Digital bank Zand in the UAE facilitates a smooth connection between traditional fiat currencies and the crypto platform CoinMENA for its users.
In a significant move for the digital economy in the United Arab Emirates (UAE), digital bank Zand has partnered with crypto trading platform CoinMENA FZE. This collaboration aims to offer seamless fiat-to-crypto transactions, enhancing the accessibility of cryptocurrencies for a broader user base.
The partnership, according to Michael Chan, CEO of Zand, will drive innovation in the region and advance the digital economy. CoinMENA co-founders Talal Tabbaa and Dina Sam'an noted that they partnered with Zand due to its commitment to regulatory compliance and financial innovation.
Zand's AI and blockchain infrastructure will ensure efficient banking services for CoinMENA users. This partnership comes at a time when several other banks in the UAE, including Mbank, Zand Bank, Liv bank by Emirates NBD, and First Abu Dhabi Bank (FAB), have entered the crypto space.
Meanwhile, FAB, along with IHC and ADQ sovereign investor, is launching a new AED-backed stablecoin regulated by the UAE Central Bank. The AED stablecoin will facilitate easier local and international payments.
Elsewhere in the crypto world, Pantera Capital has made a $1.1 billion bet on Solana and predicts Bitcoin to reach $750,000. Solana creators received $19.3 million from Pump.Fun streams. However, the excitement around Solana was marred by a recent incident where one user lost $1 million USDC to a MEV bot after a mistaken transaction.
In other news, Next Technology filed for a $500 million common stock offering to purchase more Bitcoin. Santander's Openbank is rolling out Bitcoin, Ether, and other cryptocurrencies for European users. RAKBANK, a UAE-based bank, launched its crypto brokerage service via its mobile app in July, enabling crypto trading for its retail customers using the services of UAE regulated crypto exchange Bitpanda.
Unfortunately, the UAE M2 crypto exchange has changed its business model, and there is no specific information available about another UAE bank that has collaborated with another bank to offer fiat-to-crypto transactions beyond the general blockchain initiatives in the UAE, such as the collaboration between the UAE Central Bank and Saudi Arabia's SAMA on a digital currency project.
In a concerning development, hackers seized the FBI's botnet takedown targets and built a stronger cyberweapon from them.
Larry Ellison, the co-founder of Oracle, is involved in projects with OpenAI, Paramount, Warner Bros., and TikTok simultaneously.
As the crypto landscape continues to evolve, these partnerships and developments are set to reshape the digital economy in the UAE. XRP and Dogecoin ETFs are set to launch this week, and the services will cover fiat, crypto, and stablecoin conversions. Clients of Zand Bank and CoinMENA will be able to transfer funds between their accounts securely, subject to regulatory approval. This partnership between Zand and CoinMENA marks an exciting step forward in the integration of cryptocurrencies into mainstream finance.
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