MenaPay Launches MenaCash Stablecoin Pegged To One American Dollar For Daily Payments
MenaPay Launches A Stablecoin For Daily Payments
Stablecoin refers to a new class of cryptocurrencies which offer price stability and/or are backed by reserve assets). In recent times, stablecoins have gained enough traction as they attempt to offer the best of both world’s – the instant processing and security of payments of cryptos, and the volatility-free stable valuations of fiat currencies.
MenaPay is the first fully blockchain based payment platform which focuses on the Middle East and North Africa region preliminary. It is a platform that allows transactions on a blockchain with a very low transaction fee, is not affected by the fluctuation of cryptos, faster and more secure than any traditional payment gateway.
It has been designed to comply with Islamic finance requirements. The MenaPay Platform doesn’t use or give interest and proves this via witnesses thanks to the blockchain technology. The platform shares the revenue of the platform with MenaPay Token Holders in accordance with Islamic finance approach. As a result of this structure, MenaPay is expected to help the digital transformation of the region.
MenaCash has a stable 1US Dollar value which is warranted by the same amount of USD kept in multiple banks as fiat currency equal to the amount of MenaCash in circulation. MenaCash solves one of the huge problems to use cryptocurrencies in daily life for uers; fluctuation. The main objective of the project is to make it possible, easy and secure to transfer money for each and every user by using the advantage of today’s high-end technology, which is a requirement of the new digitized world.