Traditional banking is firmly built on regulations, with banks being among the most strictly regulated institutions in the world. The world of digital assets is based on decentralization and disintermediation. Dereck Hoogenkamp is bringing these two together, and as he told CoinGeek Backstage, he believes he can leverage the best of both worlds.
The chairman of investment and private equity firm Yalla Limited tells CoinGeek’s Becky Liggero that he is bridging banking and blockchain through his company.
“You can see that the big institutions and the banks can’t really enter this digital world, this new economy,” he told CoinGeek Backstage at the sidelines of AIBC Dubai.
Hoogenkamp’s firm understands just how stringent banking regulators are, and as such, it’s fully compliant. It has licenses to offer custody, escrow services, PSP services, exchange services, credit card systems, insurance coverage, stablecoins backed by physical U.S. dollars that are audited live, and more.
“We have all these stuff in one platform, and it’s something no one has done before,” he noted.
Hoogenkamp, who is a big fan of the metaverse, also discussed the rise of Dubai as a blockchain hub. The city has become a global destination for all things blockchain, including hosting some of the biggest events in the space, most recently the BSV Global Blockchain Convention. In addition, the city has integrated blockchain into its public service and systems on a scale that no other city globally has achieved.
“It’s completely insane. Everyone is moving here. Dubai is the new hub for blockchain and crypto,” he observed.
According to Hoogenkamp, Dubai’s rise to the top is not a fluke. After all, the city has been working to attract the tech world for some time now, and its rise is just the fruition of its hard labor, he told CoinGeek Backstage.
As CoinGeek reported, Dubai’s rise is a combination of factors that include heavy investment in blockchain initiatives by both the government and the private sector, as well as the promulgation of enabling laws.
Watch: AIBC Dubai 2022 highlights: Akon, play to earn games & using blockchain tech to do good
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