A digital currencies wallet and trading platform which offers an additional cash deposit service has launched in the UAE.
Bitex UAE said it offers customers multiple cryptocurrencies including Bitcoin, Ethereum, Litecoin and Bitcoin Cash at competitive rates for buying, selling and trading.
The platform provides customers access to multiple payment options, including bank transfer, credit or debit card and is pioneering a cash deposit service.
Users will be able to schedule a cash pick-up where funds will be visible in their account immediately and available for trading within 24 hours.
To protect customers, Bitex UAE said it uses a multi-signature HD wallet to store digital currencies. A three-key system increases security, requiring two of the three keys in order to access funds. The first key is securely stored by Bitex UAE, the second is stored with Bitex UAE’s wallet partner and the third is a recovery key.
According to Market Watch, the total global market value of traded cryptocurrencies has fallen to $166 billion, down from the peak of $800 billion in January.
In the UAE, Financial Services Regulatory Authority, the regulator of Abu Dhabi Global Market, launched a comprehensive framework to regulate crypto asset activities.
Launched in June, the framework addresses the potential risks associated with activities related to crypto assets, including financial crime, money laundering, consumer protection and technology governance.
Monark Modi, Bitex UAE’s CEO, said: “Recent changes in UAE regulation have made today the perfect time to seize the opportunity to introduce a new, secure, professional trading platform. I believe the launch of the UAE Blockchain Strategy 2021 by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Executive Council, has laid the groundwork for digital assets becoming more accessible in the UAE.”
He added: “UAE residents have been calling out for more options to securely buy and sell digital currencies... While residents have been able to use international trading platforms for some time, having access to a local exchange is far more convenient. Trading via a UAE-based company allows customers to easily deposit local currency rather than first having to exchange it for a more widely-accepted currency.”
Modi said he has ambitious plans to expand into neighbouring GCC countries, in line with the company’s objective to become the region’s most secure digital currencies platform.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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