CoinMENA, a Bahrain-based digital asset exchange, has partnered with Beyon Money to provide users across the kingdom with the opportunity to earn up to 5% cashback when depositing money into their CoinMENA crypto asset wallets, the first service of this type in the region.
Beyon Money is a super financial services app launched in January 2022 by Batelco Financial Services, a subsidiary of Batelco and the first telecommunications subsidiary in the GCC to obtain a license to operate a financial service from the Central Bank of Bahrain.
It is the first fully digital financial super app that provides direct access to open banking to consumers in Bahrain, connecting all banks in the Kingdom in one app.
Under this offer, Beyon Money Classic and Platinum cardholders can earn 3% and 5% cashback, respectively, for using their cards to deposit to their crypto wallets at CoinMENA, the company said in a statement.
Beyond the financial benefit, Beyon Money users will now have access to all the benefits and alternative investment solutions offered by CoinMENA, the fastest growing cryptocurrency exchange in the Middle East, with an average growth rate of 140 percent. monthly since its creation. he added.
โThis offering is attractive to existing and potential crypto asset investors as it will encourage further investment and participation in the industry. Additionally, it will help address the challenge investors face in switching their investment from fiat to crypto and vice versa, ensuring their experience and the journey is smooth," CoinMENA co-founders Talal Tabbaa and Dina Sam'an said in a joint statement.
"This is what sets us apart as a brand and what we intend to build on as we partner with fintech providers like Beyon Money in the future," they added.
The partnership of CoinMENA and Beyon Money will further cement Bahrain's position as a leading crypto hub in the region.
The kingdom was the first GCC country to offer internal regulations for cryptocurrencies, allowing established banks and financial institutions to work with cryptocurrency exchanges so that customers could easily withdraw and deposit their investments.
As for future prospects, the CoinMENA co-founders said they have set out to expand the company's current cryptocurrency portfolio with an eye to becoming a leading global provider of crypto financial services.
"In the short term, we will also start offering financial services based on Web 3.0 and crypto rails, including loans, loans and shares," the duo stated.
"This is the future of finance as we see it and we are determined to be at the forefront of this exciting development," they added.
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