CoinMENA and MAG partner to facilitate crypto-based property transactions

MAG, the UAE’s real estate developer, has signed an agreement with CoinMENA, a Middle East and North Africa (MENA) crypto asset service provider, to facilitate real estate purchases using cryptocurrencies and accelerate the growth of Dubai’s new economy. The developer will accept stablecoins such as USDT and USDC under this agreement.

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

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.”