Crypto exchange CoinMENA has raised $9.5 million in a seed round led by Arab Bank Switzerland, which saw the participation of a number of VC firms and international investors.
The Bahrain-based CoinMENA secured the seed funding from local and international investors, which will be used to expand crypto awareness:
“Our strategic capital partnerships provide support for our vision to increase the adoption of crypto assets in the region in a regulated and seamless manner,” the exchange noted.
The round was led by Arab Bank Switzerland, which has been leading the blockchain and digital asset offering in Switzerland. CoinMena launched in 2021 as a response to the lack of easy and safe access to crypto investing. The crypto-assets trading platform is regulated and licensed by the Central Bank of Bahrain and was co-founded by Dina Saman and Talal Tabbaa.
CoinMENA’s co-founders provided a statement commenting on on their recent investment round and their vision going forward :
“With growing awareness about crypto assets and their transformative potential, appetite from both retail and institutional investors in the MENA region is growing at a rapid pace. Our strategic capital partnerships provide support for our vision to increase the adoption of crypto assets in the region in a regulated and seamless manner. We believe that this is a positive outlook for the crypto assets sector over the coming years both locally and globally.”
Rani Jabban, Managing Director at Arab Bank Switzerland also commented on the recent partnership:
“As a pioneering bank in Digital Assets with a strong foothold in the Middle East, we believe that our strategic partnership with CoinMENA will pave the way forward for greater adoption in the region.”
The growing crypto market has stimulated partnerships between institutional bodies and crypto companies, which will support the adoption of crypto assets over the coming years. The participation of banks and regulatory bodies will enable this sector to spread their wings without the fear of regulatory uncertainty.
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