Crypto Mining Firm Hut 8 Plans to Build Cryptocurrency Trading Team in Dubai

BlockBeats News, July 1st, according to Bloomberg, a Bitcoin mining company associated with the Trump family plans to establish an office in Dubai. Dubai is rapidly becoming a key center for the cryptocurrency industry due to its friendly tax and regulatory environment.

According to records from the Dubai International Financial Centre, Miami-based company Hut 8 has registered preparations to establish the office last week. A company spokesperson confirmed that a team is being assembled in Dubai, focusing on trading and cryptocurrency accumulation strategies. According to its year-end report, Hut 8 currently operates Bitcoin mining businesses in Texas and New York in the United States, as well as in Alberta, Canada.

Hut 8 is involved in a new company partially owned by Donald Trump Jr. and Eric Trump. The company, named American Bitcoin, is receiving most of Hut 8's Bitcoin mining equipment and plans to go public this year through a merger with another publicly traded company. After the merger, Hut 8 will hold 80% of the new company's shares, and several executives, including CEO Genoot, will also join the board.

A spokesperson for Hut 8 stated that the new office it is establishing in Dubai is unrelated to its partnership with American Bitcoin.