The United Arab Emirates is stepping in on the crypto game and has recently reported being the largest contributor to crypto token sales in 2019. Almost two hundred and ten million dollars ($210.5 million) worth of funds came from the Gulf nation since the beginning of this year.
Right next to the Gulf nation are the Cayman Islands that raised a hundred and three million dollars worth of funds ($103.8 million). Next to the Islands was Singapore that raised eight-nine million dollars ($89.7 million) worth of funds.
Even though most people were expecting the United States to be on the top in the funds’ sector but is standing at an overall sixth position right now. The United Arab Emirates’s interest in crypto was very much out of the blue because by 2018 The United Arab Emirates had shown no interest in the field.
The case of initial coin offerings has been causing trouble for the past few months and the CEO of CoinSchedule gave a statement regarding the issue. He stated that as of now it has been noticed that the United States is not taking major strides in this field because of regulatory concerns.
After analyzing the trends two big token sales have the dominance of the United Arab Emirates in CoinSchedule’s rankings. One of the two big token sales included GCBIB.
GCBIB is developing banking products targeted for crypto audience. The second is Bolton Coin which is a business that deals in offering investments in real estate and crypto mining.
The United Arab Emirates has been trying to cement a leading position in this new and thriving market. The UAE is collaborating with Saudi Arabia to launch its own cryptocurrency to help aid cross-border transactions.
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