© Reuters Next Middle East Crypto Market Maker, Blockchain Insiders
- The hosts of the Unchained podcast anticipate the emergence of the next crypto market maker in the Middle East.
- The hosts note that both Binance and Coinbase (NASDAQ:) are located in the area.
- Singapore has also been suggested as a possibility, citing its capital and capital markets.
Blockchain insiders anticipate the emergence of the next crypto market maker in the Middle East. Tarun Chitra and Haseeb Qureshi, managing partners at Robot Ventures and Dragonfly, respectively, and hosts of the Unchained Podcast, speculated about this on a recent episode of their show.
Chitra extolled the advantages of an open global market, in which departing market makers will always be replaced by new ones.
The nice thing about the open global market for cryptocurrency is that there is always someone else out there. I think even if the biggest market makers leave, there will be a new exchange or someone else. There will be new market makers from that region, that region in the world.
Specifically, Chitra suspects it will be somewhere in the Middle East. Qureshi agreed with the speculation, noting that Binance and Coinbase are currently in the area. “There is a lot of government incentive as well to move [in the Middle East]. So I wouldn’t be surprised if whoever takes responsibility for the withdrawal of US companies will be based there,” Chitra said.
“The UAE is really serious about flirting with the cryptocurrency industry,” Qureshi noted. He indicated that the next market maker may be either in Singapore or the Middle East and North Africa region, which has equity and capital markets. “…but also, they have a very positive view of space. Even despite FTX and all the other things going on, they believe in things.”
Jane Street and Jump Trading news encouraged discussion of new market makers on the Unchained Podcast. According to recent reports, both Jane Street and Jump Trading have been pulling back from the US cryptocurrency market. This news did not sit well with the crypto community, which blamed the Securities and Exchange Commission (SEC) for its hostile stance towards cryptocurrencies.
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