Skip to main content

Israeli crypto firm Coinmama bought for $3 million

Coinmama is one of the relatively few cryptocurrency platforms that allows users to buy coins with a credit card, and is part of Israel’s growing crypto ecosystem.

The Israeli cryptocurrency exchange Coinmama was purchased by the Canadian financial services firm Wellfield Technologies Thursday. Wellfield will acquire all of Coinmama’s securities in exchange for $3 million in cash and nearly 23 million shares of Wellfield's stock, both companies said in a press release yesterday. The shares amount to around $34.7 million based on yesterday's closing price.

Coinmama was founded in 2013 and sought to provide a decentralized platform to purchase cryptocurrencies such as Bitcoin. Coinmama allows users to pay by a variety of methods, including credit cards and Apple Pay. Coinmama has experienced a particularly high volume of activity from the United Arab Emirates and Venezuela, according to Yahoo! Finance. 

Coinmama has more than 3.5 million users at present. Its sale volume in 2021 was $130 million, according to the release.

Cryptocurrency trading is expanding rapidly in Israel. It has grown so much that Israeli authorities are now demanding the industry be regulated, Al-Monitor reported this month. 

Crypto is also on the rise in the Palestinian territories. In the Gaza Strip, Hamas is using cryptocurrency to fund its operations, Al-Monitor reported in January. 

Coinmama will continue to operate as part of Wellfield Technologies, according to the press release. 

Join hundreds of Middle East professionals with Al-Monitor PRO.

Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.

Already a Member? Sign in


The Middle East's Best Newsletters

Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.


What's included:
Our Expertise

Free newsletters available:

  • The Takeaway & Week in Review
  • Middle East Minute (AM)
  • Daily Briefing (PM)
  • Business & Tech Briefing
  • Security Briefing
  • Gulf Briefing
  • Israel Briefing
  • Palestine Briefing
  • Turkey Briefing
  • Iraq Briefing

Premium Membership

Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.

$25.00 / month
billed annually

Become Member Start with 1-week free trial
What's included:
Our Expertise AI-driven

Memos - premium analytical writing: actionable insights on markets and geopolitics.

Live Video Q&A - Hear from our top journalists and regional experts.

Special Events - Intimate in-person events with business & political VIPs.

Trend Reports - Deep dive analysis on market updates.

Text Alerts - Be the first to get breaking news, exclusives, and PRO content.

All premium Industry Newsletters - Monitor the Middle East's most important industries. Prioritize your target industries for weekly review:

  • Capital Markets & Private Equity
  • Venture Capital & Startups
  • Green Energy
  • Supply Chain
  • Sustainable Development
  • Leading Edge Technology
  • Oil & Gas
  • Real Estate & Construction
  • Banking

We also offer team plans. Please send an email to and we'll onboard your team.

Already a Member? Sign in

Start your PRO membership today.

Join the Middle East's top business and policy professionals to access exclusive PRO insights today.

Join Al-Monitor PRO Start with 1-week free trial