A utility token based on nickel is set to be launched in Dubai in a move designed to cash in on the metal’s increasing importance in the global economy.
As the leading component in electric vehicle batteries, nickel has been described as more important than gold.
The Nikel utility token has been developed by Dubai-based fintech NewTek.
It will be listed on EU-based exchange Digital Financial Exchange and on Coinstore, a crypto exchange based in Singapore.
According to NewTek chief executive Safi Qurashi, the token will “positively impact exploration, mining, product manufacturing and research and development for all things nickel”.
Qurashi added that the decision to launch the token in Dubai was in view of the Emirate’s status as “an emerging crypto hub dedicated to developing a regulatory ecosystem for the growth of the domestic crypto sector”.
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