Three Arrows Capital, crypto trading and hedge fund manager, moves its headquarters to Dubai from Singapore, becoming the latest in a growing number of firms looking to expand their presence in the Middle East
Su Zhu, co-founder of Three Arrows Capital, tweeted an op-ed to CoinDesk on Friday, in which he talked about the firm’s decision to move its base and that “the power in Dubai’s digital asset industry is now electric.”
A number of crypto firms are eyeing the Gulf region for expansion: Binance recently secured licenses in Dubai, Bahrain, and Abu Dhabi after withdrawing its Singapore license application in December.
While Singapore has only recently granted core licenses to fintech companies such as Revolut, there are still about 100 other applicants pending approval. The Monetary Authority of Singapore has said it wants to encourage the development of the city-state as a “responsible crypto hub.”
The United Arab Emirates has attracted a number of crypto companies including Binance, FTX, Crypto.com, Bybit and Kraken. Dubai has also received praise from senior bankers for its potential as a destination for the cryptocurrency industry.