Coinspeaker Crypto.com Announces Strategic Partnership with Dubai Islamic Bank to Introduce Sharia-compliant Web3 Services
Crypto.com, a heavily regulated cryptocurrency exchange that takes pride in more than 100 million globally registered users, has announced a strategic partnership with the Dubai Islamic Bank (DFM: DIB), the largest Islamic bank in the UAE with total assets of about $79 billion by 2023. According to the announcement, Crypto.com signed a Memorandum of Understanding (MoU) with DIN to enhance the adoption of digital assets and web3-related services in a Sharia-compliant manner.
The MoU, which was signed by Crypto.com’s President of UAE Operations Mohammed Al Hakim, and DIB’s Chief Digital Officer Musabbah Al Qaizi, will have a mutual benefit to both entities in the long haul. Moreover, both entities have a huge customer base but require strategic partnerships to ensure sustainable growth in the coming years.
“We are delighted to enter this significant agreement with Dubai Islamic Bank, one of the most influential banks in the region, and explore exciting ways we can enhance our products for our UAE and wider GCC customer base,” Hakim noted.
Hakim further pointed out that the partnership with DIB will enable the mainstream adoption of real-world assets (RWA) tokenization including Islamic Sukuks, which is similar to a bond in Western finance. The use of Cronos Chain (CRO) will enable the adoption of RWA products through DIB’s channel in the future.
Furthermore, the partnership will oversee the integration of Crypto.com’s custody, OTC trade platform, and crypto trading tech with DIB’s ecosystem.
“… This collaboration allows us to set new-age standards for Sharia-compliant financial solutions, providing our customers with unparalleled security, efficiency, and flexibility. It empowers us to redefine the integration between Islamic banking and digital asset management, paving the way for future developments in this emerging sector,” Qaizi highlighted.
Crypto.com and the UAU Web3 Market
As Coinspeaker previously reported, the stable and predictable politics of the UAE have helped foster the significant adoption of digital assets and web3 platforms in the region. According to a study conducted by Henley and Partners, an investment migration consultancy firm, the UAE has emerged third in nations with the highest crypto adoption rate in 2024.
As a result, leading web3 companies – led by stablecoins issuer Tether, Binance Holdings, and crypto.com, among others – have been establishing local services in Dubai. For instance, leading stablecoins issuer Tether has been working on rolling out a Dirham-pegged stablecoin.
In August this year, Crypto.com announced its Global Retail Services beginning with the UAE. Earlier this month, Crypto.com announced a strategic partnership with Standard Chartered Bank to introduce the AED Fiat Wallet to AUE customers.
The adoption of Crypto.com services in UAE will have a long-lasting impact on the CRO coin, a mid-cap altcoin with a fully diluted valuation of about $4.4 billion and a 24-hour average trading volume of about $64 million.
next
Crypto.com Announces Strategic Partnership with Dubai Islamic Bank to Introduce Sharia-compliant Web3 Services