Share this article
UAE's First Bitcoin Startup Shuts Down
Bitcoin payments firm YellowPay has shut down according to members of its founding team.
By Pete Rizzo
Updated Sep 11, 2021, 12:17 p.m. Published May 24, 2016, 2:44 p.m.
Make us preferred on Google
Bitcoin payments firm YellowPay, by some accounts the first industry startup in the Middle East, has shut down for undisclosed reasons according to members of its founding team.
Forming in 2014, YellowPay had sought to promote bitcoin as an e-commerce solution in the Middle East, enlisting a former managing director for PayPal as a senior advisor.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Despite this traction, other sources suggested the startup faced issues with its business model, including a decision to continue to emphasize the benefits of digital currency for online payments, a business strategy that has fallen out of favor with the industry and investors.
Still, the revelation comes amid a positive news cycle for the technology in the region, with the Dubai government officially partnering to host Keynote 2016, a blockchain-focused conference to be held 30th May.
Further, the news comes as another Yellow founder and former advisor Ola Doudin raised an undisclosed seed round for a regional startup called BitOasis. Investors in the deal include MENA-focused VC firm Wamda Capital and regional payment processor PayFort.
Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in YellowPay.
Dirhams image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
How a 'perpetual’ stock trick could solve Michael Saylor’s $8 billion debt problem
The bitcoin treasury firm is using perpetual preferreds to retire convertibles, offering a potential framework for managing long-dated leverage.
What to know:
- Strive upsized its SATA follow on offering beyond $150 million, pricing the perpetual preferred at $90.
- The structure offers a blueprint for replacing fixed maturity convertibles with perpetual equity capital that removes refinancing risk.
- Strategy has a $3 billion convertible tranche due in June 2028 with a $672.40 conversion price, which could be addressed using a similar preferred equity approach.
Top Stories
