MAG, CoinMENA partner to facilitate real-estate transactions using cryptocurrency
- ByStartupStory | December 19, 2022
MAG, an Abu Dhabi-based real estate developer, has announced a deal with CoinMENA, a Bahrain-based crypto asset service provider in the Middle East and North Africa (MENA) area.
The deal was made to facilitate the usage of Bitcoin in real estate acquisitions, according to a press statement provided by Zawya. With this collaboration, MAG will accept stablecoins such as USDT and USDC. The joint goal is to accelerate the expansion of Dubai’s new economy, according to the announcement.
Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG, stated in a statement that the developer must handle current market dynamics and meet the requests of its investors, who want to diversify their portfolios through digital assets.
The Central Bank of Bahrain (CBB) regulates and licenses CoinMENA as a crypto asset service provider (category 3). It gives retail and institutional investors direct access to crypto asset investment possibilities by allowing them to link their bank accounts to their CoinMENA wallets.
CoinMENA’s founders, Talal Tabbaa and Dina Saman noted that the relationship between MAG and CoinMENA marked the rise of crypto acceptance and proved that it becoming a “viable exchange medium” for the acquisition of “real world assets”.
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