A
trading and custodial services platform, M2 has been officially launched today
in the Abu Dhabi financial free zone, representing an advancement for the
crypto infrastructure in the Middle East, according to the company.
Regulated
as a Multilateral Trading Facility and Custodian by the Financial Services
Regulatory Authority, M2 has teamed up with Abu Dhabi Commercial Bank (ADCB) to
offer retail and institutional clients in the UAE the capability to buy, sell,
and custody virtual assets on its platform.
Arvind Ramamurthy, Chief of Market Development, ADGM, Source: LinkedIn
UAE
clients can now register with the platform, with M2 providing onboarding
services within two weeks. This includes custody and trading of virtual assets,
facilitated by a direct AED fiat on/off ramp through ADCB, a bank in the UAE.
M2 introduces an Earn product with yields of up to 10.5% on Bitcoin and
Ethereum.
Stefan Kimmel, CEO, M2, Source: LinkedIn
Co-founded
by Bijan Alizadeh Fard of Phoenix Group and led by CEO Stefan Kimmel, formerly
with Kraken MENA and Commercial Bank of Dubai, M2’s leadership team includes
professionals with backgrounds at JP Morgan, Deutsche Bank, IBM, PWC, and
Goldman Sachs.
M2,
having secured Financial Services Regulatory Authority licenses, joins the other
entities like Binance,
Rain, BitOasis, and Securrency. The platform’s global ambitions extend to
pursuing operating licenses in the E.U. and U.K., positioning itself as one of
the first crypto companies to leverage the MENA region as a base for
international expansion.
Arvind
Ramamurthy, Chief of Market Development at Abu Dhabi Global Market (ADGM), the
Emirate’s financial center, expressed support for M2’s vision within the
ecosystem of virtual asset trading venues and service providers, highlighting
ADGM’s regulations as conducive to M2’s goals.
Shifting
Paradigms: UAE’s Transition from Oil to Digital Assets
The
UAE has positioned itself well in the rapidly evolving landscape of
decentralized technologies, showcasing
a visionary strategy that combines regulatory expertise. Traditionally
dependent on oil reserves, the UAE has shifted its focus to technology and
finance, recognizing the potential of digital assets.
The
UAE’s regulatory initiatives, led by individual Emirates such as Abu Dhabi and
Dubai, aim to create a welcoming regulatory environment for global businesses
while ensuring consumer protection and financial stability. This collaborative
effort reflects the ambition of the
