Holders of cryptocurrency from around the world will now be able to participate in Emirates Draw, which offers a grand prize of approximately $27.2 million (AED100 million), the organization said in a statement released on Monday as part of its partnership announcement with YottaChain.
YottaChain International Holding (based in the Dubai International Financial Center), a technology company that specializes in the decentralization of data story solutions, signed a strategic agreement with Emirates Draw to provide crypto holders with access to the draw.
The first phase will allow payments in Tether (USDT), a stablecoin, through its decentralized application (dApp). YottaChain aims to ease access for additional token in the future to enable more crypto community members to participate in the draw.
“In the fast-moving technology and entertainment sector the time was ripe to broaden our network to the cryptocurrency world, which strengthens our combined commitment towards expanding access to Emirates Draw and our ongoing conservation programs,” Emirates Draw’s Managing Partner Mohammad Behroozian al-Awadhi said in the statment.
Crypto users looking to participate in the draw will be able to do so through the dApp.
Broadcasted live every Sunday across its official website and social media channels, the Emirates Draw announced its latest batch of winners on March 20 who received a total of AED 1.7 million (approx. $465,797) in prize money.
To date, over AED 20 million (approx. $5.45 million) have been presented in prize money to over 14,000 winners since the organization’s inception in September 2021. The unique structure of Emirates Draw distinguishes it from other draws in that the grand prize remains at AED 100 million (approx. $27.2 million) until a single person or a group of people match all seven numbers from right to left, at which point the grand prize resets to AED 77 million (approx. $20.9 million).
Dubai grants crypto exchange Binance a virtual asset license for regional operationsThe world’s largest cryptocurrency exchange Binance has been granted a license to conduct some operations in Dubai, the company said on Wednesday, ... Technology
Ukraine launches website for cryptocurrency donationsThe Ukrainian government on Monday launched a website in partnership with crypto-firms FTX and Everstake that will funnel donations to Ukraine’s ... World News
Russian crypto trading continues even as sanctions tightenRussian investors appear to continue to conduct transactions in Bitcoin and other cryptocurrencies even with tightening sanctions. While the overall ... World News