Local Business

Al Zarooni Group, Crypto Bulls launch cryptocurrency exchange

Staff Report/dubai
Filed on October 31, 2018
Al Zarooni Group, Crypto Bulls launch cryptocurrency exchange
Madhu, Shasha Gupta and Suhail Al Zarooni after signing an agreement to launch the Crypto Bulls Exchange in Dubai.

(Supplied photo)

It is the first official cryptocurrency exchange to be registered in the UAE

Al Zarooni Group and Crypto Bulls have joined hands to launch the Crypto Bulls Exchange, the first official cryptocurrency exchange to be registered in the UAE.

The Crypto Bulls Exchange will also be the first crypto exchange in the GCC after this merger is implemented and in adherence to regulations announced by the Abu Dhabi government for initial coin offerings (ICOs) and digital assets.

Suhail Al Zarooni, chairman, Al Zarooni Foundation, has collaborated with Crypto Bulls and Gulf Coin Gold (GCG) for the joint venture. The memorandum of understanding (MoU) was signed between Al Zarooni and Shasha Gupta and Madhu, co-founders of Crypto Bulls Exchange.

In a bid to become a pioneer in blockchain technology, the UAE has launched the UAE Blockchain Strategy 2021, pursuant to which 50 per cent of government transactions will be conducted using blockchain technology by 2021. To solidify its vision, the nation recently issued regulations on the use of crypto assets, including cryptocurrencies.

This collaboration came into effect after Obaid Al Zaabi, CEO of the Securities and Commodities Authority, gave the go-ahead to the regulator to consider ICOs as securities.

Al Zarooni said that with its innovative vision, the Dubai government has always been at the forefront of the world in attracting new ideas and offering a healthy business environment for new startups and technologies. The new cryptocurrency exchange will be a game-changer for Dubai in the financial world. There are a number of ICOs being set up in different countries that favour cryptocurrency regulations. In the Middle East and Asia, Dubai will play a major role in attracting ICOs to set up base on the new crypto exchange.

Gupta, also the CEO of the Crypto Bulls Exchange, said he wanted to see changes in the world of digital currencies. So, he thought of working on a platform where any individual can trade in cryptocurrencies.

The exchange has seem more than 200,000 traders from all the world in the past six months. The Crypto Bulls will be the first exchange providing UAE dirham trading pairs and traders will be able to convert their crypto assets into AED.

"With support from the UAE government, Crypto Bulls will be able to attract huge foreign crypto investments from Asia and the Middle East. By 2018, the turnover of the crypto market will touch $1 trillion," Gupta estimated.

Crypto Bulls is a simple, user-friendly platform with three versions: trading for the Web, Android and iOS. Users have an option to trade through their mobile phone.

Madhu said the Crypto Bulls Exchange would ensure speed and security. "Crypto Bulls has a capacity of one million transactions per second. We are using the best anti-hacking tools with a 24/7 team monitoring security issues. We are giving beginners the option of practice trading accounts before trying actual training. This is something unique which has never been given through virtual bitcoins," Madhu added.

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