Singapore-headquartered Locus Chain Foundation, the developers of a next-generation Blockchain protocol, has announced it will launch an innovative digital asset exchange platform, Locus DAX in Dubai, during the first quarter of 2019.
Locus DAX will allow users to buy, sell and trade digital currencies including major cryptocurrencies such as Bitcoin, Ethereum and Locus Token (Locus Chain’s own digital currency).
The exchange will also provide interoperability with financial accounts, allowing users to purchase cryptocurrencies with fiat currencies such as USD and AED.
Her Highness Sheikha Moaza Obaid Suhail Al Maktoum, co-founder of Locus DAX and senior advisor to Locus Chain, said: “Strategically located between Africa, Asia and Europe, Dubai sits at the international crossroads of business and investment and is fast becoming the region’s digital exchange hub.
“We expect to attract investors from around the region as well as internationally, as innovations in Blockchain continue to capture keen interest from governments and private businesses. When you also factor in the liquidity of the GCC, we are confident that Locus DAX is uniquely positioned to serve this growing space, to quickly become a globally ranked exchange.”
Sang Yoon Lee, CEO of Locus Chain and co-founder of Locus DAX, said: “The UAE’s Blockchain Strategy 2021 is more ambitious than any other country’s in embedding Blockchain technology within the public sphere. We believe launching Locus DAX in Dubai reinforces Dubai’s reputation as one of the world’s leading financial centres while giving us the opportunity to be at one of the critical intersections of technology, commerce and investment.”
Dubai has embarked on an ambitious plan to be the first city in the world to pioneer an e-government system running entirely on Blockchain by 2020.
The government expects to save as much as USD 1.5 billion and 25.1 million-man hours annually when the plan is fully implemented, with services such as processing visa applications, recording land registration information and making bill payments all expected to be done through Blockchain.