In a significant development for the world of cryptocurrency, Distributed Technologies Research (DTR) has recently launched DRAM, a Dirham-backed stablecoin that seeks to provide a unique investment opportunity linked to the United Arab Emirates’ native currency. This groundbreaking initiative, led by Akshay Naheta, the founder and CEO of DTR and a former MIT alumnus and SoftBank executive, aims to address the challenges faced by countries grappling with high inflation environments by offering exposure to assets tied to the stable UAE Dirham.

DRAM, which is now listed on popular Decentralized Finance (DeFi) protocols Uniswap and PancakeSwap, represents a remarkable step forward in the world of cryptocurrency. DTR, originally founded in Switzerland in 2019, has undergone a significant transformation under Naheta’s leadership, relocating to Abu Dhabi in October 2022 to focus on developing this innovative Dirham-backed stablecoin.

This Ethereum-based ERC-20 token, DRAM, is issued by DRAM Trust, a Hong Kong law-governed trust. An independent trustee responsible for approving token mints and burns operates under the regulatory oversight of the Hong Kong Monetary Authority. To ensure compliance with regulatory parameters, Dirham fiat reserves must be deposited before minting any DRAM tokens, with these reserves being held by regulated financial institutions.

While DRAM is not yet available in Hong Kong or within the United Arab Emirates, ongoing discussions are underway to provide token liquidity for listing on centralized exchanges outside of these two jurisdictions. The DRAM website provides links to the stablecoin’s smart contract addresses for Ethereum, BNB, and Arbitrum, with each contract reflecting a specific total supply.

DTR’s journey towards the creation of DRAM is rooted in its earlier endeavors. Four years ago, the foundation launched Distributed Technologies Research in Switzerland, subsequently developing a decentralized payments system known as Unit-e. This ambitious project brought together academics and developers through partnerships and grants with esteemed academic institutions like Stanford, MIT, and the University of Illinois.

Akshay Naheta, who played a crucial role in founding DTR during his tenure at SoftBank, reminisces about the original aspirations of DTR: “The original ambition back in 2019 was also to disrupt payments and to create a protocol that would have very high throughput with significant cost efficiency.” The Unit-e project, while not active since 2019, exemplifies the foundation’s commitment to pioneering innovations in the cryptocurrency space.

The team currently working on the development of DRAM comprises approximately 30 permanent staff and contractors. While DTR may not be able to market DRAM directly in the UAE, the firm anticipates strong demand from companies in the region grappling with high inflation and currency-related challenges. Naheta attributes the link to the AED (Dirham) to the UAE’s robust economy and the growing interest in stable, digital asset investment options within the region.

The United Arab Emirates has been emerging as a hub for the nascent cryptocurrency and broader Web3 space, thanks to its favorable regulatory frameworks that encourage financial innovation and the adoption of digital assets. Prominent exchanges like Coinbase have openly discussed their future operations within the jurisdiction, while industry giant Binance has already established its presence in Dubai.

In conclusion, the launch of DRAM represents a groundbreaking development in the world of cryptocurrency, offering a stable and secure investment option linked to the United Arab Emirates’ Dirham. With its roots in the innovative work of Distributed Technologies Research and the visionary leadership of Akshay Naheta, DRAM has the potential to reshape the investment landscape in countries facing high inflation environments. As the cryptocurrency market continues to evolve, DRAM stands as a testament to the power of blockchain technology in addressing real-world financial challenges and opening up new avenues for investors worldwide.