An agreement has been signed to pave the way for the launch of UAE’s first fully-licensed celebrity tokens crypto exchange.
In a partnership aimed at expanding its celebrity token footprint to the Middle East, the Global Crypto Offering Exchange (GCOX) has signed a memorandum of understanding (MOU) with Bin Zayed International.
As the world’s first celebrity crypto tokens exchange, GCOX enables celebrities to create, list and trade their personal crypto tokens on its very own blockchain called Acclaim.
The organisation said it aims to bridge the gap between an entertainment industry valued at $2.2 trillion and the burgeoning blockchain crypto market, leveraging the technology to revolutionise and redefine popularity.
GCOX said it has already amassed a stellar cast of private placement investors, including the Philippines’ boxing superstar Manny Pacquiao, former England footballer Michael Owen, who is also a member of the GCOX advisory board, and billionaire and 1999 Singapore Businessman of the Year, Tommie Goh.
Sir Dr Jeffrey Lin, CEO of GCOX, said: “With the global crypto market predicted to be worth over $6 billion by 2025, and the rate of adoption expected to grow exponentially in the coming year, the importance of capitalising on the enormous potential for growth and blockchain development cannot be understated.
“The UAE government, which announced last month that over half of all federal transactions are expected to be powered by blockchain technology by 2021, is at the forefront of this trend, making this partnership with Sheikh Khaled Bin Zayed Al Nahyan a significant milestone for us and the industry as a whole.”
Sheikh Khaled, who is chairman of Bin Zayed International, added: “Through this strategic partnership with GCOX, I am committed to push the frontiers of financial services further, accelerate the mainstream adoption of blockchain and aim to create UAE’s first fully-licensed token exchange in Dubai.
“Establishing the region’s first ever celebrity tokens crypto exchange in the UAE will generate immense value that will benefit celebrities and their fans alike, and bring vast increases in security and transaction speed,” he added.
According to Lin, blockchain marks the beginning of the new “internet of value”, which will enable anyone to exchange anything of value with others – from frequent flyer points to intellectual property.
He added that this means that fans in the UAE and across the globe will be able to interact with their favourite celebrities and stars without the need for any third-party intermediary, making interaction more personal.