Dubai start-up Coinmarketpedia raises $2m to fuel growth

Decentralised crypto and blockchain educational platform plans to enter new markets

Representations of cryptocurrencies Bitcoin, Ethereum and Dash. The Middle East is one of the fastest-growing crypto markets in the world. Reuters

Dubai's Coinmarketpedia, a decentralised crypto and blockchain educational platform, has raised $2 million from undisclosed private investors in a pre-seed funding round.

The funds will be used to expand the start-up's “global footprint and achieve key internal goals”, it said.

The company did not disclose which markets it planned to enter or the timeline for expansion.

The funds will also be used to enhance the features of the platform, hire industry experts and make investments towards future partnerships.

Founded in 2019, Coinmarketpedia began operations in the UAE in February this year on an invitation-only basis. It was launched to the public in April.

“The funds will not only further enable growth but it will allow us to expand on marketing and PR activities across multiple channels, and build partnerships with schools, institutes and universities,” said Shameer Thaha, chief futurist of Coinmarketpedia.

The platform will “unify all expert efforts in sharing their crypto and blockchain expertise with enthusiasts, developers, investors and traders … and that will be a hub for all crypto and blockchain professionals of the industry”, Mr Thaha said.

The Middle East is one of the fastest-growing crypto markets in the world. It received $271.7 billion worth of cryptocurrency between July 2020 and June 2021, which represents 6.6 per cent of global activity, Chainalysis data shows.

The UAE aims to double the contribution of the digital economy to its gross domestic product from 9.7 per cent to 19.4 per cent within the next 10 years.

Dubai plans to become a key player in the virtual world and is also developing a regulatory and legislative framework for the sector.

In March, Dubai adopted a law to regulate virtual assets to provide investors with a safe environment while embracing emerging technologies.

That same month, the Dubai Financial Services Authority, the regulator of the emirate’s financial centre, also published its regulatory framework overseeing crypto tokens, or cryptocurrencies, for public consultation.

Coinmarketpedia has so far hired more than 70 instructors and offers a library of more than 160 on-demand courses related to various subjects such as crypto trading and blockchain.

The platform is also developing a professional academic section and a blockchain-based certificate verification that will bring “trust and credibility” to the certifications that students gain.

The company aims to achieve a “decentralised world” in which everyone can have access to equal economic opportunity through education and knowledge sharing, it said.