Cryptocurrency Exchange CoinMENA Launches Services in Egypt
Fazzaco learned that CoinMENA, a cryptocurrency exchange headquartered in the Kingdom of Bahrain, has launched its services in Egypt. As a result, the exchange now supports residents from seven countries, including Bahrain, UAE, KSA, Kuwait, Oman, Qatar, and Egypt.
Citizens and residents of Egypt can open accounts on the platform and deposit and withdraw funds by connecting their bank accounts to their CoinMENA wallets.
This is a natural process for CoinMENA to expand to Egypt as it was born with a focus on the Middle East and North Africa region. Earlier in 2021, the company acquired a "Crypto Asset Services Company License – Category 2" from the Central Bank of Bahrain (CBB).
CoinMENA Founders Dina Sam'an and Talal Tabbaa commented in a joint statement, "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," 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."
"The potential in Egypt is massive," Tabbaa added, "Crypto can provide 100 million Egyptians with access to premium financial services."
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