Using a regulatory sandbox managed by the Central Bank of Bahrain as a testing ground, OpenNode, a provider of Bitcoin infrastructure, will test its platform for processing payments and payouts in Bahrain.
The new regulatory sandbox system, which allows FinTech companies to test their concepts and solutions in the kingdom, has granted participation authorization to US-based OpenNode.
In what looks to be the beginning of something huge, OpenNode aims to bring payment innovation to Bahrain by offering the infrastructure for bitcoin-based transactions.
Afnan Rahman, chief executive and co-founder of OpenNode, said: “This is a watershed moment for the people of Bahrain, the Middle East and the Bitcoin economy as a whole. 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.”
More than 160 nations are served by OpenNode, which gives companies simple options to incorporate accepting Bitcoin payments. OpenNode completed a $20 million Series A fundraising round in February at a $220 million value, led by the UK company Kingsway. Tim Draper, an investor in venture capital, Twitter, and Avon Ventures were among the other investors in the funding.
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