Dubai UAE, one of the world’s most developed cities has just welcomed its first cryptocurrency exchange, ten years after the first cryptocurrency bitcoin came around.
According to a local news report, Al Zarooni Group and Crypto Bulls have come together to launch the Crypto Bulls Exchange which will be the first registered virtual currency exchange in the city.
The new exchange is expected to begin a landmark revolution in Dubai’s financial system which has mostly been dominated by fiat banks such as Dubai Islamic Bank and First Gulf Bank to mention a few.
Interestingly, the report points out that Crypto Bulls Exchange has already signed up 200,000 “happy traders” within its first six months and can only grow now that it is registered with the authorities.
Chairman of the Al Zarooni Foundation, Suhail Al Zarooni reckons that the newly launched venture is now positioned to attract new investors to Dubai.
“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,” he said.
AED Trading Pairs Will Be Supported By Crypto Bulls Exchange
Dubai’s first registered crypto exchange currently allow traders to convert the native fiat currency AED to Bitcoin and ETH, with several bitcoin trading pairs available at the exchange. ETH trading pairs were labeled ‘Trade Starts Soon” on the platform at the time of compiling this report.
The exchange also allows users to convert their crypto assets to AED and will soon let users trade the fiat currency as a pair with cryptocurrencies according to the report. Given that the crypto exchange is just starting, one would expect that security tokens will be added at one point or the other in other to increase the number of offerings available to traders.
On a grand scale, getting its first licensed crypto exchange is a step in the right direction for Dubai and the UAE. The region had earlier launched a Blockchain Strategy 2021, which will take 50% of total government transactions to blockchain technology.
Will Dubai and the rest of the UAE grow into a crypto and blockchain hub like Malta?