Hat8, a Bitcoin mining company linked to Trump's family, has expanded its business to Dubai. Submit Last week, I submitted it to the Dubai International Financial Centre.
On Monday, the company is also Disclosure It raised $220 million to buy Bitcoin and mining infrastructure.
The company is the majority owner of American Bitcoin, a mining venture co-founded by Eric Trump, and he served as Chief Strategy Officer. His brother, Donald Jr., is also a shareholder in the company.
Matt Prusak, former Hut 8 chief executive, is currently leading American Bitcoin, with two Hut 8 executives sitting on the board. Recently American Bitcoin announcement It is scheduled to be made public due to a merger with Griffon Digital Mining, registered with NASDAQ.
Hut 8 Confirmed In Bloomberg The Dubai office will house a new team focused on trading and digital asset strategies. The company already operates facilities in Texas, New York and Alberta, Canada.
“Companies like Hut 8, which manage a significant bitcoin reserve, provide an environment where capital strategies can include not only transactions but actual deployments,” said Jakob Kronbichler, CEO and co-founder of ClearPool and Ozean. Decryption. “That's exactly what an institutional player is looking for. ”
President Donald Trump and his sons are promoting the idea of making the United States a global capital of crypto innovation, but their business interests are increasingly drawn to the United Arab Emirates.
Dubai in particular has become a magnet for crypto companies drawn by a low tax and a relatively loose regulatory framework. But that same environment also raised concerns about money laundering and financial crimes.
The Aqua 1 Foundation, a UAE-based fund, is recently investment A $100 million token issued by World Liberty Financial, another Trump-backed crypto venture. One of the co-founders, Zach Witkov, is the son of longtime Trump ally and his former special envoy in the Middle East, Steve Witkov.
Meanwhile, nearby Abu Dhabi, USD1, stablecoin Release It is being used to pay $2 billion in crypto exchange Binance by local investment company MGX, according to World Liberty Financial.
Democrats' efforts in the US Fucking President Sitting's ability to profit from crypto transactions has yet to gain traction.
Trump's family has long been linked with the UAE, including running golf clubs there and the current underconstructed skyscrapers.
Dubai's Trump International Hotels and Towers include luxury residences, hotels and what is billed as the best swimming pool in the world. Development announced earlier this year I'll allow it Eric Trump bought real estate in cryptocurrency.
The growing status of Dubai as a crypto hub is not without controversy. The city's real estate and financial sector has long been scrutinized to promote illegal financial flows.
Investigation by Organized Crime and Corruption Reporting Project (OCCRP) Highlighted Dubai's role as a heaven for money launderers and organized crime groups is protected by loose disclosure rules and lack of transparency.
Still, according to Konbichler, Dubai's virtual asset regulators have introduced a dedicated framework that provides “clear guidance” to businesses.
“For companies that manage large crypto assets, that kind of regulatory structure creates confidence to implement more complex strategies,” he said.
edit Sebastian Sinclair
