The United Arab Emirates (UAE) is one of the richest countries in the world. Home to the the seventh largest oil reserves on the planet and 19th highest nominal GDP per capita, the UAE has quickly developed a high-income economy. Large, man-made islands and gold vending machines are nothing out of the ordinary in the cities of the UAE. That’s why it may come as a bit of a surprise that Bitcoin hasn’t really caught on in the Emirates. However, that could soon change with the launch of igot’s Bitcoin exchange in Dubai.
igot is a multinational Bitcoin exchange platform. Originally founded in Australia, the company has expanded its services to countries like Singapore, India, and now, the UAE. By launching the country’s first ever Bitcoin exchange, igot can take advantage of the opportunities provided by the UAE’s wealthy economy. As required by UAE law, igot has secured a Commercial Brokerage License. The company has also formed partnerships with local banks to do business in UAE dirhams, the country’s official currency.
igot has chosen to focus primarily on everyday users rather than serious traders.
“igot was created because getting involved in the world of Bitcoin should be easy, fun, and safe for everyone…The site should be easy to use. Very few people are programming experts and Bitcoin is for everybody.”
Users of igot’s Dubai branch can enjoy the same features that all the other branches offer, including a flat 1% fee for buying and selling, fee-free deposits and withdrawals, speedy customer service, a friend referral program, and a transparent operation. Interestingly, igot has also implemented a feature called “Future Trade”, which automates buy and sell orders for more advanced customers.
Bitcoin’s Global Expansion
Bitcoin still has a long way to go before seeing regular use worldwide, even in wealthy and rapidly developing countries like the UAE. There was some talk of Bitcoin ATMs in Dubai a few months ago, but other than that, there hasn’t really been much Bitcoin development in the UAE. Perhaps multinational initiatives like igot’s can help spur Bitcoin’s expansion across the globe. For many people, Bitcoin exchanges are the only way to securely and reliably obtain BTC. While there are a few services that offer bitcoins for Paypal and/or credit card, these are riskier than exchanges, and as a result, come with high fees. With the launch of igot’s exchange in Dubai, UAE residents will have a more convenient way to obtain BTC.
Furthermore, it’s unlikely that the competition will rest, leaving igot the sole exchange in all of the UAE. Instead, it’s possible that more and more exchanges will pop up in the country, leading to competition, innovation, and ultimately better services for end users. All the while, the rise of Bitcoin exchanges in the country will help spread awareness of the digital currency and open remittance pathways.
The establishment of a Bitcoin exchange is one of the best ways to spread Bitcoin. Perhaps igot’s expansion to Dubai can finally get the UAE into Bitcoin.
Featured image from Shutterstock.