News

Admitad Is Now “Mitgo”, With Big Investment Planned By 2025

As a multinational company with assets in MarTech, FinTech and more, Mitgo plans to play a big role in the MENA region’s future.

Published

1 year ago

January 25, 2023

Nour Nasir

Mitgo

Amitad, a global Performance Marketing platform and IT solutions provider, is morphing into “Mitgo”, which will become the new parent holding company for the wider Admitad group.

The move aims to simplify the current corporate structure, allowing the separate entities within the group to develop more freely, alongside plans to launch a startup incubator and entrepreneur network.

Over the past five years, Admitad has seen strong growth in the MENA region, having spent over $30 million in acquisitions and various new project launches. In 2022, the provider’s solutions generated in excess of 130 million orders for 35,000 online merchants and monetized the audiences of 100,000 publishers.

To coincide with the group’s restructuring, founder Alexander Bachmann will step in as CEO of the newly-formed Mitgo.

mitgo ceo alexander bachmann

“The worldwide economy is changing rapidly. By developing its products and investing in promising new projects, Mitgo will make a major contribution to the development of industries such as eCommerce, AdTech, and MarTech. An innovation-focused approach is the very backbone of Mitgo’s business operation. This new company structure will allow us even more freedom to launch ventures, acquire, invest – and attract investment,” says Alexander Bachmann, Mitgo CEO.

Also Read: myAster App Will Connect Patients To Doctors In 30 Minutes

In addition to contributing to various MENA industries, Mitgo will also form a startup incubator, supporting grass-roots initiatives and helping to drive funding to promising new ventures.

As well as offices in 10+ countries and a team of over 700 professionals, Mitgo boasts an extensive family of companies under its umbrella. From coupon and voucher advertising solutions such as FairSavings to influencer marketing from ConvertSocial, the group continues to grow from strength to strength, with further investments of $75-$100 million planned before 2025.

News

Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

Published

6 hours ago

April 19, 2024

Nour Nasir

binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.