Bahrain’s royal Kanoo family announces plans to bring the $6 trillion trade market on-chain

Odaily reported that Abdulla Kanoo, heir to the Bahraini billionaire Kanoo family, is pushing to migrate a cross-border trade market worth approximately $6 trillion onto blockchain infrastructure. Currently, cross-border payments still rely heavily on the traditional correspondent banking system, resulting in long settlement cycles, liquidity limitations, and uneven access to US dollars.

Kanoo stated that ARP Digital, the digital asset infrastructure company he co-founded, is building a settlement network for capital flows between emerging economies. The goal is to reduce cross-border payment costs and dependence on intermediaries, accelerating the flow of trade funds in the “Global South.” According to his estimate, in 2024, trade between emerging markets exceeds $6 trillion, accounting for about one quarter of global trade, and is expected to grow to $32 trillion by 2030. (A certain exchange)