Web 3 Innovations (trading as AYA), the Dubai entity of Enjinstarter, a leading Web3 launchpad and advisory company, has been granted a Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Assets Regulatory Authority (VARA) to provide Virtual Asset Management and Investment Services.
“This is a great day for AYA and a huge milestone for us. The VASP licence process demonstrates our compliance with the VARA process as we leverage Web3 to help bridge the climate financing gap,” said Prakash Somosundram, co-founder and CEO of Enjinstarter and AYA Foundation. “We are thankful to VARA for taking a collaborative approach towards understanding our business and working closely with us throughout the application process. We are now poised to leverage the licence approval and accelerate operational set-up to deliver impact as soon as we conclude the outstanding regulatory pre-requisites.”
Enjinstarter will soon commence operationalising its climate-focused launchpad, AYA, which aims to support the next generation of sustainability innovation. Acting as a green financing bridge, AYA will connect retail investors, high-net-worth individuals, and institutional investors with startups working in areas such as reforestation, nature credits, mangrove conservation, and sustainable agriculture. It will also provide startups with access to innovative technologies and incubation services. AYA’s pipeline already includes UCO Network, a platform to optimise the collection, processing, and trading of used cooking oil while rewarding responsible actions, and other nature-based projects looking to leverage blockchain and Web3 for climate action.
As one of its first initiatives, AYA is collaborating with UAE-based The Storey Group on a campaign to plant mangroves in Dubai. Everyone who joins the AYA community will have a mangrove tree planted in their name and will receive a digital certificate with the exact coordinates of the tree.
“AYA’s main contribution to the fight against climate change is as a platform to scale the pace of climate innovation and action,” said Vasseh Ahmed, managing director of Enjinstarter MENA. “We are looking to work with founders and projects that have a unique proposition within our key focus areas by helping them build their product narrative, raise capital, and launch their projects. We already have projects in the pipeline and look forward to working with them.”
