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The National Bank of Bahrain (NBB) introduced its first bitcoin investment fund aimed towards institutional investors in the Gulf Cooperation Council (GCC), which consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, local media reported.
The fund, which was created in collaboration with ARP Digital, gives investors exposure to bitcoin while offering complete protection against probable losses—albeit with a maximum amount of gain that may be made.
Co-founder of ARP Digital Abdulla Kanoo called the partnership with NBB “a game-changer” for the local market. Through the integration of ARP Digital’s proficiency in digital assets and NBB’s robust position in the financial industry, a secure investment solution has been developed for individuals wishing to investigate bitcoin.
Major firms like Binance and Crypto.com have been drawn to Bahrain because of its attempts to create a crypto-friendly atmosphere, while the UAE is likewise working to improve its cryptocurrency legal structure. The Virtual Asset Regulatory Authority of Dubai released extensive regulations in 2023 to help Web3 companies doing business there.
Chainalysis reports that between July 2023 and June 2024, the MENA area saw $338.7 billion in cryptocurrency transactions, mostly from institutional investors. With the launch of the new fund, NBB offers potential local investors a safe and well-regulated environment in which to interact with bitcoin.
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