CoinMENA, Carlton Enable Purchasing Properties via Cryptocurrencies

Now, Bahrainis can purchase real estate property assets using cryptocurrencies, BizBahrain reported.

This will happen after CoinMENA, a Bahraini Sharia-compliant digital assets exchange, partnered with Carlton Real Estate, a Bahrain-headquartered real estate agency to allow investors to buy properties in the kingdom via crypto assets.

According to the agreement, Carlton will accept payments in stable cryptocurrencies like Tether and USD Coin as they are linked to the US dollar. Also, the Bahraini-based company will not accept cryptocurrencies like Bitcoin or Ethereum, because their value solely depends on their market.

The crypto asset service provider will help investors to link bank accounts with CoinMENA wallets to accelerate money transfers.

In a statement, CoinMENA Founders Talal Tabbaa and Dina Sam’an expressed their happiness in collaborating with Carlton to facilitate real estate transactions via cryptocurrencies, noting this deal reflects that the cryptocurrency market is growing and the increasing acceptance toward cryptocurrencies.

Meanwhile, Deputy Managing Director of Carlton Real Estate Ali Adnan Mahmood said: “We are proud to be the first real estate brokerage company in the Kingdom to accept crypto asset transactions for property purchases and other real estate services through our partnership with CoinMENA.”

Mahmoud noted that his company is keen on diversifying payment methods for their customers.

Regulated and licensed by the Central Bank of Bahrain, CoinMENA seeks to build partnerships in the region, the latest of which was its cooperation with VISA to join its Fintech Fast Track program and launch the CoinMENA VISA Card.

Bahrain has a distinguished history of experimenting with blockchain technology and cryptocurrencies since the announcement of a regulatory system in this field at the beginning of 2019.

Beginning in January 2022, the Central Bank of Bahrain successfully completed the trial of cryptocurrency payments after a successful collaboration with JPMorgan’s blockchain and cryptocurrency unit Onyx.