CoinMENA Expands its Crypto Exchange Offering to Egypt
CoinMENA, a leading Middle East and North African cryptocurrency exchange platform have announced the expansion of its digital asset exchange services to Egypt. Egyptians will be able to open accounts on the platform and connect their bank accounts to their CoinMENA wallets to deposit and withdraw funds directly.
True to its name, the Bahrain-based company focuses on the Middle East and North Africa region. This expansion adds to the platform’s international expansions in its first year of operation, thus, supporting residents from seven countries, including the UAE, KSA, Kuwait, Oman, Qatar, and now Egypt.
Dina Sam’an and Talal Tabbaa, CoinMENA Founders in a joint statement said, “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.”
Also, the MENA-based exchange platform has added several new features recently. CoinMENA has equally entered into a partnership deal with Visa to offer the CoinMENA Visa Card, which can be used by millions of merchants worldwide, and limiting order trading and USDT withdrawals via the TRON network.
“Our ability to onboard residents of Egypt significantly increases our total addressable market,” said Sam’an. “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.”
CoinMENA is Well Position for the Region
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, as well as Alameda Research, having raised $9.5 million from then in a funding round in September 2021.
Egypt with a population of about 102 million people has one of the highest cryptocurrency adoption rates in the Middle East and North Africa region. Remittances from Egyptian expatriates are expected to grow at a faster pace in 2022, rising by 8% compared to 6.4% last year, according to the World Bank’s latest forecast (pdf). CoinMENA entrant into the Egyptian market will contribute favorably to the country’s financial inclusion policy.
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