Dubai, a place on Earth that is home to wealth, creativity, innovation and futuristic approach towards execution of things has recently seen and witnessed an incline in terms of attracting interest from crypto enthusiasts and blockchain geniuses. Let’s take a deep dive and learn about ZelaaPayAE, that is one such camel that’s navigating the middle-eastern desert of regulations and optimism towards crypto assets and establishing its ground.
"The best way to protect an asset is with systems that self-organize and self-execute behaviors which function as protective to the asset." This quote by Hendrith Smith illustrates the importance of pioneers in building an inclusive and secure ecosystem for crypto. Over the years, the crypto market in the UAE has been expanding, given the sustained efforts of the government and the crypto community. As per fortune business insights, the market is projected to grow from $910.3 million in 2021 to $1,902.5 million in 2028 at a CAGR of 11.1 per cent during the 2021-2028 period.
Over the years, the UAE and Middle East region has officially opened its arms to the global blockchain ecosystem. With the rapid growth in internet-based services and the rise of technology, crypto has attracted various big investors who have shown interest in including the promising currency in their portfolios. Realising this huge potential in the crypto market, Dubai is accelerating its efforts to boost its digital economy. Dubai has become the centre of attraction for the crypto and web 3.0 community as it adopted its first law meant to regulate the operations of cryptocurrencies and digital assets, like non-fungible tokens (NFTs). Recently the world's largest cryptocurrency exchange Binance was granted a license to conduct some operations in Dubai, which again highlights the government's seriousness to boost crypto.
The holder of a fin-tech payments entity license, ZelaaPayAE is leading Dubai's crypto industry by shaping the industry to make it a safe haven for investors from different corners of the world. Over the years, the company has developed into a well-established business. Founded by the young tech savvy entrepreneur, Sahil Arora — awarded 'Fintech Entrepreneur of the Year 2021' by Entrepreneur Middle East and co-sponsor of Abu Dhabi Racing Formula team, the company focuses its sight on integrating the traditional fiat retail payments world with cryptocurrency to empower alternative consumer financial solutions. Arora tracks a history of building innovative tech startups, one of which is the ad-tech in-cab entertainment system which he exited successfully in addition to an IRIS recognition software startup. He now pours his focus into the web 3.0 and blockchain industry and has been involved in major celebrity backed NFTs as a creator and as a collector himself.
Established in Dubai and in Sharjah, the company holds an exclusive Distributed Ledger Technologies License granted by the Government of Sharjah, which adds to the credibility of its operations. With the mission of developing the existing ecosystem of payments, the company has aligned its operations to Dubai's vision by actively taking steps to advance crypto's future. The company is a crypto-powered micro-payments brand that is well-known for consistently delivering a crypto ecosystem to help the investors, B2C and B2B classes in the Middle East to transact and pay with crypto-assets. In this pursuit, they have launched new-age crypto-supported digital payment instruments such as plastic cards and point-of-sale terminals that help them establish the idea of co-existence of crypto assets in the minds of consumers in contrast to using fiat for daily transactions. Behind their efficient operations is their highly proficient team which continuously upskills and designs strategies to execute their plan of action. Their adept team includes well-experienced individuals, including ex-directors at private royal family offices that now focus on establishing and forming strategic alliances/partnerships for the company. With their customer-centric approach, they have directed the company to advance on the path to success.
ZelaaPayAE also has a consortium of giant partnerships with industry stalwarts such as Tron led by billionaire Justin Sun, DigiByte which is boasted by its global community, Pundi Labs that is universally recognised for their monopoly in producing crypto enabled POS terminals and many many more. In the future, ZelaaPayAE seeks to continue maintaining its leading position by developing new ways to make crypto a decentralised currency that will be easier to store and transact. They are also channelising their efforts to make other assets support the format of a cryptocurrency, truly making it all-inclusive.
The market is steadily growing and revamping the existing dynamics of the currency system to make it an excellent source to generate income. Certainly, being the leader across the Middle East, ZelaaPayAE has the potential to unleash the opportunities held by crypto. Overall, the firm's management has put their focus on channelising its resources in building a progressive ecosystem for blockchain for the people of the UAE.