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New cryptocurrency exchange launches in Kuwait
The crypto trading scene is now witnessing new entrants into the Kuwait market. Recently DigiDinar announced it has launched in Kuwait to offer real-time trading solutions to the global audience. Operated by DigiDinar Technologies Kuwait, the company claims to be a “regulated platform with a technology and brokerage license issued by the country’s Ministry of Commerce and Industry.”
Digidinar Founder Mr. Ali Ahmad started the company in February of 2019 along with Mr. N Nashanas and Mr. J Diego all of whom don’t seem to have any LinkedIn profiles.
Digidinar claims to support over 18 different cryptocurrencies and offers over 47 crypto-crypto and crypto-fiat trading pairs, with more to be added soon. It sports a robust matching engine capable of supporting 1,400,000 orders/second, making it one of the fastest exchanges in the world.
Some of the cryptocurrencies listed on DigiDinar platform include BTC, LTC, ETH, USDT, BNB, USDC, DDR, DDRT, OMG, PAX and more. It also supports credit and debit card payments along with instant local and international bank transfers, which adds to the convenience of DigiDinar users. Except for international bank transfer, deposits and withdrawals from other payment modes are processed almost immediately. However, the local bank transfers may take anywhere between one to two hours to reflect in the respective accounts.
According to the article in NewsBTC, the team behind DigiDinar is constantly innovating to bring new features and updates to its userbase so that they can have a flawless trading experience. The platform is available in both English and Arabic languages, and has its own DDRT (DigiDinar Token) which can be traded on the platform for now. DDRT is an ERC20 utility token designed for use within the DigiDinar ecosystem.
The company has also created a full-fledged Zerocoin based open-source altcoin named Digidinar (DDR), which is based on anonymous proof of stake protocol. DDR is gaining popularity in the region as a privacy-centric cryptocurrency with near-instant, full-time private transactions, fair governance, and community intelligence.
The article adds, that DigiDinar has a simplified registration process for new users. However, being a regulated platform, it requires users to furnish some personal information in compliance with the mandated AML and KYC policies. In order to encourage cryptocurrency usage among the community, DigiDinar has completely waived off the trading fee on its platform until January 1, 2021.
The platform has plans to roll out spot trading, margin trading, futures, and decentralized exchange features over the next couple of years. In addition, DigiDinar Technologies Kuwait also operates a P2P cryptocurrency exchange by the name LocalDigiDinar, where users can connect with each other to trade cryptocurrencies directly.
Mr. MBH, a community member of Cryptocurrency MENA telegram group and a crypto enthusiast told UNLOCK, ” I would be very careful in dealing with DigiDinar, they claim to offer a digital bank license yet are not under supervision of Central Bank of Kuwait.” He adds, ” Their practices seem quite poor and adhere to no proper security practices. additionally when looking at the history of their coins, I have seen huge fluctuations.”