Crypto exchange CoinMENA today announced a $9.5 million raise in its first seed funding round. As per the announcement, the round was led by banking giant, Arab Bank Switzerland.
The financing also saw participation from top local and international investors as well as venture capital (VC) firms. Other participants include BECO Capital, Kenetic, Bunat Ventures, Alameda Research, Rua Growth Fund, Girnas Capital and others.
Promoting Crypto Awareness
CoinMENA is a trading platform based in the Kingdom of Bahrain that allows users to buy, sell, receive, and store digital assets safely and securely. The exchange is licensed and regulated by the Central Bank of Bahrain (CBB).
Commenting on the seed funding, CoinMENA noted that it will use the fresh capital to expand crypto awareness in the region.
“Our strategic capital partnerships provide support for our vision to increase the adoption of crypto assets in the region in a regulated and seamless manner,” the company said.
Founded in 1962, Arab Bank Switzerland is a banking giant that serves as a bridge between the Arab and Western world. For many years it has supported businesses and start-ups in boosting their growth.
Speaking on the investment deal with CoinMENA, Rani Jabban, Managing Director at Arab Bank (Switzerland) said:
“As a pioneering bank in Digital Assets with a strong foothold in the Middle East, we believe that our strategic partnership with CoinMENA will pave the way forward for greater adoption in the region.”
Banking Giants Join Crypto
Meanwhile, this is not the first time the banking giant, Arab Bank Switzerland, has shown interest in the crypto market.
In 2019, the bank launched a service that allows its customers to deposit and trade the two leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).
Big banks and financial institutions are increasingly showing their support and seeking ways to enter the booming crypto industry.
Earlier this week, Vikram Pandit, the former CEO of Citigroup Inc. and co-founder of Orogen Group, said that banks and traditional financial institutions will soon start thinking about offering cryptocurrencies in the years to come.
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