Singapore-based QCP Capital, a cryptocurrency trading firm, has entered into a strategic partnership with Further Ventures, an investment firm backed by Lunate and Mastercard, to strengthen their foothold in the Middle East's growing crypto market.

In a recent press release, QCP Capital and Further Ventures revealed their plans to collaborate on creating new financial products for crypto trading and asset custody. While specific details about the partnership are limited, it's clear that QCP aims to expand its trading services, while Further Ventures seeks to establish a more robust presence in the market with licensed broker-dealer and custodial platforms.

According to the report, QCP Capital intends to establish a presence in Abu Dhabi Global Markets, although the exact timeline for this move remains undisclosed.

In other news, Bitcoin's price has fallen below $60,000, resulting in the liquidation of $115 million in four hours.

QCP Capital's CEO, Melvin Deng, believes that the partnership will benefit both companies in Abu Dhabi, as the increasing institutional adoption of digital assets and the rapid growth of traditional assets under management present a significant and untapped opportunity.

Abu Dhabi has been a popular destination for crypto firms, with Hub71, the region's tech ecosystem, announcing a $2 billion initiative in February 2023 to support blockchain startups' development. Other companies, such as Coinbase, are also exploring opportunities in the region, having discussed a regulatory license with Abu Dhabi Global Market's Financial Services Regulatory Authority in April 2023. However, there have been no updates on the progress of these discussions. Meanwhile, Binance has chosen not to pursue an Abu Dhabi license, citing its focus on global regulatory compliance.