Binance Partners With Virtuzone To Enable Digital Payments For Startups In UAE

Virtuzone, the UAE’s leading firm providing corporate and business formation services, secured a strategic partnership with Binance to enable digital payments via Binance Pay, according to a PR published on August 29.

Interestingly, the partnership plans to support web 3 developments in Dubai and open the way for startup companies in the UAE to expand their reach globally via implementing cryptocurrency payments and blockchain solutions.

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Virtuzone has joined the list of Majid Al Futtaim, while JA Resorts and Hotels have already partnered with Binance Pay. Still, it has become the first corporate service provider in the UAE to offer digital payment setups for business companies.

In line with the agreement signed by Chief Executive Officer George Hojeige and Binance’s Executive Director of Business Development and Strategic Partnership, Nadeem Ladki, the world’s largest crypto exchange by trading volume providing access to over 600 cryptocurrencies, will implement its Binance Pay into the Virtuzone’s operational and service infrastructure.

Dubai appeared as a crypto-friendly region that attracted many companies to settle in because of its welcoming regulations. Similarly, it also has the potential to become a leading center for web 3 and crypto in the future.

Binance Pay Integration Likely To Drive Crypto Adoption In UAE

While speaking about the partnership’s goals, Neil Petch, Co-founder, and Chairman of Virtuzone, added;

“The partnership we have forged with Binance reflects our commitment to continue our pursuit of innovative solutions that will positively impact the UAE startup community, whilst expanding the future possibilities and opportunities for Virtuzone and its clients. Collaborating with a renowned Web 3.0 technology leader like Binance puts us at the forefront of digital transformation and the Fourth Industrial Revolution across the UAE and the region.”

Binance Pay is a crypto payment solution operated under the supervision of a global tech giant and crypto exchange that enables borderless, contactless, and secure digital funds transfers. It provides user-to-user transfers and supports a waste number of cryptos to transfer money anywhere in the world. And as it does not need any third-party counters to process, it prevents delays and fees, making the process cheaper.

Binance’s Executive Director, Nadeem Ladki, pointed toward more developments the partnership will drive ahead and said;

“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.”

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Crypto payments are increasingly becoming the choice of everyone. According to a recent study by Checkout.com, 40% of youth across 11 countries prefer crypto payments for buying goods and services.

Featured image from Pixabay and chart from TradingView.com