Bitex UAE, a digital currencies wallet and trading platform, has launched in the United Arab Emirates this week, a report from TradeArabia News Service, a leading online portal for business and trade news in the region, has revealed.
Via its platform, Bitex UAE offers customers the opportunity to buy, sell and trade multiple cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Users of the platform can transfer money through bank transfer and debit or credit card.
The company is also working on a cash deposit service. This would see users scheduling cash pick-ups, with the money being visible in their account instantly and within 24 hours, available for trading.
Bitex UAE’s cryptocurrency wallet uses a three-key system, to increase security, with two out of the three keys needed to open the wallet. The first is stored with Bitex UAE; the second key is stored with the company’s wallet partner and the final is a recovery key.
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New Crypto Regulations in UAE Provide a Supportive Environment
Commenting on the launch, Monark Modi, Bitex UAE’s CEO, said: “recent changes in UAE regulation have made today the perfect time to seize the opportunity to introduce a new, secure, professional trading platform.
“I believe the launch of the UAE Blockchain Strategy 2021 by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Executive Council, has laid the groundwork for digital assets becoming more accessible in the UAE.”
Those regulations Modi is referring to is the comprehensive framework the Financial Services Regulatory Authority, the regulator of Abu Dhabi Global Market launched earlier this year to regulate cryptocurrency activities.
“UAE residents have been calling out for more options to securely buy and sell digital currencies… While residents have been able to use international trading platforms for some time, having access to a local exchange is far more convenient. Trading via a UAE-based company allows customers to easily deposit local currency rather than first having to exchange it for a more widely-accepted currency,” Modi added.
But the CEO has bigger plans for Bitex, with ambitious plans to expand into neighbouring GCC countries. This is to fulfill the company’s goal to become the most secure digital currencies platform within the region.