UAE Burency crypto exchange opens offices in Kuwait

According to Mazen in an interview with hackernoon, “Burency’s exchange is different in that it is fully insured, meaning that all asset losses due to hacking or breaches are 100% covered. This coverage is obtained from Lloyds of London based on protocol developed by a company called Nebbex. Nebbex is also based in UAE and offers the first institutional standard digital assets custody solution.”

Its insurance works with storing all crypto traded on Burency’s exchange offline in a vault located in Almas tower; the same vault used by the Dubai government. This physical vault is patent pending smart contract driven and ensures maximum security due to having the private key required for withdrawals only usable for one time.

Burency is also seeking a license for the central bank of Bahrain to operate as a regulated exchange.  As he stated, “This ultimately means that we will comply with all the laws being imposed by them including KYC, AML, and order matching.” It also announced it was seeking a license in UAE before it announced its recent office in Kuwait

In its whitepaper Burency suggested that, low liquidity could be remedied by decoupling assets from BTC and ETH paring, while popular fiat currencies and stable coin paring takes their place. This, however, eliminates the backlogs of purchasing BTC or ETH before transacting a particular asset or token. BUY - the Burency token for example will have a fiat pairing which can be purchased by directly using fiat or credit card.