Dubai has been longing for a blockchain application that allows users to pay for goods and services, and while the government has created its own, it’s now the turn of private firms to join the party. MenaPay is the hottest blockchain based payments app to hit the MENA region, with its IEO is selling out faster than a tray of hot cakes. MenaPay comes packed with a wide range of benefits and is integrating the best of blockchain and the old financial system to create a platform perfect for transactions.
How Will MenaPay Work?
MenaPay is a rather simple concept, it’s a privatized blockchain that allows users to receive, store, and send MenaCash to other users and merchants. MenaCash – the platform’s token – is a USD stablecoin pegged at the value of 1:1, with it constantly being audited by an independent auditing firm. MenaPay will control a number of nodes used in the validation process, while the auditing firm will control the remaining nodes – allowing MenaPay to remain constantly audited and financially secure – we wouldn’t want another Tether on our hands. By using a stablecoin pegged to the value of the USD, MenaPay is removing the issue of volatility from the transaction process – helping merchants to adopt blockchain technology.
Why Use USD in the MENA Region?
There is one simple answer to that question – it makes the most sense. Very few of the countries in the MENA region have a reputable fiat currency that is accepted anywhere in the world, so MenaPay has decided to use USD thanks to its global value. MenaCash is available from a number of leading crypto exchanges, so people looking to use the app from sanctioned countries such as Sudan and Yemen can still get their hands on the USD stablecoin.
Competition for the Government
Back in September 2018, the government of Dubai launched its own blockchain based payment platform for government services. This platform still uses Dirhams rather than a cryptocurrency, with the processing power of blockchain technology helping to keep the platform ticking over. MenaPay would make great sense to be integrated with this platform, so the Dubai government would be wise to consider it as an option.
MenaPay’s IEO is still rumbling on and with just 12 days remaining, it could be your last chance to bag some MenaCash at a cheaper rate. It’s always worth getting your hands on some, as you never know when you might need it. MenaPay is fusing together crypto payments and fiat currencies on the same platform. BitPay offers a similar service and allows merchants to accept Bitcoin – as well as other top cryptos – without exposure to market volatility, and this could prove to be a major competitor down the road for MenaPay.