The cryptocurrency platform – FTX – has reportedly received regulatory approval to establish a regional headquarters in Dubai. According to FTX Europe’s Head Patrick Gruhn, the biggest city in the UAE provides “certainty and credibility,” which were key factors for the company to choose this destination.
In addition, the local watchdogs greenlighted Binance to set up a company base in Dubai.
Dubai – an Attractive Location for Crypto Exchanges
The UAE, and more specifically Dubai, has turned into crypto-friendly territory in the past several months. As such, the city has attracted numerous companies that provide digital asset services.
According to a recent report by Bloomberg, the latest such entity is the leading cryptocurrency exchange FTX. Its European subsidiary – FTX Europe – received a virtual-asset license in Dubai and will establish a regional headquarters.
Its CEO – Sam Bankman-Fried – revealed that the trading venue will offer “complex crypto-derivatives products with centralized counterparty clearing to institutional markets.”
Another executive to comment on the matter was Patrick Gruhn – Head of FTX Europe. He praised Dubai as a welcoming destination for crypto-related businesses:
“The certainty and credibility that Dubai assures in its adherence to these commitments allow FTX to safely pursue its overall strategy of scaling towards becoming the first virtual-asset service provider to enter global markets in a fully regulated manner.”
Earlier this month, the world’s largest cryptocurrency platform – Binance – saw Dubai as a possible location for setting up headquarters. The recent coverage disclosed that the trading venue will indeed establish a base there.
FTX’s Forays in 2022
Following its progress in the past few years, the exchange continued with its rapid development and numerous initiatives in 2022, too.
In January, the firm set up a $2 billion venture fund, called FTX Ventures, to invest in new digital asset projects. The entire funding came from the platform’s Founder and CEO – Sam Bankman-Fried.
A few weeks later, the company raised $400 million in a Series C funding round. Thus, its total valuation tapped $32 billion.
FTX also engaged with the music industry. In February, it partnered with the multi-day music and arts festival held in California – Coachella – to introduce non-fungible token (NFT) collections to fans.
In March, the trading venue collaborated with arguably the world’s largest dance music festival – Tomorrowland. As part of the deal, FTX will aid its associate’s efforts in the Web3 and NFT space.
FTX’s Support to Ukraine
The exchange also shook hands with the Ukrainian authorities and Everstake to create a cryptocurrency donation website. Individuals and businesses can send contributions in digital assets to aid Ukraine’s defense. The community has already raised over $48 million worth of crypto.
Sam Bankman-Fried said he is “incredibly excited and humbled” to be working with the Ukrainian officials to support the cause.
Mykhailo Fedorov – Vice Prime Minister – thanked all the people donating funds to the country. He stated that such contributions provide helmets, bulletproof vests, and night vision devices that save the lives of the defending soldiers.