UAE’s real estate developer MAG has signed an agreement with CoinMENA, the crypto asset service provider in the Middle East and North Africa (MENA), to facilitate real estate purchases using cryptocurrencies and further accelerate the growth of Dubai’s new economy.
Under this agreement, the developer will accept stablecoins, including USDT and USDC.
CoinMENA is a Bahrain-based cryptocurrency financial services company that is regulated and licensed by the Central Bank of Bahrain as a crypto asset service provider – category 3. By allowing retail and institutional investors to connect their bank accounts with their CoinMENA wallets directly, the platform provides access to crypto asset investment options.
Commenting on this, Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG, said: “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 Samaan commented in a joint statement: “This agreement signals to the market that crypto adoption is growing and becoming a viable exchange medium to purchase ‘real world’ assets.”
Read more: CoinMENA becomes first regional crypto exchange to enter Qatar
In November, CoinMENA announced a partnership with Bahrain’s Carlton Real Estate. Per the agreement, Carlton will accept payments in “stablecoins” cryptocurrencies such as USDT and USDC.
Stablecoins are cryptocurrencies that are backed by stable assets, such as fiat currency. USDT, aka Tether, and USDC are pegged to the US dollar.