Bitcoin, soon legal tender in Dubai thanks to the Royal Family?

Global Bitcoin services giant and Lightning Network CoinCorner, has partnered with Seed Group, a private company owned by Sheikh Saeed bin Ahmed Al Maktoum (a member of the Dubai Royal Family), to facilitate bitcoin transactions in the United Arab Emirates (UAE). This partnership is expected to further boost the adoption of cryptocurrencies in this country already at the forefront of crypto innovation and perhaps even recognize it as a legal tender.

Seed Group and CoinCorner have signed an agreement to facilitate access to Bitcoin in the United Arab Emirates.

Coincorner is a crypto exchange founded very early on, in 2014, when bitcoin was still difficult to buy. At the time, CoinCorner played a central role in popularizing bitcoin.

As for Seed Group, it is a private company of Sheikh Saeed Bin Ahmed Al Maktoum, which over the past 16 years has formed successful strategic alliances with leading global companies in the Middle East technology, healthcare, hospitality and telecommunications sectors. Incidentally, he is also the founder of Emirates Airline and a member of the Royal Family as he is none other than … the uncle of Mohammed bin Rashid Al Maktoum the Emir of Dubai! Who is himself also the Vice-President, Prime Minister and Minister of Defense of the United Arab Emirates!

According to a statement released by CoinCorner, the two companies will have huge responsibilities in the adoption of bitcoin in the UAE, according to the agreement they signed. Seed Group will help CoinCorner reach the Middle Eastern audience, gain access to key decision makers in government and the private sector, and effectively market its Bitcoin products and services in the region.

CoinCorner, for its part, will have to build a platform where UAE residents can easily buy, sell, send, receive and store Bitcoins. The cryptocurrency giant will also have to offer local businesses solutions to access bitcoin without difficulty.

Bitcoin is an opportunity for local UAE businesses

CoinCorner and Seed Group officials spoke on the sidelines of the agreement binding their entities. For Seed Group, the agreement reached will boost local businesses that want to take advantage of the cryptocurrency-friendly regulatory environment in the UAE.

In addition to individuals, a large number of businesses are ready to adopt Bitcoin and other digital currencies as legal tender for future transactions. The UAE wants to provide a growth-oriented environment for fintech companies by establishing an ecosystem for digital currencies. Companies that process crypto-currency transactions have huge potential in the UAE’s digital economy.

Hisham Al Gurg, CEO of Seed Group

Coincorner, for its part, has touted the partnership as one that will help propel not only its own interests but also those of its co-contractor in the Middle East. He hopes that with Seed Group’s expertise and regional footprint, Bitcoin transactions will become the norm in the UAE.

We are delighted to enter into a mutually beneficial partnership with SEED Group. This collaboration will help propel our business interests and goals in the region with the support of the group and a strong base of regional relationships. We are committed to making Bitcoin transactions the new normal in the UAE with our unique solutions, facilitating instant and frictionless payments.

Danny Scott, CEO and co-founder of CoinCorner

CoinCorner lands in one of the world’s most crypto-friendly regions

CoinCorner’s partnership with Seed Group in the United Arab Emirates will give it access to a fast-growing economy open to crypto topics.

According to a recent study by the Telecommunications and Digital Government Regulatory Authority (TDRA), the government institution in charge of telecommunications regulation and digital governance in the UAE, about 11.4% of the country’s residents have invested in cryptocurrency by 2022.

The country has also passed a crypto-friendly law and set up a state institution to ensure its effective implementation as well as the development of the sector. Well-known companies in the crypto sector have in the process obtained operating licenses in the UAE. The country is attracting more and more investors due to its crypto-friendly position.

This does not leave other countries in the region indifferent. Once hostile to cryptocurrency, Saudi Arabia is now considering regulating the sector to take full advantage of it but also, with the aim of enticing investors in the sector.

CoinCorner therefore has the opportunity to be one of the key players that will make the UAE emerge as the hub of the crypto sector as the vice president of the European Parliament shared with us in an exclusive interview. One question arises: will CoinCorner be in the Dubai Dubaiverse to sell Bitcoin?