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The Middle East Has Found Home in the Crypto Industry

The Middle East Has Found Home in the Crypto Industry
  • The Middle East is advancing rapidly in crypto.
  • Dubai recently launched its first crypto listing.
  • Middle Eastern nations have always been leaders in innovation.

The Middle East is fully embracing crypto. So far, many blockchain-based cryptos have made their appearance in the Middle East. This is possibly due to Dubai’s first-ever crypto listing.

Besides Dubai’s big move, many other activities have also been set in motion in the Middle East. For instance, the Bank of Israel held a trial for a digital shekel. Moreover, it also did a study to see if digital currencies could positively impact the economy.

Thus, the researchers chose Ethereum to be the digital currency for a trial payment system. Meanwhile, another big crypto move in the Middle Eastern crypto space came from The Bitcoin Fund.

In detail, the entity which makes investments in long-term holdings for Bitcoin just expanded to Nasdaq Dubai. This was a strategic move to ensure that trading will run smoothly during all hours worldwide.

It is no surprise to see the Middle East thriving in the crypto industry. Over the last decade, most of these nations have taken a technology-first approach. Dubai alone has advanced rapidly in just a few years to establish itself as a crucial market within the global sphere.

So far, many Middle Eastern countries have actively taken part in crypto over the last year. To name a few, in January 2021, Saudi Arabia began working on expanding its blockchain technology. It did so to boost its vision of being a fully capable fintech hub.

At the same time, Bahrain too stepped up to meet the call of crypto. Specifically, the nation’s crypto exchange — Rain, raised $6 million in funds from Coinbase and other notable venture partners. All in all, the Middle East has always played an active part in the crypto industry. As they collaborate to become leading players in the industry, it is inevitable for them to thrive. Above all, they always come up on top when it comes to innovation.

An eager wordsmith who conveys her thoughts and fascinations through words and storytelling. Besides lurking on new and emerging technology forums, she’s always updated when it comes to blockchain.