Virtuzone and Binance Enter into Partnership to Drive Crypto Adoption in the UAE
Virtuezone has partnered with Binance to use its payment gateway to accept crypto for its business building services across the UAE, according to an August 29 report. Press release.
The companies said the goal of the partnership is to increase the rate of crypto adoption in the country.
Virtuezone is an end-to-end business service provider that helps companies entering the UAE market complete requirements, from registration to licensing. By enabling cryptocurrency payment options in its system, Virtuezone will help reduce the payment barrier faced by businesses that want to set up regional operations.
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 shows the way forward when it comes to it’s about setting up businesses in the UAE.”
Virtuzone also reiterated its commitment to playing a vital role in the Web3 movement in the UAE as it strives to advance the use of cryptocurrencies and blockchain technologies across all of its service offerings.
Binance Pay in the UAE
Binance is one of the few crypto exchanges working with UAE regulators to make the Emirates a hub for customer-friendly virtual asset regulation. He also recently received approval in principle to offer its services, including Binance Pay, in the UAE.
Currently, Binance Pay is accepted at 29 malls, 13 hotels, and four communities. The main companies that have integrated the service into their system are JA Resorts & Hotels, Majid Al Futtaim and Virtuzone.
Crypto payments take off
A recent study found that 40% of young adults aged 18-35 in 11 countries want to use crypto payments to pay for goods and services. Like Binance, many payment providers have geared up to serve the market.
Crypto.com recently partnered with a group of private Australian companies to offer its payment service. When completed, Crypto.com will be available to over 170 convenience operators, including gas stations and restaurants.
Stripe has partnered with a crypto startup, OpenNode, to reintroduce Bitcoin (BTC) payment to its customers. Users can instantly convert their Stripe account balance to BTC via the Lightning Network.
Paypal users in the US can now transfer, send and receive stipulated cryptocurrencies after the company launched its crypto payment method.
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