Bitget, a renowned global crypto exchange, has launched an office in Dubai, a daring move that reflects the region’s rising importance in the industry. The exchange has its sights set on the expanding market in the area, where it hopes to become a dominant force in the bitcoin sector. Established firms like Bitget are paying attention to the region as it experiences a crypto use and interest boom.
Bitget expands in the middle east
Bitget announced on Thursday that it would expand into the Middle East and hire up to sixty new employees to help with the expansion.
The company has also announced plans to expand into Bahrain and the United Arab Emirates (UAE). Bitget has created an office in central Dubai to facilitate this process. The exchange adds that a regional headquarters is also in the works.
Bitget has already begun hiring for the new positions, stating that numerous individuals have been hired for back- and middle-office responsibilities.
Gracy Chen, the company’s managing director, said, “We hope to scale our Middle Eastern team rapidly to support business growth, with between 30 and 60 hires over the next two years.”
The company has taken the first steps toward obtaining licenses for entry into Middle Eastern markets. The growth comes after Biget debuted in Turkey earlier this year.
Announcing its integration with Copper’s ClearLoop network in May, the crypto exchange paves the way for Copper’s clients to store their digital assets within the custody firm’s infrastructure and then delegate trading authority over them to the exchange.
Bitget’s CEO, Mr. Zhang Mei, enthusiastic about the company’s expansion plans in the Middle East, stated:
We are thrilled to be a part of Dubai’s thriving crypto community. The Middle East contains enormous potential for the crypto industry, and our presence in Dubai will enable us to provide a secure and efficient trading platform for investors in the region.
Zhang Mei
The move is both a commercial strategy and a sign of the growing acceptance of cryptos worldwide. Adopting digital currencies aligns with the Middle East’s goal of becoming a worldwide financial and technology center, and the area has a history of being at the forefront of technical innovation.
In addition, Bitget Managing Director Gracy Chen stated:
We hope to scale our Middle East team rapidly to support business growth, with between 30 to 60 hires over the next 2 years. We might take Dubai into account as an operational hub.
Gracy Chen
In addition, the corporation is “exploring license applications” to run business in a few Middle Eastern areas. Bitget was established in 2018 and debuted earlier this year in Turkey.
The company services over 8 million people in over 100 nations and regions. It now ranks as the fourth most significant exchange in the world. According to a report by crypto research company TokenInsight, the exchange is up from a 6.9% market share in the second quarter of the year. According to the same survey, market leader Binance suffered a modest fall in its share.
What the move means in the crypto sector
Bitget’s relocation to Dubai also opens the door to collaboration with Dubai’s thriving business and financial sectors. Such partnerships could speed up the widespread use of cryptos for international money transfers, remittances, and digital asset investments.
Additionally, Bitget’s presence in Dubai will encourage collaboration and sharing of ideas between the crypto business in the Middle East and other participants worldwide. Governments and institutions are interested in learning more about blockchain technology and digital currencies, making the Middle East a hotspot for crypto adoption.
Bitget’s debut in the area will likely spark further interest and investment in crypto. Nations like the United Arab Emirates and Bahrain have made notable progress in embracing blockchain in various sectors.
Bitget sees the Middle East as a promising region for expansion as it seeks to increase its worldwide market share. The exchange is taking the initiative to enter this growing sector, giving it a leg up on the competition as the crypto environment develops.
