London-based digital asset management firm, CoinShares Ventures, has announced its investment in MenaPay, the first fully backed blockchain-based payment gateway in the Middle East and North Africa (MENA) region. The MenaPay SuperApp aims to offer financial services, entertainment, and social networks, all in one single application. The MenaPay SuperApp allows its users to transact effortlessly through their smartphones.
Turkey is currently the biggest consumer economy in the MENA region, yet it has no digital payment solution. Bank transfers between local banks are possible and relatively simple, however, it is not possible to make a digital payment to someone who does not have a bank account. Turkish consumers regularly hold Dollars in their bank accounts and in physical form. They do not have, however, an easily accessible manner in which to spend those Dollars, unless they visit a local currency exchange.
The investment from CoinShares comes as the Turkish government recently introduced a new e-Money licence, allowing companies like MenaPay to provide such services to consumers.
MenaPay aims to serve a specific group of consumers who consume dollar denominated services, however, do not have a Dollar denominated wallet. The platform essentially allows users to convert their dollars to MenaCash, MenaPay’s native token that is pegged to the Dollar, and then purchase items like game codes and Apple Store gift cards. It also allows users to transfer money in seconds, and buy or sell cryptocurrencies.
CoinShares outlined that their investment in MenaPay is their first investment in a Turkish FinTech company. CoinShares, believes it is a fantastic market for innovative new FinTech solutions. CoinShares also revealed that, over the past few months, they have been closely working with MenaPay’s CEO, Cagla Senkardes, and are extremely impressed by her vigorous focus on growing the business, product development and vision of MenaPay.