The increased number of new users in the MENA region encourages Binance to expand its Web3 adoption.
Binance, the largest crypto exchange in terms of daily trading volumes, has revealed that it has recorded a 49% increase in signed-up users across the Middle East and North Africa (MENA) region.
According to the report shared on Binance’s blog post, the company claims that the growth has been influenced by growing interest in virtual assets and the region's support of blockchain technologies.
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In order to maintain its growth, Binance is aiming to increase partnerships with regulated firms and expand its teams in the MENA region. In the announcement, Binance highlighted that, in Dubai alone, the company expanded its team to more than 400 employees.
Moreover, Binance is planning to gather a highly skilled team to expand and build a “firm foundation for the ecosystem’s future growth.” The company added that it is ready to work with regulators in Dubai and the United Arab Emirates to create a “robust virtual asset infrastructure that protects the market and the investors.”
Richard Teng, Regional Head of MENA at Binance, when talking about the growth, noted:
It is extremely encouraging to see this level of growth in the MENA region, not just in terms of user adoption but also in terms of headcount and new employees in our own teams, particularly in the UAE. We are witnessing rapid adoption of blockchain technology in the region and we believe there is huge potential for the UAE to soon become a leading virtual asset hub.
It is worth noting that Binance has already started its work with local firms. The company has collaborated with Bahraini financial institution Eazy Financial Services (EazyPay) to allow Bahrainis to use cryptocurrency for their payments in more than 5,000 point-of-sale (POS) terminals and Online Payment gateways using Binance Pay.
