Jaunpur, India — Previously being a highly speculative financial instrument, cryptocurrency has taken the world by storm with its performance. Akin to the highly rapid pace of the world, the surge in cryptocurrency’s popularity has hit the MENA region as well.
With various options to choose from, Bitcoin has actually become extremely mainstream. So, If you are tired of listening to all the blabbers and praises about Bitcoin, this blog will be a breeze of fresh air for you. Read on to find out about other popular cryptocurrencies in the UAE region.
UAE – The Hub of Crypto
With the Dubai government permitting free zones for crypto-related business activities in the UAE, the world has been awe-struck. The MENA region has been accepting cryptocurrencies at a rapid pace. The UAE is set to be the global hub for cryptocurrency as the market capitalization hits $1.4 trillion, up 86 percent year to date.
Moreover, the Digital Payments Segment in the UAE is expected to rise to 8.05 million users by 2026. To add to the zest, the total transition value of the digital payment segment has been projected to be US$26,773m in 2022.
The cryptocurrency is on edge in popularity around the UAE. Unlike its competitor Bitcoin, Ethereum’s rage is based on technological development that has buzzed traders all around the globe. In November 2021, Ethereum (ETH) pricing in USD soared to novel heights when it hit 4,800 US dollars. The rise in Ethereum’s pricing was due to the sale of a digital art piece that was sold as world’s most expensive NFT, valued at over 38,000 ETH or 69.3 million US dollars.
The stable coin Tether (USDT) has attained a market capitalization of over three billion US dollars in November 2021. Tether ranks to be one of the biggest cryptocurrencies in the world and is one of the most popular and well known “Stablecoin.” The good news associated with Tether is that it has stable pricing, and buying USDT in the United Arab Emirates has never been easier. You can buy Tether through any of the wide-based crypto exchanges in the UAE, which adds to its luscious popularity.
Acting as both a cryptocurrency and a digital network to manage financial transactions, Ripple is a popular cryptocurrency. Initially released in 2012, the system for Ripple is similar to the SWIFT system. The system is based on exchange and remittance for international transfer. The token used by Ripple is XRP which serves as an intermediate mechanism between the currencies.
Backed up by gold, OneGram Coin is the first Sharia compliant cryptocurrency in the UAE. In 2017, OGC launched its Initial Coin Offering (ICO) at over 12.4 million OGC tokens. Each token is backed by one gram of gold that has been licensed by the Dubai Airport Free Zone (DAFZ). The gold is held in a vault inside Dubai International Airport. Historically speaking, gold is more resilient than any fiat currency and holds stability during economic turbulences. No cryptocurrency is absolutely risk-free, but OneGram limits the chances of risk. This is because OneGram has a floor price associated with it.
In a nutshell,
Each cryptocurrency of the world is one of a kind. Each has its own pros and cons. Before you select the cryptocurrency you want to invest in, be sure to have gone through the downside of each. With the UAE becoming the hub of cryptocurrency across the globe, the investments are sure to reap benefits.
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