07/06/2022


Binance and Majid Al Futtaim partner to accept encrypted payments and more

  • Binance Exchange and Majid Al Futtaim collaborated to create Web 3.0.
  • The deal involves integrating Binance Pay and NFT listings on the stock exchange.
  • Cryptocurrencies are collectively accepted in the UAE.

Blockchain technology continues to enjoy widespread global adoption despite the recent downturn in the cryptocurrency market. Many companies are starting to accept crypto payments, integrating NFTs and moving to Web 3.0 today.

The latest addition to the list is the partnership between UAE-based buying group Majid Al Futtaim (MAF) and the world’s largest cryptocurrency exchange, Binance. The partnership will allow the retail giant to use Web3 to protect business in the future and benefit millions of customers.

NFT listings on Binance Marketplace, a virtual wallet network to store digital assets from multiple platforms, and the Binance Pay app — which allows users to purchase digital assets at multiple Majid Al Futtaim locations — just want to collaborate on some of the two companies’ initiatives under the partnership.

Commenting on the agreement, Binance CEO and co-founder Changpeng Zhao said that the integration of Web3 technology will provide users with new innovative ways to connect with the company’s brands, as well as new payment methods.

Alain Bejjani, CEO of Majid Al Futtaim, said: “The phenomenal pace of technological development today is only matched by consumers’ insatiable appetite for exceptional customer experiences in both the physical and digital worlds.”

In addition, he said they are excited to work together to develop the next generation of web technologies, enhance existing capabilities and provide advanced multimedia services to their clients.

The actual Binance headquarters was recently set up in the United Arab Emirates. Zhao said any reasonable explanation would place Dubai as the company’s headquarters.

After being accepted into Bahrain, the world’s largest cryptocurrency exchange received approval from the Dubai government to do business in the Middle East in March. After obtaining additional approval in Abu Dhabi, it later expanded its operations in the country.

The UAE government has prioritized security while trying to create a business-friendly environment for crypto companies. So far, their efforts have convinced Three Arrows Capital, a Singapore-based crypto hedge fund, to move its headquarters to Dubai.

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