CoinMENA expands crypto exchange to Egypt
“The potential in Egypt is massive. Crypto can provide 100 million Egyptians with access to premium financial services”, said founder Talal Tabbaa.
CoinMENA has announced the expansion of its digital assets exchange services to Egypt, thus allowing local residents to open accounts on the platform and connect their bank accounts to their CoinMENA wallets in order to deposit and withdraw funds directly.
The Bahrain-headquartered company was born with a focus on the Middle East and North Africa region, a mission highlighted by its brand name.
Onboarding citizens and residents of Egypt comes as a natural development for the crypto trading firm based in Bahrain which has been launched a year ago.
Egypt has one of the highest crypto adoption rates in MENA
CoinMENA now supports residents from seven countries, including Bahrain, UAE, KSA, Kuwait, Oman, Qatar, and now Egypt.
Dina Sam’an and Talal Tabbaa, founders at CoinMENA, commented: “We are excited to be able to onboard residents of Egypt to our platform from our base in Bahrain. Egypt has the largest population and one of the highest crypto adoption rates in the region. This brings us a step closer towards our goal of providing access to digital assets throughout the MENA region.”
“Our ability to onboard residents of Egypt significantly increases our total addressable market. We plan to continue working closely with regulators to be able to expand our services to different markets and enable people to have safe exposure to digital assets”. Dina Sam’an continued.
“The potential in Egypt is massive. Crypto can provide 100 million Egyptians with access to premium financial services”, Talal Tabbaa added.
CoinMENA taps Visa and UAE license
CoinMENA has recently partnered with Visa to offer a host of exclusive services, including the CoinMENA Visa Card, which can be used with millions of merchants worldwide.
The platform also introduced new features, such as limit order trading and USDT withdrawals via the TRON network.
In June, CoinMENA bagged its third license from the UAE. The firm obtained an in-principal approval from the Virtual Asset Regulatory Authority (VARA) that allows it to offer exchange products and services to pre-qualified investors and professional financial service providers under strict oversight and mandatory FATF compliance controls.
CoinMENA is backed by BECO Capital, Kenetic, Arab Bank, Bunat Ventures, and Alameda Research, having raised $9.5 million from then in a funding round in September 2021.
Hong Kong’s Kenetic is known for its investment into BlockFi, a leading crypto lending platform, and Securitize, a leading crypto asset securities firm.
Arab Bank (Switzerland) Ltd., the sister company of Arab Bank plc, is a recognized Swiss Bank offering Digital Assets services since 2019.
Bunat Ventures is a venture builder and VC firm focused on incubating and investing in promising regional startups.
Alameda Research, owned by crypto billionaire Sam-Bankman Fried, is a quantitative cryptocurrency trading firm that provides liquidity in cryptocurrency and crypto assets markets.