Through its partnership with Seed Group, CoinCorner will set up a platform for buying, selling, sending, receiving, and storing bitcoin, as well as services for local businesses to do business in cryptocurrency.
Through a partnership with the private office of Sheikh Saeed bin Ahmed Al Maktoum, CEO of the Emirates airline and a member of Dubai’s ruling family, CoinCorner, based in the Isle of Man, wants to grow in the Middle East.
Through its partnership with Seed Group, CoinCorner will set up a platform for buying, selling, sending, receiving, and storing bitcoin (BTC), as well as services to help local businesses do business in cryptocurrency.
“Aside from individuals, a large number of companies are ready to accept bitcoin and other digital currencies as legal tender for future transactions,” said Hisham Al Gurg, CEO of Seed Group.
At the beginning of 2021, CoinCorner added support for the Lightning Network. The Lightning Network is a second layer on top of the bitcoin blockchain that lets transactions be processed on side chains more quickly. The hope is that this will fix Bitcoin’s scaling problems, which are holding it back from being widely used.
In the past few months, the UAE has become a good place for crypto companies to grow, especially in Dubai, thanks to its helpful regulations. This year, the city’s Virtual Assets Regulatory Authority (VARA) gave FTX, Kraken, and OKX licenses that let them offer trading services to investors there.
Binance, the largest cryptocurrency exchange in the world, recently announced that it had been given a Minimal Viable Product (MVP) license in Dubai. This allows it to hold clients’ funds locally, run a cryptocurrency exchange, and offer payments and custody services.
