By
Chimamanda U. Martha
April 18th, 2024
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.
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.
As UAE’s no. 1 company formation specialist, #Virtuzone takes the lead by becoming the first corporate services provider in the country to form a strategic partnership with @binance & accept #crypto payments via #Binance Payhttps://t.co/2fZWbh5uQs@nadeemladki @GeorgyGeorge9 pic.twitter.com/uiZxPAaTXp
— #VIRTUZONE (@Virtuzone_UAE) August 29, 2022
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.