The cryptocurrency and blockchain storm is about to hit the MENA region, predict experts

MAGNiTT News 1 year ago - Tue, Jun 18, 2019, 8:29 AM

The cryptocurrency and blockchain storm is about to hit the MENA region, predict experts
Author: MAGNiTT

Abu Dhabi Global Market (ADGM) has given three crypto exchanges with preliminary approvals to start their operations since May. Bitoasis, ABX Crypto and DEX Crypto are the crypto exchanges to receive approval. In additiona, one of the leading global crypto exchanges, KRAKEN, is setting up their branch in UAE.

Giant organizations like Emaar are also willing to embrace the digital scene, and they are setting up the launch of their Security token offering. An ongoing discussion is taking place between them and Tzero.

The tallest building in the world, Burj Khalifa, is also very likely to have its own cryptocurrency. Emaar Group owns the building, and they have partnered with Swiss startup Lykke AG for developing and launching a community token. The company has reported that an initial coin offering is going to be considered in Europe within a year of the internal operational launch.

UAE based company Locuschain have also expressed their interest in listing their token on Latoken.

According to Lara Abdul Malak, Editor in Chief UNLOCK, cryptocurrency is not the only thing that is about to change the UAE business operations, Blockchain is there too. She mentioned this in her article published in AMEinfo. More telecommunications operators are providing Blockchain as a service (BaaS) solutions to government entities and enterprises. Etisalat is one of the first ones among the lot, as they have announced UAE Trade Connect project with the UAE Banks. Also, Du-telecom is collaborating with ConsenSys to build two BaaS solutions.

The Managing Partner and CTO INVAO, Mr. Ahmed Jacob, said: “Dubai is doing great work at embracing blockchain investments as a leading emerging technology. With such a diverse and international community, the Middle Eastern region is ready to invest in blockchain technology.”

The momentum is quite strong in KSA and Turkey as well. The Saudi Aramco investment subsidiary has invested in a Blockchain startup company to make the oil and gas industry operations much better. Turkey has also launched their national Blockchain platform.


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