British Bitcoin trading platform CoinCorner has entered into a relationship with Seed Group, a firm owned by Sheikh Saeed bin Ahmed Al Maktoum’s family office, to join the Dubai and Middle East crypto exchange markets.
According to a statement issued, CoinCorner intends to provide a bitcoin trading platform enabling UAE citizens to trade Bitcoin. The Bitcoin trading desk also intends to provide crypto solutions for local firms.
The platform already supports transactions on the Lightning Network, one of the scaling solutions being developed for the Bitcoin network that allows for quicker and cheaper transactions.
The co-founder of CoinCorner, Danny Scott said:
“We are pleased to enter into a mutually beneficial partnership with SEED Group. The collaboration will help propel our business interests and goals in the MENA region through the group’s support and a strong base of regional connections. We are committed to making Bitcoin transactions the “new normal” in the UAE with the help of our unique solutions, facilitating instant and frictionless payments.”
According to Seed Group’s release, the collaboration will lay the groundwork for CoinCorner to obtain the necessary regulatory clearance.
In March, Dubai established a new cryptocurrency regulatory agency. The UAE has also developed a licensing scheme for Bitcoin exchanges and other suppliers of virtual asset services.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews