Zand Bank signs MOU with Mantra Blockchain for tokenization of RWAs

Zand Bank signs MOU with Mantra Blockchain for tokenization of RWAs

Zand Bank PJSC, the digital bank licensed by the Central Bank of the UAE, and MANTRA, an RWA-focused Layer 1 blockchain, have signed a Memorandum of Understanding (MOU) to streamline the process of real-world asset tokenization, including the identification, listing and distribution of RWAs.

The collaboration between these two entities will also focus on developing frameworks to support tokenization and distribution of RWA, in compliance with the Virtual Asset Regulatory Authority of Dubai (VARA). The frameworks aim to provide clear guidelines for the tokenization of RWAs, ensuring the process adheres to relevant compliance standards, investor protection measures, and regulatory requirements. In doing so, the collaboration seeks to foster trust, confidence, and widespread adoption of RWA tokenization across the UAE.

The agreement between Zand and MANTRA is a testament to both companies’ position at the vanguard of digital finance in the Middle East. The vision behind the collaboration aims to catapult both the custody and exchange of real world assets as a permanent fixture in the suite of retail banking services in the region, as well as to establish industry standards for tokenization,” stated John Patrick Mullin, CEO of MANTRA

“We are excited to leverage MANTRA’s blockchain, which is purpose-built for RWA to redefine the way we transact and manage ownership as well as transparency. This collaboration represents a step forward in our journey to amalgamate blockchain technology with our robust financial offerings to give our clients greater control over their investments, enhanced security, and more clarity into the lifecycle of their transactions. We aim to simplify operations, reinforce trust and authenticity in the assets’ legality, and broaden access to the wider market.” said Michael Chan, CEO of Zand.

UAE ADGM regulates first stablecoin issuance from Paxos

UAE ADGM regulates first stablecoin issuance from Paxos

Paxos International, a UAE-based affiliate of Paxos, announced the launch of Lift Dollar (USDL) – a yield-bearing stablecoin issued under regulatory supervision of the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) in UAE. The Lift dollar (USDL) stablecoin is now available to consumers in Argentina via distribution partners Ripio, Buenbit, Manteca and Plus Crypto. 

As per Paxos International press release, USDL is unmatched in the market as holders earn overnight yield from short-term, minimal-risk US government securities and cash equivalent assets held under the safe protection and custody requirements of the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). Under the FSRA’s license Paxos International is required to hold only high-quality liquid assets to back USDL – US dollar deposits, short duration US treasuries and cash equivalents. It is required to ensure that USDL will maintain 1:1 parity with the US dollar and consumers can redeem their tokens for fiat at all times. 

This reserve structure is like other Paxos-issued US dollar stablecoins that are backed 1:1. USDL is issued permissionlessly on Ethereum and pays yield programmatically on a daily basis to token holders.

According to the press release, USDL marks an important innovation in democratizing overnight yield by shifting interest earned on stablecoin reserve holdings directly to eligible end holders from the central issuer.

Using an Ethereum smart contract, USDL distributes the yield generated from its reserves to eligible wallet addresses daily without requiring any additional steps by the token holder.

Paxos will retain an issuer fee and pay out the remaining yield earned based on prevailing daily market conditions. Companies in permitted jurisdictions interested in enabling USDL on their platforms can onboard with Paxos International.

Ronak Daya, Head of Product of Paxos International, said, “Lift Dollar is the first stablecoin designed to benefit token holders. Token holders and distribution partners receive daily yield, through an Ethereum smart contract, with all the benefits of a regulated, trusted stablecoin platform. Paxos International has partnered with leaders Ripio, Buenbit, Manteca and Plus Crypto to ensure customers in Argentina are receiving tokens from safe and secure channels. Our targeted launch in this market will ensure millions of token holders will now have safe access to US dollars that enables them to not only save and transact, but also earn daily yield. We are pleased to work with these trusted platforms and look forward to growing our partnerships throughout the year.” 

Sebastián Serrano, CEO and co-founder of Ripio, commented: “The launch of USDL by Paxos represents another significant step in the commitment to offering users robust and reliable options in the world of cryptocurrencies. We are excited to list USDL on our app and continue to provide access to innovative financial tools that promote inclusion and economic freedom for all.” 

Federico Ogue, Chief Executive Officer of Buenbit, added: “We are very happy to partner with Paxos in the launch of USDL. Yield bearing stablecoins are the future of stablecoins as they share revenue generated with the end user. We are glad that Paxos was the first big stablecoin issuer to take this step forward as it is one of the most reputable companies in the field.”

Federico Goldberg, Co-Founder and CEO of Manteca, added: “The launch of USDL in Argentina with Paxos International, whose affiliate already provides services to giants like PayPal, MercadoPago and Nubank, is excellent news for retail customers, our corporate clients in Manteca and the local crypto ecosystem. The fact that USDL allows holders to seamlessly generate income is an incredible differential compared to other alternatives that currently exist. It’s like ‘putting dollars under the mattress’, but modern.” 

The Central Bank of UAE commences domestic CBDC payments phase

The Central Bank of UAE commences domestic CBDC payments phase

The Central Bank of the UAE (CBUAE)is planning for phase two implementation for domestic CBDC payments after the Central Bank with the Bank for International Settlements Innovation Hub Hong Kong Centre, the Hong Kong Monetary Authority, the Bank of Thailand, and the Digital Currency Institute of the People’s Bank of China, launched the Minimum Viable Product (MVP) platform of the mBridge project. Mbridge is a multi-central bank digital currency (CBDC) common platform for wholesale cross-border payments and settlement.

CBUAE is planning for Phase 2 implementation, which includes domestic CBDC payments and further enhancements of cross-border fund transfers.

The CBUAE anticipates the growing use of the mBridge platform for cross-border payments among the participating jurisdictions. Ongoing reviews and enhancements are also underway as the platform progresses towards a full production launch. This is the first multi-CBDC platform which has reached the MVP phase, ready for use by early adopters.

In January 2024, His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of the Board of the CBUAE, initiated the first cross-border payment of ‘Digital Dirham’, the CBUAE’s CBDC, to China worth AED50 million through mBridge. It also marked the first real-value cross-border CBDC payment between a MENA country and a country outside the region on an MVP-ready platform.

To date, a number of UAE licensed financial institutions (LFIs) have been onboarded onto the mBridge platform, with collaborative efforts underway for to accelerate its adoption. Onboarded LFIs are now ready to initiate and process cross-border CBDC payments with their counterparts of the participating jurisdictions.

According to the Central Bank of UAE press release, the mBridge platform is a key initiative under the CBUAE’s Financial Infrastructure Transformation (FIT) programme which seeks to accelerate the digital transformation of the UAE’s financial services sector. The deployment, testing and launch of the mBridge MVP comes as part of the CBUAE’s Phase 1 implementation of its broader CBDC strategy, supported by the use of the Digital Dirham.

Presently, the CBUAE is planning for Phase 2 implementation, which includes domestic CBDC payments and further enhancements of cross-border fund transfers. Utilizing distributed ledger technology, the mBridge project aims to connect economies through a multi-CBDC platform to help support international trade and cooperation, whilst overcoming challenges of existing cross-border payment systems and offering efficient, low-cost, and instant cross-border payments settled in central bank money.

Khaled Mohamed Balama, Governor of the CBUAE, said, “The CBUAE’s participation in mBridge aligns with our strategic objectives of promoting innovation, efficiency, and financial inclusion in the financial services sector. By collaborating with our international partners, we aim to contribute to the development of a more robust, efficient, economical, interconnected and instant global payments infrastructure that benefits all participants, while maintaining the highest security standards.”

A few days prior to this announcement, the Central Bank of UAE approved the issuance of a regulation for licensing and overseeing stablecoins and a series of policies aimed at supporting the banking, insurance, and financial services sectors.

Saudi’s Central Bank joins CBDC project, Mbridge

Saudi’s Central Bank joins CBDC project, Mbridge

As the BIS (Bank for International Settlements) announced that it had reached a minimum viable product stage, Saleh Algrayan, AI Advisor at Bank for International Settlements and an employee of Saudi Central Bank, announced that Saudi Central Bank had now joined mBridge. Saudi Arabia’s Central Bank becomes the second Arab central bank to join after the UAE Central Bank.

Saleh Algrayan noted on LinkedIn, “I am immensely proud to announce that the Saudi Central Bank – SAMA has joined Project mBridge as a full participant, coinciding with the project reaching its minimum viable product (MVP) stage! As a dedicated SAMA employee and Advisor at the Bank for International Settlements – BIS Innovation Hub (BISIH) – Hong Kong Centre, I am honoured to be part of this revolutionary journey.”

He adds, “Project mBridge, leveraging advanced distributed ledger technology (DLT), aims to transform cross-border payments by addressing high costs, slow speeds, and operational complexities. This collaborative effort, starting in 2021 with partners like the Bank of Thailand, UAE Central Bank, Digital Currency Institute of the People’s Bank of China, and the Hong Kong Monetary Authority, now includes over 26 observers.”

