NEWS
Regulated carbon exchange , ACX goes live on Abu Dhabi Global Market
the first jurisdiction to regulate voluntary carbon credits as financial instruments through the introduction of an Environmental Instrument classification , a regulatory framework to license exchanges and clearing houses for both spot and derivatives markets for these products .
ACX , AirCarbon Exchange announced its exchange and clearing house in Abu Dhabi Global Market is live . Key trades have already been executed and settled on the platform , signifying the commencement of what is anticipated to be voluntary carbon markets , VCM .
ACX established its regional base in ADGM in August 2021 with the support of Hub71 , Abu Dhabi ’ s global tech ecosystem . Hub71 is powered by Mubadala Investment Company , an Abu Dhabi sovereign investor . Mubadala invested in ACX in September 2022 as a strategic step in line with its economic diversification mandate and commitment to responsible investing .
In September 2022 , ADGM , the international financial centre of the UAE ’ s capital that is established as a financial free zone , became
In November 2022 , ACX Abu Dhabi became the first entity to be licensed under this framework , being the world ’ s first regulated Recognised Investment Exchange and Recognised Clearing House offering Environmental Instruments in the form of carbon credits .
These regulatory licenses bolstered trust , security , and investor protection for the trading of carbon credits by mandating fair and orderly trading and real-time market surveillance , resulting in heightened market integrity , transparency and efficient price discovery . ACX strictly adheres to client asset segregation , regulatory capital and audit requirements .
With investment secured and regulatory licenses approved , ACX laid the groundwork to allow VCM participants , for the first time , to trade carbon credits and other environmental instruments under a capital markets regulatory framework . The inaugural carbon credits trade on the fully regulated exchange was executed between First Abu Dhabi Bank , FAB and specialist carbon trading company Helix Climate .
UAE ’ s Everdome launches SPACES , its Metaverse-as-a-Service product
UAE based metaverse project Everdome unveiled SPACES , the debut release of the new Metaverse-as-a-Service product line , which aims to make the metaverse more accessible for all .
According to a recent report by McKinsey , almost 60 % of consumers using today ’ s early version of the metaverse are excited about transitioning everyday activities to it , and 95 % of business leaders are expecting the metaverse to have a positive impact on their industry within five to ten years , the metaverse remains confusing for many business and consumer users , with greater barriers to entry and understanding than widely used web2 applications .
Everdome seeks to change this with their new SPACES application , which will deliver easy-to-use , customisable and engaging metaverse pop-up spaces that can be created in a matter of minutes .
SPACES will allow users without deep technical knowledge to quickly produce metaverse experiences which can last for days , weeks or even a matter of hours as a metaverse pop-up space . This product release follows closely behind Everdome ’ s Mars Landing experience release , which represented the completion of their alpha layer-one of their immersive metaverse destination , taking users from a virtual Hatta Spaceport through to a digital imagining of a future Martian civilization .
The Everdome team combines the power of Unreal Engine 5 with blockchain technology , wrapping them together to create easy to use metaverse templates that enable users to showcase images , video , streaming and more to invited guests – who can then react and socialize using avatars in a three-dimensional , immersive and interactive environment .
Created as a stand-alone application from their hyper-realistic Mars metaverse environment , SPACES addresses the ongoing challenge of accessibility in metaverse development , allowing a wider audience to take their first steps into the web3 world .
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