Dubai’s Latest Cryptocurrency Exchange
Dubai is on its route to becoming the smartest city in the world by planning to launch 20 blockchain-based services just this year alone.
According to Arabian Business, the city will also unveil their latest development: BitPado. The Dubai-based exchange was founded by Omar Kassim, who has made his mark in the e-commerce world with his famous online market, JadoPado. The business was consequently sold, with BitPado becoming Kassim’s latest business venture.
The platform defines itself as being the “the next crypto exchange and OTC market for the Middle East, Africa, and Asia,” and will trade in top virtual currencies like Bitcoin, Ethereum, and Ripple.
Kassim is actively on board the blockchain bandwagon as he is also working on yet another project, Esanjo, which is a universal real estate management service also operating on the blockchain network.
It was while working on Esanjo that he understood the current issues in the cryptocurrency industry in the country presented a gap in the market. Kassim explained:
“We’re seeing similar problems in the crypto space right now around perception and supplier acceptance. Given previous experiences and network in the region, we thought we could solve those solutions together and usher in a new product to the market.”
Even so, Kassim has not revealed who, besides Esanjo, will be investing in the new exchange.
Merely last week, Arabian Business also reported on another new Dubai-based exchange: Palmex. which was Launched by blockchain-based startup ArabianChain, the exchange will trade in some of the common crypto coins alongside the startup’s own virtual currency, the DubaiCoin.
According to Mohammed Alsehli, the CEO of ArabianChain, now is the time for launching exchange platforms:
“The request to trade and appropriate digital assets has grown exponentially with the phenomenal surge in valuation of cryptocurrencies like Bitcoin and the accelerated evolution of the blockchain technology. The regional market is ripe and craving for a user-friendly platform that makes it conceivable for them to buy and sell in a secure environment.”
Alsehli also discussed on the benefits of a local exchange for traders based in the Middle East:
“You have a legal entity in the province you can reach and approach, a company and face that you know. It adds an element of trust.”
Also, Dubai has vocalized their interest in creating and issuing their very own controlled digital currency, emCash, a trend that seems to be growing this year as Sweden also recently announced its plans to launch their e-Krona.