Traditional financial firms are increasingly connecting services, portfolios and operations with digital assets.
Japan’s SBI looks to Saudi Aramco as it continues Middle East expansion
They have signed a memorandum of understanding on digital asset investment and semiconductor production.
Animoca Brands Courts $50M Investment From Saudi Arabia’s NEOM
Animoca will build Web3 service capabilities with global commercial application alongside NEOM to support its aspirations as a futuristic tech hub.
Saudi’s NEOM partners with Animoca Brands for regional Web3 development
Saudi Arabia’s forthcoming regional development project, NEOM, has partnered with Animoca Brands to push Web3 in the region and a potential $50 million investment deal.
Sam Bankman-Fried considered selling FTX equity to Saudi crown prince, says Caroline Ellison
Testimony from the former Alameda Research CEO continued on the sixth day of Sam Bankman-Fried’s criminal trial, delving into potential investments prior to FTX’s bankruptcy.
Saudi Arabia and China collaborate on Arabic-based AI system
A university in Saudi Arabia has collaborated with two Chinese universities to create an Arabic-focused AI system called AceGPT.
Saudi Arabia looks to blockchain gaming and Web3 to diversify economy
The kingdom is currently diversifying its economy away from oil and turning to new opportunities, such as gaming and Web3.
Hong Kong and Saudi Arabia collaborate on tokens and payments
The Saudi Central Bank warned in 2019 that Bitcoin is “not recognized by legal entities” but hasn’t made many statements on crypto since.
The Credit Suisse Buyout and the Lingering Risks to the Banking Sector
Energy Giant Saudi Aramco Signs Agreement With droppGroup to Build Web3 Tech
Saudi Aramco will explore co-developing blockchain-based technologies that could benefit its workers.
Saudi Arabia partners with The Sandbox for future metaverse plans
In a partnership ceremony at the LEAP 2023 conference in Saudi Arabia, the Sandbox entered into an MOU with the government of Saudi Arabia for future metaverse development.
Saudi Central Bank still researching CBDC, but no decision on deployment
Saudi Arabia’s central bank stressed that no decision has been made to launch a CBDC in the Kingdom, but it will continue to research use cases.
Prince Philip of Serbia calms rumors of Arab country Bitcoin adoption
In an interview with Cointelegraph, the hereditary prince nuanced his views on Bitcoin adoption in the middle east and shed light on Bitcoin in Serbia.
Survey reveals high penetration and adoption of crypto in Saudi Arabia
Saudi Arabia is a significant market for digital currencies with the country’s favorable regulatory climate, large consumer base and increasing interest in cryptocurrencies, a new KuCoin survey says.
Swiss BSV to establish blockchain academy in the Middle East
The BSV association and SDA will collaborate through the new blockchain academy in Riyadh to provide blockchain learning and development resources.
Crypto traders fight in WBS Dubai for Amir Khan’s charity boxing match
The event saw friendly boxing matches between prominent crypto Twitter entrepreneurs, with RookieXBT taking the WBC Crypto Champion belt.
Saudi Aramco dismisses ‘false and inaccurate’ rumors on Bitcoin mining
Saudi’s biggest oil exporter denied claims of involvement in Bitcoin mining activities but continues to bet on blockchain-focused businesses.
Report Shows United States At The Top Spot Among Crypto Ready Countries
Crypto Head recently published a report placing the United States on top of its list of “Crypto ready” countries.
One indication that the country is ready to adopt cryptocurrencies is the whopping number of Bitcoin ATMs presently operating in the U.S.
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The research platform based its analysis on the ATMs in different countries and how the citizens are utilizing them. The team also checked the extent of crypto legality in the countries and considered if they could accept it.
Also, they checked the total searches that people carry out on digital asset terms online. These factors enabled them to calculate the result when comparing 200 countries and different territories.
U.S. Bags The Top Crypto Ready Position
The crypto-ready score index used a scale of 10 countries to add to a list. According to the results, the USA took the first spot by scoring a whopping 7.13.
After the USA, Cyprus and Singapore ranked second and third respectively. While each of these countries scored below 6.50. Even though, experts believe that the platform didn’t consider more factors that could measure the preparedness of these countries for digital assets.
For example, some opine that report should have added the country’s regulatory environment and tax laws.
The crypto market has taken a hit and it has dived into the red zone | Source: TradingView.com
While gathering data for its research, the report revealed 17,436 cryptocurrency ATMs in the USA. This number exceeded the ATMs in the second country Canada by 16,000. The team also came to know that more and more ATMs are being placed steadily in the United States.
They also discovered that Coin Cloud, an ATM company, is steadily increasing its installations all over the nation.
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The researchers also based their score on the people that can use these ATMs. According to their findings, the US took the first position again as each ATM in the State serves 19,023 while Canada has one ATM for 26,265 people.
Japan was the least as its single ATM is for 126 million users. But amid the 200 countries, 24 didn’t have cryptocurrency ATMs.
Other Countries Show Interest For Crypto Adoption
When considering the legal preparedness of 39 countries, including the United States. They based this decision on two points which were legality to own cryptocurrencies and legality to use in their banks.
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On online searches, the research team checked the total searches on cryptocurrency terms in these countries. Then, they compared it with 2020 data to gauge the increasing interest in the technology for each country’s population.
According to their data, Cyprus recorded a 137% increase in its online searches for cryptocurrency terms from 2020 data.
Furthermore, they discovered that for every 100,000 internet users in the country, there were up to 34,000 searches for these terms. This number placed it at the first position for online searchers of the technology.
Apart from Cyprus being the first in online searches, the team discovered that the interest in cryptocurrencies is rising in other countries.
For example, Romania recorded a 331% increase in its online searches based on a yearly analysis. Other countries such as Greece, United Kingdom, Saudi Arabia, and Canada also showed a spike in digital asset’s interest.
Featured image from Pixabay, chart from TradingView.com
Fintech Firm Fasset to Launch Zero-Trade Fee Crypto Trading Platform for Countries in the Gulf Region
Announced on Thursday, the Fasset Exchange (FEX) is open for private beta enrollment and is planning a public launch later this year.
Saudi Arabia Pitches Blockchain-Based Business Passport to Boost Trade Finance
The passport would help businesses cut through redundant red tape and flourish across borders, Saudis said.