Blockchain Acceptance Could Revolutionize Finance in Abu Dhabi

Published at: April 15, 2020

Businesses in Abu Dhabi, the capital of the United Arab Emirates’, or UAE, are increasingly embracing blockchain technology as local regulators move towards adopting inclusive legislation regarding crypto assets.

Though Abu Dhabi Global Market, or ADGM, announced its plan to allow crypto asset trading in 2018, the UAE capital has taken a cautious approach to rolling out permissive regulations.

However, Abu Dhabi Islamic Bank, or ADIB, recently became the first Islamic bank to execute trade finance distribution transactions, and the ADGM is readying to launch crypto asset trading in Q2 2020.

ADIB executes blockchain-based trade finance distribution

On April 15, ADIB claimed to be the first Islamic institution to successfully execute trade finance distribution transactions using distributed ledger technology, or DLT.

ADIB conducted multiple cross-border transactions with partner banks using TradeAssets, a blockchain-based digital trade finance marketplace. The milestone is the product of a year of collaboration between TradeAssets and ADIB.

Haytham Elmaayergi, ADIB’s global head of transaction banking, stated: “ADIB is committed to expanding its digital footprint in trade financing and distribution, enhancing the efficiency and productivity of businesses across the region and globally.”

Abu Dhabi Global Market to launch crypto trading by July

ADGM, Abu Dhabi’s top international finance center and free economic zone, is currently slated to launch regulated digital asset trading before Q3 2020.

In 2019, the Financial Services Regulatory Authority issued in-principle approvals to several companies preparing to operate crypto asset exchanges.

Speaking to Cointelegraph, Leon Smith, the chief executive of DEX — a crypto exchange that received in-principle approval from Abu Dhabi’s financial regulator, described the ADGM’s decision to launch regulated crypto trading as “a ground-breaking step for the region.”

“Everyone involved at ADGM is to be applauded for their efforts in making this happen,” he stated, adding: “This is very much about transforming ADGM into a global financial hub and part of the wider Abu Dhabi narrative.”

Tags
Blockchain
Business
Transactions
Uae
Related Posts
App to deliver ‘magic button’ that delivers full control over finances
A new ecosystem with a goal of bridging the centralized and decentralized worlds of digital finance is going to be home to a brand-new DeFi platform that allows consumers to become their own bank. Fusion says its vision is to deliver key infrastructure for value transfer — integrating the cryptocurrencies that exist today, as well as those that will emerge in the future. This blockchain is now being used by Chainge Finance, a project with the ambition of ensuring anyone can gain 100% control over their daily activities — empowering consumers with the ability to provide and get financial services …
Technology / April 29, 2021
Cross-chain protocol brings together liquidity sources from multiple networks
A cross-chain aggregation protocol allows crypto enthusiasts to access liquidity sources from multiple networks on one platform — making it easier than ever to find the best prices. O3 Swap says its goal is to help users discover the most efficient routes for their trades, and complete transactions without limitations and hidden fees. Just some of the liquidity sources it supports include Uniswap, SushiSwap and Curve on the Ethereum blockchain; PancakeSwap, DODO and BakerySwap on Binance Smart Chain; as well as Flamingo, Nash and Switcheo on Neo. All of this ensures that multi-chain assets can be freely exchanged, and different …
Decentralization / May 11, 2021
Coinbase-Backed Securitize Launches Compliance Tool for P2P Transactions
Securitize, a digital securities issuance platform backed by major cryptocurrency exchange Coinbase, has announced a new tool that assures that secondary market transactions of digital securities are compliant with regulations. According to an April 22 blog post, Securitize Instant Access streamlines the creation of compliant peer-to-peer transactions by investors in private securities. To ensure that transactions meet the necessary requirements, Securitize uses smart contracts on the Ethereum blockchain. To initiate a transaction, investors privately create an indication of interest to sell their digital securities with a web link, which can be posted and shared across various channels. The blog post …
Blockchain / April 24, 2020
Kraken cuts workforce by 30% in an effort to survive crypto winter
Cryptocurrency exchange Kraken announced on Nov 30, that it has made “one of the hardest decisions” to cut down its global workforce by approximately 1,100 people, making up approximately 30% of its total workforce, amid current market conditions. According to the CEO and co-founder Jesse Powell, Kraken had to triple its workforce due to the fast-growing crypto ecosystem, and the current pullback takes the company’s team size back to where it was 12 months ago. Powell shared in a tweet; "Macro was already tough and we held out but recent industry woes diminished near-term optimism about a crypto bound." Rough …
Technology / Nov. 30, 2022
Solana CEO hoses down claims network outages caused by on-chain voting
Anatoly Yakovenko, the founder and CEO of Solana Labs has downplayed claims that Solana's network outages were being caused by a high volume of validator messages and its on-chain voting system clogging its consensus layer. While the Solana Foundation confirmed in a Feb. 27 post that the “root cause” of the recent 20-hour network outage is still not clear, the CEO responded to speculation that Solana’s decision to include on-chain votes as transactions is a “massive design flaw” that has led to its many outages. The controversial thread in question was posted by Twitter user DBCryptoX earlier on Feb. 27 …
Blockchain / Feb. 28, 2023