Dubai Royal Backs $1.5B Bitcoin Plan Managed by Coinbase
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Standard Asset Company opened headquarters in Abu Dhabi to run a Bitcoin plan combined with UAE real estate. Coinbase Asset Management will act as the sole manager of the firm’s Bitcoin holdings. A member of Dubai’s ruling family is listed among the company’s advisers and shareholders. The company has not said how much Bitcoin it owns or plans to buy. Standard Asset Company (SAC), a UAE proprietary investment firm that counts a member of Dubai’s ruling family among its shareholders, has appointed Coinbase Asset Management as the exclusive manager of its Bitcoin holdings.
Source: Crypto News Flash
