Dubai has taken significant steps towards a cashless economy by signing an agreement with Crypto.com to possibly use cryptocurrencies for government services. Coinbase is also set to make history by joining the S&P 500 index.
Steps Towards a Cashless Economy
During the Dubai Fintech Summit, an agreement was signed with Crypto.com that will enable cryptocurrency payments for government services. This is part of Dubai's cashless payment strategy first introduced in October 2024, expected to add 8 billion dirhams to the economy.
Coinbase Joins the S&P 500
Coinbase will become the first cryptocurrency company included in the S&P 500 index, replacing Discover Financial Services, recently acquired by Capital One. This inclusion highlights the growing acceptance of cryptocurrencies in traditional finance, with Coinbase shares having jumped by 10.94% in after-hours trading.
Coinbase's Cautious Investment Strategy
While considering significant Bitcoin investments, Coinbase has opted for a more cautious approach to maintain its financial stability. The firm holds nearly 9,500 BTC and is expanding into the derivatives market with a $2.9 billion acquisition of Deribit.
These developments illustrate the significant progress that both Dubai and Coinbase are making towards embracing cryptocurrencies and cashless payments in the traditional economy.
