Singapore-based crypto trading firm QCP Capital has signed a strategic partnership agreement with Further Ventures to double down on the Middle Eastern markets.

Asia’s crypto trading firm QCP Capital revealed a partnership agreement with Further Ventures, an investment firm backed by Lunate and Mastercard, to dive deeper into the Middle East, as institutional investors in the UAE signal more interest in crypto.

In a press release shared with crypto.news, QCP and Further Ventures said they are teaming up to create new financial products not just for trading, but also for safekeeping crypto assets. Although specific details about the partnership remain sparse, it’s clear that QCP wants to expand its trading services, which it’s been offering in the Asian market, while Further Ventures wants to deepen its presence on the market with licensed broker-dealer and custodial platforms.

According to the report, QCP plans to set up shop in Abu Dhabi Global Markets, although the timetable for the move was not revealed.

QCP Capital CEO Melvin Deng says the partnership will help both companies grow in Abu Dhabi, as increased institutional adoption in digital assets “combined with exponential growth of traditional AUM [assets under management] present a compelling and untapped opportunity.”

Abu Dhabi has been attracting attention from crypto firms for some time now. In February 2023, the region’s tech ecosystem, Hub71, announced the Hub71+ Digital Assets initiative, allocating $2 billion to support the development of blockchain startups.

Beyond QCP Capital, other companies are also exploring opportunities in the region. In April 2023, crypto.news reported that Coinbase was in discussions with Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) for a regulatory license. However, no updates have been made since then regarding the progress of these discussions. Meanwhile, Binance decided not to pursue an Abu Dhabi license, citing its focus on global regulatory compliance.