Crypto News Recap: Bahraini Crypto Exchange Fires 120 Employees

While some crypto firms are starting to lay off employees, other crypto companies are expanding their businesses in the region getting and not considering the “crypto winter” as a valid reason for cost-cutting measures.

Also ReadHow to Survive the Crypto Bear Market?

Also on a more generous note, Dubai residents can now donate in crypto to the charitable cause! Read on more to get all the details. 

Bahraini Crypto Exchange Rain Fires 120 Employee

Due to “prolonged bearish conditions”, Rain Financial Inc, one of the few crypto exchanges in MENA, has laid off a large number of its employees.

Despite the fact that the exchange initially showed no slower hiring process but rather had been on a hiring spree over the past 6 months since early 2022, co-founder and CEO Joseph Dallago defended Rain's decision in a statement saying that the market’s slowdown has impacted the crypto sphere made them arrive at the tough decision of reducing the staff:

“As cryptocurrencies and global markets continue to slow down, this has, in turn, impacted businesses across the globe. We have had to make tough decisions to be able to navigate through this period of uncertainty, and we can confirm we have downsized our Rain workforce,” 

Binance Teams up with Majd Al-Futtaim on Web3 Solutions

Majid Al Futtaim, MENA’s leading retail pioneer, and Binance, the world's leading blockchain ecosystem and cryptocurrency infrastructure provider, have announced a strategic partnership that will allow Majid Al Futtaim to leverage Web3 technologies to future-proof the business and benefit millions of customers in the MENA region.

Through this partnership, Binance and Majid Al Futtaim will collaborate on a number of blockchain projects, including the listing of NFTs on Binance's marketplace, the creation of a digital wallet infrastructure to hold virtual assets from multiple platforms, and the integration of Binance Pay, which will allow customers to make purchases with virtual assets at Majid Al Futtaim's various destinations in accordance with applicable laws and regulations.

UAE Charity Foundation Allows Residents to Donate in Crypto!

The Mohammed Bin Rashid Al Maktoum Global Initiatives announced that the Al Jalila Foundation, a nonprofit healthcare organization dedicated to transforming lives through medical innovation, has been granted approval to accept charitable donations in cryptocurrencies, making it the first healthcare charity in the UAE to do so.

The Al Jalila Foundation has recently established a partnership with a renowned bitcoin exchange. This first in the charity sector move intends to extend the Foundation's donation channels, network, and capabilities in line with Dubai's objective of becoming a global leader in innovative financial technology and a significant digital asset hub.

Also Read5 Biggest Bitcoin Dips Ever Happened

Crypto.com Gets a Provisional Crypto License in Dubai

Crypto.com, the world's fastest-growing cryptocurrency platform, announced that the Dubai Virtual Assets Regulatory Authority (VARA) has provisionally approved its Virtual Asset MVP License, allowing Crypto.com to operate a full array of crypto exchange goods and services. 

The operating license under this specialized program will be provided as soon as the company meets all of the program's conditions. Also, Crypto.com revealed plans to open a regional center in Dubai in March. Through Investopia, Crypto.com is also collaborating with the UAE government to foster global financial innovation both within the market and globally.