Douglas-based cryptocurrency exchange CoinCorner has partnered with Seed Group, a company in the private office of Sheikh Saeed bin Ahmed Al Maktoum, to facilitate Bitcoin transactions in the United Arab Emirates (UAE).
Under the agreement, Seed Group will assist in the expansion of CoinCorner’s operations in the emirates
and the wider Middle East, as well as access to key decision-makers in the public and private sectors.
- The promotion of Bitcoin transaction solutions and lightning services of the exchange in the region also remains one of the focus areas of the agreement.
- CoinCorner plans to set up an easy-to-use platform that allows UAE residents to buy, sell, send, receive and store Bitcoin, as well as provide solutions for local businesses to transact in cryptocurrency.
- Hisham Al Gurg, CEO of Seed Group and the private office of Sheikh Saeed bin Ahmed Al Maktoum, said in a statement:
“Apart from individuals, a large number of companies are willing to adopt Bitcoin and other digital currencies as legal tender for future transactions. The UAE wants to provide a growth-oriented environment for fintech companies to set an ecosystem for digital currencies. Companies dealing with cryptocurrencies have great potential in the digital economy of the Emirates. “
- According to CoinCorner co-founder Danny Scott, the move is part of the broader goal of making Bitcoin transactions the “new normal” in the UAE by facilitating instant and frictionless payments.
- The partnership will give the British crypto exchange access to the third largest crypto market in the Middle East, with a transaction volume of almost $26 billion.
- Over the past few months, several crypto companies, including FTX and CryptoCom, have flocked to the UAE to take advantage of what appears to be a lucrative market following the new law that aims to position the country as a major hub.
- Most recently, Binance signed a strategic partnership with Virtuezone to focus on advancing Web 3 in the region.
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