Al Maryah Community Bank (Mbank) of the United Arab Emirates has teamed up with a crypto-based company, Changer(dot)ae, to launch a new service. Following the launch of this service, users will be able to convert cryptocurrencies into the UAE’s native currency, the Dirham.
The Central Bank of UAE has permitted Mbank to open a special type of account called, “ escrow account,” This account helps to securely hold money during transactions, adding a layer of safety.
Following the alliance with Changer(dot)ae, Mohmmad Wasim Khayata said, “ By providing AED Escrow Account Services to Changer.ae, we ensure secure and regulated dirham to crypto conversions for Changer clients. This partnership with Changer.ae aligns with our mission to drive innovation in the UAE’s financial ecosystem by offering regulated and secure financial infrastructure.”
Also said the launch of the escrow account mirrors the commitment of the United Emirates to become a cryptocurrency hub globally, while maintaining a high-quality security standard.
Tarek Soubra, the CTO of Mbank, said, “ Customers can now convert their cryptocurrencies into AED through Changer.ae and then use their converted AED funds immediately and seamlessly, with Mbank holding the AED funds in escrow. Alternatively, Mwallet customers can now receive their converted AED funds immediately in their wallets and use them for any supported transactions or for immediate cash withdrawal using a Jaywan ATM card.”
UAE is running fastest towards the mark of becoming a crypto hub
Over the past few years, the government of the UAE has worked on the formation of a favorable set of rules and regulations for the cryptocurrency market with the introduction of VARA in 2022.
With easing in rules and regulations, the UAE has established itself as one of the finest economies in the world. The UAE is the third-largest crypto economy in the MENA region, with $34 billion in crypto transactions from mid-2023 to mid-2024, a 42% year-over-year rise.
As a result of blockchain integration into the larger economy, stablecoins are being utilized more and more for remittances and real estate.
Crypto market price updates
Until publishing, the crypto market price was $3.3 trillion with a surge of 1.56%, and the trading volume was $165.17 billion, and the crypto fear and greed index was 71, indicating greed in the market.
Bitcoin has been trading at $102,865, with a weekly addition of 9.15%, but in the intraday time frame, the price has declined 1.13%.
According to the data from CoinMarketCap, the intraday list has been topped by XRP, which added 4.09%, reaching $2.50, followed by Four, UNUS SED LEO, Pudgy Penguins, Pax Gold, Tether Gold, Litecoin, and Kucoin Token.
In the same frame, the loser list has been topped by PI, Official Trump, Ethena, IOTA, EOS, and Arbitrum.
