British bitcoin trading desk CoinCorner has inked a partnership with Seed Group, a company owned by Sheikh Saeed bin Ahmed Al Maktoum’s family office, to enter into the Dubai and broader Middle East crypto exchange market.
CoinCorner plans to create a bitcoin trading platform for UAE residents to trade bitcoin, according to a statement today. The bitcoin trading desk also has plans to develop crypto solutions for businesses in the country.
The platform already offers support for transactions on the Lightning Network, one of the scaling solutions being developed for the Bitcoin network where transactions are faster and cheaper.
“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,” said Danny Scott, co-founder of CoinCorner, in today’s announcement.
According to Seed Group’s announcement, the partnership will create a framework for CoinCorner to secure the required government approval.
As previously reported by The Block, Dubai created a new agency for crypto regulations in March. The United Arab Emirates has also established a licensing regime for bitcoin exchanges and other virtual asset service providers.
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