He added, that SAMA’s participation marks a significant step forward, demonstrating the kingdom’s leadership in global financial innovation. He concluded, “We are paving the way for efficient, cost-effective, and instant cross-border transactions, addressing financial inclusion and making payments universally accessible.”

The Saudi Central Bank had previously participated in a CBDC project with the UAE under the name of ABER.

The announcement followed BIS press release where it invited private sector participants to propose value-added solutions that can be connected to the mBridge MVP platform.

The press release noted, “Project mBridge is the result of extensive collaboration starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China and the Hong Kong Monetary Authority. The Saudi Central Bank is joining mBridge as a full participant. There are also now more than 26 observing members. More central banks and commercial banks can join the platform through the mBridge MVP legal framework and perform real transactions on it. Project expands international cooperation with a new full member and observers.”

The project aims to explore a multi-central bank digital currency (CBDC) platform shared among participating central banks and commercial banks, built on distributed ledger technology (DLT) to enable instant cross-border payments and settlement.

Project mBridge was the result of extensive collaboration starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China and the Hong Kong Monetary Authority. The Saudi Central Bank is joining mBridge as a full participant. There are also now more than 26 observing members.

The project aims to tackle some of the key inefficiencies in cross-border payments, including high costs, low speed and operational complexities. It also addresses financial inclusion concerns, particularly in jurisdictions where correspondent banking (which connects countries to the global financial system) has been in retreat, causing additional costs and delays. Multi-CBDC arrangements that connect different jurisdictions in a single common technical infrastructure offer significant potential to improve the current system and allow cross-border payments to be immediate, cheap and universally accessible with final settlement.

A platform based on a new blockchain – the mBridge Ledger – was built to support real-time, peer-to-peer, cross-border payments and foreign exchange transactions. In 2022, a pilot with real-value transactions was conducted. Since then, the mBridge project team has been exploring whether the prototype platform could evolve to become an MVP – a stage now reached.

Four-founding participant central banks and monetary authorities have each deployed a validating node, while commercial banks have conducted more real-value transactions in preparation for the MVP release. In tandem, the project steering committee has created a bespoke governance and legal framework, including a rulebook, tailored to match the platform’s unique decentralized nature.

The MVP platform is enabled to undertake real-value transactions (subject to jurisdictional preparedness) and is also compatible with the Ethereum Virtual Machine. This allows it to be a testbed for add-on technology solutions, new use cases and interoperability with other platforms.

It is noteworthy that Qatar Central Bank recently launched its CBDC project for settling large payments with local and international banks.

Dubai’s DIFC Regulatory authority now allows crypto asset investment and stablecoins

Dubai’s DIFC Regulatory authority now allows crypto asset investment and stablecoins

The Dubai Financial Services Authority (DFSA) the regulatory arm of DIFC ( Dubai International Financial Center) has amended its crypto token regime. These changes stem from the proposals outlined in Consultation Paper 153 – Updates to the Crypto Token regime published in January 2024.

According to the press release, this marks a significant step in refining and advancing the regulatory environment for Crypto Tokens in the Dubai International Financial Centre (DIFC).

Amendments are related to the following areas, funds, custody, recognition of crypto tokens and financial crime

In terms of funds DFSRA now allows the offering of units of external and foreign funds investing in recognized crypto tokens, as well as the ability for domestic qualified investor funds to invest in unrecognized crypto tokens. Minimum individual investment in fund is $50,000. The Fund’s investment in Crypto Tokens is limited to Recognized Crypto Tokens and does not exceed 20% of the gross asset value of the Fund.

Firms can offer custodial and staking services as per the amendment but they cannot offer lending services. Cited in the document, ” An Authorized Firm must not offer or provide any facility or service that allows a Client to lend a Crypto Token to the Authorized Firm or to another person unless it is reasonably satisfied that:. (2) The restriction in (1) does not apply to: (a) an Authorized Firm that is authorized to Provide Custody, if: (i) the Crypto Token is not a Prohibited Token; (ii) the Authorized Firm is reasonably satisfied that: (a)(A) the Client is a Professional Client or Market Counterparty; and (b)(B) the lending is solely for the purpose of staking.; and (iii) the requirements in (3) have been met”

An Authorized Firm must be able to demonstrate to the DFSA’s satisfaction the grounds upon which the Authorized Firm considers the Third Party Agent or a non DIFC custodian to be suitable to hold Safe Custody Investments or Safe Custody Crypto Tokens.

