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

Crude Oil Price Forecast: Can Brent Hold $100 Amid Hawkish Fed Rate Hikes and Easing Supply Concerns? International oil prices continued to fall after the Federal Reserve resumed rate hikes in September. On Wednesday, WTI crude dropped 3.28% to settle at $102.02 per barrel; Brent crude fe

Author TradingKey

8 hours ago

International oil prices continued to fall after the Federal Reserve resumed rate hikes in September. On Wednesday, WTI crude dropped 3.28% to settle at $102.02 per barrel; Brent crude fe

Dow drops 631 points as the Fed hikes — but futures are rebounding: what's next for US stocks?The Dow fell 631 points and the S&P 500 closed below 7,600 after the Fed hiked rates for the first time since 2023, with the dot plot showing 16 of 18 officials expect more tightening. Asia-session futures are already recovering — here are the levels and analyst views that decide whether 7,500 holds.

Author Irene Q.

15 hours ago

The Dow fell 631 points and the S&P 500 closed below 7,600 after the Fed hiked rates for the first time since 2023, with the dot plot showing 16 of 18 officials expect more tightening. Asia-session futures are already recovering — here are the levels and analyst views that decide whether 7,500 holds.

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

15 hours ago

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

TradingKey Daily Market Briefing: Fed Raises Rates by 25 Bps, May Hike Again This Year; Gold Tumbles as Intel Rises 4%On September 16, Eastern Time, US stocks rose before pulling back following the Federal Reserve's rate decision announcement for September. The Fed unanimously decid

Author TradingKey

16 hours ago

On September 16, Eastern Time, US stocks rose before pulling back following the Federal Reserve's rate decision announcement for September. The Fed unanimously decid

September Fed Rate Decision Preview: Is a Rate Hike a Foregone Conclusion? US Stocks, Dollar, and Gold Face a Critical Test The Federal Reserve will announce its September interest rate decision at 2:00 p.m. ET on Wednesday (September 16), followed by a press conference held by Fed Chair Kevin Warsh at 2:30 p.

Author TradingKey

Yesterday 10: 14

The Federal Reserve will announce its September interest rate decision at 2:00 p.m. ET on Wednesday (September 16), followed by a press conference held by Fed Chair Kevin Warsh at 2:30 p.

Popular Symbols