Crypto Expansion: Crypto.com and BENEFIT Collaborate to Enhance Fintech in Bahrain

Crypto.com and BENEFIT's Strategic Move in Bahrain's Fintech Ecosystem

Crypto.com, a global cryptocurrency exchange, and BENEFIT, the foremost financial technology (fintech) provider in Bahrain, have entered into a dialogue to strengthen the Bahraini fintech ecosystem, as disclosed on October 15, 2024. The two firms signed a Memorandum of Understanding (MOU) at Bahrain's Fintech Forward event on October 3, 2024, which lays the groundwork for an anticipated partnership.

Enhancing Bahrain's Fintech Landscape

BENEFIT utilizes its extensive experience as the largest financial transaction network in Bahrain, while Crypto.com leverages its global reputation as a renowned crypto trading platform. Together, they will explore solutions related to payment integration and the introduction of Crypto.com's prepaid cards in Bahrain.

Eric Anziani, President and Chief Operating Officer (COO) of Crypto.com, commended BENEFIT's electronic payment innovations, saying, “BENEFIT’s impressive work in the electronic payments space aligns perfectly with our vision, and we’re enthusiastic about the chance to cooperate with a company ready to foster the growth of the digital assets sector.”

On the other hand, Abdulwahed AlJanahi, Chief Executive of BENEFIT, echoed the sentiment regarding their collaboration with Crypto.com, declaring, “This partnership aligns with our goal to drive constant innovation in Bahrain’s financial services. By merging our strengths in electronic transactions with Crypto.com’s advanced cryptocurrency capabilities, we’re confident about delivering significant value to Bahrain’s burgeoning fintech environment.”

The ongoing talks highlight Crypto.com’s increasing investment in Bahrain, particularly after it recently obtained a Payment Service Provider License from the Central Bank, further reinforcing its dedication to advancing fintech within the region.