Home Startups UAE’s real estate firm MAG partners CoinMENA to facilitate real estate purchases using crypto

UAE’s real estate firm MAG partners CoinMENA to facilitate real estate purchases using crypto

by James Musoba
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MAG, a real estate developer in the UAE, has partnered with CoinMENA, a crypto asset service provider in the Middle East and North Africa (MENA), to facilitate real estate purchases using cryptocurrencies and further accelerate the growth of Dubai’s new economy.

Under this agreement, MAG will accept stablecoins, including USDT and USDC. By allowing retail and institutional investors to connect their bank accounts with their CoinMENA wallets directly, the platform provides access to crypto asset investment options.

According to Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG: “We are delighted to sign this agreement with CoinMENA to accept cryptocurrency transactions through its state-of-the-art platform. It is crucial for us to evolve, address current market dynamics, and meet the surpassing demands of our valued investors, who aim to convert their profitable gains into tangible assets using digital currency. As a catalyst for Dubai’s real estate industry, we will spare no effort to progress upon the emirate’s digital economy and consolidate its prominent global position.”

Launched in early 2021 by Dina Saman, Talal Tabbaa, and Yazan Barghuthi, CoinMena, CoinMENA is a Bahrain-based cryptocurrency financial services company that is regulated and licensed by the Central Bank of Bahrain as a crypto asset service provider – category 3.

CoinMena’s sign-up process takes less than a minute and can be performed on its simple, seamless, and highly intuitive mobile app, which is designed for both beginners and professional traders. The exchange’s services are currently available to residents of Bahrain, UAE, Saudi Arabia, Kuwait, and Oman, with a view to expanding to other countries in the Mena region.

In November last year, the Bahrain-headquartered firm secured $9.5 million in its first seed funding round, from top regional and international investors in the crypto and venture space, in a move to further dominate the Mena market.

Investors in the round included Beco Capital, Kenetic, Arab Bank Switzerland, Bunat Ventures, Alameda Research, Rua Growth Fund and Girnas Capital alongside a number of select global angel investors. Alameda Research, owned by crypto billionaire Sam-Bankman Fried, is a quantitative cryptocurrency trading firm that provides liquidity in cryptocurrency and digital assets markets.

The fundraise was to mainly fund the further development of the platform and product, user acquisition and retention as well as international expansion. The fully regulated, onshore crypto exchange licensed by the Central Bank of Bahrain, CoinMena has not only successfully bridged the gap but also become the go-to exchange, known for its prompt transactions, a wide variety of assets, excellent customer service, and easy-to-use mobile app. Recently, CoinMena entered into an agreement with the Dubai World Trade Centre to build the next blockchain and crypto hub in the UAE.

In July this year, CoinMENA, expanded into Egypt from its base in Bahrain allowing users in Egypt to open accounts on the platform and access all its services, including connecting their bank accounts to their CoinMENA wallets, allowing them to deposit and withdraw funds directly and safely.

This is the latest in the series of expansions by the Bahrain-based cryptocurrency exchange after just one year of operations. CoinMENA now supports residents from seven countries, including Bahrain, UAE, KSA, Kuwait, Oman, Qatar, and now Egypt.

CoinMENA’s Founders, Talal Tabbaa and Dina Sam’an, commented in a joint statement: “We are excited to announce this agreement with MAG as it signals to the market that crypto adoption is growing and becoming a viable exchange medium to purchase ‘real world’ assets.”

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