Crypto.com Announces Strategic Partnership with Dubai Islamic Bank to Introduce Sharia-compliant Web3 Services

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As a seasoned crypto investor with over a decade of experience in the digital asset market, I am thrilled about the strategic partnership between Crypto.com and Dubai Islamic Bank (DIB). Having witnessed the rapid growth of the crypto industry, particularly in the Middle East, I have always been eager to see more established financial institutions embracing blockchain technology.

Having closely followed both Crypto.com’s expansion plans and DIB’s dominance in the UAE market, it is evident that this collaboration will significantly boost the adoption of digital assets and web3 services in a Sharia-compliant manner. The integration of Crypto.com’s robust ecosystem with DIB’s extensive customer base can lead to sustainable growth for both parties in the coming years.

Moreover, the potential for real-world asset tokenization, including Islamic Sukuks, is an exciting development that could revolutionize the financial sector. The use of Cronos Chain (CRO) and the integration of Crypto.com’s custody, OTC trade platform, and crypto trading tech with DIB’s ecosystem will indeed set new-age standards for Sharia-compliant financial solutions.

Given my personal experience in the crypto market, I believe this partnership could have a long-lasting impact on the CRO coin, a mid-cap altcoin with a substantial valuation and trading volume. The adoption of Crypto.com services in the UAE will undoubtedly boost the coin’s value and attract more investors to the platform.

Finally, as a crypto enthusiast who has seen the rise and fall of many coins, I can’t help but add a little humor: I hope this partnership doesn’t turn out to be another “pump and dump” scheme – instead, let it be a game-changer for the crypto industry in the UAE!

Crypto.com, a well-regulated cryptocurrency exchange boasting over 100 million users worldwide, has entered into a strategic alliance with Dubai Islamic Bank (DIB), the UAE’s largest Islamic bank with approximately $79 billion in assets by 2023. As per the announcement, Crypto.com and DIB have signed a Memorandum of Understanding (MoU) with the aim of promoting the use of digital assets and web3 services in a manner consistent with Sharia law.

The Memorandum of Understanding (MoU), which was recently sealed by Mohammed Al Hakim, President of Crypto.com’s UAE Operations, and Musabbah Al Qaizi, Chief Digital Officer at DIB, will bring mutual advantages for both parties in the long run. Notably, while both organizations boast substantial customer bases, they recognize the importance of strategic alliances to foster sustainable growth in the upcoming years.

Hakim expressed great joy about our new partnership with Dubai Islamic Bank, a leading bank in the region, and looks forward to discovering innovative strategies to improve our offerings for our customers in the UAE and the entire Gulf Cooperation Council,” he stated.

Hakim emphasized that partnering with DIB would facilitate widespread acceptance of tokenized real-world assets (RWA), including Islamic Sukuk, which function like bonds in Western finance. He also mentioned that utilizing Cronos Chain (CRO) would make it possible for RWA products to be adopted through DIB’s platform in the future.

Additionally, the collaboration aims to manage the merging of Crypto.com’s custody service, Over-the-Counter (OTC) trading platform, and cryptocurrency trading technology with Digital Integrated Bank’s (DIB) platform.

…”Through this partnership, we can establish cutting-edge benchmarks for Sharia-compatible financial services, offering our clients unprecedented security, productivity, and adaptability. This collaboration enables us to revolutionize the intersection of Islamic banking and digital asset management, opening doors for advancements in this burgeoning industry,” Qaizi emphasized.

Crypto.com and the UAU Web3 Market

Previously reported by Coinspeaker, the stable and consistent political environment of the UAE has encouraged a substantial embrace of digital currencies and web3 technologies within the region. According to a study carried out by Henley and Partners, an international consultancy firm specializing in investment migration, the UAE ranks third globally in terms of cryptocurrency adoption rate in 2024.

In my role as a researcher, I’ve observed a significant trend: Key players within the web3 industry, spearheaded by Tether (a major stablecoin issuer), Binance Holdings, and crypto.com, among others, have been actively setting up local operations in Dubai. For example, Tether is diligently working towards launching a stablecoin pegged to the UAE Dirham.

This August, Crypto.com launched their global retail services, starting in the United Arab Emirates. Just recently, they revealed a strategic collaboration with Standard Chartered Bank to make available an AED Fiat Wallet for their UAE clients.

Utilizing Crypto.com’s services in UAE could significantly influence the future performance of the CRO token, which is a mid-tier altcoin with an overall market cap of approximately $4.4 billion. On average, it trades around $64 million over a 24-hour period.

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2024-12-30 14:49