Cryptocurrency derivatives exchange, FTX, has been granted a virtual asset license in Dubai, prompting the firm to set plans for a regional headquarters in the city.
CEO Sam Bankman-Fried says that the company will offer complex crypto-derivatives for institutional clients in the city with a central third-party clearing.
The exchange’s Europe and Middle East division, FTX Europe, is one of the anchors in the Dubai World Trade Center.
Patrick Gruhn, the head of FTX Europe, notes that the credibility of Dubai and its adherence to its commitments enables the exchange to operate in the global market properly.
The news follows a report of a similar license received by Binance in Dubai as the UAE races to lure big cryptocurrency players and fintech firms in a push to foster innovation.
FTX’s valuation jumped to $32 billion in January following a Series C funding round of $400 million. The firm is currently eying institutional clients with new ways of crypto exposure since its debut about three years ago.