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 would increase the rate of cryptocurrency adoption nationwide.
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.
Nadeem Ladki, director of business strategy and development at Binance, stated:
“As a pioneer in this field, Virtuzone’s choice to accept cryptocurrency payments and incorporate Binance pay into its systems raises the bar for innovation and illuminates the future of business establishment in the UAE.”
Virtuzone seeks to enhance the usage of cryptocurrencies and blockchain technologies in 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, collaborates with UAE officials to establish the UAE as a welcoming virtual asset regulation center. Furthermore, it has gained preliminary approval to provide its services, including Binance Pay, in the United Arab Emirates.
Currently, 29 shopping centers, 13 hotels, and four 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 recent research, 40% of young adults in 11 countries, ages 18 to 35, want to use crypto to pay for products and services. Many payment service providers have prepared for the market, similar to Binance.
Recently, Crypto.com partnered 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.