MAG PARTNERS WITH COINMENA TO FACILITATE PROPERTY TRANSACTIONS USING CRYPTOCURRENCY

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• The developer aims to create new avenues for investors to diversify their investment portfolio via digital assets and further boost Dubai's thriving economy

DUBAI, UAE, Dec. 15, 2022 /PRNewswire/ -- MAG, the leading real estate developer in the UAE, has signed an agreement with CoinMENA, a leading crypto asset service provider in the Middle East and North Africa (MENA), to facilitate real estate purchases using cryptocurrencies and further accelerate the growth of Dubai's new economy. Under this agreement, the developer will accept stablecoins, including USDT and USDC.

CoinMENA is a Bahrain-based cryptocurrency financial services company that is regulated and licensed by the Central Bank of Bahrain as a crypto asset service provider - category 3. By allowing retail and institutional investors to connect their bank accounts with their CoinMENA wallets directly, the platform provides access to crypto asset investment options.

In his comments, Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG, said: "We are delighted to sign this agreement with CoinMENA to accept cryptocurrency transactions through its state-of-the-art platform. It is crucial for us to evolve, address current market dynamics, and meet the surpassing demands of our valued investors, who aim to convert their profitable gains into tangible assets using digital currency. As a catalyst for Dubai's real estate industry, we will spare no effort to progress upon the emirate's digital economy and consolidate its prominent global position."

CoinMENA's Founders, Talal Tabbaa and Dina Sam'an, commented in a joint statement: "We are excited to announce this agreement with MAG as it signals to the market that crypto adoption is growing and becoming a viable exchange medium to purchase 'real world' assets."

About CoinMENA:

Headquartered in the Kingdom of Bahrain, CoinMENA is a crypto asset service provider that is regulated and licensed by the Central Bank of Bahrain (CBB) as a crypto asset service provider (category-3). CoinMENA seeks to empower new and seasoned investors in the MENA region who want access to crypto asset investment options by allowing them to participate in the new digital economy. Through CoinMENA, investors can buy, sell, store, and receive digital assets safely and securely, as well as deposit and withdraw in their local currency. Through competitive fees, high liquidity, and an educational approach, CoinMENA aims to be the simplest and most trusted digital assets platform in the region.

SOURCE MAG