Virtuzone Partners Binance to Accelerate Use of Cryptos in UAE

Virtuzone Partners Binance to Accelerate Use of Cryptos in UAE

For Virtuzone, the deal will help advance the use of cryptocurrencies, with the company playing a key role in the Web 3.0 movement in the UAE. Meanwhile, Binance will expand the customer base of its Binance Pay service.

Darya Rudz By Darya Rudz Updated 3 mins read
Virtuzone Partners Binance to Accelerate Use of Cryptos in UAE
Photo: Unsplash

Virtuzone, the UAE’s leading provider of business formation and corporate services, has signed a partnership deal with Binance in order to spread the use of cryptocurrencies and blockchain technology in the country. Within the deal, Virtuzone will accept cryptocurrency payments for business setup through Binance Pay, a contactless, borderless, and secure cryptocurrency payment technology designed by Binance.

According to the press release, the strategic partnership brings mutual benefits. For Virtuzone, it will help advance the use of cryptocurrencies, with the company playing a key role in the Web 3.0 movement in the UAE. Meanwhile, Binance will expand the customer base of its Binance Pay service.

Virtuzone CEO George Hojeige commented:

“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.”

Integrating Binance Pay, Virtuzone is joining such companies as JA Resorts and Hotels and Majid Al Futtaim. The new gateway introduced by these hotel chains and operated by Binance allows visitors and tourists to pay for their stay by means of virtual assets as a safe and seamless option, alongside traditional methods. The initiative is supporting the country’s vision for the future of the payment industry.

Binance Pay is already accepted in 29 retail malls, 13 hotels, and four communities across the UAE.

Blockchain Adoption in the UAE

Back in 2016, the government of Dubai announced an ambitious plan to use blockchain technology for all government documents in an effort to create the world’s first fully digitized government. At that time, it also formed the Global Blockchain Council. This body is comprising government agencies, banks, and technology firms, with the goal of implementing and scaling the technology.

Last year, the UAE launched the Emirates Blockchain Strategy 2021 and Dubai Blockchain Strategy. Besides, the government announced that 50 percent of their transactions are built on blockchain technologies.

Now, the crypto industry is growing rapidly in the country. The reason behind this growth is the government’s vision. In other words, the authorities believe that the government can benefit a lot from employing blockchain. With this, the Financial Services Regulatory Authority (FSRA), which is the financial regulator of the Abu Dhabi Global Markets (ADGM), a free zone in Abu Dhabi, has become the first regulator in the UAE to issue comprehensive guidance and regulations on carrying out activities relating to cryptocurrencies.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Darya Rudz
Author Darya Rudz

Darya is a crypto enthusiast who strongly believes in the future of blockchain. Being a hospitality professional, she is interested in finding the ways blockchain can change different industries and bring our life to a different level.