Distributed Technologies Research, based in the Abu Dhabi Global Market, has announced its launch in the UAE.
This move, coupled with the licensing of its stablecoin technology to Hong Kong-based DRAM Trust, signifies the company’s commitment to “revolutionising finance through innovation”.
Stablecoins are a type of cryptocurrency that are tied to an underlying asset to support a stable, steady value. Fiat-backed stablecoins, like DRAM, are one of the most popular forms of stablecoin.
DRAM Trust’s stablecoin, aptly named DRAM, draws inspiration from Dynamic Random-Access Memory, the semiconductor memory that played a pivotal role in the microcomputer revolution. DRAM, in this case, stands for Dynamic Random-Access Money, and its creators believe it will bring about a similar revolution in the monetary system.
Akshay Naheta, the founder and chief executive officer of DTR, expressed his excitement, stating: “The launch of DTR’s business in the ADGM and the licensing of its first product to the DRAM Trust is an initial step towards our wider ambitions.
“Our technologies provide the governance, security and transparency sought by the cryptocurrency markets, while leveraging cutting-edge technology protocols.”
The cryptocurrency world is witnessing a growing appetite for non-volatile options, with stablecoins at the forefront of this trend. According to Bernstein Research, the stablecoin market is projected to grow from its current $125b valuation to a staggering $2.8t over the next five years.
DTR’s choice of DRAM Trust as its license partner was driven by the trust’s commitment to transparency, robust cybersecurity measures, and stringent audit processes, the firm said in a statement. Additionally, DRAM Trust stands out for its ability to offer a dollar-linked, market-tradeable stablecoin, attracting those seeking a stable, marketable product that isn’t denominated in the U.S. dollar.
To maintain transparency, the Trust will publish near real-time audits of its underlying reserves and the quantity of minted tokens, enhancing its appeal to investors and users alike.
DRAM coins are available on various decentralised exchanges, including Uniswap and Pancakeswap, with plans to engage with centralised exchanges and other platforms in the future.
As DTR looks ahead, the company has plans for product expansion, with the launch of a decentralised wallet solution slated for early 2024. This strategic move aims to democratise access to digital tokens, making them more accessible and versatile for users around the globe.