CoinMENA, a digital assets exchange based in Bahrain, has partnered with Beyon Money to give users across the kingdom the chance to earn up to 5% cashback when depositing money into their CoinMENA crypto assets wallets, a first of its kind service in the region.
The Beyon Money is a financial service super app launched in January 2022 by Batelco Financial Services, a subsidiary of Batelco and the first telecommunications subsidiary in the GCC to be licensed to operate a financial service by the Central Bank of Bahrain.
It is the first fully digital financial super app to deliver direct open banking access to consumers in Bahrain, connecting all the banks across the Kingdom in one app.
Under this offer, Beyon Money Classic and Platinum cardholders can earn 3% and 5% cashback, respectively, for using their cards to deposit into their crypto wallets on CoinMENA, said the company in a statement.
Beyond the financial benefit, Beyon Money users will now have access to all the benefits and alternative investment solutions offered by CoinMENA, the fastest growing cryptocurrency exchange in the Middle East, averaging a growth rate of 140 percent month-on-month since its establishment, it added.
"This offer is attractive for existing and prospective crypto assets investors as it will encourage further investments and participation in the industry. In addition, it will help address the challenge that investors face when shifting their investment from fiat to crypto and back, ensuring their experience and journey is smooth," said CoinMENA cofounders Talal Tabbaa and Dina Sam’an in a joint statement.
"This is what differentiates us as a brand and what we intend to build on as we partner with fintech providers like Beyon Money moving forward," they added.
CoinMENA and Beyon Money’s partnership will further solidify Bahrain’s position as a leading crypto hub in the region.
The kingdom was the first country in the GCC to offer onshore regulations for cryptocurrencies, allowing established banks and financial institutions to work with crypto exchanges for customers to be able to withdraw and deposit their investments easily.
On the future outlook, CoinMENA co-founders said they have set sights on expanding the company's current portfolio of cryptocurrencies with an eye on becoming a leading global crypto financial services provider.
"In the near term, we will also start offering financial services built on Web 3.0 and crypto rails, including borrowing, lending, and staking," the duo stated.
"This is the future of finance as we see it and are determined to be at the forefront of this exciting development," they added.
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