[Bahrain's Wealthy Kanoo Family Announces Plan to Bring $6 Trillion Trade Market On-Chain] Odaily Planet Daily reports that Abdulla Kanoo, heir to Bahrain's wealthy Kanoo family, is spearheading efforts to migrate a cross-border trade market worth approximately $6 trillion onto blockchain infrastructure. Currently, cross-border payments heavily rely on the traditional correspondent banking system, leading to long settlement cycles, limited liquidity, and unequal access to U.S. dollars. Kanoo stated that ARP Digital, the digital asset infrastructure company he co-founded, is building a settlement network aimed at facilitating capital flows between emerging economies. The goal is to reduce cross-border payment costs and reliance on intermediaries, accelerating the circulation of trade funds in the 'Global South.' According to his estimates, the trade volume between emerging markets will exceed $6 trillion by 2024, accounting for about one-quarter of global trade, and is expected to grow to $32 trillion by 2030. (CoinDesk)