In addition DFSA has replaced its previous Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Module (AML) – (AML/VER25/05-24) is repealed and has been replaced by Appendix 1 to this instrument and may be identified by the following reference – (AML/VER26/06-24). VASPs will have to comply with Federal Cabinet Resolution No. 10 of 2019 requirements under Federal AML legislation to Virtual Asset Service Providers (VASPs), in addition to Financial Institutions and DNFBPs. The DFSA’s AML regime applies in addition to the Federal AML legislation.

In terms of NFTs and utility tokens, the DFSA has excluded a Non-Fungible Token (NFT) and a Utility Token from its Crypto Token definition where such a Token meets specified criteria. However The DFSA has prescribed in AML Rule 3.2.1 that a person who carries on the business or profession of issuing or providing services related to a NFT or Utility Token is a DNFBP. An exclusion applies, in the case of an issuer, if the value of each NFT or Utility Token issued is less than $15,000 and, in the case of a service provider, if the service is IT support or advice to an issuer.

VASPs will have to adhere to AML requirements of the government of the U.A.E. or any government departments in the U.A.E.; the Central Bank of the U.A.E.; the FIU; the National Anti-Money Laundering and Combating Financing of Terrorism And Financing of Illegal Organizations Committee (NAMLCFTC); FATF; U.A.E. enforcement agencies; and the DFSA.

DFSA also recognized stablecoins which it called Fiat crypto tokens. DFSA does not consider privacy tokens or algorithmic tokens as recognized.

As noted, ” if Fiat Crypto Token, all of the requirements are met in respect of that Fiat Crypto Token including the matters referred to the regulatory status of the Crypto Token in other jurisdictions, including whether it has been assessed or approved for use by a Regulator in another Recognized Jurisdiction; whether there is adequate transparency relating to the Crypto Token, including sufficient detail about its purpose, protocols, consensus mechanism, governance arrangements, founders, key persons, miners and significant holders; the size, liquidity and volatility of the market for the Crypto Token globally; the adequacy and suitability of the technology used in connection with the Crypto Token and whether risks associated with the Crypto Token are adequately mitigated, including risks relating to governance, legal and regulatory issues, cybersecurity, money laundering, market abuse and other financial crime.

These changes are based on recent market developments, recommendations from international standard-setters and the DFSA’s supervisory experience.

Over the past two years, the DFSA has engaged with over 100 firms looking to be licensed, gaining valuable insights into the market dynamics and regulatory needs.

Ian Johnston, Chief Executive of the DFSA, said: “Our objective with the Crypto Token regime is to foster innovation in a responsible and transparent manner while ensuring we meet our regulatory objectives. At the DFSA, we have taken a balanced approach in the development of this regime and remain committed to evolving it in line with global best practices and standards.”

Noteworthy is that the amendments did not cover insurance which was mentioned in January in the consultation paper.

Uniramp crypto aggregator enters MENA with TDeFi and DMCC

Uniramp crypto aggregator enters MENA with TDeFi and DMCC

Uniramp a fiat-to-crypto aggregator, has been selected by TDeFi accelerator program, a premier Web3 incubator and accelerator in collaboration with the Dubai Multi Commodities Centre (DMCC) and Elysium Chain, marking Uniramp’s strategic entry into the Middle East market.

The TDeFi accelerator program is renowned for supporting innovative Web3 startups and providing them with the resources, mentorship, and networking opportunities needed to scale. Being part of this program will enable Uniramp to leverage the extensive network and expertise of DMCC and Elysium Chain, further enhancing its growth and impact in the region.

Uniramp’s entry into the Middle East represents a significant milestone in its mission to simplify Web3 access and fiat-crypto conversions. The region’s forward-thinking approach to blockchain technology and rapidly growing market make it an ideal environment for Uniramp’s innovative solutions.

“We are incredibly excited to join the TDeFi accelerator program and begin our journey in the Middle East,” said Salman Aljohar, CEO, Uniramp. “This opportunity allows us to tap into a vibrant ecosystem of innovation and collaboration, aligning perfectly with our vision to make Web3 accessible to all.”

Through its participation in the accelerator, Uniramp aims to forge meaningful connections with key stakeholders in the Middle East’s crypto and blockchain sectors. These collaborations are expected to enhance the liquidity and accessibility of crypto assets, providing users with a seamless and user-friendly experience.

