Kraken hopes to provide local investors with worldwide liquidity via dirham (AED) trading pairs with the new operations license in Abu Dhabi.
Kraken, a crypto exchange based in California, is the second virtual asset platform after Binance to get regulatory clearance to operate in the Abu Dhabi Global Market international financial hub and free zone (ADGM).
Curtis Ting, Kraken’s managing director, discusses the necessity of diversifying trading pairs to local currencies rather than the typically available US dollar or British pound in global markets
Kraken hopes to further engage with local banks and payment service providers with the new operations license in Abu Dhabi. This, according to Ting, will assist the crypto exchange in bringing worldwide liquidity to the United Arab Emirates.
Ting stated that “the area is ready and they’ve been waiting for a regulated service like ours,” citing Dubai’s existing enormous trade volumes of excess of $25 billion worth of bitcoin annually. Kraken will offer local investors the following United Arab Emirates dirham (AED) pairs while functioning as a fully licensed crypto exchange:
It’s critical for us to ensure that investors and traders in the region have access to local currencies [trading pair] in order to aid access to international markets and liquidity.
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