CoinMena secures $ 9.5 million in funding round to accelerate regional expansion – News

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Dina Saman and Talal Tabbaa. – Photo provided

Investors in the cycle included Beco Capital, Kenetic, Arab Bank Switzerland, Bunat Ventures, Alameda Research, Rua Growth Fund and Girnas Capital, as well as a number of selected global angel investors.



Posted: Tue, 9 Nov 2021, 6:51 PM

Bahrain-headquartered CoinMena raised $ 9.5 million in its first round of seed funding from leading regional and international crypto and venture capital investors with the aim of dominate the Mena market further.

Investors in the cycle included Beco Capital, Kenetic, Arab Bank Switzerland, Bunat Ventures, Alameda Research, Rua Growth Fund and Girnas Capital, as well as a number of selected global angel investors.

“CoinMena’s fundraising will primarily fund further platform and product development, user acquisition and retention, and international expansion. The region has fallen behind in terms of crypto adoption, so I expect a huge increase in the percentage of Mena residents making their first crypto investment, ”said Talal Tabbaa, co-founder of CoinMena.

“Crypto is a unique asset class that takes many forms, including store of value, means of payment, financial instruments, NFTs and more. The most popular for payments are stablecoins (crypto assets tied to a traditional currency) as they offer users the speed and efficiency of crypto, but are tied to the USD, which is used to set the price of most goods and services today. Making a payment at a stablecoin like USDC is much more efficient (faster and cheaper) than paying with a credit card.

Launched in early 2021 by Dina Saman, Talal Tabbaa and Yazan Barghuthi, CoinMena was designed primarily to fill a market gap that existed for easy and secure access to crypto investments.

Today, as a fully regulated onshore crypto exchange licensed by the Central Bank of Bahrain, CoinMena has not only successfully closed the gap, but has also become the benchmark exchange, known for its rapid transactions, a wide variety of assets, excellent customer service. , and an easy-to-use mobile application. Recently, CoinMena made an agreement with the Dubai World Trade Center to build the next blockchain and crypto hub in the United Arab Emirates.

CoinMena investor Beco Capital is a technology-driven venture capitalist whose well-known investments include Mena’s three unicorns: Swvl, Kitopi, and Careem. Kenetic of Hong Kong is known for its investment in BlockFi, a leading cryptocurrency lending platform, and Securitize, a leading digital asset securities firm.

Dany Farha, Co-Founder and Managing Partner of Beco Capital, said, “We have been looking for some time to combine the strength of the team and the depth of vision that the CoinMena team set out to build. We are very happy to partner with this exceptional team to offer financial inclusion, investing and savings in a crypto native way, in a hyper-local way, while being regulated and adhering to the highest levels of governance and of compliance for all stakeholders. “

Arab Bank (Switzerland) Ltd., the sister company of Arab Bank plc, is a recognized Swiss bank offering digital asset services since 2019. Bunat Ventures is a venture capitalist and venture capitalist focused on incubation and investment in promising regional startups. Alameda Research, owned by crypto billionaire Sam-Bankman Fried, is a quantitative cryptocurrency trading company that provides liquidity in the cryptocurrency and digital asset markets.

Rani Jabban, Managing Director of Arab Bank (Switzerland) Ltd., said: “As a pioneering digital asset bank with a strong footprint in the Middle East, we believe our strategic partnership with CoinMena will pave the way for greater great adoption in the Region. “

Jehan Chu, Founder of Kenetic, said, “CoinMena is positioned for explosive growth, and Kenetic is delighted to put our vast experience and deep network to support them as they deliver superior crypto liquidity and user experience into a new era. of digital finance throughout the MENA region.

CoinMena’s registration process takes less than a minute and can be done on its simple, transparent and highly intuitive mobile app, designed for both beginners and professional traders. The exchange’s services are currently available to residents of Bahrain, UAE, Saudi Arabia, Kuwait and Oman, with a view to expanding to other countries in the MENA region.

– sandhya@khaleejtimes.com


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