Dubai's cryptocurrency DubaiCoin jumps 1000 per cent in 24 hours

Dubai has launched its own cryptocurrency -- DubaiCoin (DBIX). Based on a public blockchain, the crypto is trading on a select number of exchanges. Public blockchain will allow people to generate their own DubaiCoin by mining them. The price of the crypto rose by 1,000 per cent over the last 24 hours. According to Crypto.com, DubaiCoin was trading at around $0.17 but picked up to $1.13 on May 27.

DubaiCoin was launched by United Arab Emirates (UAE) based company Arabianchain Technology. It claims to be the first public blockchain based cryptocurrency in the Arabic world. The company said in a statement that DubaiCoin will soon be able to be used for a range of products and services both offline and online, and used in place of traditional bank-backed currencies. "Circulation of the new digital currency will be controlled by both the city itself and authorised brokers," the company said.

Indian cryptocurrency platform Polygon has been making headlines. Billionaire investor of Shark Tank fame, Mark Cuban, has invested in Polygon. Its native token Matic has crossed a market cap of over $10 billion and is now among the top 20 crypto coins in the world. Cryptocurrency prices rebounded on Friday. Bitcoin has tumbled roughly 30 per cent this month amid China's crackdown and Elon Musk's concerns on the environmental impact of crypto mining.