Cryptocurrency exchange, Bybit, has opened its global headquarters in Dubai, UAE (united Arab Emirates). Bybit has around 15 million users worldwide and it is the third most visited cryptocurrency exchange in the world. The platform is also the second-largest exchange in the MENA region (Middle East and North Africa).
The exchange plans on recruiting 100 additional personnel for its Dubai headquarters. Moreover, the firm will move around 80 employees from Hong Kong and Singapore to its new headquarters. The company plans on expanding its marketing, community, and business development department, along with other departments. Furthermore, CEO and co-founder of Bybit, Ben Zhou, mentioned that the firm has spoken to “universities to host hackathons and provide internships for the local kids.”
Is Dubai the number one location for cryptocurrency firms?
Zhou said that Dubai is becoming a favorable location due to the presence of virtually all crypto-centric companies. The firm said that it is on course to increase its trading volume in the Mena region this year. The CEO added,
“The digital economy is advancing at incredible speed and crypto and blockchain technology will be the mainstay and the connective tissues. Dubai is positioned to “capture the opportunities in the sector by bringing together state-of-the-art tech and infrastructure, international talent and vision.”
Some of the largest cryptocurrency companies in the world, including Crypto.com and Hex Trust, have chosen to relocate to Dubai. The Emirates is the third-largest cryptocurrency market in the Middle East, Africa, and South Asia (MEASA). Moreover, the city hosts hundreds of cryptocurrency-related events each year.
The Dubai government last year announced a Golden Visa for 100,000 coders to increase the talent pool in the local market. VARA (Virtual Asset Regulatory Authority) released a thorough framework for virtual assets in February that is based on the ideas of financial security across borders and economic sustainability.