The United Arab Emirates granted a license to the Kraken cryptocurrency exchange in Abu Dhabi. Kraken planned to provide trading pairs for dirham to the global liquidity for the local investors.
Kraken is one of the popular Cryptocurrency exchanges headquartered in San Francisco, California. This Kraken trading platform has huge volume and liquidity with features such as Margin Trading, OTC options, etc.
Kraken was launched in 2013 and is well-known for fewer transaction fees and a high range of security. It operates in the countries like United States, Japan, Canada, and European Countries.
Kraken evolves as the second digital currency platform after Binance to obtain regulatory approval to function in the Abu Dhabi international financial center and free zone, Abu Dhabi Global Market (ADGM).
Curtis Ting, Kraken's director stated in CNBC interview that it allows trading cryptocurrency with local currencies instead of US dollars or British pounds with trading pairs having dirham.
Kraken planned to reach mass users by integrating local currencies via local banks and payment service providers. This is one step forward to reaching the local users in the United Arab Emirates region towards cryptocurrency global liquidity.
Kraken has already huge platform users from the UAE regions with $25 billion worth of cryptocurrency annually, therefore they are ready to make use of the global liquidity to their regional local currency dirham.
Binance has got operation license for two other regions Bahrain and Dubai in the United Arab Emirates in addition to Abu Dhabi.
In addition to the businesses in the UAE region, a commercial entity like Citizens school has started accepting crypto payments for their tuition fee from the range of 45,000 AED to 65,000 AED in Bitcoin (BTC) and Ether (ETH).
Adil Alzarooni, the school’s founder, stated that They are looking forward to enhancing young generations' involvement in UAE’s digital economy. Focussing on improving the children's engagement towards crypto as they are the future investors and entrepreneurs.
Each and every day a crypto exchange is growing exponentially, Staring a Cryptocurrency Exchange platform would be beneficial in this digital era.