Co-Founder and Chief Cryptographer of Mysten Labs, Kostas Kryptos Chalkias, Mohamed Abdou, CEO and Founder of MENA-based Pravica, Gregorios Siourounis, Co-Founder and CEO of Xmoney Global, and A. Tony Amer, CEO of EMURGO Labs, met in Egypt to integrate blockchain into the economies and societies of Egypt and MENA.
The global and regional blockchain leaders met in Egypt this week to discuss building blockchain solutions across multiple sectors in the Arab world. They plan to integrate blockchain technology into the financial sector, logistics, academia, government, and other areas, as they seek to build MENA’s digital economies.
The meeting was hosted by the newly established Arab Blockchain Center, a joint initiative between Egyptian-based Pravica, a MENA-focused blockchain infrastructure company building secure digital communication tools and fintech solutions such as S3 Money, and the Arab Academy for Science, Technology, and Maritime Transport (AASTMT).
Founders to develop blockchain solutions in Egypt
The expert group seeks to grow mass adoption in blockchain and challenges centered around blockchain use cases for off-chain transactions and the cross-border payments sector. Also, on the table was documentation sharing, especially for governmental sector where security of documents and confidentiality are key.
In addition, the remittance sector was discussed, given that 9% ($35 billion) of Egypt’s $386 billion GDP comes from remittances sent by more than 15 million Egyptians abroad.
“The discussions we’ve had here in Cairo, focused on practical blockchain applications like cross-border payments and digital identity, are essential for building a more inclusive and efficient financial future for the MENA region. Sui’s architecture, with its focus on scalability and asset ownership, is uniquely positioned to empower this transition and help create a digital economy that benefits everyone,” Kostas Kryptos Chalkias, Co-Founder and Chief Cryptographer of Mysten Labs, creators of Sui, stated.
Mohamed Abdou, CEO and Founder of Pravica, explained that the goal is to leverage blockchain to build a truly on-chain banking 2.0 infrastructure. He explained, “This will go far beyond simple digital payments to enable a new suite of services, from instant cross-border remittances to more secure lending. The initiative is a massive step towards financial inclusion for Egypt. The work is complex, but the potential is limitless.”
Professor Georgios Siourounis, CEO of xMoney Global, shared his vision for the future of cross-border digital payments, noting that financial systems must also connect people across borders; this is how true inclusion starts.
The meeting was attended by Egyptian high-level representatives from the academic, banking, and governmental sectors.
Finally, Tony Amer, CEO and Founder of EMURGO Labs, summed it up by stating that the goal is to ensure that Egypt and the region are not just observers of how blockchain is reshaping economies but active participants.
The Egyptian government has banned the trading or utilization of crypto, while working on blockchain implementations in trade, logistics, carbon markets and exploration of a Central Bank Digital Currency (CBDC). Blockchain in the financial domain could be a game changer in Egypt, with more than 98% of the country’s business being micro to small and medium-sized entities.
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Source: https://www.cryptopolitan.com/mysten-co-founder-egypt-build-blockchain/
