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Dubai Becomes Home To Cryptocurrency Exchange Bybit

Bybit attracts cryptocurrency users with its intuitive trading platform and 99.9% availability track record.

Published

2 years ago

April 4, 2022

dubai becomes home to cryptocurrency exchange bybit

Bybit has just joined the growing list of cryptocurrency exchanges that have settled in Dubai after the emirate embarked on a path to becoming a crypto-friendly destination with a robust regulatory regime.

Founded in 2018, Bybit currently has over two million registered users, who use the exchange to buy, sell, trade, and earn with cryptocurrencies.

According to the official announcement, Bybit wants to move its headquarters to Dubai and offer a full suite of products and services in the UAE from April 2022 onwards.

bybit founder dubai launching

“We are pleased to announce that Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in the UAE,” states the exchange in the official announcement.

Bybit attracts cryptocurrency users with its intuitive trading platform and 99.9 percent availability track record. In addition to spot trading, Bybit users can also speculate, hedge, and increase leverage with futures contracts.

Other cryptocurrency exchanges that have a virtual asset to operate in Dubai include Binance, the world’s largest cryptocurrency exchange, and Crypto.com, a Singapore-based cryptocurrency exchange powered by the CRO token.

“Virtual assets such as cryptocurrency and blockchain have changed finance forever,” said H.E. Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention. “To stay ahead in this fast-changing industry, we are building a business-friendly ecosystem with robust regulations to attract, retain and enable high-growth companies.”

Also Read: A Beginner’s Guide To Getting Started With NFTs

So far, the effort is bearing fruit because the Middle East is one of the fastest-growing cryptocurrency markets in the world, accounting for 6.6 percent of global cryptocurrency activity.

In the UAE alone, the digital economy contributes around 4.3 percent to the gross domestic product, and the number is expected to increase as more and more exchanges like Bybit take advantage of the favorable regulatory environment.

Related Topics:Bybit Cryptocurrency Dubai

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Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.