BitGo just opened institutional markets access to prediction contracts — and this is a signal of something bigger. The conversation around digital assets in this region is shifting from simply getting access to actually integrating into the financial system. Joining me again is Ben Choy, General Manager of MENA at BitGo. Ben, welcome back to Wall Street to Mena.
Thank you for having me back.
The conversation has shifted from access to integration. What is actually different now about what institutions want?
As we see the digital asset sector maturing in the region, we see a lot of demand from firms to actually integrate digital assets with their existing workflows — working with existing functions like treasury, compliance, and governance, and making sure the integration is as seamless as possible with traditional financial institutions. The best model of integration is something that is seamless and that the institution barely even knows is there.
You just launched OTC access to prediction markets with Susquehanna. Why do institutions need that specifically?
The intention is to give institutions the ability to get exposure to event-based contracts within a regulated institutional environment — with access to deep liquidity and bilateral settlement. It really solves the problem of them having to liquidate assets and enter a retail platform. It helps the sector mature. We see demand picking up across the region, and when the time is right, we look to further develop and mature this sector here in the Middle East.
Traditional finance firms are entering digital assets differently from crypto-native companies. What is actually different about their approach?
Crypto-native firms in the 2018 to 2021 phase really built out their own end-to-end infrastructure and ran with it. Traditional finance firms approach it differently — they work with credentialed service providers like us, or they acquire their way into the ecosystem. For them it is really about working with credible partners, maintaining oversight of the process, and making sure the technology integrates into their existing stack.
Where is the real opportunity broadening right now?
About 90% of what we see today stems from stablecoin-to-fiat type flows — businesses looking for more efficient ways to move assets around the globe. As the market develops, you start to see firms that want to do more with digital assets — integrating them into their treasury, into their financial strategies. They will generally work with credentialled institutional service providers like us to make that happen.
Is MENA following the West's adoption curve or building its own rhythm?
Structurally in the MENA region, the adoption curve will very much reflect the setup of the economy. About 90% of the population here is generally expatriate — that will always anchor the value transmission use case. And that actually builds a solid, stable foundation for the adoption of digital assets. It is very different from how other economies approach the digital asset sector. But as the sector develops, firms operating here will start to embed digital assets more and more strongly into their day-to-day operations.
If the region's financial rails are entering their next phase, what does it look like in action?
The Middle East is at a point where policymakers, technology firms, and regulators can start to look at a holistic development of the sector as a whole. The financial rails will eventually move to a point where integration with digital asset infrastructure is a given. From stablecoins acting as a settlement layer, to the end use case where the central bank operates a unified ledger together with financial institutions to ensure seamless settlement across the financial system here in the UAE.
The next phase gets measured by utility. What does real utility look like versus just headlines?
The headline-grabbing use cases we have seen here — large firms integrating with digital asset service providers to accept digital asset payments — are a very important first step. But where we should see the next phase going is companies actually embedding digital assets into their everyday operations: from treasury, from banking, from their financial strategies. Really holistically adopting digital assets on a broad-based level, no different from what they do in the traditional finance space today.
Thank you so much Ben for joining us today.
Thank you Robert. Appreciate it.
