Cryptocurrency boom: Dubai Emirates adopts cryptocurrencies payments, Donald Trump company goes big on crypto

Synopsis

UAE or United Arab Emirates has been emerging as a key hub for crypto companies in recent years. In just the past few months, Trump Media has raised $2.5 billion in cash to invest in bitcoin and is working to bring crypto-related exchange traded funds, or ETFs, to market.

Cryptocurrency getting major acceptance from the mainstream industry players. Dubai's Emirates has signed a preliminary deal with Crypto.com that will allow its customers to make payments through the crypto trading platform's payment service, the Gulf carrier's parent company said in a statement on Wednesday. Donald Trump's social media company, Trump Media & Technology Group, which is the parent of the president's Truth Social site, is undergoing its own metamorphosis, becoming a major player in the crypto industry.

Dubai Emirates Crypto

The United Arab Emirates has been emerging as a key hub for crypto companies in recent years, with several setting up shop or seeking to expand, and has enabled payments via cryptocurrencies in areas like real estate, school fees and transportation.

In Dubai, which set up watchdog VARA in 2022 to regulate the emerging virtual asset sector, one of the city's largest free zones, the DMCC, hosts more than 650 crypto firms.

Other airlines have in recent years adopted cryptocurrencies as payment options. In the Gulf, Dubai-listed Air Arabia said in May it would accept UAE dirham-backed stablecoin AE Coin for flight bookings.

"The partnership, which is expected to come into effect next year, is aimed at tapping into "younger, tech-savvy customer segments who prefer digital currencies", Adnan Kazim, Emirates' deputy president and chief commercial officer, said in a statement.

Trump Company and Cryptocurrency

In just the past few months, Trump Media has raised $2.5 billion in cash to invest in bitcoin and is working to bring crypto-related exchange traded funds, or ETFs, to market.

The company's move into bitcoin has been fast and furious. In April, Trump Media entered into a four-year partnership with Crypto.com, a Singaporean-based cryptocurrency exchange, to launch at least three ETFs, which are slated to trade on the New York Stock Exchange.

An ETF is an investment fund that invests in a particular asset -- stocks, bonds, gold or crypto -- and trades like a stock. New ETFs normally need to be approved by the Securities and Exchange Commission.

By year's end, investors may be able to buy and sell shares of Truth Social Bitcoin ETF and Truth Social Bitcoin Ethereum ETF. (Ethereum is the platform behind the second-most-popular digital asset after bitcoin.) On Tuesday, the company filed for a blended crypto ETF called Truth Social Crypto Blue Chip ETF, which will invest in five different crypto currencies.

President Donald Trump has no official position at Trump Media and does not advise it on corporate policy. But he is the company's largest shareholder, and he and his family have become big crypto boosters over the past year.

FAQs

Q1. What is ETF?
A1. An ETF is an investment fund that invests in a particular asset -- stocks, bonds, gold or crypto -- and trades like a stock. New ETFs normally need to be approved by the Securities and Exchange Commission.

Q2. What is Donald Trump's position in Trump media?
A2. President Donald Trump has no official position at Trump Media and does not advise it on corporate policy. But he is the company's largest shareholder, and he and his family have become big crypto boosters over the past year.

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