UAE company formation specialists Virtuzone is teaming up with Binance to accept cryptocurrency payments for business setup through the latter’s proprietary payment technology.
The alliance makes Virtuzone the first company in the UAE to accept cryptocurrency payments for business setup through Binance Pay. Set to boost the growth of e-commerce startups in the UAE, Virtuzone says the move aims to help reduce barriers to entrepreneurship by enabling cryptocurrency payments for setup. It also creates more opportunities for global businesses to tap into the country’s thriving startup community.
Settlements will be facilitated by Binance, and the crypto-to-crypto gateway will support various crypto assets such as BNB, Bitcoin and Ethereum. With this development, Virtuzone has joined the ranks of JA Resorts and Hotels and Majid Al Futtaim as the firt companies in the UAE to have integrated Binance Pay in their systems.
While many businesses have begun to adopt digital assets, UAE has long been friendly to crypto users. Earlier in May, a five-star hotel in the luxurious area of Al Furjan, Dubai began accepting accept Bitcoin, Ether and Binance’s stablecoin as payment from guests.
Dubai’s Museum of the Future, the $136 million UAE government-sponsored museum that opened a few months ago, also joined forces with Binance NFT to roll out a range of digital products on blockchain.
Binance Pay is a contactless and borderless gateway on the Binance App that allows users and merchants around the world to use crypto without incurring special handling fees.
George Hojeige, CEO of Virtuzone, comments: “Our alliance with Binance is geared at generating more synergies between the business setup and crypto industries, with an overarching goal of building a crypto-friendly and tech-centric business environment where we can ease the way for the establishment of companies specialising in decentralised finance (DeFi), blockchain technologies, non-fungible token (NFT) development and trading, and more, further establishing the UAE as a pivotal hub for innovation and next-generation technologies.”
Nadeem Ladki, Executive Director of Business Development and Strategic Partnerships at Binance, added: “As a leader in its 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. The ease with which to use Binance Pay anywhere in the world, coupled with best in class security and technology, will be a huge draw to the local and global startup community looking to build their businesses out of the UAE.”