Zand, the UAE’s first absolutely licensed AI-powered digital bank, is now capable of provide digital asset, and crypto custody providers after Dubai’s regulator VARA ( Virtual Assets Regulatory Authority) authorized its license.
Zand is the primary UAE bank to have the ability to provide institutional-grade digital asset and crypto custody providers beneath its banking license. The bank will provide its crypto custody providers to company and institutional purchasers.
As per a press launch, Zand Bank may have the non-public keys protected onshore in UAE Hardware Security Modules (HSMs) to fulfill the best world requirements.
Mohamed Alabbar, Chairman of Zand, commented “This approval from VARA is a milestone for Zand and the UAE’s digital economy. It reflects our commitment to bold innovation and sustainable growth. Our mission is to establish Zand as a cornerstone of the UAE’s evolving financial landscape, contributing to the nation’s ambition to be a global financial powerhouse.”
ZAND to additionally launch an AED stablecoin
In the press launch, the CEO of Zand, Michael Chan famous that Zand will even be launching an AED-backed stablecoin.
Chan added, “Our Digital Asset Custody service is a significant step in UAE banking. By providing institutional-grade security for digital assets, we are equipping our clients with the tools they need to thrive in the digital economy. The upcoming launch of Zand’s AED-backed stablecoin will further enhance our ability to integrate TradFi and DeFi, reinforcing our leadership in this space.”
The first AED stablecoin license was introduced final week, by AE Coin. The AE Coin is anticipated to revolutionize the monetary providers panorama, promising an prompt, safe, steady, modern, low-cost, and environment friendly fee expertise that may reshape the way forward for the digital economic system.
A couple of months earlier the AE Coin had introduced it obtained preliminary approval from the Central Bank.
One AE Coin will probably be equal to at least one UAE Dirham. AE Coin goals to empower people and companies to entry trendy monetary instruments, foster monetary inclusion, and help innovation in industries resembling e-commerce, remittances, and decentralized finance (DeFi).
Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap
