Bahrain’s CoinMENA to facilitate property payments via cryptocurrency

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Cryptocurrency owners in Bahrain are now able to purchase property using their coins.

The Bahrain-based crypto platform CoinMENA announced a partnership today with Bahrain’s Carlton Real Estate. Under the agreement, Carlton will accept payments in “stablecoins” cryptocurrencies such as USDT and USDC, according to a press release.

Stablecoins are cryptocurrencies that are backed by stable assets, such as fiat currency. USDT, aka Tether, and USDC are pegged to the US dollar.

Other cryptocurrencies such as Bitcoin and Ethereum are unlikely to be accepted by Carlton as their value is solely based on their own market.

Why it’s important: Cryptocurrency is becoming more applicable in Bahrain as well as United Arab Emirates. In July, CoinMENA joined Visa‘s fintech program and began offering a Visa payment cardDubai-based crypto platform BitOasis and Mastercard announced a similar partnership in October.

Emirati online bank RAKBANK and US crypto firm Kraken also struck a deal in July to allow customers to trade cryptocurrency using the Emirati dirham as opposed to the US dollar.

Find out more: CoinMENA is expanding elsewhere in the Middle East. In July, the company began offering cryptocurrency services in Egypt.



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