Amid controversies and scams, Tether is all set to expand its wings. Tether Partners with RAK DAO to Promote Bitcoin and Stablecoin Education in Ras Al Khaimah. In 2024, the Middle East saw a significant rise in cryptocurrency adoption, with the average daily number of traders reaching 500,000, marking a 166% increase from the previous year, as per a report by Bitget Research. This partnership will enhance the crypto game in the UAE.
Tether Operations Limited, a prominent player in the digital asset industry, has signed a Memorandum of Understanding (MoU) with RAK Digital Assets Oasis (RAK DAO). With the agreement, the company is planning to launch several strategic business plans to boost the adoption of Bitcoin and stablecoins in Ras Al Khaimah (RAK), the northernmost emirate of the United Arab Emirates. The collaboration will focus on facilitating crypto payment adoption and designing blockchain-focused education programs in the region.
Educational and Strategic Initiatives
RAK DAO, the world’s first and only common law Free Zone dedicated to digital and virtual asset companies, is leading the charge in Web3 innovation and economic growth in Ras Al Khaimah. Tether, through its educational arm, Tether Edu, will develop initiatives covering Bitcoin, blockchain, peer-to-peer technologies, stablecoin adoption, and real-world crypto use cases. These programs will cater to individuals of various skill levels, aiming to enhance understanding and adoption of these technologies.
Collaboration and Economic Growth
With over 100 businesses already showing interest in RAK DAO, Tether will work closely with the organization to implement comprehensive educational and empowerment initiatives. These efforts are expected to open new growth and innovation avenues for local businesses, positioning Ras Al Khaimah as a regional hub for blockchain technology.
Leadership Perspectives
Notably, both Tether and RAK DAO have joined forces to promote Bitcoin and blockchain technology in Ras Al Khaimah (RAK), UAE. Paolo Ardoino, Tether’s CEO, highlighted RAK’s distinction as the world’s first free zone for digital assets, envisioning it as a leader in blockchain innovation. Dr. Sameer Al Ansari, CEO of RAK DAO, echoed this, aiming to drive economic growth and financial inclusion through cryptocurrency initiatives. Their collaboration aims to position RAK DAO as a global leader in the digital economy.
Future Prospects
In the UAE, 72% of crypto users invest in Bitcoin, driven by friendly regulations, ETF approvals, and positive market vibes. The partnership between Tether and RAK DAO represents a significant step towards integrating advanced digital asset technologies in Ras Al Khaimah. By focusing on education and practical adoption, the initiative aims to drive substantial economic and technological growth in the region, reinforcing its status as a leader in the digital economy.
In the dark clouds of regulations, scams, and the dropping crypto market this partnership is giving hope to investors.
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