Singapore-based cryptocurrency trading firm QCP Capital has inked a strategic partnership deal with Further Ventures, aiming to strengthen its foothold in the Middle Eastern markets.
The collaboration between Asia’s QCP Capital and Further Ventures, an investment entity supported by Lunate and Mastercard, comes as institutional investors in the UAE show growing interest in the cryptocurrency space.
In a press release shared with crypto.news, QCP and Further Ventures announced their joint efforts to develop new financial products tailored not only for trading but also for the secure storage of digital assets. Although specific details about the partnership are limited, the overarching goal is evident: QCP seeks to expand its trading services, which have been successful in the Asian market, while Further Ventures aims to deepen its market presence through licensed broker-dealer and custodial platforms.
As per the report, QCP intends to establish a presence in the Abu Dhabi Global Markets, although the timeline for this move has not been disclosed. QCP Capital CEO Melvin Deng expressed confidence in the partnership, emphasizing its potential to foster growth for both entities in Abu Dhabi. Deng highlighted the increasing institutional adoption of digital assets in the region, coupled with the rapid growth of traditional assets under management (AUM), as a compelling and untapped opportunity.
Abu Dhabi has emerged as a focal point for crypto firms seeking expansion opportunities. In February 2023, the region’s tech hub, Hub71, unveiled the Hub71+ Digital Assets initiative, earmarking $2 billion to support blockchain startup development.
Apart from QCP Capital, other companies are also eyeing the region for growth prospects. In April 2023, crypto.news reported that Coinbase was engaged in discussions with Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) for a regulatory license. However, there have been no updates on the progress of these discussions since then. Meanwhile, Binance opted against pursuing an Abu Dhabi license, citing its focus on global regulatory compliance.
Powered by Crypto Expert BD
Follow us on Twitter: https://x.com/CryptoExpert_BD
Join our Telegram channel: https://t.me/CryptoExpert_BD
