Crypto in the UAE on course for growth

9/24/2022, 08:41 PM
Crypto in the UAE on course for growth
In recent years, the United Arab Emirates has become increasingly friendly to cryptocurrency and blockchain technology. This has culminated in a new law that aims to position the country as a major hub for these industries. As part of this push to promote cryptocurrency, the British crypto exchange CoinCorner has partnered with Seed Group, a company of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum.

This partnership will give CoinCorner access to the third largest crypto market in the Middle East, with a transaction volume of nearly $26 billion. The goal of the partnership is to promote Bitcoin transaction solutions and lightning services in the region, in order to make Bitcoin transactions the "new normal" in the UAE.

This is part of a broader trend of crypto companies flocking to the UAE to tap into what seems like a lucrative market. The UAE's crypto market grew by a 1,500% in 2020-21 over the previous financial year, and the country is seen as having a lot of potential for further growth in this area.

CoinCorner's co-founder Danny Scott sees the partnership as a way to help make Bitcoin transactions more commonplace in the UAE. He states that the company plans to set up a user-friendly platform enabling UAE residents to buy, sell, send, receive, and store Bitcoin. By making it easy for people to use Bitcoin, Scott hopes that it will become increasingly accepted as a form of payment in the country.

As the UAE continues to position itself as a hub for cryptocurrency and blockchain technology, partnerships like this one between CoinCorner and Seed Group are likely to become more common. This could help to further boost the adoption of cryptocurrency in the country and make it even easier for people to use Bitcoin and other digital currencies in their everyday lives.