UAE's developer to facilitate property purchases using cryptocurrencies
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UAE developer to facilitate property purchases using cryptocurrencies

UAE developer to facilitate property purchases using cryptocurrencies

The developer aims to create new avenues for investors to diversify their investment portfolio via digital assets

Divsha Bhat

Mag, the real estate developer in the UAE, has signed an agreement with CoinMena, a 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 licenced by the Central Bank of Bahrain as a crypto asset service provider.

“We are delighted to sign this agreement with CoinMENA to accept cryptocurrency transactions through its state-of-the-art platform,” said Talal Moafaq Al Gaddah, senior executive vice chairman, Mag.

“It is crucial for us to evolve, address current market dynamics, and meet the surpassing demands of our valued investors, who aim to convert their profitable gains into tangible assets using digital currency. 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 Sam’an, commented in a joint statement: “We are excited to announce this agreement with Mag as it signals to the market that crypto adoption is growing and becoming a viable exchange medium to purchase ‘real world’ assets.”

Read: Mastercard, BitOasis to launch crypto-linked cards in MENA region

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