Dubai-based business formation services provider Virtuzone has begun accepting cryptocurrency payments using Binance Pay.
"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,” said Nadeem Ladki, executive director of Business Development and Strategic Partnerships at Binance, in a Monday press release.
Binance Pay, a contactless cryptocurrency payment service designed by crypto exchange Binance, supports more than 40 cryptocurrencies, including bitcoin (BTC), ethereum (ETH), and USD coin (USDC). The platform is intended to enable instantaneous international money transfers and user-to-user transfers, eliminating third-party transaction fees.
Aiming to become a crypto hub, Dubai in recent months established a Virtual Assets Regulatory Authority (VARA) and adopted a number of crypto-friendly laws. Among the developments is Dubai’s push to grant operating licenses to several prominent cryptocurrency exchanges, which may have hastened companies’ adoption of crypto payments across the emirates.
A number of other UAE-based businesses, JA Resorts and Hotels, Majid Al Futtaim, and luxury property developer Damac among them, have been recent adopters of Binance Pay.