Dubai, home to the tallest tower in the world, will now shelter its very own Crypto Exchange.
According to The Gulf Today, Al Zarooni Group and Crypto Bulls have joined hands to launch the Crypto Bulls Exchange, which is another step forward for Dubai in the financial world.
Chairman of the Al Zarooni Foundation, Suhail Al Zaroon, stated:
“This will be the milestone for getting global investments opportunity from all over the Globe in UAE, as all financial techs and investors are looking forward in Crypto & Blockchain industry.”
The joint venture will be a collaboration between the Foundation, Crypto Bulls and Gulf Coin Gold (GCG). Shasha Gupta, CEO and Founder of Crypto Bulls Exchange, stated that the industry will continue to grow in the country and that the exchange has gained more than 200,000 traders in the last six months.
The exchange will offer fiat trading pairs in the local currency – The Dirham (AED).
Gupta also stated that:
“With this unique support from UAE government, Crypto Bulls would be able to attract a huge number of foreign investments in crypto from Asia & Middle East.”
United Arab Emirates (UAE) has created a Blockchain strategy where they aim to have 50% of all government transactions handled by blockchain by 2021. Emcash, a government-backed digital currency is also said to be in the pipeline. This will also attract big FinTech companies to the country.
One of the major companies that have noticed the Crypto and Blockchain opportunities in Dubai is none other than Ripple. The Global Head, Infrastructure Innovation of Ripple, Dilip Rao has stated that the firm has already partnered up with several financial institutions in the region including, Saudi Arabia, Kuwait, Bahrain, and UAE.
Link to the original news article can be found here.