As reported by blockinpres and news1 this morning in Seoul, Bithumb plans to establish a cryptocurrency exchange in the Middle East with UAE-based company NVELOP. There are currently no exchange sites based in the Middle East that offer fiat currency pairs to cryptocurrency.
NVELOP is a joint venture between Abu Dhabi investment fund E11 and the Asian Venture Capital Trill Venture Group. NVELOP was founded to support Middle Eastern and north African blockchain businesses.
A representative from Bithumb stated in an announcement of the joint venture, “our partnership with NVELOP has allowed us to find a foothold in the Middle East to further establish us as a global cryptocurrency trading force.”
Bithumb also plans to establish further presence in the Gulf Cooperation Council (GCC) member states of Saudi Arabia and Bahrain.
The as-of-yet unnamed joint venture cryptocurrency exchange will be licensed by the UAE government and will be set up as a legal currency exchange site. The UAE government issued cryptocurreny regulations late last year through the Abu Dhabi Global Market (ADGM), which included a license to operate such an exchange site.
Middle Eastern and north African countries are some of the world’s largest crude oil producers and home to some of the world’s wealthiest families. These two regions are seen as having great potential for growth in the cryptocurrency trading market.
