The transfer was sent via mBridge, a cross-border project introduced in 2021 by China, Hong Kong, Thailand, UAE in partnership…
The new venture will focus on firms in DeFi, market infrastructure, and tokenization among other things.
Chainalysis found that no country saw its crypto economy grow more this past year than Saudi Arabia.
Rain will now provide the only regulated on-ramp and off-ramp of AED into virtual assets in the UAE.
Coinbase believes that its establishment in the UAE will expand its global footprint.
The crypto options exchange is also looking to obtain broker licenses in UK, Brazil, and Singapore.
It is worth noting that UAE's crypto market grew by a 1,500% in 2020-21 over the previous financial year.