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Bahrain’s CoinMENA to facilitate real estate payments via cryptocurrency

The agreement with Carlton Real Estate only applies to certain coins. Cryptocurrency’s utility is increasing in the Gulf.
An illustration picture taken in London shows a gold plated souvenir cryptocurrency Tether (USDT) coin arranged beside a screen displaying a trading chart, May 8, 2022.

Cryptocurrency owners in Bahrain are now able to buy property using their coins. 

The Bahrain-based crypto platform CoinMENA announced a partnership today with Bahrain’s Carlton Real Estate. Per the agreement, Carlton will accept payments in “stablecoins” cryptocurrencies such as USDT and USDC, according to a press release. 

Stablecoins are cryptocurrencies that are backed to stable assets, such as fiat currency. USDT, aka Tether, and USDC  are pegged to the US dollar. 

Other cryptocurrencies such as Bitcoin and Ethereum presumably will not be accepted by Carlton, since their value is based solely on their own market. 

Why it matters: Cryptocurrency is becoming more usable in Bahrain as well as the United Arab Emirates. In July, CoinMENA joined Visa’s fintech program and started offering a Visa payment card. The Dubai-based crypto platform BitOasis and Mastercard announced a similar partnership in October. 

The Emirati online bank RAKBANK and American crypto company Kraken also made an agreement in July to allow customers to trade cryptocurrency using Emirati dirham, as opposed to the US dollar. 

Know more: CoinMENA is expanding elsewhere in the Middle East. In July, the company started offering cryptocurrency services in Egypt

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