Above Food secures $20 million strategic backing from UAE-based Aqua 1 Foundation

Above Food Ingredients Inc. (NASDAQ: ABVE), a Canadian plant-based ingredient and agri-tech company, recently announced that its subsidiary, Palm Global, has secured a $20 million strategic investment from the UAE-based Aqua 1 Foundation.

The investment, structured as a convertible note at $2.50 per share, will accelerate Palm Global’s initiatives in tokenization, stablecoin development, and central bank digital currency (CBDC) infrastructure, underscoring the Middle East’s growing role in shaping the future of digital finance.

Aqua 1 Foundation, headquartered in the UAE, is a Web3-focused investment group known for its backing of World Liberty Financial, the blockchain platform associated with US President Donald Trump.

With close ties to sovereign partners across the Gulf, the foundation positions itself as a bridge between institutional investors and blockchain ecosystems.

Through this partnership, Aqua Labs Investment, Aqua 1’s UAE entity, will serve as Palm Global’s exclusive technology partner, embedding its Web3 and stablecoin technologies into Palm Global’s platforms to enhance scalability, efficiency, and adoption.

Palm Global, which operates from San Francisco, Dubai, Hong Kong, and Singapore, has outlined an ambitious roadmap that includes launching a gold-backed stablecoin supported by $350 billion in US reserves and tokenizing sovereign assets valued at more than $1.5 trillion.

The company also revealed that 15 countries have already expressed interest in adopting its stablecoin as state currency. Peter Knez, Former Chief Investment Officer of BlackRock and now Chairman & CEO of Palm Global, described the partnership as a defining inflection point.

“By joining forces with Aqua 1, we are not just securing capital but embedding digital infrastructure that supports our mission to become a leading provider of tokenized investment products and CBDC frameworks,” he said.

Dave Lee, Founding Partner and CEO of Aqua 1 Foundation, echoed this sentiment, noting the region’s pivotal role in global finance. “Palm Global’s vision for sovereign-scale digital innovation is unmatched.

This collaboration brings together the UAE’s financial leadership with cutting-edge blockchain expertise, creating a platform with true global reach.”

Aqua 1 Foundation invests globally in Web3 infrastructure, financial protocols, and digital assets, while also providing liquidity and stability for blockchain projects worldwide. Through Aqua Labs Investment, it has further cemented the UAE’s position as a central hub for blockchain innovation.