CoinMENA has launched a selection of new cryptocurrency features that are not available through any other onshore regulated exchange in the region.
The Bahrain-headquartered company has become the first onshore licensed crypto exchange to introduce limit trading. This feature allows users to set the price they want to buy or sell crypto, where the trade will be executed automatically once that price strikes.
In addition, CoinMENA became the first and only licensed crypto platform in the Middle East and North Africa to allow users to withdraw USDT (Tether) stablecoins via the TRON TRC20 network. USDT, a stablecoin pegged to the US dollar, is the third-largest cryptocurrency in terms of market capitalization, just behind Bitcoin and Ethereum, with over $80 billion in circulation.
Previously, USDT withdrawals took place exclusively on the Ethereum ERC-20 network, which has relatively expensive gas fees. TRON TRC20 provides CoinMENA users with a significantly cheaper option to send their USDT.
The firm also added eight new digital assets last month, extending the platform’s total number to 21 within just one year of its launch, and is expected to announce a lot more in the next month.
Commenting in a joint statement, CoinMENA Co-Founders Talal Tabbaa and Dina Sam’an said: “We put a premium on user experience and are constantly working to enhance it. Limit trading and providing an alternative network to withdraw USDT have been our most requested features, so we are delighted to be able to offer them on our platform.”
Moving forward, Tabbaa said, “CoinMENA will continue to add new trading features and forge partnerships with regional and international stakeholders to provide the best experience possible to our users.”
Sam’an added: “We are working to deliver a comprehensive suite of products for our community because we ultimately see CoinMENA as more than just an exchange. Our latest features represent important milestones on our journey to becoming the MENA region’s preferred crypto financial services company.”
The latest announcements come in the wake of CoinMENA’s recently introduced cashback incentive, which enables users to deposit funds into their crypto wallets using Beyon Money’s classic and platinum cards – another first-of-its-kind service in the region.