Digital currency exchange Bybit is unveiling its new headquarters in Dubai after being drawn to the region by its stance on digital currencies.
In a company blog post, Bybit CEO Ben Zhou said moving its headquarters to Dubai marks a new milestone for the exchange. Bybit’s new office is situated at the Dubai World Trade Center, overlooking the Dubai International Financial Center (DIFC) and other iconic landmarks.
Bybit’s plan to launch operations in Dubai dates back to March 2022, when it received in-principle approval from the city’s regulator to carry out digital asset services. Over the last 12 months, the exchange has been “scouting top talent” and engaging with Dubai’s regulator to ensure that its activities comply with the law.
Zhou disclosed that since receiving its approval, the team had generated over $33.5 billion in trading volume, rising to be the second largest in the MENA region in terms of transaction volumes. The firm’s CEO noted that the new headquarters would be key in surpassing previous milestones and would lay the foundations for a prosperous future.
“From our home in Dubai and with the support of our global family, we will continue to build mass-adoption-ready infrastructure and ecosystems to unlock next-level opportunities,” Zhou said.
Zhou remarked that the office complex was curated by award-winning designers that embodied Bybit’s mantra of “creativity, flexibility, and empowerment.” The blog post noted that the office would serve as a spot to play hosts to VIPs and affiliates to build deeper connections with partners.
“Bybit is also strengthening our roots in the city and looking forward to helping cultivate local talent through a series of educational and innovative initiatives, starting with hackathons and workshops at local universities,” Zhou stated.
Bybit’s change of headquarters comes at a time when the digital asset industry is grappling with declining asset prices, macroeconomic uncertainties, layoffs, and the collapse of several centralized entities in the space.
The allure of Dubai
Zhou disclosed that choosing Dubai as the location of its headquarters was a fairly simple decision influenced by the city’s quest to transform itself into a global Web3 hub.
Ahead of the central government, Dubai floated a comprehensive legal framework for digital currencies, creating a new regulator tasked with issuing licenses to qualified firms.
Since the passing of the regulatory framework, several firms have flocked to Dubai to set up operations in the Emirate, including Binance and Crypto.com. The UAE has also intensified its efforts to keep up with Dubai in terms of digital currency growth following the creation of new trade zones for the industry.
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