Saudi Arabia: KSA-based company Quara Holding has announced a ground-breaking partnership with leading Ethereum software firm ConsenSys, a blockchain infrastructure company supporting innovative solutions for its clients in financial services, real estate, and other sectors.
Quara Blockchain is part of the ConsenSys Partner Programme and the partnership sees Quara Blockchain and ConsenSys supporting each other with all activities in Saudi Arabia.
ConsenSys enables companies to issue, distribute and manage the lifecycle of any form of digital assets on a decentralised network. The company is one of the first operators within the real estate industry to enable its clients to use blockchain technology for property investments. The partnership with Quara Blockchain means that both public and private sectors can leverage pioneering software solutions to increase efficiency while being more secure than ever before.
Ziad El Chaar, CEO, Quara Holding, said: “Partnering with ConsenSys brings new and innovative blockchain solutions to our clients, while providing Quara Holding with unrivalled development and continuous support in a whole new decentralised landscape. We are always looking to innovate and bring our clients the best service possible, which is illustrated by this exciting collaboration. It is a huge milestone in the history of our company.”
ConsenSys is also incredibly excited about the partnership. Philip Matov, ConsenSys Business Development lead in the Middle East, said: “At ConsenSys we are looking forward to our partnership with Quara Holding as their commitment to innovation and digital transformation is truly inspiring. Together we will be pushing the boundaries of modern financial infrastructure. We are confident that we will be able to serve as an example and carve a path forward for progressive companies in the region to follow.”
“The potential of this partnership is enormous as it gives clients in various different sectors across Saudi Arabia the chance to use blockchain technology for applications and transactions, which were previously done in a very outdated fashion.” He added: “As a partner, Quara Holding will have full access to the ConsenSys infrastructure, which is the gateway for a number of exciting opportunities. We’re delighted to be working with a forward-thinking company that puts its clients first and has a strong vision for the future.”
The technology will be used across Quara Holding’s ecosystem of companies in a number of sectors including finance, real estate, supply chain, government, healthcare, oil & gas, e-commerce and education.
About Quara Blockchain:
Quara Blockchain was founded in 2020 and has established itself as a leading blockchain software company in Saudi Arabia. Quara Blockchain enables its clients in oil & gas, financial services, real estate, e-commerce, health care, education and government sectors to reap the benefits of blockchain technology including greater transparency, enhanced security and easier traceability. It focuses on impactful blockchain adoption by leveraging the strength of the Quara Holding ecosystem.
Quara Blockchain focuses on providing fintech lab guidance and innovative fintech businesses & solutions as well as enhance the existing financial products and services in Saudi Arabia. By utilising the frameworks made available by the regulators, Quara Blockchain will bring the benefits of using blockchain technology to the capital markets of the Kingdom by abiding by the regulations, frameworks, and timelines. This will provide Quara Blockchain the ability to bring forward new securities to the market such as tokenization of assets and providing fractional ownership on the blockchain in line with regulatory requirements.
Quara Blockchain is one of the Quara Holding investments, others include: Dar Al Arkan Real Estate Development Company; Dar Al-Arkan Properties; financial services companies Al Khair Capital, Saudi Home Loans, Bahrain Financing Company (BFC), and Quara Finance; Quara Robotics Independent Logistics Company; Taj Lifestyle Center; and T’azur insurance Company.
About ConsenSys:
ConsenSys is the leading Ethereum software company. We enable developers, enterprises, and people worldwide to build next-generation applications, launch modern financial infrastructure, and access the decentralized web. Our product suite, composed of Infura, Quorum, Codefi, MetaMask, Truffle and Diligence, serves millions of users, supports billions of blockchain-based queries for our clients, and has handled billions of dollars in digital assets. Ethereum is the largest programmable blockchain in the world, leading in business adoption, developer community, and DeFi activity. On this trusted, open source foundation, we are building the digital economy of tomorrow.
