Virtuzone, Binance enter partnership to foster UAE crypto adoption
Binance and Virtuezone's partnership will help reduce payment barriers startups face when working to set up their businesses in the UAE.
Virtuezone has partnered with Binance to use its payment gateway to accept crypto for its business formation services across the UAE, according to an Aug. 29 press release.
The companies said the partnership’s goal is to boost the country’s crypto adoption rate.
Virtuezone is an end-to-end business service provider that helps companies entering the UAE market complete the requirements from registration to licensing. By enabling cryptocurrency payment options into its system, Virtuezone will help reduce the payment barrier faced by companies 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 demonstrates the way forward when it comes to setting up businesses in the UAE.”
Virtuzone also reiterated its commitment to play a vital role in the Web3 movement in the UAE as it works to advance the use of cryptocurrencies and blockchain technologies in all its service offerings.
Binance Pay in UAE
Binance is one of the few crypto exchanges working with regulators in the UAE to make the Emirates a hub for friendly virtual asset regulation. It also recently received in-principle approval to offer its services, including Binance Pay, in the UAE.
Currently, Binance Pay is accepted in 29 retail malls, 13 hotels, and four communities. Top businesses that have integrated the service into their system include JA Resorts & Hotels, Majid Al Futtaim, and Virtuzone.
Crypto payments are taking off
A recent study revealed that 40% of young adults aged 18-35-year-old across 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 companies from Australia to offer its payment service. Upon completion, Crypto.com will be available to over 170 convenience operators, including service stations and restaurants.
Stripe partnered with a crypto startup- OpenNode, to re-introduce Bitcoin (BTC) payment to its customers. Users can instantly convert their stripe account balance into BTC via the Lightening Network.
Paypal users in the U.S are now able to transfer, send and receive stipulated cryptocurrencies after the company launched its crypto payment method.