UAE billionaire funds opening of Distributed Lab branch

A Ukrainian blockchain company, Distributed Lab, has opened a branch in the United Arab Emirates (UAE). The project received funding from a local billionaire who wished to remain anonymous, ForkLog representatives said.

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The branch will focus on implementing blockchain and fintech solutions.

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“The UAE market urgently needs expertise in implementing contactless technologies and secure digital solutions,” said Igor Arkhipenko, director of the new Distributed Lab branch.

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In collaboration with Arab partners, Distributed Lab has already completed three projects in fintech and secure document management. Five more projects are in progress.

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“We focus on comprehensive solutions with special security requirements, creating products and promoting them both on the UAE market and in other countries through partners,” said Pavel Kravchenko, CEO of Distributed Lab.

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In 2018, billionaire and founder of Playtech Teddy Sagi invested in Distributed Lab.

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Billionaire Teddy Sagi invested in Distributed Lab

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In early 2020, Distributed Lab, together with the National Bank of Ukraine, presented an MVP (minimum viable product) of the digital hryvnia system.

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