RAK DAO (Ras Al Khaimah Digital Assets Oasis) is a government-supported free zone in the United Arab Emirates, launched in 2023. It is the world's first and only free zone exclusively dedicated to digital and virtual asset companies. The initiative is designed to create a vibrant ecosystem for Web3, blockchain, AI, and other emerging technologies, positioning Ras Al Khaimah as a global hub for innovation.
RAK DAO provides a comprehensive suite of services and infrastructure to support the growth of digital asset companies. This includes a robust and transparent legal framework, a variety of licensing options (including for freelancers and digital nomads), and access to a network of partners, VCs, and academic institutions. The free zone offers a range of facilities, from co-working spaces to dedicated offices, and provides professional services to assist with everything from company setup to ongoing operations.
The Hedera Foundation, which fuels the growth of the Hedera ecosystem, is a key partner of RAK DAO. This strategic alliance provides RAK DAO members with direct access to the Hedera network, including grant programs and technical support.
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Pyth Network is a first-party financial oracle network that supplies extremely low-latency real-world price data across crypto, equities, forex, commodities, and ETFs. In February 2024 the Pyth catalog of over 400 price feeds was launched on Hedera via a partnership with the HBAR Foundation, giving developers permission-less access to real-time data and confidence intervals to improve DeFi risk management. HLiquity, a decentralized borrowing protocol on Hedera, became the first application to integrate these feeds to ensure accurate pricing and proper collateralization.
The Fugitives Club NFT is a collection of 1,912 unique digital collectibles minted on the Hedera Hashgraph network. Each "fugitive" character in the collection is algorithmically generated from multiple layers of distinct images and graphics, resulting in a visually unique NFT with its own identity. The project is recognized as an early entrant in the Hedera NFT space, with its initial minting event occurring in November 2021.
Beyond collectibility, The Fugitives Club is noted for its contribution to developer tooling within the Hedera ecosystem. The project team developed and made available a command-line interface (CLI) tool via GitHub, designed to facilitate the minting of NFTs using Hedera and the InterPlanetary File System (IPFS) for decentralized storage. This indicates a broader engagement with the underlying technology.
The project features a cultivated community, with "clans" of fugitives and dedicated channels for engagement. The Fugitives Club represents one of the foundational NFT projects on Hedera, combining unique digital art with contributions to the developer community.
Jewel Bank is a Bermuda-based financial institution focused on bridging fiat banking with digital asset infrastructure through its proprietary stablecoin and banking service solutions. It has full TradFi banking and digital asset business licenses from the Bermuda Monetary Authority (BMA) and is the first dedicated digital asset bank in the area to receive both licenses.
Its primary clients are non-US digital asset firms including exchanges, institutional investors, and OTC trading firms. Jewel Bank offers a full suite of banking services including business checking and deposit accounts, wire transfers, fiat on and off ramps, and digital asset custody.
Jewel Bank also issues its own US dollar-backed stablecoin, Jewel USD ($JUSD). This is a fully-reserved stablecoin offering transparency through regular reserve updates and banking-as-a-service offerings via API as well as cryptocurrency-collateralized lending.
The firm is currently developing stablecoins-as-a-service solutions alongside its real-time settlement network, "Jewel Settle," which offers instant settlements for cross-bank transactions conducted by Jewel Bank customers.
eMission is a Canadian company that is developing a comprehensive platform for the measurement, reporting, and verification (MRV) of enterprise carbon emissions and removal. Its goal is to provide a fully auditable and transparent system that can help businesses and governments accurately track their carbon footprint and achieve their sustainability goals.
The core of eMission's service is a platform that uses a combination of satellite data, IoT sensors, and advanced analytics to provide a detailed and near real-time view of carbon emissions. This data-driven approach is designed to overcome the limitations of traditional, often manual, methods of carbon accounting. By providing a more accurate and transparent system, eMission aims to build trust in the carbon credit market and facilitate the flow of capital to high-impact environmental projects.
eMission received a grant from the Hedera Foundation to develop a suite of open-source tools and methodologies on Hedera Guardian, a platform for creating and managing digital environmental assets. This integration will allow for the tokenisation of verified carbon credits, creating a secure and transparent market for these assets.