“We believe that collaboration is at the heart of growth in the blockchain industry,” Salman Aljohar continued. “By engaging with the local ecosystem, we look forward to bringing more value to our users and contributing to the region’s blockchain advancements.”

Dubai courts introduce transparent digital system for enforcing judgements

Dubai courts introduce transparent digital system for enforcing judgements

Dubai Courts has announced today the launch of “Tanfeeth+” program. This program sets a groundbreaking standard for digital integration and efficiency in providing judgment enforcement services by establishing a seamless, transparent, and integrated ecosystem that benefits all parties involved.

His Excellency Prof. Dr. Saif Ghanem Al Suwaidi, Director General of Dubai Courts, said, “This program is part of a comprehensive digital initiative to enhance the efficiency of the judicial enforcement ecosystem, aligning with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for Dubai to become the world’s fastest, the best and the fairest in judicial services.” His Excellency underscored Dubai Court’s thorough examination of the challenges facing judicial enforcement services and processes, leading to the adoption of Tanfeeth+.

Tanfeeth+ operates across five key impact pillars: Efficiency and Digitalization, Speed and Agility, Transparency and Information Sharing, Collaboration with Partners, and Legal Compliance. This program exemplifies Dubai Courts’ commitment to improving service levels, supporting government directives, and enhancing the judicial system’s efficiency, transparency, and justice.

His Excellency Judge Khalid Al Mansouri, Head of the Execution Court at Dubai Courts, emphasized that Tanfeeth+ reflects Dubai Courts’ vision to be pioneering and internationally distinguished, fostering efficient legislation implementation and offering advanced judicial services.

The strategic plan aims to achieve swift justice, enhance confidence in the judicial system, promote social and economic stability, and improve enforcement efficiency. It establishes a digitally integrated environment to streamline operations, improve service quality, and save time and effort.

Initiatives under Tanfeeth+ include:
• Digital Writ of Execution Seal: Facilitates the enforcement of court rulings, enabling the petitioner to initiate procedures without the need to visit service centres.
• Disclosure Platform: Allows the enforcement judge to directly inquire about the respondent’s assets and seize them for sale if necessary.
• Integration with MOI: Ensures the enforcement of liberty-restricting orders, travel bans, and asset seizures by integrating with the MOI’s programme.
• Digital Requests: Optimises execution procedures and automates administrative decisions.
• Sale Notification System: Notifies officials about confiscated items for timely sale.
• Automated Cancellation of Enforcement: Cancels enforcement procedures and lifts seizures once payments are completed.
• Automated Disbursement System: Automatically disburses amounts deposited in the enforcement file to the petitioner’s registered bank account.
• Virtual Bank Accounts: Enables direct deposits of seized assets into virtual accounts for automatic disbursement to each party.

UAE regulated crypto broker GCEX to offer enhanced liquidity solution

UAE regulated crypto broker GCEX to offer enhanced liquidity solution

UAE regulated GCEX crypto has partnered with DV Chain a provider of liquidity and market-making services in the dynamic world of cryptocurrencies allowing GCEX clients to benefit from DV Chain’s exceptional crypto liquidity offering, with even tighter spreads and reduced execution costs.

Through this partnership, GCEX will provide enhanced brokerage services for spot cryptocurrency transactions, delivering unparalleled access to deep liquidity through its professional 24/7 service. Designed specifically for institutional clients, this offering is accessible through GCEX’s crypto-native platform – XplorSpot – or via API, facilitating the wider adoption of digital assets across institutions and professional traders.

Michael Aagaard, Managing Director, GCEX commented, “We are thrilled to expand our liquidity offering in digital assets through our partnership with DV Chain, one of the most advanced, globally recognized crypto market makers. As demand for deep liquidity in digital assets from institutional clients continues to rise, this partnership reinforces GCEX’s position as a leading regulated brokerage, delivering superior global crypto CFDs liquidity.”

Michael Rabkin, Global Head of Business Development, DV Chain commented, “We are excited to be working with GCEX, a leading global crypto brokerage, to enhance liquidity for their institutional clients. This collaboration allows us to bring our advanced crypto liquidity solutions to a broader audience, helping provide tighter spreads and reduced execution costs. Together with GCEX, we are committed to supporting the growing demand for efficient and reliable digital asset trading.”

Swiss crypto asset manager to expand into UAE with new board appointment

Swiss crypto asset manager to expand into UAE with new board appointment

Indirectly announcing their expansion into the UAE Digital Asset Solutions (DAS), a Swiss based crypto asset manager announced that they had hired Swiss financial professional Csaba Dekany on board as a strategic partner.

