Bahrain-based cryptocurrency trading platform CoinMENA has received a seed investment of $9.5 million to expand its operations in the North African and Middle East markets.
According to the statement made by CoinMENA, BECO Capital, Kenetic, Arab Bank Switzerland, Bunat Ventures, Alameda Research, Rua Growth Fund and Girnas Capital and a group of angel investors participated in the investment round.
CoinMENA, established this year and licensed by the Central Bank of Bahrain; In addition to Bahrain, it operates in the markets of the United Arab Emirates, Saudi Arabia, Kuwait and Oman.
Rani Jabban, Managing Director of Arab Bank Switzerland, said that cryptocurrencies are in the Middle East thanks to their strategic partnership with CoinMENA. “more adoption” He thinks he can start.
Under the management and subsidiary of Arab Bank approximately $5 billion in assets Swiss-based Arab Bank Switzerland, which has since 2019 is operating.
CoinMENA’s founders talk about the investment received, interested in cryptocurrencies in North Africa and the Middle East that the number of individual and institutional investors is “rapidly increasing” and stated that this is a positive development for the crypto money industry.
Earlier last month, CoinMENA reached an agreement with the Dubai World Trade Center to create a crypto asset and blockchain hub in Dubai.