An obscure Emirati investment group, Aqua1, sits at a curious crossroads connecting US politics and ambitious African crypto plans. The group invested $100 million in a governance token backed by the Trump family, whose value fell after a presidential tariff threat. Besides the token, Aqua1’s only other known investment is a $20 million stake in a struggling Canadian food-tech company, Above Food Ingredients (AFI). In February, AFI pivoted to crypto, announcing plans to merge with Dubai-based Palm Global Technologies to create a stablecoin giant backed by “sovereign partnerships.” The venture now claims to have an agreement with Burkina Faso to tokenize up to $8 trillion in gold and mineral assets for a national digital currency. Yet missing records, unanswered questions, and delayed audits have led to plunging share prices, raising doubts about whether hype has once again raced far ahead of reality.
Financial Times
