Banking Can Be a Game-Changer for Crypto Use in the UAE

• The Middle East has become one of the world’s fastest-growing crypto marketplaces.
• According to a recent survey, 33% of UAE residents have invested in cryptocurrency.
• Open Banking will provide crypto investors with a unified experience.

Following the announcements from the regulatory bodies that oversee virtual assets and cryptocurrencies in Dubai and Abu Dhabi, crypto players from around the world have entered the lively and rapidly growing Middle East crypto market.

According to ChainAnalysis, this has resulted in the Middle East becoming one of the world’s fastest growing crypto marketplaces, accounting for 7% of worldwide trade volumes. According to a recent survey, 33% of UAE residents have invested in cryptocurrency.

Furthermore, YouGov data shows that 67 percent of UAE consumers are interested in investing in cryptocurrency over the next five years.

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However, the ecosystem will face various difficulties before it can capitalize on customer demand in the region.

The most daunting barrier that must be overcome is the friction associated with onboarding into the crypto ecosystem. Fortunately, “Open Banking” can lower this amount of friction and, as a result, promote crypto acceptance.

To begin, Open Banking will provide crypto investors with a unified experience by merging open banking protocols with industry-standard APIs. Customers would only need to provide authentication once in their crypto journey with this pairing.

Second, Open Banking eliminates the necessity for traditional payment methods like manual bank transfers and card payments. This method is typically connected with latency and greater expenses for the user.

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