The United Arab Emirates’ low-cost, robo-consulting platform Sarwa has developed a cryptocurrency transaction on the app to meet the demand for digital assets in the face of price fluctuations.
Sarwa Zero Commission, Zero Transfer Payment Trading Service, and Sarwa Trading Service sold their retail service in November last year to more than 4,000 US stock exchanges and ETFs.
The new Sarwa Crypto service will allow Bitcoin, Ether, Lithium and Bitcoin Cash to be traded without any commissions and transfer fees on UAE bank accounts, Sarwa said Tuesday.
“There is a huge demand for cryptocurrency in GCC, even with the recent market development,” said Mark Chawan, co-founder and CEO of Sarwa.
However, you do not have a platform that offers a centralized view of stocks, ETFs and crypto in one application. You do it now. “
Investors and strategists traded more than $ 30,000 on Tuesday as digital currency showed signs of slowing down. Ether and small tokens were also removed.
Rising interest rates have led to lower sales of risky assets this year, with Bitcoin falling 34 percent since December 31.
According to a survey conducted by online market research firm Toluna in April, 33 percent of UAE residents have invested in cryptocurrencies. Residents of the United Arab Emirates plan to allocate 26 percent of their investment assets to cryptocurrency, according to the study.
“We will start with the four most popular cryptocurrencies to give an entry point in the volatile market,” Mr Chuwan said.
“While virtual assets are gaining ground and popularity, even officials are realizing the potential of the industry and ensuring that they are able to create the right frameworks.”
Dubai passed a law in March this year to control virtual assets. The Dubai Virtual Property Regulation aims to create a superior legal framework to protect investors and to provide international standards for the management of virtual real estate industry that promotes responsible business growth within the Emirates.
The Emirati Virtual Regulatory Authority, to be established under the new law, will oversee the sector throughout the emirate, with the exception of the Dubai International Financial Center (DIFC).
The supply of grass is a response to the needs of the community and the market, and many retail investors are looking to incorporate cryptography into their portfolio, according to the Robo-Consulting Forum.
According to a March survey conducted by Yugov, a market research firm that surveyed 20,000 respondents in 18 markets between December 15 and 30 last year, 67 percent of UAE residents want to invest in cryptocurrencies over the next five years.
In the United Arab Emirates, 21 percent of consumers say they plan to trade in cryptocurrencies over the next 12 months, the highest rate in the world after Indonesia (25 percent) and India (22 percent), according to a Yugov study.
Launching crypto marketing on the Sarwa app “will make it easier to centralize multiple investments in one application, from long-term investment to self-management,” the forum said.
He said the Sarwa business forum includes features such as daily and weekly investment news.
The company said that users can engage in partition trading, create checklists, set limits on the platform and place orders.
A.D. Launched in 2017, Sarwa uses Artificial Intelligence to assess an investor’s risk tolerance and assigns an ATF investment portfolio designed for them, which costs them less than traditional financial advisors and asset managers.
In August last year, Sarwa, which is managed by ADGM Financial Services Regulatory Authority, raised $ 15 million with funding from Abu Dhabi Mubadala Investment Company.
The company said it would raise $ 25 million from regional and international investors since its inception.
Crypto currencies are not licensed by the Central Bank of the United Arab Emirates, although many cryptocurrencies are licensed to operate in the Abu Dhabi Global Market.
The United Arab Emirates dirham is the only legal tender approved by the Central Bank in the country.
The Sarwa Business app is available on iOS and Android operating systems.
Updated evening, May 31, 2022, 1:06 p.m.