeh, Chief Wholesale Officer of stc Bahrain, with Emin Gün Sirer, CEO and co-founder of Ava Labs, delved into the future of this partnership.

stc Bahrain’s interactions with Avalanche included significant discussions with Emin Gün Sirer, the CEO and co-founder, and John Nahas, the Senior VP of Business Development, underscoring a shared commitment to accelerating Web3 adoption in the region. stc Bahrain plans to launch a subnet on the Avalanche network, which will enhance technological integration and spearhead substantial new initiatives aimed at driving innovation and engaging the community.

Partnership: stc Bahrain and Core Foundation

Another key collaboration highlighted during the conference was with Core, a Pearling Path partner in stc Bahrain's Web3 Launchpad Program. Core chain is an innovative Layer-1 blockchain, utilizing Bitcoin as its underlying network security, while maintaining compatibility with the Ethereum Virtual Machine (EVM). It focuses on privacy, scalability, and utilizes the Satoshi Plus consensus mechanism, aligning well with stc Bahrain's strategic vision. Core boasts a market capitalization of $1.7 billion, with a user base of over 16 million addresses. stc Bahrain distinguished itself as the first telecommunications company to form a partnership with Core, and operating a validator node on the Core network since April 2024.

Core DAO and stc Bahrain teams at the Core booth in Token2049.

During the TOKEN2049 event in Dubai, the stc Bahrain team convened with the Core team at their booth. This pivotal meeting brought together Brendon Sedo, Rich Rines, and CJ Reim from Core DAO, along with Saad Odeh, Mohammed Imran Siddiqui, and Waqar Qureshi from stc Bahrain, marking a significant step in their collaboration and discussions

Partnership: stc Bahrain and Aleph Zero

stc Bahrain further strengthened its relationship with Aleph Zero, the newest Pearling Path partner in the Web3 Launchpad Program. Aleph Zero is a privacy-focused Layer-1 blockchain, based on the AlephBFT consensus protocol, and utilizing Zero-Knowledge Proofs and Secure Multi-Party Computation to provide advanced privacy solutions for business use cases. stc Bahrain will join Deutsche Telekom as a new validator on the Aleph Zero network.

Aleph Zero and stc Bahrain teams at Souk Madinat Jumeirah.

During TOKEN2049, representatives from stc Bahrain had a cordial meeting with key members of the Aleph Zero team, including co-founder Antoni Zolciak, Nick Fisher, the Head of Partnerships, Mateusz Wolny, Operations and Products Counsel, and Piotr Saczuk, Head of Investments.

 

Aleph Zero and stc Bahrain Ecosystem Dinner event.

stc Bahrain and Aleph Zero later co-hosted a private dinner event, attended by over 25 participants. Notable participants included representatives from other telecommunication operators such as Telefonica, major venture capital firms, and established node operators.

Bahrain is a fertile ground for Web3 development

Bahrain's Economic Vision 2030 reveals a strong focus on diversifying and modernizing the economy, positioning next-generation technologies as essential for sustainable growth. To achieve this, the Bahrain Economic Development Board (EDB) actively fosters a supportive business environment in close collaboration with the private sector. The EDB's recent membership in the Crypto Valley Association demonstrates its commitment to embracing Web3 innovation and attracting investment, proactively guiding companies through the investment process. This forward-thinking approach is further evident in the EDB's partnership with Bahrain Fintech Bay, a specialized center offering resources and opportunities to financial technology startups. Initiatives like StartUp Bahrain provide foreign enterprises with comprehensive support, streamlining processes. Bahrain distinguishes itself with a progressive regulatory framework for blockchain and cryptocurrency. The Central Bank of Bahrain (CBB) established a regulatory sandbox in 2017 and expanded regulations in March 2023 to include "Digital Token Offerings," illustrating its dedication to a conducive environment for the digital finance sector. Additionally, the Data Embassy Law of 2018 offers foreign parties data security assurances, underscoring Bahrain's efforts to become a regional hub for innovation and technological development.

stc Bahrain’s Web3 Launchpad drives digital innovation

With Avalanche as the Qala'a Partner, the upcoming launch of the stc subnet, and strategic partnerships with protocols like Core and Aleph Zero via the Pearling Path, stc Bahrain is spearheading innovation and Web3 adoption throughout the Gulf region. The company extends an open invitation to Web3 players and innovators, offering a supportive framework designed to accelerate growth and scaling within this transformative landscape. Interested Web3 protocols can partner with stc Bahrain as part of the Pearling Path initiative by reaching out via the designated form below.


 

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