Islamic cryptocurrency trading platform CoinMENA has expanded its services to Egyptian investors from its home base of Bahrain, bringing the number of markets it serves to seven.
Through the latest expansion, users in Egypt will be able to open accounts on the platform and access its services including connecting their bank accounts to their CoinMENA wallets.
“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 toward our goal of providing access to digital assets throughout the MENA region,” commented CoinMENA Founders Dina Sam’an and Talal Tabbaa.
“Our ability to onboard residents of Egypt significantly increases our total addressable market,” continued Dina. “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.”
“The potential in Egypt is massive,” Talal added. “Crypto can provide 100 million Egyptians with access to premium financial services.”
This latest development follows CoinMENA securing a provisional license from Dubai’s Virtual Assets Regulatory Authority and an EU license. Since being in operations a year ago, the firm has focused on expanding geographically as well as its services. It recently partnered with Visa to offer a slew of services including the CoinMENA Visa Card.
CoinMENA is one of two Shariah compliant cryptocurrency exchanges licensed by the CBB, the other being Rain. CoinMENA last September secured US$9.5 million in funding, backed by the likes of BECO Capital and Kenetic, among others.