Hamilton Eyes MENA Expansion With Inclusive DeFi Solution

Mohamed Elkasstawi and Ehab Zaghloul are the Egyptian-born entrepreneurs behind Hamilton, a real-world assets (RWA) protocol built on Bitcoin, who began their journey in the crypto domain when they discovered blockchain technology in 2014. The duo then went on to launch zk Capital in 2017 to invest in and advise crypto startups, driven by a shared belief that blockchain was set to reshape finance. Now, Elkasstawi and Zaghloul – whose combined work experience spans the fields of blockchain and blockchain security, fintech, cryptography, and entrepreneurship – have established Hamilton with the aim of making financial systems more accessible, secure, and inclusive for underserved populations in emerging markets.

Having completed its first transaction on July 4, 2024, by tokenizing US Treasury bills on Bitcoin Layer 2 solutions like Stacks and Core, the US-born startup is now eyeing expansion into emerging markets — particularly across the MENA — to promote financial independence through its decentralized finance (DeFi) solution.

In a conversation with Inc. Arabia, the duo reveals that the idea for building Hamilton emerged from their personal experiences with financial instability in the MENA region. “Hamilton was born from real-world challenges we saw firsthand,” Elkasstawi and Zaghloul say. “Our family members in the MENA sought fixed-income products to generate a stable monthly income. Without access to institutional-grade options like BlackRock or Franklin Templeton, they relied on local high-interest certificates of deposit. When the currency devalued, they lost a significant portion of their wealth over 233 percent. These moments inspired us to ask: Why can’t anyone, even with $1, access institutional-grade investments anywhere, like we have these options in the US? Hamilton was born to answer that question.”

It is with this premise that Elkasstawi and Zaghloul set out to build a solution to help individuals in emerging markets access institutional-grade investments by tokenizing real-world assets like US Treasury Securities and Sukuk (sharia-compliant bonds) on Bitcoin, with the ultimate aim of empowering individuals to protect as well as to grow their wealth. In January 2025, the startup raised a US$1.7 million pre-seed investment round led by the Egypt-based early-stage venture capital firm DisrupTech Ventures, with support from New York-based venture capital firm CMS, Dubai-based blockchain-focused venture capital firm DeSpread, Japanese private digital asset manager Hyperithm, and California-based seed-stage venture capital firm Core Ventures, among others. The funds are set to go toward helping the entrepreneurs launch Hamilton’s flagship products, which include HUSD, a stablecoin backed by US Treasuries, HUST, tokenized US Treasuries, and Publius, a platform for tokenizing any asset on Bitcoin. The investment is also going to help Hamilton grow its team, complete product development, and build partnerships with asset managers, fintechs, and banks.

RWA tokenization, which is still in its early days even in developed markets, transforms the ownership rights of traditional assets into digital tokens on the blockchain, making it easier to access, manage, and trade different types of financial products. The assets can include everything from precious metals like gold, art, treasuries, and real estate. When it comes to Hamilton, Elkasstawi and Zaghloul explain that the enterprise focuses primarily on RWAs like treasuries, precious metals, and real estate as stable and secure assets. Tokenizing these assets on Bitcoin, they point out, can help address traditional barriers to institutional-grade investments in emerging markets by enabling more individuals to access wealth-building tools such as fixed-income products and gold-backed funds. Their first stop in emerging markets is thus going to be countries in the MENA where similar products are either limited or come with high fees – the entrepreneurs particularly name the UAE, Qatar, Saudi Arabia, and Egypt as nations that have a growing demand for secure investments like Sukuk and Treasuries. Beyond the MENA region, Elkasstawi and Zaghloul see potential for Hamilton in emerging markets across Latin America, Southeast Asia, and Africa, where many of the same challenges exist.

According to Elkasstawi and Zaghloul, operating in emerging markets offers the chance to address critical financial gaps, given the disparity in access to financial instruments between those regions and more developed markets. “In developed markets, individuals and businesses have seamless access to stable, high-grade investments,” they explain. “In contrast, emerging markets often face significant barriers. Bridging this gap not only provides opportunities for individuals and businesses in these regions to protect and grow their wealth, but it also fosters global financial inclusion by creating access to tools traditionally reserved for developed economies.” The opportunity, in their view, lies in addressing these gaps. “The market for tokenized RWAs in emerging markets is set for significant growth as infrastructure, technology, and regulatory clarity advance,” Elkasstawi and Zaghloul say. “Asset classes tailored to local demands – such as Sukuk in Islamic regions, tokenized gold in inflation-prone economies, and tokenized real estate in markets with a rising middle class — will drive adoption. These assets offer solutions to challenges like inflation, currency devaluation, and limited access to stable investments.”

And while Elkasstawi and Zaghloul are confident of the rapid adoption and growth potential of such markets, they are also acutely aware of the challenges of penetrating them, pointing to factors like regulatory uncertainty, compliance, lack of trust in blockchain-based financial products, and, not to mention, the absence of consistent crypto policies. To overcome these hurdles, the Hamilton co-founders are adopting a compliance-first strategy by working closely with local regulators and financial institutions, including banks, fintech companies, and asset managers, to ensure that their products meet both legal and market requirements. But the challenges don’t end with regulation – Elkasstawi and Zaghloul point out that considerable work will need to be done to address the gaps in financial literacy across markets, particularly when it comes to decentralized finance (DeFi) products and building awareness and trust. As such, education is central to the entrepreneurs’ mission, and they explain that their role will include educating regional and local stakeholders on the benefits of tokenized RWAs and “foster confidence in their reliability.”

“Financial literacy is a global challenge – it’s not limited to emerging markets, it’s seen even in developed economies,” Elkasstawi and Zaghloul say. “Without education, it’s impossible to break these barriers and enable broader participation in financial markets. Our strategy thus involves simplifying the complexity of financial products through intuitive design, localized content, and gamified learning tools to make understanding and engaging with these assets seamless, even for first-time investors. We also plan to partner with local fintech companies, community organizations, and educational institutions to deliver financial literacy programs tailored to specific cultural and economic contexts.”

Central to this is building trust in both Hamilton and in DeFi in general, and Elkasstawi and Zaghloul are aware that building trust goes beyond education. For them, it is critical to create systems that can prove to be reliable and secure over time, which is why they are leveraging Bitcoin. “Hamilton’s use of Bitcoin’s secure infrastructure and robust Layer 2 solutions ensures that investments are protected by the most resilient blockchain technology available,” they say. “We’ll also incorporate mechanisms like real-time transparency in asset reporting, rigorous compliance measures, and third-party audits to validate our claims. We recognize that trust is personal – it grows from experience. We aim to empower early adopters and smaller investors by offering seamless onboarding, responsive support, and visible results, turning them into advocates for broader adoption.”

Challenges aside, the duo remain confident that emerging markets can leapfrog their peers when it comes to the adoption of DeFi products like Hamilton. “Emerging markets are often more agile in adopting innovative financial frameworks, and progressive regulations could position them as leaders in this space,” Elkasstawi and Zaghloul say. “Cross-border investment flows enabled by tokenized RWAs will allow individuals and institutions to diversify into assets traditionally accessible only in developed economies. This shift will transform how financial products are delivered and consumed, empowering more people to participate in global capital markets.”

Pictured in the image are Hamilton co-founders Mohamed Elkasstawi and Ehab Zaghloul. Image courtesy Hamilton.

This article first appeared in the January/February issue of Inc. Arabia magazine. To read the full issue online, click here.