Hassan Maishera
UAE company formation specialists Virtuzone has announced their partnership with Binance, the world’s largest cryptocurrency exchange. The partnership will see Virtuzone accept cryptocurrency payments for business setup using Binance Pay, Binance’s proprietary payment technology.
According to the report, this partnership makes Virtuzone the first company in the UAE to accept cryptocurrency payments for business setup via Binance Pay. According to Virtuzone, the move is expected to boost the growth of e-commerce startups in the UAE and help reduce barriers to entrepreneurship by enabling cryptocurrency payments
Furthermore, the partnership creates more opportunities for global businesses to take advantage of the UAE’s thriving startup community.
Virtuzone added that settlements in cryptocurrencies would be handled by Binance, and Binance Pay is set to support various crypto assets such as BNB, Bitcoin and Ethereum.
This latest development means that Virtuzone has joined the likes of A Resorts and Hotels and Majid Al Futtaim in becoming the first companies in the UAE to integrate Binance Pay into their operations.
George Hojeige, CEO of Virtuzone, commented that: “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 specializing in decentralized 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, also stated that;
“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.”
The UAE is fast becoming a hub for cryptocurrency companies. Earlier this year, a five-star hotel in the luxurious area of Al Furjan, Dubai, started accepting Bitcoin, Ether, and Binance’s BUSD stablecoin as payment for its services.
Dubai’s Museum of the Future also partnered with Binance NFT earlier this year to launch various digital products on the blockchain.
Binance Pay is a contactless and borderless gateway on the Binance App. the gateway enables users and merchants globally to use crypto without incurring special handling fees.
Binance’s further expansion in the Middle East and more positive Binance reviews ensure that the cryptocurrency exchange further cements its place as the world’s leading digital asset trading platform.
