Opennode, a bitcoin payment infrastructure company, has said it intends to “test a bitcoin payment processing and payouts solution via the Central Bank of Bahrain (CBB) regulatory sandbox,” which is regularly used by companies to test FinTech applications.
In a statement, the company said the infrastructure which it plans to provide will help Bahrain “grow its economy and will showcase why Bitcoin is synonymous with better business.”
Dalal Buhejji, an executive director at the Bahrain Economic Development Board said: “We are proud to have worked with the Central Bank towards establishing a strong financial services ecosystem within the Kingdom of Bahrain. As a country, we have always been ahead of the curve in adopting Fintech solutions thanks to our regulator’s flexibility and forward thinking.”
Afnan Rahman, CEO and co-founder of Opennode, says the company’s foray into Bahrain will pave the way for the rest of the MENA region. “Opennode’s leading Bitcoin infrastructure solution continues to pave the way for countries, governments and reputable financial institutions to adopt the Bitcoin standard and transact on the lightning network.”
Opennode, which operates in more than 160 countries around the world, has raised $21.3 million in venture funding for its application programming interface (API) from a number of high-profile investors, including Twitter.
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