Bahrain's wealthy family Kanoo announced that it will push the US$6 trillion trade market

Abdullah Kanoo, heir to Bahrain's wealthy Kanoo family, is pushing to relocate a cross-border trade market worth about $6 trillion to blockchain infrastructure. Currently, cross-border payments still rely heavily on the traditional correspondent bank banking system, resulting in long settlement cycles, limited liquidity and uneven access to US dollars. Kanoo said that ARPDigital, the digital asset infrastructure company it co-founded, is building a settlement network for capital flows between emerging economies, with the goal of reducing cross-border payment costs and reliance on intermediaries, and accelerating the flow of trade funds in the "Global South". According to its estimates, trade between emerging markets will exceed US$6 trillion in 2024, accounting for about a quarter of global trade, and is expected to grow to US$32 trillion in 2030.