- Unchained Podcast hosts speculate the next crypto market maker to appear in the Middle East.
- The hosts observe that both Binance and Coinbase are situated in the region.
- Singapore also suggested as a possibility, citing its capital and capital markets.
Blockchain insiders speculate that the next crypto market maker will appear in the Middle East. Tarun Chitra and Haseeb Qureshi, managing partners at Robot Ventures and Dragonfly, respectively, and hosts of the Unchained Podcast, speculated about this in a recent episode of their show.
Chitra extolled the virtues of the open global market, where departing market makers will always be replaced by new ones.
The nice thing about the open global market of crypto is that there is always someone else who will show up. I do think that even if the biggest market makers leave, there’s going to be a new exchange or someone else. There are going to be new market makers from that jurisdiction, that region in the world.
Specifically, Chitra suspects that it will be somewhere in the Middle East. Qureshi agreed with the speculation, pointing out that Binance and Coinbase are currently in the region. “There’s a ton of government incentives also to move [in the Middle East]. So I wouldn’t be surprised if whoever takes over from the US firms retreating is going to be based there,” said Chitra.
“The UAE is really serious about courting the crypto industry,” observed Qureshi. He pointed out that the next market maker may be in either Singapore or MENA, which have capital and capital markets. “… but also, they have this view on the space that is very positive. Even in spite of FTX and all the other stuff happening, they believe in the stuff.”
The Jane Street and Jump Trading news prompted the discussion for new market makers in the Unchained Podcast. According to recent reports, both Jane Street and Jump Trading were retreating from the American crypto market. This news did not sit well with the crypto community, which blamed the Securities and Exchange Commission (SEC) for its hostile stance toward crypto.