- The National Bank of Bahrain launches the GCC’s first Bitcoin investment fund.
- The fund offers accredited investors exposure to Bitcoin as a capital-protecting option.
- Bahrain ranks fifth globally in Bitcoin holdings, emphasizing its crypto-friendly stance.
The National Bank of Bahrain (NBB) has made headlines with the launch of a groundbreaking investment fund aimed at providing accredited investors with exposure to Bitcoin.
This initiative marks the first Bitcoin-linked structured investment in the Gulf Cooperation Council (GCC) region, which includes countries such as Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
National Bank of Bahrain collaborating with APR Digital
In collaboration with APR Digital, the fund is designed to cater to the growing interest in digital assets, particularly Bitcoin.
Hisham AlKurdi, Group Chief Executive of Markets & Client Solutions at NBB, in a press release, expressed pride in introducing this innovative product, stating, “We are proud to introduce this bespoke structured investment, which blends the appeal of digital asset exposure with the security of capital protection.”
This move underscores the bank’s commitment to providing wealth management clients with secure and diverse investment opportunities.
Boost for Bitcoin adoption in Bahrain
As Bitcoin continues to gain traction worldwide, the launch of this fund is a significant boost for BTC adoption in Bahrain.
The country is currently ranked fifth globally for the largest Bitcoin holdings, with a portfolio of approximately 13,166 BTC, valued at around $844 million.
Unlike some nations that acquire BTC mainly through seizures, Bahrain has been actively accumulating the cryptocurrency, positioning itself as a leader in the digital asset space.
Furthermore, the Central Bank of Bahrain (CBB) has implemented a clear legal framework to foster the adoption of digital currencies.
Recently, the CBB granted a payment service license to the crypto exchange Crypto.com, allowing it to provide crypto services to Bahraini users, further solidifying Bahrain’s status as a crypto-friendly nation.
With the introduction of this Bitcoin investment fund, the National Bank of Bahrain aims to capitalize on the growing potential of cryptocurrencies, offering clients a unique avenue for portfolio diversification in an evolving investment landscape.
As interest in digital assets continues to rise, Bahrain’s proactive approach is likely to encourage further investment and innovation in the region.
The National Bank of Bahrain (NBB) has partnered with APR Digital to launch the Gulf Cooperation Council’s (GCC) first Bitcoin-linked Structured investment. This fund will provide accredited investors exposure to the flagship crypto. Meanwhile, this is a huge boost to Bitcoin adoption in the country, with Bahrain currently one of the countries with the largest BTC holding.
National Bank Of Bahrain Launches Bitcoin Fund
The NBB has launched the first BTC investment fund in the GCC region, which consists of countries like Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, alongside Bahrain. According to the IBS intelligence report, the investment fund is designed to provide accredited investors with Bitcoin (BTC) exposure, providing a hedge against the devaluation of fiat currencies.
Speaking on this development, Hisham AlKurdi, Group Chief Executive, Markets & Client Solutions at the National Bank of Bahrain, said,
We are proud to introduce this bespoke structured investment, which blends the appeal of digital asset exposure with the security of capital protection. This product underscores our focus on offering our wealth management clients innovative and secure avenues to diversify their portfolios in an evolving investment landscape. It is a testament to NBB’s continued leadership in financial innovation within the region.
The launch of this Bitcoin investment fund aligns with the National Bank of Bahrain’s plans to increase its offerings to its wealth clients, especially investment offerings that boast a lot of growth potential. The Bank recognizes BTC’s potential to grow and become the most valued currency worldwide.
A Boost For Bitcoin Adoption In The Country
The National Bank Of Bahrain’s move to launch a Bitcoin investment fund is undoubtedly a major boost for Bitcoin adoption in the country. Bitcoin Treasuries data shows Bahrain is currently the fifth government with the largest BTC holding. The country currently holds 13,166 BTC ($844 million).
Unlike countries like the United States that have obtained their BTC holdings mainly through seizures, Bahrain has been actively accumulating the flagship crypto. The Central Bank of Bahrain (CBB) has also implemented a clear legal framework to promote the adoption of digital assets like Bitcoin in the country.
The CBB recently granted the crypto exchange Crypto.com a payment service license in the country, with Crypto.com now providing crypto services to Bahraini users alongside the best crypto exchanges in Bahrain.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bahrain-based financial entity EazyPay Partners with Binance Pay To Launch Crypto Payments Platform.
EazyPay, a Bahrain-based financial services platform, has partnered with Binance Pay to launch the first-ever regulated crypto payments platform in MENA.
