National Bank of Bahrain Launches its First Bitcoin Investment Fund
The National Bank of Bahrain has launched its first Bitcoin investment fund.
The National Bank of Bahrain (NBB) has launched its first Bitcoin investment fund targeting institutional investors in the Gulf Cooperation Council (GCC). This includes Bahrain, Oman, Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).
The fund was created in collaboration with ARP Digital. It gives investors exposure to bitcoin while offering full protection against potential losses, with a maximum amount of profit that may be made.
ARP Digital Co-founder Abdulla Kanoo claims to partnership with NBB “a game-changer” for the local market. By integrating ARP Digital’s expertise in digital assets and NBB’s strong position in the financial industry, a secure investment solution has been developed for individuals who want to investigate bitcoin.
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Big companies like Binance and Crypto.com have been attracted to Bahrain as they attempt to make a crypto-friendly environment, while the UAE is likely working to make its cryptocurrency legal structure better. The Virtual Asset Regulatory Authority of Dubai released extensive regulations in 2023 to help Web3 companies doing business there.
According to Chainalysis report, between July 2023 and June 2024, the MENA area recorded $338.7 billion in cryptocurrency transactions, primarily driven by institutional investors. With the launch of the new fund, NBB provides local investors with a secure and well-regulated atmosphere to engage with bitcoin.