- As it turns out, this collaboration is helping to improve bitcoin transactions as legal tender in the United Arab Emirates (UAE).
- Due to the increasing adoption of cryptocurrencies, the UAE authorities are planning to overhaul the country’s virtual economy.
The company of Sheikh Saeed bin Ahmed Al Maktoum’s private office, Seed Group, has partnered with CoinCorner, a renowned provider of Bitcoin and Lightning Network services. As it turns out, this collaboration is helping to improve bitcoin transactions as legal tender in the United Arab Emirates (UAE).
Hisham Al Gurg, CEO of Seed Group, indicated that “aside from individuals, a large number of companies are willing to accept Bitcoin and other digital currencies as legal tender for future transactions.” Al Gurg further announced that the UAE intends to provide “a growth-oriented environment” for emerging fintech companies. In his opinion, this should be done by “establishing an ecosystem for digital currencies”. In addition, he believes that “Cryptocurrency trading companies have huge potential in the Emirates’ digital economy.”
Specifically, the Seed Group aims to help CoinCorner expand its offering to the Emirates and the Middle East. Additionally, the private company will rely on collaboration to effectively market Coincorner’s products and services. As reported, this tends to allow CoinCorner to reach its audience and also gain access to “the top decision-makers in the government and private sectors.”
The Bitcoin service provider, on the other hand, wants to “focus on setting up a user-friendly platform” in the UAE. According to CoinCorner, this paves the way for residents to buy, sell, send, receive and store bitcoin. In addition, the protocol wants to use solutions from local companies for handling Bitcoin.
CoinCorner CEO Danny Scott expressed his team’s excitement at “forming a mutually beneficial partnership with the Seed Group.” Scott reiterates CoinCorner’s commitment to making Bitcoin transactions the “new normal” in the UAE. According to him, this is made possible by the protocol’s unique solutions that enable instant and seamless payments.”
The United Arab Emirates want to renew their virtual economy
Due to the increasing adoption of cryptocurrencies, the UAE authorities are planning to overhaul the country’s virtual economy. At press time, the UAE crypto market ranks third among the largest in the Middle East. It reportedly boasts over $26 billion in transaction volume. Now the land seems to be rising even higher.
Recently, Virtuzone, a leading company incorporation provider in the United Arab Emirates, partnered with Binance. As reported, the partnership manifested to boost crypto adoption in the country. In addition, the development makes Virtuzone the first company in the UAE to accept cryptocurrency payments via Binance Pay. According to Neil Petch, Virtuzone’s Chairman and Co-Founder, the partnership demonstrates the company’s commitment to pursuing innovative solutions in the United Arab Emirates
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