Virtuzone, Binance partner to promote crypto adoption in UAE

by Arthur · August 29, 2022

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 increase 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 in its system, Virtuezone will help lower the payment barrier for companies looking 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 establishing businesses in the UAE.”

Virtuzone also reiterated its commitment to play an important role in the Web3 movement in the UAE as it works to promote the use of cryptocurrencies and blockchain technologies in all its service offerings.

Table of Contents

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 regulation of virtual assets. It also recently received in-principle approval to offer its services, including Binance Pay, in the UAE.

Binance Pay is currently accepted in 29 malls, 13 hotels and four communities. Top companies 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 showed 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 prepared 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 gas stations and restaurants.

Stripe 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 Lightening Network.

Paypal users in the US can now transfer, send and receive specified cryptocurrencies after the company launched its crypto payment method.