“There are a lot of cowboys out there,” warns Naser Taher, chairman of Dubai-headquartered MultiBank Group, as he explains his vision for a full-service cryptocurrency exchange that offers credibility and trust. Taher, who is launching the exchange and a larger cryptocurrency ecosystem with his son Zak Taher, believes there is huge potential for such a platform. “No other financial institution can offer everything we offer in one place,” he insists.
Already, the MultiBank group has launched MEX Digital, where Zak is COO; it is a global digital asset exchange that offers to trade over 20 of the world’s leading cryptocurrencies. The group also created MEX Pay, an electronic money institution providing online banking services to individuals and businesses, enabling customers to conduct transactions and banking in traditional currency as well as in cryptocurrency. The companies are backed by MEXD, the group’s native coin the Tahers are launching – it will run on the Ethereum blockchain and serve as a utility token that ensures the interoperability of MultiBank’s ecosystem.
“We wanted to set up a fully regulated crypto exchange,” says Zak, who has focused on the project for much of the past four years. These plans began to take shape last year with the approval of MultiBank to establish a digital monetary institution in Australia. “Our goal is to help overcome some of the stigma attached to cryptocurrency,” he says of perceptions that the industry is populated by skillful sales teams who deliver get-rich-quick schemes. that could just as easily impoverish you quickly.
Zak’s dad has certainly encountered some of these shady operators during his varied business career. It’s fair to say that Taher entered the cryptocurrency space on a more roundabout path than other innovators in the digital finance market. Trained in Britain, he joined his family business in Jordan in the late 1970s before moving on to embark on a series of entrepreneurial ventures – from managing the construction of a 180 km highway between Jordan and Iraq to running a meat packing company in Ireland. .
His career spans periods of managing logistics companies and airlines, and he has also worked as an advisor to the Chinese government. “It wasn’t always easy, but I’m a good fighter,” Taher remembers. “Today, I still work six days a week; it’s ok as long as i can swim every morning.
Of all these companies, however, MultiBank has become the largest and most successful of Taher’s companies. Founded in California in 2005, the group has grown to become one of the largest online merchandisers in the world; its customer base has grown to 320,000 customers in 90 countries around the world and the group’s daily trading volumes – including currencies, commodities, metals, stocks and contracts for difference (CFDs) – now total approximately $ 9 billion.
However, the metric that Taher is particularly keen to point out is different. “We are regulated by 11 different regulators, and three more will be available soon,” he says. “Our overall strategy is to adopt regulations and best practices. “
The company sees this as a crucial point of difference, given its strength in a market that sometimes attracts those who are tempted to play fast and by the rules. The fact that so many groups active in this market are based in offshore jurisdictions, especially when it comes to CFDs, should make investors think about liability and redress if something goes wrong, says Taher.
This brings Taher and his son back to the question of credibility. “We have the MultiBank brand advantage,” Zak says of the group’s cryptocurrency plans. “The market has changed dramatically over the past four years, but credibility remains an issue. “
In such a context, the Taher believe there will be a huge demand among investors – individuals, businesses and institutions – for something akin to a one-stop-shop in cryptocurrency. MultiBank’s platform allows its clients to trade their preferred crypto assets, but also offers secure custody services. And when they want to cash in their profits, they can spend the money, in crypto or traditional currency, directly from their accounts.
There are many more services to come. MultiBank has plans for an NFT market, responding to the growing interest in music and art tokens, as well as a new market that places commercial value on the performance of sports stars. He sees a great opportunity for trust accounts, allowing families to create and fund accounts with digital assets to plan for children’s futures. It is also developing applications in real estate.
The idea is that customers who are used to doing business with MultiBank, but now want to try their hand at cryptocurrency trading and related services, shouldn’t have to go elsewhere to do so. The Taher believe their customers want to do business with a company they know and trust. “If you want to get into cryptocurrency but don’t know how, you can come to MultiBank and still sleep at night,” says Zac.