Bybit has announced the establishment of its international headquarters in Dubai, United Arab Emirates (UAE). Bybit is now the second-largest exchange in the MENA (Middle East and North Africa) region, solidifying the company’s dedication to expanding its presence in the region.

Bybit has approximately 15 million users worldwide and is the third most visited cryptocurrency exchange in the globe. The company intends to add 100 new employees to its Dubai headquarters and will relocate approximately 80 employees from Hong Kong and Singapore.

Ben Zhou, co-founder, and chief executive officer of Bybit, stated that the company is expanding its marketing, community, and business development departments, among others. Additionally, the company intends to collaborate with local universities to conduct hackathons and offer internships to members of the local community. Bybit’s relocation to Dubai is in response to the Dubai government’s announcement of a Golden Visa for 100,000 programmers to bolster the local talent pool.

Dubai has taken a progressive stance on the adoption of cryptocurrencies, with the UAE central bank launching a digital currency initiative just recently. In addition, the Virtual Asset Regulatory Authority (VARA) released a framework for virtual assets in February with the intention of promoting economic sustainability and assuring financial security across borders.

Bybit’s expansion into Dubai demonstrates the company’s dedication to increasing its global footprint and user base. The action also demonstrates the increasing mainstream acceptance of cryptocurrencies as a viable asset class for investment purposes.