Crypto.com has signed a new partnership with Beyon Money to expand its operation in Bahrain. According to the official announcement by the platform, the crypto exchange and Beyon declared their plan to investigate joint innovation opportunities in open banking and artificial intelligence, as well as strategic cooperation in the transaction and payments sector in Bahrain.
The new partnership comes at a time when the Middle East region is climbing up the ladder in terms of crypto adoption and blockchain technology.
What Will The Partnership Include?
In order to improve the overall experience for their clients, the companies have inked a Memorandum of Understanding to integrate Beyon Money’s experience as a payment platform and financial super-app with Crypto.com’s core competencies and tested retail products.
“As we continue to expand our presence in Bahrain, we are excited to investigate ways we can partner with Beyon Money, who are really leading the way in the digital payments space in the Kingdom,” said Eric Anziani, President and COO of Crypto.com.
Roberto Mancone, CEO of Beyon Money also said “Our collaboration with Crypto.com, will focus on co-marketing and promoting our respective cards. We will also work on integrating our platforms to streamline cryptocurrency purchases on the Crypto.com app, along with other projects that explore innovative technologies creating value through tangible use cases for our clients.”
This announcement also strengthens Crypto.com’s position in the market, as the Central Bank recently granted a Payment Service Provider Licence to the company’s Bahraini entity.
New Partnership Comes Amid Booming Crypto Industry In Middle East
The Middle East and North Africa region has significantly improved its operational capacity and user base in the crypto sector. According to a recent report by Chainalysis, in 2024, the MENA region is expected to have the seventh-largest cryptocurrency market in the world, with an estimated $338.7 billion in on-chain value received between July 2023 and June 2024, or 7.5% of global transaction volume.
Institutional and professional-level activity drives the majority of cryptocurrency activity in the MENA region, with transactions totaling $10,000 or more accounting for 93% of all value transferred.
In fact, governments are attempting to create regulatory frameworks that strike a balance between innovation and essential safeguards as the world’s cryptocurrency markets recover in the region.
Although decentralized platforms and DeFi applications are gradually gaining traction, centralized exchanges (CEXs) continue to be the main source of cryptocurrency inflows throughout MENA overall, suggesting that the majority of users and institutions still favor traditional crypto platforms.