Dubai gets into crypto game, DubaiCoin rises 1,000% on debut

With cryptocurrencies garnering mainstream attention, the city of Dubai, the preferred destination for shoppers, has launched its own digital token DubaiCoin (DBIX). The cryptocurrency rose more than 1,000 percent over the last 24 hours after debuting at a price of $0.17.

DBIX was listed on a number of trading platforms. Since then, most have apparently removed it, including market-leading CoinMarketCap, reported Dubai-based Khaleej Times. However, at the time of writing this copy, Crypto.com has listed DBIX at $1.13, indicating a whopping increase of 1,114 percent, with a supply of 4.26 million and a market capitalisation of $4.84 million.

According to media reports, DBIX is based on a public blockchain system, which means that the blockchain-ledger behind the currency will be maintained by the public and new coins can be created by mining them.

DBIX was launched by UAE-based Arabianchain Technology, which claims to be the first public blockchain-based in the Arab world.

“DubaiCoin will soon be able to be used to pay for a range of goods and services both in-store and online, with the clear intention for the coin to be used in place of traditional bank-backed currencies. Circulation of the new digital currency will be controlled by both the city itself and authorised brokers,” the company said in a press release.

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