Global blockchain company Binance saw a sharp surge in user growth with a 49 percent year-to-date increase in users in the MENA region.
The growth in numbers is due to increased licensing and partnerships with regulated firms (in the UAE especially), as the blockchain service provider has grown to over 400 employees in Dubai alone.
“This increase reflects the growing appetite for virtual assets driven by progressive government initiatives enabling a number of businesses to enter the space,” the company said in a statement adding the region’s support towards the same industry “has also helped raise more awareness,” the company said in a statement.
Additionally, the company also recently obtained a Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), allowing Binance to offer a range of approved virtual asset-related services to investors in Dubai.
“It is extremely encouraging to see this level of growth in the MENA region, not just in terms of user adoption but also in terms of headcount and new employees in our own teams, particularly in the UAE. We are witnessing rapid adoption of blockchain technology in the region, and we believe there is huge potential for the UAE to soon become a leading virtual asset hub,” Binance regional head of MENA Richard Teng said.
Teng added the company will continue its cooperation in Dubai and the wider UAE to develop a “robust virtual asset infrastructure that protects the market and the investors.”
To further expand its footprint in the MENA region, Binance also partnered with EazyPay in Bahrain to launch Binance Pay, which allows customers to use bitcoin as payment.
Binance also signed a partnership with UAE’s Majid Al Futtaim, to allow customers to make purchases with virtual assets at the conglomerate’s various establishments. “This is in addition to partnerships established with Jebel Ali Resorts, Palazzo Versace and Virtuzone,” the statement said.
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