In 2020, we launched CoinMENA to fill a pressing market demand within the region for a reliable and compliant cryptocurrency exchange. Our mission was to provide investors with a secure gateway to digital assets, facilitating seamless transitions between fiat and crypto. Today, CoinMENA proudly stands as the largest regional exchange in the MENA region, boasting over 1 million signups and achieving trading volumes in the hundreds of millions of dollars. However, our journey was almost grounded before it ever took off because of the challenges presented by the COVID-19 pandemic.
Building a startup is no easy feat; ask any entrepreneur, and they’ll likely share tales of perseverance, resilience, and overcoming numerous challenges. Now, envision taking on such a venture in the midst of a once-in-a-century pandemic. The obstacles magnify, and the landscape becomes even more daunting. As someone who co-founded CoinMENA during the tumultuous times of 2020, navigating change and leveraging technological tools became the cornerstones of our survival and success. Launching a startup amid the pandemic meant navigating uncharted waters. The traditional playbook went out the window, and in its place, a reliance on remote work and digital tools became paramount. The story of CoinMENA is a testament to the transformative power of adapting in the face of unique challenges.
Remote work, once considered a perk, swiftly transformed into a necessity. At CoinMENA, the sudden shift to remote collaboration demanded a reevaluation of our communication strategies. Technological tools emerged as lifelines in maintaining seamless coordination. The asynchronous nature of these tools allowed for flexible collaboration, breaking down the barriers imposed by physical distance and different time zones.
The challenges were real, and so were the opportunities. While the pandemic disrupted the traditional modes of work, it also prompted a reimagining of the workplace. The CoinMENA team, dispersed across different locations, discovered the strengths and weaknesses of remote working. The absence of face-to-face interactions posed challenges in fostering a cohesive team culture, but it also opened doors to a diverse talent pool, transcending geographical constraints.
Adaptability was not only a response to the external environment but a cultural shift within CoinMENA. The team embraced change as a constant, and the ability to pivot quickly became a competitive advantage. As we faced challenges in real-time, from coordinating with regulatory bodies to ensuring the security of our platform, the ethos of adaptability guided us through.
CoinMENA’s most challenging part was coordinating with third parties amid a unique set of challenges, compounded by the shift to remote work. In 2020, the company was in the process of raising its seed round from some of the biggest venture capitalists in the region. Additionally, CoinMENA was actively pursuing a crypto asset service provider license from the Central Bank of Bahrain, marking a crucial chapter in its journey. Remote coordination with regulatory authorities, especially the Central Bank of Bahrain, highlighted the adaptability required in the face of unexpected circumstances. Fortunately, the region’s progressive stance on digital assets, with regulators actively developing frameworks, proved conducive to entrepreneurs. This progressive environment has attracted businesses from around the world over the past three years, showcasing the region’s commitment to fostering innovation and entrepreneurship.
The strengths of remote working, which initially seemed elusive, gradually emerged. The flexibility it offered allowed team members to balance work and personal life, contributing to a healthier work environment. The elimination of geographical constraints meant that expertise could be sourced from anywhere, fostering a culture of inclusivity and diversity. Additionally, the remote work model significantly benefited our startup’s financial health by reducing overhead costs associated with renting office space—a major expense item for many startups. By eliminating the need for a physical office, we not only embraced a more agile and cost-effective business model but also redirected those resources toward further innovation and development. This newfound financial flexibility became a key enabler, empowering CoinMENA to navigate the complexities of the startup landscape with greater resilience and resourcefulness.
This guiding principle remains embedded in CoinMENA’s DNA. The lessons learned in 2020 were not just about surviving a crisis; they were about thriving in the midst of uncertainty. In the ever-evolving landscape of technology and entrepreneurship, adaptability is not just a survival skill; it’s a strategic advantage.
As we reflect on the challenges overcome and the successes achieved, the story of CoinMENA is a testament to the resilience of startups in the face of adversity. The pandemic may have disrupted our plans, but it also catalyzed a transformation that has positioned CoinMENA at the forefront of the evolving digital landscape.
