Monday 30 March 2020
Singapore-backed blockchain platform dltledgers has launched in Dubai, its first foray into the Middle East and North Africa (MENA) region. The company will leverage Dubai's gateway positioning to support growth in the region.
Since inception in late 2017, dltledgers has grown into one of Southeast Asia’s leading enterprise blockchain platforms. Customers have executed nearly USD 3 billion worth of live trade transactions via the platform, supported by 45-plus banks and 4,500 other ecosystem partners.
Blockchain is perhaps best known as the software behind cryptocurrencies like Bitcoin, but enterprise adoption of the underlying technology is still relatively nascent. dltledgers is at the forefront of those trying to change that. The company’s 400-strong list of customers includes large trading firms, multinationals, global supply chain firms, natural resources firms, and international banks.
dltledgers recently obtained a commercial license from Abu Dhabi Global Market (ADGM) to operate in the region. From its office in Dubai, it will support key customers and partners like IFFCO, ETG, RAK Ceramics, ADCB, and Standard Chartered Bank, which are already on the platform, as well as onboarding an expanding pipeline of new businesses.
Dubai has a forward-thinking blockchain strategy. It aspires to digitize 50 percent of its government transactions by 2021, saving 25.1 million hours of manual work. The company’s short-term objective is to digitize 2 percent of cross-border trades in MENA by 2022.