Dubai-based blockchain start-up ArabianChain has launched a fresh digital asset exchange designed to make it possible for investors to buy, sell, and trade various cryptocurrencies online.
The fresh toneelpodium, Palmex, enables users to deposit and trade coins including ArabianChain’s DubaiCoin, Bitcoin, Ethereum, Ripple and several others, with more expected to be added te the future. There are no registration fees, but users will be charged “low competitive fees” to deposit, withdraw and trade.
“The request to trade and kwestie digital assets has grown exponentially with the phenomenal surge ter valuation of cryptocurrencies like Bitcoin and the rapid evolution of blockchain technology,” said ArabianChain founder and CEO Mohammed Alsehli. “The regional market is ripe and thirsty for a user-friendly podium that makes it possible for them to buy and sell te a secure environment.”
Speaking to media on the sidelines of the UNLOCK blockchain forum ter Dubai on Monday, Alsehli said that ArabianChain “is working on a duo of options to permit uninterrupted metselspecie deposits into the system”, ter addition to permitting the peer-to-peer trading of cryptocurrencies.
“This hopefully will be ended ter two weeks,” he said. “With that, we’ll have the total toneel running at total capacity with everyone doing their trading of their preferred cryptocurrencies.”
Alsehli said that the toneel will have zero trading fees for about two weeks, after which time a free structure will be implemented.
Additionally, Alsehli said that many Middle East-based investors may choose to use a local cryptocurrency exchange, rather than one based te countries such spil the United States or Europe.
“It’s usually a case of convenience, especially when wij talk about fiat currencies involved,” he said. “When you want to deposit metselspecie, for example to Switzerland rather a system that exists here te the region, it’s way lighter [to deposit te a local exchange].”
“If you’re based ter the UAE, it’s just a matter a day or so…or a duo of hours,” he said. ‘You have a legal entity te the region you can actually reach and treatment, a company and face that you know. It adds an factor of trust.”
Alsehli also noted that many foreign-based exchanged, such spil the US-based CoinBase, don’t permit people based outside of certain geographic areas to trade on their platforms.
When asked whether value-added tax (VAT) would apply to cryptocurrencies being traded on the podium, Alsehli said that “nobody knows.”
“The discussion of whether [cryptocurrencies] are a currency or a commodity are still going on,” he said. “But the other part is that it’s a service, and now they’re telling that all services fall under the tax.”
“But for now wij didn’t apply that into it,” he said. “We need to check with the regulator.”