Cryptocurrency infrastructure company OpenNode is preparing to test its payment processing and payouts platform in Bahrain, a country that to date has not adopted Bitcoin payments, the company announced Tuesday (Sept. 13).
The testing will occur within a “regulatory sandbox” maintained by the Central Bank of Bahrain and is intended to show “why Bitcoin is synonymous with better business,” the announcement stated. Bahrain, according to OpenNode, uses the sandbox to let companies test fintech applications in the country on a trial basis.
“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,” Afnan Rahman, chief executive and co-founder and co-founder of OpenNode, said in a prepared statement.
Los Angeles-based OpenNode states it operates in more than 160 countries, providing businesses with easy ways to integrate the processing of Bitcoin payments.
In a statement distributed by OpenNode, Dalal Buhejji, executive director of investment development for financial services at the Bahrain Economic Development Board, said: “As a country, we have always been ahead of the curve in adopting Fintech solutions thanks to our regulator’s flexibility and forward thinking. Financial services is an important sector within our economy, and fintech platforms such as the one soon to be tested by OpenNode are essential to ensure we continue to innovate while simultaneously adhering to best regulatory measures.”
OpenNode’s service, which streamlines crypto conversions to bitcoin, has been used by, among other companies, Stripe, PYMNTS reported in May. The company also has raised $21.3 million in venture funding for its application programming interface (API) from investors including Twitter, according to Crunchbase.
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