According to a press release on August 29, Virtuezone has teamed with Binance to use its payment gateway to accept cryptocurrency for its business creation services across the UAE.
The corporations said that the collaboration will increase the rate of cryptocurrency adoption in the nation.
Providing comprehensive business services, Virtuezone assists businesses entering the UAE market with licensing and registration needs. Virtuezone will assist in lowering the payment barrier encountered by businesses looking to establish regional operations by integrating bitcoin payment choices into its system.
Binance director of business development and strategy Nadeem Ladki said:
“As a leader in this space, Virtuzone’s decision to accept cryptocurrency payments and integrate Binance pay into its systems raises the bar for innovation and demonstrates the way forward when it comes to setting up businesses in the UAE.”
As Virtuzone seeks to enhance the usage of cryptocurrencies and blockchain technologies in all of its service offerings, it has also reaffirmed its commitment to playing a significant role in the Web3 movement in the United Arab Emirates.
UAE Binance Pay
One of the few cryptocurrency exchanges, Binance, is collaborating with UAE officials to establish the UAE as a center of welcoming virtual asset regulation. Furthermore, it recently received preliminary approval to provide its services, including Binance Pay, in the United Arab Emirates.
Currently, 29 shopping centers, 13 hotels, and 4 neighborhoods accept Binance Pay. Leading companies including Virtuzone, Majid Al Futtaim, and JA Resorts & Hotels have integrated the service into their systems.
Crypto payments are booming
According to a recent research, 40% of young adults in 11 countries, ages 18 to 35, want to use cryptocurrency to pay for products and services. Many payment service providers have prepared for the market, similar to Binance.
Recently, Crypto.com teamed up with a collection of Australian private businesses to offer its payment service. Upon completion, over 170 convenience operators, including gas stations and eateries, will have access to Crypto.com.
To bring Bitcoin (BTC) payments back to its clients, Stripe teamed up with the cryptocurrency company OpenNode. Through the Lightning Network, users can quickly convert the balance of their Stripe accounts into Bitcoin.
After the firm introduced its cryptocurrency payment mechanism, Paypal users in the United States can now transfer, send, and receive certain cryptocurrencies.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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