Cryptocurrency exchange Kraken has announced that it is opening an office in Abu Dhabi, after the company was cleared by the United Arab Emirates to operate in the Middle East region.
It is an important step forward for the company as it seeks to expand into key markets which will influence its growth beyond the domestic market in the US.
Kraken is looking to grow in the Europe, the Middle East and Africa region, company manager for Europe Curtis Ting confirmed.
Through Kraken’s launch in the jurisdictions, people in the region will be able to exchange dirhams into bitcoin, as well as other cryptocurrencies as supported by Kraken.
“For us, it’s really important to facilitate access to global markets and global liquidity by making sure that investors and traders in the region have access to local currencies”, Ting said.
Kraken is one of the oldest cryptocurrency exchanges. It launched in 2011 and is present in at least 60 countries across the world.
With the UAE transacting more than $25bn worth of cryptocurrency every year, Kraken is looking to enter an important market that can help spur further growth.
Another important market for Kraken are Turkey, where a total of $132.4bn are traded annually. Kraken is already present in the country.
With Abu Dhabi proving to be a particularly appealing destination to investors from all walks of life, Ting is confident of Kraken’s place is with the region.
The Middle East has started to shape itself as a center of crypto investment and distinct investment moves are being made to this end. Binance recently also received approval to operate in Abu Dhabi.