Luxcore Announces Partnership With TEQNOBLOC To Target MENA Market

Why MENA?

As outlined in our Medium post last week the MENA region is beginning to make a significant impact on the blockchain space, and Luxcore intends to stay ahead of the curve. “Middle East and North Africa (MENA) IT spending is projected to reach $160 billion in 2019, a 1.8 percent increase from 2018,” according to the latest forecast by Gartner, Inc. MENA is also increasing its budget for blockchain spending and not surprisingly almost doubling it every year until 2021.

Looking further ahead (and including all of the African continent), the International Data Corporation (IDC) forecasts: “blockchain spending in MEA to reach $307 million in 2021, which represents a compound annual growth rate (CAGR) of 77.4% for the 2016–2021 period.” IDC goes on to indicate that the most popular blockchain use cases in 2021 will be cross-border payments and settlements, assets/goods management and identity management. These three areas alone will account for a third of MEA’s overall blockchain expenditures in 2021.

Exciting times ahead

Q2 has begun with a flurry of exciting Luxcore launches, including the stunning POS mobile wallet, integration with ivendPay and the addition of token monitoring to the Luxcore blockchain explorer. The partnership with TEQNOBLOC marks both the continuation of this progress and the start of Luxcore’s expansion into the MENA region.

Luxcore COO Guillaume Huot commented: “We are delighted to have secured a mutually beneficial strategic partnership with TEQNOBLOC. We feel their in-depth knowledge of the MENA market and experience in delivering emerging technologies dovetails perfectly with Luxcore’s plans to secure a market leading position in the region, with our enterprise-ready services and solutions. Respected market analysts suggest MENA will make a significant investment in blockchain technology over the coming years, and Luxcore fully intends to be at the forefront of that revolution”.

Hamad Sayed, CEO/Founder at TEQNOBLOC, commented:

“TEQNOBLOC’s Emerging Technology and Digital Transformation business unit is going through a phase of exponential growth especially in Bahrain, UAE, Saudi Arabia and other parts of the MENA region. We have been on the lookout for a strategic solution partner to develop and further enhance our business capabilities and service offerings in the field of blockchain technology.

Luxcore is a perfect fit for our ambitions in MENA as we continue to build our Emerging Technologies Centre of Excellence (CoE) in Bahrain. Our experience in the region combined with Luxcore’s technical expertise in building blockchain solutions ground up and blockchain-fintech products, we are confident that this partnership will solidify our stance as a premier solution provider in this region.”

You can find out more about our new partners and TEQNOBLOC here: www.teqnobloc.com