Kuwait-run DigiDinar emerges as a major crypto exchange for the Middle East
The DigiDinar project has many features that make it a worthy emerging player in the global cryptocurrency market
Kuwait recently contributed to the development of the Middle East cryptocurrency market with the creation of the DigiDinar cryptocurrency exchange. It is one of the few crypto exchanges within the region that offers real-time trading solutions to a global audience. The exchange, operated by DigiDinar, is a regulated platform that has been issued a technology and brokerage license by the country’s Ministry of Commerce and Industry.
The exchange was set up in February 2019 by Mr Ali Ahmad in collaboration with experts on blockchain technology and finance. In a little over a year of operations, the DigiDinar Project now supports over 18 different cryptocurrencies and currently offers over 47 crypto to crypto and crypto to fiat trading pairs, with more to be added soon. The exchange is equipped with a matching engine that is capable of supporting 1,400,000 orders per second, which makes it one of the fastest exchanges in the world.
A few of the cryptocurrencies listed on the DigiDinar platform include LTC, ETH, BTC, USDT, BNB, USDC, DDRT, DDR, OMG, and PAX.
In addition, it supports credit and debit card payments as well as instant local and international bank transfers; an added convenience for users of the DigiDinar. Apart from international bank transfers, deposits and withdrawals from other payment modes can be processed instantaneously; however, local bank transfers may take an additional one to two hours to reflect the transfer in their respective accounts.
Currently, the platform is available in the English and Arabic languages. It has its own DigiDinar Token (DDRT) that users can trade on the platform for the time being.
DDRT is an ERC20 utility token that is designed for use in the DigiDinar ecosystem. The company has also developed a Zerocoin based open-source altcoin called the DigiDinar (DDR) which is created using anonymous proof of stake protocol.
The DDR is quickly gaining traction in the region as a privacy-centric cryptocurrency with almost instantaneous, fully private transactions, governance, and community intelligence.
In accordance with local regulations, DigiDinar has developed a simplified registration process that requires users to provide some personal information in compliance with the necessary anti-money laundering (AML) and know your customer (KYC) policies.
To encourage crypto usage within the community, the DigiDinar has completely waived off trading fees on its platform until January 1, 2021.
Over the next few years, the platform is planning on also allowing spot trading, margin trading, futures, and decentralized exchange features.