Binance and Virtuzone sign strategic partnership to focus on advancing Web 3 in UAE

Leading business and business formation service providers in the UAE, Virtuzone has partnered with Binance to accept cryptocurrency payments through Binance Pay.

According to the official press release, Virtuzone aims to impede entrepreneurship by facilitating cryptocurrency payments for business start-ups. Creating more opportunities for global companies with the aim of taking advantage of the UAE’s thriving startup community is another key area behind the strategic partnership.

Binance Pay Integration

For context, Binance Pay happens to be a proprietary cryptocurrency payment technology designed by the exchange to make contactless, borderless, and secure crypto payments and transfers. JA Resorts and Hotels and Majid Al Futtaim are some of the other UAE companies that have already integrated Binance Pay into their systems.

Interestingly, Virtuzone has become the first company in the Middle Eastern country to accept cryptocurrency payments for business formation with the latest decision.

George Hojeige, CEO of Virtuzone declared,

“Our alliance with Binance aims to generate more synergies between business setup and the crypto industries, with an overarching goal of creating a crypto-friendly, tech-centric business environment where we can facilitate business creation. specializing in decentralized finance (DeFi), blockchain technologies, non-fungible token (NFT) development and trading, and more, making the UAE a hub for innovation and next-gen technologies .

Virtuzone President and Co-Founder Neil Petch said collaborating with a top tech leader such as Binance should put the company at the forefront of digital transformation and the Fourth Industrial Revolution in the Emirates. Arab States and in the region.

The United Arab Emirates is on the verge of becoming a major crypto center

The emirate of Dubai passed a new law aimed at defining how national regulators will oversee the nascent asset class earlier this year. The much-needed clarity in the space quickly ushered in major crypto exchanges such as Binance, FTX, and CryptoCom to gain a foothold in the Middle East.

The law focuses on advancing the ambitions of the UAE to become a central crypto hub. It offers legal definitions for digital assets, sets out a licensing regime as well as detailed penalties if companies and organizations are found operating out of bounds.