Crypto exchange M2 introduced a new integration that allows UAE customers to convert dirhams in their bank accounts directly into Bitcoin and Ether.
The UAE-based digital asset custodian announced the launch of a highly anticipated feature: AED deposits and withdrawals as well as Bitcoin (BTC) and Ether (ETH) for dirhams and vice versa. The new function will be available to both individual UAE residents and local businesses.
The crypto exchange’s team believes the new integration is a milestone for the “wider accessibility of virtual assets in the region.” The ability to easily convert local currency into crypto gives UAE citizens more flexibility and ease when it comes to diversifying their investment portfolio between traditional finance and virtual assets.
Founded in 2022, M2 is regulated by the Financial Services Regulatory Authority as a trading platform and custodian entity. It was co-founded by Phoenix Group’s Bijan Alizadeh Fard and Stefan Kimmel, previously working with Kraken MENA and Commercial Bank of Dubai, acting as CEO.
The platform received its license in August 2023, allowing institutional and retail clients in the UAE to buy, sell, and custody over 30 curated digital assets across spot and perpetual futures markets. The available assets include different Web3 categories such as DeFi, Layer 1s, and stablecoins.
M2 also offers an Earn crypto staking product, with yields of up to 10% on the most popular crypto assets, such as Bitcoin, Solana, and Ethereum. Suitable for crypto trading novices, the platform provides a comprehensive suite of educational material for users with varying levels of experience and knowledge.
The exchange operates in the financial-free zone of the Abu Dhabi Global Market (ADGM). Abu Dhabi, the capital of the UAE, has long been at the forefront of cryptocurrency and Web3 adoption. Last year, the UAE’s central bank launched the Financial Infrastructure Transformation Programme, which aims to accelerate digital transformation in the national financial services sector. In addition, the government-backed tech ecosystem called Hub71 introduced the Hub71+ Digital Assets initiative, which offers blockchain and Web3 startups in the Abu Dhabi region the opportunity to network and build productive partnerships.
