Investopia Summit witnessed UAE’s crypto push as crypto giants Crypto.com and Bybit announce their regional bases in Dubai.
Investopia and the world’s leading cryptocurrency platform, Crypto.com jointly hosted the inaugural press conference for the Investopia Summit and officially launched Crypto.com’s founding Partnership.
In Brief:
- Crypto.com will introduce sector-leading expertise and capability by accelerating the role of digital assets .
- Bybit would offer a range of products and services under UAE’s “test-adapt-scale” virtual assets market model.
- Bybit will educate retail investors and the wider public about securely engaging with virtual assets.
As per its blog, both the organizations also discussed how they will collaborate on meaningful projects to accelerate the progress of future economies and financial innovation. The announcement comes after Investopia and Crypto.com signed a Memorandum of Understanding (MoU) last week.
The Summit also saw Bybit officially announcing plans to launch its global headquarters in Dubai in another joint conference held with the UAE Ministry of Economy. The headquarters will start operating by April 2022.
In its press release, Bybit informed that it has received an in-principle approval for operation of its virtual assets business in Dubai. On account of this, it would offer a full suite of products and services globally, under UAE’s “test-adapt-scale” virtual assets market model.
As the exclusive global Cryptocurrency Trading Platform founding partner of the Investopia Summit, Crypto.com will play a key role in accelerating the role of digital assets and also the infrastructure by introducing sector-leading expertise and capability.
With a focus on securing its presence in the new market, Crypto.com will kick off its recruitment drive in the coming months.
As for Bybit, it will have a significant role in educating retail investors and the wider public about how to engage with virtual assets in a safe and responsible manner. This in turn, will guide the UAE to handle risks within a framework for responsible growth.
Infact, Bybit has already started with the hiring process and is also transferring existing teams and operations to their new base in Dubai.
H.E. Dr.Thani Al Zeyoudi, Minister of State for Foreign Trade and the Minister in Charge of Talent Attraction and Retention commented, “Cryptocurrencies, virtual assets and the blockchain are exciting new sectors that are already revolutionizing how money, information and value is stored and transferred.”
He further added that UAE is working to develop robust governance and regulations to ensure that the government is offering the best-in-class and a flourishing environment for the companies.
It is worth mentioning that the Investopia Summit was one of its kind as it was UAE’s first Economic Summit to be held in Metaverse and these crypto ventures come so well in line with the government’s ambitions in the digital space and financial innovations.
