MAG, CoinMENA partner to facilitate real-estate transactions using cryptocurrency

UAE-based real estate developer MAG has signed an agreement with CoinMENA, a Bahrain-based crypto asset service provider in the Middle East and North Africa (MENA) region.

According to a press release shared by Zawya, the agreement has been signed to facilitate the use of cryptocurrency in real estate purchases. With this partnership, MAG will accept stablecoins, including USDT and USDC. The shared idea is to further spur the growth of Dubai’s new economy, added the release.

In a statement, Talal Moafaq Al Gaddah, Senior Executive Vice Chairman, MAG, highlighted the need for the developer to address the current market dynamics and meet the demands of its investors who wish to diversify their portfolio via digital assets.

CoinMENA is regulated and licensed by the Central Bank of Bahrain (CBB) as a crypto asset service provider (category-3). It avails access to crypto asset investment options by allowing retail and institutional investors to connect their bank accounts with their CoinMENA wallets directly.

CoinMENA’s Founders, Talal Tabbaa and Dina Sam’an, stated that the partnership between MAG and CoinMENA signals the growth of crypto adoption and shows that it is becoming a "viable exchange medium" for the purchase of "real world assets".

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