Dubai is the first Emirati to have a cryptoexchange all for its own, called the Crypto Bulls. The exchange is the first of the steps taken by these oil-rich nations in line with their audacious plan called the UAE Blockchain Strategy 2021. The plan envisions 50-percent of government transactions to be conducted over the decentralized distribution platform in the next couple of years.
Al Zarooni’s vision
CryptoBulls is the result of collaboration between the royal Al Zarooni Foundation, Gulf Coin gold and the co-founding team of the exchange, Shasha Gupta and Madhu.
Further the primary focus of Crypto Bulls, according to the other founder-director, Madhu the primary functionality of the exchange is to optimize transaction speed in the highest security standards.
Deconstructing the working of the exchange, Madhu said that “Crypto Bulls has a capacity of one million transactions per second,” indicating that the number of transactions on the Dubai-based exchange will be seeing very high volumes.
Secondly, the Director added that the “best anti-hacking tools with a 24/7 team monitoring security issues,” will ensure increased security standards.
Additionally, the infant is willing to offer its first traders on the platform a chance at actual trading with a practice “trading accounts” the top-level executive added, announcing that it was an exclusive Crypto Bulls offer to allow practicing using virtual coins.
According to co-Director of Crypto Bull, Shasa Gupta,
“With support from the UAE government, Crypto Bulls will be able to attract huge foreign crypto investments from Asia and the Middle East. By 2018, the turnover of the crypto market will touch $1 trillion.”
The primary focus of the exchange is to focus on web-based trading using Android and iOS. The other founder-director, Madhu reiterates that the primary functionality of the exchange is to optimize transaction speed in the highest security standards.
The exchange will be disruptive not only in Dubai’s financial world but across the UAE itself. Over 200,000 traders are already on the platform in the past 6 months. This exchange will be first to offer UAE dirham as a trading pair allowing traders to convert their virtual assets into the AED.