- Binance Exchange and Majid Al Futtaim have partnered together for Web 3.0 innovations.
- The deal includes the integration of Binance Pay and NFT listings on the exchange’s marketplace.
- Cryptocurrencies are seeing mass adoption in the UAE.
Blockchain technology continues to see wide global adoption despite the recent decline in the cryptocurrency market. Several businesses today have started accepting crypto payments, integrating NFTs, and getting into Web 3.0.
The latest addition to the list is the partnership between UAE shopping conglomerate Majid Al Futtaim (MAF) and the world’s biggest cryptocurrency exchange, Binance. The partnership will allow the retail giant to utilize Web3 to future-proof the company and benefit millions of clients.
NFT listings on Binance’s marketplace, the establishment of a virtual wallet network to store digital assets from numerous platforms, and the implementation of Binance Pay – enabling users to buy digital assets at Majid Al Futtaim’s many destinations – are just a few of the initiatives the two companies want to collaborate on as part of the partnership.
Binance’s CEO and Co-Founder, Changpeng Zhao, commented on the agreement, stating that incorporating Web3 technology would offer users new inventive ways to connect with the company’s brands as well as new methods to pay.
“The exponential rate of technology development today is matched only by consumers’ voracious appetite for exceptional customer experiences in both the physical and digital world,” said Alain Bejjani, the CEO of Majid Al Futtaim.
Adding to this, he said they are excited to work together on developing the next generation of web technologies, strengthening existing capabilities, and providing their customers with cutting-edge multimodal services.
Binance’s de facto headquarters was recently set up in the United Arab Emirates. Zhao said that any reasonable interpretation would have Dubai as the company’s headquarters.
To follow up on its acceptance in Bahrain, the world’s biggest crypto exchange was given authority by the Dubai government to do business in the Middle East in March. Once it received additional clearance in Abu Dhabi, it subsequently extended its activities in the country.
The UAE government has prioritized security while simultaneously attempting to establish a business-friendly environment for crypto companies. So far, their efforts have convinced Three Arrows Capital, a crypto hedge fund based in Singapore, to relocate its headquarters to Dubai.