Dekany is already residing in Dubai UAE since 2023 has had a strong career at Credit Suisse, and Granite Gorup in Zurich.

DAS reports to the self-regulatory organization PolyReg in Switzerland, which underlines that compliance with the highest standards in terms of anti-money laundering (AML), customer protection, and transparency is a matter of course.

Dekany is expected to play a key role in the crypto specialist’s international expansion and leverage his extensive experience for his role as strategic advisor to management.

DAS on LinkedIn stated, “We’re thrilled to have Csaba Dekany join us in our expansion to Dubai! He will play a pivotal role in our first international push with his many years of experience in the financial sector and support DAS in identifying new opportunities in the Emirates.”

Csaba in a LinkedIn post stated, “Happy to be part of the journey to connect traditional finance with digital assets.”

Also on board with DAS is Zurich-based asset manager and CEO of VT Wealth Management, Sacha Fedier. He is taking a seat on the board of directors and noted that the UAE is «a market with great potential».

The UAE has been attracting an array of crypto and digital asset entities from across the globe, including crypto exchanges such as Crypto.com, OKX, Binance and many others.

It is no surprise that DAS is also setting its footprint in the UAE as well.

MENA crypto traders become savvier with Bitget witnessing 52% growth in crypto futures

MENA crypto traders become savvier with Bitget witnessing 52% growth in crypto futures

Crypto Futures have risen in popularity over the years, being considered as one of the most sought out cryptocurrency derivatives offering. In the past weeks, on news that Ethereum Spot approvals from the U.S. Securities and Exchange Commission, might be approved, ETH Futures traded funds hit an all time high, The Ethereum futures ETFs generated $47.75 million in trading volume on May 21st 2024, 40% more than the prior $34.18 million peak set on March 5th 2024. Then the Ethereum ETFs were approved.

According to Bitget MENA, a Web3 cryptocurrency exchange, crypto traders in the region have become savvier, Bitget has witnessed a 52% increase in crypto futures trading from January 2024 until April 2024. Usually crypto trader beginners start with what is called spot trading, it is easier, and quicker. Yet to see that Bitget has witnessed this increase in crypto futures means that MENA crypto traders are gaining expertise.

This comes at the heels of Bitget’s Q1 2024 report where it highlighted more than 100% growth in crypto futures trading volume. Crypto futures trading volume was approximately US$ 1.4 trillion, representing a 146% increase, while Bitget Spot trading volume increased by 113% to over US$ 160 billion.

Bitget Global also witnessed substantial growth in the volume of Bitcoin Future trades on its platform from May 2023 compared to April 2024. In April 2024 the volume of Bitcoin Futures on Bitget crypto exchange reached $437.38 billion out of a total market of $1.9 trillion. In May 2023 this figure stood at $124.54 billion out of a market of $923.29 billion. (Source The Block)

The crypto exchange saw the highest increase in derivatives market share, with a growth of 2.4% in March 2024.

The enthusiasm for crypto futures comes at just the right time, with Bitget, a Web3 and crypto currency exchange, announcing that its 5th edition of the King’s Cup Global Invitational (KCGI) annual trading competition will include a crypto futures competition.

Sam Spiers, Regional Director at Bitget MENA explains, “Bitget MENA and our global operations have continuously offered our clients diverse choices for trading and benefiting from the crypto market. This is reflected in the growth of crypto futures trading in the MENA region and globally. It also showcases the maturity that most crypto traders have gained both in MENA and internationally, given that crypto futures trading is more complex than just spot trading.”

He adds, “We are happy to encourage crypto futures trading further with the launch of Futures trading team competition part of our yearly KCGI competition. The total prize pool of KCGI will reach 5,000,000 USDT.”

Gracy Chen, CEO of Bitget added, “As we embark on the fifth edition of KCGI, we are excited to provide traders with an unparalleled opportunity to test their skills, challenge themselves, and compete for incredible prizes. KCGI represents more than just a trading tournament, it is a celebration of the passion, dedication, and talent of our global trading community.”

Earlier this year, Bitget, announced a record all-time high in trading volumes in the MENA region while witnessing a growth of 500% in trading volumes since it started serving the MENA region in November 2023. Bitget now boasts of 2.5 million users from the MENA region, making up 10% of its total global user base which is 25 million.

In 2023 Bitget announced its expansion into the Middle East region with plans to establish its regional hub in the UAE and hire 60 employees as part of its global scaling strategy. Bitget has already begun exploring license applications to operate in target Middle East markets