Blockchain
Cryptocurrency Exchange Bybit Receives In-Principle Approval to Conduct Virtual Asset Business in UAE and Move Global Headquarters to Dubai
-
UAE welcomes Bybit and heralds growth of ‘next generation FDI’
-
Bybit is committed to a continuous constructive dialogue with regulators and legislators in the UAE and will play a key role in educating investors and wider public on digital assets
Dubai, United Arab Emirates–(Newsfile Corp. – March 28, 2022) – Cryptocurrency exchange business Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in Dubai, the firm announced today at a joint press conference with the UAE Ministry of Economy at the World Government Summit 2022. Bybit also announced that it plans to set up its global headquarters in Dubai, offering a full suite of products and services globally, under the Emirate’s “test-adapt-scale” virtual assets market model.
Bybit stressed it was fully committed to supporting the regulatory efforts of the UAE government and is looking to share its in-depth industry knowledge, experience and insights with all stakeholders. Bybit has a key role to play in educating retail investors and the wider public in how to use virtual assets in a safe and responsible manner, helping the UAE manage risks within a framework for responsible growth.
“Bybit’s decision to open its global headquarters in Dubai is a milestone in our efforts to position the UAE as a global digital hub,” said H.E. Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention. “Virtual assets such as cryptocurrency and blockchain have changed finance forever. To stay ahead in this fast-changing industry, we are building a business-friendly ecosystem with robust regulations to attract, retain and enable high-growth companies – this is paying dividends in terms of the next generation FDI we are seeing coming in. This will create jobs and investment opportunities and consolidate our position as one of the world’s most attractive places to live and work for those in virtual assets and web 3.0 industries.”
“Bybit looks forward to contributing to the virtual assets innovations of the Emirate’s vibrant economy and having our global headquarters in Dubai. I believe we could help further stakeholders’ understanding of this complex industry as the virtual assets space continues to rapidly mature. This in-principle approval is an extraordinary opportunity for Bybit to support the UAE and the wider region’s ambition to become a global virtual assets technology hub,” said Ben Zhou, co-founder and CEO of Bybit.
Led by a sophisticated management team with talent from fintech, IT, virtual assets, investment, and legal background, Bybit is one of the fastest growing virtual assets platforms with its peak daily trading volume of US$76 billion in May 2021. It is the third most digitally visited virtual assets business in the world.
Bybit’s new headquarters office is expected to commence operations in as early as April 2022 and it has started the process of hiring talent and transferring existing teams and operations to their new home in Dubai.
The UAE’s new Dubai Virtual Asset Regulation Law was announced earlier this month. It aims to establish a regulatory framework for the sector designed to boost the industry providing robust guardrails that protect investors, facilitate cross-border transparency, and assure global market integrity.
About Bybit
Bybit is a virtual assets platform established in March 2018 that features an ultra-fast matching engine, excellent customer service and multilingual community support. The company provides innovative online spot and derivatives trading services, mining and staking products, an NFT marketplace as well as API support, to retail and institutional clients around the world, and strives to be the most reliable platform for the emerging virtual assets class. Bybit has recently become the Principal Team Partner of Formula One racing team, Oracle Red Bull Racing.
For media inquiries, please contact: [email protected]
For more information please visit: https://www.bybit.com/
For updates, please follow Bybit’s social media platforms.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/118382
bybit lucky
Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
-
Blockchain6 days agoBridging Innovation and Regulation: How Yellow Network is Transforming Non-Custodial Trading in a Pro-Crypto Future
-
Blockchain7 days ago
Prosper Adds 7,000 More ASIC Miners from BITMAIN To Drive Tokenization of Hashrate as Multichain RWA ; Targets 170MW Capacity With New Strategic Round
-
Blockchain Press Releases6 days agoHTX Ventures Identifies Five Rapidly-Growing Sectors in 2024, Expects Positive Crypto Regulations Driven by Trump Next Year
-
Blockchain6 days ago
Blocks & Headlines: Today in Blockchain (Reserve Bank of India (RBI), Aethir, Blockchain Center Abu Dhabi, Qubetics, )
-
Blockchain3 days ago
50,000+ Mined Coins and 100,000 New Users: EMCD Summarizes 2024
-
Blockchain7 days agoLoan Brokers Market Opportunities and Strategies Report to 2033 – Loan Brokers Market Poised for Strong Growth, Forecasted to Reach $947.9 Billion by 2033
-
Blockchain5 days agoBuilding Bridges in Crypto: Bybit Sparked Dialogues and Joined Industry Leaders at Bitcoin MENA
-
Blockchain3 days ago
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
