Dubai Firm Gets First Mideast License in Cryptocurrencies

Regal RA DMCC is the first company in the Middle East to get a license to trade cryptocurrencies
13 February 2018   632

Regal RA DMCC, a Dubai gold trader, has become the first company in the Middle East to get a license to trade cryptocurrencies. The company will offer storage of Bitcoin, Ethereum and other cryptocurrencies in a vault located in DMCC headquarters in Almas Tower in Dubai. 

At the heart of DMCC’s long-term strategic growth plan is the use of technology and innovation to disrupt and connect new markets, industries, and customers. The announcement today embodies this approach.

 

Ahmed Bin Sulayem

Executive Chairman, DMCC

Tyler Gallagher, a chief executive officer of Regal Assets, which owns Regal RA, said that cryptocurrency investors are reluctant to store large amounts of the coins in online wallets and exchanges due to the risk of hacking, identify theft and malware. He added that the company has developed one of the most secure ways of investing in Bitcoin, Ethereum, and other crypto-commodities.

Regal RA is working on an online trading platform for the crypto-commodities, said Ksenia Kiseleva, manager of the company’s Dubai office. Regal will apply for trading licenses in other countries around the world, she said. The DMCC license is the company’s first for cryptocurrencies/commodities. 

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   91

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.