Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

UAE AI digital bank Zand receives crypto custody license

Source Cryptopolitan

Zand, the UAE’s first fully licensed AI-powered digital bank, is now able to offer digital asset, and crypto custody services after Dubai’s regulator VARA ( Virtual Assets Regulatory Authority) approved its license.

Zand is the first UAE bank to be able to offer institutional-grade digital asset and crypto custody services under its banking license. The bank will offer its crypto custody services to corporate and institutional clients.

As per a press release, Zand Bank will have the private keys protected onshore in UAE Hardware Security Modules (HSMs) to meet the highest global standards.

Mohamed Alabbar, Chairman of Zand, commented “This approval from VARA is a milestone for Zand and the UAE’s digital economy. It reflects our commitment to bold innovation and sustainable growth. Our mission is to establish Zand as a cornerstone of the UAE’s evolving financial landscape, contributing to the nation’s ambition to be a global financial powerhouse.”

ZAND to also launch an AED stablecoin

In the press release, the CEO of Zand, Michael Chan noted that Zand will also be launching an AED-backed stablecoin.

Chan added, “Our Digital Asset Custody service is a significant step in UAE banking. By providing institutional-grade security for digital assets, we are equipping our clients with the tools they need to thrive in the digital economy. The upcoming launch of Zand’s AED-backed stablecoin will further enhance our ability to integrate TradFi and DeFi, reinforcing our leadership in this space.”

The first AED stablecoin license was announced last week, by AE Coin. The AE Coin is expected to revolutionize the financial services landscape, promising an instant, secure, stable, innovative, low-cost, and efficient payment experience that will reshape the future of the digital economy.

A few months earlier the AE Coin had announced it received preliminary approval from the Central Bank.

One AE Coin will be equivalent to one UAE Dirham. AE Coin aims to empower individuals and businesses to access modern financial tools, foster financial inclusion, and support innovation in industries such as e-commerce, remittances, and decentralized finance (DeFi).

Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

US September Nonfarm Payrolls Preview: Job Growth May Cool, How Will US Stocks, Dollar and Gold React?On Friday, October 2 (EDT), the U.S. will release its September nonfarm payrolls report, with markets focusing on whether job growth can sustain August's rebound and whether the data will

Author TradingKey

13 hours ago

On Friday, October 2 (EDT), the U.S. will release its September nonfarm payrolls report, with markets focusing on whether job growth can sustain August's rebound and whether the data will

Gold falls to near $4,150 as higher Treasury yields, oil prices outweigh softer PCE inflation Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.

Author FXStreet

18 hours ago

Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.

Gold Price Forecast: US August PCE Imminent, Will Gold Prices Rise or Fall Short-Term?As of the European session on September 30, gold prices (XAUUSD) continued to recover after a sharp drop earlier this week, reclaiming $4,200 intraday, with the latest price trading near

Author TradingKey

Sep 30, Wed

As of the European session on September 30, gold prices (XAUUSD) continued to recover after a sharp drop earlier this week, reclaiming $4,200 intraday, with the latest price trading near

【Daily Brief】30-year Treasury tops 5.59%, S&P 500 slips to 7,670 and gold holds $4,180 — PCE lands tonight The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.

Author Suzie

Sep 30, Wed

The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.

【Daily Brief】The dollar ground higher for six days — and the AUD fell 2% in the very week the RBA hiked to a 15-year high The dollar index held above 101 while the Australian dollar slid to a two-month low of 0.6976, a 2.02% six-session loss, even though the RBA raised rates to 4.60% and Australian CPI printed 4.0%. The yen is the only major currency gaining, ahead of Japan's monthly intervention tally at 7pm JST.

Author Irene Q.

Sep 30, Wed

The dollar index held above 101 while the Australian dollar slid to a two-month low of 0.6976, a 2.02% six-session loss, even though the RBA raised rates to 4.60% and Australian CPI printed 4.0%. The yen is the only major currency gaining, ahead of Japan's monthly intervention tally at 7pm JST.

Popular Symbols