American-based multinational investment company BlackRock successfully secured a commercial license to expand its business in the UAE. The news could spark another rally in the major cryptocurrencies like Bitcoin.
BlackRock’s Expansion
After Trump’s landmark victory against Kamala Harris in the presidential election in 2024, the cryptocurrency market surged abnormally thanks to Trump’s flowery promises for the crypto’s future, including a promise to create a Bitcoin reserve.
Many experts believe that the rally in Bitcoin was also fueled by BlackRock’s Bitcoin ETF entitled “iShares Bitcoin Trust ETF (IBIT)” with over $42 billion locked in Net Assets of Fund.
In the next move, BlackRock is now seeking regulatory approval to launch operations under ADGM jurisdiction. Just a few days ago, BlackRock got approval from Saudi Arabia to establish its regional headquarters in Riyadh.
The intense efforts display the gravity of the situation, where the world’s biggest asset manager sees opportunities in the Middle East to enlarge their client base. Because of the safe environment for financial institutions, Abu Dhabi has become an ideal location for the capital market, where businesses can thrive across the region.
Charles Hatami, head of the Middle East for BlackRock, says in a statement, “Abu Dhabi has rapidly transformed into a global financial center. Its strategic location, proactive government policies, and commitment to sustainable growth make it an ideal location for capital markets.”
“We look forward to continuing our contribution to the region’s economic development and supporting our clients with innovative investment opportunities, particularly in private markets, including artificial intelligence infrastructure and transition focused solutions,” he added further.
According to CoinMarketCap, Bitcoin has crossed the barrier of $92,000, for the second consecutive in a week, showing the intense bullish momentum and confidence in the crypto market.
Also Read: Bitcoin Tops $91K, Ousts Saudi Aramco to Be 7th Most Valuable Asset
