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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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Yango Showcases AI Robots Amid Rising Fulfillment Costs

The company is debuting the high-tech solutions at this year’s Seamless Middle East event, where attendees can experience live demonstrations.

Published

19 hours ago

May 15, 2024

Nour Nasir

Yango

Global tech company Yango is debuting its AI-driven warehouse robotics and pick-and-place solutions at the Seamless Middle East event, which is currently running in Dubai (May 14-16). The technologies aim to combat the rising fulfillment costs that are burdening the e-commerce, retail, logistics, and manufacturing sectors.

In e-commerce, fulfillment now represents one-third of all operating expenses. Global giant Amazon saw fulfillment costs rise from 31% of net sales in 2021 to 36% in 2023. Yango’s solutions could provide a much-needed remedy to these escalating figures.

At Seamless Middle East, attendees can experience live demonstrations of Yango’s robotic pick-and-place hardware. This technology leverages “advanced computer vision” to allow stationary robots to perform like human operatives while still managing to move 800 items per hour.

Yango has also introduced stock-taking, goods, and pallet-moving solutions to streamline inventory management and fulfillment. The company’s robots can autonomously navigate warehouses and work together with other machinery to get tasks done faster and more accurately.

Also Read: Plans Underway For Massive Middle East Autonomous Freight Network

Alexei Filippov, Head of Global Business Development at Yango Robotics, said: “As fulfillment costs continue to rise, our warehouse robotics solutions come at a crucial time to help businesses not just survive but thrive. Our new robotics pick-and-place platform, mobile warehouse robotics solutions, and other technologies show Yango’s commitment to innovation and efficiency [and] we’re excited to debut [them] at Seamless Middle East”.

Yango is also showcasing further technologies at the exhibition, including autonomous delivery robots and the AI-powered White Label App and AI Shelf Monitoring System for retail applications.

To learn more about Yango’s solutions and their capabilities, visit the company’s stand (H2-G36) during Seamless Middle East, running until the end of May 16, or find Yango’s thought leaders at one of the event’s panel sessions.