News

eVTOL X2 Flying Car Debuted At GITEX Global 2022

Electric flying cars have been tried before, but the 90 minute eVTOL X2 test flight conducted by the Dubai International Chamber proves that the concept can work.

Published

2 years ago

October 12, 2022

Nour Nasir

evtol x2 flying car debuted at gitex global 2022

XPENG

GITEX Global 2022 has been the scene of the first viable flight of an electric car. The eVTOL (electronic Vertical Takeoff and Landing) X2, created by Chinese EV company Xpeng, launched from Skydive Dubai on a successful 90-minute test flight, under the watchful eyes of the Dubai International Chamber.

xpeng x2 flying car test flight

The eVTOL X2 flying car is impressive not just for its aeronautical capabilities, but also because it produces zero carbon dioxide emissions. The vehicle is designed for cruising at 130 km per hour at low altitudes, with a typical flight time of 35 minutes, and skid-style landing gear that’s perfect for touching down on the rooftops of high buildings — perfect for escaping those annoying traffic queues!

xpeng x2 flying car gitex global 2022

The Emirates News Agency noted that the International Chamber had made great efforts to attract leading international companies to Dubai. The country is now a leader in future technology and innovation and a hub for multinational companies looking to launch high-tech products to global markets.

Also Read: Wisk Aero Unveils Four-Seat Autonomous Air Taxi

The test flight event was further supported by the Dubai Civil Aviation Authority, Dubai’s Department of Economy and Tourism, and the Dubai World Trade Center Authority.

As for the car itself, the futuristic two-seater eVTOL X2 is noteworthy for its intelligent flight control system and ability to fly autonomously. The vehicle is the latest generation of tech developed by XPENG AEROHT. It features 8 propellers with an electric motor powering each one, as well as a carbon fiber shell which helps to keep weight to an impressive 360kg.

News

Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

Published

18 hours ago

April 19, 2024

Nour Nasir

binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.