Abu Dhabi launches new cryptocurrency hub despite downturn

Abu Dhabi launched a new cryptocurrency project today. 

The Abu Dhabi Global Market’s crypto hub is a virtual platform to connect people to cryptocurrency and virtual asset companies. The announcement was made during the Abu Dhabi Finance Week currently taking place and fits with the United Arab Emirates’ economic diversification goals, the Abu Dhabi government's media office said in a statement. 

The Abu Dhabi Global Market is an economic free zone that hosts companies in the eponymous city. It is subject to its own English common law-based system. 

The Abu Dhabi crypto hub’s website is interactive. It provides visitors with information on the regulation of digital assets as well as a list of cryptocurrency, fintech and other related companies operating in the Abu Dhabi Global Market. 

Why it matters: The UAE is seeking to become a hub for cryptocurrency and has had some success in this regard. The major cryptocurrency platform Binance received permits to operate in the Abu Dhabi Global Market this week. 

Binance CEO Changpeng Zhao was in Abu Dhabi for Finance Week. Many cryptocurrencies have plummeted in value this year, and the crypto exchange FTX just filed for bankruptcy. Zhao sought to reassure the crowd in Abu Dhabi of crypto’s promising future, but some attendees were skeptical, Salim A. Essaid reported for Al-Monitor from the event. 

Crypto is growing in the UAE despite the market downturn. Last month, the Dubai-based crypto platform BitOasis launched a crypto payment card. 

Know more: The Abu Dhabi Global Market’s court system also announced this week it would adopt blockchain technology to seal court rulings.