There was only one cryptocurrency when the crypto-verse first began, Bitcoin [BTC]. BTC was introduced for a number of reasons and is currently the largest in terms of market size and value. Satoshi Nakamoto wanted to provide people financial freedom while also helping the unbanked and underbanked. However, the sector appeared to be straying from its decentralization or borderlessness ethos as it developed.
To enable Bitcoin transactions in the United Arab Emirates, CoinCorner, a leading provider of Lightning Network and BTC services, has teamed up with Seed Group, a subsidiary of Sheikh Saeed bin Ahmed Al Maktoum’s Private Office (UAE).
Hisham Al Gurg, CEO of Seed Group and the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, said,
“Apart from individuals, a large number of companies are ready to embrace Bitcoin and other digital currencies as legal tender for future transactions. The UAE wants to offer a growth-oriented environment to fintech companies by establishing an ecosystem for digital currencies. Companies dealing in cryptocurrencies hold huge potential in the Emirates’ digital economy.”
CoinCorner will benefit from Seed Group’s assistance as they grow their operations throughout the Middle East, reach their target market, and gain access to the top decision-makers in both the public and commercial sectors.
As well as providing local businesses with bitcoin-related services, CoinCorner will concentrate on building a user-friendly platform where UAE citizens may buy, sell, send, receive, and keep bitcoin. Danny Scott, CEO of CoinCorner, said,
“We are pleased to enter into a mutually beneficial partnership with Seed Group. We are committed to making Bitcoin transactions the ‘new normal’ in the UAE with the help of our unique solutions, facilitating instant and frictionless payments.”
Through this alliance, CoinCorner will have access to one of the economies that is expanding the fastest and will have more opportunities to connect with potential customers in the Middle East, Africa, and Asia.
Bitcoin adoption is on the rise globally
According to a recent report by Forex, the UAE is one of the top four nations in the world where the adoption of Bitcoin and other cryptocurrencies is most likely. With a transaction volume of almost $26 billion, the Middle East’s third-largest bitcoin and cryptocurrency market is located in the United Arab Emirates. There had been a startling 1,500% increase in the market there from the previous fiscal year in 2020–21.
The acceptability and regulation of cryptocurrencies go hand in hand, as the crypto sphere has come to understand. Bitcoin is not older than the internet or conventional currency. However, a diverse range of individuals and businesses are drawn to the crypto-verse. While some have been active throughout, others have had a patchy attitude toward the sector.
At the time of writing, the world’s largest cryptocurrency was trading at $18,901.30 with a rise of 0.18% over the last 24 hours.
