Crypto exchange KuCoin recently released a report that claims that the adoption of cryptocurrencies is surging in Saudi Arabia. According to the report, more than three-quarters of crypto investors in the region have joined the part in the past year. And two-thirds of those, or just under half of all Saudi Arabian crypto investors came onboard in the past six months. More than a third of all crypto investors in the region are under the age of 30.
So what’s causing the surge in interest in crypto buying in Saudia Arabia? More than 80% say they get their info from YouTube and Twitter. And what are they buying? Here are four cryptocurrencies being snapped up by Saudis.
Uniglo is a DeFi platform and DAO that is building a community of like-minded crypto investors. The GLO token is currently in presale mode and the platform is scheduled to launch in mid-October. The idea of Uniglo is that a portion of everyone’s stack is added to a treasury that is used to invest in a diverse portfolio of assets. These can include cryptocurrencies and NFTs as well as real-world assets such as gold, art, and collectibles that have been tokenized. All investments are voted on by the community. However, voting isn’t mandatory. You could just sit back and let the crowd do the work.
Not only does GLO tokenomics heavily favor pre-launch investors with several burns leading up to launch, it also offers a double-layer burn mechanism that makes the circulating supply eternally deflationary.
Essentially, Uniglo offers an easy way to invest in a diverse basket of assets. The simplicity of the program gives GLO a real shot at being the first DeFi token to see mass adoption.
You can get in on the private presale at the Uniglo.io website.
The Fantom blockchain (not to be confused with the Phantom wallet) is custom-built for DeFi platform development. It allows devs to create their own ledgers rather than relying on one shared ledger. There are now 150 independent platforms with their own Fantom blockchains. This also makes Fantom ideal for enterprise use cases such as supply chain management and smart city programs. As of February 2022, FTM had a total value locked (TVL) of over $10 billion.
Bitcoin is the apex cryptocurrency and the most desirable worldwide. It’s no different in Saudi Arabia. Bitcoin is built mainly to act as a store of value. Because of it’s scarcity Bitcoin is often referred to as “digital gold.” Currently, one bitcoin is worth about 13 times as much as an ounce of gold and many analysts are saying that the price of BTC could rise by 10 to 39 X before the decade is over. Bitcoin is overdue for a supply shock. About two-thirds of the circulating supply has not even budged during this bear market.
SpookySwap is a decentralized exchange similar to Uniswap, SushiSwap, and PancakeSwap that runs on the Fantom network. In fact, it was created using Uniswap V2 open-source code. However, this automated market-making (AMM) exchange offers a few extra bells and whistles such as limit orders. All gas fees are paid in FTM. The price of BOO seems to have bottomed and has more than doubled in recent months.
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