🦑 Kraken prepares to launch in the UAE🇦🇪

🦑 Kraken prepares to launch in the UAE🇦🇪

Payward, the parent company of Kraken, has received full approval from Dubai's Virtual Assets Regulatory Authority (VARA).

The full approval from VARA completes Payward's licensing process and grants it the right to operate as a regulated virtual asset service provider for retail, professional and institutional investors.

🔄 What Kraken offers: from launch, customers in the UAE will be able to trade on spot and margin markets, use trading pairs denominated in UAE dirhams, and deposit and withdraw funds in dirhams. Customers will also gain access to blockchain staking, xStocks, and Kraken for cryptocurrency transfers. Institutional clients will additionally have access to over-the-counter spot trading and Kraken Prime.

🔄 What's next: Kraken plans to introduce cryptocurrency derivatives and a broader range of yield-generating opportunities. In addition, Payward intends to provide its infrastructure to regional partners through an embedded trading-as-a-service model.

🔄 The UAE launch🇦🇪 expands the company's presence in key financial centers. Payward currently holds more than 100 licenses worldwide, excluding Africa. In addition to Kraken, Payward provides infrastructure for other products, including NinjaTrader, Breakout, xStocks and CF Benchmarks.

🔄 Context: in May, Kraken signed a partnership agreement with the MoneyGram payment network, allowing exchange customers to withdraw cryptocurrency in cash across 200 countries and enabling MoneyGram to strengthen its position in the crypto sector.

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