Crypto exchange Bybit will be establishing its first global headquarters in Dubai. In a recently updated blog post, the crypto exchange announced that it had received in-principle approval to conduct “a full spectrum of the virtual asset business in Dubai.”
Bybit To Establish Global Headquarters In Dubai
Bybit will soon be commencing the launch of its first global headquarters in Dubai. As per the official blog post, the exchange will be offering a “full suite of products and services in the UAE” starting from April 2022.
Speaking about the launch of its newest establishment in Dubai, Bybit’s CEO and Founder Ben Zhao added:
“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,”
Founded in 2018, Bybit has quickly amassed a significant user base by offering investors a trusted platform to explore diverse cryptocurrencies. Bybit also offers additional services including online spot and derivatives trading services, mining and staking products, and software support to retail and institutional customers across the world.
H.E. Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention, also shared his viewpoint on Bybit establishing its headquarters in Dubai and stated:
“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 will create jobs and investment opportunities, consolidating 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.”
The Middle East has emerged as one of the fastest-growing markets for cryptocurrency trading. The data acquired from the crypto analytics website ChainAlysis demonstrates that Dubai received nearly $271.7 billion worth of crypto between July 2020 and June 2021, authenticating the fact that Dubai is prominently emerging as a nucleus of crypto activity in recent times.