Public espousal of cryptocurrencies has seen a massive increase since the COVID-19 pandemic. The global unrest that the pandemic pumped into the financial scene exposed the shortcomings of traditional finance and the benefits of DeFi and digital assets. As demand increases, several financial entities are adopting crypto payments. EazyPay is the latest to do so.
Co-founder and CEO of Binance, Changpeng “CZ” Zhao, disclosed the move through his official Twitter handle Thursday. “Bahrain-based EazyPay has partnered with Binance Pay to launch the first regulated & approved crypto payments service offering in MENA,” CZ said in the tweet.
Bahrain-based EazyPay has partnered with #Binance Pay to launch the first regulated & approved crypto payments service offering in MENA.
Crypto payments will be available across 5000+ Point-of-Sale Terminals & Online Payment gateways in Bahrain.https://t.co/Mfn1cpcqoF
— CZ
Binance (@cz_binance) September 22, 2022
He further noted that this development would enable the integration of crypto payments in over 5,000 Point-of-Sale (POS) terminals and digital payment gateways in Bahrain. This is due to EazyPay’s wide reach as a payment facilitator in the kingdom.
Users can make payments to several merchants who already accept payments through EazyPay POS terminals. Some of these merchants include leading electronics shop, Sharap DG; multinational supermarket chain Lulu Hypermarket; and luxury jewelry dealer AI Zain Jewellery, among others.
To facilitate payment, users will have to use their Binance app to scan a generated QR code on any EazyPay POS when making payments on any merchant terminal. Users will also get the opportunity to choose the cryptocurrency they wish to pay with.
“As a leader in its space, EazyPay’s decision to accept cryptocurrency payments and integrate Binance Pay into its systems raises the bar for innovation…,” said Nadeem Ladki, Executive Director of Business Development and Strategic Partnerships at Binance.
The move from EazyPay underscores the growing rate of institutional adoption in the Middle East and North Africa (MENA) region. Bahrain and the UAE, in particular, have shown regulatory friendliness to the nascent digital assets and blockchain industry.
In December of last year, The Crypto Basic reported Binance’s in-principle license issuance in Bahrain. Three months later, in March, the crypto exchange received a full-blown license to operate as a virtual asset provider in the Kingdom.
Presently, Binance Pay backs 40 plus cryptocurrencies.
“ADA, ATOM, AVA, BCH, BNB, BTC, BUSD, CTSI, DASH, DOGE, DOT, EGLD, EOS, ETC, ETH, FIL, FRONT, FTM, GRS, HBAR, IOTX, LINK, LTC, MANA, MATIC, NEO, OM, ONE, PAX, QTUM, STRAX, SXP, TRX, TUSD, UNI, USDC, USDT, VAI, VET, WRX, XLM, XMR, XRP, XTZ, XVS, ZEC, ZIL”.
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World’s largest crypto exchange, Binance continues to take it one leap at a time with its global expansion as a regulator-friendly exchange. This time around, following its license application, Binance has achieved in-principle approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider in the nation.
“The approval recognizes Binance’s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.”, said Changpeng Zhao (CZ), founder and CEO of Binance.
CBB approval makes it the first-ever regulator in the Middle East North Africa (MENA) region to grant in-principle approval to a Binance entity. However, the crypto exchange is still required to complete the full application process despite CBB approval.
Furthermore, CZ noted that global regulatory approval will guide the path to crypto and blockchain’s mass adoption. Especially, the pro-crypto CBB, which is consistently working towards building a crypto-asset framework that aims to comply with global standards of anti-money laundering, counter-terrorism financing, transaction monitoring, and consumer protection. CZ highlighted that this intersection of TradFi and DeFi will bring the best of both worlds to the consumer, at large facilitating secure crypto investments.
“Recognition and approval from national regulators, such as the Central Bank of Bahrain, is essential to build trust in crypto and blockchain and help further improve mass adoption…It sets a benchmark bridging traditional financial systems and the crypto industry to facilitate safe adoption and deployment.”
Binance regulator-friendly growth
Since Binance has opted the centralised path, its global expansion speed has experienced exceptional development. While announcing its Bahrain achievement, Binance simultaneously also acquired a crypto financing license from the Canadian regulators.
According to CoinGape’s breaking news reportage today, Binance has registered itself as a native organisation in Canada, known as the Binance Canada Capital Market. This exclusive establishment of Binance in the Canadian nation will facilitate services related to digital assets, money transfers, and foreign exchange and act as a Money Service Business (MSB).
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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