Khaleej Times

UAE to have 1st li­censed crypto ex­change soon

- — busi­ness@khalee­j­ Staff Re­port Blockchain · Middle East News · Cryptocurrencies · Finance · Business · United Arab Emirates · Osama bin Laden · Dubai · Financial Technology

dubai — The Global Crypto Of­fer­ing Ex­change (GCOX) on Wed­nes­day signed a mem­o­ran­dum of un­der­stand­ing (MoU) with Bin Zayed In­ter­na­tional to ex­pand­ing its celebrity to­ken foot­print to the Mid­dle East,

The new strate­gic part­ner­ship, which was signed dur­ing the Fu­ture Blockchain Sum­mit in Dubai, paves the way for the launch of UAE’s first fully-li­censed celebrity to­kens crypto ex­change.

“With the global crypto mar­ket pre­dicted to be worth over $6 bil­lion by 2025, and the rate of adop­tion ex­pected to grow ex­po­nen­tially in the com­ing year, the im­por­tance of cap­i­tal­is­ing on the enor­mous po­ten­tial for growth and blockchain de­vel­op­ment can­not be un­der­stated,” said Sir Dr Jef­frey Lin, chief ex­ec­u­tive of­fi­cer of GCOX.

“The UAE govern­ment, which an­nounced last month that over half of all fed­eral trans­ac­tions are ex­pected to be pow­ered by blockchain tech­nol­ogy by 2021, is at the fore­front of this trend, mak­ing this part­ner­ship with Sheikh Khaled Bin Zayed Al Nahyan a sig­nif­i­cant mile­stone for us and the in­dus­try as a whole,” he added.

Dr Lin’s view was echoed by Sheikh Khaled bin Zayed Al Nahyan, who is also the chair­man of Bin Zayed In­ter­na­tional.

“Through this strate­gic part­ner­ship with GCOX, I am com­mit­ted to push the fron­tiers of fi­nan­cial ser­vices fur­ther, ac­cel­er­ate the main­stream adop­tion of blockchain and aim to cre­ate UAE’s first fully-li­censed to­ken ex­change in Dubai,” said Sheikh Khaled.

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