- Coinbase CEO to meet with politicians and regulators
- About 500 startups are currently located in Dubai
- And more than 11% of the population owns cryptocurrency
Cryptocurrency exchange Coinbase informedthat the United Arab Emirates can serve as an international crypto hub for the Middle East, as well as parts of Africa and Asia.
Exchange co-founder and CEO Brian Armstrong revealed that he and his team will be holding a series of meetings this week with policy makers, regulators, partners, web3/crypto founders and customers. Armstrong will also give a speech at the first Dubai Fintech Summit.
“Crypto and web3 are huge opportunities for economic and technological diversification for the UAE, the region has the potential to become a strategic hub for Coinbase” Brian said.
Coinbase said in a statement that the UAE has a strong chance of becoming an international habok as the country is home to about 500 startups and over 11% of the population owns digital assets. The company aims to attract 1 billion users to cryptocurrencies. To that end, Coinbase launched an international futures exchange last week.
The company believes that the United Arab Emirates will help achieve the goal of 1 billion users, and here’s why:
- Over 85% of the UAE’s population are foreigners and the country is the world’s second largest remittance sender;
- The UAE is the sixth largest cross-border wealth management center;
- Approximately $500 billion of individual invested wealth of residents of other countries is stored in the UAE.
“The region is a leader in the development of the web3 ecosystem, which makes it an attractive place to invest. It is too early to talk about anything now, we visited this region for the first time, but this will definitely not be our last visit.” Coinbase said in a statement.
