Even with fluctuations, cryptocurrency is growing in value: in September 2017, one bitcoin was worth $4,200. Photo by George FreyGetty Images

Nomadic and The Token Fund announced a new strategic partnership that will see the fund set up its new regional office in Dubai alongside Nomadic.

The move comes as The Token Fund seeks to expand its operation and offerings into the Middle East and North Africa (MENA).

Nomadic is now the official and exclusive distributor of The Token Fund’s services throughout the region.

While cryptocurrency has exploded in popularity in the West in the past decade, MENA is starting to wake up to the potential that the blockchain and its disruptive, decentralized nature has to offer not only to the tech savvy professionals and institutional investors but also to everyone in the market.

“It is my pleasure to announce Nomadic’s new partnership with The Token Fund, something which we are very excited about.” said Ziad Ghosn, the CEO of Nomadic.

"This is a significant step forward for the development of the industry of crypto-assets management in the MENA area. As an official partner, we will be using all our assets to encourage institutional and private investments to The Token Fund in the region.”

“Dubai, one of the key global trading hubs, has been built upon creation of a lucrative environment for business. We in The Token Fund have been following a similar strategy," says Vladimir Smerkis, co-founder and managing partner at The Token Fund.

“Now, with the government’s new ambitious plan to create the first blockchain-powered economy, we believe Dubai is likely to pioneer the industry agenda globally in the coming years. We see it as a key ground for The Token Fund development in MENA region.”