Commercial Bank International and Fuze Target the UAE Crypto Market in a New Partnership
By: Jared Kirui
Commercial Bank International PJSC and Fuze, a digital asset infrastructure provider, have signed a memorandum of understanding. Understand how to develop and explore digital asset solutions in the workplace and across the UAE’s comprehensive regulatory structures. A statement published on ZawyaThis partnership is an important step to meet the growing demand for regulated cryptocurrency services
Accelerate Growth in the Regulated Crypto Market
Giovanni Everduin, Chief Strategy and Innovation Officer of Commercial Bank International, stated: “Combining” CBI’s expertise and Fuze’s resources will allow us to explore the possibilities of new technology. Digital asset use cases that are innovative and new, for both business and personal finance”.
This agreement brings us closer to our customers. Digital assets offer a wide range of opportunities in a safe, regulated environment in line with UAE virtual assets with world-class regulations.”
CBI Fuze partnership aims to grow the digital assets ecosystem in the UAE. By leveraging both companies, they intend to facilitate technologies and regulatory frameworks for financial inclusion and digital transformation of the country’s financial sector.
Dubai’s cryptocurrency sector is growing exponentially. Despite market challenges Below are examples of usage Trust issues: A KuCoin survey published in 2013 highlighted the dynamic crypto landscape in the United Arab Emirates.
Insights on the UAE Crypto Landscape
The report shows that 59% of crypto users in the United States are currently using the cryptocurrency. The region views cryptocurrencies as a long-term, reliable investment, with potential as a store of value. Additionally, 35% of respondents see crypto as a diversification strategy, and 12% of the population will use it to hedge against inflation.
Crypto is a useful tool for a variety of purposes. 29% of respondents prefer this method to traditional banking systems for wealth storage. Two-thirds of crypto users use it for their daily transactions. Its practicality is demonstrated by the fact that 12% of people trust it to send money abroad due to its versatility.
Cryptography is a priority when it comes to security in the UAE. Brand reputation is important to 63% of users when choosing exchanges, while brand reputation, customer support, and service also play a crucial role in highlighting the growing importance of community awareness of the protection of digital assets.
Bitcoin is still the top choice for 72% of crypto investors in the UAE, with Ethereum in second place at 52%. Due to its convenient location, the UAE is a hub for the crypto industry, offering access to finance, a robust infrastructure, favorable regulation, and a global network.
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