New Partnership on the Horizon
Bittrex, a prominent name in the world of cryptocurrency exchanges, is teaming up with Bahrain-based Rain Management WLL to introduce a fresh digital asset trading platform targeting the Middle East and North Africa (MENA) region. Announced on July 31, this partnership aims to blend Rain’s local expertise with Bittrex’s robust technology and security measures.
What’s on the Trading Menu?
This new platform is set to offer a smorgasbord of digital tokens available on both Bittrex and Bittrex International. You can also look forward to exciting new Bitcoin (BTC) trading pairs featuring local fiat currencies, such as:
- Bahraini Dinar
- Kuwaiti Dinar
- United Arab Emirates Dirham
- Saudi Riyal
Tasty, right? Order up some crypto with your local currency!
Navigating Local Regulations
One of the standout features of this trading platform is its regulatory stamp of approval. It proudly claims the title of being the first fully licensed digital asset trading platform in the MENA region. Rain has been proactive in establishing its compliance framework by participating in Bahrain’s central bank regulatory sandbox that first opened in February 2019. Rain even received the highly coveted Crypto-Asset Module license from the Central Bank of Bahrain (CBB). Talk about a golden ticket!
The Bold Vision Ahead
According to the Rain executive team, the aim is to elevate the crypto exchange experience in the MENA region by adhering to international standards. Bittrex’s CEO, Bill Shihara, echoed this sentiment, expressing optimism that this partnership will bolster blockchain awareness and adoption across the region. Just think of it as a friendly neighborhood crypto exchange looking to improve lives (and wallets).
Market Buzz and Blockchain Trends
In the latest trading updates, Bittrex is buzzing with a reported 24-hour trading volume hitting $31.9 million, which is a staggering 35.55% increase from the previous day, according to CoinMarketCap. Not to be left out of the blockchain conversation, the Dubai Chamber of Commerce and Industry recently inked a memorandum of understanding with the International Chamber of Commerce and blockchain startup Perlin. This partnership aims to roll out exclusive blockchain solutions in MENA, tackling trading risks and enhancing supply chain transparency. One step at a time, right?
