Douglas-based cryptocurrency exchange CoinCorner has partnered with Seed Group, a company of 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 aid in the expansion of CoinCorner’s operations across the emirates
and the wider Middle East as well as access to top decision-makers in the government and private sectors.
Promoting the exchange’s Bitcoin transaction solutions and lightning services in the region also remains one of the focus areas of the deal.
CoinCorner plans to set up a user-friendly platform enabling UAE residents to buy, sell, send, receive, and store Bitcoin, in addition to offering local businesses solutions to transact in cryptocurrency.
Hisham Al Gurg, CEO of Seed Group and the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, in a statement, 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. “
According to CoinCorner’s co-founder, Danny Scott, the move is part of the broader goal to make 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 nearly $26 billion.
Over the past several months, several crypto companies, such as FTX, and CryptoCom, have flocked to the UAE to tap what seems like a lucrative market following the new law that aims to position the country as a major hub.
More recently, Binance entered into a strategic partnership with Virtuezone to focus on advancing Web 3 in the region.